Use a licensed attorney to negotiate your loan modification

by Dan Havey on August 23, 2011

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Part 1
Welcome to the Velocity of Money, this is Michael J Barnes and you are listening to KFNX 1100AM Arizona’s News Talk Leader and do not forget you can listen online at 1100KFNX.com we have in studio with us today on this great New Year’s Eve, thank goodness the year is over we get to look forward to 2009

Dan Havey thanks for taking the time to be with us tonight

Thank you Michael for having me and you are absolutely right 2008 for many people was a verytough year

Tough year for pretty much every body that I know, how many banks have we lost in 2008? Hopefully the bleeding is gone; hopefully there isn’t too many more banks to fail

Quite a few banks have picked up some of the slack, but the reality of it is so many people have been faced with such hardships, we have solutions that we are maybe going to talk about today that they can look forward to, to make 2009 a great year.

Definitely that is what we are doing here with your organization here at Velocity Financial and with the Modification Hotline and with many of the other things I am working on right now to help people out

When I first got into this business it was back in the late 80s I moved here from Wisconsin after getting a degree in finance back there and I started selling repos for Fannie Mae, Countrywide, and the RTC which was the, RTC- Resolution Trust Corporation was responsible for getting rid of all the real estate owned by the over 1,800 S&Ls that failed so I cut my teeth cutting those reposed properties and got to know a lot about the laws and worked with a lot of attorneys and then in the mid 90s I moved into the mortgage business, and I immediately started there working with bankruptcy attorneys for the most part, we were helping people get out of their bankruptcies, chapter 13 bankruptcies, to avoid bankruptcies, to stop foreclosures and I did that up until the fall of 2007 and at that point the market really changed for me as we know most of the subprime financing went away and although some people might look at me and say my god you gave people subprime loans, well if you are in a chapter 13 bankruptcy and your payment to the trustee is $1,500 a month and I can get you out of bankruptcy and reduce your total monthly outlay by $1,200 and your mortgage payment would go up a little bit

I think this is a really good use of a subprime loan

And I certainly never had any complaints from anyone when I got them out of bankruptcy or I stopped their foreclosure and saved their home

So late last year I moved out of the mortgage business for a while but I never really left it because it is pretty much what I have done my entire adult life over 20-25 years I have been involved with real estate mortgages and finance and I worked for a while for about 6 months last year a buddy of mine and I worked on a model an idea that he came up with of being able to accurately predict the top and bottom of all the real estate markets and we perfected it for Arizona and most of California, it worked really well to the point that we could actually predict the bottom of the market 6 months in advance and then after the bottoms hit all across the country we kind of stopped working on it

It is one of the things I am going to start working on again over the next few months the title of the book is “Real Estate’s Future” and you can go to my website at realestatesfuture.com and get a copy of that if you want to, it is not available yet but just put in your information and I am going to give away a whole bunch of free copies of it

The reason why I went through this entire story here is because a few months ago Michael and Velocity Financial came to me and said he was going to do loan modifications and I had been approached by other people and I had seen a bunch of garbage on the internet and the thing that he said to me was, “You know Dan you have to understand we are using attorney to negotiate these loan modifications

And that is, I didn’t mean to interrupt but that is the key here, that is one of the reasons it took us so long to get in

Even though Velocity Financial was at the very beginning of this mad craze, heck you can not drive down the street without seeing a sign that says loan mod, kind of like Dan, back in 2006 in the heyday of the mortgage business where you couldn’t drive down the street and see a sign that said, hey if your mortgage payment is more than 1% you are paying too much

Well now everybody is jumping into the loan modification game and it is dangerous

And that is exactly it, it is every unemployed loan officer has gotten into the loan modification game and I guess I am guilty of the exact same thing, it is just after having 25 years of experience of working with attorneys I know what they are capable of doing, I know how they can go in and negotiate and the biggest thing is they are there to protect the home owner, to protect the consumer, to protect their client because they have a fiduciary responsibility to that client
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