South Florida Real Estate and...

We Are The Banksters and We Are Here To Help You!

Sun, 07 Mar 2010 22:49:00 -0600

The Banksters are claiming that they are here to help release the burden of our overloaded and short of cash courts. The Banksters are saying that they are really here to help you.

The Florida Bankers Association has drafted a 55 page bill called The Florida Consumer Protection and Homeowner Credit Rehabilitation Act- which you can read right here.

Now, how many people here believe that the banks really have the homeowners best interests in mind? See how sneaky the name of this bill is?

Joe Manausa of Tallahasse Real Estate wrote an article that sums up a lot of the lies and misconceptions of this bill. You can read: Does The Florida Bankers Association Think You're Stupid? Here.

The banks are the ones that are NOT foreclosing on the homes here in Florida. Yes, the courts are backed up but that is not the reason that the banks are doing this. They claim that 37 other states already have non judicial foreclosures and so Florida should too. Well, let's see, Georgia has non judicial foreclosures and they are worse off than Florida is. They have blighted neighborhoods with lots of foreclosed homes that are NOT taken care of and not kept up yet the Banksters want you Florida residents to believe that these banks are going to somehow start taking care of your neighborhood???? PLEASE!!!!!

It gets worse. This bill is so toxic that the Banksters refuse to release the legislative sponsor of the bill. Hmmm, could it be that this person's political life will be over once revealed????? Do not give up your judicial rights!

As agents- you think short sales are hard now? At least we can get judges to postpone foreclosures so we can get short sales done. We can get time. In non judicial states- the agents are fighting unrealistic time clocks! Right now we can get short sales done to help homeowners. That is moving a market. But creating more shadow inventory is not.

Even if you are making your mortgage payments on time you need to understand what this bill really says and what it is all about and it is NOT about helping you and your neighborhood. Put yourself in someone else's shoes. Let's just say that you lost your job. Then you went behind in your mortgage payments. But then in 3 months you get another job and can start catching up on your mortgage payments. In our JUDICIAL state; you can go before a judge and ask him to grant you the time to catch up on your payments. With this bill all you are going to get is a Deed In Lieu in the mail! WOW! What a gift from your bank that would be!

But wait, there is MORE!!!!

Please read this entire post because there is much more for you to learn here. This is SO important!

Do you really think this bill is about helping the consumer as the title of the bill eludes to? Please quote me one time where the banksters did something for you. Everything they claim to want this bill to do the banks can already do except they must go through the courts to do it. The carrot they are dangling is a release of deficiency with a Deed in Lieu. But don't grab your carrot so fast.

As Joe points out in his post- the banksters really want to be able to control their ability to foreclose. There are underlying sneaky tactics that they are going to be able to pursue. Even if you plan to live in your home for 30 years and you always make your mortgage payment on time, this bill stands to effect you.

Because even if you do pay on time every month, pay your taxes, pay your HOA, pay your insurance but the market value in your house drops- there is a very sneaky piece of fine print in your mortgage that states that the bank can require you to make up the difference in the loss of value. Most banks don't try that one here in Florida because guess what!!! The judges are not very thrilled about things like this and you could fight this in court. What if the difference in the market for your home was $20,000 or $60,000. Could you pay that to the bank at their request right now? You see, a judge knows that and you can have your day in court over this issue. Sounds to me like a sneaky way for the banks to raise capital quickly or else foreclose on you.

What the banks really want is the ability to foreclose on any property that they desire to do so to.

And there is still more!

The Bankers Association did not stop with this bill in the House but they also created another bill for the Senate, one that is broader and just another way to gain control.

This one is called: The Nonjudicial Foreclosure Act For Nonhomestead Properties.

Another sneaky way to get in one door that the Banksters are hoping on. This bill is like getting the homesteaded homeowners to attach those that come here for vacations providing income to our state or those with second homes or even those who do live here but are investors. Take away their rights to go to court, sounds like a plan to most people but again, you must read beneath the title. You have to read these bills. If you give them an inch they will take a mile.

There is a section in this bill that says that the banks will also be able to use nonjudicial proceedings for "abandoned" properties. Well, Nestor and I are constantly going to listings we have where the banks have changed the locks even when the homeowners are still living there and the banks claim they thought the house was "abandoned". This is another snow job in a state where it is not supposed to snow. Don't let them kid you.

Now, this bill has a sponsor that has put his name out in the open on it. We are calling out to our friends in Bradenton Florida to put pressure on your Senator!

This bill is being sponsored by Sentor Michael S "Mike" Bennett- District 21- Republican. I don't know if he was planning on running for the Senate again as we do have term limits in Florida. Nevertheless, contact him ASAP to let him know this is not good for your property rights.

