Bob Helps Homeowners

Mortgage Crisis - Paralysis or Self Analysis

Sun, 13 Feb 2011 06:57:35 GMT

Mortgage Crisis - Paralysis or Self Analysis

The Mortgage Crisis has led Americans into an unprecedented chapter in American history. Some Americans have not felt the agonizing frustration, the depression and loss of self worth. Many more have.

As this Crisis unfolded many American home owners had to suddenly face the fact they had a mortgage that was not affordable. Banks were trying to get a handle on what they were experiencing in the increase number of late payments leading to foreclosures. They were allowing some short sales begrudgingly. Unemployment began its creep into double digits. Banks started having to look at staffing issues to face the crisis of increased defaults. Homeowners scambled to find work to keep up with their mortgage. Government started making unprecented intrusions into the free market to try and stave off a depression and developing programs to help ease the real estate market. Government programs did not work. Banks were staffing for foreclosure processing, even farming out some of their work, that lead to injustice to some home owners losing their homes inappropriately.

I give a brief review of where we have been to get where we are today. Many people listen to the negative news and cannot see hope as they face the future of their mortgage. They are paralyzed. Those that remain paralyzed are going to lose their home to foreclosure. It does not matter whether government imposes moratoriums or not, the lack of the ability to act will cause these homeowners to deal with foreclosure.

Banks are currently staffing and developing policy that help home owners facing default to sell their homes in a short sale. They have found foreclosure costs and eventual sales are returning on average 30 percent less on the value of the property being sold versus an average 15 percent loss if they work with the mortgage holder through a short sale. Government has revamped its programs so that more home owners will be able to restructure their mortgage to allowing them to stay in their home.

The Real Estate industry has even gotten into providing special training to agents to understand the short sale process. They have a designation for those agents as SFR or Short Sale and Foreclosure Resource. This designation helps ensure a homeowner that the agent knows the process of a short sale and foreclosure. The other designation, while not given through the National Association of Realtors (NAR) training, rather the Distressed Property Institute (DPI), is a CDPE or Certified Depressed Property Expert. These agents are trained to help a person stay in their home if at all possible. They are knowledgeable on government programs, refinancing, up to date stategies to getting short sales approved and foreclosure. Some agents call themselves short sales resources. Homeowners need to know their options. Remaining paralyzed leads to foreclosure. Doing some confidential Self Analysis can give home owners hope and a beginning to an end of a dark time in their life.

Homeowners willing to take action, be proactive and get information about their options can receive confidential self analysis assistance by going to an SFR or CDPE website. Simply do a search for agents in your area. Go to the website, read the content available, compare what they offer and contact them.

Remember, you are not in this situation alone. It will take years for the Mortgage Crisis to be a memory captured in our American history books. How homeowners, personally involved in this Crisis, handle their circumstances will determine how quickly they put this Mortgage Crisis behind them.

Robert Courtney RA, CDPE,MCRE,CIAS

Local Agent Releases New Report Outlining Straightforward Solutions for Homeowners Seeking to Avoid Foreclosure

Tue, 08 Feb 2011 16:26:04 GMT

Local Agent Releases New Report Outlining Straightforward Solutions for Homeowners Seeking to Avoid Foreclosure

Online report outlines lender participation and government programs for homeowners struggling to make mortgage payments on Kauai.

Kauai – February 8, 2011– Local CDPE-designated agent, Robert Courtney of CENTURY 21 All Islands has developed a website report providing information regarding the availability of lender and government programs to avoid foreclosure, including the Home Affordable Foreclosure Alternative Program, or “HAFA.”

This community resource is available at www.ownersoptions.net and explains the benefits of short sales, or selling a property for less than the current mortgage amount owed. Benefits include decreased damage to credit, protection of security clearance and the potentially harmful affects of foreclosure on employment. Some programs offer cash incentives for homeowners who are struggling with mortgage payments and successfully complete a short sale or deed-in-lieu of foreclosure.

“Lenders and the federal government have recently updated and enhanced their foreclosure avoidance programs, making more members of our community eligible for assistance.” Courtney said. “With this report, I’m showing homeowners the benefits of short sales to their financial futures, and to the stability of our community.”

In late December 2010, the Department of the Treasury updated and improved eligibility standards for the HAFA program. They also enhanced efficiency guidelines for lenders, streamlining the process and making it a more effective solution for homeowners to avoid foreclosure.

Outline of government programs, loan modifications and short sales has been showing vast improvements,” Courtney said. “Lenders are ramping up their resources and putting systems in place to make their foreclosure alternative programs more efficient.”

The CDPE Designation Courtney has acquired provides a specific understanding of the complex issues confronting distressed homeowners. Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.

To learn more, visit www.ownersoptions.net.

For more information about the CDPE Designation, visit www. CDPE.com.

Robert Courtney RA, CDPE,MCRE,CIAS

Kauai Agent Receives Training to Effectively Counsel Real Estate Investors, Provide Wealth-Building Strategies

Sun, 06 Feb 2011 15:57:49 GMT

Kauai Agent Receives Training to Effectively Counsel Real Estate Investors, Provide Wealth-Building Strategies

Kauai – February 4, 2011 – Robert Courtney of CENTURY 21 All Islands - Kapaa has earned the prestigious Certified Investor Agent Specialist™ (CIAS) Designation, having completed extensive training to understand the different real estate investor types, and the investment opportunities, financing options and calculations needed to provide solutions for each. The five real estate investor types include: First-Time Investors, Move-Up Investors, Portfolio Investors, Performance Investors, and Rehab and Resell Investors.

