A Common San Diego Short Sale Myth: Banks Can't Write Off Too Much Loss At Once


Eastlake CA – We at the Stop Foreclosure Institute receive emails all the time that go something like this "The Bank’s Short Sale Problems are not that simple.

A bank can't afford to write off too much loss at once. Also, their investors may not approve the short sale, because they can't afford to write off too much loss at once either. And the circle goes on. Thank you, Amy

Get my Free, Step By Step Loan Modification Guide by clicking here.

Here is why this flawed assumption is incorrect. Most of the large, national banks do not own the mortgages they handle.

As an example, Bank of America does not own 80% of the mortgages they service. The biggest holders are the GSEs: Fannie Mae, Freddie Mac, and Ginnie Mae.

These entities are accustomed to losses. The other entity that's set up well and accustomed to losses is FHA.

Most of the remaining loans are owned by Wall Street Firms, Pension Funds, and other professional investors. Most of the loans owned by them have already been written down in value dramatically.

In a few, isolated instances, the "We don't want to write off losses to fast because it will hurt this quarter's earnings" thing applies. First, off any bank CEO that plays this game should be fired.

It’s illegal because of accounting rules. Not writing off losses that you know about could be considered insider trading by many.

Besides, when you push the loss on non-performing loans to the future, the losses are bigger in most cases. Any prudent person would agree that making losses bigger by pushing them to the future is bad business.

The bigger problem is that the lenders don't have enough staff to process the files. They need short sale negotiators to submit files to the owners of the loans.

As an example, on a recent FHA short sale, the negotiator told us it would take her 2-3 weeks to review the offer and then submit it to FHA.

However, she did tell me that FHA only has a 72 hour turnaround from when she submits the file to them. That is pathetic.

Here is why the lender doesn't have any incentive to hire on more staff. On that file, the lender isn't losing the money, FHA is losing it.

Therefore why should the lender spend money to hire on more staff? There is no incentive to do so.

Thinking about a loan modification?Our Eastlake loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at henry@houseinsandiego.com to request a Free Copy. Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at henry@houseinsandiego.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 619-517-6791

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Henry Pailles.

Henry is a Real Estate Broker at houseinsandiego Realty. Eastlake Short Sales Realtor:

Phone: 619-517-6791. henry@houseinsandiego.com.

Are you at risk of losing your home? ...We can help!

View My homes for sale at http://www.houseinsandiego.com/.

Henry Pailles specializes in loan modification assistance and short sales in Eastlake California. Eastlake Loan Modification Help, Eastlake Short Sales. Eastlake Short Sale Realtor. Chula Vista CA Loan Modification Help, Chula Vista CA Short Sales. Chula Vista CA Short Sale Realtor. Eastlake CA Short Sales. Eastlake Realtor.



Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Henry Pailles, houseinsandiego Realty, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Pailles's personal views and do not reflect the views of houseinsandiego Realty.

This information on A Common Eastlake Short Sale Myth: Banks Can't Write Off Too Much Loss At Once is provided as a courtesy to our viewers to help them make informed decisions.

Construction spending was up for March, according to the latest figures from the Census Bureau, released last week. Construction spending during the month reached an annual rate of $768.9 billion, 1.4 percent above February's revised estimate of $758.6 billion, but 6.7 percent below March 2010's estimate of $824 billion.

Spending on private construction reached an annual rate of $476.1 billion, 2.2 percent above February's revised estimate of $466 billion. Residential construction was at a seasonally adjusted annual rate of $229.1 billion in March, 2.6 percent over February's revised estimate of $223.2 billion.

U.S. car and truck sales for April marked another monthly gain for auto makers, according to sales figures released by the manufacturers last week. Sales for April rose 18 percent, with U.S. and Korean brands gaining market share from Japanese manufacturers still reeling from their nation's earthquake and tsunami disaster. April's sales reached an annual sales rate of 13.2 million, marking the third month in a row that the annual rate topped 13 million.

