Loan Modification Denied? Referred to do a HAFA Short Sale? Think Again!

Head spinning.

I was contacted last week from a Century21 agent in California to see if I would accept a HAFA short sale lead for a referral fee. That in itself should have been my red flag. Century21 has an in house referral system, I know as I used to work for them. This C21 REALTOR spoke with my colleague who takes my calls after finding my information on Zillow.com as a short sale specialist. Once everything was officially signed I received the owners information.

In receiving the owners information, I mean everything including social security number, etc. (another red flag of caution). I contacted the owner of the home to introduce myself. Come to find out homeowner had no idea who this REALTOR was in California. I figured it was a friend or relative helping this owner out. I still do not understand how an agent in California received this Arizona homeowners personal information.

As the guidelines for HAFA can change and/or updated, I took a refresher class on Friday with Desiree Montgomery who also is the authority behind the MSSC (Master Short Sale Consultant Designation). In this class I was informed that to qualify for HAFA you must first be denied from a loan modification program. The short sale has to be initiated within 30 days of the denial and you can not be within 60 days of your foreclosure date.

This homeowner is within 60 days. I informed the homeowner that I did not believe she qualified for the program based on this criteria alone. She was a little confused as she was "told" she was qualified for HAFA. The benefits of doing a HAFA short sale over a traditional short sale include full deficiency release of all lien holders (yes, juniors too) and "up" to $3,000 relocation assistance at a successful close of escrow.

Since this is a government program, you can imagine the hoops (rules) that must be adhered to during the entire process. Even the banks do not understand the process themselves. Most banks (if not all) refer their denied loan modification candidates to 3rd service party providers to try and complete the HAFA program. If they do not qualify for HAFA they can try a traditional short sale if their home has not foreclosed by then.

Back to my story. The owner has me contact the person that promised her the moon and stars. It is a law firm. (Why not the bank of her first lien?) I email and call with no return communication. I wanted to know the denial date of the loan modification and I wanted to know how the owner qualified for HAFA considering her foreclosure date was less than 60 days away. I also emaiedl the agent in California just to let her know the status of the listing and the challenges. She informs me to just do a traditional short sale. I responded that I would prefer to do a traditional short sale but unfortunately the owner has been told differently. I wouldn't appreciate it if someone told me "Hey, here is $3,000 to do a short sale" and once they have me, "Oh, by the way, sorry no money, honey". I do not do business that way not to mention the legal liability I have now incurred if the home forecloses when I knew all along the owner/home would not qualify for HAFA.

Here is the kicker. When I told the agent in California that I emailed/called the person who promised the owner the moon and stars she said "I know, they forwarded the email back to me to answer, which I have done". WHAT?!?!?!?!? This agent knows nothing about the homeowner or her situation. She is a REALTOR in California. She answered my questions by saying "Do a traditional Short Sale."

This is my opinion as I have no facts to base this on, only a guess to what is happening. Please pay attention. Homeowners that are being denied a loan modification are a huge source of referral leads. The banks are sending these leads out to the 3rd Party Service Providers to see if they can help the homeowner short sale the home. These 3rd Service Providers are seizing the opportunity by baiting the homeowner to call with the $3,000 relocation assistance if they short sale their home. Thus the homeowners are calling. The 3rd Service Providers (knowing that most will not qualify for HAFA nor care) are then sending the leads out to agents who pay to receive these leads. These agents then find an agent in the area to help the homeowner who has no clue their personal information has been passed around like a cold at a day care.

If I had taken this listing I would be up against some tough questions to the owner of this home as to why she is not getting her $3,000 and why is her home foreclosing? Now the ball is in the homeowners court as I present the truth and facts about how she has been mislead to believe all of this nonsense just so someone can collect their referral income. And.....of course to add insult to injury, this is on top of the homeowner already being beaten up by the bank trying to complete a loan modification that was ultimately denied. Big surprise. My heart goes out to these people trying to do the right thing when no one else is.

I am telling you, these loan modification and short sale programs are just a band aid/facade to keep the public "thinking" the government is actually trying to help. Even for those that successfully complete one by the Grace of GOD they will still be upside on their home from now until eternity (ok a little exaggeration there). The banks are not reducing the principal. Just the opposite. They are tacking on their loss (usually from a loss in rate reduction) to the principal of the homeowners loan so the homeowner can be underwater even more. Kind of sounds like the cash loan shark places doesn't it? Seriously do not see this ending anytime soon. think positive, think positive, think positive............

If you want to know the truth about the government programs to help you do a loan modification (HAMP) or short sale (HAFA) please consult these links. I still cringe thinking of the amount of personal information flying around that people have no idea about with these loan modifications. Do not trust the banks or any mail. If you need assistance on a short sale research yourself a reputable person you can trust to tell you the truth.

HAFA: http://makinghomeaffordable.gov/hafa.html

HAMP: http://makinghomeaffordable.gov/index.html (Same website, just home page for loan modifications)

I just felt the need to get this information out there.

How To Become a Real Estate Grand Master and Have Your Best Year Ever

Taken From Broker Agent Social: http://www.brokeragentsocial.com/article/967/how-to-become-a-real-estate-grand-master-and-have-your-best-year-ever

Great motivational article. As I read it, I thought this just isn't about real estate but about life in general. Even to become a better human, couldn't learning something new every day whether it is a word, a culture, a personality help bring about some better contribution through your life?

I turned 40 this year so wouldn't that make me a "Grand Master" of my own life? Truly, we should grow wiser with age and all learn to live more fuller and meaningful lives. Not always the case though as lives are constantly going through the trials and tribulations, the cycles of bio rhythms. I feel the journey to self discovery has just begun.

Baby steps always when life becomes overwhelming. Never stop learning. Verbally appreciate something or someone everyday.

