[Deal Hunter]

No Such Thing as Free Enterprise. There hasn’t been a free market in the U.S. since 1917 (The birth of the Federal Reserve). True capitalism includes the checks and balaces, booms and busts of a free market. However, when things like money supply are manipulated by an outside force, the booms and busts are about as real as Spongebob Squarepants.

Moral hazard is moot. The basic truth remains that the economy is driven by consumption. Without some sort of debt relief (be it from the banks taking losses or taxpayers funding GSE mortgage insurance organizations or stimulus packages), people will not consume to the level needed for the economy to pick up speed. Money – wherever it comes from – needs to go into spending, not repayment of debt. Yet, because FICO is so important (or so we have been convinced by Suze Orman) Americans will save and pay down debt rather than continue to consume.

There can only be 2 results:
1 – The economy will flatline as Americans save up, stop spending and work to live debt free. They may even do something as nightmarish as teach their children to be debt free!

2 – FICO will go away. The next boom will flower as collateral becomes everything and as long as you can fog a mirror, you can get a loan. If credit-worthiness is putting a chokehold on consumption, the key to breaking the chokehold is in to lend on collateral-worthiness instead. If you own anything that has liquid cash value in the world, you can get a cash advance on 50% of its value. Want proof? Just look at your neighborhood pawn shop or talk to a hard money lender.

Regarding the short-term recession beast… it will get fed and get fed good. The near term solution to the “slump” will come from the new fever or cooperation between the Fed and Congress. The meal will consist of permanent tax cuts to businesses and massive tax reform for the tax base. Perhaps even a well disguised mass amnesty to increase the tax base and BUUURRRP! Recession beast is satiated and the next boom (in real estate) ensues.

[Deal Hunter]

One Change to your info above, SD. Everything you have up there is right except the part where the banks won’t talk to you unless you are in default. This is the number one misconception about short sales.

You MUST have a legitimate hardship that you can prove. However, homeowners who KNOW that they won’t be able to make the payments should not wait to contact the lender with their hardship until they go late on payments. If you know that you are 2-3 or even 6 months away from running out of savings and not having the $$ for your mortgage, you can get the short sale process started immediately.

This is the case of people who are losing their jobs, or have lost their businesses due to losses in banking, construction and real estate. You have legitimate hardships that you can prove NOW and you can list your home immediately subject to approval of short sale. You stand the best chance if you can provide a complete financial statement, tax returns, bank statements and if possible your pink slip or lay off letter.

Your hardship letter need not be long or complex, as long as you clearly state at the beginning that you can NO LONGER PAY THE MONTHLY PAYMENT. Then a short blurb about how your income has changed or the new adjusted amount is beyond your means to pay. Then summerize by clearly stating that you can NO LONGER PAY THE MONTHLY PAYMENT.

You can still keep making payments on time up to the close of your short sale. You can even tell the lender, and show them with your bank statements that you won’t be able to make the payment past April, etc.

We’ve done this in Las Vegas with 3 short sales since November of 2007. The homeowner never went late, preserved their credit and successfully sold their homes on short sale.

[Deal Hunter]

One Change to your info above, SD. Everything you have up there is right except the part where the banks won’t talk to you unless you are in default. This is the number one misconception about short sales.

You MUST have a legitimate hardship that you can prove. However, homeowners who KNOW that they won’t be able to make the payments should not wait to contact the lender with their hardship until they go late on payments. If you know that you are 2-3 or even 6 months away from running out of savings and not having the $$ for your mortgage, you can get the short sale process started immediately.

This is the case of people who are losing their jobs, or have lost their businesses due to losses in banking, construction and real estate. You have legitimate hardships that you can prove NOW and you can list your home immediately subject to approval of short sale. You stand the best chance if you can provide a complete financial statement, tax returns, bank statements and if possible your pink slip or lay off letter.

Your hardship letter need not be long or complex, as long as you clearly state at the beginning that you can NO LONGER PAY THE MONTHLY PAYMENT. Then a short blurb about how your income has changed or the new adjusted amount is beyond your means to pay. Then summerize by clearly stating that you can NO LONGER PAY THE MONTHLY PAYMENT.

You can still keep making payments on time up to the close of your short sale. You can even tell the lender, and show them with your bank statements that you won’t be able to make the payment past April, etc.

We’ve done this in Las Vegas with 3 short sales since November of 2007. The homeowner never went late, preserved their credit and successfully sold their homes on short sale.

[Deal Hunter]

One Change to your info above, SD. Everything you have up there is right except the part where the banks won’t talk to you unless you are in default. This is the number one misconception about short sales.

You MUST have a legitimate hardship that you can prove. However, homeowners who KNOW that they won’t be able to make the payments should not wait to contact the lender with their hardship until they go late on payments. If you know that you are 2-3 or even 6 months away from running out of savings and not having the $$ for your mortgage, you can get the short sale process started immediately.

