Tampa Bay Short Sale Specialists

Home Mortgage Company Charged with Violating Debt Collection Laws

Wed, 01 Sep 2010 10:16:59 GMT

I almost flipped when I saw this headline! Finally, the nasty games mortgage servicing companies play are being brought to light. I'll bet we see more of these articles and lawsuits. And I'm willing to wager that this sounds familiar to homeowners:

Failing to credit homeowners who submitted their payments on time.
Falsely claiming that homeowners did not make payments so they could justify charging late fees.
Failing to credit homeowners even after withdrawing funds directly from borrowers’ checking accounts.

This is such a common refrain. I've heard this about these tactics from s-o-o-o-o many homeowners -- all with different lenders. AHMSI is being held up as an example, but they're far from being the only offender.

Please share your experience with this situation by responding to this blog, or sending me an email: jennie@blackburninvestors.com.

Sincerely,

Jennie Blackburn

Realtor®, CDPE©

Licensed Mortgage Broker

Know Someone in Financial Trouble? Send them to:

http://www.StopFloridaForeclosureNow.com

http://jennieblackburn.wordpress.com

www.BlackburnInvestors.com

Main (727) 322-2900 Cell (813) 951-0618 Fax (727)499-9584

US Bank Hang Ups

Thu, 12 Aug 2010 12:18:12 GMT

We submitted our Short Sale Package on July 30th. We called the Loss Mit department at 866-637-5763 to make sure they got the package, and they told us the only way to find out was to send an email to shortsalerequest@usbank.com. We sent email(s), but got no response at all. We went back to the Loss Mit department to try to get some help -- we called the same # we used before, numerous times and every time we were put on hold for 30 minutes, then hung up on. Today we called a different # 800-344-5015, explained our situation and the guy said the only way was via email and to send another one. We asked how long does it usually take to get a response after submitting a short sale package. He said usually 48 hrs, but they're really busy. We asked to escalate, he said to do that, send an email. We asked what else can we try besides that and he said to call Loss Mit. We told him we did that already and kept getting hung up on. We asked if there was another solution and he said, "Have a Nice Day", and HUNG UP.

I wish I was kidding about this. It's like a Neil Simon play. But this really happened.

Sincerely,

Jennie Blackburn

Realtor®, CDPE©

Licensed Mortgage Broker

Know Someone in Financial Trouble? Send them to:

http://www.StopFloridaForeclosureNow.com

http://jennieblackburn.wordpress.com

www.BlackburnInvestors.com

Main (727) 322-2900 Cell (813) 951-0618 Fax (727)499-9584

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Feasibility of Fannie Mae's Strategic Default Policy Questioned

Tue, 27 Jul 2010 09:42:54 GMT

Hallelujah!

In the past, with Fannie Mae-owned short sales I've closed, the approval letter stated that the lender "waives any deficiency". But, because of the their new Strategic Default Policy, that language has been eliminated & Fannie Mae retains the right to pursue the deficiency later. It doesn't say they WILL pursue it, just that they have the right to. Of course, this is politically motivated and a reaction to pressure. The intent is to scare homeowners away from strategic default, making them think they'll be sued later by the government. And how is the government going to do this? What constitutes strategic default?

The article in the link below addresses this issue and exposes the faulty logic of this policy.

http://www.dsnews.com/articles/moodys-questions-feasibility-of-fannie-maes-strategic-default-policy-2010-07-26

Sincerely,

Jennie Blackburn

Realtor®, CDPE©

Licensed Mortgage Broker

Know Someone in Financial Trouble? Send them to:

http://www.StopFloridaForeclosureNow.com

www.BlackburnInvestors.com

Main (727) 599-5418 Fax (727)499-9584

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Loan Modification: Why The Bank Won't Work With You

Fri, 23 Jul 2010 13:46:52 GMT

Inevitably, my clients that are behind on their mortgage payments and possibly facing foreclosure ask me, “What about a loan modification?” Here’s my answer: Modifications are intended primarily for owner occupants. Also, attempting a loan modification does not stop the foreclosure process. By the time the property owner finds out the bank won’t cooperate on a modification, it could be too late to do anything else and the bank could foreclose. Unfortunately, due to circumstances beyond their control, many of them paid the highest possible price, with the highest possible financing, at the highest peak of the market. So, even if a loan modification is successful, the homeowner is still upside down, owing significantly more than the property is worth. One has to be willing to hang on to the property for 20 years or more. That’s how long properties in Tampa Bay will have a negative value and, for investors, generate negative cash flow. Sometimes I meet with homeowners that have already attempted a loan modification with the bank. These folks share the same bewildered expression when they ask, "Why won't my bank work with me?" It seems that mortgage companies do everything they can to avoid modifications. Perhaps this, taken from an August 6^th article in the St Pete Times, explains why:

“Without government aid, servicers don’t have enough financial incentive to modify mortgages. Each year, they earn about one-quarter to one-half percent of the value of the loans they service, so the larger the mortgage, the more they can make. They earn less if the loan is modified, usually by lowering the interest rate or principal or adjusting the term.