Phoenix real estate strategy of 'flopping' examined (from Arizona Republic)

http://www.blogger.com/post-create.g?blogID=7163329180838770632

I have all kinds of questions with this article.

I have never did a short sale where the bank relied on my comparables. The banks complete their own evaluation (BPO - Broker Price Opinion) and often times have to do two because the approval process takes so long. Which brings me to another point. When listing a home that is depreciating at 3 to 5% a year and it takes the bank 4 to 9 months to finish a deal, isn't it reasonable to list the home taking into account what the value will be by the time the home finally closes. The banks have wised up to this AND intentionally try to complete the BPO as soon as possible to get the highest dollar only to sit on the file for another 3 to 6 months afterwards. Over the course of the transaction the buyer watches the value fall and ends up backing out of the deal. The agent has to find a new buyer on an overpriced listing now and a bank that will not cooperate in lowering the price off of the BPO that was completed 3 to 4 months prior. If you should convince the bank to redo the BPO they have now wasted that $50 -$150 at their own game.

Another thing this article does not talk about is that many of the homes up for short sales are thrashed inside because they were investor specials run into the ground. Many short sales need carpet, paint, sometimes the appliances have been ripped out and backyard/pools have been totally ignored.  I had one where toxic "things" were left in the garage. The bank never worked with me on the price when I explained what was involved in selling the home hence the lower price. The home went to foreclosure AND sold less then what my original offer was. I hear these stories all the time.

Banks use BPO's because they pay the Realtor $50 to $150 to complete one as opposed to an appraisal completed by a professional appraisal company ($450-$550). The BPO's (ordered by the banks) are completed by Realtors who base their information strictly off the internet and many times (not all) never visit the home. The banks do not know the condition inside and the evaluation comes back at a higher price.

These investors come in, fix up the home, they may carry the note or carry a portion of a note if the buyer does not have enough cash to purchase the home. Please tell me how this "buyer" is going to "buy" this home from the bank. Banks do not carry notes for people with bad credit. For this risk of unconventional financing isn't it plausible for the buyer to pay "more" for the home. Kudos to the investor for selling a home, making another homeowner who "consumes" for their new home.

I have seen foreclosures get dumped onto the market at ridiculously low prices and pending within hours. The banks are listing these foreclosure based on the SAME bpo's completed for the short sales. I CAN SAY THIS FROM PERSONAL EXPERIENCE. So for this article to say the bank isn't getting a fair chance at the best buyer is far and few between and no different then what is happening with foreclosures.

What people do not realize is that the banks sell some of these homes to investors in blocks (portfolios) completely discounted to investors already. So where is the fairness in that to the taxpayer. There have been numerous cases where the banks intentionally declined a short sale in order to collect the insurance of the full amount after foreclosure.

I am sorry but this article just irked me because it gives no credit to the people who are trying to move this economy and doing the best they can despite all of the insider politics happening with the banks and short sales.

Investors have been flipping homes for years. This is what they do. If the bank is stupid enough to let a home go for below value (which they do anyway with foreclosures and bulk portfolio sales), ignoring their own appraised values then so be it. There must be a reason. Investors are thinking "outside of the box" to make this economy move and all the banks want to do is whine and complain some more.

Please.

Serendipity

Fannie Mae - An Article from September 1999 Must Read!

I recently had a short sale denied. I was representing the buyer. The short sale progressed as normal. 4 months of waiting through the bank shuffle of unorganized levels of processing. Last week we were informed the short sale was denied because Fannie Mae was the investor on the loan. Fannie Mae requires the seller to be 30 days late on their mortgage payment before they will even consider the short sale. Again, it took the bank 4 months to find this out. Why? I think this is one of many examples of how screwed up our banking system is that they would waste this much time, money and manpower of their own resources just to find out Fannie Mae was the investor on the loan. So now my buyer has to wait while the seller misses their September payment, reports late on October 15th to start the process all over again.

In itself the whole things sounds like an oxymoron. The government continues to bail out the banks and at the same time encourages people to stop making their mortgage payments. I have since been told this was to deter those thinking of doing a strategic default. However you only have to be 30 days late ... once. After the first month you can start making your payments again, just not catch up until the short sale is complete. Really????? Honestly, Fannie Mae truly believes this is going to deter someone with 1 30 day late from not walking away from their home.

It is hard feeling like a guppy in an ocean. I hate asking questions anymore because it leads to more unanswered questions. Like cancer the politics involved in all of the banks and the government has spread to a level that I think they are unable to control now.

In light of all of this, a family member emailed me this article from September 1999 talking about Fannie Mae. Is this guy psychic or what? The article will blow your mind. Click link below

Fannie Mae New York Times September 1999

Wells Fargo..........What can I say?!?!?!?

I am having an issue with Wells Fargo. I do not know if it is entirely their fault as the same problem seems to arise with whatever lender I happen to be dealing with.

Here is how most lending processes go: Your first interaction is with a loan officer. They are the customer service individual who blows lots of sunshine your direction to make sure you do not choose the competition. I liken to compare them to Best Buy. You know how the customer service reps try so hard to sell you the extended warranty. They use the oldest marketing technique in the world to frighten you about the "What If". If you have ever returned anything to Best Buy you know that the two departments are night and day. Well the same thing with mortgage companies.

Once you find a home (and get an offer accepted after multiple bids) your file is now transferred to a loan processor. The loan processor is in charge of verifying all the things you claimed on the credit application and gathering all additional information to prepare the file for the next person. Forget it if you told the loan officer anything on your file. Most likely they never told the loan processor.

Once every "i" is dotted and every "t" is crossed the file moves to final underwriting. This is the big kahuna of the loan process. This person can either kill the deal, make your life (and your clients) living Hell, or ride smooth like butter (rarely happens). I guarantee that your file and all underwriting guidelines have changed dramatically by the time you originally talked with the loan officer.

