We must remember that when a foreclosure happens, there is usually an emotional crash that follows which can take years to overcome. This is devastating and although there are many who have lost and will lose their homes, there are many who DO NOT have to. I have attached an informative sheet that I urge you to forward to your clients.
Knowledge and action combined equals power. Let’s do all we can to give our customers and loved ones the available knowledge they need to take action.
This is why I am sending you this.
· Sacramento currently has the 6th highest foreclosure rate in the nation. Out of the top ten highest foreclosure rate locations, 7 of them are located in California.
· According to Data Quick there is expected to have been 52,560 defaults from June through the end of December in California.
· Through the end of 2008 there are expected to be 172,220 defaults. Half of these are expected to result in foreclosure.
One available program that I personally use to save distressed people is the FHA secure. This program allows people who are in sub-prime and prime loans to refinance when they otherwise would not be able to. Especially for borrowers who are in negative amortizations. To learn more about this program, please feel free to research it or give me a call at 916-960-0440. You can also e-mail me and I will elaborate.
Make sure that you are working with someone who knows what they are doing and who is willing to educate both the borrower and you on the knowledge that would have kept people from ending up in this mess in the first place.
There was an announcement made today by Governor Arnold Schwarzenegger that the 4 top lenders who carry 25% of California’s sub-prime loans; have agreed to freeze loans at their current rates which would otherwise be adjusting and possibly going into foreclosure. With housing prices declining and loss of equity, borrowers are stuck and cannot refinance their home loans into lower rates. With the lack of equity to refinance, this program creates hope for many consumers would otherwise loose their homes.
The lenders that are participating as of now are:
Countrywide Home Loans
GMAC
Litton Servicing
Home Eq.
Their stipulations are as follows:
Borrowers MUST communicate with the lenders. (Most foreclosures that have happened; occurred without any communication from the consumer to the borrower).
Previous payments have to have been made on time.
Borrowers must prove hardship and that if the loan does adjust they will not be able to make the payments.
Please feel free to contact me for further information. I hope you are having a wonderful holiday. This is indeed a time that has allowed me to reflect on how grateful I am for my many blessings. I am also grateful for all of you who are still in the industry for the long haul.
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