Klarque Garrison,'s Blog

Somebody's got the case of the "Sundays"!!!

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Sun, 06 Jul 2008 19:57:58 -0500

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!!!

30,000 points...A small but satisfying goal!

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Sun, 29 Jun 2008 20:03:13 -0500

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!

Short Sales...The Ostrich Syndrome

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Thu, 26 Jun 2008 14:06:33 -0500

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 :-)

States Begin to Fight Back!! Countrywide in trouble...AGAIN

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Wed, 25 Jun 2008 01:24:50 -0500

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!

Godspeed Mr. Russert...The World misses you already!

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Sat, 14 Jun 2008 10:20:13 -0500

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...

McCain vs Obama...Real Estate Crisis alert!

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Thu, 12 Jun 2008 23:00:23 -0500

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?

Short Sales...Go ahead and Dig In!

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Mon, 02 Jun 2008 10:08:02 -0500

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!

Remebering those who serve our country!

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Mon, 26 May 2008 15:18:40 -0500

Memorial Day started out after the civil war as "Decoration's Day" in Waterloo, NY. President Nixon declared it a federal holiday in 1971. This day began as a memorial to those who have fallen in defense of our Nation. It soon became a recognition for all of those who served (those who perished and survived). Although I was in the Army i've never served in any of the conflicts of my time.

I would like to take this moment to honor those who had to go away from home to proctect MY FAMILY!!!

It's takes a certain kind of soul to give life for country. Many of us wonder daily would we have the courage to do so if we were asked? I believe you would. I believe that is what make our Nation so wonderful. We as a people have always been willing to lay down everything to proctect our unalienable rights!

It would be an honor if those of you who've served would state the years you served, branch and station. This will be meant as an active rain memorial to those amoung us...Brave souls you are!!!

I for one Salute you...

Control a client! It's a must! Short sale 101

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Mon, 26 May 2008 14:53:55 -0500

I just had a meeting with my staff Friday about controling our clients during our short sale process. I thought this might be good information for a fellow short sale experts out there!

The problem lately has been clients calling banks and speaking with the loss mitigator reps on the lenders end. Keep in mind when clients come to you, it's because the don't know where else to turn. They turn to you for your expertise on negotiation and salesmanship. However, a strange transportation occurs somewhere during the process.

THEY BECOME BRILIANT! LOL

Lately, there's been a rash of clients (for the lack of better words) getting in the way. They call the lenders and contradict everything you've been preaching to them for months. Keep in mind, lenders would much rather speak with the homeowner than you. Why? because they realize homeowners don't know what they're doing. wouldn't you rather speak with an uninformed person than an expert? Who would you rather play poker with?

Here are few things clients will do, that can set you back days!!!

1. they give improper estimated values for the home being sold. They don't mean to they just don't know. But, the lender will be sure to ask them what they think. At this point your expert assessment of the market just went down the drain.

2. They start getting nervous and tell the lender they can find money from somewhere to get caught up (just don't foreclose). Now, normally this is not a bad thing. If the client can get caught up that's always best. However, you already know the client can not! Why else would you be working a short sale? This now makes the lender put the brakes on your already difficult task of bring in buyers and get acceptances.

3. You tell them what amount the lender will acccept! Seems harmless doesn't it?! Here's where your client will begin to play investor/super agent! They'll start showing the property for you, they'll make deals with investors giving them a partial picture of the situation. Many times the investor will believe he has options, when really he/she does not!

4. We update our clients weekly, however the updates are very general. There's a method to our madness when negotiating with the lender. Lender's don't like to loose and if they are to loose they need to feel it's in their best interests. This takes a lot of tact and is not overnight. You have to develop a trust factor with the bank that tells them you want both sides to win! Giving detailed information to clients just overwhelms them. They will not understand what you're trying to accomplish nor will they be patient. This is when less is better!

5. Make sure you give your clients best case scenarios and worst case as well! I know it's hard but the sooner they know the worse the sooner they can start preparing for it. If you wait until the end to share with them failure posibilities they will ALWAYS blame you for everything! So, be honest and make sure they know you're going to do your very best, but in the end their lender holds the final say! TAKE CHARGE!!!

