FDIC chief floats "short-refi"

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mackpoise

214 Posts

Posted - 02/18/2008 : 2:47:35 PM

Finally, here is the info you have requested about our Short-Refi Negotiator Program. I need to apologize to everyone for taking so long to get this to all of you. We have been astounded by the response to our program and very appreciative of the responses from everyone wanting to help people in need of a short-refi. We launched our website short-refi.com at the beginning of the year and I am glad to say it has soared to the top of the most popular search engines, just as our wizardlending.com website has done. This has definitely given us an edge in gaining clients throughout the US, that are looking to short-refi their home. There is no other company offering what we are offering to clients on such a massive scale. Short-refi's are gaining more popularity everyday and are definitely the wave of the future in home retentions. Our program boasts a 70% success rate and with short-refi's being backed by FDIC Chairman Sheila Bair, things will only get better. Our program is unlike anything else on the market. We get the client's current lender to accept a short-refi, by offering the current lender a payoff from a new lender. Outside of helping people that are behind on their mortgage payments, this program is a definite plus for those that are upside-down on their current mortgage or at 100+% LTV, have ARM rates adjusting soon and cannot be refinanced.
We are not loss mitigation or foreclosure consultants by any means. We are strictly short-refi negotiators. We will bring you the leads and/or clients and teach you the art of negotiating a short-refi, by joining our team as an Associate Agent of Wizard Lending LLC. Everything is finally in place and we are now ready to accept new Associate Agents that wish to be part of our program.
We actually offer two opportunities that may fit your needs. One, is becoming an Associate Agent with Wizard Lending LLC. As an Associate Agent, you will learn the art of negotiating a short-refi (along with short-sales and loan mods). You will become part of the Wizard Lending LLC team. As an Associate Agent, you will have exclusive territory with us, broken down by area code. We will supply you leads and clients at absolutely no additional costs (unlike some of the loss mit companies out there, that we've heard about). You will have the opportunity to make money by negotiating the client's short-refi and if the client also needs financing, that is all your too! From now until March 31st, 2008, you can become an Associate Agent with us for as little as $500.00. We ask for a small set-up fee to become an Associate Agent with us, because we are only looking for serious people that truly want to learn the business and help those in need. We are not looking for every Tom, **** and Harry that wants to jump on board, learn the ropes then jump off and go on your own. We are looking for people that want to be part of a team, that has potential to dominate the market and become a partner in an answer to today's housing market problems.
Offer number two, is to become an Affiliate Broker with Wizard Lending LLC. There is absolutely no cost to be an Affiliate Broker with us. Our Affiliate Broker program is designed for brokers that have clients that are in need of a short-refi. This is for brokers that have clients that are behind on payments and cannot be refinanced due to high LTV and low FICO's. Clients that are upside down on their mortgage, due to a deteriorating housing market and now finding themselves unable to get refinanced. Clients that are close to 100% LTV or higher and have an ARM getting ready to adjust, skyrocketing their payment beyond reach. A short-refi can help all of these clients. Basically, as an Affiliate Broker, you send us your client, we negotiate a short-refi for them, then once the short-refi is completed, we give the client back to you to complete the loan. As an Associate Broker, with Wizard Lending LLC, you are doing nothing more than having your client hire us as a negotiator for the short-refi. Once the negotiation is complete the customer is given back to you, to complete the loan. In this situation, we have nothing to do with the loan process. That is all up to you. Our charge to negotiate a short-refi is $900 + .75% of the negotiated payoff amount. The only out of pocket expense to the client is $400.00. The remaining $500.00 + .75% is paid to us on the HUD-1 as a third-party fee, in one lump sum. As an Associate Broker, it is a WIN-WIN situation. You bring us a client and we give you back a fundable deal. We work with you throughout the entire process.
In the attached documents, please read the Short-Refi.comDoc first. This will give you a complete overview of what to expect as a Short-Refi Negotiator. I have also attached the CompleteAssociateAgentPacket, which contains our Associate Agent contract and gives you complete and in depth details on becoming an Associate Agent. The Agent packet also gives you full details on how to sign up as an Associate Agent.
If you wish to become an Affiliate Broker and send us clients in need of our services, I have attached our Affiliate Broker sign-up sheet. This is a one page sheet that gives us your basic information, so we know who is send us the clients and who we are dealing with that is obtaining the loan.
Since we do offer exclusive territory, this will be on a first come first serve basis. If you are interested in becoming an Associate Agent, please contact me as soon as possible with the area code(s) you are interested in. If it is available and you plan to sign up, please e-mail me back with the area code(s) you want and I will put a 24 hour hold on it, to allow you time to fulfill the contract, fax it back and pay the set-up fee. If this is not completed within the 24 hour hold time, the area code(s) will immediately be released to the next broker that wishes to sign-up.
Whether you wish to become an Associate Agent or an Affiliate Broker, please fill out the appropriate forms and fax them back to us at 1-866-244-6108. Then mail us the originals at the address shown on the documents.