My complaint. Total and utter lack of attention and communication within this loan process. These lenders have no accountability to the purchase contract as a legally binding document. They move when they want, they call when they want, they do as they please when they want because it isn't costing them anything.

I recently had a file where the seller wrote in the addendum's to the accepted purchase offer that they would charge a $100 per diem for every day the file did not close over the contract close of escrow date. This is not new in itself as the sellers (banks) have been writing that in for the last couple of years but they never follow through. Kind of like those parents who are constantly threatening their children to do something if they do not behave but never follow through with the punishment.

Well I had a file where the seller is enforcing this per diem charge. Not only that but they are charging ME $300 to request a close of escrow extension. From day one, knowing how the lending process works, I have been in contact with my buyers lender making sure that every person in the journey knew about the charges. Never an acknowledgment like "Yes, we value Ms. "X"'s as a client and will do everything in our power to close this early just in case the unforeseen happens at the last minute (which always occur). Nope, none of that, no communication. They just him/haw along as business as usual totally ignoring my cautions and warnings.

So here is close of escrow and the seller is charging my buyers the $100 a day. I emailed the lender and ask them how much longer they needed so I could inform their "valued" customer how much they were going to have to pay at $100 a day due to Wells Fargo's lack of attention to the file.

Of course, the finger pointing started (non productive) and a varied list of excuses now graced my ears all of which could have been taken care of with proper communication. I even had the loan officer email me and say "As A Broker, You should understand the market we are in". Whatever,... I told him complacency was a short cut to the unemployment line. Furthermore, Lenders and Realtors are a dime a dozen. It is all about customer service and professionalism none of which they have shown their "valued" customer of 30+ years. Yet today I received ANOTHER condition to the final approval of the 3 that have already been requested. It would be to efficient to give them to me all at the same time so "our" client can work on them all. Nope, one at a time because what is another day to them. It is not their $100 a day they have to pay.

So tonight I am in Cabo San Lucas Mexico on vacation and having to deal with an incompetent/arrogant lender who could care less about their "valued" customer.

Buyer Beware.

ipad review

I must be the only person on earth that does not understand Apple's new Ipad. The wireless card on my laptop crashed. After several hours to no avail my I.T guy said it was a lost cause. It just so happened that day I attended an awards conference coordinated by WEMAR (West Maricopa Regional Assoc. of Realtors). Low and behold I saw a familiar face. This familiar face had an Ipad. Everyone wanted to see it. I am not an Apple fan AND I wanted to see it. So for the duration of the conference I googled over his ipad.

Netbook or Ipad. Netbook $269, ipad $499. I justified the extra money as maybe I would not have to upgrade my computer in a couple years. Since I have never heard an Apple owner complain of their computer crashing over a driver failure or virus, I considered this foreign being. So I spent the next 20 minutes trying to find a store that had one. Best Buy, no. Apple store, yes! But....I was told to hurry because they were going quick. Never tell a women to hurry because they are going quick. You wonder who those crazy people are driving on the freeway. Its a women driving because someone told her something was on sale and they were going quick!

I was leaving the next morning on vacation and thought what an opportunity to learn this new technology. I drove the 45 minutes to the Apple store. It was packed. Everyone was playing on the demo ipads. The associate informed me they had one more left. Feeling kind of special, I paraded through the store with it. As he did his thing on the computer for me to purchase it I informed him I needed the wireless keyboard. He said sure. I asked him if the usb jack is in the box or do I need to buy it separately. I could tell this was going to be a nickel and dime thing. As he typed on the computer to ring me up he informed me that it is not in the box and it is not coming out for another 6 months. sigh of disappointment.

I admit. I did not do my research on this thing. I just figured since it was such a hot commodity, there had to be a reason. So as I looked at him very dumbfounded, I asked well how do I sync my blackberry? (you can laugh at my expense) He said I couldn't. I think the utter look of a deer in headlights must have been the expression on my face.

I started thinking of all the things I use a USB port for. My camera, magicjack, my printer, portable drives....
Again I asked him what about all of these things just in case I missed something again. It was not getting any better. He informed me that the ipad is not meant to be a computer. Huh?!?!?!? So I asked him what am I paying $500 for and what can I do with it. He took me to a demo and showed me a nifty calendar and all it could do. Wow, I was impressed now.................(not).

I told him I meet clients on the fly, I need them to sign docs electronically through the computer, I have to do analysis on the fly, cma's, write up offers, addendums, counters.......so how do I do all that on this? He said I can not download anything but Apple Apps. I can not download sharper agent (my flyer creator), toolkitcma (my cma and buyer presentation program), justsnooping (my virtual tour provider), or any of the other websites I use to advertise on that need a program download. I am a pdf creator/merger/extractor fanatic. The only pdf function I can do is open a pdf. I can not even dowload it. Seriously beyond confusion. I look around the other demo's to see what people are doing on them. Playing games. I had to ask. Are people paying $500 to play games on this?

So either I got a really bad Apple associate or this ipad is not for Real Estate agents. They promote their mobility. Who is more mobile then a Realtor? I did not see one function that could possible make my life more efficient or effective. I could not believe that something that is so marketed toward mobile business professionals and all it really was is another version of the iphone on steriods.

So with major disappointment (mad at myself for following the crowd and not researching it first) I handed the ipad back to the associate. He took it back with great pride. I went to Best Buy and purchased a netbook. Best part, Best buy gave me a $45 gift certificate so total was $230 and some change. I even got 3 usb ports!

Mortgage Debt Relief Act and Arizona Anti Deficiency Statue

http://www.keytlaw.com/blog/2009/11/confusion-about-short-sales-and-anti-deficiency/

Great source of information for individuals debating whether to short sale or foreclosure. 2 considerations must be observed. One has nothing to do with the other as many people confuse the two.