I pretty sure most of you have dealt with some if not all of these scenarios. I hope this blog serves as a reminder that you have to be in control of everything. You are the expert, you know what's best! When you ask to be represented by an attorney, they are not going to ask you what you want? You pay them for a job and they are going to go about doing what they know to do. Can you imagine jumping in to speak with the other attorney or Judge negotiating in lieu of your attorney? Suicide!!!

Active Rain Blues! What have I caught?

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Thu, 22 May 2008 08:55:48 -0500

Hi Active Rainers!

I've been an active Rain member for a bit now and i've loved every moment of it. I've been involved in reading hundreds of posts and commenting daily!

I've even voiced my opinions through a few blogs of my own! By the way thanks to all who've taken time to read and comment on my posts!

Now, I find myself in a bit of a lull! My business has caught up with me! So, much that I find myself not logging on for days at a time! This never happened in the beggining? I've got to get my batteries re-energized!

Has anyone else been through this phenomenon?

I find my topics to blog on diminshing. Where ideas would come to me at odd times of the day, my inner voice appears to be silent. In fact, this very post is in an attempt to regain my form.

I'm asking all of you for advise and recommendations?! Tell me if you've had this happen to you and what you did to drive on!

I look forward to getting back on the wagon and becoming infected with the active rain bug once again!

Here's to you ACTIVE RAIN GODS! ..........please be merciful!!!

20,000 Points and counting!!!

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Tue, 08 Apr 2008 22:40:46 -0500

Wow I can't believe it! I began January 1st 2008 and It took me 3 months to get to my first 10,000 Points.

The next 10,000 points only took me a little over a month's time to achieve. What happened???

I GOT HOOKED!!!

Has anyone one else heard of this phenomenon? I actually applied myself and got a bad case of the blogs! Not only did I blog more I actually started reading others at an alarming rate! This unexplainable craze led to me commenting!? Who would have guessed!?

I am officially an addict and i'm sure I need help! Can anyone help me?

I'd like to thank everyone who took the time out to comment on any of my blogs.

Those of you who I see as the AR Gods (those who have 100,000 points or more) I'd like to ask you a question... Can you even remember 20,000 points! LOL

Here are 10 things I've learned while getting to 20,000 Points

1. there are a lot of AR'ers here who know much more than I do

2. Active Rain can cause you to wake up in the middle of the night with a thought and you rush to blog before you forget!

3. If you are consistent you will accumulate points at an alarming rate

4. The more you blog the better you get

5. At 20,000 points, you still don't know how everything works here at AR

6. It's hard to get your blog featured! :-(

7. You never know what blogs folks will comment on?!

8. You start remembering who other bloggers are by Name!

9. Oh, that's what SEO tags are there for???

10. You can't wait to get to 30,000 points!

See you all at the next 10,000!

"Beautiful OHIO" A state that Cares!!!

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Mon, 07 Apr 2008 22:39:43 -0500

Here's another "Attaboy" for the state of Ohio!

The Governor of Ohio (Ted Strickland) has worked out a pack (agreement) with Nine lenders to help try and solve his states foreclosure problems. The lenders are Carrington, Homecomings, HSBC, Ocwen, Option One, Select Portfolio and Litton.

These lenders are working with the state of Ohio to significantly modify the terms of adjustable rate loans that are approaching foreclosure. Here's yet another positive approach that a state is taking to help its constituents. I recently did a blog on Ohio's "Save the Dream" campaign (http://activerain.com/blogsview/451468/Ohio-s-Save-the) and now this is the second attempt by this state to do something about our Nation's Crisis!

I hope this serves as a model for other states to take steps in the right direction. I applaud this Governor for giving a Da#n!

So many of our states have yet to do anything about the state of our economy. Many are waiting on the current administration to bail them out! (Probably because of the "Bush Bail out program)? Which by the way isn't worth the paper it's written on!

None of the Federal Government programs have come close to Ohio's new partnership pack. They only have 9 lender for now, but i'm sure others will follow. Let's give Ohio a round of applause!

