| Author |
Previous Topic | Next Topic |
mackpoise
214 Posts |
 Posted - 02/20/2008 : 11:44:34 AM
|
Calling all brokers and loan officers...
I challenge all of you here at Broker Outpost to a simple, bare minimum, task to help save "12" peoples homes from foreclosure, get paid $200 for the initial referral, per individual referral, and close "12" loans in just "12" months. Yes, we can handle more, but we want everyone involved!
Have a client behind or in "pre-foreclosure", refer that client to us (short-refi.com). We will pay you for each client that contracts with us. Then, when we successfully complete the "short-refi" negotiations...we'll hand you back your client for you to close with your lender, or use one of ours from our network.
This will significantly help the incremental gains to your bottom lines...and it'll make you feel great!
*This is not a loan modification or any type of loss-mitigation, this is short-refi.com.
Summary:
HELP...REFER...GROW$$$$
www.short-refi.com |
|
mackpoise
214 Posts |
Posted - 02/20/2008 : 11:55:51 AM
|
| We pay $100 upfront via paypal.com...PLUS, we create a loan for you to close that you would have not closed. |
|
|
mackpoise
214 Posts |
Posted - 02/20/2008 : 11:58:21 AM
|
| Dan, we negotiate and hand "your" client back over for you to close. |
|
|
mackpoise
214 Posts |
Posted - 02/20/2008 : 12:01:57 PM
|
| $500 to help you help someone and help yourself? I love the spirit though! If you have a minimum of "4" clients referred and signed up each month, we pay $200 per referral... |
|
|
mackpoise
214 Posts |
Posted - 02/20/2008 : 12:06:08 PM
|
| Unfortunately, I will have to pass. I do wish you success and thank you for your interest! |
|
|
mackpoise
214 Posts |
Posted - 02/20/2008 : 12:09:20 PM
|
| Getting emails...grassroots here at Broker Outpost is engaging... |
|
|
mackpoise
214 Posts |
Posted - 02/20/2008 : 4:04:23 PM
|
| Bump! |
|
|
LoanSafe
205 Posts |
Posted - 02/20/2008 : 6:31:57 PM
|
Please explain how this is done?
I deal with hundreds of people daily. Possibly 1,000. Do you have $100,000 in your paypal account?
But serious, how is this done and were'nt you the "wizard lending" that was on here before under a different alias just a few months ago. |
|
|
mackpoise
214 Posts |
Posted - 02/20/2008 : 7:16:09 PM
|
We can not help everyone and, of course, some lenders will not agree. However, many lenders in many situations are willing to. We are not loss mitigators nor do we execute loan modifications for clients, we are short refinance consultants. Our website is www.short-refi.com.
If you still have interest, please conatct. My contact information is in my profile.
Also, my name is Jeff Blackledge, Tampa, Florida.
Hope you have a HUGE day and thanks for the inquiry!
|
|
|
saycheese
36 Posts |
Posted - 02/23/2008 : 01:12:24 AM
|
| hi jeff ..sent a email..want to make sure u got it?? |
|
|
mortgageplanforl
124 Posts |
Posted - 02/23/2008 : 06:44:06 AM
|
| Why would a loan officer give you the client when they can just submit the paperwork to the lender themselves for the short payoff? What "special" things do you do that make you better? MOST lenders in this environment are open to a lot of things. All it takes is a few phone calls to get the requirements to apply for the short payoff and talking to the "real" decision makers. |
|
|
mackpoise
214 Posts |
Posted - 02/23/2008 : 08:53:52 AM
|
Dimi, you are right when you said loan officers can do this themselves. You are also correct that given the climate we're in lenders are open to finding a cure. However, it's not as easy as sending paperwork to the lender. Dimi, 9 times out of 10, the lender is just the "go-between". Lenders simple take our request and turn to the investors.
So, Dimi, when you stated, "all it takes is a few phone calls to get the requirements to apply for the short payoff and talking to the "real" decision makers", you were grossly wrong. Dimi, you obviously have never performed one. You "never" get to talk to the "real decision" makers. That's why it is a bit more difficult and time consuming.
Given the steps and time associated in this process, we offer loan officers the opportunity to "focus" on what they all do best...close loans.
Also, you asked what "special" things we do. For one, we have hundeds of successful negotiations so we know our approach works. Another "special" thing we do is give referring loan officers "LEADS" that become "assocaite agents". Dimi, we have a nationwide network of associates and affiliates and offer exclusive territories by area-codes.