Key performers were Kia, which enjoyed an amazing 57 percent increase; Hyundai, which posted a 40 percent sales increase; General Motors which rose 27 percent; Chrysler Group which chalked up a 23 percent gain; and Ford, which saw a 13 percent gain, and would have seen a 16 percent gain were it not for its underperforming Lincoln division and loss of its Mercury and Volvo divisions.

New orders placed in March for manufactured goods, increased $13.5 billion or 3 percent to $462.9 billion, marking a fifth consecutive monthly gain, the Census Bureau reported last week. March's solid performance followed a 0.7 percent February increase. Excluding transportation, new orders increased 2.6 percent. Similarly, shipments in March, up seven consecutive months, increased $12.0 billion or 2.7 percent to $461.4 billion. This followed a 0.6 percent increase in February.

Inventories, up 14 of the last 15 months, increased $6.3 billion or 1.1 percent to $572.3 billion. This followed a 1 percent February increase. This put March's inventories-to-shipments ratio at 1.24, down from 1.26 in February.

In related news, nonfarm business sector labor productivity increased at a 1.6 percent annual rate during the first quarter of 2011, the Bureau of Labor Statistics reported last week. The gain in productivity reflects increases of 3.1 percent in output and 1.4 percent in hours worked. From the first quarter of 2010 to the first quarter of 2011, output increased 3.2 percent while hours rose 1.9 percent, yielding an increase in productivity of 1.3 percent, the Bureau said.

Unit labor costs in nonfarm businesses rose 1 percent in the first quarter of 2011, as a 2.6 percent increase in hourly compensation outpaced the 1.6 percent gain in productivity. That's a 1.2 percent increase in unit labor costs from the same quarter a year ago.

Meanwhile, manufacturing productivity grew 6.3 percent in the first quarter of 2011, as output and hours worked increased 9.7 percent and 3.3 percent, respectively. Over the last four quarters, manufacturing productivity increased 4.7 percent, the Bureau reported.

For the week ending April 30, claims for unemployment insurance benefits jumped to 474,000, an increase of 43,000 from the previous week's revised figure of 431,000, according to the Employment and Training Administration. The four-week moving average was 431,250, an increase of 22,250 from the previous week's revised average of 409,000.

The advance unemployment total for that week was 3,733,000, an increase of 74,000 from the preceding week's revised level of 3,659,000. That said, the four-week moving average was 3,700,750, a decrease of 1,250 from the preceding week's revised four-week moving average of 3,702,000.

This week's economic news leads on Tuesday with April's import and export prices from the Census Bureau, which will also release March's wholesale inventory statistics that day, as well.

On Wednesday, the Census Bureau will also release March's balance of trade, and the Treasury Department will release its April budget.

Thursday follows with initial jobless claim benefits totals for last week from the Employment and Training Administration. The Census Bureau will release April's retail sales data for April, and the Bureau of Labor Statistics will release April's producer price index on that day, as well. The Bureau of Labor Statistics will follow with April's consumer price index on Friday.

Eastlake Loan Mod Help: How Can We Get The Banks To Make The Loan Mod Process Easier?

Eastlake CA – The average American knows very little about what is happening with loan modifications. They think the banks are doing a great job helping people stay in their homes.

Get my Free, Step By Step Loan Modification Guide by clicking here.

Little does the average American know that the banks are flubbing it. In my opinion, the biggest mistake that banks are making is rejecting profitable loan modifications.

They would net more money on a loan modification than foreclosure. However, because the loan modification process is so tough they are foreclosing instead.

Most Americans would agree that it is important to help homeowners stay in the home. They agree even more when they learn how it would help the bank’s bottom line and the general economy.

Keep this in mind if your lender rejects you loan modification and forecloses on your home. Most Americans would disagree with that when it causes a homeowner to lose their home and the bank to lose more money.