This is the case of people who are losing their jobs, or have lost their businesses due to losses in banking, construction and real estate. You have legitimate hardships that you can prove NOW and you can list your home immediately subject to approval of short sale. You stand the best chance if you can provide a complete financial statement, tax returns, bank statements and if possible your pink slip or lay off letter.

Your hardship letter need not be long or complex, as long as you clearly state at the beginning that you can NO LONGER PAY THE MONTHLY PAYMENT. Then a short blurb about how your income has changed or the new adjusted amount is beyond your means to pay. Then summerize by clearly stating that you can NO LONGER PAY THE MONTHLY PAYMENT.

You can still keep making payments on time up to the close of your short sale. You can even tell the lender, and show them with your bank statements that you won’t be able to make the payment past April, etc.

We’ve done this in Las Vegas with 3 short sales since November of 2007. The homeowner never went late, preserved their credit and successfully sold their homes on short sale.

[Deal Hunter]

One Change to your info above, SD. Everything you have up there is right except the part where the banks won’t talk to you unless you are in default. This is the number one misconception about short sales.

You MUST have a legitimate hardship that you can prove. However, homeowners who KNOW that they won’t be able to make the payments should not wait to contact the lender with their hardship until they go late on payments. If you know that you are 2-3 or even 6 months away from running out of savings and not having the $$ for your mortgage, you can get the short sale process started immediately.

This is the case of people who are losing their jobs, or have lost their businesses due to losses in banking, construction and real estate. You have legitimate hardships that you can prove NOW and you can list your home immediately subject to approval of short sale. You stand the best chance if you can provide a complete financial statement, tax returns, bank statements and if possible your pink slip or lay off letter.

Your hardship letter need not be long or complex, as long as you clearly state at the beginning that you can NO LONGER PAY THE MONTHLY PAYMENT. Then a short blurb about how your income has changed or the new adjusted amount is beyond your means to pay. Then summerize by clearly stating that you can NO LONGER PAY THE MONTHLY PAYMENT.

You can still keep making payments on time up to the close of your short sale. You can even tell the lender, and show them with your bank statements that you won’t be able to make the payment past April, etc.

We’ve done this in Las Vegas with 3 short sales since November of 2007. The homeowner never went late, preserved their credit and successfully sold their homes on short sale.

[Deal Hunter]

One Change to your info above, SD. Everything you have up there is right except the part where the banks won’t talk to you unless you are in default. This is the number one misconception about short sales.

You MUST have a legitimate hardship that you can prove. However, homeowners who KNOW that they won’t be able to make the payments should not wait to contact the lender with their hardship until they go late on payments. If you know that you are 2-3 or even 6 months away from running out of savings and not having the $$ for your mortgage, you can get the short sale process started immediately.

This is the case of people who are losing their jobs, or have lost their businesses due to losses in banking, construction and real estate. You have legitimate hardships that you can prove NOW and you can list your home immediately subject to approval of short sale. You stand the best chance if you can provide a complete financial statement, tax returns, bank statements and if possible your pink slip or lay off letter.

Your hardship letter need not be long or complex, as long as you clearly state at the beginning that you can NO LONGER PAY THE MONTHLY PAYMENT. Then a short blurb about how your income has changed or the new adjusted amount is beyond your means to pay. Then summerize by clearly stating that you can NO LONGER PAY THE MONTHLY PAYMENT.

You can still keep making payments on time up to the close of your short sale. You can even tell the lender, and show them with your bank statements that you won’t be able to make the payment past April, etc.

We’ve done this in Las Vegas with 3 short sales since November of 2007. The homeowner never went late, preserved their credit and successfully sold their homes on short sale.

[Deal Hunter]

They sugar-coated it. Norway complaining about their bad AAA rated investment? It wasn’t just Norweigan villagers, it was Costco’s 401K, the Teacher’s 403B, Aetna’s pension fund and the WFB small business IRAs.

[Deal Hunter]

They sugar-coated it. Norway complaining about their bad AAA rated investment? It wasn’t just Norweigan villagers, it was Costco’s 401K, the Teacher’s 403B, Aetna’s pension fund and the WFB small business IRAs.

[Deal Hunter]

They sugar-coated it. Norway complaining about their bad AAA rated investment? It wasn’t just Norweigan villagers, it was Costco’s 401K, the Teacher’s 403B, Aetna’s pension fund and the WFB small business IRAs.

[Deal Hunter]

They sugar-coated it. Norway complaining about their bad AAA rated investment? It wasn’t just Norweigan villagers, it was Costco’s 401K, the Teacher’s 403B, Aetna’s pension fund and the WFB small business IRAs.

