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The Difference Between a Short Sale and a Loan Modification

I was asked this question on one of my sites recently so, I decided to make it a blog post:

A short sale is where the original lien holder/lender agrees to accept less than the principal amount owed on the remaining balance of the mortgage loan. For instance, let's say the remaining balance on the loan is $100,000. In a short sale situation, the lender may agree to accept an amount quite less than the remaining balance i.e. $65,000. In such cases the reason for a reduction in the principle amount owed is usually because of depreciating property values in the same area as the subject property/property in question.

A Loan Modification is actually what the term means. The Lien Holder/Lender agrees to re-amortize the remaining balance of the loan. In this case the arrears/unpaid mortgage payments are rolled into a new lump sum and mortgage payments are re-calculated.

I acually specialize in loan modifications an have seen huge success reducing monthly payments for a great number of clients. Most recently, I helped a client lower payments from $1800 to $1100. Contrary to many naysayers...current economic conditions are perfect for loan modifications. The current administration is giving money away like drunkards. As the saying goes, "an economic disaster is a terrible thing to waste". I recommend you contact me and obtain the Obama Modification.

Whether you voted for Obama or not, a 2% mortgage is a hell of thing to pass up. All that's needed to qualify is for you to prove that you can't afford you current mortgage. Wow! That's a no-brainer. Take if from the Brainionare, this is a deal you can't afford to miss!

I was talking to a close relative who informed me that he was upset. He stated that he voted for the man and didn't qualify for all the free money currently in circulation. I told him that times have changed. It used to be that if you were stable and made plenty of money where you didn't need bank money, banks chased you down the street trying to loan it to you. Now days the system is bending over backwards to give breaks to individuals who who can't afford the homes they are in.

With a loan modification one does not need to qualify based on credit. Credit isn't even considered. Also, a reduction in income is favorable to one's modification package. Even though each lender has different guidelines, ....i.e. some don't modify second loans, some will try and force borrowers into forbearance, some will not work with third party entities, some will extend higher trial periods. I have the complete list of banks and their various guidelines. If you are needing relief from a high mortgage, I can help. I've even stopped several foreclosures.

If you are still in a adjustable mortgage or if your home has depreciated in value you are automatically approved! Your lender won't tell you this! Why? Because modifications are handled by the loss mitigation department and if you are making you payments on time guess what?.....You're not a loss to them....lol

Feel free to contact me with questions
dick.g9@gmail.com

Big Money In Commercial Fixer-Uppers!

I just got off the phone with a Minister in SW Houston who's going thru a divorce. He's selling an old run down commercial structure that was once used for as a health care facility. The amazing thing is that he just wants out. He's flexible with price and terms.

This started me to thinking about the vast opportunities available in off the road...off the beaten track commercial property investing. There's more opportunity than there is demand. I wanted to post a few thoughts on how to find these great values.

How do you find these gems?

Just look for yourself. As you're riding around town put 2 + 2 together. I kicked myself for one of the deals that I didn't take action on. I guess it was 3 or 4 years ago when Pastor Joel moved his mega church into the old Houston Summit also know as the Compaq center. I remember driving past there tons of times and noticing this run down commercial complex near to that location. I used to say to myself...."somebody is gonna get rich off that complex." Well guess what? Every commercial property owner in close proximity to Lakewood Church is raking in big buck! The area has changed so drastically that I can't even tell which structure is in the same location as that old run down building. So, look for opportunities where others don't.

Never assume that the distressed property isn't for sale. If you can contact the owner and negotiate a deal before it's listed, you can reap huge rewards.

Some of the places that you can look:

Online services, Realtors, Property Managers, Attorneys and Accountants, Lenders, and as mentioned above...driving around town.

That's all for now gotta go to work! Leave a comment if you want regular updates on this topic. I'm going to discuss some really good stuff.

Houston Real Estate

I'm watching this Houston real estate market like a hawk. There's unbelievable buying activity especially at the lower price points. The margins are incredible. Yesterday I turned in a cash offer and was informed by the selling agent that my offer was among 12 others. I asked him, "how many of those offers are cash?". He replied, " four (4) of the offers are cash".