Dimi, I would love to speak to you about this. I do feel like seem a bit jaded and I don't understand why? I wish you success and I do hope you contact me.
Have a HUGE day. |
|
|
mackpoise
214 Posts |
Posted - 02/23/2008 : 08:56:14 AM
|
Eric, I did get your email...I think? Are you Kool1223? If so, I did get it and will forward you details.
Thank you Eric! Look forward to talking with you. I will included my number...Have a great weekend! |
|
|
mackpoise
214 Posts |
Posted - 02/23/2008 : 09:08:45 AM
|
| BUMP!!!! Getting lots of emails...and new associates! |
|
|
mackpoise
214 Posts |
Posted - 02/23/2008 : 09:30:42 AM
|
We are not a loss-mitigation firm nor do we do loan modifications, we strickly negotiate "short-refinances". You have a client behind, in foreclosure, up-side down? We have an incredible record and foot-hold on these negotiations over the past year given the climate we're in. Every foreclosure in each neighborhood continues to cause housing prices to decline. Given that so many regions in our country have declining home values is exactly why some lenders under certain circumstances will approve a short-refi.
"What's in it for us?" We get to help a lot of homeowners keep their homes. We also help loan officers and brokers, just like you, close a loan that was not previously able to close. The end financing come from private investors and hard-money programs. These programs are 30 year fixed rate mortgages and even though the rates are higher, clients payments are less simply because their new loan amount in less. On average, we negoatiate the balance down to 70-75% LTV and, of course, this is because this is what is need to be able to secure a approval for loans of this nature.
The fee for our (short-refi.com) service is $900, plus .75 bps of final negotiated, approved loan balance. The only out-of-pocket investment for the homeowner is a $400 up-front payment. The remainder is payable in , good-faith, on the back-end out of the new loan proceeds. The, remaining $500 and .75 bps goes on the HUD as a
"Third-Party" fee.
Great way for you to help your clients, earn referral fee(s) and create a closing for yourself that you can feel great about. See, we hand your client(s) back to you to close. We also provide you the opportunity, with our service, to focus on your marketing and closing...which is what you all do best!
|
|
|
saycheese
36 Posts |
Posted - 02/23/2008 : 11:43:37 AM
|
| i will be waiting !!!! |
|
|
mackpoise
214 Posts |
Posted - 02/23/2008 : 11:51:22 AM
|
Eric, did you get mt email? Just wanted to make sure you did...
Have a great weekend! |
|
|
saycheese
36 Posts |
Posted - 02/23/2008 : 1:08:34 PM
|
| I did not get yr email..its kool1223@yahoo.com |
|
|
mackpoise
214 Posts |
Posted - 02/23/2008 : 4:40:37 PM
|
| Sorry Eric, I just sent it to again... |
|
|
saycheese
36 Posts |
Posted - 02/23/2008 : 8:17:04 PM
|
| got it!!will call u on monday |
|
|
mackpoise
214 Posts |
Posted - 02/26/2008 : 10:19:14 AM
|
| Eric (saycheese) never heard from you yesterday...did you have time to review the information? Give me a call...I sent you an email as well! |
|
|
mackpoise
214 Posts |
Posted - 02/26/2008 : 11:37:09 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$$$.
--------------------------------------------------------------------------------
Jeff Blackledge
shortrefi@yahoo.com
|
|
|
tenbody
160 Posts |
Posted - 03/07/2008 : 10:14:07 PM
|
| I am very interested in your program could you send me some info..thanks my email is tim@timenbody.com |
|
|
mackpoise
214 Posts |
Posted - 03/08/2008 : 10:50:28 AM
|
Hi Tim!
I just sent you an email...thank you and have a great weekend!
