If you’re not sure and just want to find out if you qualify, give me a call and I will walk you through your options.

Believe it or not, you may just need help getting a temporary reduction in your payments to ‘catch up’.  In any case, call me to talk about the several options that you may not be aware of.

If you don’t know what else to do and you don’t call me at 1-702-204-3945, what will it cost you in damaged credit, frustration and stress?

If I am unavailable when you call, you can either leave me a message or with one of my assistants who are taking calls from 8am to 9pm Pacific time Monday through Saturday.

I know how you feel and I can help.

Kenny

Kenny Wagner
Short Sale Specialist
Foreclosure Mitigation Specialist

The Foreclosure Mitigation Company
Short Sale & Foreclosure Specialists

1-702-483-0890 Direct
1-206-971-5033 Fax

kenny@tfmcpartners.com

And Did You Know That Most Short Sale Agents Who “Do Short Sales” Have A 90%+ FAILURE Rate When Negotiating Short Sales According To The National Association Of Realtors?  That Means The Average Agent Will Only Get 1 Or 2 (At Best) Out Of Every 10 Short Sales To Work.  I Have A 90%+ Success Rate When Closing Short Sales Transactions.  See A Sample Of My Short Sale Approval Letters HERE.

If Considering Another Agent Or Negotiation Company, I Advise Asking Them For Their Most Recent Approval Letters From The Banks Showing They Can Get The Job Done… Most Can Not.

My Success Rate Is So High Because I Have Been Specifically Trained On Short Sales By THREE Of The Most Well Known Top Loss Mitigators In The Country & A Top Short Sale Attorney - (Jerami King – KK Consulting; Suzanne Erickson – American Loss Mitigation; Lee Honish – Short Sale Genius & Jeff Watson – Top Short Sale Attorney) On How To Negotiate A Settlement With Your Current Lenders So You Can Sell The Property, And Get Out From Under This Burden.

Best Of All, My Compensation Is Usually Paid By The Bank, So You Won’t Have Any Out-Of-Pocket Expense & You Keep Your Full Commission.

This is a post courtesy of Investor Funding Blog by Ted Akers.  If you’re a would be Short Sale Investor that is in need of transactional funding http://www.investorfundingsite.com/, outsourcing your short sale negotiations or just timely accurate info in the short sale arena visit his site for more info.

——————————

A Research Note by Barclays Capital, indicates that short sales have been boosted by mandatory and voluntary foreclosure prevention efforts that have prevented mortgages from entering REO status.  As federally-funded loan modifications made through the Home Affordable Modification Program (HAMP) grow and lenders are expected to hold off on foreclosure proceedings, the REO pipeline shrunk, according to BarCap researchers. The foreclosure prevention efforts have had the effect of “artificially” boosting short sales.  “The artificial constraints to foreclosure auctions have resulted in a reduction in REO stock,” BarCap said. “As a result, the net volume of REO liquidations has also dropped.

As short sales are not affected by moratoria, their rate held up and their overall share in distressed sales increased.  It has now risen more than 10 points from the lows to about 35% of overall liquidations. It remains to be seen if this increase will sustain itself once the large number of loans sitting in foreclosure are finally released into REO.”  BarCap researchers pointed to the difference in severity seen in foreclosure and short sale scenarios as one of the drivers behind servicers choosing short sales.

HOWEVER, most experts agree that there is a looming shadow inventory of REO’s yet to come and that foreclosure numbers are likely to stay high thru 2011 due to specific types of outstanding mortgages, specifically Option ARM’s which have a greater liklihood of having values underwater when they recast.  Information regarding the Barclays research was provided by Chris McLaughlin.

For low-cost Transactional Funding for Short Sale Back-to-Back closings visit Ted’s Transactional Funding website at: www.InvestorFundingSite.com Their fees are some of the lowest I’ve seen.

———————————————-

And of course, if you’d like to discuss your personal situation to learn what options are available to you, give me a call at 702-204-3945 or you can contact me via email kenny@tfmcpartners.com or by leaving a comment below.

Kindest Regards,

Kenny Wagner
The Foreclosure Mitigation Company

kenny@tfmcpartners.com

P: 702-204-3945

Chat with Kenny @ TFMC

A bank failure = BIG PROFITS for the new owner and bad news for homeowners who would like to stay in their home with the hopes of a loan modification.

Courtesy of they guys @ http://www.thinkbigworksmall.com

“The IndyMac Bank Slap In The Face” - You won’t believe the sweetheart deal that the Indymac boys were given by the FDIC.

http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1287086

If you’d like to discuss your personal situation to learn what options are available to you, give me a call at 702-204-3945 or you can contact me via email kenny@tfmcpartners.com or by leaving a comment below.

Kindest Regards,

Kenny Wagner
The Foreclosure Mitigation Company

P: 702-204-3945

Chat with Kenny @ TFMC

Click here >Big Banks Accused of Short Sale Fraud

- courtesy of Jeremy Brandt

The title says it all…

If you’d like to discuss your personal situation to learn what options are available to you, give me a call at 702-204-3945 or you can contact me via email kenny@tfmcpartners.com or by leaving a comment below.

