In fact, it doesn’t really matter to me who the president is.
While everyone else in this country was glued to the TV Tuesday night,
I was hangin out with my family.

Here’s why:

Because I know that no matter what happens in the world, no matter who the president is, and no matter what new policies or laws the government passes, I will be comfortable and happy because I take full responsibility for my actions.

It is my responsibility as a business owner to have the drive, the knowledge and resources to put new strategies into action and to change the vision of the company to adapt to the current market conditions to not only survive but thrive. It is my goal to provide you with the knowledge and resources you need to make your business thrive.

If you are willing to do what everyone else is not willing to do, you will get results that everyone else will get. Its such a beautiful thing!

You should feel the same way and you should live by this philosophy.

Are you betting on social security to provide for your retirement?
I hope not.

Did you know that only 5% of the population at retirement has enough money harvested to retire on?

Will you be part of this 5% or will you be part of the 95% that is betting on social security?

By the time you retire, social security probably won’t even have the money to pay you.

You have the power to create your Destiny. I have designed the life that I’m living and YOU SHOULD design the life that YOU want to live for yourself.

This is only one way to change your life. Create a plan and work the plan. Only you have the power to make it happen. I can give you all of the tools, tricks and resources for success but if you don’t put them into action, you’re not going to get very far.

Real Estate is the vehicle that I have found to make it happen. Short Sale Investing is the fastest way to create wealth in the residential market. Short Sale Investing is a niche within Real Estate investing and it requires specialized knowledge to be extremely successful.

There is another niche that I want to make you aware of that is within the short sale niche. Not many people know about it because they haven’t taken the time to learn. I call it the niche within a niche because there is very little competition in this space because only a few know how to handle these types of deals.

The truth is they can be the most profitable deals because of this.

Check out this Video on the niche within a niche.
You will quickly figure out what it is and how powerful it can be:

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CLICK HERE TO GET THE VIDEO

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Here is the million dollar question that my gold student had about the lenders right now:

The Question:
Who are the good lenders to work with on Short Sales?
Can you post a list of the good and bad lenders?

My Answer:
Banks that are good to work with now may not be good to work with months from now and banks that are bad to work with now may not be bad to work with months from now. Because we negotiate a lot of deals for our students we are always keeping our hand on the pulse of the lenders.

I don’t recommend avoiding any lenders because all lenders will take a short sale if you justify your case and prove to them that it’s in their best interest to take the discount.

A lot of it comes down to the amount of contacts that you have inside the bank and how good of a rapport you have with the loss mitigators that you have relationships with at each lender. If you don’t know any reps in any banks and are trying get your deals done starting with customer service, your experience could be very different.

Here is a quick crib sheet of what some of the lenders are doing.

I went in to my loss mitigation department and asked one of my mitigators that wasn’t on the phone with a bank and this is what she rattled off the top of her head.

The lenders are changing so fast, this may not be the same list a month from now or a week from now. Some lenders are hiring people in their default departments as fast as they can and some lenders are being acquired by other banks. Some lenders suspend short sale negotiations during their merger process.

This is inside information from my loss mitigation department.
You can’t get better information than this.

Favorable Short Sale Lenders

1. Home Q - they approve quickly
2. WAMU- they also approve quickly
3 American Home, they approve, with only minimal wait.
4. Citi Financial, move very quickly with their files.
5. wells Fargo, they approve, if the no’s are right, they really stand behind the BPO
6. Accredited, they really work with me, approve quickly
7. ASC approves files, if you don’t mind waiting, they are trying to move quicker with the files, they have hired more Loss Mitigators so they are moving alot quicker that they used too.
8. Aurora, they do full appraisal’s, but will note repairs.

Short Sale Lenders I DON’T LIKE

1. Bank Of America, they will only accept 90% of market value, will only do a full appraisal, do not take into consideration any repairs.
2. Suntrust
3. FIRST FRANKLIN they hate our kind, & have no problem telling us so!!!
4. GMAC, they do approve, but if they are the 2nd. they do not walk away, would rather go to auction.
5. Ocwen
6. Indymac, they want to charge $300.00 processing fee.
7. Wacovia, they would rather go to auction, than take a reduction.
8. EMC they will stand behind their BPO, even when it does not make sense, you can send them as many comps as you would like proving your case, it does not matter.
9. Carrington Mortgage – they have their head up their #$$.