The banks can claim that they “followed all the guidelines.” They think that is their “get out of jail free” card.

However, it is hard to explain that when they lose $60,000 as a result of “following all the guidelines.” Anyone would agree that guidelines can be stretched when $60,000 is on the line.

The average American will be more appalled when they realize the damage this is causing to general housing market and the economy.

So let’s educate the public on this. Let them know what is happening. Then the loan modification process will become easier and more people will be able to keep their homes.

Thinking about a loan modification? Our Eastlake loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at henry@houseinsandiego.com to request a Free Copy. Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at henry@houseinsandiego.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 619-517-6791

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Henry Pailles.

Henry is a Real Estate Broker at houseinsandiego Realty. Eastlake Short Sales Realtor:

Phone: 619-517-6791. henry@houseinsandiego.com.

Are you at risk of losing your home? ...We can help!

View My homes for sale at http://www.houseinsandiego.com/.

Henry Pailles specializes in loan modification assistance and short sales in Eastlake California. Eastlake Loan Modification Help, Eastlake Short Sales. Eastlake Short Sale Realtor. Chula Vista CA Loan Modification Help, Chula Vista CA Short Sales. Chula Vista CA Short Sale Realtor. Eastlake CA Short Sales. Eastlake Realtor.



Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Henry Pailles, houseinsandiego Realty, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Pailles's personal views and do not reflect the views of houseinsandiego Realty.

This information on Eastlake Loan Mod Help: How Can We Get The Banks To Make The Loan Mod Process Easier? is provided as a courtesy to our viewers to help them make informed decisions.

Don’t Make This Mistake On Your San Diego Loan Modification



Eastlake CA – If you're trying to get a loan modification, then you have think like a banker. How you present your finances is the key to success.

You’ve got to show them an income that’s not too high and not too low. If you show them too low of an income, they’re going to go “Oh, this guy can’t afford his house payment.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

If we reduce his payment to $800, he won’t even be able to afford it anyway so what’s the point in reducing it? Before, he thought he could pay $1,200 a month. He can’t even pay the $800 a month that’s he’s asking for today. He's not making enough money, based on our ratios, to be able to afford it.”

Here's what happens if your income is too high. Let's say your payment is only $1,000 a month and you’re making $4,000, $5,000, or $6,000 a month. They will say “What’s up with this? This guy’s making a ton of money. Why are we going to reduce his payment?”

So you’ve got to make sure your income and your budget is in that middle range. Look at your recent income history.

Maybe you can pull the most recent month. If it shows the right numbers use it. Or, pull from a longer period. Use the last three months or the last six months worth of income. Maybe even use

You want to be able to demonstrate that you're making enough money to afford that payment, but not making so much money that they will charge you more.

Thinking about a loan modification? Our Eastlake loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at henry@houseinsandiego.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 619-517-6791

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Henry Pailles.

Henry is a Real Estate Broker at houseinsandiego Realty. Eastlake Short Sales Realtor:

Phone: 619-517-6791. henry@houseinsandiego.com.

Are you at risk of losing your home? ...We can help!

View My homes for sale at http://www.houseinsandiego.com/.

Henry Pailles specializes in loan modification assistance and short sales in Eastlake California. Eastlake Loan Modification Help, Eastlake Short Sales. Eastlake Short Sale Realtor. Chula Vista CA Loan Modification Help, Chula Vista CA Short Sales. Chula Vista CA Short Sale Realtor. Eastlake CA Short Sales. Eastlake Realtor.



Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Henry Pailles, houseinsandiego Realty, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Pailles's personal views and do not reflect the views of houseinsandiego Realty.

This information on Don’t Make This Mistake On Your Eastlake Loan Modification is provided as a courtesy to our viewers to help them make informed decisions.

Recommended Steps To Take Before You Strategically Default In San Diego

Eastlake CA – Here are the recommended steps to take before you strategically default. We have consulted a financial expert who recommends these steps before strategically defaulting.