“For decades, investing in real estate has proven to be a consistent and stable way for individuals to build wealth,” Courtney said. “Real estate investment supports a number of industries, including construction, retail and professional services, and is a strong way to energize and increase investment in our local economy.”

Over the past 12 months, investment and second-home properties comprised more than $300 billion in sales, representing approximately 27 percent of all residential real estate transactions. In addition, in market conditions affected by mortgage industry challenges, 48 percent of investors made all-cash purchases.

“As markets face the challenges of distressed properties and a difficult economy, real estate investors have the opportunity to find productive deals while helping communities stabilize,” Courtney said. “Investors provide much needed liquidity to the market, decrease vacancy rates, improve neighborhoods, and present solutions for homeowners who need to sell.”

With the CIAS Designation training, Courtney will help Kauai residents build wealth through real estate investment, and homeowners facing foreclosure find potential buyers for their properties.

Today, millions of homeowners are either delinquent on their mortgages or in the foreclosure process. One potential solution for homeowners in this situation is a short sale, in which the lien holder accepts a sale price of the home that is less than the mortgage amount owed. Increasingly, real estate investors are facilitating this solution.

“When it comes to properties that actually end up in foreclosure,” Courtney added, “up to 30 percent of them can’t close conventionally. Investors are often the only ones who can buy them

Robert Courtney RA, CDPE,MCRE,CIAS

Educators not Proliferators

Sat, 22 Jan 2011 11:58:05 GMT

Educators not Proliferators

A lot of press and blogging is going on bashing banks and their handling of distressed mortgages, especially Short Sales. We need to remember a bank is looking at paperwork and making decisions without seeing the faces we do when working with distressed people. Mortgage vs. People. Us vs. the Bank.

The banks undoubtedly played the major role in putting the market into a dive. They were not staffed to handle the avalanche of bad loans that came back to them. They did not understand the short sale would become a settlement of choice when looking at all the costs and ramifications of foreclosure. Foreclosure was the predominate bank solution. Now they are seeing the short sale is a way to hold a higher property value than automatically foreclosing.

In any crisis it takes time to get a handle on who needs help and who can wait. I think there in is the problem that is now starting to flush itself out. If we are not submitting our short sales through Equator for Bank of America they are not dealing with the submissions because there is not medium to maintain an easy paper trail. Just yesterday Short Sale Executive Kimberly Dawson with Bank of America was interviewed by Alex Charfen with the Distressed Property Institute. She talked about the issues the bank has had to face in setting up policy to handle the distressed mortgages. They are now pre-qualifying mortgages for short sales. When a distressed property is listed we should immediately submit the paperwork to them and they will initiate an appraisal and give a value for the home. If we dispute the value they arrive at, we can submit comps for them to review to escalate for a change. If an associate is not handling the file in a timely manner, there is a place on Equator to escalate to the supervisor. This is the reason using Equator is important. All the correspondence and phone discussions related to a property are logged sequentially for easy review by anyone addressing issues or questions about the property.

I am not saying there are not people being hurt or have not been hurt. I am saying we need to have a source to stay up to date with Federal changes to HAFA, Refi and with what the banks are doing to gear themselves to handle distressed mortgages on a timelier basis. They are counting on us to educate ourselves for proper submission and proper follow up. Leaving 100 messages a day does not speed the process up. Sending 100 emails does not speed the process up. With Bank of America proper use of Equator is key! AR members Tim and Julie Harris have a post out titled Bank of America Cooperative Short Sale Program 2 Week Approvals and 2011 HAFA Guidelines. If you are a CDPE the information is available on the CDPE website. Either one will give some up to date hope to the clients we represent in the short sale process.

Not educating ourselves to the changes going on to facilitate short sales only fuels a fire of fear for home owners. We work in a tough and depressing market when dealing with the emotions of distressed home owners. We can be some light if we do our homework and stay up with the ongoing changes related to the options our clients have. Being part of perpetuating the bad that has happened does not instill much confidence for people to understand the short sale benefits.

Bob Courtney RA, CDPE, MCRE

Tips to Help Avoid Foreclosure in Hawaii for 2011

Mon, 20 Dec 2010 12:47:14 GMT

Tips to Help Avoid Foreclosure in Hawaii for 2011

Heading into the holiday season, you may have found some extra time to research how you can avoid foreclosure. If so, congratulations on taking the first and most important step in improving your situation—seeking help!

To be successful now and in 2011, here are the top three areas you should focus on:

1. Create a Budget: When seeking an arrangement with your lender you must provide the monthly income shortfall that keeps you from making your mortgage payment. Create an itemized list detailing your monthly income and expenses. Gather your bank statements and check stubs for the last three months.

2. Know Your Options: It is important to know you have several options to consider so you can take advantage of the solution that is best for your specific situation. Find out more about your options on www.ownersoptions.net

3. Contact an Experienced Professional: A licensed professional who has undergone specialized training is vital to successfully navigating foreclosure avoidance. As a CDPE designated agent I have trained extensively to provide you with the information you will need to execute a strategy tailored to your situation.

