Ken's Blog

What are you doing for your turndowns and challenged clients?

2008-10-16T00:36:04Z

The Situation:

As everyone knows the country's mortgage situation is to say the least "challenged". With RECORD HIGH Foreclosures and Defaults, the government has tried to step in and help but its been very little and very late.

The Solution:

Loan Modification-changing the terms of your clients loan WITHOUT doing a traditional refinance.
For Example;

We recently had a client who had a high 9.9% Adjustable interest rate. They were behind on their mortgage payments by four months about to enter foreclosure. They owed the bank $360,000 but their houses' value had dropped to roughly $230,000!.
Our Negotiation Team was able to get that high 9.9% Adjustable rate down to a 7.0% fixed! We took the four months they were behind and negotiatied spreading that over the life of the loan, and last, we negotiated the principal balance down from $360,000 to $270,000 saving the client over $90,000 in principal!!

THATS THE TYPE OF RESULTS WE PRODUCE!

LOAN OFFICERS | BROKERS | REALTORS | REAL ESTATE AND MORTGAGE PROFESSIONALS
By partnering with M3 Legal Services, the law offices of Leland L Moglen you will be offering a valuable service to your clients, look like a hero and maintain an additonal revenue stream.

If you have clients who are:

BEHIND ON PAYMENTS
FACING FORECLOSURE
HAVE AN ADJUSTING OR SOON TO ADJUST INTEREST RATE
HAVE SKY ROCKETING PAYMENTS
UPSIDE DOWN
CAN'T REFINANCE
HARDSHIP

You NEED To partner with M3 Legal Services, to offer these services to your clients and help make "homeownership ENJOYABLE AGAIN!"

__
____
______

With other loan modification companies to choose from, why choose us?

Law Firm - The Law Offices of Leland L Moglen
A Money Back Guarantee!
Competitively Priced!
97% SUCCESS RATE!
Strong Communications Platform!
VERY Aggressive Negotiators!
CAN NEGOTIATE NATIONWIDE!

Visit www.M3LegalServices.com to learn more, or give me a call at (800) 920-2848 EXT 201. Find out why so many Realtors, Brokers and Loan Officers are using us to help their clients.

Whose to Blame for the bailout and mortgage meltdown....

2008-10-15T23:48:46Z

Interesting.....

Want to learn more about what caused this mortgage meltdown and has caused the nationalization of our banking industry (by the way thats one of Karl Marxs first steps into turning a country towards socialism.)

The "Communites Reinvestment Act" google it find out more about it who supported it who didn't. Who tried to stop the run away train called Fannie Mae and Freddie Mac and who tried to reform it.

It looks like where going to get more of the same because people don't know the truth or understand how certain policies hurt us all!

What do YOU THINK caused the mortgage meltdown? I'd love to hear your feed back!

Which Presidetial candidate will benefit the real estate professional the most?

2008-04-17T14:13:26Z

I love to get my fellow "Rainers' opinions so here is a question I'd love some response on

Regardless of who you actually vote for (I'm not asking you to reveal that) which Presidential candidate do you think will be best for a Mortgage or Real Estate Professionals career.

A. Hillary Clinton
B. Barack Obama
C. John McCain

If you choose to answer then why?

I will reveal who I think will be more beneficial on my personal Ken Henderson blog post later this week as I don't want to seem like I endorse any candidate.

However I'd love the community to chime in on this and give their perspective. Thanks for your input!

Why Kevin Johnson would make a Great Mayor for Sacramento

2008-04-17T13:51:49Z

If you don't already know, Kevin Johson former Sacramento Kings and NBA Player is running against incumbant Heather Fargo for mayor of Sacramento.

Kevin who grew up in the same neighborhood I did, has done a wonderful job revitalizing the Oak Park area and I'm sure would do an even better job revitalizing the downtown area which badly needs to be restored.

Heather Fargo has done close to nothing in her tenure as mayor. With Sacramento being the capital of California there has been no real effort to try to bring it into the 21st Century, Kevin Johnson would accomplish this.

Its time for change and even though I will not be able to vote for him in ( I don't live in the city) I believe everything that affects the city of Sacrameto, affects the outlaying areas of the as well.

