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You know I am glad that we are back when we went to the break we were talking amongst ourselves about some of these concepts I really want to bring this back down to the listeners.
So they really understand what this means to them.
You buy three strategic partners, each of them experts in their field sitting around these microphones in the studio by let’s talk about these factors have an impact.
The listening public, the people listening to this station right now.
Velocity financial is an expert in all things mortgage related.
It represents the largest asset may people have in terms of their home.
What we are talking about is, we know the economic pain that exists, you probably read that Arizona has the dubious distinction according to this Case-Schiller index of having the highest property value declines in the country.
People are feeling some pressure here and for those people who want to consider what a loan modification might do for them should call you and talk about what their present.
Then from there, you can refer then to people like Mike Patenella to talk about the tax ramifications, mike can speak to some of those items and I can talk about their overall financial planning.
But to start with let’s talk about what the loan modification process really represents and who can benefit from.
We have talked about all the different things you can do with your home as a home owner there is the loan modification and there’s several different types of loan modifications, there is the option of a short sale which can have huge tax implications that people may not be aware of.
There is the option of foreclosure, which is almost the last thing you want to do and there is also bankruptcy.
Loan modification is essentially for the person who is unable to make your payment, because there was a material change in the change that I am talking about is your not making as much money.
You may have lost your job.
You have one of these mortgages that are toxic, where the interest rate has gone up significantly.
You need to call the number 480 velocity, we are there to walk you through the steps.
We have put together a video that we will send out to you.
That explains the process; essentially I’m a loan modification.
I would not buy the story from some guy with an ugly little yellow sign on the side of the road that says hey I can help you and I have a 99% success rate with my loan modifications.
The is essentially a guarantee and there is nobody in their right mind that would buy the guarantee.
The guys there are so many different types of mortgage servicers out there, literally thousands of mortgage companies out there and you cannot predict what any one of these mortgage companies is going to do.
Certainly not guarantee anyone any result.
We are definitely going to try our best that is why we use a national network of attorneys, 45 out of the 50 states have some kind of recourse involved with short sales and foreclosures loan modifications.
This is not something you can just figure out on your own and certainly do not buy into some story that there is somebody who can reduce your mortgage by 50%.
That is not going to happen or that they have a 99% success rate things are just not realistic.
You should know better and I know I am putting it bluntly, let’s be honest.
You should know better.
It sounds too good to be true folks it is.
These no cost loans of these goofballs are selling on the radio saying they don’t cost them cost loan, let me say someone’s got to pay for it.
Try walking to one of these big banks and right now that is trying so hard right now to make up for some of their losses so if anyone is offering you something that sounds too good to be sure.
It probably is, call an expert, call someone who knows what they’re doing, and it our team has 16 years of loan modification experience.
Our national network of attorneys are dedicated to getting loan modifications and work with almost every major lender use of Pro.
Give us a call at 480 velocity.
Now Mike I wanted to throw it over to you to reiterate a few of these things to talk about the different options that people are looking at.
The reality of it is that a loan modification if it works is the absolute best That would appear to be the case.
You do not want to file bankruptcy, which would be your last choice.
Try in to say you are insolvent might be difficult when you factor in all of your assets so the foreclosures and the short sales.
I think those just destroy your credit.
Am I right on that Yes in most cases they do, it is possible to get a short sale before you are late on your mortgage.
So that you don’t have that impact because there is no mortgage lates but there is still that that has not been forgiven and your mortgage company is not just going to leave your credit report alone.
That is just silly to think that you can sell your house on a short stiff the bank for $100,000 for any reason legitimate or otherwise and think that they are just going to leave you alone.
It just doesn’t work that way
Real Estate Marketing This Week