He believes that taking these steps will reduce the likelihood of your lender pursuing you after a short sale or foreclosure. We have to warn you of what could happen if you take these steps.

If you stop paying your credit cards, car loan, or house payment, then you could lose your house, car, and face lawsuits from your creditors. Your credit rating will also suffer.

In addition, you risk being chased down by your credit cards. All of this is risky and no one knows for sure exactly what will happen. So consult legal counsel before you stop paying anything.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Step #1: Miss a payment or two on an unsecured debt. This can be a credit cards, medical bills, or signature loans. Make sure you get more than 30 days behind on the payment. If it is less than 30 days, then it won’t report to the credit bureaus.

Whether you should completely stop paying the credit cards is another decision. The expert we consulted said you don’t want to be paying your credit cards and not paying your mortgage.

He said it makes it look too obvious that you are strategically defaulting. That is a decision you will have to make on your own. I have a hard time recommending that people stop paying their credit cards cold turkey.

But, going cold turkey is necessary for a successful strategic default. Maybe you can default and settle with the credit cards after the home is sold or foreclosed.

Step #2: Go more than 30 days late on a car payment or your house payment. Then, catch back up on the payments. Remember, the goal is to look just like everyone else who is defaulting because of a loss in income.

Your credit rating will start to decline after these 2 steps. You are right on track. The financial expert said that high credit scores (700 and higher) are probably the biggest indicator lenders use to track strategic defaults.

Your credit score won’t be high anymore. This is the first thing that will make it look like your aren’t strategically defaulting.

Step #3: Go more than 30 days late on your house payment and then catch up again. Most people who experience a loss of income slowly get behind on different payments. They go past 30 days on their mortgage and then catch it back up.

They finally stop paying altogether a few months later. This leads to the next step.

Step #4: Stop paying your mortgage. You will probably want to stop paying all unsecured debts at the same time.

This will make you look as close as possible to a person who is simply having financial problems and is not strategically defaulting. Thinking about a short sale?

I can help you short sale your property so you can move on with your life. Send me an e-mail at henry@houseinsandiego.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 619-517-6791

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Eastlake loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Henry Pailles.

Henry is a Real Estate Broker at houseinsandiego Realty. Eastlake Short Sales Realtor:

Phone: 619-517-6791. henry@houseinsandiego.com.

Are you at risk of losing your home? ...We can help!

View My homes for sale at http://www.houseinsandiego.com/.

Henry Pailles specializes in loan modification assistance and short sales in Eastlake California. Eastlake Loan Modification Help, Eastlake Short Sales. Eastlake Short Sale Realtor. Chula Vista CA Loan Modification Help, Chula Vista CA Short Sales. Chula Vista CA Short Sale Realtor. Eastlake CA Short Sales. Eastlake Realtor.



Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Henry Pailles, houseinsandiego Realty, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Pailles's personal views and do not reflect the views of houseinsandiego Realty.

This information on Recommended Steps To Take Before You Strategically Default In Eastlake is provided as a courtesy to our viewers to help them make informed decisions.

Thinking About A Strategic Default in Eastlake? FICO May Be Tracking You!



Eastlake CA – Banks must hate Strategic Defaults. A person who walks away from hundreds of thousands of dollars in debt gets on their nerves.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

It must bug them so bad that Fair Isaac, the founder of the FICO score, came out with a program that tracks strategic defaults. Here is the story according to Inman News:

"Article Title: FICO to walkaways: You're on our screen

Fair Isaac, developer of the ubiquitous FICO score, has a new warning for homeowners plotting a strategic default or walkaway: We can now spot you in advance. We've developed a black-box risk-identification tool that enables lenders and mortgage servicers to tag you months in advance -- and then pursue their own strategic measures to intervene.

The tool is so effective, according to FICO, that it can "capture nearly 67 percent of strategic defaulters" who are otherwise unremarkable and undetectable, paying their mortgages on time.