From now until March 31st, 2008 we are offering our Associate Agent set-up fee as low as $500!*

We do offer a 100% MONEY BACK GUARANTEE!*

Also, Associate Agents signing up by March 31st, 2008, will be able to take advantage of our $900 BONUS PROGRAM!*

*For full details on our entire program please see attached documents.

Thank you for your time and patients. Looking forward to having you join our team of Agents or our network of Affiliate Brokers! Please feel free to contact me with any questions by e-mail or by phone.

azucarero75

192 Posts

Posted - 02/18/2008 : 6:41:36 PM

can you send me more informaition. thanks

mackpoise

214 Posts

Posted - 02/18/2008 : 6:55:47 PM

Absolutely! I will send you an email. In the meantime, please feel free to check out website at www.short-refi.com...if you have any questions email me at shortrefi@yahoo.com. Have a great night!

azucarero75

192 Posts

Posted - 02/19/2008 : 2:50:57 PM

i'm still waiting for that e-mail.
here it is incase you don't have it. eburgoswpi@comcast.net
phone is 413-363-1518

mackpoise

214 Posts

Posted - 02/19/2008 : 2:56:01 PM

Eduardo, I emailed you through brokerpost via your profile page. I will now send you an email to your actual address, thank you for providing it, you should have it in 10 minutes. Thank you!

mackpoise

214 Posts

Posted - 02/19/2008 : 4:13:28 PM

I'm getting emails! Still is some room though for ya!

brokerjack

34 Posts

Posted - 02/20/2008 : 1:45:09 PM

Jeff, please email me the info. Did not get an answer to my last request.

Coastalmtg

16 Posts

Posted - 02/20/2008 : 1:57:55 PM

send me some info please.. thanks

mackpoise

214 Posts

Posted - 02/20/2008 : 2:15:52 PM

Hi Jack, I sent you a quick email from your profile page here at Broker Outpost. I hope it makes it this time as there was no specific email address, it will come to you from BO most likely. My email is shortrefi@yahoo.com, or 866-592-3055

Thank you Jack!

brokerjack

34 Posts

Posted - 02/20/2008 : 2:18:14 PM

Thanks. I got it.

mackpoise

214 Posts

Posted - 02/20/2008 : 2:19:31 PM

Hello Naviel!

I just sent you an email from the email link in your profile page here at BO. I hope you get it. My email is shortrefi@yahoo.com, or call me any time at 866-92-3055.

Thank you for your interest! Have a HUGE day.

Jeff Blackledge

mackpoise

214 Posts

Posted - 02/20/2008 : 2:21:23 PM

Jack,

Call me any time 866-592-3055, email shortrefi@yahoo.com.

Thank you!

Coastalmtg

16 Posts

Posted - 02/20/2008 : 2:45:42 PM

nada... inbox empty.. junk empty.. heart broken.. lol can you resend..? thanks

mackpoise

214 Posts

Posted - 02/23/2008 : 09:04:18 AM

Hi Naviel,

I just sent you another email. Please email me at shortrefi@yahoo.com. That way I can send you a few attachments that will provide you the additional details that you are looking for.

Thank you Naviel and have a great weekend!

mackpoise

214 Posts

Posted - 02/25/2008 : 12:24:48 PM

bump

mackpoise

214 Posts

Posted - 02/26/2008 : 11:36:18 AM

Everyone at BO, I want to thank you for all of your interest and emails supporting and wanting to be a part of our success and vision. Short-refi's are hot, given the climate we're in. By building these relationships now and helping people help homeowners and earn income for themselves during this ominous real estate market will position all of us for even more explosive business once home prices come back and short-refi's are no longer solvent.

Given all the realtors/attorney's/brokers/bankers on board with us that we showed and have helped make money will not be forgotten when times improve. Many agents of ours across the country will hold on to the relationships they've created and conitue to refer, just with products and services of a stable or growing real estate market. We have had a HUGE success with establishing our nation wide short-refi and referral platform.