Kindest Regards,

Kenny Wagner
The Foreclosure Mitigation Company

P: 702-204-3945

Chat with Kenny @ TFMC

Below is an excerpt of and courtesy of:

by Rob Chrisman

http://www.mortgagenewsdaily.com/channels/pipelinepress/12212009-onewest-modifications-us-bank.aspx

Modifications aren’t going so well. Why not? Well, getting to the essence of things, from someone in the trenches, most people do not qualify income-wise on paper. Self-employed borrowers write off a lot on taxes, and many wonder if the government should help a tax cheater. Others experience the loss of spouse’s income (divorce, death, joining the circus, etc.), loss of job, overtime hours, or second job. Folks dealing with borrowers in this sector report that most borrowers are angry with their servicer because they cannot pay their mortgage, and that this “feud” prevents an open dialogue especially when there is huge amount of paperwork to be filled out. Lastly, sometimes servicers do not have rights to the loans when the MBS holders own the rights – often the servicer is just the administrator of the pools.

—-

The above is for informational purposes.  For those that follow my blog, the reason for the recent posts/info on Loan Modifications is because I come across many folks looking to “save their home from foreclosure” with the hopes of a loan modification and I want to dispel the misinformation and false hopes that are being given to these poor homeowners.  As I’ve said before, if you want to stay in your home please contact your lender directly and if they don’t have a program that you qualify for and you need to sell, feel free to give me a call or email me to discuss your situation.

If you’d like to discuss your personal situation to learn what options are available to you, give me a call at 702-204-3945 or you can contact me via email kenny@tfmcpartners.com or by leaving a comment below.

Kindest Regards,

Kenny Wagner
The Foreclosure Mitigation Company

P: 702-204-3945

Chat with Kenny @ TFMC

This is per an article in Mortgage News Daily and the latest developments from the Wall Street Journal  here > WSJ

“Loan Modifications Are Just Another Exotic Mortgage”.

Isn’t this a big part of why we are in the real estate mess that we are in right now?

The bottom line is that after initially referring a client (yes just one) to an “attorney backed” loan mod firm; it not helping out my client and further investigation into the ability of loan modifications to help a homeowner long term, I have come to my own personal opinion and conclusion that

LOAN MODIFICATIONS DO NOT WORK FOR 99.9% of homeowners.

They are a temporary fix with most lasting, at most, for 5 years which is just delaying the inevitable.

If you want to stay in your home, and haven’t yet spoken directly to your lender about qualifying for a loan mod please do so but directly with your lender as it is in my opinion that if the lenders will not or can not approve you for a loan mod with the current monetary incentives that the President is offering lenders to approve loan mods, than a third party loan mod firm that charges a fee, from a law firm or a firm that is attorney backed or not, will not help you any more than what you can do on your own.

Consider this, from what I’ve last read, more than 60% of the loan modifications firms in California, including attorneys, have gone out of business because the new law California instituted states that loan mod firms, again including attorneys, can not charge an upfront fee until they have successfully modified a loan that is agreed on by the homeowner.  Moreover, the hold message that some lenders have when you call into their loan modification department or home retention department, caution you of third party firms offering loan mod services as the the lenders themselves can work directly with you to see if you qualify for one of their loan modification programs.

If you’d like to discuss your personal situation to learn what options are available to you, give me a call at 702-204-3945 or you can contact me via email kenny@tfmcpartners.com or by leaving a comment below.

Kindest Regards,

Kenny Wagner
The Foreclosure Mitigation Company

P: 702-204-3945

Chat with Kenny @ TFMC

This is a repost from fellow short sale pro Kevin Kaufman of Group 46:10 – Arizona’s Premier Short Sale Team

“…why loan mods are nothing more than a delay of the inevitable.” – Kevin Kaufman

If you’re in Arizona and need help with a short sale, then seek the best @ “Arizona’s Premier Short Sale Team” – the dynamic duo of Kevin Kaufman & Fred Weaver.

—————————-

50% Of Rescued Mortgages Have Re-Defaulted

Click HERE to view full article.

The latest data from the Office of the Comptroller of the Currency (OCC) shows that over 50% of homeowners who had their loans previously modified in order to avoid foreclosure have re-defaulted. This seems like an awfully high failure rate.

As one might expect, mortgages which were given higher cuts to their monthly payments (during the modification process) have been less likely to re-default. More help prevents re-default.

Hopefully the Making Home Affordable plan has encouraged more aggressive modifications. Past mortgage modifications were clearly just a delaying game, rather than a solution, since in the end more than 1 out of 2 “rescued” mortgages re-defaulted. It should have been done better the first time.

Were financial institutions unable to face the upfront losses which more aggressive mortgage modifications (and the haircuts they might cause) would have caused? Feel free to enlighten us here.

—-

If you’d like to discuss your personal situation to learn what options are available to you, give me a call at 702-204-3945 or you can contact me via email kenny@tfmcpartners.com or by leaving a comment below.