Sound a little spooky? Not for the major lenders who are working with FICO to install the new statistical risk-scoring model, aimed at some of the costliest and most perplexing defaulters in the marketplace: people who just stop paying on their loan abruptly, without ever previously being late, even though they have the income to pay.

Strategic walkaways are a multibillion-dollar headache to banks and investors. A study by researchers at the University of Chicago's Booth School of Business found that during last September alone, 35 percent of mortgage defaults in the U.S. were strategic -- up sharply from 26 percent in March 2009.

With an estimated 23 percent of all residential mortgages underwater as of March of this year, according to data from consulting firm CoreLogic, spotting -- and dealing with -- walkaways has become a high priority for the biggest banks.

Walkaways are also more than a slight concern to default risk-scoring giants like Fair Isaac and Vantage Score LLC, the joint venture created by the three national credit bureaus: Equifax, Experian and Trans Union.

Both companies have been stunned to find that the very consumers they deemed the least likely to go into default -- people with 800-plus FICOs and 900-plus Vantage scores -- are statistically more likely to default strategically, with no outward signs of impending payment stoppages, than the lower-scoring masses.

People with low FICO scores still default more often than high scorers, but when high scorers do default, they are far more likely to do so out of the blue. In the lowest score category (300 to 499) more than twice as many people default nonstrategically -- they begin missing payments over time, typically because of income declines -- than strategically.

These walkaways are especially vexing to score-modeling experts like Andrew Jennings, Fair Isaac's chief analytic officer and head of FICO Labs. "They open up new credit accounts" before stopping their mortgage payments, he told me in an interview last week. "They prepare."

They intentionally default on their mortgages in part "because they believe it is in their best financial interest, and because they believe the consequences will be minimal," Jennings said.

Jennings supervised Fair Isaac's work in developing a special tool that pinpoints likely strategic defaulters while they're still cocooning and haven't yet revealed their intentions to lenders.

Some of the research involved examining massive samples of credit bureau data -- 5 percent of all U.S. mortgage accounts -- during a recent one-year period, looking for telltale clues, month by month, that would separate out strategic defaulters from ordinary defaulters.

What the project turned up, said Jennings, helped formulate the model that FICO has now created for lenders and servicers.

So what's in the black box? Obviously the complex statistical model and exactly how it works is proprietary. But Jennings said it looks at a composite of separate risk factors from credit and real estate databases, and enables servicers to identify borrowers whose profiles match those of strategic defaulters most closely.

Some of the key characteristics include:

--How long have the borrowers owned the house? The shorter the time span, the higher the risk.

--Are they good to excellent managers of their household finances and credit relationships? Do they make modest and responsible use of credit cards and other revolving debt? Do they pay their accounts on time as a rule? Do they rarely, if ever, go over the limits on their cards -- or even come close?

--Have they departed from their past credit usage patterns in recent months by opening up multiple new accounts?

--Based on local property-value indexes, is it likely that they have slipped into negative equity territory? Remember: How deeply underwater is only a moderately predictive factor. Lots of owners whose properties are worth far less than their mortgage balances do not strategically default, but keep plugging away paying every month, while borrowers who fit the FICO strategic defaulter profile may be only slightly underwater but still walk away abruptly.

By the way, location is not a key factor in the equation. FICO found that 40 percent of all strategic defaulters live in "recourse" states where lenders can -- and do -- pursue defaulters for any un-recovered debts following a foreclosure.

Of course, the model cannot peer into would-be walkaways' minds and motivations. "We're not trying to explain their psyches," Jennings said, "but you see the patterns" and certain borrowers' profiles light up like flashing neon signs.

The top bracket of high-risk homeowners identified by FICO's new model are 110 times more likely to strategically default than other borrowers -- even though they otherwise appear to be solid customers, according to Fair Isaac.

