Monday, March 16th, 2009
You are at, www.garyjamesblogs.com
There is a way for Mortgage Brokers and Loan Officers to legally help their clients save their homes, businesses, and credit worthiness.
We now live in an era of time that can be arguably called, “Hard Times Nouveau”. As with most situations that occur in the stream of life where the society of the times collectively agrees that “Times Have Changed” we have some new notions about how to look at business and personal finance that are developing and may forever alter the way Capitalist’s use credit and generally do business.
Currently, one major part of this process is to find ways to help the millions of people who find themselves financially “upside down” (meaning they owe much more money for something(s) than those things are worth) to get back into “the mix” so to speak.
Within the Real Estate industry the term Loan Modification is used most often to refer to the need someone has to lower their monthly mortgage payment and so they look to the lender for help in re-writing the terms of their mortgage contract. The chief motivation for this is because they find that the house they call home to be worth less money than they paid for it and thus the house is “upside down”.
Given the current economic climate, Loan Modification tends to be a more suitable solution to restore financial stability than choices such as bankruptcy or a refinance because loan modification is typically the least costly way to adjust the payment as well as other aspects of the terms including interest rate and length of the contract.
BUT YOU NEED TO KEEP IT LEGAL:
One big question that arises with this process is, who does a homeowner use to handle negotiation of the new terms of the contract with the lender? The short answer here is the homeowner needs to negotiate the new terms their self or they need to use an attorney.
This is truly the main legal ways to handle the negotiation of a loan modification. However, quite often someone who is looking for a mortgage loan (modified or not) will seek the help of a mortgage broker or loan officer.
Meanwhile, there is some genuine happy news for those mortgage brokers and loan officers who wish to help their clients complete a Loan Modification and keep it legal. You can join our group, help your clients achieve a loan modification, save your client money, have them speak directly with an attorney, and earn a commission for yourself. For more information click the link.
Then contact me with questions at, garyjamesradioshow@yahoo.com
Be Well….Expect Success……Gary James
Technorati Tags: business, interest, legal, Loan Modification, loan officer, mortgage, mortgage broker, real estate
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Friday, January 16th, 2009
You are at www.garyjamesblogs.com
….if Obama can not jump start the debt machine mighty fast, his positive relationships with our culture will be fraught with problems, and because he is black, he is the Prime target to eventually be referred to as, “The Sub Prime President”…..
Since the election of 2008 the sheer type and intensity of issues that face our world leaders and population has rekindled my interest in searching for the bottom line or perhaps the “big picture” of what’s really going on for the sake of greed.
This time around my research has uncovered the true issue, the ground zero of why the international economy of which America is a big part crashed and burned. Here’s the scoop.
Our current demise actually began in the 1940’s when the bankers got together with a number of real estate people and literally, physically, built a wall that separated the City of Detroit, Michigan into two areas.
One area that was loan worthy to buy or build in (called prime areas) and those that were not loan worthy (called sub prime).
The epitome of what was called “redlining”, this maneuver (which is no longer legal to do) that began in Detroit quickly spread throughout the United States. Whereby, people and property who qualified for prime lending were treated to much better terms than property or people who were in the sub prime category.
Skip ahead….skip ahead…..skip ahead…..some 60 years later the culmination of this type of lending came when the concept was combined with two other concepts.
1) Bundling and selling sub prime mortgages as investments themselves on the open market and chiefly to hedge funds (people with plenty of money). And since it did not take much to rewrite the credit worthiness of the mortgages within the bundles as AAA grade, a great many bundles were sold to foreign investors who accepted the “safeness” of these investments at face value.
2) The variable rate mortgage. ARMs as they are called became the drill that burst the ever expanding “loan/investment bubble”.
With this over all trilogy of financial terror in play is it any wonder that it took only about 6 years to evaporate the whole bloody thing? I have read and listened to a huge pile of crap about mitigating circumstances that helped account for the financial mess we’re in but the above information sums up what really happened.
Meanwhile, Poor Ole President Obama can do nothing about it BECAUSE he is still stuck with an economy that can ONLY grow through debt expansion. In other words, we have to start all over again using the same principles and communication issues that got us into this mess in the first place. Hopefully this time it will be a bit more difficult for the banker’s et al, to engage the greed factor.
I predict that if Obama can not jump start the debt machine mighty fast, his positive relationships with our culture will be fraught with problems, and because he is black, he is the Prime target to eventually be referred to as, “The Sub Prime President”. I hated sharing this with you but that’s the way I genuinely see it. And since I am very rarely ever wrong about such things, I ask, who wants odds?
Stay tuned to this blog. I will eventually share with you what YOU can do in your everyday lives to come out of this financial crap pile “smelling like a rose” as it were.
BTW, in blogs like this I do not list any of my sources because most of them want to remain anonymous.
© Copyright Gary James 2009 all rights reserved.
Technorati Tags: communication differences, credit, culture, finances, investment, loan, mortgage, Obama, politics, race, relationships problems, sub prime
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