Note: Most major lenders have granted a two week foreclosure holiday from December 20 to January 3! If you need assistance contact me or another professional you know to help prevent foreclosure and begin the process to regaining financial stability in 2011

Bob Courtney RA, CDPE, MCRE

How to Qualify for HAFA Short Sale

Sun, 19 Dec 2010 11:39:24 GMT

How To Qualify For HAFA Short Sale

With short sales making up so much of the current Real Estate market, I came across this blog by Dave Gubler, Orange County Real Estate. It gives great information on the government program Home Affordable Foreclosure Alternative. Take his advice if you think you may qualify.

Via Dave Gubler - Foothill Ranch, Lake Forest, Ladera Ranch and Mission Viejo (Orange County California Short Sale Specialist-IMLShortSale):

How To Qualify For HAFA Short Sale

First let's start by defining exactly what HAFA is:

The government's Home Affordable Foreclosure Alternativesprogram, or HAFA as it is commonly known may provide you with some relief. There are some hoops to jump through but working with an agent that understands the details and the process will ensure that you have an optimal chance for success. (There are 43 pages of guidelines associated with this program so please choose your real estate agent wisely!) Click Here For: HAFA Information Center

The three main benefits to you, the homeowner, are: (With respect to a Short Sale)

1. A formal timeframe to market and sell your home during which a foreclosure sale cannot occur. This, in my mind, is the main benefit. It will take much of the uncertainty and fear of foreclosure away from homeowners that are financially distressed and make it very probable that they are able to remain in their home longer than they otherwise would be able to.

2. A monetary incentive to assist you with relocation expenses.  Although this is small, originally set at $1,500.00, it will help with the cost of relocating. It is presently set at $3.000.00.

3. Releases you from any future liability on the debt. This benefit has the most long-term benefit. It eliminates the lender/servicers ability to secure a deficiency judgment or promissary note on the loss.

HAFA is an alternative to the Home Affordable Modification Program (otherwise known as HAMP). To be eligible for HAFA the following criteria must initially be met:

1. Your lender/servicer must be participating in HAMP & HAFA: This can easily be established. You can look up whether your lender/servicer is participating in the government programs by following this link: Lenders Participating In HAFA

2. You must be HAMP eligible: What does this mean? It is fairly simple. All of the following must be true:
A) The home must be your primary residence.
B) Your mortgage must have been originated prior to January 1, 2009.
C) Amount owed on your 1st mortgage must be equal to or less than $729,750 (For a one-unit property).
D) Your current monthly mortgage payment exceeds 31% if your gross income.

AND ONE OF THE FOLLOWING MUST APPLY TO YOU: (Your lender/servicer is required to consider you for HAFA if the two stipulations above and one of the stipulations below are met)

1. You do not qualify for a trial period plan:   This is a bit trickier. Participating lenders/servicers have to analyze your further eligibility. The goal of HAMP is to provide a borrower with a loan payment (Principal, Interest, Taxes, Insurance, and HOA) of 31% of their gross income. This is the part that everyone knows about and it sounds pretty good (for most people)! Unfortunately the lender has an out. The bank is required to perform a Net Present Value Test (NPV Test) on each potential HAMP candidate. The long and the short of the NPV Test is this: If the bank will make more money by foreclosing than they will by modifying your loan (payment to 31% of gross income) then the bank is not required to offer you the loan modification. This is where many potential loan modifications via HAMP are stopped. Quite simply the modifications the bank would have to make (rate reduction, term extension, and principal forbearance) would make it more cost effective to foreclose. Please feel free to contact me regarding how the NPV Test is performed and what the components of it are.

2. You do not successfully complete a Trial Period Plan: This is fairly straight-forward. If you are offered a HAMP Trial Period Plan and reject it; you do not provide the correct & complete documentation required to participate in the plan offered; you do not make all payments during the course of the Trial Period Plan.

3. You miss at least two consecutive payments during a HAMP modification: Many people are unclear regarding this item. If you have completed the Trial Period Plan and entered in to the final loan modification stage of HAMP but you miss two consecutive payments on the modified loan then you are HAFA eligible.

4. You request a Short Sale: You have determined that you must move and you meet the first two criteria mentioned (Lender is participating in HAMP/HAFA, and you are HAMP eligible).

Although the HAFA process can be complex it may provide benefits to you that were not available previously. To participate in HAFA you must utilize a licensed real estate agent. For your own benefit make sure that you select an experienced short sale agent/negotiator. Please contact me directly at (949)218-0952 if you need to consider a short sale.

Related Posts:
HAMP Failing To Prevent Delinquency: Is Failure The New Success?

Complete Real Estate Solutions


Dave Gubler DRE# 01274644 - (949) 218-0952 - email me
website www.IMLRealEstate.com - search for homes

If I can provide you with more information about Orange County real estate, the housing market, or otherwise assist you, your friends or your family in a home search, please contact me.

Bob Courtney RA, CDPE, MCRE

Avoid the negative financial impact of foreclosure on Kauai

Tue, 07 Dec 2010 16:12:04 GMT

Avoid the negative financial impact of foreclosure on Kauai

Local CDPE-designated agent, Bob Courtney of CENTURY 21 ALL ISLANDS, has developed a website providing information describing several opportunities for homeowners to avoid the negative financial impact of foreclosure, starting with mortgage modification.

This community resource is available at www.ownersoptions.net and defines foreclosure alternatives, including short sales, loan modifications and forbearance.

“The holidays are a time of joy and family, but for many on Kauai, this is also a time of increased financial strain,” Courtney said. “With this report, I’m helping homeowners in my community learn more about their options so they can have hope to carry them through the holidays.”