Armed with these risk profiles, what are banks and servicers likely to do as they scan their portfolios? Fair Isaac recommends that they intervene early with what it calls "pre-delinquent treatments."

These include contacting high-risk borrowers to warn them about the consequences of strategic defaults: Their credit scores will tank by 150 points or more, they'll be hampered or penalized in applications for rentals, employment, car loans or leases, and they can forget about buying another home for at least several years, possibly as long as seven.

If they live in a state that allows deficiency recoveries, servicers will probably emphasize their determination to do so in the event of any default.

Will all this work? Major banks and FICO think it should help. The jury is out at the moment, but if the early detection concept is valid, who knows?

Maybe it will cause some homeowners to think twice and discourage them from taking that first, crucial step: Secretly plotting their walkaway, months in advance.” End of Article.

This has big repercussions for anyone thinking about a strategic default. Tomorrow we’ll talk about how this affects you if you and what to do to avoid problems on a strategic default.

Thinking about a short sale?

I can help you short sale your property so you can move on with your life. Send me an e-mail at henry@houseinsandiego.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 619-517-6791

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Eastlake loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Henry Pailles.

Henry is a Real Estate Broker at houseinsandiego Realty. Eastlake Short Sales Realtor:

Phone: 619-517-6791. henry@houseinsandiego.com.

Are you at risk of losing your home? ...We can help!

View My homes for sale at http://www.houseinsandiego.com/.

Henry Pailles specializes in loan modification assistance and short sales in Eastlake California. Eastlake Loan Modification Help, Eastlake Short Sales. Eastlake Short Sale Realtor. Chula Vista CA Loan Modification Help, Chula Vista CA Short Sales. Chula Vista CA Short Sale Realtor. Eastlake CA Short Sales. Eastlake Realtor.



Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Henry Pailles, houseinsandiego Realty, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Pailles's personal views and do not reflect the views of houseinsandiego Realty.

This information on Thinking About A Strategic Default in Eastlake? FICO May Be Tracking You! is provided as a courtesy to our viewers to help them make informed decisions.

Eastlake Short Sales: The Most Effective Way To Stop Debt Collector Harassment



Eastlake CA – Debt collectors are infamous for multiple phone calls at all hours of the day. One person told the Stop Foreclosure Institute that he would receive several phone calls the first thing Sunday Morning.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

"They would call my home phone at 8:15AM on Sunday. This was the only day that I had to sleep in and they woke me up. I had 2 other people call me before noon", he told us.

This is the biggest complaint the Stop Foreclosure Institute has heard about debt collectors. People have told us, "No matter how many times I tell them to stop calling, they still call me."

Let me give you the inside story. The reason this happens is because most people don't do anything about it. They just learn to live with the harassing calls and go on with their lives.

Here is what the debt collectors don't want you to know. Under the Fair Debt Collection Practices Act, a creditor or collection agency that calls you after you request them to stop may be liable for statutory damages up to $1,000 plus any actual damages suffered, plus attorney fees.

So when someone sticks up for themselves, it costs the debt collectors money. In fact, they are so scared of being sued that they all work together to track the people that have sued to collect the $1,000.

Here is the best technique that I have heard of to stop the calls. According to one guy it works great. When a debt collector calls you stop and ask for the person's name and the company name. Then, say the following.

"Bob, I have documented that you have called me today. I also have documented your company name and the phone number you have called from. Now, let me tell you this.

Under my right in the Fair Debt Collection Practices Act, I am requesting that you stop any and all calls to me. If I get another call from this phone number, then I will be contacting my attorney to help me get the statutory damages laid out in the Fair Debt Collection Practices Act.

In addition, I will call your manager and let them know that you could have saved the company $1,000, but chose not to. I will make sure that they understood who cost the company $1,000. So, don't call me again."