THE LENDERS WHO TAKE THE SHORTEST TIME.

1. Citi Financial, had an approval in less than 2 months.
2. Home Q moves quickly.
3. Wamu, once the bpo is back, they move quickly
4. Wells Fargo

ASC takes the longest, they have been the slowest lender yet, but now they have more staff, I believe that will change.

This is why it’s important to stay up to date on what’s happening with lenders on a regular basis.

We are in the Best Real Estate Investing Market than we have ever seen in our lifetimes.

Go Here to get information on The Foreclosure Wealth Seminar in November 2008:

They are now talking about the government taking an ownership stake in each company that they acquire assets from and that the taxpayers could actually profit from the deal when the assets are sold.

That is a quite a stretch!

Do you thing Congress should approve the Financial Rescue Package?

Do you think its the government responsibility to bailout companies that made their own decisions to get into the situation they’re in right now?

Submit your answer and comments below:

Here’s a list of the state foreclosure laws that have already been passed in 2008.

Florida HB 643

Hawaii HB 2326

Iowa HF 2653

Idaho SB 1431

Maryland HB 361

Maine LD 2189

Nebraska LB 123

Oregon HB 3630

Virginia HB 408

Washington HB 2791 

Did you see President Bush’s address last night regarding the $700B economic rescue plan?

It was a sugar coated way of saying the taxpayers are going to foot the bill and he was begging the common American for approval.

Here’s what really caused the mortgage mess and here’s who’s actually responsible for it.

Click Here to Find out Who’s Really at Fault for the Mortgage Mess

Regardless, this creates a huge opportunity for us in this market. With government intervening, they’re actually causing more foreclosures with these laws and because we know how to comply with these laws while helping people and making alot of money while doing it, its a great opportunity.

At my upcoming 3 day Training, we are going to be covering:

How to be in full compliance in the most profitable business in the current market and continue to make the same profit for Short Sales

What strategies are working best in Today’s market and how you can implement them in your business

You’ll get access to close deals with my title company

You’ll get the ability to partner with me on your deals and have my Loss Mitigation Team do all of your negotiations for you

I will provide the funding for all of your deals

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If you’re in Florida, you need to be aware of this new law that’s going into effect on October 1st, 2008.The Government’s intention is to protect homeowners in foreclosure from falling victim to deadbeat investors that steal people’s money and don’t follow through with what they promise. It’s these types of investors that ruin our reputation as a whole.

If you’re not in Florida, you need to pay attention to this because they’re trying to pass something very similar to this on the federal level.What the government doesn’t realize is that this is going to cause even more foreclosures and it’s going to hurt homeowners rather than help them.

Here’s a copy of the Bill HB643 that goes into effect October 1st:

Florida Foreclosure Bill

I’m very happy about this bill because this will force all of the deadbeat investors that operate without integrity to get out of the business or comply with the law. The Bill prohibits taking money up front before services are performed. This is referring to forbearances, workout agreements, loan mods, etc.

You don’t know how many homeowners I have talked to that say that they gave an investor $1000 or a payment equal to 1 month mortgage payment to negotiate with their lender for them and they never hear from that investor again.  Homeowners don’t deserve to be treated like this and I’m so happy they included this in the bill.

This is going to weed out the scam artists. It also says that it treats a leaseback transaction as a loan and also requires the investor to prove that the homeowner can afford the payment before they into a lease option or repurchase agreement to buy the home back.

Stay away from leasebacks period and this will not apply to you!!!They are too much headache. I used to do them and it’s not worth it. Take my word for it. Stick with short sales.  

The new law also requires you to provide all of the paperwork to the homeowner at least 1 day before they sign the agreements and you must provide the homeowner 3 days cooling off period to cancel the agreement. This is very similar to a REFI.

They included this to prevent homeowners from signing documents under a high pressure situation and I think this is a good idea. They also included this to make sure there is an actual written agreement in place for the transaction.