The servicers also make money through late fees, or by foreclosing. The paperwork necessary to execute a foreclosure can generate hundreds of dollars in fees for some servicers.”

More about loan modification from the Tribune:

“Housing advocates say homeowners still face “reluctant lenders,” said Irwin Trauss, an attorney who represents low-income homeowners for Philadelphia Legal Assistance. He recently testified at a hearing of the Congressional Oversight Panel, the watchdog that monitors the Treasury’s Troubled Asset Relief Program, better known as TARP, or the bank bailout bill.

Trauss said that Bank of America, at least through July, told homeowners that they couldn’t participate in the program when they should’ve been allowed to do so, and he alleges that Saxon Mortgage forced one of his clients into bankruptcy without providing a valid reason for turning down her modification request. Trauss’ comments were echoed by other housing advocates, who’ve found mortgage servicers slow to respond and confused about modification rules. ‘Servicers look for reasons to avoid making the modifications when they are most needed, rather than for opportunities to make them,’ Trauss said.” Banks are like everyone else – they work their pay plans, and mortgage modifications apparently don’t pay them enough. A modification is unlikely, so be sure you don’t fall prey to a “stop foreclosure” company that wants money up front for “helping” you with the modification. However, a loan modification can be pursued simultaneously with a Short Sale. If the loan modification is successful, the listing (even with an offer on the table) can be withdrawn, without penalty. Listing a property, short sale or not, doesn’t mean the sale has to close.

Sincerely,

Jennie Blackburn

Realtor®, CDPE©, Licensed Mortgage Broker

Know Someone in Financial Trouble? Send them to:

http://www.StopFloridaForeclosureNow.com

Main (727) 599-5418 Fax (727)499-9584

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The Truth About Mortgage Modifications

Mon, 02 Nov 2009 08:23:32 GMT

The Truth About Mortgage Modifications

The decisions you make as a homeowner today hold a profound impact on your financial future. However, it is important to safeguard yourself from misinformation and fraud. Get the facts regarding your situation and always have a contingency plan.

For those who qualify, a mortgage modification is the ideal remedy to their financial distress. I’ve prepared a FREE report on the truth about mortgage modifications to guide you through this important process. Simply provide your information below to get this valuable information, and feel free to pass it along to anyone who may need it. One homeowner lost to foreclosure is one too many!

As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Together, we can formulate a plan to get back on track.

If you have any unanswered questions, or your circumstances are urgent, please call me today.

Jennie Blackburn
727-599-5418

Everyone Cries

Sat, 24 Oct 2009 13:34:02 GMT

Everyone Cries

I’ve talked with hundreds of Florida homeowners who are behind on their mortgages, and have witnessed a full range of reactions: Anger, Fear, Guilt, Sadness, Panic, Shock, Worry, Resignation, and Shame. But everyone cries. Yes, every one.

When I first began meeting with homeowners about doing short sales, I thought the stigma of losing one’s home in a bankruptcy or foreclosure no longer existed, that people were inured to it, indifferent. In fact, most homeowners who are behind on their mortgages are more than embarrassed; they are mortified. Some try to appear indifferent, or spout “They want this house? They can come get it. I don’t care! I’ll walk away!” But that’s a false front and it soon crumbles. They DO care.

These are the kind of folks who have always paid their bills on time, especially the mortgage. Now they lose sleep, trying to worry a solution into being. They want to make sure the For Sale sign will not have a rider broadcasting “Short Sale”, “Foreclosure”, or “Pre-Foreclosure” because they are embarrassed and full of guilt. They don’t want the guy that waves hello from across the street every morning to think they’re deadbeats. And they feel guilty about potentially affecting the value of homes belonging to people they know.

Banks will not approve a Short Sale (where the property is sold short of covering the mortgage) simply because the house has negative equity (the house is worth less than the amount owed). To take a loss, they must be convinced that there are extenuating circumstances, which is why a hardship letter is one of the documents required by the bank as part of the short sale process.

This is where the crying starts. Talking about the difficulties that led to their current situation is tough for homeowners, and some cry in the telling, but writing it down makes even the most cynical eye well up in the process. Owning a home is the American dream, a dream that is hard wired into our culture. The idea of giving that up is devastating. I think writing it down means looking back and chronicling one’s own defeat.

And so they cry. Wouldn't you?

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Options and Solutions

Thank you for visiting this site and taking the first step toward finding answers. I appreciate what it has taken for you to come here, and commend your efforts to get the facts about your situation. The current real estate environment can be frustrating, with misinformation and conflicting plans for how to proceed.