Today I received a call from a past client who wants to invest in the Houston market while it's hot. He's using IRA fund and wanted to put $300,000 into rental property for Triad to manage. He was thinking of the low end luxury market. I explained to him that the luxury market in Houston is still quite strong. In the higher price points I've seen some great margins and buying opportunities. Take this one for example with over $500,000 in equity on the table.....it was snatched up right away. Anyway, I went on to explain that the low end market is where the strong activity is. I recommended that he purchase (3) $90,000 homes instead. The profit margins are higher and the risk is less. At any given time it's easy to go online and find incredible real estate opportunities in the Houston area. Here's a list that I ran just for this article. Even though each of these three properties look like great transaction, the one that literally jumps off the page is "Cherry Forest". Cherry Forest is priced at $94,900 (at the time of this post), and was once closed at $169,000 back in 2005.

If your thinking about investing in real estate....consider the Houston Market!

Secret Searching Method

So, I'm working with a couple of cash buyers. One would think that the old adage, "Cash Is King", would still be a valid way of doing business. I'm beginning to wonder. I've noticed a trend with this current market where lenders/lien holders are willing to go for the two in a bush rather than 1 in the hand.

My cash clients have lost on several cash offers to slightly higher offers containing third party financing considerations. Go Figure! I've always stayed ahead of the curve and have been able to locate the good deals before the rest of the pack. If you hunt harder than the next guy you'll always eat. In this market alot of agents have gone on to other fields. Those that have decided to remain in the industry are either too new to understand the stakes or are experienced hunters.

So now it's Game Time! It's time for me to revert to back to covert marketing campaigns. And guess what? I've discovered something real interesting that I'm rather excited about. It works like a gem! I'll share a brief overview with you. For more detailed information....contact me and just ask me. It's so simple it's scary. What I've been doing is structuring a custom search based on expired listings. The end result is to locate individuals who were at one time offering their properties for sale at discounted pricing due to pending foreclosure, depreciated values or some other circumstance requiring a quick sale. These same individuals have been disappointed with unsuccessful marketing results. Resulting in the Listing becoming expired. This type of client can many times be a very easy individual to over exceed their expectations. In this market things have changed. There's real money to be made with Expired Listings. To keep ahead of the curve, we as agents must change and think of outside the box marketing techniques. He who hunts the hardest and the longest will always eat! I suggest that you experiment with Expired Listings.

Good Luck!

Great Time For Investors!

"It's also boom time for the companies that can supply those investors with financing when they need it.
"This is an absolutely wonderful market environment to be in," says Frank Sharp, who heads Watershed Renovation Capital, in Alexandria, Virginia. "

Read Entire Article....

Obama Modification Guidelines

Obama Home Affordabilty Modification Program Guidelines

Publish at Scribd or explore others: Real Estate Business & Law mortgage foreclosure

Why Commercial Real Estate?

Why You Need To Start Investing In Commercial Real Estate by Scott Scheel
People often ask me how I got started in commercial real estate, and I tell them that it was a conscious decision for me. Most people who begin investing in real estate start off with single family residential properties because that is what they are most comfortable with. They tell themselves, "All I need to do is a couple of deals a month. I'll make myself five or ten thousand dollars, then at the end of a very few months most of my problems will be taken care of." They do not really understand...

Read Entire Article

FEEL LIKE GAMBLING?

Everyone has been asking me to tell them where the big money is at. I believe that there is enormous wealth opportunities for current risk takers. Do your home work, trust the numbers, then take action. Invest in areas that have traditionally done well and increase the odds of success.

Take for instance Galveston, Texas which was recently devastated by Hurricane Ike. Galveston's location makes it a real gem. A good friend, from one of the title companies in Houston told me that fortunes are sitting like diamonds in the sand on the coast of Galveston.