Read more about Kevin Johnson For Mayor at my blog Ken Henderson

Lets go KJ! We need you as mayor of Sacramento!

Band Aid on a Gunshot wound...

2008-04-10T20:54:21Z

I'ma keep it real everyone, WE ARE IN A RECESSION. There I said it and I don't regret it at all. The only way to healing is to first admit the truth.

Economic meltdown has begun. The Federal Reserve as hard as they tried could not stop it from happening. The Mortgage Meltdown has kicked everyones behind.

So Now What?!?!?

First, I have to say that stimulus package as helpful as it was meant to be isn't really helping anyone.

The Hope Now Program should be called the Nope Now Program from all the reviews I've read theres been no real resolution for homeowners. But of course we are all getting our rebate checks back soon, to stimulate the economy,

Its all a Band Aid on a Gunshot wound.

I don't mean to sound doom and gloom cause its not its all a cycle, but...

I'd love to hear AR Members thoughts on what they think about our current economic state and whether it will et better starting now or get worst first then get better?......

Help for Homeowners....Facing Foreclosure or will be soon....

2008-03-27T15:30:05Z

Do you have know anyone who WANTS TO KEEP THEIR HOME BUT is:

facing foreclosure or will be soon?
whose rate is adjusting up?
whose not behind yet but think they will be soon?
or is having a hard time making payments?

This is a great solution.

I have recently hooked up with a company called 2nd. Chance Negotiations.

What they do is negotiate with a homeowners lender to come up a solution that works for them and the homeowner so they can keep their home!

They do this by getting the bank to agree to:

Freeze payments for 3 to 6 months
Add any delinquent amount to the back of the loan
Lock their loan for a period of time
Lower the current interest rate
Change their adjustable loan to a 30 year fixed.

The Fee is $675 for a professional negotiator to handle the case and the results thus far have been amazing!

They are on-line at http://www.2ndchancenegotiations.com/ or can be reached at 866.719.3430.

The New $5 Bill is in circulation!

2008-03-14T04:26:38Z

The new redesigned $5 dollar bill went into circulation yesterday March 13th. 2008, and has a wonderful new look and is chock full of new security features!

Its the same size but has "but has enhanced, portraits and historical images." They've added light purple in the middle which will make it more difficult to counterfeit.

The redesigned $5 bill features microprinting on the front of the bill in three areas: the words "FIVE DOLLARS" can be found repeated inside the left and right borders of the bill; the words "E PLURIBUS UNUM" appear at the top of the shield within the Great Seal; and the word "USA" is repeated in between the columns of the shield. On the back of the bill the words "USA FIVE" appear along one edge of the large purple "5" low-vision feature. According to the U.S. Bureau and Engraving Website.

It is estimated that 770 BILLION dollars circulate worldwide. So when you see the new $5 bill don't be alarmed. Your old $5 bills will still be valid infact bills that go back to 1861 are still accepted!

Look for a REDESIGNED $100 to be coming out next!

Active Rain Gains

2008-03-10T19:48:22Z

WOW,

I am loving active rain right now! I've met so many people and am working on some potential business brought to me by someone I met here!

I also just got off the phone with the incredible Tara Colquitt, and let me tell you her credit restoration program seems awesome I look forward to working with her!

So now I'd love to hear of other networking success stories going on thru active rain. Is anyone else getting business from other professionals they've met thru A/R?

If so, Share your success in a comment below!!!

Active Rain Gains

2008-03-10T19:48:05Z

WOW,

I am loving active rain right now! I've met so many people and am working on some potential business brought to me by someone I met here!

I also just got off the phone with the incredible Tara Colquitt, and let me tell you her credit restoration program seems awesome I look forward to working with her!

So now I'd love to hear of other networking success stories going on thru active rain. Is anyone else getting business from other professionals they've met thru A/R?

If so, Share your success in a comment below!!!

Active Rain Gains

2008-03-10T19:47:43Z

WOW,

I am loving active rain right now! I've met so many people and am working on some potential business brought to me by someone I met here!

I also just got off the phone with the incredible Tara Colquitt, and let me tell you her credit restoration program seems awesome I look forward to working with her!