[Deal Hunter]

They sugar-coated it. Norway complaining about their bad AAA rated investment? It wasn’t just Norweigan villagers, it was Costco’s 401K, the Teacher’s 403B, Aetna’s pension fund and the WFB small business IRAs.

[Deal Hunter]

You mean China’s Stimulus package?

Bush borrows $164 Billion from China to give us all $300 to $1200 (as long as you file your 2007 return). We are NOT supposed to use this cash to pay off bills, but rather go out and spend it. Since it’s only $300-$1200, we can only spend it at Walmart on products made in China. See, how this is economic stumulus for China?

If you call HopeNow or Project Lifeline (both are really the same circus in different costumes), here’s what will happen:

1- Counselor will give you a bunch of disclaimers so you understand that although he/she works for a non-porfit organization, the big 5 banks and lenders pay hefty donations to them. (Translation: Counselors are really advocates of the Banks, who pay their paychecks, not the homeowners.)

2 – You will be on the phone with a counselor for 45-mins to 1 hour to give them every tiny disgusting detail of your financial situation. They don’t want estimates or rounding up to the nearest dollar. They want EXACTLY how much Starbucks you buy in year.

3 – Once your finances are itemized, counselor will scrutinize it (really wait for her computer to spit out the “suggested cutbacks”) and tell you to stop eating out, cancel HBO, get rid of the Nanny, get a second job, get a third job, and eat canned food for the next 8 months.

4 – You will then have a “threshold ratio” in which 36% negative is the point at which the counselor can plug you into a “modification plan.” The four types of mods are: Forbearance (a payment holiday of up to 8 months where you pay a lot less per month). Just remember that forbearance still accumulates late fees that you will still need to pay once you’ve secured your forth job. Loan Modification: your late payments and penalties are added to your balance and you refi the whole thing. (You must qualify for this re-fi like any other loan). Partial Claim: your late payments and penalties are totaled and a lovely lien on your property is recorded for the amount. FHA Secure: A refi to a lower payment amount. You must qualify for this too.

5 – If you can’t do any of the above, counselor slots you in the “disposition” category. Dispositions include: Short Sale, Deed in lieu and foreclosure.

Counselors job is to keep you in your gigantic upside down loan and force you to accept a larger balance to cover your payment shortfalls. They will tell you to forego paying everything else, credit cards, health insurance premiums, etc. in favor or your home loan. Their job is not to advocate for the reasonable financial survival of the homeowner but the presrvation of the Lender’s portfolio.

However, if you still think they can help, go ahead and give them a call. http://www.HopeNow.com May the Force be with you.

[Deal Hunter]

You mean China’s Stimulus package?

Bush borrows $164 Billion from China to give us all $300 to $1200 (as long as you file your 2007 return). We are NOT supposed to use this cash to pay off bills, but rather go out and spend it. Since it’s only $300-$1200, we can only spend it at Walmart on products made in China. See, how this is economic stumulus for China?

If you call HopeNow or Project Lifeline (both are really the same circus in different costumes), here’s what will happen:

1- Counselor will give you a bunch of disclaimers so you understand that although he/she works for a non-porfit organization, the big 5 banks and lenders pay hefty donations to them. (Translation: Counselors are really advocates of the Banks, who pay their paychecks, not the homeowners.)

2 – You will be on the phone with a counselor for 45-mins to 1 hour to give them every tiny disgusting detail of your financial situation. They don’t want estimates or rounding up to the nearest dollar. They want EXACTLY how much Starbucks you buy in year.

3 – Once your finances are itemized, counselor will scrutinize it (really wait for her computer to spit out the “suggested cutbacks”) and tell you to stop eating out, cancel HBO, get rid of the Nanny, get a second job, get a third job, and eat canned food for the next 8 months.

4 – You will then have a “threshold ratio” in which 36% negative is the point at which the counselor can plug you into a “modification plan.” The four types of mods are: Forbearance (a payment holiday of up to 8 months where you pay a lot less per month). Just remember that forbearance still accumulates late fees that you will still need to pay once you’ve secured your forth job. Loan Modification: your late payments and penalties are added to your balance and you refi the whole thing. (You must qualify for this re-fi like any other loan). Partial Claim: your late payments and penalties are totaled and a lovely lien on your property is recorded for the amount. FHA Secure: A refi to a lower payment amount. You must qualify for this too.

5 – If you can’t do any of the above, counselor slots you in the “disposition” category. Dispositions include: Short Sale, Deed in lieu and foreclosure.

Counselors job is to keep you in your gigantic upside down loan and force you to accept a larger balance to cover your payment shortfalls. They will tell you to forego paying everything else, credit cards, health insurance premiums, etc. in favor or your home loan. Their job is not to advocate for the reasonable financial survival of the homeowner but the presrvation of the Lender’s portfolio.