The reason this works so well is because you are holding that employee accountable. If they do call you again and have to pay you $1,000 as a result, then that manager will be angry. And it will hurt even more when you tell them that Bob could have saved them from paying it, but was incompetent.

Please try the script and let us know how it works out for you.

If you want a list of 12 common violations and instructions on how to stop the calls, then click here and scroll down to the Right. Click on How To Stop Harassing Debt Collector Calls. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at henry@houseinsandiego.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 619-517-6791

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Eastlake loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Henry Pailles.

Henry is a Real Estate Broker at houseinsandiego Realty. Eastlake Short Sales Realtor:

Phone: 619-517-6791. henry@houseinsandiego.com.

Are you at risk of losing your home? ...We can help!

View My homes for sale at http://www.houseinsandiego.com/.

Henry Pailles specializes in loan modification assistance and short sales in Eastlake California. Eastlake Loan Modification Help, Eastlake Short Sales. Eastlake Short Sale Realtor. Chula Vista CA Loan Modification Help, Chula Vista CA Short Sales. Chula Vista CA Short Sale Realtor. Eastlake CA Short Sales. Eastlake Realtor.



Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Henry Pailles, houseinsandiego Realty, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Pailles's personal views and do not reflect the views of houseinsandiego Realty.

This information on Eastlake Short Sales: The Most Effective Way To Stop Debt Collector Harassment is provided as a courtesy to our viewers to help them make informed decisions.

Eastlake Short Sales: Is this debt collector breaking federal law?

Eastlake CA – I've seen lots people use illegal debt collection techniques to collect on unpaid bills or credit cards. For example, there are Federal Laws that regulate what a debt collector can do or say.

They aren't allowed to threaten to sue you, but then not follow thru and actually file suit. To get around this rule, they will use language that sounds legal, but isn't.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

In one situation, a debt collector in Buffalo, New York named their firm Hoffman, Weinberg & O'Brien to make it sound like they were a law firm.

They would then leave a message every couple of days on a person's phone. They would say they were with the office of Hoffman, Weinberg & O'Brien and then say they may resort to future legal action.

In addition, they would reference case number 8306042. If you didn't know any better, you would think the case number was for your actual lawsuit. Scary, right?

Most people don’t know it, but that is a violation of a Federal Law called The Fair Debt Collection Practices Act.

This is just one example of illegal debt collection activity that happens all the time. The reason the debt collectors are able to get away with it is because most people don’t know the law.

If you want a list of 12 common violations and instructions on how to stop the calls, then click here and scroll down to the Right. Click on How To Stop Harassing Debt Collector Calls. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at henry@houseinsandiego.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 619-517-6791

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Eastlake loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Henry Pailles.

Henry is a Real Estate Broker at houseinsandiego Realty. Eastlake Short Sales Realtor:

Phone: 619-517-6791. henry@houseinsandiego.com.

Are you at risk of losing your home? ...We can help!

View My homes for sale at http://www.houseinsandiego.com/.

Henry Pailles specializes in loan modification assistance and short sales in Eastlake California. Eastlake Loan Modification Help, Eastlake Short Sales. Eastlake Short Sale Realtor. Chula Vista CA Loan Modification Help, Chula Vista CA Short Sales. Chula Vista CA Short Sale Realtor. Eastlake CA Short Sales. Eastlake Realtor.



Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Henry Pailles, houseinsandiego Realty, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Pailles's personal views and do not reflect the views of houseinsandiego Realty.

This information on Eastlake Short Sales: Is this debt collector breaking federal law? is provided as a courtesy to our viewers to help them make informed decisions.

San Diego Short Sales: My home is in foreclosure. How soon will the bank kick me out?



Eastlake CA – The Stop Foreclosure Institute recently received a question from another realtor named Sandy. Here is her question.

“An agent in my office currently has a listing under contract. It is a short sale, the sad thing is that Large National Bank (to remain unnamed) notified the sellers that they had foreclosed a month ago.