So now I'd love to hear of other networking success stories going on thru active rain. Is anyone else getting business from other professionals they've met thru A/R?

If so, Share your success in a comment below!!!

Now is the time to buy in Sacramento!

2008-03-07T14:30:13Z

Its a great time to buy in Sacramento, CA!

Whether its the city itself, Elk Grove, Fair Oaks, Carmichael, Rancho Cordova, or one of the "Park" areas, its a good time to get a home.

Rates are still very low and with the Stimulus Package good til the end of 2008, you can buy more home in Sacramento at better rates!

There are alot of bank owned properties out there which means you can cut some sweet deals, and the market has come down tremendously. You literally are getting more home for less dollar!

Even if you don't have perfect credit there are many financing options STILL available, even some 100% programs.

So if you've been thinking about buying a home , make a move on it! You'd be surprised at what you can afford in todays market, and the tax write off isn't too bad either!

www.SacTownHomeBuyer.com

News about the stimulus package....

2008-03-07T10:59:18Z

Underwriting announcement guidelines released by Fannie Mae today show how much help the stimulus package is going to be here are a few highlights

Manual Underwriting ONLY
Single Family Residences only
2nd homes to 60%
90% LTV/CLTV
No My Community
No Reverse Mortgages

Some more highlights of thinks that cannot be done are:

The following are not permitted on jumbo-conforming mortgage loans:

• Balloons
• Bi-weekly payment schedules
• Cash-out refinances
• Cooperative properties
• Daily simple interest
• Fixed-rate mortgages that permit assumability
• HomeStyle® products including Construction-to-Permanent mortgages
• IO FRMs
• MyCommunityMortgage®
• Manufactured homes
• Mortgages with prepayment penalties
• One-time close construction transactions
• Relocation mortgages
• Reverse mortgages
• Second liens
• Streamlined refinance and streamlined purchase
• Temporary buydowns

For more information of what can and cannot be done visit :

https://www.efanniemae.com/sf/refmaterials/loanlimits/jumboconf/

How do you retire from real estate?....

2008-03-05T18:05:38Z

I have been doing a lot of thinking lately about the future. With the election coming up and candidates talking about different issues, one issue that has been on my mind lately is Retirement.

As I reflect on my life and my career as the Dream Fulfillment Technician and an equity planner. I think about all the things I enjoy. Helping people buy their first home, another investment property, refinancing to pursue their dreams and especially educating them on the mortgages in the process, however I have to contemplate when will I be "finished?"

We all know that Social Security will not be here for all of us. I'm not a super young man, but young enough to realize it will be gone by the time I'm ready to retire.

So whats one to do?

To me retirement is not something you START to think about "later", its something you need to think about and plan for NOW! No matter what your age!

I'd love to hear what other Active Rain Members retirement plans are. Wheter its iinvesting in real estate, the stock market, insurances, businesses, waiting to hit the lottery etc. What will give you the freedom to "work only if you want to"?

Since most of us are independent contractors we have to be much more sharp, when it comes to our own 401k's medical insurances, and retirement planning.

So what say you? Are you preparing yourself for the future? Or will you let it arrive with no plan, or strategy? is your goal to be selling loans and real estate forever?

WHEN WILL YOU DRIVE DOWN:

Why do you want a 30 Year Fixed?

2008-02-29T23:28:12Z

I get people in my office or on the phone, telling me they want NOTHING but a 30 Year fixed loan!

When I ask WHY?, they reply because its safe, I don't want an adjustable, I want to lock in and not have to worry about my payments going up etc.

Of course my next question is HOW LONG DO YOU PLAN TO STAY IN YOUR HOME? 5 times out of 10 its less then 10 years.

The mainstream media has put such a bad light on "Adjustable" Mortgages however they are a great and effective tool if used correctly.

The ONLY time a 30 Year Fixed mortgage is a great option is if you live in your dream home and don't ever plan on moving OR REFINANCING AGAIN!

For example if you plan or, there is a very good chance you will be moving in the next 3 years why not get a 5 or 7 year ARM? Usually the rate difference can be as much as a full 1%!

