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Obama may force Homeowners and Lenders to HAMP

03-03-10
Ray Spitler
The Obama administration may expand efforts to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected by the government’s Home Affordable Modification Program.

The proposal, reviewed by lenders last week on a White House conference call, “prohibits referral to foreclosure until borrower is evaluated and found ineligible for HAMP or reasonable contact efforts have failed,” according to a Treasury Department document outlining the plan. “It is one of the many ideas under consideration in the administration’s ongoing housing stabilization efforts,” Treasury spokeswoman Meg Reilly said in an e-mail. “This proposal has not been approved and there are no immediate planned announcements on the issue.” She confirmed the authenticity of the document, which hasn’t been made public.

At present, lenders can initiate foreclosure proceedings on any loan that hasn’t been submitted for HAMP eligibility. Under current HAMP rules, foreclosure litigation can proceed while borrowers are under review for the program or even in a trial modification.

The proposed changes would prohibit lenders from initiating new foreclosure actions before loan screening by HAMP and would require lenders to halt existing proceedings for borrowers once they are in a trial repayment plan. ‘Improved Protections’ The Treasury Department will soon release guidance “which will include a set of improved protections for borrowers” in HAMP, Phyllis Caldwell, chief of Treasury’s Homeownership Preservation Office, said today in testimony prepared for a House Oversight and Government Reform subcommittee. She didn’t provide details.

The proposal goes further than rules adopted amid the crisis by federally controlled mortgage-finance companies Freddie Mac and Fannie Mae, which require lenders to review borrowers for a federal loan modification before a foreclosed property can be sold. Foreclosure proceedings can still be initiated without a review, said Freddie Mac spokesman Doug Duvall. Fannie Mae spokeswoman Amy Bonitatibus said it adopted the same policy last March. About 89 percent of outstanding residential mortgage loans are covered by the voluntary HAMP program.

About 2.82 million U.S. homeowners lost properties to foreclosure last year and 4.5 million filings are expected in 2010, RealtyTrac Inc., an Irvine, California data company, said last month. Obama’s foreclosure prevention initiative, announced in February 2009 to help as many as 4 million Americans avert foreclosure, has modified 116,297 loans through steps such as lowering interest rates or lengthening repayment terms.

More than 830,000 borrowers received trial repayment plans through January, according to Treasury data. “Foreclosure processes differ among states, and the process is often confusing to homeowners already facing distress,” Caldwell said in her prepared testimony. “Treasury has been reviewing guidelines around outreach and the foreclosure process as part of its continual assessment of program effectiveness and transparency.”

Foreclosures may reach as many as 7 million mortgages, and an additional 5 million are at risk of default because borrowers owe more than the property is worth, Laurie Goodman, senior managing director at Amherst Securities Group LP in New York, said in a Feb. 17 interview. Republican Criticism “This is a problem of mammoth proportions,” Goodman said. “You can’t throw 12 million people out of their homes, so you need a successful modification program. My fear is that this isn’t it, but I’m highly confident that the administration will continue to iterate until they succeed.”

The Treasury proposal would require all borrowers who are 60 or more days delinquent on their mortgage to be sought out for participation in HAMP. Mortgage companies would need to try to contact the borrower at least four times by phone and twice by certified mail over 30 or more days before going to foreclosure. Under current Treasury policy, foreclosure proceedings are only halted when a borrower receives a permanent modification plan.

House Republicans criticized HAMP as a failure today, saying in a report that it is prolonging the economic crisis and harming homeowners. “By every empirical measure, HAMP has failed,” according to the 18-page report released by Republicans on the House Oversight and Government Reform Committee. “In its current form, HAMP both hurts homeowners who might otherwise spend their trial-period mortgage payments on rent and also distorts the housing market, delaying any recovery.”
--- Harris Real Estate University
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**If you know someone considering walking away from their mortgage, have them look into this program and contact a "Short Sale Specialist" for help to prevent foreclosure. Only work with a Realtor who has received specialized training on short sales or you could end up in foreclosure anyway.

Short Sale Specialist in Saginaw Michigan: www.MBShomes.com
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Help for Buyer of waterfront property that has lost frontage due to Damn water release...

09-26-09
Ray Spitler

Help for Buyer of waterfront property that has lost frontage due to Damn water release...