All of you that signed up already, please email at shortrefi@yahoo.com as I have something to send you all.

We still have some areas available and are bringing in top individuals AND entire companies to not only help homeowners in the short-refi's but with an array of services and products that they want to refer out AND where they NEED the product and/or service from someone else...like you!

Again, I have had a pleasure talking to you all and helping some of you getting off the ground and others getting that incremental gain$$$.

frap

4 Posts

Posted - 02/28/2008 : 5:32:52 PM

Sounds very interesting, I sent you an email via your website.
Looking forward to your response.
FRAP
Broker in Rockland County New York.

mackpoise

214 Posts

Posted - 02/28/2008 : 6:02:09 PM

Thank you, I will look for it!

mackpoise

214 Posts

Posted - 03/10/2008 : 8:32:40 PM

Fraidy,

Every time I try to send you and email, it comes back an error?

jenalpha

643 Posts

Posted - 03/15/2008 : 12:42:46 PM

send me the information as well to: jennifersmortgages at gmail dot com

mackpoise

214 Posts

Posted - 03/17/2008 : 12:22:36 PM

Hi Jennifer, sorry for the delay, I am sending you more information now...my number is 866-592-3055.

Thank you and have a HUGE day!

Rampart

792 Posts

Posted - 03/22/2008 : 11:15:13 PM

Jeff,

Send me some info on your new venture.

mackpoise

214 Posts

Posted - 03/24/2008 : 08:14:12 AM

Mike, shoot me an email so I can send you a few attachments...I can not send attachments from BO....Thanks and I hope all is well.

mackpoise

214 Posts

Posted - 03/24/2008 : 08:14:44 AM

Mike, shoot me an email so I can send you a few attachments...I can not send attachments from BO....Thanks and I hope all is well.

mackpoise

214 Posts

Posted - 03/24/2008 : 08:15:17 AM

Mike, shoot me an email so I can send you a few attachments...I can not send attachments from BO....Thanks and I hope all is well.

Rampart

792 Posts

Posted - 03/24/2008 : 5:13:36 PM

Will do tomorrow from the office. My cell number is still the same- I'll ring you in case you don't have it.

mackpoise

214 Posts

Posted - 03/24/2008 : 9:42:56 PM

Just got your message. Yes, Wells sounds like a solid place - to at least "weather the storm"...they're certainly going no where...

Captain Mortgage

1750 Posts

Posted - 04/08/2008 : 4:12:18 PM

Question for you. Can you do a short-refi for someone who is current on their mortgages?

mackpoise

214 Posts

Posted - 04/08/2008 : 7:27:26 PM

Hi Joel,

We have been able to on some. Mainly, they were homeowners with non-fha arm's AND the interest rates already re-set. This was accomplished using FHA-Secure. The "added" difficulty is finding or catching clients at the right "time" for this to work for people that are current.

First, to qualify for FHA-Secure, the rate has to have "already" re-set. Then we have to be able to prove (and it will be audited) that the homeowner can not afford the increased payment.

*An example, homeowners are going through their savings to be able to afford the new payment. Once the savings is gone, they will be faced with the reality that will fall behind eventually due to the fact that the homeowner can not secure a coventional refinance because they are in a declining market and have seen their home's value reduced.

Joel, examples like the one above, coupled with FHA-Secure has worked - but, again, the timing of the rate re-set is crucial. Property would also need to be in a declining market.

Joel, in other cases not meeting the above "parameters", unfortunately borrower's do need to be behind. Right now, lenders loss-mitigation departments are so back up with people that are "already" 60+ days down...they won't even talk to you until the "borrower in question" is too. Keep in mind though, if any of your clients have a rate that has re-set, or is about to...FHA-Secure may work...but it is tricky to get done. Please get in contact with me.

I appreciate your post and question. Hope the info was helpful and have a great night!

Captain Mortgage

1750 Posts

Posted - 04/09/2008 : 10:55:37 AM

quote:
Originally posted by mackpoise

Joel, in other cases not meeting the above "parameters", unfortunately borrower's do need to be behind. Right now, lenders loss-mitigation departments are so back up with people that are "already" 60+ days down...they won't even talk to you until the "borrower in question" is too. Keep in mind though, if any of your clients have a rate that has re-set, or is about to...FHA-Secure may work...but it is tricky to get done. Please get in contact with me.