Anti Deficiency Statue has to do with the lender seeking recourse for their loss after the fact. The anti deficiency law in Arizona affects short sales different than foreclosures (mainly that the anti deficiency law only protects in a foreclosure). Everyone involved in a short sale must make sure language in specific and clear in bank settlement letter to protect your clients from further recourse from bank. I particulary found the statue of limitation information valuable. 90 days for a foreclosure and 6 years for a short sale. In most cases both homeowners and investors are covered under this statue....in most cases emphasized.

The Mortgage Debt Relief Act has to do with Uncle Sam. Whether you short sale or foreclose the bank will issue a 1099 unearned income. Now you have a situation with your taxes to deal with. Whatever amount the banks writes off as a loss is conveniently reported to you as unearned income. This means you have to pay taxes on that income (doesn't this just seem wrong). In any case, Former Pres. Bush enacted the Mortgage Debt Relief Act and Pres. Obama has extended it. It protects owner occupied (not investors or second homes) from having a tax obligation on this unearned income.

The link above is a valuable research tool for those trying to decide between their options. There are many many gray areas that until court cases start setting precendence will possibly be further setbacks for those who foreclose or short sale.

I am not an attorney or capable of giving legal advice. This is information as it has come known to me through my own research.

HAFA - Home Affordable Foreclosure Alternatives CHANGES COMING APRIL 5TH

I hope this is not just another program the banks DONT have to follow. This is a step in the right direction. Second lien holders do not realize how many people are filing for bankruptcy after a foreclosure because of the second lienholders lack of cooperation during a short sale. Dealing with one mortgage has always been a much smoother transaction.

I am launching http://www.westvalleyshortsale.com/ by the end of the month as a place for resources and/or alternatives to foreclosure.

As taken from email from Desiree Montgomery, MSSC of Realty Executives

"The mortgage modification process thus far has been very confusing for all parties involved. Now there is another program coming that will hopefully aid in some relief for homeowners. The Home Affordable Foreclosure Alternatives (HAFA) is a Short Sale Alternative to foreclosure where once the mortgage lien holders approve the Short Sale, the the homeowner will not be pursued for the difference. Also, under HAFA, the homeowner who participated in good faith will also receive relocation assistance at the close of the transaction.


On April 5th, new the HAFA changes are coming that affect Short Sales. Even though you can go online to see the participating banks, my staff has been literally calling each of the Banks to see if they are going to be ready by the launch date.


Just a few highlights:

Participating Banks were provided a streamlined process that you must follow, to the letter
Approvals are given within 10 business days
Buyers have a minimum of 45 days to close
Contracts and settlement statements will require specific requirements to be approved
Seller's may have to negotiate terms with second lien holders BEFORE requesting approval under this program
Contracts in your current pipeline will require a different set of documents and tools"


I look forward to this!

Thought for the Night about the Mortgage Interest Deduction

At dinner tonight, conversation turned some friends of the family who just lost their home. Not because they do not make enough money, just the opposite, but because they got involved in a really bad business venture that has been tied up in the court system for a long time and drained their savings over the last 4+ years. Like everyone else they took out the equity of their home and their retirement to start this business which ultimately failed.

It started the rotation of logic in my mind that I know of a few people in their situation. They make good money but made bad decisions. All these people who make good money will be doing their taxes this year and next to a very rude awakening. What happened to their mortgage interest write off?!?!?!?!? So we are going to have literally millions of people paying in an enormous amount of money in taxes to the government. Am I wrong in this thinking? Not only that but what about all the taxes having to be paid on the 1099 unearned income statements from the short sales and foreclosures. Sure some people are covered under the "Debt Relief Act" assuming they were primary residences but many more were not.

So when I hear about all the tax cut programs because of lost revenue from property taxes, I have to think about all the revenue they are getting from people not having the greatest tax shelter which was their home. Maybe in the big picture of things this amount is insignificant, but it was a thought none the less.

Quote of the Day

"The one who knows how to adjust is the one who knows how to survive."

Realty Times - What Canada's New Mortgage Rules Mean to You

Realty Times - What Canada's New Mortgage Rules Mean to You: "What Canada's New Mortgage Rules Mean to You"

How to Stop or Slow Down Foreclosure Process (Video)

Great video
http://www.youtube.com/watch?v=0JL7ICPeUMo&feature=player_embedded

FHA 90 Day Flip Rule My Experience Thus Far

Please email me feedback if you have run into this scenario.

We have all been receiving emails and information about how the 90 day flip rule was to be waived for a year starting February 1st, 2010. What all the information is not telling you is that this "Rule" is really an initiative by HUD, not a law. This means the banks do not have to abide by it. So of the 10 investors my lender deals with only 1 is willing to finance my FHA buyers within the 90 days of the previous purchase date.

So is this rule a pharce or what? Irritated.

Check out http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

Beware with your FHA buyer's mortgage company. Verify that indeed they will fund on a home that has been flipped within 90 days. Listing agents do not rely on buyers agent to know this. If you do not want your deal to fall apart call the mortgage co yourself to verify they will financing the deal.

Fannie Mae IS NO LONGER requiring you to use their Title Co.

Copy and pasted from Email sent by Toni Taylor at American Title Service Agency 602.330.4144 ttaylor@atsaaz.com

BREAKING NEWS!!!!!
As you may know all banks use their own addenda for REO sales. For many years now Fannie Mae has been using basically the same addendum which stated that the buyer MUST use the seller's title agent.

The addendum has been DRAMATICALLY CHANGED in that it now states: "The closing shall be held at a place so designated and approved by the Purchaser". This is an absolute turnaround from previous versions wherein it stated that the purchaser MUST use seller's title agent! The buyer's right to now select the escrow company can be found in Section 2B, page 1, line 4. When representing a buyer, do not allow the REO agent to dictate the title company any longer on Fannie, as this would not be fiduciary. If the agent challenges you, simply educate them on where the Addendum gives the buyer this right. We have the addendum - email me for a copy.