So instead of a 5.75% 30 Year fixed you could get a 4.875% 5 Year Arm. The payment difference on a $200,000 loan would be $108.73 or $1,304.76 a year over the three years you stay in the home you end up saving $3,914.28!

There are no such things as a "BAD" loan! Its imperative that you are fully educated on how a loan program works to see if it will fit with your financial and life goals. If you have a good loan officer he/she should explain the loan to you.

I am a HUGE fan of the pick a payment loan (option arm) especially for self employed individuals. These loans give you flexibility of cash-flow each month and if one has financial discipline can be used as a way to create incredible retirement income. (More on that in another post) With that being said, those who do not understand the loan, or how it works can be hurt by it, yet it is a powerful loan option.

When you are looking to purchase or refinance, try to think about what your financial goals are. Don't get caught up in the media hype of 30 year fixed only. Understand your time-lines and be ready to make adjustments if your life should change from the plan your originally come up with.

REALTORS I Need YOUR Help Please.....

2008-02-29T19:28:51Z

To all m Active Rain Realtors....

I am always examining my business processes, evaluating how I work and interact with my business partners.

I have a really good satisfaction rating and get referrals quite regularly. However, what I would LOVE to know

from the Active Rain community is how can I be better.

Before I get a lot of comments on things to do, let me explain my 3 core business practices I abide by so that you can see how I can improve.

1. I always get back to my Realtors whom I have an open deal going with within 30 minutes.

2. I make it a point to keep my Realtors updated every M W F unless they need or request more however usually that is sufficient.

3. I always notify my realtors of any abrupt changes and even though its under re-construction, my website www.mortgageservicing.netis also updated for my Realtor partners to log in and check for updates on their clients.

If you please give me some feed back on anything more I could do to be the loan officer you'd love to work

with.

I appreciate it!!!

We are 1/4th. into 2008 how are those new year resolutions

2008-02-29T02:17:20Z

Okay Active Rain members.....Time for a check in and some brutal reality.

How are you doing on those new years resolutions? What ?! You forgot you were losing that extra 10 pounds this year, Making over $200K despite the market and finally going to get that dream car?

Well don't worry its time to get refocused. I'd love to hear how people are meeting their new years resolutions and see 1. Whats keeping you motivated and 2. how many have you accomplished.

If you are finding yourself off track, you need to take a look at what got you unfocused and reset your mind that you will accomplish your goals not matter what. There's still plenty of time but we must act NOW if you plan on getting your resolutions done in 2008.

Take time, access where you are out and break down your goals into itsy bitsy steps. Remember you eat an elephant one bite at a time. You must attack your resolutions one /step at a time.

You can do this! You can hit your goals in 2008 and be on your way to enjoy your enhanced lives!

BUT

the time is NOW!

Surviving in this market...

2008-02-28T16:20:06Z

The market is horrible, disaster looms everywhere, sub-prime meltdown kills country!

Ok, we as mortgage and real estate professionals who have been in the game for any amount of time understand that the market goes in cycles. The news media has the general public spooked right now about real estate but we as the professionals need to guide our clients that its a great time to buy. Rates are low, and you get more home for your dollar.

I was speaking to a friend last night about her frustration with getting her loans funded in a timely manner.

Seems a majority of lender reps are not returning her calls and when her files do go into underwriting, it takes days if not over a week to get any movement. On top of that loads of my other com-padres are saying its just plain hard to get business these days.

Now I'll admit, its not as easy to get things done but on the other hand a lot of competition has left for "greener" pastures so it truly has become a professionals market.

Here are the Ken Henderson tips for making it in the business in 2008:

1. Network, Network, Network Oh did I say Network.
2. Follow up (One of the most important elements)
3. Choose your business partners VERY wisely, for example if you are a loan officer, send your business to the MAJOR better funded lenders then your small niche ones, especially if your larger lender has a program for your client. Pick 2 to 3 banks you work with exclusively and build rapport and relationship with them so that your files can be treated with respect and get pushed instead of sitting on an underwriters desk under dozen's of other files.
4. Be Professional ALL of the time. Return, voice-mails, emails and inquires promptly.
5. Continue to market. I know there's not as much marketing capital floating around but you can do A LOT of free advertising and market to keep your name and services out there. Active Rain is a great tool and there are others.

