Archive for December, 2010

Housing Currently Undervalued by 14% to 17%

(Source: DSNews 12/6/10)

No surprise there right?  Well it is a BIG SURPRISE if you HAVE TO SELL before the bank takes it back.  If you have bought in the last 10 years and have put less than 20% down payment then chances are your HOUSE IS UNDERWATER.  So what do you do?  If it makes sense not to loose it to the bank for a foreclosure on your record (that will hurt your credit for the next 7-10 years) then you SHORT SALE YOUR HOUSE.  A successful short sale (meaning it is negotiated and closed with a buyer) then you have a chance to restore your credit within couple of years!  I am an advocate of such measures not because I own and run a short sale negotiation business www.LossMitigationSpecialistGroup.com, but my wife and I have had to face the same decision.Be that as it may it is not about wrestling with the past it is about moving toward the future.  Feel free to inquire how to sell your home undervalue!

Keep it Short,

Mike Knows

Mikeo@lmsgnow.com

http://www.dsnews.com/articles/research-firm-says-housing-currently-undervalued-by-14-to-17-2010-12-06

Defaulted Borrowers File Lawsuit Against Wells Fargo

(headline from DS News article 12/1/10)

So it has been some time since I wrote about the “topsy tervy” market.    I have to apologize, I have been really working on the business of assisting the decisions of homeowners THAT HAVE TO SELL.  And it seems this is one of the main reasons.  When I discuss with a homeowner if they have been working on a solution to keep their home, they tell me they have been trying to work a loan modification…..for the upteenth time and for the last 6-8 months!!!!  And for the most part to NO AVAIL.

One of the most revealing parts of my inquiry is what homeowners tell me that their lender (or the 20 year old behind the phone) told them to do.  Now don’t get my sarcasm wrong…there are plenty of professional reps out there and they work within there guidelines, which is completely commendable.  The issue I have is that when you pose a carrot out there for these servicer to position a homeowner to do something that will help the program (the HAMP) and hurt the homeowner (like STOP PAYING YOUR MORTGAGE so you can qualify for a Loan Modification) then something doesn’t add up. What most don’t know is that the lender/servicer incentively directs its employees to get people into loan modification programs.  And thus the carrot corrupts the process….

So do your homework to see if you can and will be able to save your home,or come to the grips of the decisions you make should be based on your own thorough assessment versus some else’s suggestion…..namely your lender.  We are here offer direction, and if needed buy a short sale.

http://www.dsnews.com/articles/harwood-feffer-files-lawsuit-against-wells-fargo-2010-11-30

Keep it short,

Mike Knows