The net effect of this new addendum is that the buyer can now make his/her own selection as to title agent and will then be better protected against any prior title defects.

We are very excited to know that our Realtor clients have been put back in the driver's seat on these REO transactions and we look forward to being able to work with you on these!!

Qoute of the Day

"Mercy is the quality that sees the inner need behind its expression. It looks behind anger and sees the sadness."

NACA Must See News Clip For Those Looking to Modify Their Mortgage

I blogged about this group late last year I believe. I went to one of their seminars to educate myself. They only help people who own 1 home. No investors or second home owners. But if you are willing to fight to keep your home, these are the people to have on your side.

Video: http://www.azcentral.com/video/#/naca+housing+10p0225.mp4/68812520001

News Report: http://www.azcentral.com/12news/news/articles/2010/02/25/20100225naca02252010-CR.html

Quote of the Day

"The nobler sort of man emphasizes the good qualities in others, and does not accentuate the bad. The inferior does the reverse." Confucius (551-479 BC) Chinese Philosopher

City of Phoenix Homebuyer Incentive

As taken from : http://phoenix.gov/residents/stabilization/nsp/index.html


Buying a foreclosed home within the city of Phoenix has its advantages.

The city of Phoenix Neighborhood Stabilization Program (NSP) offers a homeownership assistance program providing $15,000 for down payment and closing cost assistance. Eligible buyers must be FHA creditworthy and have completed the NSP-required eight-hour Homeownership Education Class and Credit/Budget Assessment counseling course.

Buyers must maintain the property as their principal residence and the total household income must be below 120% of area median income. For example, a household of four earning $79,100 or less has the potential to become eligible to participate. Program participants must contribute a minimum of $1,000 of personal funds for down payment or closing costs.

The program targets foreclosed single-family homes, townhomes and condominiums (condominium conversions are not eligible) that meet HUD Housing Quality Standards (HQS). The purchased home must be a foreclosed home anywhere within the city of Phoenix limits and meet other eligibility requirements.

The $15,000 is paid back to the city when the homebuyer sells the home or refinances.

Funds are still available.

For more information visit www.phoenix.gov/nsphome  or call 602-262-6602.









City of Phoenix Neighborhood Services Department: 200 W. Washington Street, 4th Floor, Phoenix, AZ 85003

Calif. Lawmakers Propose Cuss Free Week - Politics News Story - KPHO Phoenix

Calif. Lawmakers Propose Cuss Free Week - Politics News Story - KPHO Phoenix

I do not know why I find this so funny. I wish they had a "No Mean People" Day. Or how about a "Good Manners" day where you actually addressed people by Mr. and Mrs. and said Thank you. Maybe you would open a door for someone, or just call someone to say hello with no intent or need of anything else. People are changing. Our ethics and morals are watering down with each generation. What kind of world will my daughter grow up in? Can I keep her grounded? How do I teach humility? How do I teach her faith in herself and others? How do I teach her to be real?

Qoute of the day

"Do not follow the ideas of others, but learn to listen to the voice within yourself. Your body and mind will become clear and you will realize the unity of all things." Dogen (1200-1253), Japanese religious leader

I just read the script that runs along the bottom of the screen while watching the news. Beverly Hills disowns Ms. California for not agreeing with same sex marriage. So does that mean in Beverly Hills if you listen to that voice within yourself that the "Tribe of Followers" will intimidate and mock you. Now that is mature. To each his own. Its unfortunate that when people have fame and fortune they feel the need to use it for control and power as opposed to good and giving. Kudos to Ms. California for being true to herself and her beliefs.

Qoute of the day

"The real art of conversation is not only to say the right thing at the right place but to leave unsaid the wrong thing at the tempting moment." Dorothy Nervil

$750 Million Solar Project Lands in Buckeye

http://westvalleyview.com/main.asp?SectionID=2&SubSectionID=1&ArticleID=36486

Quote of the Day

"The quality of a person's life is in direct proportion to their commitment to excellence, regardless of their chosen field of endeavor." Vince Lombardi

VERRADO’S BIGGEST PARTY OF THE YEAR- I have tickets

This event is free but you need a ticket to get in. First come first serve. I have 15 tickets.

VERRADO’S BIGGEST PARTY OF THE YEAR

5th Anniversary Founder's Day Celebration 5th Anniversary Founder's Day Celebration

Main Street comes alive on Saturday, February 27 with the irresistibly fun, sounds of:

An exciting fusion of jazz, swing, Dixieland, and big-band music, Big Bad Voodoo Daddy brings a high-voltage jolt of feel-good energy that will have Verrado on its feet. Since their arrival on the music scene in 1993, Big Bad Voodoo Daddy’s irresistible live show and aggressive, musically perceptive approach has them to be a standout. Sixteen years later Big Bad Voodoo Daddy is a veteran force that adds new fans by the roomful every time they play.

Big Bad Voodoo Daddy’s original dance tunes rocketed the group into stardom when “You and Me and the Bottle Makes Three (Tonight)” and “Go Daddy-O” were featured in the Indie film Swingers. The band’s multi platinum-selling music has received national critical acclaim, appearing in over 60 movies and television shows, including appearances in the Super Bowl half-time show, The Tonight Show with Jay Leno, Late Night with Conan O’Brian, and Live with Regis and Kelly; they also wrote and recorded the theme song for The Carson Daly Show. Their recently released, eighth studio album, How Big Can You Get? A Tribute to Cab Calloway, captures the essence of an American icon in a rowdy celebration of musicianship, mischief, genius, street smarts and fun.

Listen to Big Bad Voodoo Daddy’s jukebox and read more about this high-energy band that will have Verrado dancing in Main Street!