Kenny Wagner
Short Sale Specialist
Foreclosure Mitigation Specialist
The Foreclosure Mitigation Company

1-702-204-3945 Direct
1-206-971-5033 Fax

kenny@tfmcpartners.com

The common alternatives to foreclosure, such as short sales, and deeds-in-lieu of foreclosure are all “not paid as agreed” accounts, and considered the same by your FICO® score. This is not to say that these may not be better options for you from a financial perspective, just that they will be considered no better or worse for your FICO score.

If you are considering bankruptcy as an alternative to foreclosure, that may have a greater impact to your FICO score. While a foreclosure is a single account that you default on, declaring bankruptcy has the opportunity to affect multiple accounts and therefore has potential to have a greater negative impact on your FICO score.

If you’d like to discuss your personal situation to learn what options are available to you, give me a call at 702-204-3945 or you can contact me via email kenny@tfmcpartners.com or by leaving a comment below.

Kenny Wagner
Short Sale Specialist
Foreclosure Mitigation Specialist
The Foreclosure Mitigation Company

1-702-204-3945 Direct
1-206-971-5033 Fax

kenny@tfmcpartners.com

Typically, the tax consequences will be less severe vs. letting the home go to foreclosure.

If the home is sold at foreclosure auction, you will still receive a 1099-A for the amount the lender lost due to the sale.

In a short sale, most lenders, except for those that are out of business and not worried about the O.T.S. – Office of Thrift Supervision, will ALWAYS give you a 1099-C for the amount they have lost due to the short sale, if they decide to not seek a deficiency judgment. And we’ve found that in almost EVERY case they will opt to send you a 1099-C for the amount of the loss versus seek a deficiency due to the costs and length of time it would take to exercise that option.

We always recommend that you consult with a CPA regarding taxes, and ask that you become familiar with and ask your CPA about IRS form 982 prior to deciding if you want to pursue the short sale as form 982, if you qualify, would absolve you of paying the taxes on the deficiency due to you being deemed insolvent.

I am not a CPA or qualified as a licensed professional in the field of taxes so I strongly suggest you seek competent professional counsel for your tax related questions.

If you’d like to discuss your personal situation to learn what options are available to you, give me a call at 702-204-3945 or you can contact me via email kenny@tfmcpartners.com or by leaving a comment below.

Kenny Wagner
Short Sale Specialist
Foreclosure Mitigation Specialist
The Foreclosure Mitigation Company

1-702-204-3945 Direct
1-206-971-5033 Fax

kenny@tfmcpartners.com

Did you do what I did when I first heard that?  That is, did you ask yourself, “Isn’t that illegal or isn’t that some scam that we’ve been told to avoid?  Give up my deed and I can stay in my home…”.

On November 5th, 2009 FANNIE MAE announced their “DEED FOR LEASE” program that allows homeowners to lease their home in exchange for their deed.

WASHINGTON, DC — Fannie Mae (FNM/NYSE) is implementing the Deed for Lease™ Program under which qualifying homeowners facing foreclosure will be able to remain in their homes by signing a lease in connection with the voluntary transfer of the property deed back to the lender.

So it is official, but this brings to mind a couple questions:

Does this really help you the homeowner?  It says that you can “qualify” for up to a 12 month lease with potential for a renewal.  Does this mean that it could be shorter?  Looks like FANNIE MAE is trying to stem the amount of foreclosures they are acquiring each month in addition to trying to create some revenue to stem their mounting losses.

After reviewing the announcement from FANNIE MAE & reading an article in the LA TIMES on this announcement, I just see this as a temporary band aid to a growing problem for FANNIE MAE, which is all the foreclosures that they are acquiring.  What about the tax ramifications?  Giving up their deed for a lease is very similar to a deed in lieu except that the homeowner gets to stay in their home for a period of time but versus a short sale the tax ramifications are greater for both a deed in lieu of foreclosure or a deed for lease.  So who does this really help?  The homeowner or FANNIE MAE?

Moreover, for this to work, any subordinate lien holders must release their lien.  It’s been my experience that subordinate lien holders would rather short sale and receive something than voluntarily give up their lien position for nothing.

Here is what Jay Ryan, VP of FANNIE MAE has to say about the program:

“The Deed for Lease Program provides an additional option for qualifying homeowners who are facing foreclosure and are not eligible for modifications,” said Jay Ryan, Vice President of Fannie Mae. “This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities.”

My first initial reaction is that it doesn’t address the issue head on.   I believe short sales are the answer and until they help with streamlining their approval process with short sales FANNIE MAE, along with other lenders, will continue to acquire more properties through foreclosure.  Homeowners do not want a temporary fix where they are allowed to lease back their house where they eventually have to move anyways.  Homeowners want an immediate solution to their current problem which allows them to move on and start building a new life.

For additional information about the Deed for Lease Program, including full details on program eligibility, please review the Guide Announcement on www.efanniemae.com.

If you’d like to discuss your personal situation to learn what options are available to you, give me a call at 702-204-3945 or you can contact me via email kenny@tfmcpartners.com or by leaving a comment below.

Kenny Wagner
Short Sale Specialist
Foreclosure Mitigation Specialist
The Foreclosure Mitigation Company

1-702-204-3945 Direct
1-206-971-5033 Fax

kenny@tfmcpartners.com