J.P. Morgan Chase has announced that they will be actively seeking homeowners who are in need of a Loan Modification! In fact they are going to open 24 regional branches advocating for the needy! This not only is designed to address our nation's greatest crisis, but it will open over 500 new jobs for the company. Chase appears to be the front runner to what appears to be a long road to recovery. They also have announced that they are going to place a freeze on foreclosures during this 90 day period. It is not known whether that will include those already in foreclosure or those approaching foreclosure. This plan has a distinct similarity to a certain Presidential Candidate!?

I'd love to hear your thoughts on how effective this approach will be; and, if you were the President of Chase, what more would you do for your borrowers (if any)?

It would appear another Giant is folding it's doors!

Just when you thought things were getting better GMAC/Homecomings is closing its doors. Homecomings will no longer accept origination loans from brokers.

Many offices are being closed resulting in many more jobless professionals in our society. I have empathy for all of the folks who have been greatly effected by over 200 lenders closing their doors.

In fact, I have a loan currently in underwriting with Homecoings. I've been told it should continue on its journey (we will see!)

Anyone else out there vastly effected by this new revelation?

I am interested in what will Homecomings do with all the outstanding loans they have on the table? Who will come along and perhaps buy them out and create a bigger bank?

Will all of these closings open the door for new financial institution to form and divise a niche in the market that wasn't there before?

...Will this ever END!?

It appears our current government will take action after all!

After mulling and procrastinating for more than a year, the Administration has decided to pass a bill worth passing.

Pres. Bush ok'd a bill designed to assist more than 400,000 homeowners and correct the market plunge. The Treasury Department will be give "carte blanche" under Sec. Paulson to assist financially strapped Freddie Mac and Fannie Mae (The largest holders of bad mortgages were in dire need of being rescued). Although many recommended letting the market correct itself, it appears a bipartisan effort with some give and take made this bill possible.

While only time will determine if this bill will be the measure that starts our housing crisis on a upward move, i for one salute the government for taking ACTION.

It would have been far easier for them to sit and watch. Afterall, this administration will be the one that takes the blame no matter how this turn out. And, the next administration (probably democrats) will be known as the saviors! Now those who know their politics know this is a falsehood however, it surely will be written that way.

As always I'd love to hear your opinions?

How will this bill effect the short sale market? Will real estate sales increase? will this directly effect our economy?

Thanks for listening A.R.!

Well,

It looks like somebody has the case of the Sundays! I'm curious, what do you do on Sundays to prepare for your week?

I like to use Sundays as an ultimate combo day. I spend time rejuvenating my faith. I spend time with my family and I rest my mind and body. However, at some point towards the end of the day I start to get reved up! By Monday morning I'm so fired up I can't wait to begin my day. I've been doing this for some time now and it keeps me from looking at Monday as a "boy I miss the weekend day". Many people take almost all of Monday just to get started and by then you're in a pattern.                       

So, listed below are five things you can do to get your engines started on Sunday! I hoping some of my ideas are ones you already implement, some are ones you've thought about but just need to take action and some are ones you're saying "Eureka"!

1. Get a game plan to your week! Ask yourself what do you want accomplished by weeks end and game towards those objectives.

2. Don't have too many objectives. Too many people set themselves up by having too large of a "To Do List". There are usually only a few things per week that must be done. The others are probably "I would like to do" list. If you keep your list at a minimum you're almost certain to achieve your goals each and every week. Thus, you begin to believe you can accomplish anything and you build a momentum.

3. See your week played out the way you want it to unfold. As you are daydreaming already in the bed or on your couch, use the time to see the movie titled "your business Week". The creator in you will be sure to design your week the way you see it played out. Remember, your brain does not know "Reality" it only knows to do!

4. Blog! Writing starts your creative juices to flow. Many times after you blog you start to draw brilliant ideas you need to implement in your life. Why not do them this week! And what better place to blog than, AR

5. Lastly, Remember that Sunday really is the begining of your week and Monday is the second day of your week. Many folks loose touch with this reality. If you really think about it, by Monday you're already fast into your busy week! Just set in motion your will and you're guareented to become an effective achiever!

Good luck to you on your "Monday" and let me know how you plan your work week out! I'm sure other can benefit from your insights.

Taylor One Inc!!!

I'm so excited to reach the 30K mark! Mainly because when I first landed here at Active Rain, it seemed like such a long way! However, Here I am and I'm glad I made the journey.

thanks to all fellow active rain junkies who helped by taking the time out to comment on my blogs or give me constructive advise.

Wow this was also a long 10K march from 20K to 30K. I found myself having writers block and very little time to drop by the Rain.

However, reaching this mark has given me new vigor! I pledge to get back to the late night reads and early morning anticipation! LOL

So, for all those of you NEWBIE's out there, don't sweat it! You will be here in no time flat. Just be yourself and be honest about what you blog about.

I'm a true active rain junkie! I Love it!

I want to hear from fellow junkies! Let me know what you love about the rain!

Let's hear it!

How many Short Sales gurus out there have clients who come to you at the very last minute!?

Homeowners who are in deep trouble with their mortgages, more often than not simply put their heads in the sand until the fireworks are over! Those fireworks being "Foreclosure"!

Doesn't that drive you mad!

What they need to do is act early and ask questions.

Taylor One has had a rash of short sale clients in June, the most in any other month. 60% of them were weeks away from foreclosure! I have no idea why they would wait so long for help.

What I do know is that waiting only lessons the probability that the lender is going to be inclined to lift a finger to help. Last minute files, are difficult for lenders to process, evaluate properly and negotiate for fair terms. Finally, it's makes it almost next to impossible for us to find BUYERS!

