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Ron Griffin

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WebSites to Help Your Real Estate Business and Fun Stuff - Part I

03-14-09
Ron Griffin

How Fast is Your Internet Connection? www.speed.io/index_en.html Getting what you paid for? Make sure here. The Awesome Web Site Highlighter http://www.awesomehighlighter.com/ Send a Web Page that people will look at & understand. The Translator To Beat All Translators http://www.frengly.com Convert text to any language here. Big Brother is here to stay. http://www.google.com/mobile/default/latitude.html See where your friends are and what they are up to Quickly contact them with SMS, IM, or a phone call Control what your location is and who gets to see it Enjoy Google Latitude on your phone, PC, or both. Make your Photo Talk! http://www.bubblecaption.com/ Want to have some fun with a photo of your favorite person - or maybe your most un-favorite person :-). These folks have set up a neat site where you can easily and quickly add bubble captions to your photos and images – just like you see in the newspaper




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HomeSaver Advance Program - A Way out of Foreclosure

03-13-09
Ron Griffin

For HomeOwners already in the process of foreclosure, here is one way out of the mess. Your conditions need to be similar to the situation of my recent client.

  • A temporary reduction in income and/or unexpected major expense (s),
  • Resulting in several months of missed mortgage payments, and
  • Income and Affordability has now returned to previous level, i.e. you can now afford your mortgage payment.
Request a HomeSaver Advance Program from your lender. This program, if granted, will allow you to repay the missed payments under a Promissory Note with the Lender over a period of 15 years. In my client's case, they received a $ 12,000 loan at 5% interest for 15 years, resulting in a small payment of $ 100 to be paid on top of the mortgage payment. They even received a 6 month grace period before this $ 100 payment began. (Of course, the Lender came out pretty good, adding almost $ 3,000 in foreclosure fees and costs to the $ 9,000 of 6 missed mortgage payments.) But the relief of not losing their home was overwhelming to my clients. Their income had been restored and now they had an affordable way of staying in the home.


You will need to complete a Financial Analysis Form, showing monthly income & expenses. The lender is looking for "Affordability", so if your income doesn't cover expenses, this program won't work for you. A sure-fire way to get turned down (A "Denied by Investor" letter will be sent to you.) is to show large monthly expenses without sufficient income to meet those expenses. If you do this in an attempt to show how dire your situation is, the Lender will conclude that you indeed cannot afford your home and will seize it at the courthouse steps.


You will need to attach a Hardship Letter explaining the temporary reduction in income and/or the major expense(s) that led to the missed mortgage payments and how your income has now been restored or expense(s) dealt with. Again, the key here is to tell the Lender in your own words what truly happened that landed you in trouble and how you are now out of trouble, and that you truly are responsible homeowners who wish to keep and stay in their home.


You will also attach two (2) months of pay stubs for each borrower or in the case of a self-employed borrower, a current income statement, balance sheet, statement of Owner's Equity and a 6 month profit & loss statement.


Make sure you send this package of completed forms to the Lender certified mail, return receipt to ensure they received it.


Please email me at RonGriffin@ERALouisville.com for any questions and I hope and pray that the HomeSaver Advance Program can offer hope and a resolution to somebody else out there. Good Luck!


Ron Griffin, Realtor
The Hollinden Team
Top 1% of ERA Agents World-Wide
ERA Kepple Keene Realtors
Louisville, KY. 40223


Kentucky Realtor

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