If your state is working on a program to help the foreclosure epidemic, I'd love to hear about it!

Ohio's "Save the Dream" campaign

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Wed, 02 Apr 2008 15:57:03 -0500

Here's a great story and tribute to the great state of Ohio!

Ohio is another state that's apparently fed up with Big Government and decided to take matters in their own hands. They are sponsoring a program to assist Home Owners who are facing foreclosure.

This program is called "Save the Dream"! an appropriate name (if i may say so myself).

One of the newest initiatives is to get volunteer, Not for profit Attorneys to give their time and consul to Home owners. Their goal is to give the best advise (case by case) on what their options may be. There are some guidelines that must be met, but other than that it's free. Ohio had a record number of filings in 2007 (83,000). So, hopefully this will make a difference and their efforts will be reflected by this years numbers.

I've been a proponent that if more people had information readily available, better choices would be made. I've written in the past about other state's attempt to make a difference and I hope more states will follow these courageous examples.

Imagine getting Attorneys to volunteer their "Time" to do such a noble thing!

The great State of Ohio (The President State) should be commended!

Here...Here OHIO!!!

Why are you really in Real Estate....Really?

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Mon, 31 Mar 2008 22:12:55 -0500

why are we in this business we call "Real Estate"?

This business is full of ups and downs and yet there are more and more agents, L.O's, appraisers and Inspectors entering into this profession daily. The question at hand is......Why are you in the business!?

Is it the money? Is it because you love people? Is is because you hate working for someone else?

I'm hear to say whatever the reason, you should have a clear "why" or your purpose? It's key to your ability to perform at your greatest level.

Napoleon Hill calls it "Definiteness of Purpose" ... Understanding the why? Having a clear idea of what you want to accomplish and how you can help others.

Many of us are driven by the need to help others. It gives us a sense of joy when we see our clients get exactly what they want. We have a sense of achievement when we deliver a product on time.

A long time ago, I got into the business to get back my time. I dreaded a "Nine to Five"! Working for myself and planning my own day gave me immense pleasure. It wasn't until later that I found helping other to be equally rewarding.

I would like to congratulate all of you here at Active Rain. It is my firm belief that you are the cream of the crop. I also, believe your passion expressed here through blogging is what makes the site one of the best forums on the internet!

So, I'd like to hear why you are hear and what Defines you purpose....?

Bear Stearns, Do we realize how close we came to 1929'?

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Sun, 30 Mar 2008 00:40:20 -0500

Is it me or did we come terribly close to being in 1929' on March 16, 2008. For those who are not aware (and many are not) Bear Stearns is an investment Bank a securities trading and brokerage Bank!

Bears Stearns recently agreed to a merger with JP Morgan Chase in part to save their butts, but in another way it was to save the US economy!

In an unprecedented act, our government gave BS a non recourse $30 Billion loan. A non recourse loan simply means a loan for a certain collateral. If the loan goes belly up only the collateral is seized personal assets are not).

What did this really mean???

Understand this! Bear Stearns is directly connected to almost every Major Bank Globally. BS is one of the largest underwriters of mortgage loans and a controller of Numerous Hedge funds. We all know what's been going on with the Real Estate market in recent years. Who do you think underwrote most of those loans???

Many of our Nations Pension funds, 401K funds and savings funds were housed in Bears Stearns' Hedge funds. Can you imagine waking up on March 17 and finding out that your pensions or 401K accounts were now non-existent!?

What would you have done? What would many Americans have done?

What did Americans do September 3, 1929?

The strange thing is that most Americans were unaware of the importance of this day or it's events. Very few of my friends and associates even knew who Bear Stearns Co. was?

Even the Media gave it second fiddle to reports of the Democratic War of Words for the day.

America has to get a hold of this mortgage crisis and soon! I'm tired of our government stating that it's going to work itself out. I can't imagine how?!

I'm not usually pushing Government intervention, however It's time to solve the problem and stop worrying about who's at fault!

At this point, It really doesn't matter...

I'd love to hear my fellow AR family member's views...

Penny MAC?..... who are they and what do they want?