Hosted by the Verrado Assembly. Dance Party free of charge and open to residents and their guests. Advance registration required by February 25. Please no outside food or beverages; food vendors, local eateries, and adults-only beer garden available.

From a Friend

I had a friend email me this morning. I found it moving enough to want to share. The Beauty of Life and Love. Thank you.

“A soulmate is someone to whom we feel profoundly connected, as though the communicating and communing that take place between us were not the product of intentional efforts, but rather a divine grace.”


Thomas Moore


and

“A soulmate is someone who has locks that fit our keys, and keys to fit our locks. When we feel safe enough to open the locks, our truest selves step out and we can be completely and honestly who we are; we can be loved for who we are and not for who we’re pretending to be. Each unveils the best part of the other. No matter what else goes wrong around us, with that one person we’re safe in our own paradise. Our soulmate is someone who shares our deepest longings, our sense of direction. When we’re two balloons, and together our direction is up, chances are we’ve found the right person. Our soulmate is the one who makes life come to life.”


Richard Bach

Federal grants help get people into homes

Federal grants help get people into homes

I had a client try to utilize this last year. She decided to work with the Urban Housing League as the non profit supporting the program. I would suggest using another non profit. Buyers can take the educational class before finding a home. Get it done early. This money is usually first come, first serve and goes quickly. Plan on a 60 day close of escrow as well. Sellers (bank foreclosures) are very reluctant to accept offers utilizing this program as there are frequent delays and hiccups in the program itself. Not all mortgage companies sponsor the program either.

Fannie Mae Offers New Closing Cost Assistance and Appliance Incentive for Homebuyers

Fannie Mae is offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on HomePath.com that are closed within this period may receive up to 3.5% of the final sales price for:

· Closing costs;
· The purchase of new Whirlpool® appliances by Fannie Mae; or
· A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%.

To be eligible for this incentive:
· Offers must be accepted on or after January 28, 2010;
· Property sales must close before May 1, 2010, and;
· Buyers must be owner-occupants (investors are excluded).

The incentive reinforces the organization's commitment to stabilizing communities and assisting buyers. For more information about this incentive, visit www.HomePath.com, read the press release on fanniemae.com, or contact a Fannie Mae listing broker.


Click her for Fannie Mae in Maricopa County http://bit.ly/awGxZ4

Standardized Short Sale Process Will Benefit All Parties

http://realtytimes.com/rtpages/20100126_shortsale.htm

Loan Modifications and Principal Reduction

Check out http://www.naca.com/

They have been 80% successful due to their connections and political weight

Meeting looks at future of Ariz. economy, housing

Meeting looks at future of Ariz. economy, housing

Grooveshark (Music Sharing Website) is now availble on your mobile device

Just downloaded it this morning. Pretty cool

Check it out

http://mobile.grooveshark.com/

Strategic Defaults and the Foreclosure Crisis

http://finance.yahoo.com/news/Strategic-Defaults-and-the-usnews-2190373684.html?x=0&mod=loans

Top Tips to Time Management

http://www.brokeragentsocial.com/article.php?article_id=635

Does this ring true for you? Real Estate Agents are challenged in dealing with time. Prospecting, Marketing, Service, E-mails, Phone Calls, Appointments, Paperwork, the list go on and on. Here are top tips to help you manage your time better.




1. Schedule chunks instead of activities. Schedule a chunk of time each day to make and return calls, a chunk of time one day a week to do all of your web update work.

Chunk your service, your ad writing, and your marketing. Here is the rule. If you spend a total of more than thirty minutes per week on an activity, schedule a chunk of time on specific days every week for that activity.



2. Priority Days. For one hour at the beginning of each day focus on the following priorities. In our Daily Coaching Program Mondays and Tuesdays are prospecting days. Wednesdays are marketing, web, print, mail etc. Thursdays are for service to listed Sellers and pending Clients. Fridays are for planning, what we call a leadership day. This structure manages your time, organizes your activities and leverages the opportunity to take big chunks of time or full days off on the weekend with more peace of mind and confidence.



3. Emotional Fitness. We all have a pre-work dance. That is, activities that we love to do right before we are going to get to work. Get coffee. Check e-mails, Twitter, Active Rain, etc. Play solitaire. Clear your desk. So, become conscious of your pre-work dance and work to break the cycle of unproductive time. Just as you are about to “dance,” pause. Sit up straight or stand up. Smile, even laugh at yourself because you know what you would normally do. But this time, picture how your day is going to go. Picture what you want to accomplish and how you are going to accomplish it immediately. And get back into action. No one thing can make you more productive than interrupting your pre-work dance and getting back into action more quickly.



4. Prioritize your activities and phone calls. Always, do the toughest ones first. Do the one thing that you have been procrastinating over, first. That thing often holds you back, slows you down, damages your motivation, your focus, even your confidence. Make the tough phone calls first. Tackle the tough job first. They are often not as tough as anticipated. But they get tougher as you delay them, don't they?



5. Action motivates. If you're feeling a little bit lazy but you know you have things to accomplish, action motivates. Get yourself off the couch, off the chair, take the first step, make the first call, respond to that tough e-mail, or get in the car. Take the first action. Action motivates.



6. Use the 4 D method for prioritizing paperwork.

Do it immediately if it can be done in 20 seconds or less.

Delegate it if you can hand it off to somebody else.

Delay it if you are not going to do it right now. Schedule a time in your calendar to get back to it. It may be delayed to one of the time chunks mentioned above.

Dump it. It is best to do this one more than the others.



