Maxine Waters Tries to Get Loans Modified but Gets the Brush Off from Banks

Don't try this at home folks. As this newscast showed, US Congresswoman Maxine Waters was brushed off by Banks when she , an Attorney and US Congresswoman, tried to help 3 families avoid foreclosure on their homes.

If you are facing Foreclosure and may lose your home, get a licensed experienced professional that knows the ropes to help you. We have helped over 100 home owners avoid Foreclosure and an 85% success rate. Most Attorneys and Real Estate agents are only about 20% successful according to MLS data. We don't charge large upfront fees.

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How We Got Here: It's Housing, Stupid

by Chris Isidore
Thursday, September 18, 2008
CNN/Money.com

The Wall Street crisis has been caused by plunging housing prices. So despite the billions of dollars being thrown at the problem, experts say more trouble lies ahead. The nation's financial system is in the midst of a massive shakeup and many on Wall Street and in Washington are pointing fingers and looking for someone to blame. But in the end, it all comes back to one issue - housing. Read the rest of the story...

Richard's commentary...

This story does not mention the huge greed factor nor the lack of government regulation of the financial institutions making these risky "bets" on the housing market. Many mortgages only required a "breathing person". "Yes I work a minimum wage job but I am telling you that my income is $200,000 a year", and that is almost what many of the lenders wrote down. Because the home was collateral for the loan...no worries...we will just take it back on foreclosure and sell it to someone else for a profit....because home prices will ALWAYS GO UP.

What nonsense!!! Real Estate is and always will be cyclical with ups and downs with the overall trend upward. Now there is a large downturn in home values and the financial institutions that bet wrong are going down the tubes.

A little common sense here from common people. Would you just give a property as valuable as your home to someone who told you he made a lot of money but did not show you with proof and with none of his/her cash in the deal? Would you sell your car to someone you did not know who just told you he would pay you but offered no proof that he/she could and drove off into the sunset with you holding a worthless piece of paper? Of course not. Then why did the financial institutions do that? And who is accountable for it?

When Franklin Roosevelt was President during the Great Depression of 1929-1941, Financial Institutions were divided up into commercial banks, savings and loans, insurance, stocks & bonds, real estate....distinctly separate and not allowed to compete in each other's business. Banks could not sell life insurance, Stock Brokers could not have checking accounts and other bank functions...you get the idea.

Then in the 1980's and continuing to now, deregulation was the mantra. Get the government out of business and let the market take care of itself. Now all Financial Institutions seem to be intertwined and offering the same services chasing the same consumer/investor dollar. Now greed and the need to have ever increasing unrealistic profits to push up their share prices on Wall St.

Well, the market has spoken. Many of the very wealthy and influential that were involved in causing this fiasco escaped without loss before the big melt down and may actually be receiving Gov't handouts as well. We the average taxpayer are going to pay for many years for this in many ways.

What to do now??

Get out there and buy your home or investment property now before the coming credit crunch knocks you out of the market with higher interest rates and much tougher qualifying standards. Rates are low, prices are affordable, there is a great selection of terrific deals, and it is still easier to get a good fixed rate FHA loan.

Get moving before you miss out...It's a Buyer's Market now!! The sellers are the ones crying that the market is bad. Think about it....act on it!!

Here are a couple of free resources for you to get started in finding a great deal on a home.

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Got a comment, thought or opinion? Post it on this blog. That is what its for.

Tough Housing Market Complicates Divorce

by Elizabeth Razzi Friday, August 15, 2008
provided by BankRate.com

Divorce is rarely an easy process. But falling home values and sluggish real estate sales are combining to make it particularly difficult right now.Couples aren't fighting over who gets to keep the house. They're scrambling to get away from the burden of it.

It's too soon to see the trend reflected in official statistics; the most recent marriage and divorce numbers compiled by the National Center for Health Statistics date back to 2005 -- just when real estate markets started to turn down from their boom years.
Read more...

"Richard says..."

This is a tough one on several levels but I will stick to the Real Estate issues. I am not Dr. Phil or Jerry Springer, which ever way things are working or not working out. If you are married and bought together in AZ it is usually community property. If you had a committed relationship and had purchased together with both names on the loan and deed, there were different ways to take Title. (Consult a qualified attorney for answers to your specific situation)

If one of you can keep the home and buy out the other with a promissory note and make payments to the other party, that is one option. You could rent it out or get a boarder for a while to help with the payments.

With the promissory note, it could be arranged through a Title Company with an escrow account. The advantages are that the ownership interest of the party that moved out and is receiving payments will be recorded and records will be kept. The parties never have to meet or mail a check directly to the other. When the other party is fully paid off, the quit claim deed is executed and recorded. The house was not sold and both parties benefited from it and did not have credit issues from a forced sale of the home.

Option 2 is to sell the house somehow. You may have to actually pay a check at closing to clear you existing mortgage loan, especially if there is no equity. There is the Short Sale option, which means that real financial hardship must be proved to the lender with financial statements, tax returns, budget records and more. A qualified Realtor that is experienced in Short Sales may be a valuable asset here.

Option 3 is to let it go into Foreclosure. That will greatly harm both party's credit scores and seriously hamper both financially in starting over. Give it careful thought here. Option 1 may work the best. Selling a home normally is an expensive proposition taking up as much as 11% of the Sale Price. That money could be put to better use in your respective pockets to assist both parties in moving on and rebuilding their lives.

To help you know what questions you should ask and how to arrive at the right answer for your specific situation, a FREE special report has been prepared by industry experts entitled "Divorce: What You Need to Know About Your House, Your Home Loan and Taxes". Read it today.