Heres just a few things that I am doing to stay out there what about you, I'd love to hear it!

http://www.hendersonmediagroup.net
http://www.retirewhenyoudesire.com

My name is Ken Henderson....and I'm a Workaholic....

2008-02-28T15:03:34Z

I am a workaholic!

I admit it. I love to get things done and make money.

I'm addicted to bringing new ideas to my clients and business partners.

It's nothing to me to work 12-14 hr days for weeks on end if I'm into a project or building a new website or marketing.

But

I've learned recently that I have to balance myself out.

That I CAN'T neglect family and friends because time is slipping and with that relationships can too.

I'm wondering, what some other Active Rain members do to really stay on track, schedule and balance their lives and fight their workaholicism.

Go to church?
Spend more time with family?
Read a book?
Vacation?

What helps you keep focused, and say its time to go home, get up now you don't need to finish this tonight.

Just curious....Thanks!

Whats your Favorite Quote

2008-02-27T16:07:48Z

One of my favorite quotes that others seem to really enjoy I actually come up with myself !

"Don't ReInvent the wheel just put your own rim on it!" - Ken Henderson

What this means is, so many of us run around trying to come up with the next "big idea" when all you really need to do to be successful is see what other people are doing or have done and put your own little twist on it to make it unique! Success leaves clues right?

I would love to see what some of Active Rain Members favorite quotes are... whether they're yours or someone else's. Please leave it in your comment!!

Thanks!

Why its your RESPONSIBILITY to stay professionally connected to those you care about.....

2008-02-26T18:50:31Z

Staying in front of friends and family will not only get you great referrals, but can also keep those you care about out of a lot of trouble.

I used to run my business with a soft approach to friends and family. I figured that I didn't want to hassle them or make it seem every time I called I was looking for refferals only. Looking back I see how crazy that reasoning was. Not only did I lose out on alot of potential money AND referrals but, in the process one of my realtives got into a very bad loan. such a horrible deal, they ended up losing their home.

After that, I made a resolution to stay in front of my family, friends & clients. Mailings, Emails AND PHONE CALLS . When it comes to thinking loans OR Real Estate they know....

To call me with names and numbers of people who are looking to purchase or refinance.
That I can answer any mortgage related question and can help them with anything in real estate (either directly or through referral).
That I AM their mortgage professional FOR LIFE, who will take great care of them, their friends and extended family.

I cannot stress this enough, If you care about your loved ones, then make sure they get YOUR caring and professional touch and not the "services" of someone else.

What the Stimulus Package Means for California....

2008-02-23T12:56:29Z

HOORAH! President Bush recently signed HR 5140 which is the Economic Stimulus Package of 2008!

Besides most tax-paying Americans getting a rebate check there is really exciting news for home owners from the passage of this stimulus bill.

The conforming loan limits have been $417,500 nationwide. What that means is government sponsored entities (GSE's) Fannie Mae and Freddie Mac would buy loans up to that amount. Under the stimulus plan these limits will be raised to 125% of an areas median home price capping out at $729,500.00 again, its all based on the areas median home price. There are an estimated 13 counties in California that will cap out at $729,500.00!

If you have a "jumbo" loan which is a loan over $417,500.00 then normally you are subjected to a higher set of interest rates because of the increased risk. Now, until the end of 2008 (unless it is renewed by our new president) these limits are raised.

The estimated Sacramento/Roseville Area MEDIAN home price is $381,884 which means that new estimated conforming loan limit for our area will be $477,355. This is over a $59,000 increase to the Sacramento regions conforming limit!

What that means is if you have a loan that goes up to $477,355, then you will qualify for conforming rates which are much lower then jumbo rates! (anything over $477,355 until the end of 2008)

Ask your trusted mortgage professional how the stimulus bill could impact your mortgage situation. If you don't have one, feel free to contact me and I will answer any questions you may have.

Also, if you live in California, I can tell you what your areas estimated median home price is to see if its worth while to refinance and save money.

This program is to go into effect March 7, 2008 so get ready, a lower mortgage payment could be right around the corner.