Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales

nocellphonebills.com: (April 15, 2010 6:11am)

need to save money and have money for courses, refer 3 people and get your cell phone free, go to www.nocellphonebills.com you can save $100 a month, we have t mobile,sprint and soon ATT service, no contract cancellations. flat fees, no credit checks, unlimited calling,texts an even unlimted data plans.

McSweep: (April 14, 2010 10:08am)

Is a mortgage payment on an "underwater" 2005 Florida home with a cost of $2,100 monthly and an additional policy of mortgage insurance (PMI) of $310 worth challenging? Specifically, why pay PMI?

Anonymous: (April 14, 2010 8:15am)

Credit Q&A Are the alternatives to foreclosure any better as far as my FICO score is concerned? The common alternatives to foreclosure, such as short sales, and deeds-in-lieu of foreclosure are all "not paid as agreed" accounts, and considered the same by your FICO® score. This is not to say that these may not be better options for you from a financial perspective, just that they will be considered no better or worse for your FICO score. If you are considering bankruptcy as an alternative to foreclosure, that may have a greater impact to your FICO score. While a foreclosure is a single account that you default on, declaring bankruptcy has the opportunity to affect multiple accounts and therefore has potential to have a greater negative impact on your FICO score.http://www.myfico.com/CreditEducation/Questions/foreclosure-alternatives-fico-score.aspx

Anonymous: (April 14, 2010 8:04am)

Calif Assoc of Realtors says that a short sale is NOT any easier on the credit score than a foreclosure. It's still a skid mark....

Anonymous: (April 14, 2010 8:04am)

Calif Assoc of Realtors says that a short sale is NOT any easier on the credit score than a foreclosure. It's still a skid mark....

ThePhoenix: (April 13, 2010 11:27am)

Please define "less destructive". So if I have a credit score of 720 and I have a credit hit from of 120 points from a foreclosure or I have a credit hit from a short sale of 100 points, does that mean that I can still buy another house? I am being sarcastic and I apologize. As a real estate licensee, Ms. McElroy has a legal obligation to disclose all material facts that would influence her principals decision. In other words, she must step into the shoes of her client and use her knowledge and experience to the benefit of the client. A half answer that spins the sale benefit is a substantial breach of her duty. In terms her client needs to understand, "less detrimental" must be further explained in factual terms and not salesperson spin.

tylerwood: (April 13, 2010 9:03am)

Per CAR attorney, and myFico.com, no difference between foreclosure and short sale on your credit score, both equally negative. As for the time frame of when you can get a loan, yes, there's a difference. But not with credit scores.

Piper: (April 13, 2010 7:43am)

I love this show!

energizerbunnyappraiser: (April 12, 2010 8:44pm)

http://www.youtube.com/watch?v=uSOeZliaCgU&feature=player_embedded You all have to go to this site. Worth the view time,.Frik'n funny!!!! (except it's too true..) "Oh, for the good 'ol days."

Fatbassedhooker1: (April 12, 2010 6:32pm)

Mook Hunter-I take offense to your remark! However, as a REALTOR I can agree with you partially. 10% of us do 90% of the business!!

Mook Hunter: (April 12, 2010 6:10pm)

Geeez Guys, don't you know Realtors don't know anything about credit or lending. They're specialists, put the sign in the ground and wait for someone else to work it!

5pence: (April 12, 2010 6:01pm)

Fantastic clulessdad - bravo just doesn't express it well enough. Thank you. Most of these Senators will not talk to you unless you're in their district and we were all lucky enough to have clulessdad in Rep Millers district. Sunset of the HVCC is still cooking and Frank and even Bubble Ben are behind it - I'd never have suspected Bernanke also wanted it gone! Is that what they talked about (Ben and Rep Miller) in private? I just figured because Ben didn't want to talk about it with Rep Miller in public and in front of the other representatives was that more scamming was going on. Great news for all of us!

valuequestor: (April 12, 2010 5:08pm)

Outstanding Cluelessdad! You are a GD Genius! Thanks for your persistence in this and your other good works. I have to believe that in spite of the AMCs strangle hold on mortgage appraisals the end of HVCC will allow some rays of light to shine down on us all. Maybe it will start a trend! Keep the faith my brothers and sisters.

Ill Appraiser: (April 12, 2010 4:18pm)

Way to hang in there cluless! Thanks and let us know what else you find out.