So, I've been watching Galveston. What I've discovered is real exciting. I hope you checked out the preceeding link. The information contained in it makes Galveston's real estate a winning lottery ticket. I missed out on this offer but I've discovered a couple of much better transactions....one right on the beach.

Anyway, if anyone wants a winning lottery ticket.................contact me.

NEW LIST COMING!!!

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KnowledgePlex Article

Julianne Pepitone

CNN Money

December 3, 2008

Mortgage applications more than doubled in the holiday week ended Nov. 28, the Mortgage Bankers Association said Wednesday, as government bailouts led to sinking interest rates. In the weekly report, the Market Composite Index - the association's measure of mortgage loan application volume - surged 112.1% on a seasonally adjusted basis from the week earlier.

On an unadjusted basis, the index increased 51.4% from the previous week; it was down 21.9% from a year earlier, the report said. Results include an adjustment to account for the Thanksgiving holiday.
Rates plummeted following the Fed's announcement that it would buy debt and mortgage-backed securities from mortgage finance companies Fannie Mae and Freddie Mac, according to Orawin Velz, associate vice president of economic forecasting, in a statement.

"Many of those on the sidelines decided to quickly jump in and take advantage of lower rates before they began to rebound," Velz said. The Mortgage Bankers Association said 30-year fixed-rate mortgages fell to 5.47% this week. That's was down from 5.99% last week. Rates on 15-year fixed-rate mortgages fell to 5.13% from 5.78%, the report said. The rate on a one-year adjustable-rate mortgage declined to 6.61% from 6.87%.
Copyright 2008 Cable News Network All Rights Reserved

Anfractuosity Protection

How does one protect him or herself from the effect of such an anfractous economic market? By sticking to the basics. Buy for one and Sell for two. Don't stay on the sidelines....like the Lottery motto, "You gotta be in it, to win it!". I talked to one of the manager's in the U.S. Postal system. She told me something that real got me thinking. She said that every 1 cent increase in gas prices equated to about 500 million in Postal Service operational overhead. Granted, this conversation took place during the height of our recent inflated gas price ordeal. But think of it...if that's the case for the Postal Service, then what will be the effect of recent lowered gas prices on the overall national economy? It has to be monumental! I started a thread in BiggerPockets a while back on the gas prices issue and was amazed at some of the posts I received. It was a real eye opener.

Here's a few facts that might make the astute investor consider the possibility of real estate as a viable alternative to the current market instability.

1. Current mortgage rates are at a 30 year low. Money for qualified buyers is cheaper than it's been in 30 years.
2. Existing real estate to include new construction is on the average 22% less than true values and many sellers are more than negotiable.
3. The decreasing cost of gasoline is equivalent to approximate 300 billion dollars worth of economic stimulus.

The past economic melt-down was signaled by distinctive signs. Even so the U.S. market has began it's natural process of cicatrization. My suggestion is strike while the iron is hot and leave the hackneyed excuses to the faint at heart. I think it was Warren Buffet who said that he reacts with caution when others are greedy and forges forward courageously when the multitude cringes in fear. It's good advice! The time to act is Now! Don't wait too late!

Deuteranopia A Useful Atribute

I was listening to one of the radio talk shows yesterday. It was a Financial Management program. A high percentage of the call-in listeners expressed the same concerns. To wit: "I'm nearing retirement age and have lost much of my retirement in the stock market!.....What do I do?" The host of the show, a Financial Markets Expert, repeated the same response which was, "Don't take your money out of the market....redistribute your portfolio. Stay in the stock market. Call our office and we'll help you". It was sorta funny in a sad kind of way. Some of the people calling in were even current clients who had lost money with their firm.

I sell real estate and mortgage products. I'm going to tell you that the best place to put you money is in real estate. That's a given! Car Salesman will tell you that the best time to purchase a new car is now. Even though the stock market is experiencing a major meltdown, Stock Brokers will tell you that the best place for you money is in the market. You be the judge.

I'm reminded of a lesson I learned as a youth. Never want the wares presented to you by a con-artist. Don't envy the wealth of another. Don't desire the wine when it's calling you even though it looks such a nice red in the glass.