Jeff |
|
|
mortiz0126
205 Posts |
Posted - 03/10/2008 : 4:33:12 PM
|
| Sent you over an email. I am looking forward to hear from you asap. |
|
|
mackpoise
214 Posts |
Posted - 03/10/2008 : 8:30:42 PM
|
Hello Michael,
Thank you for the heads-up...I am going to check my mail now...will follow up with you tomorrow. Thank you for the inquiry! |
|
|
tenbody
160 Posts |
Posted - 03/13/2008 : 1:03:37 PM
|
| As anyone used this program before and how is it working for you?? Thanks.. |
|
|
asabadin
45 Posts |
Posted - 03/18/2008 : 4:50:39 PM
|
| Also, what is the up front fee for the client I would hand to you? I have heard of companies charging 2500 up front. Would you get paid out of the refinance? |
|
|
mackpoise
214 Posts |
Posted - 03/18/2008 : 7:01:46 PM
|
Hello Angelo,
Our fee is $900 plus .75 Bps of the amount we negotiate the loan(s) down to. However, we only charge a $400 up-front fee from the client. The remaining $500, plus the 75 Bps (.75%) is in our good-faith and, yes, comes out of the refinance. Thank you for your question! Please contact me to get started! |
|
|
mackpoise
214 Posts |
Posted - 03/18/2008 : 7:05:17 PM
|
Hi Tim,
We have dozens of agents in each state, coupled with hundreds of "affiliate" relationships...I encourage you to check out www.short-refi.org and www.short-refi.com. Have a HUGE day! |
|
|
getfunding
129 Posts |
Posted - 03/22/2008 : 3:49:44 PM
|
Would Like More info
Thanks
dareck.crane@echostarfinancial.com |
|
|
Rampart
792 Posts |
Posted - 03/22/2008 : 10:52:36 PM
|
Bonzai Jeff!!!
Give me a call, you've got the number. |
|
|
mackpoise
214 Posts |
Posted - 03/24/2008 : 08:13:04 AM
|
| Hi Mike! (raphael) |
|
|
NRU2
85 Posts |
Posted - 03/27/2008 : 10:42:59 PM
|
Has anyone got a loan back yet? Who did the take out?
MikeM |
|
|
mackpoise
214 Posts |
Posted - 03/28/2008 : 12:45:57 PM
|
I will tell you we do many through FHA secure program....feel free to contact regarding it. I have another post here at BO that explains it and our process a bit more.
Have a HUGE day!
Jeff Blackledge |
|
|
crankyusi
658 Posts |
Posted - 03/28/2008 : 3:29:21 PM
|
quote:
Originally posted by mackpoise
You have a client behind, in foreclosure, up-side down? .. we negoatiate the balance down to 70-75% LTV and, of course, this is because this is what is need to be able to secure a approval for loans of this nature.
The fee for our (short-refi.com) service is $900, plus .75 bps of final negotiated, approved loan balance. The only out-of-pocket investment for the homeowner is a $400 up-front payment. The remainder is payable in , good-faith, on the back-end out of the new loan proceeds. The, remaining $500 and .75 bps goes on the HUD as a
"Third-Party" fee.
Would appreciate responses to a couple questions....
(1) Is that "70-75% LTV" using current values? ie, home worth $600k in Year 2005, worth $500k in Year 2008, so you negotiate payoff down to 75% of the $500k = $375k acceptable payoff?
(2) Regarding that $400 up front payment, is that refunded back to homeowner if you're unsuccessful in negotiating a lower payoff?
Thank you. |
|
|
rubenjtorres
154 Posts |
Posted - 03/30/2008 : 11:15:52 PM
|
| sounds good ill check out your website. |
|
|
mackpoise
214 Posts |
Posted - 03/31/2008 : 07:28:45 AM
|
| Thanks Ruben, grab me anytime where necessary! |
|
|
crankyusi
658 Posts |
Posted - 03/31/2008 : 07:55:26 AM
|
Hello mackpoise,
In case you missed my questions a couple post up, thought I'd reask....
Would appreciate responses to a couple questions....
(1) Is that "70-75% LTV" using current values? ie, home worth $600k in Year 2005, worth $500k in Year 2008, so you negotiate payoff down to 75% of the $500k = $375k acceptable payoff?
(2) Regarding that $400 up front payment, is that refunded back to homeowner if you're unsuccessful in negotiating a lower payoff?
|
|
|
mackpoise
214 Posts |
Posted - 03/31/2008 : 08:19:59 AM
|
Hi Francis,
In a mortgage reduction negotiation for a short-pay, lenders always use a BPO. They send a real estate agent out to provide an estimate, they don't use an appraisal. But, even the BPO is based off of current data, or sales. So - to answer your question, yes lenders base their decision in a sort-pay off of a "current" BPO.
We would only get an appraisal if the lender approves the short-pay, the appraisal is for the "new" lender providing the loan to payoff to short-pay.
