UMMAA March 2009 Newsletter
World Savings on 60 Minutes this is a must see report from an insider that worked at World Savings. I think this guy was mad because he got fired and is trying to lash out. All I can say is WOW.
Housing programs could have little impact here
Here is an article I read first thing this morning and it struck a cord with me. It seems as though everyone is wanting to know what this plan going to do for the American homeowner. I can tell you that it reminds me a lot of the Hope for Homeowners that came out last October. The program that was supposed to help 400,000 families but was a dramatic failure because it only help 316 families.
Wells Fargo May Cut Loans for Some Wachovia Customers
This is great news because as you know Wachovia has been one of the most difficult lenders to work with. They have not been willing to do much for our clients and have put many families on the streets. When this program gets rolled out it should have a major impact. The good news for loan modifiers is the real response they Wells Fargo can expect to get, based on historical data is about 20%. This is because most of the people behind on their payments do not open letters from their lenders.
The biggest obstacle for the homeowner in the program is qualifying and that is why you are needed more now then ever. The homeowner needs your help in preparing their budget so they get the best opportunity to qualify.
Kev
GSE Loan Mods Surged After Takeover
Loan modifications carried out by mortgage financiers Fannie Mae and Freddie Mac surged since their government takeover, according to the FHFA’s November Foreclosure Prevention Report released today.
Mortgage woes break records again in 4Q
This is for you people out there wondering if there is enough business. Last month I read an article that state 9.9% of homeowners were facing foreclosure then this comes out and slaps me. 12% of the homeowners are behind on their payments. 60% of people in subprime loans are behind. These are the same 60% that the new federal program will not help. As you can see you are needed more now then ever before.
Zillow Real Estate Market Reports
Fourth Quarter: October-December 2008
U.S. home values continued to slide for the eighth consecutive quarter, declining 11.6 percent from a year ago, and falling 17.5 percent since the market peak in 2006. Additionally, one in five homes sold in the past 12 months was a foreclosure, and one in six of all homeowners have negative equity.
Freddie Mac Launches New Workout Plan for High Risk Loans
McLEAN, Va. (Map) - MCLEAN, Va., Feb. 3 /PRNewswire-FirstCall/ -- Freddie Mac (NYSE: FRE) said today it is piloting a new Workout Strategy For High Risk Loans designed to keep more at-risk borrowers in their homes by employing third party servicers that specialize in servicing Alt A and other types of higher risk mortgages. "A workout strategy is only as successful as the number of knowledgeable counselors available to answer the phone. Our strategy for high risk loans is designed to help servicers cope with today's unprecedented call volume by directing calls to a specialist with the specific staff and technical resources for handling a high volume of borrowers with these types of mortgages," said Ingrid Beckles, Freddie Mac's senior vice president of default asset management.
Freddie Mac Launches New Workout Plan for High Risk Loans
I m excited to see how this program works. If they do what they are claiming,we could see some results.
McLEAN, Va. (Map) - MCLEAN, Va., Feb. 3 /PRNewswire-FirstCall/ -- Freddie Mac (NYSE: FRE) said today it is piloting a new Workout Strategy For High Risk Loans designed to keep more at-risk borrowers in their homes by employing third party servicers that specialize in servicing Alt A and other types of higher risk mortgages.
Educating The Homeowner
I talk with people from all over the country and I get the same questions everyday. They dont' change, ever. It seems people from all walks of life, ethnic backgrounds and financial standings have the same misinformation.
Capital Mail Discounts for UMMAA members
Capital mail and the UMMAA have worked out a discounted price for the UMMAA members.
Capital mail will develop your mailer and send it out for the cost of $.41 per mailer.
Hope Now Has Record Month and Default Rate Increases
Hope Now completes 123,000 loan modifications and 125,000 repayment plans in January 2009. They still have a higher rate of repayment plans then loan modifications. Over 50% of the people Hope Now works with actually get a higher payment. I just don't understand the thinking with here.
CBS News Interviews Kevin
I got a call a few weeks ago by a reporter in Texas. She had heard about our association from loan modifiers in Texas.
UMMAA Coaching Program
The UMMAA has answered your call and stepped up with a coaching program to walk you through the daily step by step process of running a profitable business.
Rapid Rapport
A few years ago I wrote a book called Rapid Rapport and it is filled with great information that will help you again rapport with anyone in 90 seconds or less. I am giving the book away to you for free if you download it by Friday morning.Let me ask you a few questions, just so that you’re all warmed up and toasty for what’s to come!
Here are a few pages of the first chapter, I hope you enjoy it.
WHAT ARE GOALS AND GOAL SETTING?
Here are a few pages of the goal setting book I wrote a few years ago. It has great information that will help you get a grip on what you want to achieve and how you can achieve it. I will be giving more goal setting advice in the future issues.