Foreclosure alternatives such as mortgage modifications and short sales—both processes the federal government and trade organizations are pushing to be streamlined—have become prime solutions for both struggling homeowners and lenders to find common ground in this challenging housing environment.

“At this time of year, distressed homeowners are easily overwhelmed by finances, obligations and the added stress of the holidays,” Courtney said. “The best course of action for homeowners looking for options is to gather more information. The report available on my site is a strong first step.”

The CDPE Designation Courtney has acquired provides real estate professionals with specific understanding of the complex issues confronting distressed homeowners. Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.

To learn more, visit www.ownersoptions.net .

For more information about the CDPE Designation, visit www. CDPE.com.

Bob Courtney RA, CDPE, MCRE

Government Owned Mortgages Update

Wed, 01 Dec 2010 11:25:44 GMT

Government Owned Mortgages Update

Just heard Freddie Mac and Fannie Mae have ended their temporary ban on selling foreclosed homes. They have cut ties with the law firm that supposedly forged document signatures and concealed some files from auditors. The two government -sponsored entities (GSE's) have agreed to allow brokers to market REO'sand are ready to move forward with closing sales of any properties under contract.

Between them, Freddie and Fannie own or guarantee about half of all U.S. home mortgages. This equates to approximately thirty one million loans worth. Value of these notes total about five trillion dollars. This makes them a very significant holder of distressed properties. It is estimated that one percent or two hundred fifty thousand Freddie’s and Fannie’s mortgages are foreclosures, and approximately anothereight percent or two million five hundred thousand are currently delinquent.

Agents that have pursued distressed property training like SFR and CDPE are going to help someone behind on a Freddie or Fannie-backed loan. The importance of this move by Freddie Mac and Fannie Mae is the message that they are sending. Their message is, time is running out to find foreclosure alternatives. Homeowners need to hear and understand this message. As a CDPE, I feel I owe it to help educate the public so the moratorium is understood and people in distress will take action now. Many people I am finding are in shock, are embarrassed and quite frankly numb. Some I have talked with never thought they would be in a position of losing their home. Our message updating them onGovernment owned mortgages can help put people on a track to a brighter future.

Here is a graph that shows Government Owned Mortgages through the Third Quarter

Source: Calculated Risk Blog

Bob Courtney RA, CDPE, MCRE

Thanksgiving

Mon, 22 Nov 2010 12:19:46 GMT

Thanksgiving always seems to take on a mood of what a year has offered. With the economy giving us uncertainties, tomorrow sometimes comes with a little fear. This Thanksgiving can have more meaning than others I can remember. I have a wonderful career, with a healthy family and live on one of the most beautiful islands in the world. As I look around me I cannot help but see friends unemployed, people homeless for the first time in their lives, people still facing losing their homes, and businesses closing their doors.

This year our family is shopping for our Food Bank at our locally owned stores, will help serve a meal for those that are homeless and inviting people to our home for the day. I cannot help but wonder how many people are close to life changing events that can strip them of their pride and integrity. If each of us goes shopping, serve a meal and invite friends we may never know how we changed their Thanksgiving.

To all my CDPE colleagues, Happy Thanksgiving to you, your friends and those you influence.

Bob Courtney RA, CDPE, MCRE

Lenders Overwhelmed by Distressed Homeowners

Sun, 07 Nov 2010 13:50:30 GMT

Distressed Homeowners Not Alone

A recent study by Fitch Ratings estimates that 7 million homes across the U.S. are delinquent. This is a startling number. For homeowners who are struggling to make mortgage payments—or are behind already—this number should show they are not alone.

Given the number of people facing foreclosure it is important to know lenders, due to the expense involved, would rather not foreclose. Banks need to be about lending money not facing selling homes. It is in their interest to find other solutions to foreclosure. They can help with loan modifications or use the most prevalent method now in the market, allowing a home to be sold for less than is owed. These type options benefit both parties.

Today, lenders are overwhelmed with the number of homeowners struggling to make their payments. They are eager to work with educated agents who know the process and can help provide solutions for distressed homeowners. As a Certified Distressed Property Expert (CDPE), I have been extensively trained to help homeowners know their options when faced with foreclosure.

If you or someone you know owes more on their home than what it’s worth and needs information on their options, I encourage you to call me to day.

Suggested Criteria for Short Sale

Wed, 27 Oct 2010 12:40:40 GMT

With all the news about Foreclosure Freezes it is important for all parties involved in the current market to keep in mind what criteria should be met to have a chance at closing a short sale. Here is the criteria:

No second mortgage
Mortgage Insurance in place
Must have hardship
Listing price needs to be supported by CMA to show support for the asking price
Bank willing to accept a short sale

This criteria is ideal. Any other circumstance, like a second mortgage for example, is not a deal breaker. It will add time to the process. Too much time and the chance of closing tends to diminish.

The process needs a Realtor that knows how to put ALL the paperwork together for submission. For peace of mind an attorney should be involved with the homeowner to protect them and their rights should a foreclosure process begin or is in progress.

Finally, understanding that this process takes longer than selling your house under better circumstances. The reason is the bank is very much involved with the decision making of accepting or rejecting an offer. Once the process is underway the goal is to close and the buyer to have clear title. Closing, meeting the above criteria,can and has been done in less than 60 days.