The key to this market in my opinion is to go against the grain. Deuteranopia blocks out the tendency of an individual to be attracted to green. It actually blocks out the ability to distinquish colors in the green, yellow and red hues. Greed and envy is often characterized by the color green. The color yellow is often attributed to fear and everyone knows that red is sometimes used to represent hate. Let us all desire a taste of Deuteranopia in this current market. Not falling for false promises, free from fear, and not allowing past failures or broken promises of pie in the sky to stop us from achieving a successful destiny. I thought it was a funny analogy using colors.

As for where I would put my money......real estate in traditionally stable markets! I also recommend that you invest in eternal projects. I have always contended that the best place to invest is in one's own family. Or, I don't know how many of you readers believe the Bible. Myself, I'm a Christian and believe much can be learned in relation to financial matters from scripture. I think this current market will correct itself eventually. What we're currently seeing is the framework being laid for a coming global joining of three major components...economics, political and religious. With that in mind I recommend another temporarily safe place to put you during this transition which is gold and silver. But bare in mind that the fulfilling of God's word spoken in the Bible in the Book of James 5: 1-5 will surely come to pass. Take a few minutes to read it if you can spare the time.

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Knowing When to Hold 'Em!

I'm on the MLS daily searching properties in the Houston and surrounding area. I'm amazed at the number of great deals hitting the market. This current market has presented valuable purchase opportunities for every price point. I was talking to an agent early this morning who's property was selling for $68,000. It's part of a 9 or 10 group of single family homes owned by one investor. The properties are selling for around 65 to 68 cents on the dollar.

I often send out generic e-mails to short-sale, pre-foreclosure, and foreclosure listed properties asking whether or not they would consider even further discounts off the listed extremely short, short price. Occasionally, they respond with YES!!! PLEASE SEND US AN OFFER!!!

I'm currently working on a transaction where the builder really doesn't care what the selling price is. He stated that whatever the lender would approve as a short sale, he would be willing to sign off on. So I'm recommending that all of my potential customers make sure to purchase properties well under value in traditionally stable areas also be prepared to hold on to properties for at least 5 to 7 years.

Here's an article containing some great purchase tips!


Buying Smart(Housing : U.S.) 10/31/2008
SAN ANTONIO (San Antonio Express-News) – Those wishing to buy a home under the current economic conditions may be glad they did, as long as they are wise in selecting their location.

Barry Nystedt of the National Association of Exclusive Buyer Agents predicts that values in many coveted communities very gradually will begin rising during the next six to 12 months. In areas where the economy is weak, however, he says prices could remain stagnant for three years or longer.

“Right now there are too many properties for sale in lots of places. But in areas where inventories are starting to tighten, you should soon begin to see signs of recovery,” he said. Industry experts give homebuyers a few things to consider when selecting a neighborhood. Among the things a buyer should look for are:

Read Entire Article:

LEADS!! LEADS!! LEAD!! FOR CHRISTMAS!

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I've found the best source of leads, the best contact management system, the best auto-dialer voip, the best prices. If you're like many professional sales people, total sales utopia can best be described as a built-in data retrieval system that automatically separates prospects from suspects at the push of a button. Finally it's here! My phone is ringing off the Hook! Let me share my system with you! Unless you're in Houston....lol! Just kidding! There's plenty of business to go around. With my new system in place, I can show you how to reduce your lead generation cost to almost ziltch while at the same time only talking to prequalified leads who are filtered and ready to spend money! Don't pay the extreme live transfer prices of $25 to $65 dollars per lead! Don't pay the crazy prices for so called guaranteed trigger leads. I'll show you how to get the best quality leads at wholesale prices straight from the credit bureau repositories!

If you're selling anything from Real Estate to Mary Kay, don't miss out on this hot system. I'll walk you through the entire process. I'll set you up with one of my automated dialers along with super cheap leads based on you're specific requirements. I'll show you how to adhere to Federal DNC requirements. Don't miss out! Take advantage of the less strenuous DNC requirements before they expire in September of '09. Contact me today for pricing!