The $400 up-front is non-refundable, however, if we are "not" able to provide "any" additional workout options with their lender, we do refund it.
A majority of our business is with the FHA Secure program, these are clients that still have decent to great credit, can document their income, etc. They just owe more on their house than it's worth and their interst rate just reset and they can longer keep up with the higher rate, which is usually 2% and higher in just the first reset date. These clients, again, we use FHA and typically get a 97% LTV and this LTV enables us to secure more short-pay's for these clients.
For clients that are true "foreclosure" bailout, we only take these on in a case-by-case basis because of "large" difference between the LTV we can get them and what they owe...many times it's way too much and we are aware of that in the front in. Homeowners in foreclosure already are tough to help and some states we can't charge an up-front fee.
The goal, Francis, is to help the homeowners that we still can (which is millions of them) BEFORE they go into foreclosure. A typical scenario for what we do and what you and every broker/loan officer should be focusing on is below:
Suppose I have a client that has a mortgage of $300,000, that they took out 24 months ago at 5.25% on a 2/28 ARM. It has now adjusted and the rate is 7.25%. The payment has increased and they can't maintain the new payment level and keep up with all of the other obligations they have. They know that their rate will continue to increase, while they have seen the value of their home become reduced. They have never been late on their mortgage and are now faced with the realization that they can't keep up with the increase in their mortgage payment. What can you to do to help them? What will it cost them for the service, and what are the realistic expectations that your services will help them?
Here are some guidelines for the FHA secure and who could qualify and who can't:
SHORT REFINANCE EXPLANATION
SITUATION
If you are reading this, your situation can be described as follows. Your mortgage now is an ARM( adjustable rate mortgage ) that had a “fixed” monthly payment for the first two or three years and your monthly mortgage payments have sharply increased because the payment is now based on a higher adjustable rate. You are employed, have a reasonable household income and your credit has always been good but the new mortgage payment is now too much and you are behind on the mortgage payments. You have tried to sell your home but discovered that your home’s value has fallen under your mortgage balance and can’t sell. You are stuck and it looks like the only option is foreclosure.
SCENARIO OF WHEN WE CAN HELP USING FHA
Let’s say you have a mortgage of ~$400K with a home market value of $335K and that you would qualify for a better mortgage rate at ~6.625%-7.875% ( rates are subject to change ) if your mortgage balance was once again less than your home’s value, which is $335K in this example. We may be able to negotiate a reduction of your mortgage to below your home value of $335K, making you eligible to refinance and then apply on your behalf. Below is a comparison of the previous mortgage, rate, payment to what it would be in a successful transaction.
*Example
Mortgage Rate Pymt Principle Pymt? Fixed?
Present
Scenario $400K ~8+% $2700+(I.T.I) No No
Scenario
if successful
(reduced by ~$325K ~6.75% $2100(P.I.) YES YES
negotiation)
BENEFIT SUMMARY
Avoid foreclosure
Keep your home and Secure an affordable mortgage with a FIXED rate/payment including principle
Have a substantially reduced mortgage balance
DO I QUALIFY?
Allowable
Mortgage Delinquency and Foreclosure AFTER payment increase
No Reserves or Savings
Single and Multi-Family Homes
Extremely Low FICO Scores
Co-Borrowers that do not live in your residence
Not-Allowable
NOT A NEGATIVE AMORTIZATION (OPTION ARM) LOAN
Bankruptcy within 2 years
Investment Property
Mortgage Lates within 6 months of mortgage payment increase
Program Requirements
Monthly payments MUST HAVE ALREADY INCREASED
THE PROPERTY MUST BE A PRIMARY RESIDENCE
Your current mortgage must be an ARM (adjustable rate mortgage) that has already increased in payment.
You must have been out of bankruptcy for 2 years with re-established credit with the exception of the ARM mortgage if it has increased in payment.
Your income must be documented and pass a debt to income ratio of 50%. (This can be explained to you in detail during an appointment)
For example, if we negotiate your mortgage down to $300,000, the DOCUMENTED GROSS income between ALL BORROWERS and rental income should be at least $7,000 per month to have a reasonable chance for approval. Please note, co-borrowers not occupying your residence are permitted.
