How can I find a property that I could “take over” a mortgage paymnt w/out qualifying for the loan in Sacramento or can I?

An interesting discussion that was started by a local Buyer wanting to avoid having to go through the hassle of a “mortgage application”

She asked this on Trulia‘s Q&A and had some interesting answers.  I think you’ll find that the discussion was informative.

Click here and enjoy the read… not a long one, but I think you’ll like it.

In the mean time…?

Make it a great day…

Ed Favinger, Broker CRS, GRI, SFR    916-203-1260

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Beware of “Mortgage Rescue” Schemes…!!!

Remember… “if it sounds too good to be true, it probably is”

I hate it when I hear stories like this so that’s why I am posting this on my website here.

If you or someone you know is having a problem making their Mortgage Loan payments…?   What ever you do, please stay in touch with your Lender.   The banks don’t really want your house back and will work with you up to a point.

Read this story to get the gist of it and remember what I said above.   Get it here

In the mean time…?

Make it a Great Day…!!

Ed Favinger, Broker CRS, GRI, SFR       916-203-1260

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Thinking of Walking Away From Your Mortgage ‘Cause Your Upside Down..?

If you are thinking of doing this… You’ve got company…

See the latest from the Sacramento Bee’s Real Estate reporter Jim Wasserman.

Home Front: Gain trumping pain of walking away from mortgage

Comments anyone…?

Make it a Great Day…

Ed Favinger, Broker CRS, GRI      916-203-1260

The Reaction of a Cynical Homeowner in need of a Modification

short sale - small house

Participate in a Short Sale and We’ll give you some $$$ back was the message to a Home Owner…

So What Happened…?

I approached this particular Owner in my capacity as a “Home Retention Consultant” under a contract with Titanium Solutions Inc. Titanium Solutions, if you didn’t know,  has been retained by several Lenders to help keep people in their homes if possible and to assist the Banks and Home Owners in keeping the lines of communications open.

If a Modification can’t be worked out, we as Agents and Brokers are encouraged to get the Home Owner to participate in a Short Sale because the banks know it costs them more to go all the way to foreclosure.  We pay a referral to Titanium if we successfully close a Short Sale lead provided by them.

They will also pay us a small fee just to help the Lender and Home Owner keep the lines of communication open.

I can not tell you who the Lender was but they were ready to offer this particular owner  $2,500 if he’d participate in a Short Sale.

He just turned it down flat.!!   Not interested.. Not motivated at all.   Why…?   Because, in his opinion,  he had put so much money into the house that if he took the $2,500 from Wachovia he’d “lose money”.   His rational was that he knows what the homes in his neighborhood are selling for and he wants a decent loan modification that lowers his payments and does not have negative amortization.

He also wants his loan amount lowered.   If he doesn’t get it his way he’s prepared to go all the way to foreclosure but then take everything he’s put into the house with him.  In short gutting it.   He’s installed over $13,000 just in a patio cover, new granite counters and new kitchen cabinets, new appliances and a new bbq island in the back yard.

I think this is an indication of the “cynism” that is in the minds of many people, who for whatever reason, find themselves in this situation.

In this case the young man got divorced and the only way he could stay in his home was to “refinance” into one of these loans that have been the subject of many a news article.

Just another story in a frustrating year of Short Sales and Foreclosures that are everywhere.

Make it a Great Day…!

Ed Favinger, Broker, CRS, GRI 916-203-1260

Loan Modifications – Are the Banks Really doing them…?

I got a chuckle out of this article in Sunday’s Sacramento Bee….

Because…..?  Again when it comes to real estate news, all you have to do is speak with any Real Estate Professional that is “active” in the business and you will most likely feel that you’ve heard these stories before.

For the last 18 months or so I have been working with Titanium Solutions as an HRC… “Home Retention Consultant” .  What Titanium does is hire Real Estate Brokers and Agents to make contact with Homeowners who are behind on their mortgages.  

Our assignment is to get them back in contact with their Lender to either help them work out a “Short Sale” or a “loan modification”.   We get a small fee for making these contacts and in addition if the owners can not make further payments or they’ve elected to “walk away”, we’re then encouraged to take a “short sale” listing.  In the real estate business we call that “a lead”.

The Banks Don’t Want the House Back.

That’s the message we got in the HRC training we all had to go through.  I have noticed recently,  when speaking with homeowners,  that it seems while the “lenders” are pursuing modifications, they don’t seem to be really approving any permanently.

More than one homeowner told me that they had “sent all the paper work” in weeks ago and were somewhat stunned that I was at their door looking to get the same information they had already sent in.   One of them told me of being on a “trial modification” for almost 6 months.

On one occasion I went to a home that had been listed since last August and was in the middle of the “short sale process”.

I have also spoken to some friends regarding real estate and the subject of “loan modifications” has come up.  In those cases I heard the exact same thing.  Two of them had been on “trial modifications” for 4 – 6 months.  They get requests from the Lenders for some of the same paper work that they had already sent in.  It seems to be a “never ending process” according to my friends in this situation.

Loan Modificiation Bottom Line…..?

In my opinion, just hang in there and work with your Lender….  because..?  I believe  eventually..,  as the SacBee article states,  they will get it right.

However……As Dennis Miller might say on Saturday Night Live    “I could be wrong”….



Make it a Great Day

Ed Favinger – 916-203-1260 Mobile,

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