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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 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) Loans modified in the 1st half of 2008: • 36% had re-defaulted in30 days • 56% after 6 months • 58% after 8 months
What is a Loan Modification? • When your lender modifies the terms of your existing loan
The Benefits: • Get to keep the house (markets cycle) • Lower Payments to Affordable • Principle Reduction
What Must You Have? • Hardship demonstrated by a letter & financial documents • Your package- “Insider Secrets” • Ability to repayunder new terms
1st Mortgage P.I.T.I Gross Incomex31%
#1 Factor • Surplus vs. Deficiencies • Ideal DTI: 5-10% (- or +)
Obama’s Program Expanded • Foreclosurealternative program
What is the Cost? Intended VS. Unintended
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: • Tax Liability • Special Provision: • Mortgage Debt • Forgiveness Act 2007
The Reality • Success Rates: • National Average 10-20% • CDPE Average: 70-80%
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 • Sacramento 2/25 12:00 - 1:00PM • Online 3/16 7:00 - 8:00PM • Santa Clara 3/25 6:00 - 8:00PM