Hawaii Foreclosure Redemption Rights

Sun, 24 Oct 2010 10:45:43 GMT

I sought information on Foreclosure Redemption on the Talk to a Lawyer website. Hawaii is a State that has both judicial and non-Judicial foreclosures. This makes what is a happening with the current economic climate even more confusing. To see what your legal option to redemption is you must read your mortgage papers or better yet have your attorney look over them with you. If you do not have an attorney this website gives you access to legal advice.

Here is the information I found in my search on Talk to a Lawyer.

Foreclosure Redemption Rights in Hawaii

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Hawaii foreclosure right of redemption laws applicable to an individual homeowner will vary in the state of Hawaii. In the state of Hawaii, both judicial and non-judicial foreclosures are allowed, but in most cases, a homeowner will have previously signed a deed of trust or mortgage agreement permitting non-judicial foreclosure. It is also notable that the state of Hawaii allows what is known as alternative non-judicial foreclosures on homes with mortgage agreements signed after the first of July in 1999. In many states, state statutes permit redemption of one’s home in one of two possible methods, either before a foreclosure sale or after the foreclosure sale. The ability of a homeowner to do so, in either case, is a highly state-specific consideration, and in turn, the state of Hawaii is no exception. The following paragraphs outline the rights of redemption of homeowners applicable to the state of Hawaii.

Hawaii Redemption Rights before Foreclosure Sale or Auction

If a homeowner wishes to retain his or her home, which is the property securing an underlying mortgage agreement or deed of trust in default, he or she can recover the home up to three (3) days before the posted date of a foreclosure auction or sale, if the foreclosure is occurring under the alternative non-judicial process. Otherwise, home foreclosures proceeding under the regular non-judicial process are afforded the opportunity to redeem before auction or sale only up to sixty (60) days after receipt of original notice of default. In both cases, if a homeowner wishes to redeem his or her property, they must cure any amount in default and in arrears, which may include legal fees and costs of the foreclosure process incurred by a lender.

Hawaii Redemption Rights following Foreclosure Sale or Auction

Certain states allow redemption of one’s home following the foreclosure sale, if sufficient funds are provided to a lender or existing purchaser from a foreclosure auction sale. Unfortunately, for homeowners in the state of Hawaii, no statutory right of redemption following foreclosure exists.

Getting Legal Help with Foreclosure Redemption in Hawaii

In reality, each borrower agreement with a lender involving a homestead or other property will outline how a given foreclosure proceeding will occur in the event of default. For each homeowner, having a foreclosure lawyer look over these agreements, as well as assessing a given homeowner’s current debts owed and the applicable Hawaii laws and statutes governing the process, is essential. It may be possible to prevent foreclosure on one’s home, in certain cases, under redemption rights afforded to homeowners before a foreclosure sale in the state of Hawaii.

Foreclosure Freeze: Homeowners Want to Know what it Means

Fri, 22 Oct 2010 12:17:12 GMT

Foreclosure Freeze: Homeowners Want to Know what it Means

By now many homeowners have heard that Bank of America, Ally Financial (formerly GMAC), and JPMorgan Chase have all temporarily suspended foreclosure proceedings to investigate possible problems with mortgage documentation. Bank of America froze foreclosures in all 50 states, but October 19th announced they will move forward in the 23 states that resolve foreclosures through their judicial systems. Hawaii is one of the 23 States. Ally and Chase have continued to halt proceedings in these states.

Homeowners having problems making mortgage payments may see the Foreclosure Freeze as a way to stay in their homes. In reality the foreclosure process will start again. The Foreclosure Freeze is allowing homeowners in jeopardy of foreclosure some extra time to find better alternatives. Homeowners that may be friends or family should be urged to contact an educated real estate agent to understand their options.

For homeowners who owe more on their homes than what they’re worth and don’t know what to do, I can help. One of the most important facts about this historic problem is it is impacting millions of Americans every day. Let us use this extra time for developing a strategy to get past this time of distress, and move toward a brighter, more stable future.

Foreclosure Freeze Update

Thu, 21 Oct 2010 17:08:08 GMT

Wells Fargo Declaration, New York Legislation

October 21st, 2010 in CDPE by cdpe

Wells Fargo says it has no plans to freeze foreclosures today or in the future. Since the beginning of the “robo-signing” scandal, where large banks allegedly processed hundreds of thousands of foreclosure documents improperly, Wells Fargo has maintained that its processes have been thorough and in accordance with the law.

John Stumpf, Chairman and CEO of Wells Fargo, released the following statement: “We are confident that our practices, procedures and documentation for both foreclosures and mortgage securitizations are sound and accurate. For those reasons, we did not, and have no plans to, initiate a moratorium on foreclosures.”

Also, in a possible sign of what’s to come in the 23 states requiring judicial review for foreclosure, New York became first state to pass legislationrequiring attorneys handling residential foreclosures to sign an affidavit that they took “reasonable” steps to review and verify the accuracy of foreclosure paperwork. Jonathan Lippman, chief judge of the New York Court of Appeals, estimated that there are 80,000 foreclosure actions pending in the state’s courts.

We see a great deal of homeowner misinformation regarding what the foreclosure freeze and subsequent actions mean to their individual situations. This is a strong opportunity for agents to display their service and expertise, and to help homeowners in need.

Ally Joins Bank of America, Lifts Foreclosure Freeze

Thu, 21 Oct 2010 13:21:38 GMT

Ally Joins Bank of America, Lifts Foreclosure Freeze

October 20th, 2010 in Uncategorized by cdpe

Ally Financial (GMAC’s mortgage unit) has lifted their temporary foreclosure freeze, joining Bank of America in proceeding with the foreclosure processes in the 23 states requiring judicial review. WhileBank of America maintains their moratorium in the non-judicial states, Ally is now continuing the foreclosure process for its entire non-performing portfolio, and expects that individual reviews will be complete by the end of the year.