It also says that once the homeowner transfers the property to you, you assume all liability of the debt on the property.

I have restructured my paperwork because of this and my attorney is drafting a new disclosure to make sure we are in compliance with this new law. I see this new law as a very good thing for us because it’s going weed out the bad apples.

If you operate with integrity, treat people right, and comply with the law, you won’t have any issues.  I don’t see this law as a negative to us.  I see it as positive because I always disclose to my homeowners exactly what’s going on. I don’t hide anything and this law only makes the deal more transparent which is a good thing for everyone. 

If you are an owner of my home study course or are an active member in my Foreclosure Wealth System Coaching Program (Gold Members), I’ve good news for ya. You’ll be getting the disclosure that I paid my attorney dearly for. And you’ll be getting the new process you need to follow to stay compliant with the new law. I am not an attorney and this is not legal advice. 

This process will be discussed in detail at my upcoming 3 Day Seminar being held November 14th-16th. This is something you can’t afford to miss. 

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They will now be managed by FHFA, a division of FHA, which basically means, the vast majority of loans in this country have to come from the govt. All the banks and corp lenders are out of business or scaled back dramatically. The government is not an expert in the mortgage market. But now Americans will be dictated by the government, who gets a loan, and who doesn’t.

Also, the government will dictate property values. In my opinion, it is totally unconstitutional. If the government wanted to help the market, they should have put some sort of tax break / incentives to the lenders. They did not. Paulson specifically said, “we have no interest in any sort of bailout of lenders”.

They dug their own grave and now they can lay down and die in it. Another important point is that FHA has expanded to: no max cltv on a refi (subordinate 2nds), more first time home buyer incentives, and increased loan limits. However, other financing options are very limited, qualifying for loans, and getting them closed is very difficult. For our market, we’ll see further consolidation in the industry, and these portfolios are still being bought for dramatic discounts, which will put the note holders in a position that they can liquidate some of their portfolio at a dramatic discount and it won’t hurt them as much (because they only paid $.30 on the dollar for the portfolio anyway).

Because the lenders are buying these loans at such a low price, they are very negotiable to accept short sales on the loans that go bad just so they can get them off their books. Because they bought the loans for such a low price, they are still making a profit or if not a profit , a very small loss because the original lender is the one that took the big hit. They’ll make their money with the good loans that people are paying. Yes some people are still making payments on their mortgages. I know it’s hard to believe.

The next 2 years will be the best the foreclosure / short sale market has seen in our lifetime. What a great time to get into this business! Chaos creates opportunity.

I have secured the date for my Friend that is a Craigslist expert. He’s been dominating craigslist since 1998 and he has cracked the code to getting free ads posted as many time per day as he wants. Because of the way craigslist is set up, the more often you post your ad on craigslist, the more leads you will get.

On Wed October 1st, I’m gonna grill him to uncover all of his secrets to not getting his ads banned on craigslist.

To Register, go to https://www2.gotomeeting.com/register/985278029

Why would a lender want to take less than what’s owed on the mortgage?

There are many reasons.

1. They don’t want to own any real estate. They’re not in the property business. They’re in the money business.

2. They have to increase loan loss reserves for every loan they have in default. They don’t earn interest on double the amount of money they have in default.

This means the bigger the loan in default is, the harder it hurts. The banks don;t want to have these high end mortgages on their books as bad debt and they definitely don’t want to take these back as REO’s. That’s why they want to be very flexible when negotiating short sales on these jumbo mortgages.

Download the Article here that explains the double whammy effect of high end loans in default:

Loan Loss Reserves double whammy effect

I watch this every morning to put my day into hyperdrive

Julie and Dick Hoyt’s son was born with cerebral palsy.
The doctors told them to put him away because he would be
a vegetable all of his life.

Dick Hoyt did not listen to the doctors because he wanted to
give his son a regular life. Now he takes him everywhere with him.

Video is Dick Hoyt and and his son at the Ironman Triathlon.
If this guy can do this, you can do anything

A nice uplifting Presentation
http://www.thedontquitpoem.com:80/

Bookmark this page so you can come back to it whenever you’re feelin down.

I hope you enjoyed this motivation for the short sale investor’s sole