Joecolorado: (April 12, 2010 3:25pm)

cluless-what a coup,congrats,at least someone out there has seen the issue and is trying to help. Thanks for your hard work.

clulessdad: (April 12, 2010 3:09pm)

Wow- after 2 months of trying to get a meeting with Rep Miller, he just stunned me with a personal phone call. He told me that the HVCC sunset IS in the Senate's bill and that he was going to get one of his staffers to send me the versions that show that to be true. He even said Frank and Bernanke were supportive of the sunset. He is very supportive of the appraiser and broker industries and is trying to help us all. Not a long conversation, but he did call.

SouthlandAppraisersUnion.com: (April 12, 2010 12:47pm)

I would like to hear any constructive ideas that would help the situation. I will spread the idea round and maybe someone will act on it. You know, alot of times we forget that we are a cog in the wheel and the underwriter and mortgage broker are also. THE MORE WE TRY AND UNDERSTAND YOUR JOB, the better we will be at ours. joshua

loanlady: (April 12, 2010 12:03pm)

What about the tax consequences here in CA for homeowners who do a short sale? Someone who is underwater and does a short sale, has to pay tax?

edror: (April 12, 2010 11:22am)

If everybody could do "IT" the ywould.

St Pauly Girl: (April 12, 2010 11:04am)

FHA approval changes. FRANK & BRIAN- you, NAMB & some other sources keep saying don't get your audit done (broker's specifically) for your FHA approval process. I've read the letter from HUD several times & cannot find the sentence that states NO AUDIT. LASS/FHA Outreach, etc. still confirm that approval for this year includes: online recert + fee + audited financials. Please confirm where I'm missing this...Maybe I'm having a 'blonde moment'! :)

ALL CAPS: (April 12, 2010 10:05am)

OK GUYS, THE AMOUNT OF TIME AND THE DING ON YOUR SCORE IS ALMOST MEANINGLESS BETWEEN THE TWO, CONSIDERING THE HIT THAT THE LATE PAYMENTS WILL BE. THE LATE PAYMENTS AS EVERYONE KNOWS, WILL BE ON THE REPORT AS LONG AS THE SHORT SALE OR FORECLOSURE (SEVEN YEARS). FANNIE MAY LOOKS AT PUBLIC RECORDS FOR SEVEN YEARS, PER FNMA SELLING GUIDE (GOOGLE IT). THE WHOLE SHORT SALE & HAMP IS NOTHING MORE THAN A PR SCAM. THE FORECLOSURES WILL BE COMING. ITS THE ONLY WAY TO PURGE THE SYSTEM.

Franks Uncle: (April 12, 2010 10:02am)

Love Marty's comment.. "or until funds run out"... that happened year ago in CA didn't it??

clv: (April 12, 2010 9:51am)

Hey Frank...where'd you get the t-shirt??? Awesome - been looking for the perfect birthday present for myself!!!

loaner55: (April 12, 2010 9:34am)

5pence - Nail on the head.

frankgaray: (April 12, 2010 9:30am)

Think you've got that backwards Cranintitle. Foreclosure is a public record = 10 years. Short sale is a write off = 7 years. No?

CornerstoneKathy: (April 12, 2010 9:07am)

GeorgiaRay..almost the same thing here. Saw the house everythings fine..go to the walk through..missing AC compressor, missing grates on the stove, water meter and parts of the hot water heater..Cant swear it wasnt just vandalism but I wonder more since mine was interior stuff if these companies that are supposed to "secure" the house once its in foreclosure arent so secure!

CRANINTITLE: (April 12, 2010 9:03am)

HI GUYS, YES A SHORT SALE MAY APPEAR BETTER THAN A FORECLOSURE...BUT PER EXPERIAN.... A SHORT SALE STAYS ON YOUR CREDIT FOR 10 YEARS AND A FORECLOSURE STAYS ON FOR 7.....YOU DECIDE...THE ONLY ONES THAT GET PAID ON A SHORT SALE...ARE THE AGENTS OF COURSE !

GeorgiaRay: (April 12, 2010 8:39am)

I'm angry with Fannie Mae! My buyers stopped by house Sunday everything looked fine. Tuesday after closing we go to the house and the AC compressor outside is gone? They say that is not their problem. Insurance company won't help the buyer either!!!!

ALL CAPS: (April 12, 2010 8:28am)

MARTY, VERY GOOD TO KNOW. THANKS.

