Podcast 101028 Modify Your Mortgage

Modify My Mortgage with Jim Richman

www.ModifyMyMortgage.com

As seen on FOX News and ABC's The View.

Our Featured Guest is Jim Richman a Former H.U.D. Commissioner, President and founder of Richman & Associates Inc., (a real estate and business debt restructuring firm specializing in foreclosure solutions and financial consulting), Former senior loan officer with Coast Savings and Loan and Pacific Thrift and Loan, Former Burbank City Councilman and Mayor, Former President of NOVA, a sheltered workshop for the handicapped and Former board member of the American Red Cross.


Jim is also a published author of foreclosure articles for Broker Banker Magazine, Mortgage Originator and Scotsman Guide; read monthly by 100,000 mortgage brokers nationally.

We also welcome special guests Leonard Mangriqez, of Commercial Asset Managment, Alan Pollack of Delta Investments, Bob Schecter, of CRE Professional Investor Group, Soheil Rabbani, CPA with Rabbani and Associates and your host Scott Miller with Fidelity Title in Seattle and Co-Founder CRE Distressed Assets Association.

Scott talks to Jim about mortgage modifications in the current market economy. They talk about the successes, the problems, how the banks and lenders are working with their clients and lawyers.


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Jim's firm has Loan Reduction, Modifications and Walk Away programs.

2.3 million homeowners are 30 to 60 days late on their home loan. Another 5 million homeowners are 90 days or more late or already in the process of foreclosure. That adds up to 7.3 million families in trouble!!!

Lenders are having foreclosure sales at a rate of approx 100,000 a month. But the true number is about 200,000 as short sales are also about 100,000 a month—Hmmm that means you lost your home but you did your lender a favor —only Realtor and lenders benefit a short sale—

Some areas like Detroit MI the lenders will not have a foreclosure sale as the home has a negative value.

2 million homes are for sale—The fed’s Freddie and Fannie inventory of vacant homes is currently 3.1 million. No one wants to explain why there are 9 million homes vacant in the USA. Soon approx. 48% of all homeowners with a loan will be underwater. The feds have a 50 billion fund to solve a trillion dollar problem. Tens of thousands of homeowners will apply for this program. Get in line now as it is first come first serve. …

We believe the new very complex government regulation announced will require the input of one of our expert modification attorneys and our expertise to complete the application for this new complicated program. Trying to work with your lender directly is like going to an IRS audit or a court where someone is suing you without an attorney! You will be required to sign legal documents committing your finance future without knowing what rights you are giving up in order to try and keep your home. Please call us if you are LATE on your loan payment or have a SALE DATE pending, you need HELP now!
a Fools Media Group Production by Bob Schecter and JW Najarian, the NetworkingFools

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