When you (the homeowner) know you are going down a road that sees you faltering on your mortgage commitment, seek assistance THEN! Here's another way to think about it....ACT NOW!!!!

How many short sales have you been unsuccessful with? What's the number One reason why you were? Well as we've quantified last years results within our company it has been...."Too little, too late"!

I understand the plight of Americans who are going through these troubled times. Our company was founded to become a sourse of advise and assistance for individuals who find their selves in foreclosure. I understand because 10 years ago I faced foreclosure and I got through it. Not because I'm brilliant (although I could very well be) but because I acted day one. And because I acted immediately, several options were available to me....not just one.

Let's commit to marketing what we do more and more so that many Americans won't have to turn into an Ostrich...

See ya around the RAIN :-)

It appears the state of Illinois has had enough. The state of Illinois is suing "Countrywide Mtg. Co. claiming it has participated in deceiving homebuyers. If you ask me it was only a matter of time for States to begin fighting back against an "It's not our fault" attitude most lenders have made their creed. Mortgage brokers and Lenders have participated in their fair share of causing our Nations greatest housing colapse in almost 30 years!

In recent months, The city of Cleveland, OH sued 21 banks due to terrible subprime lending guidlines. Massachusetts sued a prominate mortgage brokerage (Lehi Mortgage Services, Inc.) and now Illinois takes a stab at it by going after Countrywide.

Countrywide can't seem to buy a break! Their CEO Angelo Mozilo cashed in $138 Milion in stock options right before the mortgage crash and is being investigated. They are on the verge of being bought out for a measly 4 Billion by Bank of America corp and now they are being sued by a State no less!!!

My feelings are lenders are getting off easy in many cases around the US. Mortgage Brokers should be investigated in their part of this mortgage "SET-UP"and homeowners should have known better. Have you ever heard of the saying it's too good to be true? I've spoken to many clients who knew their loans were a bit shaky when the signed the docs, yet they took the plunge anyway.

If Illinois wins in a court preceeding, it is a foregone conclusion that more states will join in on pressing Lenders to share the responsibility for their part played in creating this economic downward spiral.

As always I'd love to hear your views...

See ya soon!

Let me just say, the world just got a little bit darker. With the passing of Tim Russert, we humans lost an embassador for "The Truth".

I never met Mr. Russert, however his brand of journalism made me love and appreciate our way of life in America. Yes, as many can say, we have a plethora of issues and problems. We are noway perfect in conviction and heart. But, it always seemed better when you would turn your channel to MSNBC on Sundays and hear Mr. Russert find and get the truth from the worlds leaders.

More than that, Mr. Russert made me want to be in politics. I wished I'd had a different plight in my life. I'm in my early 40's and I've seldom done much for my community or country.  Yes, i've served but I could have done so much more! Through him I saw manifested the belief that every one of us should do our part to giving back to life. Do our part in serving mankind. Not because of fame or wealth, but because it is in our inherent nature to do so.

I'm a modest historian mainly reading insatiable about "Presidents". I started by watching and observing Tim Russert in part. This man not only knew our history, it appears he lived it as well. You never know where you're going until you appreciate where you've been!

This blog is not for points nor is it to get all of you at Active Rain to give an AMEN.

I wrote this blog because seldom am I effected by the passing of a person I've never met. But, today I AM!

Farwell and Godspeed Mr. Russert...

I've been watching the recent debates between both presumptive canidates on thier views of how to solve the nation's Mortgage crisis.

By no means is this blog an endorsement of any of the canidates. I'm simply stating what their plans are to try to resolve what seems to be a never ending foreclosure plague!  

McCain's views are that he will not bail out nor reward those who act irresponsibly (banks and homeowners)

Government assistance to banks should be based on preventing systemic risk that would harm or effect our financial system. His emphasis is that the market should find a way to fix the problems it created! NOT GOVERNMENT

Now on the other hand,

Obama's stance is a bit uncertain? He seems to be somewhere in the middle. What i've heard is he wants restraint from our government to do more that it has to. He is calling for a moderate tax cut that would provide homeowners with a bit of relief (next year?)

He does speak of regulations to protect homeowners from lenders poor evaluation processes. However nothing that seems to create immediate relief or aid for the current real estate crisis.

What i believe is that neither knows what to do! This mortgage crisis is not going to go away with small ideas and retoric. Canidates, corporate CEO's, Economists all are scratching their heads and don't know what to do!? I'd love to hear your ideas on what can be done.

Let's here what you AR gurus have to say?

If you haven't guessed by now, foreclosures are getting WORSE!!!

Just as predicted, the rate of REO's lenders are carrying are up 33% from January to April of 2008. More than at any point during the current mortgage crisis, lenders are willing to drop prices significantly. But, Quite frankly.....

"It ain't Good enough"!

Short Sale acceptance agreements are going to be easier to negotiate during these upcoming summer months. Banks almost have no other viable options. They are finally realizing that in many cases they are neting as much or more for a short sale offer. It appears lenders are no longer looking to roll the dice in the hopes that they will make a hefty profit after they've taken the home bank.

I recommend increasing your options for working on short sale deals. Yes, they can be time consuming but the lag time for short sales are shortening. We have found ourselves not arguing as much as recent months have dictated. There seems to be a coming of the minds! LOL

Seriously, We are helping more and more clients get out of a possible financial mess. Many of us here at Active Rain are already knee deep in negotiations for short sales. Those of you who are riding the fence, Get off and get yourself in the game!

There are clients out there who NEED YOU!

See you at the closing table!