Abbott Can Help Homeowners ~ Avoid Foreclosure

Borrowers Should Not Have False Hopes

Mon, 22 Nov 2010 10:04:44 GMT

Borrowers Should Not Have False Hopes

Borrowers should not have false hopes that the foreclosure scandal is going to lead to a substantial number of foreclosures being permanently forgotten,” Rep. Barney Frank said during Congressional hearings last Friday [reported by the Washington Post].

Strong words from the outgoing chairman of the Financial Services Committee, and even stronger when paired with the new mortgage delinquency numbers. The following are percentages of mortgages in default and the foreclosure process (from the Mortgage Bankers Association’s National Delinquency Survey):

Prime Loans: 9.94%
Subprime Loans: 40.29%
FHA Loans: 16.44%
VA Loans: 9.96%
All loans: 13.78%

The survey covered 44 million loans, meaning there are more than six million mortgages not being paid in the U.S. today. This means millions of homeowners are looking for answers to their financial challenges … answers that can be provided by educated real estate agents, and increasingly come in the form of short sales.

According to CoreLogic, distressed property sales have increased steadily and rapidly over the last few years. In particular, the company reported 60,000 single-family short sales completed in the 2Q 2010, which is a record high.

So, while Citigroup announced it will review about 14,000 foreclosure-related documents, and Bank of America said it will reform its foreclosure process, The Abbott Can Help Team, as CDPE agents, have the opportunity to reach a greater number of distressed homeowners before foreclosure becomes final.

All In The Family

Wed, 03 Nov 2010 10:25:29 GMT

All In The Family

In 2009 we partnered to form a team of specialists that help provide solutions to homeowners in distress and facing foreclosure. Abbott Can Help provides an efficient and systematic approach to working with property owners and lenders to offer solutions to foreclosure through short sales. We were recently featured in the real estate section of our local publication, The Daily News.

Click here to view the article

The difference between judicial and non-judicial states

Mon, 25 Oct 2010 09:41:19 GMT

The difference between judicial and non-judicial states...

is relatively simple, but an important and often misunderstood part of the foreclosure process. There is a lot of confusion among homeowners about this issue, so here’s some clarification.

Judicial

A “judicial” state requires a judicial review of the foreclosure case before it can be officially processed. The foreclosure process actually begins by filing a Lis Pendens (“a lawsuit pending”) document in a court of law. Following are the states that require judicial review: Connecticut, Delaware, Florida, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Pennsylvania, South Carolina, Vermont.

Non-Judicial

In “non-judicial” states, lenders or trustees file a Notice of Default with the county recorder’s office to commence the foreclosure process, and the process does not need to go through the courts. These states include Michigan, New Hampshire, Tennessee, Utah, Washington D.C., West Virginia.

The remaining 25 states allow both judicial and non-judicial foreclosure, though some have tendencies toward one practice or the other.

For some additional clarification, Thomas Lawler, former director and senior vice president at Fannie Mae, recently provided this informative explanation in a post for The New York Times:

“Some states allow both judicial and non-judicial foreclosures. … And in some states, judges have enormous discretion as to how to handle a foreclosure. … In many judicial states, foreclosures can be challenged, and such challenges have increased drastically.”

This distinction has become increasingly visible due to the recent “foreclosure freezes” by major lenders nationwide, most of which initially halted foreclosure proceedings in the states requiring judicial review. We understand the foreclosure process and timelines in Florida, so we can properly educate our distressed clients.

Bank of America Freeze Begins to Thaw

Thu, 21 Oct 2010 12:34:15 GMT

Bank of America Freeze Begins to Thaw

Bank of America announced today it is in the process of lifting its foreclosure freezes in 23 states that require a judicial foreclosure proceeding. On NPR Tuesday morning, a spokesman said that the bank has approximately 195,000 non-performing mortgages that have not been paid in more than two years. Next week, Bank of America will reinstate suspended foreclosure proceedings, putting a stronger timetable on those distressed homeowners’ attempts to avoid foreclosure.

