Jessica Sulliman

Our passion is to help those facing foreclosure to deal with their situations, either themselves or with the help of professionals. It is our opinion that homeowners in trouble should consider trying to negotiate with their lender themselves before paying any company to obtain a modification/deed in lieu or short sale.

The key is (I) not to wait until too late if your own efforts are not successful and (ii) not to accept a servicer's offer just to reinstate the mortgage and spread arrearages, when you could not pay the basic mortgage payment in the first place.

Usually what they offer is not what can be negotiated. Remember that they are not going to just reduce your payments to be helpful. They will go only as far as they feel they need to. Good negotiating is an art and you can either learn it or have us do it for you.

Remember, once you accept a modification or forbearance plan, the holder will never renegotiate it. So do not make the mistake of taking what they first offer or settling for something that is not realistic for your budget or will not last you long term. For example, if you owe $500,000 on your home and it is now worth $250,000, and you know you may need to sell in 5 years.....a loan modification that does not reduce the principle is probably not the best option for you as you may just be avoiding the inevitable. The likelihood that you will recoup $250,000 of your home's value in 5 years is slim to none. In this case, a short sale may be your best option. Better to do it now rather than later so that you can begin the recovery process immediately and move on.

How to handle a foreclosure:

There are, basically, five parts to obtaining a desired result.

Part one is to put together all of your documents and prepare certain forms necessary to deal with loan servicers.

Part two is to put together the facts of the origination of your loan to show the servicer and holder that you can legally contest the foreclosure and that foreclosure will be very expensive in comparison to a modification, or deed in lieu or short sale.

Part 3 is to slow down the actual foreclosure process, to allow time to negotiate.

Part 4 is to put together a plan that will fit the holders' underwriting guidelines.

Part 5 is to break through the servicer's lower level personel to a decision maker and then negotiate.

If, at any point in this process, you find that you might not be successful, we are available to assist you with further educational materials and/or negotiation services that have achieved over a 90 percent success rate to date.

If you desire more information or wish to engage us please contact us.

Best of luck to you!!!!

Jessica Sulliman & Randy Curnutt

Realtor, Real Estate Consultant, REO & Short Sale Specialist

jessica.sulliman@ashbyrealty.com

(602) 677-7977 Jessica Direct

(602) 677-1002 Randy Direct

(602) 445-9931 Fax

www.sunshinespecialists.com

EVERYTHING LENDERS DON'T WANT YOU TO KNOW ABOUT FORECLOSURES ......and how to use it to your advantage.

Every day we read about the "foreclosure crises" and how the real estate market crash was responsible for it. NOT TRUE. The truth is that most mortgages that are in foreclosure today, were made by lenders who knew that the borrowers would be unable to pay unless they refinanced. And they should have known that great markets don't last forever and people would not be able to refinance.

How does an adjustable rate starting at 2 percent and going to 10 in two years sound?? Think anyone could afford that jump??

The terms were unconscionable; not just ethically, but legally. As was predictable by every lender, when prices started dropping and the credit scores of these consumers did not improve, refinancing was not possible and foreclosures resulted.

And now, we are all left holding the bag.

That is only the beginning. Almost every loan for the last 14 years was made with an improperly done appraisal. Appraisals, under a law called FIRREA are supposed to be totally independant, but realtors, mortgage brokers and lenders made sure that appraisers were pressured into inflating appraisals. That pressure violates any number of laws and regulations and can be used to the borrowers advantage.

Many loan documents did not properly compute the APR on the loan, which is another improper practice.

Loan terms were unexplained and were never properly explained or disclosed. Actual fraud was not unheard of and consumers were the victims, although lenders claimed it was them.

But, there are ways that the lenders' conduct and its impact on the cost of foreclosures, can be used to negotiate afforable modifications, deeds in lieu of foreclosure and short sales. That is our specialty and we do it very, very well. In fact, to date, we have been succesful almost 90 percent of the time.

For more information on how you can find and use this information please contact us. We specialize in short sales, but if another foreclosure alternative is in your best interest, we can assist with that as well or refer you to someone who can do it better. I do hope that this information is helpful!