However, if you still think they can help, go ahead and give them a call. http://www.HopeNow.com May the Force be with you.

[Deal Hunter]

You mean China’s Stimulus package?

Bush borrows $164 Billion from China to give us all $300 to $1200 (as long as you file your 2007 return). We are NOT supposed to use this cash to pay off bills, but rather go out and spend it. Since it’s only $300-$1200, we can only spend it at Walmart on products made in China. See, how this is economic stumulus for China?

If you call HopeNow or Project Lifeline (both are really the same circus in different costumes), here’s what will happen:

1- Counselor will give you a bunch of disclaimers so you understand that although he/she works for a non-porfit organization, the big 5 banks and lenders pay hefty donations to them. (Translation: Counselors are really advocates of the Banks, who pay their paychecks, not the homeowners.)

2 – You will be on the phone with a counselor for 45-mins to 1 hour to give them every tiny disgusting detail of your financial situation. They don’t want estimates or rounding up to the nearest dollar. They want EXACTLY how much Starbucks you buy in year.

3 – Once your finances are itemized, counselor will scrutinize it (really wait for her computer to spit out the “suggested cutbacks”) and tell you to stop eating out, cancel HBO, get rid of the Nanny, get a second job, get a third job, and eat canned food for the next 8 months.

4 – You will then have a “threshold ratio” in which 36% negative is the point at which the counselor can plug you into a “modification plan.” The four types of mods are: Forbearance (a payment holiday of up to 8 months where you pay a lot less per month). Just remember that forbearance still accumulates late fees that you will still need to pay once you’ve secured your forth job. Loan Modification: your late payments and penalties are added to your balance and you refi the whole thing. (You must qualify for this re-fi like any other loan). Partial Claim: your late payments and penalties are totaled and a lovely lien on your property is recorded for the amount. FHA Secure: A refi to a lower payment amount. You must qualify for this too.

5 – If you can’t do any of the above, counselor slots you in the “disposition” category. Dispositions include: Short Sale, Deed in lieu and foreclosure.

Counselors job is to keep you in your gigantic upside down loan and force you to accept a larger balance to cover your payment shortfalls. They will tell you to forego paying everything else, credit cards, health insurance premiums, etc. in favor or your home loan. Their job is not to advocate for the reasonable financial survival of the homeowner but the presrvation of the Lender’s portfolio.

However, if you still think they can help, go ahead and give them a call. http://www.HopeNow.com May the Force be with you.

[Deal Hunter]

You mean China’s Stimulus package?

Bush borrows $164 Billion from China to give us all $300 to $1200 (as long as you file your 2007 return). We are NOT supposed to use this cash to pay off bills, but rather go out and spend it. Since it’s only $300-$1200, we can only spend it at Walmart on products made in China. See, how this is economic stumulus for China?

If you call HopeNow or Project Lifeline (both are really the same circus in different costumes), here’s what will happen:

1- Counselor will give you a bunch of disclaimers so you understand that although he/she works for a non-porfit organization, the big 5 banks and lenders pay hefty donations to them. (Translation: Counselors are really advocates of the Banks, who pay their paychecks, not the homeowners.)

2 – You will be on the phone with a counselor for 45-mins to 1 hour to give them every tiny disgusting detail of your financial situation. They don’t want estimates or rounding up to the nearest dollar. They want EXACTLY how much Starbucks you buy in year.

3 – Once your finances are itemized, counselor will scrutinize it (really wait for her computer to spit out the “suggested cutbacks”) and tell you to stop eating out, cancel HBO, get rid of the Nanny, get a second job, get a third job, and eat canned food for the next 8 months.

4 – You will then have a “threshold ratio” in which 36% negative is the point at which the counselor can plug you into a “modification plan.” The four types of mods are: Forbearance (a payment holiday of up to 8 months where you pay a lot less per month). Just remember that forbearance still accumulates late fees that you will still need to pay once you’ve secured your forth job. Loan Modification: your late payments and penalties are added to your balance and you refi the whole thing. (You must qualify for this re-fi like any other loan). Partial Claim: your late payments and penalties are totaled and a lovely lien on your property is recorded for the amount. FHA Secure: A refi to a lower payment amount. You must qualify for this too.

5 – If you can’t do any of the above, counselor slots you in the “disposition” category. Dispositions include: Short Sale, Deed in lieu and foreclosure.

Counselors job is to keep you in your gigantic upside down loan and force you to accept a larger balance to cover your payment shortfalls. They will tell you to forego paying everything else, credit cards, health insurance premiums, etc. in favor or your home loan. Their job is not to advocate for the reasonable financial survival of the homeowner but the presrvation of the Lender’s portfolio.

However, if you still think they can help, go ahead and give them a call. http://www.HopeNow.com May the Force be with you.

[Author]

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