JPMorgan Chase is the last of the remaining major lenders with a suspension in place. While their freeze is currently restricted to the 23 judicial states, the bank continues to review foreclosures in 41 states for any errors or anomalies in procedure.

The moral here is that the country as a whole is moving toward finding solutions to the crisis at hand rather than pushing it off until tomorrow. For CDPEs, this means there’s more urgency to reach out to homeowners facing foreclosure. Most do not understand their options, and a short sale could be the best solution for their circumstances.

Foreclosure Marketing Trends Report - October 2010

Wed, 20 Oct 2010 14:04:42 GMT

Foreclosure Marketing Trends in Hawaii for Oct. 2010 -

6 month Hawaii Foreclosure Trends

NOD

NTS

NFS

LIS

REO

Is Now The Time To Buy a Foreclosure?
By Peter G. Miller

Since the end of World War II it’s been an article of financial faith that homeownership is a pillar of economic stability if not outright wealth. Owning your own home is good, owning several is likely to be better.

“Owning a home is a part of that dream, it just is,” said former President George Bush in 2002. “Right here in America if you own your own home, you’re realizing the American Dream.”

Such faith is not without merit. Home prices rose consistently year after year until in the past decade the string was broken. Given such recent results it’s easy to understand why a Time magazine cover story says “the dark side of homeownership is now all too apparent: foreclosures and walkaways, neighborhoods plagued by abandoned properties and plummeting home values, a nation in which families have $6 trillion less in housing wealth than they did just three years ago.”

What are we to think of this? Is real estate ownership dead and done as a financial opportunity, or is there more value to be extracted from housing? Indeed, is now a good time to buy real estate — or not good at all?

Perspective
If we are to think of real estate as an investment then all the usual caveats apply. There’s no assurance whatsoever that prices will always rise or that they will rise at all. There’s no guarantee that vacancies can be avoided or that the need for repairs will not create losses. As the lawyers say, the list of risks associated with investment real estate “include but are not limited to” a lengthy roster of potential downers.

But so what.

All forms of investment represent some level of risk. Would Time also recommend staying away from securities given that the stock market crash of 2008 resulted in losses worth $7 trillion?

Not only do all forms of investing represent risk, not investing also represents risk, the possibility of missing benefits as a result of inaction, what economists call an opportunity cost. While it might somehow be comforting, hiding in a financial rubber room is not a likely path toward economic advancement.

The Contrarian View
It’s absolutely true that property prices have flopped in most markets during the past few years. Even now we could have a false bottom, meaning prices might go lower. But the current situation may not be a bad thing if you’re on the buying and investing side of the equation — and you believe that real estate should be held for the long term.

While much is dark and gloomy, a number of fundamentals remain in place which greatly favors real estate:

• Mortgage rates are now at or near historic lows. Loans around 4.5 percent are currently available. With inflation and tax write-offs and the real cost of capital is around 1.5 percent for many investors.

• Property prices have taken a beating. The typical U.S. home was valued at $196,000 at the end of May — that’s 12.3 percent lower than the value of the same property in April 2007. In most communities, foreclosures and short sales produce even larger discounts.

• Real estate investment continues to enjoy substantial tax write-offs for mortgage interest, property taxes, insurance, depreciation, repairs and other ownership costs. While there is rumbling against such write-offs, the political reality is that home owners represent one of the largest “special interests” in the country, a reality which politicians cannot ignore.

• The population is growing while at the same time homeownership is down. Figures from the Census Bureau show that we had a 66.9 percent ownership rate in the second quarter, a rate that fell from 69.2 percent in 2004. We’ve lost more than 1.5 million owner-occupied properties.

• Reis.Inc., a leading provider of commercial real estate information, says in the second quarter that occupancy improved in 67 out of 82 markets. Fewer vacancies translate into higher rentals: Reis says rents rose .4 percent in the first quarter and .7 percent in the second quarter.

• There’s some evidence that public views have become more positive. Fannie Mae just released a study which shows that 47 percent of us believe home prices will hold steady while 31 percent think prices will actually rise. That means 78 percent of the public at least believes home values will not fall further. Whether such optimism is justified, realistic or will continue is something we won’t know for some time.

The Case for Investing
If you look at the investment factors outlined above you can see that interest rates are near historic lows. The nation is flooded with foreclosures and short sales, a flood which pushes down local home values but a flood which will one day recede. Home prices are down but rents are up. Tax benefits remain in place. The demand for rental housing is strong, in part because millions of people no longer have down-payment money or an interest in buying — or they’ve lost their home to foreclosure or a short sale.

“There are marketplace trends which suggest that now is a reasonable time to look at real estate rather than back away,” says James J. Saccacio, chief executive officer at RealtyTrac.com. “Many local markets seem to be stabilizing if not showing some signs of improvement. You have to wonder how many people in 2015 will look back and say ‘I wish we would have bought a few years ago in the good old days when mortgage rates hovered around record lows and home prices were down.’”

Will home values rise in the future? Will rental rates increase in selected markets? No one knows for sure, but it seems logical to believe that values are most likely to go up if you don’t buy at the top of the market — and we haven’t been at the top of the market for better than three years.
____________________
Peter G. Miller is syndicated in more than 100 newspapers and operates the consumer real estate site, OurBroker.com.