Here is the Flyer that you can print out that you can sign and please send in to your elected members of the Florida Legislature. You can also go directly to: http://www.PigsAss.org to get a link to pass along to all of your friends, neighbors and people at work. If you are a Realtor® please go to your RPAC at your boards and get them on the side of the homeowners and property rights which is what the essence of NAR is supposed to be about.

Stop These Bills Now. Protect Your Right To Judicial Procedures- This is being called the Trojan Horse Bill. Please reblog. Please pass along to all Florida Residents now. Don't forget, don't delay, do it now.

Spend Your Time Wisely, Never Foolishly Throw Away A Moment.

Tue, 09 Mar 2010 01:32:46 -0600

If you have been following my posts over the years you will know that I write often about time management and the value of time.

Time is worth more than money.

Time is the one thing that once you spend it you can never replace it.

Time is the one thing that once it is gone; it is gone.

You can always make more money but you can not make more time.

You can choose to spend your time wisely and on productive matters or you can spend it foolishly.

When we are young time seems like something that is going to last forever. But once you reach the half century mark like I have; time takes on a whole new meaning.

We look back over our lives and see the wasteful spending of moments that will never be recovered. So we move forward with a different attitude towards time. Spending my time watching TV is certainly not productive so I rarely watch TV. Spending my time nagging and complaining is not going to help any problem I may be having.

Taking my laptop outside to sit on my patio and blog while I listen to the birds singing to each other is a valuable expenditure of my time.

Hugging Nestor and our son is a moment that is worth spending. Homeschool to us is a very well spent block of time.

Spending an hour on the phone coaching an agent who truly wants to make his or her business successful is a worthy investment of my time.

Producing new products, writing, teaching, marketing our listings, talking to sellers about productive matters- building online relationships- these are all moments of time that will help me to grow and help others.

Then there are some of those necessary but unworthy of my time activities that must be attended to. Many of those things we can delegate to others to do. One of the most important lessons I learned about owning businesses is to spend your time on the actions you love and delegate the rest. Spend your time doing the income producing activities and delegate the rest to VAs or assistants.

With those things that just can not be delegated for whatever reason and I still have to get them done, like sorting out my receipts to get them ready for our accountant- I take a timer and set it for 15 minute blocks of time or 30 minutes depending on the activity. Then I don't have to procrastinate until the hour before a deadline. This way I force myself to stick to the task at hand because I know as soon as the ringer goes off- I am FREE from that task! Try it, you might like the results.

No matter what your age is- treasure your time. Don't spend it on things that do not matter in the big picture. You are always moving. So you can choose to move forward or backwards. The laws of the universe do not allow for standing still. The choice is up to you.

" Time is limited, so I better wake up every morning fresh and know that I have just one chance to live this particular day right, and to string my days together into a life of action and purpose."

Lance Armstrong- 7 Time Winner Tour de France

Contact Coach Katerina when you are ready to take your business to the next level up.

Wellington Florida Mayor Race- Don't Forget To Vote Tuesday March 9!

Mon, 08 Mar 2010 14:47:11 -0600

Wellington Florida holds its' elections for Mayor and also for Counsel seat #2.

There are 2 candidates running for Mayor. Our current Mayor Darrell Bowen is running against Carol Coleman.

Study the issues and then choose the candidate you feel is going to best for Wellington Florida.

The Realtor Association of the Palm Beaches holds screening panels on all the candidates. A committee of members put each candidate in a hot seat and drill them on issues that are important to our Government Affairs committee. Each of the candidates has been evaluated by this committee and then the endorsement of a candidate is based on how well they fit with the goals of the Realtor® Party.

The Realtor® Party has this to say about the outcome of these panels:

" an advocacy which is determined to protect private property rights, sensible and prudent government, fair property taxes, respect for the real estate industry and especially for Realtors®. Some of these candidates are popular or unpopular selections with our members for a variety of personal reasons. We respect that. But we urge our members to vote with their wallets in mind, remembering that your ability to earn a real estate livelihood in the current economy is pretty important"

The Realtor Association of the Palm Beaches is endorsing our current Mayor Darrell Bowen for Mayor. Carol is a Wellington Equestrian. The issue with Carol is that she wants to take back the cuts we made to save money on the parks. But how is she going to pay for that? We had those cuts so we could balance the budget. It is grand to want to provide more services but someone has to pay for it all and when we have to tighten our purse strings so do all forms of government.

There are also 3 candidates running for Counsel seat #2. Anne Gerwig, Wismick St Jean and Ernie Zimmerman.

Anne Gerwig is a mother and a businesswoman. Ernie Zimmerman is a veteran and retired law enforcement. Wismick is a Realtor®.

