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Hope Against Hope. Free Workshop. Free Workshop. When you owe more on your house than its worth … and don’t know what to do about it… When you can’t afford the payments you have … and don’t know what to do about it…

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Hope against hope

Hope Against Hope

Free Workshop


Free workshop
Free Workshop

  • When you owe more on your house than its worth… and don’t know what to do about it…

  • When you can’t afford the payments you have… and don’t know what to do about it…

  • When you just want to know what’s going on with your home today… and what to do about it…



In California

1 out of every 34 families are in Foreclosure

=

361,000 Filings

First 6 months of 09

(Nationally 14% in Default)


According to the occ office of controller of the currency statistics
According to the OCC (Office of Controller of the Currency statistics)

Loans modified in the 1st half of 2008:

  • 36% had re-defaulted in30 days

  • 56% after 6 months

  • 58% after 8 months


Option 1 staying the course
Option 1:Staying The Course


Option 2 loan modification
Option 2:Loan Modification


What is a loan modification
What is a Loan Modification?

  • When your lender modifies the terms of your existing loan


The benefits
The Benefits:

  • Get to keep the house (markets cycle)

  • Lower Payments to Affordable

  • Principle Reduction



What must you have1
What Must You Have?

  • Hardship demonstrated by a letter & financial documents

  • Your package- “Insider Secrets”

  • Ability to repayunder new terms


Obama s program making home affordable
Obama’s ProgramMaking Home Affordable


1st mortgage p i t i
1st Mortgage P.I.T.I

Gross Incomex31%


1 factor
#1 Factor

  • Surplus vs. Deficiencies

  • Ideal DTI: 5-10% (- or +)


Obama s program expanded
Obama’s Program Expanded

  • Foreclosurealternative program


The two part conversation
The Two PartConversation


Option 3 short sale
Option 3:Short Sale


What is the cost
What is the Cost?

Intended

VS.

Unintended


Intended
Intended:

  • Customary Cost of a RealEstate Transaction (Commissions, Escrow, Title, Transfer Taxs Etc.)

  • Your lender is “paying for the sale”(at their discretion)


Unintended cost
Unintended Cost:

  • Tax Liability

  • Special Provision:

    • Mortgage Debt

    • Forgiveness Act 2007


The reality
The Reality

  • Success Rates:

    • National Average 10-20%

    • CDPE Average: 70-80%


The difference a winning formula
The Difference?A Winning Formula


Top 5 benefits of a short sale
Top 5Benefits of a Short Sale


Top 5 benefits of a short sale1
Top 5Benefits of a Short Sale

  • Future Purchasing Power

    • Fannie Mae / Freddie MacGuidelines 2 Year

  • Credit History

  • Tax Break - MDFA 2007

  • Current / Future Employment

  • Credibility



Next workshop
Next Workshop

  • Sacramento 2/25 12:00 - 1:00PM

  • Online 3/16 7:00 - 8:00PM

  • Santa Clara 3/25 6:00 - 8:00PM


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