Hope Against Hope Free Workshop.

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Presentation transcript:

Hope Against Hope Free Workshop

Free Workshop When you owe more on your house than its worth… and don’t know what to do about it… When you can’t afford the payments you have… and don’t know what to do about it… When you just want to know what’s going on with your home today… and what to do about it…

The Truth

1 out of every 34 families are in Foreclosure = 361,000 Filings In California 1 out of every 34 families are in Foreclosure = 361,000 Filings First 6 months of 09 (Nationally 14% in Default)

According to the OCC (Office of Controller of the Currency statistics) Loans modified in the 1st half of 2008: 36% had re-defaulted in30 days 56% after 6 months 58% after 8 months

Option 1: Staying The Course

Option 2: Loan Modification

What is a Loan Modification? When your lender modifies the terms of your existing loan

The Benefits: Get to keep the house (markets cycle) Lower Payments to Affordable Principle Reduction

What Must You Have?

What Must You Have? Hardship demonstrated by a letter & financial documents Your package- “Insider Secrets” Ability to repayunder new terms

Obama’s Program Making Home Affordable

1st Mortgage P.I.T.I Gross Income x 31%

#1 Factor Surplus vs. Deficiencies Ideal DTI: 5-10% (- or +)

Obama’s Program Expanded Foreclosurealternative program

The Two Part Conversation

Option 3: Short Sale

What is the Cost? Intended VS. Unintended

Intended: Customary Cost of a RealEstate Transaction (Commissions, Escrow, Title, Transfer Taxs Etc.) Your lender is “paying for the sale” (at their discretion)

Unintended Cost: Tax Liability Special Provision: Mortgage Debt Forgiveness Act 2007

The Reality Success Rates: National Average 10-20% CDPE Average: 70-80%

The Difference? A Winning Formula

Top 5 Benefits of a Short Sale

Top 5 Benefits of a Short Sale Future Purchasing Power Fannie Mae / Freddie MacGuidelines 2 Year Credit History Tax Break - MDFA 2007 Current / Future Employment Credibility

Your Next Best Steps

Next Workshop Sacramento 2/25 12:00 - 1:00PM Online 3/16 7:00 - 8:00PM Santa Clara 3/25 6:00 - 8:00PM