JoAnna Jensen

In the past, one of the only and main options I heard discussed at our local Real Estate Marketing meeting were short sales. I am a realtor, I also am caught up in this equity mess, who isnt. I thought that if I were approaced and a realtor said, I know your in a bind, finances are tuff, let me sale your home so I can make a commission, might not make me too happy.

I learned about Loan Modifications, I was about the first one to talk about that. I always look for options that are out of the box, not popular. I have done several modifications now and referals are coming in. If you are doing short sales you really need to know about possible violations that might lead your client to money. Also, negotiate realease of liability. I believe and have been told, that clients who sale their home short, may get upset when and if they find out they might have been a candidate for a loan modification.

What I am saying is we have to offer what the client needs, not what will make us the most money. If you want a client for life, consider the hard options. If you dont have someone to refer your clients to, find someone who is trustworthy and will get the job done.

I have saved my clients up to $2,800 per month with loan modifications, I am now working with an attorney so if needed when can take legal action. Bankruptcy is another option, If your dealing with an unsecured 2nd loan, think before short selling.

JoAnna Jensen

Pleasanton, CA

Realtor/ Paralegal / Advocate

925 699 5041

The Bayard Law Firm

With the current economy a lot of us find our selves with homes that are valued less than what we owe, and potentially reduced income or better yet no income at all.

In the past we have thought that the only options were, foreclosure, short sale or just giving the keys back to the lender. If you want to stay in your home, you do have options. Lenders are working hard to modify loans to keep homeowners in their home who want to stay. There are several types of modifications.

Is your situation temporary? Sometimes the lender will do a workout that is a "step program". They may reduce your rate to a very low rate for a period of 2 - 5 years to get you thru this situation. You should be able to get caught up on your bills, get some savings back and then be in a much better financial situation.

Is your situation long term? Sometimes lenders will do a program that is much longer. Now, you have to stop and think. Did your home drop in value $100,000? Well, ok that will happen. If every lender gave back money every time homes went down in value we would be in a word of hurt. I help homeowners get their loan modified and sometimes they are very happy that they are saving $60,000 in payments over 2 years. They should use that opportunity to save money, pay off bills, or pay your mortgage down so when that low introductory rate is over, your mortgage has been paid off.

Lenders will do principal reduction if it makes financial sense. However they are required to make a workout option before foreclosure that helps the homeowner keep the home with payments they can afford. WE cant expect a wind fall.

A modification would be a great option to try before going straight to a short sale. A short sale does drop your credit a good deal and you most likely wont be able to buy again for two years. You might be able to do a lease option, which would be a fantastic idea with this market. You decide on the price now, lease the home with an option to buy in two years when your credit is better. You may even be able to negotiate with the seller that you get the mortgage deduction!!! What a deal.

If you need an advocate to help you thru this situation give me a call. We have gotten anywhere from 60 - 75% successful modification.

Now, things to think about. Did you get into a predatory loan. Is your loan a refinance that is less than 3 years old? You might want to have your documents looked at to see if every thing is in order. There are potential TILA and RESPA violations that might mean you are no longer under water and that is worth looking into.

Definately, if you are going to do a short sale, you should have your loan docs looked at to see if there are any potential violations. You may have money coming to you.

Already have your home listed for a short sale. We can help with the negotiating part and dealing with the lender. When you are dealing with a situation like this, you will do yourself good to look at options.

JoAnna Jensen

Realtor/Paralegal

The Bayard Law Firm

& Legal Realty

925 699 5041

Loam Modifications, Short Sales, Sales Purchases

Debt Negotiation

Im in the same boat as you. I think that is why I can do what I do and not judge. With this recession and unemployment rate. So many people are worried about their "FICO" score. When what they need to be woried about is their cash and their health and stress levels. Its hard to raise a family and be in a healthy relationship when your always worried about money. Im not saying to just walk away from everything. Im saying do the best you can but then know when its time to do something and then get help.

If you are realizing they you are having a hard time paying bills, mortgage, credit cards. Call them, dont just sit and stress out. Make a list of your budget all of your bills. See what you can cut. Pay what matters first. I know you might be shocked, but the most important things are living expenses. Credit cards should be last. Now you know that if you are in a sever hardship and you decide you can no longer pay your credit cards you will take a hit on your fico. But, lets say you eventally settle with them, them your debt to income will be better. When you do finally start to pay ontime again your credit will raise. If you need help with credit cards, contact me or your local legal aid who will do it for a smaller fee than those big companies on the radio. they charge 15% of your balance. I help with loan modificaions and credit settlement. WE worry but when its time we have to do something.