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Mon, 24 Mar 2008 14:54:08 -0500

Have you heard of the New Mortgage company Penny Mac?

Penny Mac, a newly created mortgage company by Ex-CEO of Countrywide (Stanford Kurland).

The aim of this company is to buy back bad loans and restructure them! He's being backed by investment firms Black Rock inc. and Highfields Capital Management.

Penny Mac will also be looking to raise private monies to help buy these loans and restructure them at lower risk rates seeking to reduce their mortgage exposures.

This bank is believed to be well positioned to handle many loans and help the overage that are forthcoming.

I recently did a blog speaking about the advantages of having liquid capital at this moment. Those who have will be in a great position to take advantage of the current crisis, and benefit while helping others.

This just proves my point. I predict there will be other companies that will emerge as a result of this company's formation.

I'd love to hear your views on whether this is going to be perceived as an asset or is it another scheme?

Taylor One.....Introduction!

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Sun, 23 Mar 2008 15:41:52 -0500

I would like to take this time to introduce who we are!

Taylor One is a National Pre-forclosure Assistance company based out of Atlanta, Ga. Our aim is to greatly educate and assist homeowners who are facing possible foreclosure.

We work with these homeowners in setting up forbearances, Lifeline and Bailout programs assistances and even Short sales. We hope to put an end to homeowners giving up on a chance to save their homes, credit and pride.

We also, work with Loan Officers, Agents, Attorneys and Investors who wish to partner up in helping their clients avoid foreclosure. We understand these programs take a lot of time on the phone and patience working with a poor system set up by Lenders. We have a system in place and the Certified trained staff needed to wade through the hurdles set forth.

If you are someone you know would like to hear more or are interested in partnering up with our company, give us a call at 678 789-0662 or email us at info@taylor1inc.com

We look forward to working with you for a worthy cause! "Let us, Help You"

www.taylor1inc.com

Buying Property....."Now is the Time"

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Sat, 22 Mar 2008 13:45:39 -0500

I love the way the media is portraying that Real Estate is falling off the Earth and we should all run for the hills. What are we supposed to do....start building tents (again) or living in caves?

In life and especially in Investing, you can not follow the crowds. In the stock market, the smart investors know when to buy stock. (Believe me it's not when the stock is at its height) yet the masses buy popular stock because they have heard of it. Clue #1: If you've heard of it, it's probably too late! (again going with the crowd)

The real shrewd players bought the stock when it was just a whisper.

A few years ago, everyone i knew was calling their self a "Real Estate Investor" even if they had no clue what they were doing. Clue #2: By the way it's pretty evident most did not!

Now, with a very large surplus of abandoned properties and Bank owned non-performing assets I wonder what most are thinking?

The one thing we can not live without is Room and Board! People will always need to have a roof over their heads. Either through ownership or rents.

Right now many Americans can not own properties or regretfully have lost their properties. This does not mean they are going to live on the streets. It means they need to find a more affordable place to live.

Owning rental properties now is the best investment a person could obtain (if you're in a position to do so). Banks are having to let properties go at unbelievable sales prices.

I started out in this business as a buy and hold Investor about 10 years ago. I hated it because getting properties rented and buying them at below market prices was a daunting task. So, after obtaining 18 properties I prayed to get rid of them! Since that time I've not ventured back into the Buy and hold philosophy of Investing.

However, I just bought a property last week in the Atlanta area for 35K. Something that would have cost me in excess of 150K plus a short year ago. With just adding a few thousand dollars to the upgrading of the property, I now have it already rented to a great family in need.

Even better, I have a positive cash flow of $400 a month!

Many of my friends and colleagues are doing the same thing all over the Nation. Now is truly a great time to Buy, we may not get a time like this during our lifetime again....

Of course as usual.....Just food for thought

R.E.O Market Growing ever Bigger!

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Wed, 19 Mar 2008 15:23:59 -0500

Here's evidence of where the R.E.O Market is going.

FAS (Field Asset Services) is a REO maintenance and service provider for many Lending institutions. Their main focus is to increase their return on defaulted properties sold for their clients.