Situation: Buyer purchased lakefront property on land contract with 121' frontage. They have been making payments for 3 years. This spring water was release from a Damn to help protect "cricket Frogs" in the area. Now the land has only 74' of frontage and Buyer can no longer build the home they had planned to build. Furthermore, current setback rules will only leave about 14' of buildable area, thus it may not be possible to build at all!

Questions:
1. What options are available to buyer? They already have about $100k invested in property. They do not want to walk away, but may not have a choice..
2. If they decide to keep property, can they renegotiate land contract terms?
3. Seller has existing mortgage. What are chances of short sale with 1st mortgage?
4. If determined unbuildable, can Buyer Sue the Seller for non-disclosure, and have investment refunded?
5. Any other ideas?

I feel Buyer should get new appraisal if interested in keeping property and offer to amend land contract to current market value pricing. Will likely be 50% of original purchase price.

Any comments appreciated...

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Lease Options a viable option when Lenders are tight

06-28-09
Ray Spitler

I have just spent 3 days in a real estate workshop learing how lease options can be a welcome option to good people who just can't get a mortgage right now due to excessive Lender guidlines.

If you have to rent, why not get something back? For a modest option fee a Buyer/Tenant can control the property while they make the necessary corrections to their credit or take the time necessary to satisfy the Lender enough to approve the mortgage. Then they can "refinance" the home when the time is right.

Of course everything is negotiable, so work out a deal with the Seller that is a win-win for all parties involved. Feel free to contact me with questions or help in gettting a deal that works for you.

Ray Spitler
www.MBShomes.com
(989)607-6252
Keller Williams Realty

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WANTED- Investors with CASH for quick short sale deals..

03-23-09
Ray Spitler

I specialize in short sales and will be expanding my business to include pre-approved by the bank
"ready to close" short sale deals below market value.

These deals will already be approved by the bank for short sale at a specified price for 60 -70 cents on the dollar "ARV".

I will be offering these deals to cash investors for a quick sale.

If you are interested in being notified of these special short sale deals first, just send an email to cashinvestors@MBShomes.com and I will add you to my VIP list for priority instant notification.

Include best way to contact you and price range you are intersted in as well as any other prefered criteria.

You can search the MLS for Saginaw, Midland or Bay County Michigan at www.MBShomes.com to see all current listings from any Broker and compare prices to the deals I will be offering.

We have about a 2-3 year window to pick up the best real estate deals in history. In addition, we will be helping many homeowners avoid having a foreclosure on their credit and the bank gets rid of a non-performing asset. Everyone wins!

Did you know that most Millionaire's achieved their status through real estate? Now the country is "on sale". As Realtors and Investors, we are probalby in the most influential positions to be the catalist for change and help bring America out of the recession one house at a time.

Contact me anytime.

Ray Spitler
Certified Short Sale Expert, GRI, e-Pro
Keller Williams Realty
www.MBShomes.com
(989)607-6252

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Short Sale-Nice Duplex Must sell now!!!

03-11-09
Ray Spitler
Ray Spitler | Keller Williams Realty | (989)737-8042
3161 Northwest, Saginaw, MI
Nice duplex in prime Saginaw township location close to everything
4BR/2BA Single Family House
offered at $100,000
Year Built 1969
Sq Footage 1,476
Bedrooms 4
Bathrooms 2 full, 0 partial
Floors 1
Parking Unspecified
Lot Size 24,742 sqft
HOA/Maint $0 per month

DESCRIPTION
SHORT SALE- Nice duplex in prime Saginaw township location close to everything. Extra 3-1/2 car garage, deep lot with fenced back yard, shed and privacy fence. Many updates, owner occupied. Separate utilities paid by Tenants. Subject to third party approval.

see additional photos below
PROPERTY FEATURES
Refrigerator Stove/Oven Washer
Dryer

COMMUNITY FEATURES
Wheelchair access


OTHER SPECIAL FEATURES
Extra Garage/workshop
ADDITIONAL PHOTOS

Photo 1

Photo 2

Photo 3

Photo 4
Contact info:
Ray Spitler
Keller Williams Realty
(989)737-8042
For sale by agent/broker

powered by postlets Equal Opportunity Housing
Posted: Mar 11, 2009, 7:20pm PDT
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