Marty: (April 12, 2010 8:16am)

Gov. Arnold signed a $10,000 credit for California home buyers, effective May 1 through end of year, or until funds run out. Credit will be split over 3 years, $3,333 a year, but only against state taxes owed. If tax debt is less or zero, buyer gets less or nothing that year.

5pence: (April 12, 2010 8:16am)

Found this post, something to think about: "We're in one of the last stages possible for capitalism. We moved from monopoly-capitalism to monopoly-finance capitalism. Conservatives and libertarians and all other advocates of the so-called "free market" think we're still in the competitive capitalism phase. That was finished in the 19th century. "Competition" is an illusion today. Collusion is the norm, between the wealthy and the wealthy, between corporations and corporations, and between fat cats and the government they own. Capitalists have already done pretty much all they can do to create wealth through labor and production. They now create wealth by borrowing, and selling securitized debt. Money making more money. Not money making things. That should be illegal. Why on earth should anyone be able to make money on selling repackaged debt? It's crazy. As always, the worker gets screwed. Our current form of capitalism does not meet the needs of MOST of the people on this planet."

FISWAY: (April 12, 2010 8:12am)

California Governor Schwarzenegger signed a bill that will give a $10,000 tax credit, spread out over three years for either FTHB's or move up buyers who purchase a New Home never lived in. The close of escrow must be between 5/1/10 and 12/31/2010. There are limited funds available, $100 Million?

5pence: (April 12, 2010 8:11am)

Hey Brian and Frank - I must protest! Someone has stolen my name and is posting as me?!! Names need to be registered guys or how can there be trust

Lisa S.: (April 12, 2010 7:50am)

Just heard a rumor... The 1st Time Home Buyer tax credit will be extended in Cali. Have you heard anything about this??

Frustrated in TX!: (April 12, 2010 7:41am)

What Sandy McElroy from Coldwell Banker in Las Vegas, did not say is what an A$$ whoopin short sales are! Do banks really think buyers are going to wait 3, 4, 5 , 6 mos. or MORE for them to approve the short sale & respond to an offer? This is INSANITY! The banks & their beuracracy are really messing up A LOT of short sale deals! Many homes are going in to foreclosure while banks are sitting on their thumbs!

Frustrated in TX!: (April 12, 2010 7:40am)

What Sandy McElroy from Coldwell Banker in Las Vegas, did not say is what an A$$ whoopin short sales are! Do banks really think buyers are going to wait 3, 4, 5 , 6 mos. or MORE for them to approve the short sale & respond to an offer? This is INSANITY! The banks & their beuracracy are really messing up A LOT of short sale deals! Many homes are going in to foreclosure while banks are sitting on their thumbs!

frankgaray: (April 12, 2010 7:11am)

Nicole... it's all about strong coffee. :)

Nicole T: (April 12, 2010 7:07am)

Frank... I was thinking you said January 2010.. I was off a whole year.. crap! Sorry about that

frankgaray: (April 12, 2010 6:58am)

Nicole.. we said January 1, 2009 through April 30, 2010. It's the same thing just worded easier.

GODLIKE: (April 12, 2010 6:51am)

According to CNN & FICO a foreclosure can drop your credit scores by 200 points and a short sale ONLY drops your score 80-90. But keep in mind the lender can still come after you for the loss.

Nicole T: (April 12, 2010 6:42am)

According the the IRS site I think the time frame is wrong for the period one has to serve 90 days of duty to extend the tax credit. I could be reading it wrong but the IRS site says: It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010. Your blog today said between Jan 2010 and April 2010? Not sure which it is????

Nuke 'em 'til the Glow and shoot 'em in the dark: (April 12, 2010 6:17am)

Ahh but a short sale IS treated the same as a Foreclosure by most Lenders so you'll have great FICOs but you'll be SOL in getting a Mortgage

Mossman: (April 12, 2010 5:39am)

Hey guys - you rocked the house in FLORIDA - so glad the gators didnt get ya!

lisahinson: (April 12, 2010 5:01am)

to 5spence you have some issues dude..LOL

CornerstoneKathy: (April 12, 2010 4:55am)

Faux5Pence, thanks for proving that we need to have a log in to blog

jillsells: (April 12, 2010 4:30am)

Frank--is that a Red Sox hat you're wearing? I KNEW you were the brains in your outfit!

glenn: (April 12, 2010 3:11am)

Spence & Frank - i got a beer and a boat ride for you and we can do both in less then 15 minutes in Naples!

Glenn: (April 12, 2010 3:06am)

Great stuff! keep it up, enteraining and informative.

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