7. Cluster your activities. Cluster all the things needed to be done at your office. Cluster your travel. Take a few minutes, literally, just 2 or 3 minutes at the beginning of the day and before you walk out the door to look at your calendar. Perhaps you will have to make a phone call or two to rearrange your schedule. Maybe you will ask someone else to be available sooner or later. Do that. So that your use of time makes more sense. As you commit to this it becomes habitual. In addition to saving a tremendous amount of time clustering your activities can relieve a lot of pressure, provide a wonderful sense of self-control, and give you the freedom and the opportunity for greater success.



8. Just say no. Oooh, this one is very hard for some people. If it is hard for you then simply learn to apologize profusely… and then say no. Try these scripts. “Wow, I really want to do that for you. And I really would. Only it is killing me to put other people’s requests above my priorities. So, I am really, really sorry... but, no.”



9. Schedule time off. Give yourself permission to do nothing or do something you love to do. Even just sit in front of the TV. Read a book. Lay in the sun. Go for a walk. Exercise. Spend time with family. Sleep in late. Give yourself permission to do nothing. You need that time. You need that energy. Giving yourself this permission sends a strong message to your subconscious that you are in control of your time. This adds power to all of the other ideas above. Cross off one day each week, a half day, an evening, when you schedule absolutely nothing or something you love to do and make that personal time a must, an absolute priority. If necessary, arrange to have someone handle calls for you or check your emails. This time will truly make you more effective when you are working.

There are tons of systems, tools, and philosophies for managing time. These are the foundation, a few of the best ideas for addressing an Agent’s biggest complaint.



Time is what we want most, but... what we use worst.

~William Penn



Written by Rich Levin

CNBC – Big Banks, Short Sales, Kick Backs and Fraud MUST READ!

ANOTHER WOW! ARTICLE: Must read for ALL REAL ESTATE AGENTS. Unbelievable the arrogance of these banks and what they are trying to pull over and over and over again. http://www.jeremybrandt.com/cnbc-big-banks-short-sales-kick-backs-and-fraud/

In Valley, 80 mil square ft. of business space is vacant

According to this article commercial lease rates have been declining. Supply and demand theory. Obviously they are not low enough. Sad. One note to make, the comments left after the article are entertaining to read. :) http://www.azcentral.com/community/phoenix/articles/2010/01/10/20100110biz-commercialdata0111.html?source=nletter-news

January Cybertips - Google Voice

http://realtytimes.com/rtpages/20100111_cybertips.htm

MagicJack's next act: disappearing cell phone fees

http://tech.yahoo.com/news/ap/us_tec_gadget_show_magicjack

I have been using a magicjack for about 4 years now and love it! I even gave one to my babysitter's husband who was deployed to Iraq. They were able to talk for free to each other. This will be very fascinating to see how the cell phone carriers attack this new threat from magicjack.

Challenges and Discouragement

http://realtytimes.com/rtpages/20100108_challenge.htm

Commercial Foreclosures Next Wave of Foreclosure Litigation

 I find it interesting that rental rates are still so high. If everyone knows this is the next wave to hit the real estate market isn't some cash flow better than none. Is a new tenant more likely to rent in a complex with additional tenant occupancy for foot traffic than one that looks abandoned. I do not understand the high rental rates which causes high vacancies. There are businesses that are doing well in this economy and expanding, especially here in the West Valley but commerical rates do not appear to be coming down despite all the trending signs. My expertise is not in commercial so I wish someone would educate me. Just not getting it.

http://realtytimes.com/rtpages/20100108_comm.htm

Just Earned My MSSC Designation!

:) BIG GRIN!! Just earned my MSSC designation. "Master Short Sale Consultant". I would also like to send out big kudos to my partner Frances Contreras for earning her designation as well this week. You must complete/successfully close 3 short sale transactions as a listing agent and pass exam to earn the designation.

http://hstrial-dmontgomery359.homestead.com/index.html

Quote of the Day from my Email

Daily Message - "The most I can do for my friend is simply to be his friend. I have no wealth to bestow on him. If he knows that I am happy in loving him, he will want no other reward. Is not friendship divine in this?" Henry David Thoreau

I need to empty my mind

Ok, too much ice tea at dinner and my mind is racing now. Feeling the need to expend some of the mental train of thoughts.


Looking to the future, what do I see?

Based on trends, short sales began in 2006. At least that is when I did my first one. What a challenge. Soft water system company placed a lien on the property after non payment by the homeowner. Had to negotiate that settlement before closing. Who would think that something that minor would be such a huge problem. Ok, I drifted there. Focus.

The people who sold their home short in 2006 could be returning to the market in 2010 depending on how their credit is looking. Remember my 2006 clients, it did not hurt their credit one bit. They purchased another home in 2007. Short sales for the most part however became dominate in the mid 2008 and 2009. Over the next few years I do believe that those who successfully sold their home short will be returning to purchase a home while prices are low. This is a good thing.

Now, knowing that previously only 20% of all short sales were successful that leaves a whole lot of people who were not. Most of the homes have been and will be foreclosed on unless President Obama really steps in and does something miraculous and brilliant other than throwing money at a not meaningful program (really I feel its a smoke screen to buy him some time to finance this mess).

Off the subject and train of thought for another moment. Seriously, I believe all of these modifications are just a band aid. Most modifications consists of rate reductions and not principal reductions which means these people are still going to be under water or break even "MAYBE" in 10 years. I can already tell you that by human nature most of these homeowners will have something occur in their life which will require them to move. And guess what, they will still have to short sale their home and the banks will still continue to report losses. The government will be subsidizing these banks with payoffs until this all plays out its normal life cycle. In the meantime and in my opinion, the government wants banks to modify so they can slowly pay off these banks over time. The longer this plays out, the longer the government has to finance the banks for their loses and the less they will have to pay out assuming prices gradually rise over time going forward). Again, I am picturing those traffic control lights getting on the freeway. They keep traffic from bottlenecking on the freeway. Loan modifications are the governments way of putting traffic control lights on the financial liability freeway of mortgage loses. I bet the government already knows that a majority of these modifications will end in foreclosure. Can you imagine the financial burden if they just let everyone foreclose now. Talk about great depression. But if the government was really honest and told you their plan, most people would say "screw it", walk away from their home and rent and still save some cash above/over paying the modified payment. Loan modifications in most cases are a false sense of hope....I stress in most cases and in my opinion.