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Are you interested in learning more about buying homes that are Short Sales or Foreclosures? Distress Sales resulting from bank foreclosures, short sales, court orders, and probate often represent a great way to get a fantastic deal on a home.

It's not easy for the average homeowner to find these deals, because you have to keep scouring the paper and the Internet to see when one comes up. Or you can pay a huge monthly fee to an expensive foreclosure subscription service and receive the same property lists as hundreds of others.

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That's all for now. I welcome you posting any questions or comments about this and any other articles on my Blog.

Have a Great Day,

Richard

Bargain Hunters are Boosting Home Sales Now

An Article on the front page of USA Today on April 17, 2008 suggests now is the time to get out there and buy a home, especially if you are a first time buyer. I could not agree more. It is a great Buyer's Market. A word of caution... When more and more of these "Get out and Buy Now" articles appear in the media, other potential Buyers will start getting the message. Then your advantage of being there first WILL BE LOST and may cost you BIG MONEY.


Home sellers are reading and watching the media too. They will get stubborn on price and terms. That will cost you BIG MONEY. The time to move is now, before the rest of your potential Buying competition finds their own Realtor and gets Pre-Approved for a home loan. The Summer is the busy season and 2008 promises to be better than the last two years.


I suggest two things to make the most profit on your home purchase:


#1 Read this article and

#2 Contact me or any other competent Realtor and Lender to find out how you can get in now and get a great deal on a home.

Read the complete story in USA Today

Find the GREAT Home Deals here!

Best regards and Happy House-hunting,

Richard Pomisel, Realtor
Dan Schwartz Realty Inc


Toll Free (24hr Hotline) 1(800)474-2841

Direct (602)214-1166

eMail: Richard@Pomisel.com

New Tax Breaks a Relief to Homeowners

New Tax Breaks a Relief to Homeowners -- Three tax laws enacted in December promise help for homeowners. Homeowners found three attractive tax breaks among their holiday presents, thanks to the federal Mortgage Forgiveness Debt Relief Act of 2007, which was enacted in December.

Richard says....

If you think you fall within the catagories of the three tax laws, consult with your legal and financial advisors ASAP. The sooner you work the numbers and take appropriate action, the better your outcome usually is. If you are facing foreclosure....OPEN YOUR MAIL from your mortgage lender and contact them. They DO NOT WANT TO OWN YOUR HOME in many instances and may work with you to keep your home. If they say no, then you know where you stand. Find out how to sell your home fast and for top dollar.

If you have any questions about the article, feel free to call or email me and my group of Real Estate experts.

Have a Great Day :)

Richard Pomisel GRI, e-Pro
Dan Schwartz Realty Inc
Richard@Pomisel.com
Toll free 24 hrs 1(800)474-2841

Smaller Home Price Spread Suggests Rebound

The shrinking spread between buyers' and sellers' expectations is a sign the housing market is correcting, and a rebound almost always follows a correction, particularly in the Valley. AZ Republic, Catherine Reagor. Read more...

As I have said in the past, Phoenix is a different market than anywhere else in the USA. We still have a large influx of people into this State. For every 2.5 people, one home is needed. The surplus will burn off faster than anywhere else. If you are buying, now is the time to make your move ahead of the pack. You will get a GREAT DEAL especially if you are planning to live in your new home for 4 or more years.

Financing is still relatively easily obtainable for good rates on fixed interest loans. Now is the time to have your credit checked by a lender. You will then know absolutely where you stand with no surprizes. This goes for everyone, even those that think they have no credit issues. There have been many instances of negative entries on the wrong person. When this occurs, it takes time to correct. The time to get your ducks in a row is now.
Get your FREE report " The Three Point Plan to Getting the Best Financing"

Best regards,

Richard

Pros fess up to their retirement-building blunders

This is a REAL EYE OPENER. These are the ones that had the courage to disclose this information to the public. I think there are certainly worse blunders that no one will own up to.

We all make mistakes. But when they involve retirement, serious mistakes can mean working till you drop instead of retiring in style. Invest too conservatively? You could fall short of cash in retirement. Too aggressively? A market downturn could wipe out your savings....read the full story here.

What do you think about this story? Let me know.

Find out how to buy a home or investment the smart way.

Have a Great Day,

Richard

Foreclosures on the Rise in Outlying Areas

A recent article in the AZ Republic addressed the rise in Residential Foreclosures in the new communities in the outlying areas of Metro Phoenix. What caused this problem? There are several factors that are responsible, many of which are occurring simultaneously.

Home buyers have long flocked to metropolitan Phoenix's farthest flung suburbs to get the most house for their buck.In the housing market, it's known as "drive until you qualify" - the farther out you go, the less expensive the homes.But where affordability and steady appreciation once enticed many to the Valley's edges, foreclosures are now forcing them out. Read the complete story.

Here is my advice to avoid this happening to you. Stick to the fundamentals. If you can't afford a home now without using a "tricky-dicky loan", you'll just have to wait, save more money, reduce your spending and increase your income until you can. In all fairness, many people lose their jobs, get hit with huge medical bills, get divorced or have some other unfortunate life event hit them that caused them to lose their home. Life happens.

If you are a potential home BUYER , there are plenty of good deals out there with or without Foreclosures. Now you have a much better shot at finding the home you really want because the selection to choose from has never been so large. To find those deals and BUY a home of your own or a good investment property, Click Here.

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It's a FREE 12-lesson course covering more than 20 topics
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What do your think about the article? Give me your two cents :)

Richard Pomisel
Realtor
1715 W.Northern Ave., Suite 100
Phoenix, AZ 85021
Toll Free:1(800) 474-2841
Mobile: (602)214-1166
e-Mail: Richard@Pomisel.com