The thing that bothered me the most when studying the candidates is that Anne and Ernie only spoke about themselves. Every sentence of their pitch to get your vote started with "I". Someone needs to school them in tuning in to the needs of others. Shouting your accolades is great and should be done but must be accomplished in a form of how that is a benefit to someone else. Wismick is very smart and is very concerned about issues here in Wellington. He also proposes lowering taxes. He is the only candidate to even bring that up. The other two say they don't want to raise taxes but don't talk about lowering them. What I like about Ernie is he wants a medical school to be built on the land so can generate tax revenue as well as fees instead of the community college which was going to get everything for close to free.

Make sure you read up and understand what is important to you and then cast your vote tomorrow!

To find your voting location go to the Wellington Village site. You can reach election information for wellington Florida by clicking here.

To view Wellington Florida Homes For Sale Click here. We know Wellington Florida Real Estate and Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Short Sales- HAFA Guidelines and The TEN Day Dream Short Sale

Thu, 14 Jan 2010 00:44:57 -0600

Short Sales- HAFA explained- this is the third part in our series on analyzing the HAFA guidelines.

Today I started getting links and calls from Real estate agents around the county and even two agents from Miami. They all were saying, this is great. Did you read the Sunsentinal today? They say that short sales are only going to take ten days now! Yeah! Right! What planet did they just fall off of to believe that is even remotely possible. Oh, but this is what the government is forcing the banks to do. Yeah! Right! Again! NOT!

This ten day approval time is being taken out of context. I am sure that many in the media are quoting this statement without preface to get readership and get folks excited and then read their paper more. I left a comment- Did you read the 43 pages of the HAFA guidelines?

Why are you giving false hope to homeowners who are in a short sale situation or will need to go into the short sale situation soon?

Please read the series I am writing in regards to HAFA.

Here is the first post: The Truth about HAFA Part I

Here is the second post: Defining HAFA Part II

Know Your Facts About HAFA Before You Blog it.

In this post I want to clear up the rumor that lenders are going to have to approve short sales within ten days. This needs to have a qualifying statement.

The ten day time frame is AFTER a lot of other things have transpired up to that point.

On page 8 of the HAFA Guidelines it states:

'Approval or Disapproval of Sale- Within ten business days of receipt of the RASS and all the required attachments, the servicer must indicate its approval or disapproval of the proposed sale by signing the appropriate section of the RASS and mailing it to the borrower."

So this does not mean that from the time of the offer to the time of the acceptance or rejection has to be ten days. It means from the point in time that everything is done on the file, the package is in, the BPO is done, the borrower is qualified for the HAFA program, the offer is turned in and the HUD meets the net the servicer is looking for.

That is obviously not a ten day closing or a ten day short sale. Let's just use some common sense. If you ever have done a short sale with Bank of America you know that most of the time it takes months to do a short sale. There is no way they can implement a system in which you go from start to finish in ten days. Remember, the investor still has to approve most files. Just ordering, receiving and analyzing a rush BPO takes a week.

When something sounds too good to be true, it probably is.

The next part of the problem is that these guidelines are for non GSEs. Freddie mac and Fannie mae are not going to use these guidelines. They are special (or so they think they are) and will come up with their own guidelines. The problem with that is 8 out of every ten short sales we do- are GSE mortgage backed securities. Those short sales don't qualify for the HAFA program. That is over 60% of all the mortgages in this country.

In order to be considered for the HAFA program:

The home must be the principle residence of the homeowner.
The first mortgage must have taken out on or before January 1, 2009.
The mortgage is delinquent of will be in the foreseeable future- showing impending delinquency.
The unpaid balance owed on the first mortgage can not be more than $729,750.
The monthly mortgage payment has to be more than 31 percent of the homeowner's gross income.

While it remains to be seen if these new HAFA guidelines will create any shortening of the time that it takes to get short sales from contract to closing it is more important for agents to understand the short sale process itself.

Also, if you do not qualify for this HAFA program- you may still be able to do a short sale. We will just go through different channels.

Agents need to get educated in short sales if they are to do them. This is a great niche for those agents who have tough skin and are patient and understanding. If you are good with your communication skills and shine with your negotiation skills; then short sales may just become your best niche ever.

To view Florida Short Sales- Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Live The Lifestyle Of Your Dreams On The Intracoastal in South Florida!

Fri, 05 Mar 2010 21:36:54 -0600

Live The Lifestyle Of Your Dreams!

Bring your boaters, your dreamers, your water enthusiasts to this fabulous direct waterfront South Florida Condo on the Intracoastal and they will make it their own.

When we arrived at this secluded and tucked away dream spot on Flagler Drive in West Palm Beach Florida the views took our breath away. The first thing we noticed is that with this direct Florida waterfront location is there will never be anyone or anything that can obstruct the breathtaking views from outside on the patios or inside from the great room.