Fact is, they had not foreclosed. The employee didn’t know what they were talking about. Valuable time and a buyer were lost during this fiasco. This deal is currently awaiting approval. There is no telling what will happen in the end.

My question is this. What can we do to track the foreclosures and see when the bank is foreclosing. Sandy."

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to Sandy’s Question. The best way that I have seen to track this is by checking the docket.

The docket is the record at the courthouse of everything that is happening on a foreclosure. In some states the foreclosure is a court case and you can track the case.

The bottom line is that your local courthouse will have the best information. Call them and ask for them to explain it to you.

You will need the homeowner’s name and sometimes the court case number. They will explain where the foreclosure is at and how much longer it will be before it is completed. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at henry@houseinsandiego.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 619-517-6791

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Eastlake loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Henry Pailles.

Henry is a Real Estate Broker at houseinsandiego Realty. Eastlake Short Sales Realtor:

Phone: 619-517-6791. henry@houseinsandiego.com.

Are you at risk of losing your home? ...We can help!

View My homes for sale at http://www.houseinsandiego.com/.

Henry Pailles specializes in loan modification assistance and short sales in Eastlake California. Eastlake Loan Modification Help, Eastlake Short Sales. Eastlake Short Sale Realtor. Chula Vista CA Loan Modification Help, Chula Vista CA Short Sales. Chula Vista CA Short Sale Realtor. Eastlake CA Short Sales. Eastlake Realtor.



Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Henry Pailles, houseinsandiego Realty, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Pailles's personal views and do not reflect the views of houseinsandiego Realty.

This information on Eastlake Short Sales: My home is in foreclosure. How soon will the bank kick me out? is provided as a courtesy to our viewers to help them make informed decisions.

San Diego Short Sales: There Is A Surprise Lien On The Short Sale

Eastlake CA – The Stop Foreclosure Institute recently received a question from James. Here is his question.

“Do you have any suggestions on a surprise lien from a Water Softener company? We were able to get Bank of America to approve the short sale without paying the lien. It could take another 60 days for Bank of America to agree to pay the lien.

The buyers don’t want to wait that long. Is there anything we can do? James.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to James’s Question.

Yes, you can get rid of it. But, it will take time.

Option #1: Many states have laws that allow a homeowner to remove liens if the property is their homestead.

For example, Florida has a law that enables the seller to file to release the lien thru homestead. I don't remember the exact legal name.

The seller files something and the lien automatically goes away in 45 days. The only reason it wouldn't go away is if the lien holder contests it.

An agent I know in Florida has used it against one of the best debt collection lawyers in the state. Ask your title company for help.

Option #2: Get BOA to agree to give them some money for it. Or, find a way to get it paid on the HUD. As you can see, both of these take time.

Option #3: Pay it out of pocket.

Option #4: You luck out and the lien doesn't attach. Check with your title company to see if this is the case. Oftentimes, they don't even legally attach. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at henry@houseinsandiego.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 619-517-6791

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Eastlake loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Henry Pailles.

Henry is a Real Estate Broker at houseinsandiego Realty. Eastlake Short Sales Realtor:

Phone: 619-517-6791. henry@houseinsandiego.com.

Are you at risk of losing your home? ...We can help!

View My homes for sale at http://www.houseinsandiego.com/.

Henry Pailles specializes in loan modification assistance and short sales in Eastlake California. Eastlake Loan Modification Help, Eastlake Short Sales. Eastlake Short Sale Realtor. Chula Vista CA Loan Modification Help, Chula Vista CA Short Sales. Chula Vista CA Short Sale Realtor. Eastlake CA Short Sales. Eastlake Realtor.



Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Henry Pailles, houseinsandiego Realty, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Pailles's personal views and do not reflect the views of houseinsandiego Realty.

This information on Eastlake Short Sales: There Is A Surprise Lien On The Short Sale is provided as a courtesy to our viewers to help them make informed decisions.