Recently, they've just added new clients like Fannie Mae, Indy Mac and Keystone to their list of service providers. They are based out of Texas, but services extend Nationwide.

Well, I've read they are moving from a 23,000 sq.ft. building to a 40,000 sq.ft. building and they are expected to hire another 100 members to their staff!

If this doesn't make us aware as to where the economy is headed and the state of the Lending industry, what will???

Lenders are going under by the second, Many business all over our nation are perishing and yet (FAS) is at the height of their business growth.

Hold onto your seats, this is going to get worse before it gets better!

Finally "Jumbo" Loans...Protected!

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Tue, 18 Mar 2008 08:20:56 -0500

Recently in President Bush's new Economic Stimulus Plan, Conforming Loan limits were increased to a little under $730,000.

Typically, the Nation's 2 largest secondary market lenders (Freddie mac and Fannie mae) set the standards for conformed loans. That limit was just above $400,000 recently. Loans above this limit were termed "Jumbo loans". These loans were deemed with a higher risk and typically higher rates. Now, the majority of these loans will be covered with "NORMAL" standards.

This measure is hopeful to inspire Americans to purchase more, thus stimulating our economy. I will say, if you were ever going to purchase a new home (looking for upgrades and more sq. ftg.) now would be a great time to get into a very good "Jumbo or Super Jumbo) loans. Of course this is not the case for those hight dollar markets like L.A. and NYC.

The apprehension is that when Jumbo loans default, they are much more difficult to sell on the REO market. This is very true. Many times lenders will take a major hit on the amount recouped.

In fact, in the more recent months our company has had a major increase in the amount of Jumbo loans we try to obtain a viable short sale purchase.

I'm curious, to my fellow short sale processors: are your Jumbo Loan clients increasing? Do you think this program will help or is this just another attempt to save face by our current regime?

P.S. this plan does have a term limit to the end of the Year! (2008)

Broker Fees In Question...

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Sun, 16 Mar 2008 19:03:36 -0500

It appears our government is at it again! This time they are going after Mortgage Brokers???

In an attempt to restore our expiring economy the Bush Administration is pressing for Mortgage Brokers to have full disclosure to fees charged for originating loans. Lender and Broker trade groups in the past have resisted mandatory Federal disclosure, but no more!

Mortgage Brokers will now provide clients with a breakdown of all fees, duties and services at the onset of gaining an application.

In a more important new move, Lenders are coming together to support a standard fee allowable for brokers to charge their clients. This sets up a Maximum fee across the board. Plus brokers will have to spell out where fees are coming from and their legal duties to the consumer.

Also in a separate debate, Treasure Sec. Henry Paulson is urging congress to set NEW Nationwide licensing standards for mortgage brokers.

I'd love to hear what our AR Brokers have to say about these moves? Are they justified? Did you see this coming? Does it appear the Gov. is trying to place blame on the brokers for the fall out of bad loans? What are the current guidelines for disclosure and fee placement?

30310... will it ever be the same!?

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Wed, 12 Mar 2008 23:54:13 -0500

I remember not too long ago when this zip code comprised of historic beautiful homes. Not too long ago this area flourished with home owners that were proud of the history this area possessed.

That was then, this is now!

My company works with home owners in dealing with pre-foreclosure issues. Needless to say, this area has had our company busy as ever! It's not to say we didn't see this coming. Last year the values in this zip code sky rocketed to heights unknown. I've seen sales prices that exceeded $300,000 consistently. How is it that lenders thought those values would be founded for this area of SW Atlanta?

The sad thing is most of these purchases were Investment deals. What sane person would buy a house for $300,000 (plus) and think it could be a rental property with Section 8 renters? I'm sure you all are nodding your heads at this point?!

Now we're are at this point in time. Almost every home is boarded up and Lenders are giving these homes away consistently below $100,000 as R.E.O's.

I can only hope that this area has some hope in the distant future. It's going to take a commitment from lenders, the community and prayer. But anythings possible....right?

This could be such a great part of Atlanta not too far from lovely Downtown and marked with the Grand History of Atlanta!

The reality is.....If we don't who will?