This is a boaters' paradise with passage to the ocean inlet. There are no bridges along the 1 mile waterway to the inlet. Go slowly along this waterway passageway because there are Manatees in thewaters here. In fact, Manatees swim right outside of your front door right at your seawall. We have included some photos the owner took of a mommy manatee playing with her baby. Amazing! Close enough to be up close and personal with one of Florida's wonders, the docile and gentle Manatee! Water and nature enthusiasts will be in heaven with the abundance of wildlife in and out of these waters.

But of course even those of us who love serenity and peaceful brilliant night skies filled with stars and a moon so close you think you can reach out and touch it still like to go out on the town once in a while. Geographically speaking; the location is convenient and close to anything you need. You are just 6 miles from an International Airport, 3 miles from all the downtown action with great restaurants and night clubs, street concerts and shopping. 3 miles from the famous Worth Avenue in Palm Beach second only to Rodeo Drive in CA. One of the top rated hospitals is less than 1 mile from your front door steps.

The structure of the building is solid concrete inside and out with impact glass windows and solid roofing that withstands high winds along with at least a 9 foot concrete sea wall. Living on the water does not have to be expensive either! The HOA fees which include your wind and flood insurance are only $300 per month! WOW! Luxury living at a frugal price! The utilities are low also. The sellers' highest bill was like $250 and lows are $60 and $70 per month. Of course, that is their bill, yours will be up to you.

As we walked around the outside of the building we enjoyed full views of the intracoastal where ever our feet landed! There are two porch style patios that have their own personal touches. From one you can watch the yachts and action along the water and from the other porch/patio you can nap in quiet serenity on a hammock. Later in the evening we were greeted by a commercial fisherman who generously shared his catch of the day with us. This is the life, we shouted! And all this can be yours for a great price!

Inside the home we were greeted with Travertine Marble floors with Roman Cuts and oversized impact windows overlooking the expansive intracoastal water views. No curtains needed here! There are motorized blinds to block out the most amazing sunrises- although we would have no clue why you would want to do that! The sunrises are an amazing sight to behold here and all yours to treasure!

The nautical theme runs throughout the home along with top quality finishes that you just have to see to believe and appreciate. There is no way we can explain in words about all the details that make this the perfect nautical themed dream home for only $749,777.

Call today to schedule your private tour of your next south Florida waterfront home. Enjoy the movie below:

To view Florida Waterfront Properties- Click here. We know Palm Beach County Waterfront Homes and Condos- and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Raking In The Green Stuff Via Active Rain Once Again!

Sat, 06 Mar 2010 21:24:04 -0600

Raking In The Green Stuff Via Active Rain Once Again!

It never ceases to amaze me how we can take it all the way with Active Rain. Don't miss the gravy train- get on board now!

We just closed an REO that we got from a lender finding us on Active Rain!!!! We do the happy dance at every closing but I also do a happy dance every time:

we get a phone call because someone found our blog on Active Rain and wants to list their home,
have us negotiate a short sale for them,
buy a home,
refer business to us
or call us to interview us for a news station
or to interview us for the National Realtor® Magazine.

The REO lender called us and asked us if we would list a property for them. Nestor did the BPO and had to tell them the hard truth. They had it listed before about 200,000K over priced!

They already knew from reading our blog that we were experts in the Palm Beach County area and this listing was in Delray Beach Florida. As soon as we posted the listing on our blog, the calls started coming in. Within the first 72 hours on the market we had multiple offers, nearly all were over asking price. Out of 7 offers; 4 were ALL CASH offers. We listed and closed this property in less than 30 days!

The property was not without its' issues but the REO department was very good at taking care of title issues straight away. There was a $2500 lien from the water company. The water department refused to turn on the water for even 1 hour while the buyer did his inspections- so the bank sent down the money in order to satisfy the lien. They never asked us to pay for it in their behalf. The asset manager was great to work with, quick to respond and extremely respectful.

I promise you that if you:

pay it forward first with an attitude of givers gain,
blog consistantely on Active Rain with the right keywords,
provide the answer to someone's problem,
comment on other blogs,
know you your audience is and
then provide relevent content to that audience-

your phone will ring too!

And you can take that to the bank!

Short Sale - 2188 SW ALGIERS St Port Saint Lucie FL 34953

Fri, 05 Mar 2010 21:35:17 -0600

Short Sale - 2188 SW Algiers St in Port St Lucie FL 34953

Overview
Maps
Photos
Features
Description
See the Video!

$149,777

Single Family Home
For Sale

Main Features

4 Bedrooms
2 Bathrooms
Interior: 2033 sqft

Location

2188 SW ALGIERS St
Port Saint Lucie, FL 34953

Nestor and Katerina Gasset

International Properties and Investments, Inc
(561) 753-0135
coachkaterina@gmail.com
http://www.wellington-luxury-homes.com

Listed by: International Properties and Investments Inc.