As a real estate agent, what I often see in troubled homeowners is a belief that they are alone with their challenges. Regrettably, over 70% of homeowners in foreclosure proceed without ANY visible assistance. This is not acceptable for the communities I serve.

That's why I've developed this site: to ensure you get the valuable resources that can reduce your financial strain and change your life for the better. As a CDPE I know the options for homeowners in foreclosure or delinquent on their mortgages, and I can send you a report detailing this information, prepared just for you.

Simply enter your information below and click "Send." I hope that you will review this information carefully, so that your next steps are the right steps toward a real solution.

Let me help you evaluate your options and get back on track to a solid, stable future.

Foreclosure Vs. Short Sale

As a Certified Distressed Property Expert, I have devoted my career to helping homeowners who face difficult situations, taking them from uncertainty to resolution. Lately I've found a lot of conflicting information going around, especially concerning short sales, which you should know about.

A short sale occurs when a lender accepts the selling price of a home, even if it is less than the full amount owed on the mortgage. For particular homeowners, this can be the best option to foreclosure. Yet, I still hear people suggest that short sales are basically the same as foreclosure.

This is absolutely wrong!

You need to have the CORRECT information. That’s why I'm glad you're here. To help, I’ve prepared a free report—just for you—that compares the realities of foreclosures and short sales side-by-side. Simply provide your information below, and I'll send you this report.

If you have any additional concerns about this issue, or your circumstances are urgent, please feel free to give me a call. I can help you evaluate your options and get you back on track to a secure financial future.

Jennie Blackburn 727-599-5418

7 Short Sale Myths

There are millions of homeowners just like you who are looking for answers and don’t know what to do. You’re not alone and you’re in the right place.

As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Despite my best efforts, there’s still an overwhelming amount of misinformation about the options available, especially short sales.

To give you a better idea of the short sale option, and to set straight some of the myths you may have heard, I’ve prepared a free report just for you - please fill out the information below to receive your free report. This report will clarify the following myths:

The Bank Would Rather Foreclose Than Bother With A Short Sale
You Must Be Behind On Your Mortgage To Negotiate A Short Sale
There Is Not Enough Time To Negotiate A Short Sale Before My Foreclosure
Listing My Home As A Short Sale Is An Embarrassment
Short Sales Are Impossible And Never Get Approved
Banks Are Waiting On A Bailout And Not Accepting Short Sales
Buyers Are Not Interested In Short Sale Properties

These ideas are potentially harmful to homeowners seeking real solutions. I hope you’ll review this information for yourself or share it with a homeowner in need.

In these times, we all need to know the truth to know how to get back on track.

If you have any additional concerns about this issue, or your circumstances are urgent, please give me a call.

Jennie Blackburn
727-599-5418

Short Sale & Deed-In-Lieu

Contrary to what you may have heard, lenders actually want to avoid foreclosure wherever possible. That’s why they’re accepting more short sale and deed-in-lieu transactions everyday in an effort to eliminate unnecessary foreclosures. This is great news for homeowners facing financial distress.

To help you understand more about these two options, I’ve prepared a free report just for you, called ‘Short Sale & Deed-in-Lieu: Dignified Solutions.’ To receive your free report, please provide your information in the fields below.

I hope you’ll review these options carefully and pass this information along to those who may need it. I commend your efforts to finding a solution to the difficult financial situation that you or someone you know is currently facing. Providing the best advice and information in your time of need is my priority.

Let me help you evaluate your options and get you back on track to a secure financial future.

Your First Steps To Avoid Foreclosure

Your First Steps

In today’s market, 1 in 7 homeowners is having trouble paying the mortgage. More than 70% of these homeowners proceed without seeking assistance or getting the facts. Many do not even realize that foreclosure is a process, and that there is time to make decisions that may result in a better outcome.

You are not alone. Millions of other homeowners nationwide are in the same circumstances. To assist you, I’ve prepared a free report outlining the first steps a homeowner should take when facing a foreclosure.

Fill out your information below for this free report. Don’t hesitate. Get back on track today!

Strategic Defaults are NOT Strategic

Walking Away Is NOT The Answer

You may have heard that a “strategic default” can be an appropriate and even beneficial reaction to an upside-down mortgage or impending foreclosure. While this idea is widespread, the truth is that default is never an easy road to choose, and rarely ever strategic.

Unfortunately, the ramifications of a “strategic default” are rarely explained, leaving many homeowners stranded on an island of misinformation. To assist you, I’ve prepared a free report outlining the myths and misrepresentations of strategic defaults.

Fill out your information below for this free report. Don’t hesitate. Get the facts today!

Avoiding Mortgage Modification Fraud

I Am An Agent Against Mortgage Fraud!