I appreciate your post and question. Hope the info was helpful and have a great night!

Jeff, thank you for that answer. But after reading this I'm confused on something. If your clients need to be 60+ days down before loss mitigation will do anything to mod their loan, How would you be able to refinance them after you get a successful modification? Does the lender overturn the late payments as part of the mod? I'm just thinking that as soon as the underwriter see's the 60+ lates on their credit report the deal is going to be declined.

mackpoise

214 Posts

Posted - 04/09/2008 : 11:37:13 AM

They do not have to be 60+ days, it's just exponentially harder to be assigned to a loss mitigator by the lender. Also, FHA-Secure will take people that have no lates. So the statement, "they have to be 60+ days down" is not accurate.

A loan Modification is an option, however, I am speaking soley of a mortgage payoff reduction.

Example:

A client is 1 x 60 on their mortgage.
Property "current" Market value = $300K
Balance of their 1st Mtg = $340K
...and let's say their middle FICO is 536.

Joel, the first thing we do is get a "pre-approval" before we even begin to negotiate with their current lender for a mortgage reduction.

In the example above, based on 1 x 60 and a middle FICO of 536 - let's say the best pre-approval is 75% LTV.

Therefore, current property value is $300K and 75% of that is $225K.
Now we know where we stand. They owe $340K, we have financing in place (with our pre-approval)for $225K.

In other words, we have to negotiate the difference...in this example $340K (current balance) MINUS $225K (new loan) = $115K.

Now when we negotiate, we would try to get the lender to forgive the $115K, however, what most likely would happen is a combination shown below:

Lender reduces payoff not by $115K but by $55,000. That still leaves $60K. Their current lender may write a new 2nd mtg, subordinate it for the remaining $60K (95% CLTV). Sometimes they will defer payments on this new subordinated 2nd, sometime they'll charge 0% interest. Point is, it's a negotiation and it's usually a combination of things to resolve the problem when we are successful.

*The above info is an example, regarding the numbers, so you can get the idea.

Also, you mentiond above, "will the lender earse the mtg lates?" Sometimes they do delete the lates, but they almost alwasy report to the bureaus...paid account, settle balance.

Please give me a call. These negotiations are tricking and to teach you them over these posts will be too difficult.

I do hope that helps you understand, they is no black and white in these things. You just have to submit them and be very creative and know your stuff. Again, I hope this was helpful and answered your question.

Have a HUGE day and please get in ouch with me.

mackpoise

214 Posts

Posted - 04/09/2008 : 2:38:02 PM

BO Members,

I wish to thank everyone for their posts, questions and insight. So many of you understand what we're doing, and many of you have already parntered up with us.

However, some members are having a harder time grasping what it is we are doing. We are not here to give seminars, we are here to offer you and your clients an alternative. To those of you that are uncertain, I have two solutions below:

1) Visit our forum, or "think-tank" specific to short-pays at www.short-refi.org. We have not officially rolled out this forum yet - but it is ready and is being used. You can post questions, scenarios and get answers - sometimes faster than here at BO. All of our agents and affiliates across the country view your posts and respond.

2) Sign up! The "Affiliate" program is free. You want to know more about what we do? Find a client that could use our service. Visit our web-site at www.short-refi.com. Complete the on-line "affiliate" form and one of our independent agents in your area will contact you within 24 hours. They will have your client complete a borrower questionnaire, financial statement and have you submit the 1003. The agent will get you started. It FREE - and it's easier for you to see exactly what we do and how.

We do have an "Associate Agent" relationship that does have a set-up fee BUT that is not the only way to benefit from our service.

Those of you still unclear, please give it try - it's too difficult to completely train someone and give all of our proprietary information over these posts.

Please keep posting and asking questions, this specific post is for those that are still unclear. Have a HUGE day, again, THANK YOU BROKER OUTPOST and it's MEMBERS!! Especially those of you already onboard...

Dmoya

32 Posts

Posted - 04/16/2008 : 12:11:52 PM

Hi Jeff, this is David. I emailed you about the short refi but no answer as of now. I am in the Miami area, can know a lot of people in the situation that we can help them out.

Thanks,

David
786-246-6406

mackpoise

214 Posts

Posted - 04/17/2008 : 09:31:46 AM

Hi David,

I just sent you an email. Please review and give me call, my number is in my email. Thank you for you interest and have a HUGE day!

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