Hawaii Foreclosure Activity Increases in August
By RealtyTrac Staff

Filings increase 75 percent from July

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,629 Hawaiiproperties in August, a 75 percent increase from the previous month and an 87 percent increase from August 2009,according to the latest RealtyTrac^® U.S. Foreclosure Market Report.

“Hawaii foreclosures were up in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which rose 142 percent for the month. The state’s home values declined more than twice the national average during the past year. This has likely contributed to the recent rise.”

Hawaii ranked 32^nd in the nation in total foreclosures reported for the month. Its foreclosure rate of one in every 315 housing units receiving a foreclosure filing during the month, ranked it 10^th among the 50 states.

Maui County dominates the state in foreclosure rate for August

Foreclosure rates for August were led by Maui County, where one in every 187 housing units received a foreclosure filing during the month. One in every 205 housing units received a foreclosure filing in Hawaii County, for the second highest rate in the state. Coming in third was Kauai County, where one in every 342 housing units received a foreclosure filing in August. Fourth highest was Honolulu County where one in every 421 housing units received a foreclosure filing.

Honolulu County posts top foreclosure total for August

Honolulu County led Hawaii in total foreclosure activity for August, reporting 800 properties with foreclosure filings. HawaiiCounty documented the Second highest foreclosure activity, where 389 properties with foreclosure filings were reported.Maui County came in third, tallying 353 properties with foreclosure filings. Fourth highest was Kauai County, where 87 properties with foreclosure filings were reported.

State contributes less than 1 percent to nation’s monthly foreclosure total

Hawaii accounted for less than 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 U.S. housing units received a foreclosure filing during the month.

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default— Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

For current news and information regarding foreclosure-related issues and trends, check out our blog atwww.ForeclosurePulse.com.

Hawaii Top Foreclosure Rates By County – August 2010

County	NOD	LIS	NTS	NFS	REO	Total	1/every X HU (rate)	/Natl. Avg.	/State Avg.

United States	44,887	51,582	95,887	51,116	95,364	338,836	381	n/a	n/a
Hawaii	57	0	1,099	0	473	1,629	315	1.21	n/a

Maui	12	0	201	0	140	353	187	2.03	1.68
Hawaii	7	0	231	0	151	389	205	1.86	1.54
Kauai	4	0	45	0	38	87	342	1.11	0.92
Honolulu	34	0	622	0	144	800	421	0.90	0.75
Kalawao	0	0	0	0	0	0	n/a	0.00	0.00

Hawaii Top Foreclosure Totals by County – August 2010

County	NOD	LIS	NTS	NFS	REO	Total	1/every X HU (rate)	% Chg June 10	% Chg July 09

United States	44,887	51,582	95,887	51,116	95,364	338,836	381	4.18	-5.48
Hawaii	57	0	1,099	0	473	1,629	315	75.16	87.46

Honolulu	34	0	622	0	144	800	421	121.61	164.90
Hawaii	7	0	231	0	151	389	205	86.12	117.32
Maui	12	0	201	0	140	353	187	24.30	100.57
Kauai	4	0	45	0	38	87	342	14.47	-58.96
Kalawao	0	0	0	0	0	0	n/a	n/a	n/a

Realty Reality

Fri, 04 Jun 2010 16:40:55 GMT

For years many property owners have not trusted, or liked, using a realtor to assist them in selling their realty investment. Some buyers have taken advantage of this lack of trust, resulting in buying realty for less than an investment should have been sold.

According to the 2009 Digest of Real Estate License Laws and Current Issues, there are 1,027,682 total brokers and 2,038,599 total salespersons in the US & territories (i.e., Guam and Virgin Islands.) CDPE's goal is to change licensed realtors from property listers and brokers to marketing consultants that can take a persons realty, strategically provide information and service, giving our clients a new reality.

CDPE agents are beginning to change a paradigm. CDPE agents have educated themselves to look to a property owner not as a listing; but as individuals that have a goal or a financial decision that needs to be acted on. We know how to help market an investment. We know what programs are available to give property owners' options in dealing with tough financial situations. CDPE agents fill the gap of where an owner, or buyer, seeks information about the realty market they are in. We provide not only the answers, but a personal strategic plan to obtain their goals a reality.

June 28, 2010

Aloha Everyone!

This weekend we will celebrate Independence Day. It is a weekend to be with family and friends to enjoy good food and conversation. In the evening many will enjoy the rockets’ red glare as the sky fills with fireworks. As we will celebrate in the safety of our homes and parks many Americans in uniform will be on alert for us overseas in very treacherous assignments away from their family and friends. Let us remember them and their families. My family will be enjoying the weekend at PMRF and Vidinha stadium. To my Marine family, Semper Fi!!

Hidden Costs of Bankruptcy

Considering filing for bankruptcy? There may be alternatives you've never considered …

If you are having trouble paying your mortgage and are possibly considering bankruptcy, there may be better solutions for your particular circumstances. I've created the free report available on this page, "The Hidden Costs of Bankruptcy," to provide more information.

Alternatives to foreclosure, such as conducting a short sale and moving into a rental residence with less expensive payments, may offer the breathing room you need to reorganize your finances.

To get your free report, fill out the form below and click send. However, if your situation is urgent and you need immediate assistance, please don't hesitate to contact me.

I'm here to assist you.

Feeling Financially Squeezed

Feeling Financially Squeezed?