Our recent listings

Short Sale-3122 Tuscany Way in Boynton Beach FL 33435
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This is a Short Sale! - 383 Columbus St Palm Beach Gardens FL 33410

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See more Port Saint Lucie, FL real estate for sale

APPROVED Short Sale - Ready To Close! Bring Your Cash Buyers! 3122 TUSCANY Way Boynton Beach FL 33435

Wed, 03 Mar 2010 22:15:02 -0600

Short Sale-3122 Tuscany Way in Boynton Beach FL 33435

Overview
Maps
Photos
Features
Description
Video
Market Stats

$130,000

Single Family Home
For Sale

Main Features

2 Bedrooms
2 Bathrooms
Interior: 1118 sqft

Location

3122 TUSCANY Way
Boynton Beach, FL 33435

Nestor and Katerina Gasset

International Properties and Investments, Inc
(561) 753-0135
coachkaterina@gmail.com
http://www.wellington-luxury-homes.com

Listed by: International Properties and Investments Inc.

Our recent listings

Subscribe to our listing feed

See more Boynton Beach, FL real estate for sale

Active Rain Success Story- Featured Success Agents

Wed, 24 Feb 2010 10:24:13 -0600

Active Rain Success Story- Featured Success Agents in Realtor Magazine

Katherine Tarbox-Senior Editor- of Realtor® Magazine contacted us a few months ago. She had found our blog on Active Rain through a Google search. Katherine was interested in how we work our Expired Listing marketing program and read some of the posts I had written about Nestor and I working the expired listing niche. Katherine interviewed us for the article and then Realtor® Magazine set up a photo shoot for the magazine. This is how we met our new photographer- Randy Smith. The magazine contracted with Randy Smith Photography to do the photo shoot locally here in Wellington Florida. Here is the post I wrote about the photo shoot.

We are in the March Issue of Realtor® Magazine and in the online version. Here is the link to the online version of the article. There is a lot more to running an expired listing program than what one article can say. I will work on some follow up articles to expand on some of the tips that Katherine brought up in her article.

Emails started coming in about two days ago from agents around the country congratulating us for being in the magazine. That is how we knew the article came out. Many of the emails were from agents who are considering developing an expired listing marketing niche. Here is one of the emails we received from a local agent:

"If you recall we spoke not that long ago regarding the xxxxxxxxxx. I just wanted to congratulate you on your piece in Realtor magazine this month. The article on yourself and your wife did not surprise me. You both are the few that make this industry worth its while. You are both true professionals. When I come across your listings I know the professionalism I am going to get. Good luck in 2010.
--
JASON QUERO
United Realty Group"

Active Rain works. We know several Active Rain members who have been found through Google searches by industry leaders and mainstream media for content in their magazines, newspapers and on their television shows. If you have not started blogging on Active Rain- you may be missing out on being discovered for your niche or expertise.

Well, we still don't have our copy of the Realtor® Magazine but John Novak was kind enough to send us a link with the online version of the article and then Donna Bigda read that we did not have a copy of the article, she scanned and emailed us the article from the magazine. Correction for the article. Nestor did not open our brokerage until 2005. The article states 2000. In 2000 we were still working with Re/Max.

Now we can show you some of the other photos that Randy Smith took on our photo shoot. We could not show them until after the article came out.

Do You Niche In Expired Listings? Expired Listing Marketing For Increased Profitability

Wed, 03 Mar 2010 01:11:34 -0600

Do you niche in expired listings? Expired listing marketing for increased profitability for your real estate business:

One of our specialized niches that we market to and within are expired listings. In fact, over 90% of our luxury market listings are listings that were expired after being listed with other agents. Last year we closed over 10 million dollars in sales from picking up expired listings through our expired marketing letter and precise "cherry picking" of the listings to choose from to market to.

Since we were featured "Success Agents" in the National Realtor® Magazine this month we have received a lot of emails, phone calls and contacts through our website from many agents around the country who are interested in doing an expired marketing letter or to get better at the ones they are currently involved with. We can not get back to each one of these emails and calls straight away but we will contact you over the next .

As soon as the article came out we went on two additional luxury listing appointments that were from expired sellers who responded to our letter. You will see those listings on our Active Rain blog this week. One is a waterfront property listed in the 700K range and the other is near the river in Tequesta in the high 600K range. Both of these are amazing properties that we are very excited about selling.

Most of the questions revolved around the type of letter and what the copy of our letter looks, says and feels like. While the letter is a key part of our marketing package- it is not all about the letter. The article in the magazine was not totally complete in the short space that the editor was able to use to highlight what we do.

For starters I am going to list here a series of articles I wrote about working the expired listing niche and most of these have to do with the letter we send out. Please go through and read each one of these posts I wrote on our Active Rain blog. The links are here listed below. We even did a case study in which members of Active Rain posted their letters in the comment section and we then critiqued them each and chose the one that fit the WIIFM station the best. Please read the comment streams as they are filled with additional tips on improving your expired marketing letters.