The last thing struggling homeowners need is to be victimized by fraud. Sadly, some people are preying on those who need help the most. Today, the real estate industry is the newest, biggest target for predatory schemes. In fact, the U.S. Attorney General, Eric Holder, stated that mortgage fraud cases are 400 percent higher than they were five years ago.

With nearly 1 in 6 homeowners unable to pay their mortgages, understand that you are not alone. Knowing your legitimate foreclosure-avoidance options is the best way to fight this terrible trend.

The report on this site will tell you how to avoid mortgage fraud schemes, as well as what solutions are available to you. Enter your information below and get the facts now!

Understanding HAFA

New Help Has Arrived!

The rising number of foreclosures in this country is simply too big to ignore. That is why a government-backed program has been released that aims at streamlining foreclosure avoidance options.

Short sales and deeds-in-lieu are dignified solutions to foreclosure, and now the government is making them easier, quicker and more accessible through the Home Affordable Foreclosure Alternatives Program, or HAFA.

With one in six homeowners struggling to make mortgage payments, you are not alone, and there are options available. With the free report provided here, find out if you qualify for the HAFA Program. Simply fill out your information below to get started on your new chapter of financial stability.

Please read this report to learn the facts, and contact me to begin your journey to a solid, stable tomorrow.

Government Program Surveys

Are You Eligible?

The government programs currently available to homeowners can be valuable resources, but only if you know which ones are right for your situation.

That’s why I’ve created this free resource that lets you find out which programs you’re eligible for. Read the descriptions for each program to see which one fits your situation, then fill out the corresponding survey to see if you are eligible.

Find out now if you are eligible!

The good news is that programs exist for a variety of situations, and even more options are available beyond those programs. As a CDPE-designated agent, I can provide all of your possibilities and help you get moving toward a solution.

Cash for Short Sales

Short Sales are More Valuable Than Ever!

Avoiding foreclosure is always a smart move, but now there are incentives that make it an even better one.

Short sales and deeds-in-lieu are dignified solutions to foreclosure, and now the government is making them easier and quicker through the Home Affordable Foreclosure Alternatives Program, or HAFA, which also gives the homeowner $3,000 for participating.

With the free report provided here, you can learn all the benefits of completing a HAFA short sale. Simply fill out your information below for details on the program and how you would benefit.

Please read this report to learn the facts, and contact me to start exploring solutions.

A Dignified Solution

You Deserve a Dignified Solution

The economy today has been especially hard on homeowners. I meet people every day who thought they made a responsible decision on their mortgage loan, only to be hit with the unexpected.

The first and best move to make in this position is to educate yourself on what your options are based on your financial situation. Avoiding foreclosure is always something worth pursuing if you can, and there really are dignified alternatives available.

To get my free report on all the options and benefits of avoiding foreclosure, fill out the form below and click "Send". If you need immediate assistance, please contact me right away.

I'm here to help.

Credit Score Issues

Don't Let Your Credit Score Drop Unnecessarily

Avoiding foreclosure now could make or break your attempts to get a loan in the near future and determine whether you can get affordable interest rates.

That's why I've made this site available for anyone in our community struggling with mortgage payments. Foreclosure alternatives like short sales and deeds-in-lieu allow homeowners to avoid many of the damaging effects of foreclosure. In addition, short sales may have less of an impact on credit scores than foreclosure.

To get all the information on how these options affect your credit score, fill out the form below and click "Send". If you need immediate assistance, contact me right away.

I'm here to assist you.

Hidden Costs of Bankruptcy

Considering filing for bankruptcy? There may be alternatives you've never considered …

If you are having trouble paying your mortgage and are possibly considering bankruptcy, there may be better solutions for your particular circumstances. I've created the free report available on this page, "The Hidden Costs of Bankruptcy," to provide more information.

Alternatives to foreclosure, such as conducting a short sale and moving into a rental residence with less expensive payments, may offer the breathing room you need to reorganize your finances.

To get your free report, fill out the form below and click send. However, if your situation is urgent and you need immediate assistance, please don't hesitate to contact me.

I'm here to assist you.

Short Sale vs. Foreclosure

Foreclosure or Short Sale: Understand the Differences

Underwater on your mortgage? Facing foreclosure? Avoiding foreclosure through a short sale can have many benefits for your future financial stability.

I created this site to help spread the word about the options to avoiding foreclosure, and a short sale has many benefits. A successful short sale can reduce the damage to one's future loan eligibility, credit rating, employment, security clearance and more.

For a free report on the differences between short sales and foreclosure, fill out the form below and click "Send". If your situation is urgent, feel free to contact me immediately. I'm ready to help you take action and secure a more secure financial future.

As a CDPE-designated agent, I've been trained to pursue foreclosure alternatives, and I'm here to help.