BASIC LIST OF REQUIRED DOCUMENTS TO HAVE AT APPOINTMENT
Original 1st and 2nd mortgage note ( what you signed at closing )
Current 1st and 2nd mortgage statement
2006 - 2007 W-2s for all applicants
1 month recent pay-stubs for all applicants
2 months of recent checking account statement
4th quarter statement of retirement assets or other financial assets
Driver’s License for all applicants
Social Security Card if permanent resident alien
Letter describing your current hardship
WHAT IS THE PROCESS AFTER APPLICATION?
After signing your application and disclosures and collecting documentation, allow us to take over communication with you lenders and start negotiating your mortgage reduction. If your lender is willing to reduce your mortgage enough to make you eligible to refinance with the agreed upon compensation to us, we will then order an appraisal to submit with your application for the government mortgage program. If your lender is NOT willing to reduce your mortgage enough to make you eligible to refinance at the agreed upon compensation to us, we cannot be of further assistance.
WHAT TO DO DURING THE PROCESS?
Continue keeping all your pay- stubs, bank statements and asset statements and inform us of any anticipated changes in employment, income, credit or any other factors which you think may affect your loan.
Again, please contact me anytime and have a HUGE day!
Francis, I hope that was helpful....have a HUGE day!
|
|
|
crankyusi
658 Posts |
Posted - 03/31/2008 : 10:55:06 AM
|
| Great response and effort back to me Jeff. Much appreciated! I'm going to reread your info again, now my interest level went way up. |
|
|
mackpoise
214 Posts |
Posted - 03/31/2008 : 11:49:05 AM
|
Thank you Francis! Grab me where necessary, or give me a call anytime at 866-592-3055 to discuss how to get started.
|
|
|
mackpoise
214 Posts |
Posted - 03/31/2008 : 5:57:57 PM
|
Just FYI "BPO"...or, B.P.O. is a "Broker Price Opinion"...again, translation...lenders use a BPO when the feel the additional time and cost of an appraisal isn't necessary, instead they'll (lender) send a Licensed Real Estate Agent/Broker out for an inspection - sometimes a drive-by but many times an "interior inspection". This is nearly always done in a short-pay requests.
This explanation is for a reference I made to a BPO in the above link... |
|
|
edgarthelender
70 Posts |
Posted - 04/02/2008 : 3:57:48 PM
|
| Again... has anyone here used this service? Is it delivering as promised? |
|
|
mackpoise
214 Posts |
Posted - 04/02/2008 : 4:21:08 PM
|
Hi Edgar,
I just wanted to make you aware of our new short-pay forum at www.short-refi.org that is for homeowners and professionals to post questions and/or scenarios. It is a place where you can also post questions for Associates Agents on board with us throughout the country.
I guess what I am saying is...feel free to post this same question there too. Have a great day. |
|
|
lilearl
130 Posts |
Posted - 04/03/2008 : 11:00:25 PM
|
| How long does a process like this take? Three months or so? |
|
|
mackpoise
214 Posts |
Posted - 04/04/2008 : 07:42:00 AM
|
Yes, typically negotiations are concluded within 2-3 months on average. Good reason to start today.
Thank you for you question, feel free to contact me anytime. |
|
|
celloshred
1845 Posts |
Posted - 04/07/2008 : 5:31:53 PM
|
| what if the client is already in default and doesnt have the 2-3 months? |
|
|
mackpoise
214 Posts |
Posted - 04/07/2008 : 8:35:47 PM
|
Hello Michael,
Is there a date set for the auction already? There may still be some possibilities, but to secure a short-pay in less than 2 months is exponentially more difficult with how understaffed the lenders loss mitigation departments are, coupled with the volume of deliquent mtg's they are dealing with.
Please let me know if your question was for a specific client and, if so, please give me more of the details. Even if it's a general question, I would need more of the variables. Can you clarify some characteristics of the borrower's hardship? Is the hardship cured? Is income back? How many liens? Amount? Market value? Have they tried to work with the lender at all?
Let me know Michael, I do appreciate your question but it's too vague/broad to provide a specific answer or possible solutions. You can also email or call me.
Look forward to your follow up and have a great night! |
|
|
mackpoise
214 Posts |
Posted - 04/08/2008 : 08:19:35 AM
|
| Sure I can, we only negotiate short-pays. Make sense? |
|
|
mackpoise
214 Posts |
Posted - 04/08/2008 : 08:27:55 AM
|
| ...all of our agents around the country are licensed brokers. |
|
|
|
Previous Topic | Next Topic |
|
Search for: 