Escape the Grip of Forecloure

If you are struggling with the emotional stranglehold of foreclosure, I'm here to help. With my assistance, we can start the process of putting you back on the path to stability.

As a CDPE, I have extensive training to serve the needs of homeowners in circumstances where they feel they have no options. The reality is that you have many.

Because millions of Americans are struggling with unaffordable mortgage payments, lenders are more than ever encouraged to work with homeowners to find a solution that benefits all parties.

To find out more about foreclosure alternatives that are available to you, click and download the free report I've created on this website.

Call me today. The sooner we get started the more time we'll have to devise a strategy to help you breathe a little easier and restore hope for the future.

Credit Score Issues

Don't Let Your Credit Score Drop Unnecessarily

Avoiding foreclosure now could make or break your attempts to get a loan in the near future and determine whether you can get affordable interest rates.

That's why I've made this site available for anyone in our community struggling with mortgage payments. Foreclosure alternatives like short sales and deeds-in-lieu allow homeowners to avoid many of the damaging effects of foreclosure. In addition, short sales may have less of an impact on credit scores than foreclosure.

To get all the information on how these options affect your credit score, fill out the form below and click "Send". If you need immediate assistance, contact me right away.

I'm here to assist you.

Short Sale & Deed-In-Lieu

Contrary to what you may have heard, lenders actually want to avoid foreclosure wherever possible. That’s why they’re accepting more short sale and deed-in-lieu transactions everyday in an effort to eliminate unnecessary foreclosures. This is great news for homeowners facing financial distress.

To help you understand more about these two options, I’ve prepared a free report just for you, called ‘Short Sale & Deed-in-Lieu: Dignified Solutions.’ To receive your free report, please provide your information in the fields below.

I hope you’ll review these options carefully and pass this information along to those who may need it. I commend your efforts to finding a solution to the difficult financial situation that you or someone you know is currently facing. Providing the best advice and information in your time of need is my priority.

Let me help you evaluate your options and get you back on track to a secure financial future.

Think a Foreclosure Moratorium Will Save Your Home?

Think Again.

You may have heard news that politicians are requesting a federal moratorium on foreclosures and wonder what this means to you, especially if you are behind on mortgage payments. The reality is that a foreclosure freeze is not the answer to your problem. However, there are steps you can take to avoid foreclosure.

On the site below I've listed 5 steps to Avoid Foreclosure, which starts out with the proactive approach in avoiding foreclosure—taking action!

I have created this site to provide a source of empowerment and education. From short sales to loan modifications, I can provide information to provide a genuine sense of hope.

For a free report on the Five Steps to Avoid Foreclosure, fill out the form below and click "Send." Remember, a moratorium won't save your home—only you can! I'm here to help.

7 Short Sale Myths

There are millions of homeowners just like you who are looking for answers and don’t know what to do. You’re not alone and you’re in the right place.

As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Despite my best efforts, there’s still an overwhelming amount of misinformation about the options available, especially short sales.

To give you a better idea of the short sale option, and to set straight some of the myths you may have heard, I’ve prepared a free report just for you - please fill out the information below to receive your free report. This report will clarify the following myths:

The Bank Would Rather Foreclose Than Bother With A Short Sale
You Must Be Behind On Your Mortgage To Negotiate A Short Sale
There Is Not Enough Time To Negotiate A Short Sale Before My Foreclosure
Listing My Home As A Short Sale Is An Embarrassment
Short Sales Are Impossible And Never Get Approved
Banks Are Waiting On A Bailout And Not Accepting Short Sales
Buyers Are Not Interested In Short Sale Properties

These ideas are potentially harmful to homeowners seeking real solutions. I hope you’ll review this information for yourself or share it with a homeowner in need.

In these times, we all need to know the truth to know how to get back on track.

If you have any additional concerns about this issue, or your circumstances are urgent, please give me a call.

Robert Courtney
(808) 647-0283

The Truth About Mortgage Modifications

The decisions you make as a homeowner today hold a profound impact on your financial future. However, it is important to safeguard yourself from misinformation and fraud. Get the facts regarding your situation and always have a contingency plan.

For those who qualify, a mortgage modification is the ideal remedy to their financial distress. I’ve prepared a FREE report on the truth about mortgage modifications to guide you through this important process. Simply provide your information below to get this valuable information, and feel free to pass it along to anyone who may need it. One homeowner lost to foreclosure is one too many!

As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Together, we can formulate a plan to get back on track.

If you have any unanswered questions, or your circumstances are urgent, please call me today.

Robert Courtney
(808) 647-0283

Options and Solutions

Thank you for visiting this site and taking the first step toward finding answers. I appreciate what it has taken for you to come here, and commend your efforts to get the facts about your situation. The current real estate environment can be frustrating, with misinformation and conflicting plans for how to proceed.

As a real estate agent, what I often see in troubled homeowners is a belief that they are alone with their challenges. Regrettably, over 70% of homeowners in foreclosure proceed without ANY visible assistance. This is not acceptable for the communities I serve.

That's why I've developed this site: to ensure you get the valuable resources that can reduce your financial strain and change your life for the better. As a CDPE I know the options for homeowners in foreclosure or delinquent on their mortgages, and I can send you a report detailing this information, prepared just for you.

Simply enter your information below and click "Send." I hope that you will review this information carefully, so that your next steps are the right steps toward a real solution.

Let me help you evaluate your options and get back on track to a solid, stable future.