Archive for May, 2010

Foreclosure Now a ‘Way of Life’ for Many

Monday, May 31st, 2010

The posted an article today about the rising number of Americans who have gone in to foreclosure, stopped paying their mortgages and just keep living in their homes until the banks finally kick them out.

While some states like California and Texas allow lenders to go after borrowers outside of the court system, many states rely on their judicial systems to process the mounds of foreclosures now piling up. And the sheer volume of such cases means that homeowners can sometimes stay in their homes for a year or more, payment-free, before the courts start eviction proceedings. In fact, the Times piece claims that properties in New York spend an average of 561 days in foreclosure – more than a year and a half! – and Florida’s average is the second longest at 518 days.

The Times quotes an Alex Pemberton from Florida who stopped paying his mortgage a year ago after his business starting faililng, and has still been living in his house.

“Instead of the house dragging us down, it’s become a life raft,” said Pemberton. “It’s really been a blessing.”

His house is now worth less than half of what they owe, a very common occurrence today with the burst of the housing bubble, but in this case Pemberton also took out a cash-out refinance loan at the height of the market to buy a truck to be used as a contest prize for his business’ employees. And interestingly enough, that was not a stupid move on his part, but on the lender’s.

“They went outside their own guidelines on debt to income,” he said. “And when they did, they put themselves in jeopardy.”

Wow. Well, I guess the lenders are the ones who truly did shoot themselves in the foot if there are enough people out there like this who don’t care enough about their house or their credit to even try to make good on their debt obligations.

There are currently 1.7 million U.S. households in some part of the foreclosure. And I can see how that could end up being a big burden on the housing market for years to come if the pace of actually foreclosing continues to move so slowly.

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The Organization Is Broken Down

Monday, May 31st, 2010

Hi everybody, it’s Marcos, Coach Collard – we’re at this time in Tampa Bay, Florida, a few days past Cinco de Mayo, celebrating and helping the Immigration Reform in Phoenix. Well, not really celebrating it, but speaking out against it.

Ya’ll empathize? It’s essential to comprehend that just like immigration reform, exactly as in short sales, in celebrating shortsalepowerhour.com, and what we desire to do today is chat on the subject of Mindset Monday…sounds a little like Sabado Gigante, no?

So, we are gonna speak about Mindset Monday… Mindset – when you are executing a short sale, it’s important to know who you are talking to, and against whom you are working. It’s critical to know the procedure of what goes on. As in the immigration practice, the difficulty is not people(Mexicans or latinos), nor is the difficulty the people at the lender(it’s not your negotiator or processor or seller), the quandary is merely the RED TAPE and system following. It’s government…it’s crucial to know that the system is out of order.

Moreover, with lenders, the system is broken. When you are chatting with a negotiator or employee at the bank, it’s not that they desire to be unhelpful, it’s that they are disempowered to stick to procedures and not to reason. They are just committed to ‘procedure # 9, or what their manager told them, or they are working with the ‘way it’s always been done’. Ya’ll realize this?

It’s crucial to be ready to go around these guidelines and go outside the box to bust the box or go around it to better your circumstances. You have to escalate the telephone habitually…comprehend?

ESCALATE ESCALATE ESCALATE!!!!!!!!!!! Outside of the rules, over the rules, through the system, by the person you are talking to…it’s extremely crucial to do whatever it takes and anything you have to do. Ya’ll with me? REMEMBER, it’s MINDSET MONDAY with SHORT SALES! And, we are gonna end right there. Ya’ll with me?

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