Typical settlements between 18 - 35 % I charge on what I save you 15%

typical modification $600 - $2800 less per month. I work with an attorney so I can negotiatie in your best interest or show you what to do.

Stop stressing get back to basics.

JoAnna Jensen

The Bayard Law Firm

925 699 5041

Pleasanton CA

Loan Modificaion

With so many foreclosures, and financial hardships followed now by the big job losses. Homeowners in distress really need to know about their options.

So many of us in this situation are just plain scared. Sit and wait. Think should I just walk away? Well if we do want to buy another home again in the near future the way we are affected is like this: We do have the option of doing a modification that should be our first aggressive things we do. And if we have a second loan that is unsecured we could have that stripped completely in a bankruptcy. That is even more of a reason why lenders work with me to modify the loan. If a modification is unsucsesfull then we can file bankruptcy. WE are still awaiting the Senate Bill 61, where we can strip or cram down a first loan to the value but we first have to try a modification and be denied.

The things that are best for us as far as buying a home soon are 1st Short Sale, we can buy again in about 2 years. But we can do a lease option now and buy it in two. Simply waiting for your home to foreclose is a bad idea. You will have to wait the longest time before you will be able to buy again. Unless of course their are extenuating circumstances, like you tried to sell short but just couldnt. Remember, you have the right to put a 100 word note in your credit report.

When you go to choose someone to do a loan modification be carefull. Rememeber, everyone is trying to sell you something!! Ask questions, get referrals. Dont pay upfront unless they are an attorney or they have an advanced fee agreement. I work for an attorney, and I do get respect when Im talking to the lender. We dont have a different phone line to call like Ive heard other attorneys say. That old saying "If it sounds too good to be try, it probably is". Dont let someone sell you. You need to decide.

A tip on refinancing. Junk fees. You shouldnt have to pay so many processing, desk fees. Good rule of thumb you know you are going to pay something because no one works for free. You will either pay up front or in the back and that might end up being more. But to end up paying about 1 - 1.25% of the loan amount is fair. Of course, when it gets higher, you should pay less. Paying $16k in junk fees is outragious.

JoAnna Jensen

Realtor/Paralegal

The Bayard Law Firm

Purchases Sales Finance Loan Modifications

Dont you hate it when you pay all your bills but somehow forget one, for whatever reason. Lets say that one card only had a small amount due on a 0% interest rate. Of course as soon an you see your oversight, you contact your credit card company embarrased and pay your bill. However, by that time you have a late fee and you 0% interest rate just shot up to 25%. Were you a week late? No, a month late? no. 36 hours late!!! You try talking to the person on the phone, they either honestly dont care or dont have the authority to do anything.

Well...Here I come, an advocate for my clients and myself... Im tired of the Big companies who have the ability to mess with my credit score just because. Have I missed a payment in 20 something years??? Always on time under the limit. How about your cell phone bill??? Thats a joke, then of course they make changes "FOR YOU" when the next bill comes you see they were really changes that benefited them!!! What the hell...

Oh and lets not talk about the hugh companies who got our tax dollars and that money went for bonuses of over $100,000 to sometimes $500k or more. Wheres our bonus??? We need to keep in touch with what is going on. We work hard for our money, and then when we think we're doing ok, here comes the alternative minimum tax..... Can we ever get ahead...

I guess this is a rant... I am starting my own company to help my clients with their credit cards. To be their advocate when they dont know their rights. Sure there are tons of "Debt Settlement" Companies out there but they are not the same. they charge 15% on the total balance....why what did they do to Earn that. I think if we do a job, and do what we say, we should get paid by performance....by the work that we do. Not the sum total of the debt that the client has.

Big execs at AIG, what did you do that we didnt do??? My husband works very hard for his money. The bonuses that he got, directly tied to performance as well as all of us hard working Americans...

Lets stand up for ourselves, why is it buyer beware? the client trusts that he is not being lied to. where is our fiduciary duty???

Are you concerned about the mortgage crises?? Contact your senator... www.senator.gov.feinstein.com send an email or make that call. We pay the taxes that keep this country going. We shoul;d have a say in how it is run.

JoAnna Jensen

Realtor Advocate

Pleasanton CA