Kemp Hooper

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When Warren Buffett speaks, everyone listens. And so it was no surprise today that the financial markets continued to take it on the chin when the Oracle of Omaha confirmed in an interview with CNBC what we've all been thinking: the economy has "fallen off a cliff," he said. "Not only has the economy slowed down a lot, but people have really changed their habits like I haven't seen."

He expects the unemployment rate, which now stands just over 8%, to go higher. And with all the money flowing out of government right now, Buffett expects significant inflation in the future, perhaps worse than in the 1970s. And for those who are upset about those who acted responsibly having to now bailout those who didn't, the sage investor says get over it because it is going to happen. "The people that behaved well are no doubt going to find themselves taking care of the people who didn't behave well," he said.

Buffett likened the current crisis to an economic war, and 'What is required is a commander in chief that's looked at like a commander in chief in a time of war," he noted. And it will take a lot of money: "We're in a big war, and we're going to use money to fight it," he said.

So here's a question ... this economy isn't going to turn around anytime soon, that's for sure. What are you doing differently to adjust?

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SPIN THIS!

Politicians make their living using "spin." I've got a definition for "spin": it's the ability to distort any event

or situation for personal gain. Take the bad economy... The fools on the hill blame it on their

predecessors, even though we've had the same Congress for over 2 years. They've hyped the crisis, and

twisted it to pass the largest spending bill in history. And what was in the package? Precious little that will

have any real impact in the economy. Instead, it was payback time for all the special interests that had

been clamoring for pork the last 8 years. The bill did little to address the root of the crisis - real estate

mortgages gone bad. So, let's spin things your way for a change. See, the real estate market has

undergone a fundamental change that's here to stay for the foreseeable future. The real opportunity today

lies in finding and providing solutions for distressed properties. I can help!

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The options of the homeowner:

1. They can call their bank or lender to work out something. The
borrower may be allowed to reinstate or make the loan current by
paying a lump sum or making scheduled payments over a given amount
of time to their lender. Sometimes people struggle a few months,
lose their jobs, and then get back on their feet again. If this is
the case where income is flowing back into the household, many
lenders will try to work with delinquent homeowners because they do
not want the home to go into foreclosure. Then again, some lenders
are totally opposite. They will not even entertain the thought.
It really depends on how long they have not paid their house
payments.

2. They can refinance their home. This usually happens if there is
lots of equity in the home and if they are not too far behind on
payments. In this case the lender would refinance the existing
loan and include as part of the new loan any late payments, fees,
and any cash that the borrower would need to regain control. It
would all be "wrapped" into one mortgage. Credit rating is usually
not an issue if they can prove the home has substantial equity and
they can support the new payment.

3. They can list with an agent. They may have already tried to do
this, however they have had no luck and foreclosure is approaching.
Many times when they finally decide they are not going to be able
to save their property, they will call an agent. By this time it
is too late because there is not enough time to sell the house
before the auction. Sometimes homeowners tend to think that real
estate agents are out to get money from them because of their
commissions, so they would rather wait till the last minute, then
it's too late and they end up losing their property. Realistically
the only other option is to sell it to an investor quickly. This
is what you want.

4. They can try to sell it themselves on the market. Usually they
have already tried this approach as well and now are very desperate
to do something with the property before it goes to foreclosure.
People tend to be embarrassed they are in foreclosure and they do
not want anyone to know their circumstances.

5. They can give the property back to the lender. If there are no
other liens on the title, the lender may agree to take the property
back. This process of transferring ownership from the homeowner to
the lender under these circumstances is called a Deed in Lieu of
Foreclosure, and is sometimes referred to as a "friendly
foreclosure" because in essence that what it is. The homeowner
walks away. A deed in lieu of foreclosure does not protect the
homeowner's credit rating, nor will it cut off the rights of junior
lien holders. In other words, the lender would take the property
back subject to the junior lien holders. This will avoid the
possibility of a deficiency judgment in the event the property
fails to produce enough to cover the outstanding debts after it
goes to auction. Then again, if the real estate market is booming
and the property has a large amount of equity in it, the homeowner
gives up all rights to receive any overage or surplus from the
auction. So, if the property has a sure amount of equity, it is
better to try and sell the property before they just hand it over
to the lender and "walk away".