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Mon, 10 Mar 2008 01:14:28 -0500

Last week Treasury Sec. and other members of the Bush Administration visited Oakland, CA. They were there due to the fact that CA has an abnormally high foreclosure rate. (who doesn't!)

The Administration's current attempt to battle the foreclosure epidemic is to educate home owners who are loosing their homes to the programs out there that can help.

Those of you who have read my blogs on this subject know that i'm a bit skeptical when it comes to the feeble attempts that are being made to correct such a mass nationwide problem. While i will always applaud any attempt made to assist helpless home owners, I must say that this one cut's the cake.

This surely comes off as a masked attempt to put a band aid on an amputation!? The programs out there "Hope (Bail out) and lifeline don't help but approximate 3% of Americans loosing their homes.

Instead why doesn't someone develop programs that can educate home owners on the perils of real estate before they sign on the dotted line. There are almost no programs out there to teach citizens how to be smart shoppers of new homes, re-financing programs and investment opportunities.

In my home town i'm hosting seminars and workshops bi-weekly speaking about basic real estate information. Subjects like how to read HUDS, when is it best to re-fi, what loan programs are too good to be true are discussed in open forums and lectures. It's our responsibility as real estate professionals to teach our communities the do's and don'ts. The reality is.....If we don't who will?

Loss Mitigation....Continued!

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Sat, 08 Mar 2008 15:29:46 -0600

Earlier this week i wrote a blog about how HomEq was giving me the run around in regards to getting a short sale payoff letter! Well, here's how it ended!

I managed to find out the email address for the CEO of HomEq and the phone number to the CFO! I called and email them the entire process i've been made to go through. I made sure to include that the payoff money had been and still is sitting at an attorney's office!

Meanwhile i'm still being told to wait...wait....and wait more from the Loss Mitigation Department. Let me tell you I raised absolute HELL!

I called and complained, then i'd call back and Yelled!!! I then repeated this process over and over every single day.

Finally!

I got a call from the upper brass. This VP told me they would have the letter to me by the end of the day! They apologized and told me thank you for your persistence.

So, we are closing Monday! Wish me luck...!

This just goes to show you that stepping outside the box and doing any and everything possible can make a difference. I wish you all success in your fights with "Uninspired Loss Mitigation Departments"!

NEVER GIVE UP

What is Loss Mitigation Really Doing!?

Klarque Garrison, "Mr. Short Sale" (Taylor 1 INC) — Thu, 06 Mar 2008 18:42:30 -0600

I can't believe these Loss Mitigation departments! I would love to see who is managing these departments. Surely it's a 12 year old!

Correct me if i'm wrong, but the purpose of these departments are to "Mitigate Losses" isn't it? Then what are they doing!? The bank told me exactly what they wanted to close a deal out. Never mind the amount was much more than it was currently worth (my opinion of course). I had a buyer in the beginning but their lender decided they would not lend the amount requested and back out of the deal.

After 4 grueling months I get a new buyer! Hurray! wait now the lender says they believe they want more? They suggested that the property went up in value. Are you kidding me. Have they not heard of the declining home values all around the U.S. ? So, am i to believe a vacant property with foreclosures all around it all of a sudden gained more equity!

Once i got that notion out of their minds, they then said i'd have to start all over. I then did what i know to do and asked to speak with their boss and their boss. I went far enough for someone to make an intelligent decision. Fortunately for me the guy I got on the phone used to be a mitigator long ago when i first started doing short sales. He remembered me and said he'd push the file through to get the signatures i need (his being one of them). I urged him letting him know this guy already has the cash at the attorney's office.

Keep in mind i had a letter of acceptance before and this buyer has offered to pay the exact same amount. Nothing and i mean nothing on the HUD has changed.

so, why in heavens name is it taking weeks to get this done. You would think with all of the short sale offers they get that are stupid or not even worth reviewing, If they got one where they got exactly what they wanted they would make sure this got off their desks and off their bottom line. DOES THIS SOUND FAMILIAR?

And so I wait....(I can only hope my buyers does the same)????

p.s. The lender is HomEq