Now is the time for us, as CDPE-designated agents, and distressed homeowners to develop a strategy to put the homeowner back in control, especially through short sales. In fact, Bank of America has made short sales a priority in handling distressed properties. This shows their willingness to work with agents–especially those with the CDPE Designation–toward this dignified solution to foreclosure.

Although Bank of America, JPMorgan Chase, and Ally (GMAC) have not entirely reinstated all of their foreclosure proceedings, it is only a matter of time before they do. It is vital that both the Abbott Can Help Team and distressed homeowners come together quickly to establish a plan and find real solutions.

More Than 7 Million Delinquent Loans

Tue, 19 Oct 2010 10:41:59 GMT

More Than 7 Million Delinquent Loans

According to Lender Processing Services (LPS), there are more than 7 million mortgage loans delinquent or in the foreclosure process. This is up from the second-quarter 2010 figures we saw from the Mortgage Bankers Association, which showed approximately 6.2 million total delinquent mortgages. The numbers from LPS were provided as a preview of its report on September figures, based on roughly 40 million loans (to be released at the end of October).

At this time, it is important for us to adopt what we have termed a “distressed property mindset,” wherein success is not defined by transaction numbers, but in families saved.

Combined with the news about recent foreclosure freezes by major lenders and talk of future moratoriums, there is an opportunity to reach out to, and provide solutions to millions of distressed homeowners. The numbers from LPS show a drastic need for us to get involved with homeowners struggling to make mortgage payments, and the foreclosure freezes have provided vital, additional time for them to find dignified alternatives to foreclosure, including short sales.

GMAC (Ally) Expands its Foreclosure Review Nationwide

Thu, 14 Oct 2010 10:10:35 GMT

GMAC (Ally) Expands its Foreclosure Review Nationwide

GMAC’s mortgage unit, Ally Financial, has followed Bank of America in reviewing its foreclosure proceedings on a nationwide level. Ally continues to halt evictions in only 23 states, but has hired a “specialized team” to review all their foreclosure holdings with special attention given to foreclosure sales. So far, they have found no evidence of improper foreclosures.

This comes at a time of much national debate regarding mandatory moratoriums on foreclosure. The White House has issued statements that it does not support a mandatory moratorium on foreclosures due to potential “unintended consequences.” Most economists and housing experts agree that although this may be a short-term opportunity for distressed homeowners to stay in their homes, a foreclosure freeze would worsen the housing crisis and push recovery further into the future.

We agree that suspending the foreclosure process will hurt the US housing recovery and want to educate all homeowners that even though their foreclosure may be frozen for the time being, lenders are still able to consider short sales. This extra time to sell your properties should not be taken for granted.

What Foreclosure Freezes Mean For Distressed Homeowners

Mon, 11 Oct 2010 10:43:58 GMT

What Foreclosure Freezes Mean For Distressed Homeowners:

It’s hard to miss the news in real estate today: major lenders are investigating issues in their foreclosure processes. To date, GMAC (now Ally Financial), JPMorgan Chase and Bank of America have announced foreclosure freezes to review how their companies are handling the process. While most lenders have stalled foreclosure procedures in roughly half the nation, Bank of America recently extended their freezes to all 50 states.

However, few are talking about what this means for distressed homeowners and the agents who can help them. While these major lenders evaluate their foreclosure processes, delinquent and seriously delinquent homeowners now have more time to evaluate alternatives to foreclosure. We have an opportunity to reach out to these homeowners and educate them about their options.

Not every distressed homeowner may qualify for a short sale. But in this economy, We have the opportunity – some might say, the responsibility – to find solutions for homeowners in need, even if it does not result in a sale. This will help to stabilize community values and salvage financial futures for those facing true hardships.