Pre-Foreclosure Leads
Pre-foreclosure leads that are updated daily direct from the credit bureaus. You can now target pre-foreclosure leads that are currently 30 days, 60 days, 90 days, or 120 days late on mortgage. Reach your prospects before they receive a NOD and at the first sign of trouble. These are ideal prospects for loss mitigation, loan modification, short sale, and real estate investors. All pre-foreclosure leads comes with full name, address, mortgage amount, and late status. We guarantee accuracy on all of our pre-foreclosure lists.


Notice of Default (NOD) Leads
Target actual public filings of NOD (Notice of Default). These homeowners have had foreclosure documents filed by their mortgage companies and the lawyers have filed in accordance with local authorities. These homeowners are drowning and need offers to help them with a foreclosure mitigation, short sale, lease option, refinance, and more. Take a look at some of my filters:

Date of Default
Amount of Default
Auction Date
Opening Bid
Sales Price
Original Loan Date
Property Indicator
Number of Units
Living Area Sq Ft
# of Bedrooms
# of Bathrooms
# of Garages
Lot Size
Year Built
Current Land Value
Current Improvement Value
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Consumer Lists
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Spanish Leads
Our Hispanic Households file generates the best Spanish leads and is our best performing ethnic file available. Hispanics represent $300 Billion dollars worth of buying power that continues to grow exponentially and are the fastest growing population in the United States. Our Spanish leads are identified through our proprietary software that allows us to match first and last names to best identify Hispanic households to generate the best Spanish speaking leads in the industry.

Biz Opp & Entrepeneurs Lists
This multi-business owner file is sourced from Yellow Pages ads, Telco/utility updates, DBA Filings, New website registrations, and other reliable sources. These entrepreneurs and business opportunity seekers are active responders to marketing programs and request additional information on many types of business ventures and investment opportunities. Check some of the filters:

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ARM Leads
We offer a database that includes both credit bureau and county tax/deed record overlays and include dates of refinance for adjustable rate mortgage. This data is obtained by direct compilation at the county court house and can be augmented with all three major credit bureau databases. This quality data enables you to generate top notch ARM leads for your team.

E-mail me for quick pricing dcgreen@houstonhotdeals.com


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Short Sales $100,000 to $150,000

There some real values on this list. I'm gonna keep adding to it so keep checking back. For instance.....I spoke to one of the owners who flat out stated that she would entertain any offer that the lender would accept. Another agent explained that the sellers would take any offer to prevent foreclosure. Yep! There's gold on this here list! One property is located is a traditionally strong stable Houston area bound to bring it's new owners great results.
Check out the list here! Return later to read my notes from discussions held with the agents and or property owners.

Such a Hot Deal about to come available.

Have you every wanted the opportunity to negotiate with the seller before the property is available to anyone? Here's an opportunity to do just that. Let me explain....

Recently I held an open house on one of my rentals. One of the viewers told me that she needed to move quickly and wanted me to help her locate a rental home. After working with her for a couple of days, I discovered that she currently owns a home that she's going to walk away from because of two reasons.

1. An adjustable rate mortgage continually going upward.
2. Not being able to refinance due to market changes.

She also feels like the area that the property is located in is depreciating due to nearby foreclosures.

I took a look at the numbers and guess what? The numbers state that this is a great property to hold on to. This is a great property for someone looking for a short purchase. If you want to stay updated on this property drop me a quick e-mail.

Stop Foreclosure

Stop Foreclosure!
Lower Your Monthly Payment!