Jessica Sulliman & Randy Curnutt

Realtor, Real Estate Consultant, REO & Short Sale Specialist

jessica.sulliman@ashbyrealty.com

(602) 677-7977 Jessica Direct

(602) 677-1002 Randy Direct

(602) 445-9931 Fax

www.sunshinespecialists.com

Low-priced foreclosures incite bidding wars: A feeding frenzy that is pitting investors against traditional home buyers

The Associated Press updated 11:34 a.m. MT, Mon., July 20, 2009 PHOENIX -

Each time Lance and Kelli Thorson thought they had found their first home, someone would outbid them. It's already happened at least 15 times. This wasn't how it was supposed to be in a depressed housing market like Phoenix. Buyers are supposed to be able to walk in, and get pretty much whatever they want. Now, the Thorsons have taken up a tactic not seen since the heydays of the housing bubble — they are making offers on homes before they've seen them, as many as three per day. "It's frustrating because we've jumped through all the hoops and there still isn't a reward," Kelli Thorson said. In Phoenix suburbs and other areas of the nation saturated with foreclosed homes, low prices for bank-owned properties are sparking bidding wars that drive up sale prices, entice investors and frustrate traditional buyers who make dozens of offers and still can't land a home. Experts say the environment is strikingly similar to what they saw at the height of the real estate bubble. "This market is about as abnormal as the hypermarket that we came out of a few years ago," said Jay Butler, director of the Realty Studies program at Arizona State University. Just as they did during the boom period, investors now are stocking up on homes, driving up prices and forcing traditional buyers to the sidelines in some areas, Butler said. Because they often pay cash and buy several houses at once, investors are attractive to banks trying to shed dozens of foreclosures, he said. Traditional buyers add time and hassle to the process because they have to be approved for a mortgage. The market won't stabilize until investor influence diminishes and it is once again driven by buyers who plan to live in the home, Butler said. The problem is centered in newer, lower-priced communities affordable for young families and other first-time home buyers. They're the same neighborhoods that were overrun with foreclosures as mortgage rates adjusted and home values dropped. Homes are now listed at much lower prices than when they were sold just a few years ago. In the Phoenix area, the median resale home price last month was $125,000, down from a peak of nearly $265,000 three years ago. Prices have risen from a low of $115,500 in April, when agents say they began seeing a buying frenzy. Real estate agents have been noticing the problem for the past two to three months, said Walter Molony, a spokesman for the National Association of Realtors. It is especially acute in heavy foreclosure areas such as Las Vegas, Phoenix, southern California and southern Florida, where prices are correcting to levels well below their peak during the boom, Molony said. In those areas, it's not uncommon for sellers to get multiple offers. The Thorsons thought they were ideal home buyers. They saved money, have good credit and little debt. But at house after house, the prices are being bid up above the asking price. They made an offer on one bank-owned house, only to hear a counter offer that was $33,000 above the initial asking price of $117,000. Federal legislation designed to help people stay in their homes has slowed the flow of foreclosures into the market, lowering the inventory and increasing the demand for remaining homes. In Maricopa County, which includes metropolitan Phoenix, nearly 32,000 homes are on the market, down 30 percent from January. In the Las Vegas area, home inventories are down nearly 10 percent since March, according to data from the Greater Las Vegas Association of Realtors. Last month, 4,702 homes were sold in southern Nevada, a record number; 74 percent were foreclosures. Las Vegas real estate agent Jonathan Abbinante said he has clients who are making three offers a day on homes they've never seen. If they get a response, they'll check out the house and decide whether to continue or back out. He said he sees a similar frenzy for houses he's selling. "I sell homes right over the Internet," Abbinante said. "That's what I did in 2004." Bidding wars often result in prices higher than a home's appraised value, putting traditional buyers at a disadvantage against cash buyers who don't need an appraisal to secure a loan. That's happening a lot lately, said Jerry Lou Davis, a real-estate agent in foreclosure-heavy Merced, Calif. She saw similar activity early in the housing bubble. For the Thorsons, with a lease expiring next month and a second child on the way, the pressure to find a home is growing. Kelli is eager to paint and decorate. She already has plans mapped out for their 2-year-old daughter's room. "Buying a first home is supposed to be a really exciting thing to do for a family," Lance Thorson said. "But all the hoops you have to jump through kind of take away from that excitement." Copyright 2009 The Associated Press. All rights reserved.

Looks like things are picking up! My advise: Prepare your buyers for the possibility of bidding wars and be sure you come in with a strong offer!

URL: http://www.msnbc.msn.com/id/32011159/ns/business-real_estate/

No U.S. Social Needed
Canadian Credit Report
25% down - Second/Vacation Homes Only
5/1 Principal and Interest ARM - amortized 30 years
No Prepayment Penalty
Customer sets up U.S. Bank account to pay mortgage

Close Of Escrow - typically 30-45 days, but needs to be addressed before offer to address any necessary delays due to location/accessibility of borrowers.

Rates will vary based on the day, but are competitive for the program. Today the rates are high 5's low 6's.

Call for details!

Jessica Sulliman

Realtor, Real Estate Consultant, REO & Short Sale Specialist

jessica.sulliman@ashbyrealty.com

(602) 677-7977 Direct

(602) 445-9931 Fax

www.sunshinespecialists.com