Do you Niche in Expired Listings?

So You Want More Compelling Copy For Your Expireds?

Expired Listings and Active Rain- Matchmaking That Works In Business.

Secrets of Success and The Road To Get There.

Expired Listings are a Gold Mine- If you Mine It Right.

Compelling Copy Part 1

Compelling Copy Part 2 and

Compelling Copy Part 3

When we market to expired listings through our direct mail we are NOT seeking an audience to pitch our listing presentation. We are actually getting rid of all of a seller's objections before they ever call us. Please add your name and information below if you would like more information the expired marketing program.

The goal is to already have the listing by the time they call. The seller has already decided to list with us and now all they want to do is get going on our marketing plan.

Short Sales and HAFA- Defining The Details For Real Estate Agents and Homeowners

Thu, 10 Dec 2009 22:53:05 -0600

HAFA- Defining The Details- Part II

Since I wrote the post, Let's Get To The Truth About HAFA- The New Short Sale Guidelines- there have been more questions raised. Like I said in that post we will take these HAFA guidelines apart so that you will be able to understand how this is going to help or not in your short sales.

The HAFA program is an acronym for Home Affordable Foreclosure Alternatives- Short Sale and Deed-In-Lieu of Foreclosure. It is known in the industry as the Supplemental Directive 09-09.

Let's continue with the analysis of HAFA:

The most important thing to understand about this directive- the HAFA program is that is provides, guidance to servicers for first mortgages that are NOT guaranteed by Fannie Mae or Freddie Mac.

The word that you need to pay attention to in this sentence is that these are guidelines. This is not the law. These are not really even policies or rules. Guidance is a suggestion not a must do.

Servicers are the companies that you pay your mortgage to. Most people pay their mortgages to servicing companies and not the company that owns the note on your mortgage. This is confusing sometimes since the names of your servicers are names of banks. So you could be making your mortgage payments to Chase but Chase is just the servicer and your note may actually be owned by Wells Fargo. So you will not negotiate directly with Wells Fargo- Chase will do that part. It could be the other way around also. This is because your note is sold to other companies and sometimes your note could be sold to many different companies throughout the term of your note. I wrote an article that goes into detail about the servicers in this featured post about loan modifcations and short sales getting turned down by the servicers.

The HAFA program is a volunteer program basically although those servicers that have participated in the HAMP program must offer the HAFA program to homeowners under certain circumstances. The servicers have to opt into this program and they have to do this by December 31, 2009.

All servicers that opt into the HAFA program must sign a SPA agreement with Fannie Mae in behalf of the United States. This SPA agreement is the same type of agreement as a PSA agreement.

The servicers get to decide the extent to which they want to work with short sales and these guidelines don't have to take effect until April 5, 2010 although the servicers who are in HAMP can move your file into HAFA before that date.

Your loan must be HAMP eligible and meet other requirements in the guidelines in order to be eligible for the incentives to you and to your servicer.

That is an explanation of just the first page of the HAFA guidelines.

There are servicers who are already starting to use the HAFA program. The problem is that the servicers are already making mistakes in using this program.

Case In Point-

We have a short sale listing that is with Chase. We did not get to use our regular negotiator at Chase on this file. The negotiator we did have sat on his tush with this file and did not work on it. Then after 30 days of waiting without a BPO order, the negotiator it was assigned to sent it back to us along with a whole set of HAMP paperwork!

HAMP is the loan modification program that is a joke. Anyways- our seller does not qualify for the HAMP program on this property because it is an investment property. The homeowner does not live in the house and thus is not eligable for HAMP or HAFA. All the negotiator had to do was look at the file we sent in to see that this is an investment property and saved us all time. Now we are going to have to teach this negotiator how to use the HAFA program since they don't know how.

If the property you are doing a short sale on is not your principle residence you are not quailified for HAFA but you may still be able to get a short sale approved through normal short sale channels.

Don't get over excited about the 10 days that you read about everywhere. That ten days is NOT from the beginning of the process to the end. We will go into those details in the next post in this series on HAFA.

There are some positive things for the homeowner and those are:

you will get up to $1500 to help you with moving expenses from the servicer upon a successful closing,

the first note holder has to remove any deficiency and can not puruse a deficiency. This does not pertain to second mortgages or HELOCs.

We will continue through all 43 pages of these guidelines section by section- the sections that are important to homeowners and short sale agents.

For more information about Florida Short Sales- click here.

T o view Florida Short Sales- Click here . We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Short Sales and HAFA- Defining The Details for Real Estate Agents and Homeowners-was first published on South- Florida-Luxury-Living.com.

Is Your Short Sale or Loan Modification Being Turned Down?

