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What their ratings were based on was simply that nobody thought real estate network down again. They were just going to keep going up forever doesn’t really matter if you call it AAA or BBB. Itsn’t going to matter if the note never get’s called. We certainly side for years in the mortgage industry. We would refinances somebody and a couple of years later they would call us up again and say hey my house went up $100,000 in value and I bought a car and a boat and my kids need to go to schools and give me another hundred grand out of my property, and it just kept going up forever and ever and ever and as long as that was happening. Everything was just fine. But then as we know everything just stopped
There’s only so much leverage that could exist out there and that is why the stop started if you will. Because as that leverage continued to balloon, how much more leverage can a Wall Street firm or a bank take on to buy up more mortgage-backed securities, oh I know will carve out these tranches and will sell them off overseas. So that is where it ballooned the even further now how wide reaching and impactful has it been? Well we see it now it’s a global recession. It’s not a US recession for that reason.
And that is starting to clean itself up, not only as a FED aggressively here at home by working with other developed nations around the world with their equivalents of the Fed here in those countries are doing the same thing. They are acting aggressively and that’s great for the short-term that is like putting a band-aid on a carotid artery that has been severed, it doesn’t work. That is okay for today and tomorrow, a long term there are bigger issues, bigger issues translate into inflation, where I am going with this is the fact that right now with money being cheaper than has been at any other time in the history of the United States.
That’s your motivation, after consideration, if you’re looking for a loan if you are looking refinance a loan, if you are looking for a loan modification, whatever your circumstances are. This is your opportunity. I am of the opinion that five years from now we’ll look back on this time period and say my gosh look at all the mistakes the FED made. One of the things I want to go back to is something you said earlier about how all these mortgage derivatives were broken up and put back together.
And most of them certainly many of them got caught by hedge funds. A lot of them got caught up by foreign governments and whatever around the world. One of the things about where that’s coming in, and it’s causing a massive structural problem especially in the mortgage industry when it comes to the servicing aspect and a loan modification aspect. These hedge funds are now coming along, and they are suing the servicers because the servicers are doing what they had a right to do under the contract that they signed with the hedge lined in the first place which was to modify these loans.
While the hedge funds are say well, if you’re going to modify the loan. We want all the money and the servicers or the bank or whatever is saying, no we’re not going to so now they are get into a big fight and I have a feeling we’re going to see a lot of lawsuits, which is only going to hurt the American homeowner, because unfortunately it’s only going to delay a loan modification process. But it’s also one more reason why you want to have an attorney on your side negotiating with the servicers, negotiating with the bank, maybe even negotiating with the hedge fund for all we know.
But negotiating with somebody there on your behalf, somebody with the legal power negotiating so if there need be to go after them for lack of standing, because maybe that’s what it takes to get their attention go after them prove they have a lack of standing in and say, oh great now that I have your attention. Let’s do something to help the home owner. Well, I want to point something out here because Brett, Dan, and I have talked about this many many times, every single case that we have that the loan modification case through velocity financial and through the debt alliance law firms that we use.
Every one of these cases where the people trying to do this on their own because they gave up, they were told no, the one case that we were successful in a loan modification was a case where they were told no three separate times by his servicer. Three times, they told him no. I have this case documented I know this person well. He was told no three separate times and we sic the law firm on them and we got that loan modification that is actually relieved him of about $30,000 in interim monies.
You can do this alone but if you have been told no give us a call. We have the break attorneys to fight for you 480 velocity or 1-888-Mod-Info and you are listening to the velocity of money. Real quick Brett, I don’t you have to leave us now Christmas Eve thank you so much for being here
Merry Christmas. Thank you so much and then we have eally appreciate being here
Then we have one more segment before Bill O’Rilley, are you going to stick around? Yes sir, I will be here
great, folks will be back in just a few moments
Real Estate Marketing This Week