It’s important to note that time may be short in these foreclosure freezes. GMAC was even quoted as stating their halt could extend through the end of the year, but may be as short as a few weeks. We are taking this opportunity to engage homeowners who may feel they have no other options. It’s our opportunity to make a huge difference.

New (Higher) Distressed Market Numbers

Wed, 06 Oct 2010 14:18:17 GMT

New (Higher) Distressed Market Numbers

A recent study shows that 1 out of 5 American mortgages is distressed, and 11.5 million homeowners are in danger of losing their homes by the end of the year.

Amherst Securities Group, LP, claims that recent industry data showing a slowdown in default rates is skewed because of a massive push to modify mortgages. Mortgage modification has had very disappointing results, with just under half of the program’s participants re-defaulting within 12 months after modification.

Additionally, another study by the Center for Housing Policy of the 100 largest metropolitan areas showed 10 percent of mortgages as seriously delinquent (90-plus days late or in the foreclosure process). In some areas, this percentage was as high as 1 in 4 mortgages.

The numbers are telling … educated agents are becoming increasingly essential in today’s market. The Abbott Can Help team is better equipped to offer solutions for both lenders and distressed homeowners – especially short sales – and to help minimize losses for all parties.

JPMorgan halts 50,000 foreclosures for possible flaws

Thu, 30 Sep 2010 16:15:28 GMT

JPMorgan halts 50K foreclosures for possible flaws

JPMorgan Chase has temporarily stopped foreclosing on more than 50,000 homes so it can review documents that might contain errors. JPMorgan’s move Wednesday makes it the second major company to take such action this month, underscoring a growing legal problem. The issue could stall an already overloaded foreclosure process.

“It will probably slow things down for a couple months while these documents are reviewed,” said Rick Sharga, a senior vice president at foreclosure listing service RealtyTrac Inc. “It won’t stop things.” But if the problems turn up at more of the largest mortgage companies, a foreclosure crisis that’s already likely to drag on for several more years could persist even longer.

GMAC Mortgage LLC last week halted certain evictions and sales of foreclosed homes in 23 states to review those cases. The company said it found procedural errors in some foreclosure affidavits. After GMAC’s announcement, attorneys general in California and Connecticut told the company to stop foreclosures in their states until it proves it’s complying with state law. The Ohio attorney general this week asked judges to review GMAC foreclosure cases.

And in Florida, the state attorney general is investigating four law firms, two with ties to GMAC, for allegedly providing fraudulent documents in foreclosure cases.

The issue is also gaining attention on Capitol Hill. Last week, Rep. Barney Frank, D-Mass. and two other lawmakers wrote to Fannie Mae, urging the government-controlled mortgage giant to stop working with so-called “foreclosure mill” law firms under investigation for document fraud.

JPMorgan acknowledged Wednesday that its employees signed some affidavits about loan documents without personally verifying the files. These affidavits verify the accuracy of the loan information, including who owns the mortgage.

The bank asked judges not to enter judgments against homeowners facing foreclosure until it completes its review of the problem. JPMorgan expects the process to take a few weeks. The way mortgages are packaged and sold to many investors as securities can make it hard to determine who has the right to foreclose on a homeowner.

In some states, lenders can foreclose quickly on delinquent mortgage borrowers. But 20 states use a lengthy court process for foreclosures. They require documents to verify information on the mortgage, including who owns it. Florida, New York, New Jersey and Illinois are the biggest states with this process.

Christopher Immel, a Florida lawyer who represents homeowners, said people who already have lost homes could sue their lender, alleging errors in documents.

In August, a judge in Duval County, Fla., ruled that JPMorgan could not foreclose on two homeowners. The reasoning was that Fannie Mae carried the mortgage on its books and JPMorgan Chase only collected payments on the loan. JPMorgan Chase had identified itself as the owner of the loan. More lawsuits could come soon.