Tue, 15 Sep 2009 02:07:35 -0500

Has your short sale or loan modification been turned down and you have no idea why? Let's examine some of the reasons. These reasons may not make you feel any better or maybe they are just excuses by your lender, however there are a few things you may not even know about your loan.

Let's say that you make your mortgage payment to Wells Fargo. You can no longer handle your payments so you ask Wells Fargo to modify your loan- to do a loan modification for you. You are behind in your payments. You are in fact, in foreclosure but you are still living in your home and the judge in your case has not ordered the sale of your home at auction yet. You are scared. You see your neighbors losing their homes all around you. You are hopeful because you see on the news and in the newspapers that the Federal Making Homes Affordable Program has been helping some folks keep their home and get a loan modification.

You are no longer making your mortgage payment because your adjustable rate has been applied and your mortgage payment has gone from $1600 a month to $2300 per month. You just can not make these payments. You have been trying for almost 2 years now to get Wells Fargo to approve your loan modification. You even hired an attorney to help you with your foreclosure defense.

Wells Fargo turns down your loan modification request. You wonder, how could this be? After all, Wells Fargo is one of the large lenders and is participating in the government's Federal Making Homes Affordable program.

But Wells Fargo tells you that the investor is the one that will not allow you to get a loan modification. What in the world is an investor doing making decisions on your loan you wonder. Well, you are not alone in your confusion. Every day we are explaining the whole mortgage note owner thing to buyers agents, real estate agents and homeowners.

Just because you make your house payments to Wells Fargo does not mean they own that note that you are paying on. They are the servicer. Other words you will hear them called are asset management companies.

The very first thing you need to do before you ask for a loan modification is to find out who actually owns your note. You can do this by calling who you make your mortgage payments to and asking them.

If it is Freddie Mac or Fannie Mae that own your note- you have a much better chance at getting your loan modification approved if you qualify. If it is a private group of investors, your chances go way down. Why would this happen?

One in eight homeowners' loans were sold to investors on Wall Street. What happens is that a bunch of loans are packaged together. These are called mortgage-backed securities. They are then sold off to investors. Homeowners who have mortgage-backed securitized loan are five times more likely to be late on their house payments. Many of these borrowers were given loans they were not qualified for from the beginning. Many of the homeowners getting these loans did not read the fine print and did not realize how high their mortgage payments might go when adjusted.

The rules to allow modifications, short sales and terms of foreclosures and deficiencies are ambiguous at best. Homeowners who are told no by the investor have little recourse.

The federal Making Homes Affordable program lenders who participate in the program must modify all homeowners that qualify. The exception is when the investor has a rule that they do not allow modifications.

The Federal Housing Finance Agency reported to Congress on June 3rd that these securitized mortgages are a "hurdle" to the success of the Making Homes Affordable program. The treasury department has not disclosed why the modifications are denied so there are little to no facts to go on.

Why would the investors say no to your loan modification? Well, Wells Fargo's response is that the investors need their money. Wells Fargo has one situation where the borrowers ( the homeowners) are trying to get their loan modified but Goldman Sachs is the issuer and Deutsche Bank is the trustee. But when you go and talk to these investors and we have on several occasions when doing short sale negotiations for our sellers; the investor passes the buck back to the servicer. For instance, Deutsche Bank says that Wells Fargo is solely responsible for the decision to modify a loan or not.

Some people say that the investors are the scapegoats. Everything can easily be blamed on them. Since you rarely get to speak to anyone at the investors' group it is hard to tell who is telling the truth. In this particular situation Wells Fargo is saying that the investor is not forgiving the past due debt and that makes the payment go up on a loan modification because then Wells Fargo would have to put that past due balance along with all the penalties and fees into the loan modification which then may cause the homeowner to not qualify financially for the loan modification.

Servicers have agreements, contracts that they sign with investors. These agreements contain the rules for modifications. These agreements are called Pooling and Servicing Agreements which is known as PSA's. The PSA is most often what the servicer says is the reason for them not being able to do the loan modification or release the deficiency on a short sale.

But when you talk to other people in the management areas or to the investors they claim that there is nothing in the PSA's that would prevent the servicer from approving loan modifications, short sales and releases. There is a new study coming out from a law school wherein they state that only 8% of these mortgage-backed securities agreements contain any language that says the servicer is not allowed to do a loan modification for these notes. That means that about 92% of all the NO's; could actually be YES's. So why would that even happen?

Fear of law suits! The language in the PSA in question here, Wells Fargo and Deutsche Bank- it says that Wells Fargo can "waive, modify or vary any term" as long as Wells Fargo as the servicer makes a "reasonable and prudent determination" that the modification is in the investor's best interest. Attorneys examining these agreements say there is quite a bit of room for servicers to make these decisions. But the language itself in this agreement is enough for the servicers legal counsel to be concerned with the investor suing them for not acting in the best interest of the investor. They can not, no matter how inhumane this sounds, put the homeowner ahead of the investor. This is about business and if they want business from investors they need to make sure they are looking out for the interests of the investors.