6. They can sell it to an investor. This is what you are hoping
for. This is why you spend hours of research and study, so when
the opportunity presents itself, you are ready to act. If they
wish to sell it to you, which happens 90% of the time, then you
begin the negotiation process. This negotiation process is
critical. Many times investors will scare homeowners away just
because of what they say. I'll talk more about this in my next
newsletter.

7. They can file bankruptcy. It is very important you understand
how bankruptcy works. Many people use bankruptcy as a scare tactic.
There are several different "chapters" of bankruptcy. Some are
work-out others are wipe-out, but here is the general idea. When
someone files bankruptcy it's almost like someone builds a
"bullet-proof" barrier around the house. No one can touch you!
However, you are not free of all responsibility and most people do
not understand that. We are not a bankruptcy attorney, but you need
to know the difference between a Chapter 7 and a Chapter 13
bankruptcy so you know what happens.

[Note: Bankruptcy should be the last alternative or option and
should not be used to stop foreclosure unless you have no other
option or else you need the protection of a bankruptcy due to other
circumstances or situations you are currently up against. If you
feel this may be your best option, please seek legal advise from a
bankruptcy attorney in this field.]

8. They can just let it go to foreclosure. Basically they don't
do anything. Then the get evicted after about 2-3 weeks, (unless
your state has a redemption period after the auciton). They
leave with nothing in hand and a bad mark on their credit.
This is definitely not a good option at all, however it does happen.
Those who are in foreclosure are very embarrassed, they never tell
anyone until you see them packing their bags and moving out.

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Free Help with Foreclosure

With so many problems plaguing the U.S. economy, many families have had to face a foreclosure problem due to their inability to make their arranged home loan payments. As one such family or borrower, you may be wondering how to find free help with your foreclosure. If you are trying to determine whether or not you are a candidate, by reading this, chances are, yes, you are.

Foreclosure is not about attacking those who are forgetful in making payments or others who are careless. Free help with foreclosure likewise is not just available for those who hit the hardest in terms of their finances.

Learning that your home is in foreclosure can be devastating. The experience may have your thoughts running to anxiety and panic while you wonder how you are going to save your home, what your options are, whether or not you can stop a foreclosure and how you stop the foreclosure once it?s begun. You may also be wondering what steps you should take, who you should contact, what questions to ask them and more. These are all legitimate question and concerns that you have a right to have addressed by someone who can help.

No matter what your circumstances are surrounding your foreclosure, it is very likely that you are not only a great candidate for foreclosure assistance but that you can get some basic consultation assistance for free. Very few exceptions exist. If you are searching for free foreclosure assistance, the best thing you can do is to talk with a professional who will provide you with a no cost consultation that reviews your financial situation and makes a certain determination about what type of help you are eligible for.

This type of consultation will take a look at your entire financial picture. Be prepared to bring all of the necessary documentation pertaining to your finances including utility bills, pay stubs and any other bills along with a budget breakdown of the amount of money you have and were the money has been spent. It can also help to write a personal letter or statement of your financial situation and to explain the hardships in detail.

Make sure that you select free help from a professional that you trust. You will be providing confidential information about your finances, your home, your family and your life in general in terms of your finances. Your information will have a direct result in the help you receive. This means you will need to be perfectly honest about your financial situation and how it has gotten to the point that it is.

Although each state has different laws that govern foreclosures, likewise the companies that offer free help are different from state to state. For example, some states will allow you to file proceedings against the lender, particularly in cases of predatory lending. However, you cannot make such a file at the same time as the lender files foreclosure proceedings.

When you do find free help, go to your free session with an open mind to learning what your options are and how you can get help.

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A Short Sale is a transaction in which any Lien Holder releases its lien

against the Property and accepts an amount less than the full amount Lien Holder claims is owed

or treats the debt secured by the Lien differently than as originally provided for in the evidence

of debt. Before a Short Sale can occur, the Buyer, Seller and each Lien Holder

(except those creditors that are to be paid in the full amount claimed) must consent to the terms

of the sale. Sometimes creditors (they are to be paid in the full amount claimed) must consent to

the terms of the sale. Sometimes, the Liens are released but the Lien Holder does not agree to

release Seller from liability or reduce the unpaid portion of the debt, and the Seller and any

guarantors will remain liable after Closing for that unpaid portion, despite the release of the Lien

against the Property at Closing.

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