Archive for Foreclosure News
It’s getting worse for the banks…
Posted by: | CommentsThe epic commercial real estate hangover for banks is getting worse.
The delinquency rates for Chicago-area commercial mortgages along with construction and land loan delinquencies jumped again in the second quarter and could rise well into 2010.
http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=35304
With NAR reporting that 31% of all existing home sales are short sales today, there’s huge opportunity, my friend!
Jeff Kaller
short sale… Be Careful Out There!
Posted by: | CommentsBe Careful Out There!
I hate when this happens. It gives all the good we are trying to do a black eye.
Take a look:
http://www.inman.com/news/2009/07/22/florida-targets-mortgage-rescue-firms
When scam artists like these take such a predatory, opportunistic, exploitative–criminal approach, it makes my blood boil.
Why?
Because it happened to ME 13 years ago.
Promises, promises. People were promising to help but never came through. I believed them. I put my trust in them. I know the heartbreak and despair it creates. You feel like you just threw good money after bad.
You just feel awful. And helpless.
The solution is simple: NEVER ever give money upfront for someone to help with your mortgage situation–PERIOD. No matter what the strategy you use. Short sales, Deed in Lieu, Loan Modication, etc.
It’s not neccessary.
Two Weeks to Wealth–Atlanta!
Posted by: | CommentsTwo Weeks to Wealth–Atlanta!
FREE “2 WEEKS TO WEALTH” SEMINAR, SATURDAY AUGUST 1st IN ATLANTA PROMISES TO TRAIN PEOPLE IN SPECIFIC SKILLS TO MAKE MONEY AND TAKE ADVANTAGE OF THE ENORMOUS FINANCIAL OPPORTUNITIES IN THIS RECESSION
AMERICA’S #1 FORECLOSURE EXPERT JEFF KALLER CALLS ON NATIONALLY RECOGNIZED PERSONAL FINANCE EXPERT LORAL LANGEMEIER AND ECONOMIC FURURIST HARRY DENT TO JOIN IN HELPING THOSE HURT BY RECESSION, JOB LOSS AND OTHER FINANCIAL SETBACKS
As part of his crusade to save 1 MILLION families from foreclosure, America’s #1 Foreclosure Expert Jeff Kaller’s next stop is Atlanta, Georgia on August 1st.
The FREE one-day “2 Weeks to Wealth” seminar will be conducted at the Westin Buckhead, 3391 Peachtree Road NE, Atlanta, GA. Registration begins promptly at 8:30 a.m. There is no cost or obligation.
As national support and media attention has grown considerably for his cause, Jeff is also being joined by highly regarded personal finance expert, Loral Langemeier. Loral’s known as the resident “Money Expert” on the Dr. Phil show, seen by millions daily. Also joining Jeff is renowned economic futurist, Harry Dent. A New York Times best selling author, Mr. Dent has accurately predicted every boom and recession in the last 25 years, including the one we are currently in.
“This country is in a horrible crisis right now and we have put together a comprehensive program to help individuals facing these challenging times. Instead of despair, we offer hope. We offer people viable strategies and solutions to get their lives back on track financially as well as saving their homes from foreclosure. Harry Dent and Loral Langemeier’s involvement are an integral part of my plan to help people right now in this recession and end foreclosures in this country” says Kaller.
At “2 Weeks to Wealth”, you’ll also learn:
• Why this economic cycle offers the most powerful investment opportunities in history… and how to recognize these opportunities and take advantage now!
• How to snap up troubled assets for literally pennies on the dollar
• 3 unconventional ways to make significant money in this recession
• The 7 greatest investment opportunities in this new economic era
• What to do with your current investments, NOW
• If you’re a business owner, how to position your company so you can scoop up your competitors’ customers and tremendous market share in the years ahead
To register to attend “2 Weeks to Wealth” or to find out if Jeff Kaller is coming to your city, visit www.2weekstowealth.com, or call 800-646-2578.
Amen Outreach Women’s Shelter obtains grant for $15,000 (from a lender!)
Posted by: | CommentsAmen Outreach Women’s Shelter obtains grant for $15,000 (from a lender!)
Take a look below. It warms my heart when I hear of these things happening. Scott Wheeler is one of our top protege students and also is very active in charity work. As you can see our work extend way beyond teaching people short sales strategies.
This is what can happen when a bunch of committed people get together–including the banks and lenders. There’s always another side the banking story. This is it.
- Jeff Kaller
Hey Jeff,
GREAT NEWS!! We just got confirmation yesterday that GMAC has approved the grant for the Amen Outreach Women’s Shelter. Get this, it’s for $15,000!!!!! The check has already been cut and should arrive sometime next week.
Can you imagine that we started out trying to get the foreclosure stopped and a loan modification in place. Not only do we succeed in getting that done, but get the foreclosing lender to GIVE THEM A GRANT FOR $15,000. AMAZING!!!!!!!!!!!!!!!
Speak with you soon,
Scott Wheeler
The Foreclosure, Short Sales and Deed in Lieu Numbers Tell the Story:
Posted by: | CommentsThe Foreclosure, Short Sales and Deed in Lieu Numbers Tell the Story:
As foreclosure moratoriums provided temporary relief to troubled borrowers earlier this year, two other kinds of home forfeiture–short sales and deed-in-lieu-of-foreclosure actions — rose sharply.
In a mortgage study released last week, federal financial regulators reported a 176% jump in short sales and deed-in-lieu proceedings from the first quarter of 2008 to the first quarter this year.
Short sales and deed-in-lieu actions require borrowers to forfeit their homes to eradicate their mortgage debts, generally for less than the full amount due.
Selling a home or handing it back to the bank in this manner does less damage to a borrower’s credit rating than a foreclosure, and can be less of a hassle for the lender.
In a nutshell, year-over-year first-quarter short sales jumped from 5,523 to 17,036, according to the report from the Comptroller of the Currency and Office of Thrift Supervision, the U.S. Treasury Department agencies that oversee banks and S&Ls.
Quarterly deed-in-lieu-of-foreclosure actions edged up from 1,065 to 1,158.
Completed foreclosures still far outnumbered the alternate forfeitures. They totaled 78,936, up from 76,548 in the year-earlier quarter but far below the high of 126,266 in the third quarter last year.
But things are NOT getting better. In fact, they will probably get worse.
Foreclosure statistics are expected to spike again soon as federal, state, local and lender-imposed moratoriums expire.
The regulators said their report covered 64% of current home loans in the United States. Astonishingly, they noted that most of the short sales involved borrowers with prime loans, not subprime or alt-A mortgages.
The press release here describes other facts and findings by the regulators. Here is a link to the complete 42-page report.
Now’s the time to invest. Steals not just deals.
- Jeff Kaller