I was passing out flyers today when I was stopped by a lady wanting help. She, like many other hard working americans was experiencing the backlash from the Sub-Prime Mortgage Meltdown. As we talked I started to recognize a repetition of circumstances leading up to her current plight. She was a UPS employee who had purchased a home using a ARM with marginal credit. Now that the Sub-Prime market no longer existed, she was trapped with a product due to continually adjust until it reached it's cap.
To better understand the damage done by the withdrawal of sub-prime mortgage products, let me take a quick minute to give a quick over view of the sub-prime customer grading profile. The quickest way to understand sub-prime is to understand what is not sub-prime. Mortgage loan qualification is based on various factors. Each factor must meet certain guidelines. Those factors are 1. Income as it relates to debt. 2. Credit. 3. Job history. 4. Rental History. 5. Downpayment. Conventional lending or Prime lending requires that each of the aforementioned criteria must adhere to certain guidelines i.e. 1. Income depending on the type of mortgage product, ......not more that 17% of your income can be absorbed by your mortgage payment including principle, interest, taxes and insurance. This is called front end debt to income qualification. Back end debt to income qualification dictates that no more that 36 to 42% of one's income can be exceeded towards any long term debt (Long Term = debt with more than ten months worth of payments remainding), including one's mortgage payment.

Anyway without being too detailed suffice it to say that Prime Lending adheres to stricter guidelines than Sub-Prime. To abbreviate the Sub-Prime over view, let me simply state, under th past sub-prime guidelines, any one of the five (5) required Prime criteria could be ignored as long as the other four were met. Sometimes, depending on the strength of a certain factor, even more of the others can be ignored. For instance, if the client's credit is strong enough, he or she didn't need a job. Or, if the downpayment was large enough, he or she didn't need a social security number.
For over 13 years I personally originated sub-prime products. When many of my clients found themselves burdened under unbearable mortgage payments, I vowed to discover a way to help relieve the pressure of accelerating monthly payments. I looked into loan mitigation and mortgage loan modification for our property. I was not able to save our rental properties but, I was able to lower the payment on our personal dwelling and obtain a 3% interest rate. This is the secret that Investors and Lenders don't want you to know. I don't have a mortgage calculator within reach while I'm writing this article. Actually I don't feel like getting up and getting one. But, I'm going to use a general example so that you can get the jist of this concept. With a fully amortized mortgage loan $200,000 paid off in 30 years @ 8% could easily amount to over $500,000 dollars. The same principle amount repaid at 3% equals a little over $300,000. The secret is that under the current mortgage and economic crisis, lenders are willing to settle for the lesser amount as an alternative to foreclosure. Let us show you how it's done. On a $200,000 mortgage, it could mean the difference between a $1400 a month payment and a $800 dollar a month payment for the same house. NOTE: Credit is not a criteria.
We all know that life is unpredictable, and that circumstances often arise that can prevent you from making your mortgage payments.
Even hard-working people can encounter unforeseen situations which may affect their ability to pay their mortgage in a timely manner. Many issues can be contributing factors such as temporary job loss, medical illness or injury, marital difficulties, unforeseen repairs or high utility rates, tenant problems, or even a death in the family. Just one of these situations can have a direct bearing on making home mortgage payments.
Our Goal is Solely to Assist Homeowners
At American Home Savers we provide assistance to homeowners experiencing rate increases(due to adjustable arms), mortgage or foreclosure difficulities. We provide out of court resolutions to remedy your mortgage delinquency and foreclosure situations.

Triad Mortgage and Realty
Contact Me for More Information

Or just Call me Direct 832-754-5365

Foreclosure Tips

I was talking to a client today who informed me that someone from the city spoke to her and was going to help cure her arrears by adjusting her escrow account. I asked her if her payment included principle, interest, taxes and insurance. She said no. I then informed her that she did not have a escrow account to adjust and to be careful about calls from individuals who claimed to be able to cure her default judgement and stop her foreclosure for a fee.Here's a few tips and guidelines to remember when facing foreclosure. The most important advice is to talked to an expert that's honest and will advise you to your best interest. As long as you own the property, there's options available.Also remember that your mortgage lien holder may not always choose the best alternative for your financial future. Many lenders are directing borrowers into repayment plans that defer past due amounts payable at the same interest rate but extended terms. The best solution for most borrowers in many cases is a total modification of current loan terms into a lesser principle amount or a lower interest rates.