Ok, back to subject (btw, I must say "ok" a lot because my daughter was mocking me in the car this evening while I was on the phone, "Ok, Okay, OOOOkay!", now I am picturing Joe Pesci in Lethal Weapon who said that all the time)

oh yeah, where are we headed? If I wanted to turn this economy around, the first thing I would do would be to get all these people who ruined their credit with short sales and/or foreclosures to buy another home again (under the right lending criteria this time). The sooner we get a majority of the public back into homes, the sooner they will start buying new furniture, landscaping, cars, Walmart.... The longer they rent, the less they spend on durable goods. All the investors that have bought properties over the last year will start flipping them as demand will increase. Investors make money, they buy more homes. They buy more homes: Realtors, title companies, mortgage companies, appraisers, homes inspectors all make more money. They all make more money and so the cycle has a new breath of life blow into its financial windpipes.

If you really want to get me started I could tell you my feelings on how the new immigration laws that took effect 2 years ago only contributed to this housing market and economic crises. I know it costs billions to support them but what people didn't realize is that these illegal immigrants were/are hard workers for minimum wage. Most paid taxes and contributed to the social security system (granted they used false social security numbers to gain employment) but never claimed the refunds. They paid into social security, they purchased goods and services, they ate at restaurants, they bought houses, lots of houses. Yes they also brought crime, abuse to welfare and health care system but somehow I do not feel that the cost of these abuses is anywhere the cost of the S&L crises, Enron, and now the Housing Market Crash by lenient lending guidelines allowed by .... (put whatever political party you want to blame here). Seriously, this last one is a doozy that will affect us for many more years. Will there ever be a way to calculate its true cost to the American people. Now the illegal immigrants that are remaining are still milking the welfare and health care system, but their spouses/significant others can not work to offset the cost or fund my retirement for social security (yes, I am being optimistic that it will be there for me) or their abuses so now it is really costing us the taxpayers money. Brilliant plan. I am so glad somebody really calculated the logic and cost of passing the illegal immigration law. Immigration is just another way for the politicians to snub a part of society by taking the focus off the knife they are putting behind our backs while robbing us blind., hands in our pockets. Sad thing is our heads are spinning so fast trying to keep up that we do not see it happening.

Okay, no more ice tea for me. I mean it when I say I am way to ornery for my own good sometimes. Take my opinion for what it is worth....just another night of never-ending thoughts.

crap....mind is still going.......

And.......if you feel like disagreeing with me by all means. If I am a naive, non educated citizen thinking this way, why would that be? What has the government did to make me feel otherwise or make me want to defend or believe in what they say or do? Give me something to trust you again. Give me something to be proud of you again, to brag about. Yes, I have freedom (including expressing these thoughts at the price of our troops oversees) but even those freedoms are being taken away little by little. So what price are we all paying. My neighbor can't even put a similar neighborhood light post (for security reasons) on HIS land because it is against the HOA rules. And, when he expressed his thoughts about his lamp post on his land, they sued him. Go figure. Instead of putting a knife in my back someone needs to get a backbone themselves and do what is right.

I am hearing way to many noises in my house and its creeping me out now.

1:13am signing out before I get myself into more trouble.

peace

The Best Time Of Year To Sell A Home

http://realestate.yahoo.com/promo/the-best-time-of-year-to-sell-a-home.html

I agree with this. My phone started ringing right after Christmas. In the last two weeks I have had two buyers and two listings in progress. My partner has picked up two short sale listings already this week from call ins. It is going to be a busy Spring. I just hope it doesn't die right after the government credits expire like the car industry did after that incentive expired. With the amount of people walking away from their homes this will just continue to push prices down with excess supply. Rumor has it that rates are on the rise back up to 6%. Even if prices have hit bottom, if the cost to carry is to high, buyers/investors could go elsewhere. Yep, I am feeling my tones sounds like the glass is half empty. Where is that positive attitude? Work with me people...Im trying.

Thought to Ponder Today

"The most effective way to achieve the right relations with any living thing is to look for the best in it, and then help that best into the fullest expression."

New Apple Tablet

I am not an Apple Fan, but I am a tablet PC fan. I will be curious to see what this one does. Always looking to make my life more efficient.

http://finance.yahoo.com/family-home/article/108492/check-expectations-for-apples-tablet-at-the-door

New Years Resolution

Found this in a blog by the CouponSense.com team.

"Resolutions
With 2010 in a few days, most of us are thinking about New Year's resolutions. According to Wikipedia, a New Year's resolution is "a commitment that an individual makes to a project or the reforming of a habit, often a lifestyle change that is generally interpreted as advantageous. The name comes from the fact that these commitments normally go into effect on New Year's Day and remain until fulfilled or abandoned."

After I finished laughing at that the "abandoned" part. And "abandoned" is what becomes of most New Year's resolutions. I really thought about what I wanted my own New Years resolutions to be this year. I remember what I had learned about Benjamin Franklin and how he approached a "resolution".

Benjamin Franklin made a list of traits he wanted to obtain. He would work on the first one and when he thought he understood and was comfortable with it, it he would move that to the bottom of his list and work on the next one. If he found a trait in someone else that he admired, he would add it to his list. He was constantly rotating these throughout his life.

There are so many people in my life that have traits I would love to incorporate into my own. This year I am going to tackle them one at a time. We should each be striving to improve our life. Change is never easy, but it can happen over time step at a time.

The Coupon Sense Team "