Media Responds To Agents Helping Homeowners

Wed, 22 Sep 2010 12:23:26 GMT

Media Responds To Agents Helping Homeowners:

The amount of traction agents have gained in the media for helping distressed homeowners in their communities is astounding. Most recently we saw another CDPE agent on his local FOX affiliate in an article titled: Realtors learning to counsel troubled homeowners. One of his quotes was as motivating as it was insightful:

“… it doesn’t matter which neighborhood you’re in, some of your neighbors are in trouble. If you walk down the street and you count 7 houses, one of those houses is in distress.”

This is a perspective that isn’t shared enough, and a statistic that’s frighteningly accurate. CDPE agents have invested time and energy into learning how to help homeowners avoid foreclosure, including through short sales. It’s clear the media has picked up on this movement of CDPEs to help solve the foreclosure crisis, one homeowner at a time.

GSE Short Sale Volume Up More Than 150 Percent

Mon, 13 Sep 2010 09:28:42 GMT

GSE Short Sale Volume Up More Than 150 Percent:

A few months ago, it was reported that Freddie Mac reported its short sale volume was up 600%. Today, REOInsider reported that “short sale volume is up more than 150% from volume in 2Q09, according to the Federal Housing Finance Agency’s second quarter government-sponsored enterprise (GSE) ‘Foreclosure Prevention & Refinance Report.’”

We weren’t surprised at the report back in June, and we’re not surprised now. Short sales are on the rise nationwide. We have received training in assisting distressed homeowners, and we provide solutions to these homeowners facing foreclosure.

Short Refinance Program Initiated

Tue, 07 Sep 2010 17:01:08 GMT

Short Refinance Program Initiated:

In an effort to help homeowners who owe more on their homes than they’re currently worth, the government will initiate its “short refinance” program on Tuesday, September 7, 2010.

According to an August 6 Mortgagee Letter released by HUD (click here to download the entire letter), the program will allow “borrowers who are current on their mortgage to qualify for an FHA refinance loan provided that the lender or investor writes off the unpaid principal balance of the original first lien mortgage by at least 10 percent.”

While lender consent is required and program participation voluntary, the FHA has stated the program could modify between 500,000 and 1.5 million upside-down mortgages.

Following are a few of the eligibility requirements detailed in the Mortgagee Letter:

Homeowner must have negative equity, be current on the existing mortgage, and have a FICO score greater than or equal to 500
It must be for the homeowner’s primary residence
Existing loan can’t be FHA-insured
First lien holder must write off at least 10 percent of the unpaid principal balance
Refinanced mortgage must have a loan-to-value ratio (LTV) no greater than 97.75 percent
Second liens must be re-subordinated so the new loan does not exceed a combined LTV of 115 percent

Because of this last requirement, this program may have difficulty when confronted with situations involving second lien holders.

Warning to Servicers: Fannie Mae is Watching for Delays

Sat, 04 Sep 2010 14:13:09 GMT

Warning to Servicers: Fannie Mae is Watching for Delays.

Fannie Mae has put loan servicers on notice: take too long to complete foreclosures and you could face fines.

Through a recent announcement, the government-sponsored enterprise has created timeframes for completing foreclosure proceedings (see their foreclosure timeframes for more information on a state-by-state basis). For servicers unable to provide a reasonable explanation for delaying proceedings, Fannie Mae may levy what it’s calling “compensatory fees for breach of servicing obligations.” However, delays beyond the control of the servicer will not be held against them.

Regarding these delinquent loans, Fannie Mae stated it would monitor “all whole mortgages, participation pool mortgages, and MBS pool mortgages with a special servicing option referred to an attorney or trustee to initiate foreclosure proceedings on or after July 1, 2010”. In its National Delinquency Survey, the Mortgage Bankers Association reported 13.97 percent of all mortgages were either delinquent or in the foreclosure process in the second quarter of 2010.