The treasury department has stated that the fear of law suits is the biggest deterrent to getting the servicers to approve loan modifications and short sales. So doing little or simply turning down the loan modifications are the answer many servicers choose. This is not personal and this is not against you, the homeowner. The position of the servicers is to watch their own backs and to protect the assets to which they have been entrusted with, your mortgage-backed security. The Treasury Department says they can relieve some of the pressure of the fear of lawsuits by standardizing requirements for loan modifications and also provide some type of calculation to figure out if the investor will make more money by the loan modification or by the foreclosure.

We need to keep in mind one big thing in all of this and that is that these investors end up being regular people because most of these mortgage-backed securities were bought by pension funds and retirement plans of folks like your parents or even yourselves. You may well be one of the shareholders of the very loan you can not pay.

T o view Florida Short Sales- Click here . We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

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Is Your Short Sale Or Loan Modification Being Turned Down?-was first published on South- Florida-Luxury-Living.com.

Hey-Hey- What's That Buzz? Everyone Knows What's Going Down!

Wed, 10 Feb 2010 23:18:01 -0600

Are you Buzzing yet? Do you have your Google Buzz on yet?

When I first started to read about Google Buzz the very first thought that came into my mind was:

Where the heck am I going to find the time to add another social media anything to my schedule?

I shrugged it off as just another thing to add to my 'To Do' list.

But then when I saw my little Buzz icon on the top left of my Gmail account, I thought, "Ah, it will only take a moment to take a peek."

That one peek turned into a session of learning about the Buzz, what the benefits are and how I can implement into actually making my social media networking more streamlined and more efficient.

I am a multi-tasker when it comes to social media and blogging.
Google Buzz is making it all that much easier for me to reach my followers in a more personal way.

There is a lot of potential for Realtors® to reach farther into their SOIs through Google Buzz.

As soon as I updated my account I discovered that even our sellers are following me which is something they are not doing on Twitter.

Here are some of the actions that will benefit users of Google Buzz:

It sits right on your Gmail page.
When someone comments to you- it shows up in your Gmail inbox so you won't miss out on any followers sending you links or making a comment.
You can email your entries ( we will call them mini posts) fast and easy.
When you send your Buzz as an email, there is a link that shows up that either the recipient can read the Buzz you sent or they can click on the link to read it and comment back on the Buzz.
The Buzz will follow the comment stream.
Google Buzz makes suggestions to you about things you may like based on who you follow and what they are doing or watching or writing.
You can use it on your phone! Very cool!
You can post video and photos very easily.
Google Buzz will put your Twitter stream in, Picassa, Youtube, Google Reader and Flickr right into your Google Buzz.
You can view photos thumbnails in each post but also browse full screen photos from Flickr and Picassa. This is a great way to showcase your new listings!
You never need to refresh your page.
You can choose between sharing publicly or privately.
No set up is needed to get started and you automatically are following the people you email and chat with.

You should have a Google Profile page. It is about time to get that task checked off your list.

Follow me on Google Buzz! I am @Katerina Gasset.

And Now- To Bring You Back To 1967- I can't get this song out of my head since I started Buzzing today!

383 Columbus St Palm Beach Gardens FL 33410

Tue, 23 Feb 2010 00:04:43 -0600

This is a Short Sale! - 383 Columbus St Palm Beach Gardens FL 33410

Overview
Maps
Photos
Features
Description
Market Stats

$324,777

Single Family Home
For Sale

Main Features

3 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 1877 sqft

Location

383 Columbus St
Palm Beach Gardens, FL 33410

Nestor and Katerina Gasset

International Properties and Investments, Inc
(561) 753-0135
coachkaterina@gmail.com
http://www.wellington-luxury-homes.com

Listed by: International Properties & Investments, Inc

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3839 Summer Chase Ct Lake Worth Florida 33467- SELLER FINANCING!

Sun, 31 Jan 2010 23:20:57 -0600

This home is not a short sale. Seller financing is also available for this hardly lived in home in a 55+ community called Summer Chase in Lake Worth Florida.

This is not a Short Sale! - 3839 Summer Chase Ct Lake Worth FL 33467

Overview
Maps
Photos
Features
Description
Market Stats

$289,900

Single Family Home
For Sale

Main Features

3 Bedrooms
2 Bathrooms
Interior: 2372 sqft

Location

3839 SUMMER CHASE Ct
Lake Worth, FL 33467

Nestor and Katerina Gasset

International Properties and Investments, Inc
(561) 753-0135
coachkaterina@gmail.com
http://www.wellington-luxury-homes.com

Listed by: International Properties & Investments, Inc

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This is not a Short Sale! - 3839 Summer Chase Ct Lake Worth FL 33467

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