Here are some additional highlights from the announcement:

With this Announcement, Fannie Mae:

has updated the allowable foreclosure time frames for four states;

is monitoring all delinquent loans in Fannie Mae’s portfolio or MBS pools, and will begin notifying servicers of delays in processing delinquent loans;

may begin conducting reviews of servicer loan files, processes, or procedures;

requires accurate and timely reporting on the delinquency status of mortgage loans; and,

will exercise its remedy to assess compensatory fees as deemed necessary.

The announcement also includes a chart of compensatory fees for specific circumstances. We’ll continue to post updates and results from this initiative as they happen.

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Tue, 10 Aug 2010 13:53:35 GMT

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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.

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!

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 us 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 We’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.

Are you eligible?

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

Missing Mortgage Payments? It's Never Too Late!

Missing Mortgage Payments?

It's Not Too Late!

According to Lender Processing Services (LPS), over 6.32 million homeowner missed their mortgage payments in April 2011. Another four million have missed more than three months of payments and are now considered seriously delinquent. If you or someone you care about is having difficulty making mortgage payments, you should know it's not too late to get help.

I created this website so homeowners could gather as much information as possible about a homeowner's options and what steps should be taken next. The free reports available on this site are phenomenal resources for you to learn more about how I can help overwhelmed homeowners overcome this temporary challenge in life.

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.

Feeling Financially Squeezed

Feeling Financially Squeezed?

Escape the Grip of Forecloure

If you are struggling with the emotional stranglehold of foreclosure, I'm here to help. With my assistance, we can start the process of putting you back on the path to stability.

As a CDPE, I have extensive training to serve the needs of homeowners in circumstances where they feel they have no options. The reality is that you have many.

Because millions of Americans are struggling with unaffordable mortgage payments, lenders are more than ever encouraged to work with homeowners to find a solution that benefits all parties.

To find out more about foreclosure alternatives that are available to you, click and download the free report I've created on this website.

Call me today. The sooner we get started the more time we'll have to devise a strategy to help you breathe a little easier and restore hope for the future.

Tipping the Scales Toward Foreclosure?

Fear of foreclosure is a national epidemic.

Millions of homeowners fell behind on their mortgage payments last year, and then proceeded to fall further behind every month.

These are tough times and there are no easy answers.

The fact is, major lenders, the federal government, and local agencies across the country have stepped up their efforts to stem the tide of foreclosures. More help is available than ever before.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, I am knowledgeable and adept at navigating among the full range of solutions for helping financially distressed homeowners to make a fresh start.

Looking to learn more? Check out my free report: "Tipping the Scales Toward Foreclosure? Resolve to Shed the Weight of an Unmanageable Mortgage in 2012."

And if you, or someone you care about is looking to tip the scales back into financial solvency, contact me today for a confidential consultation!

Don't Walk Away From Your Mortgage

Stop Don't Walk Away From Your Mortgage

At a Crossroads?

Walking away or "strategically defaulting" on your mortgage is not the answer. You will find that there is nothing strategic about foreclosure, especially when there are solutions to avoid it.

You should know that you have options, and that you are not alone. More than 25% of American homeowners now owe more than what their homes are worth, and millions more are having a hard time paying their mortgages.

I've developed a free, detailed report on foreclosure alternatives you can download below. Download it today and give yourself a green light for a solid financial future.

The sooner you take this step, the more time you'll have to act and move toward a more promising tomorrow.

Mortgage Crisis Easier

Solving Your Mortgage Crisis Just Got Easier

If you are having trouble making your mortgage payments, the strain of figuring out what to do can be overwhelming.

Why do it alone when you can have a dedicated, extensively trained professional on your side at no cost to you?

Both lenders and the federal government are putting new systems in place to help you avoid foreclosure. For access to free, detailed information explaining these programs, simply download the report below.

On this website, you can find information regarding all of your options. When you call me to find out what you can do to take advantage of these options, I will show you how having straightforward solutions to your mortgage challenge can help you to breathe a little easier.

For more specific information and to see if you qualify, please, call me today! The sooner you call the sooner you can breathe a sigh of relief!