Why is Obama's MakingHomeAffordable.Gov website giving this Home-Wrecking Advice to Homeowners?

Mowich Partners — Fri, 25 Sep 2009 19:47:39 -0500

I got a SERIOUS beef with Obama on this one.

Why does this website tell people that if they owe more on their house, they are screwed to get a refinance?
I wonder when they put this website together, did they happen to consult that part of the government that is responsible for over $1 trillion dollars of today's mortgages, you might have heard of it, the FHA, short for the Federal Housing Administration. You also have these so called 'experts' telling people the same thing. Like this guy:

http://www.heraldnet.com/article/20090906/BIZ/709069937/-1/COLUMN#What.you.can.do.if.you.can%26%23146t.refinance

Or this guy on Fox Business News (forward it to the 2:00point) http://www.youtube.com/watch?v=xPHu8-jJVRg

But as I have done MANY MANY times for clients, this is what I can do. It is also my response to the 'expert' who wrote the article above :

"Not to disrespect you Steve, but your advice is incorrect in relation to this gentleman. While FHA has a 97.75% Loan To Value limit, it has no CLTV(Combined Loan to Value Limit). So what you can do is refi your current 1st to 97.75%, which is most likely a higher loan amount that your current 1st. The difference you use to pay down your 2nd. You send in a Subordination Agrement to the bank that has your 2nd. For them to agree to this, you must show that they are lowering their current risk, which you would be by lowering your rate in your 1st, making your 1st a fixed rate, and that you are paying them cash at closing. In the Seattle market, I have had almost a 100% success rate with this. Some banks that offer FHA have additional risk layers (they won't go over 100% CLTV), but there are plenty that still do."

HELP ME PLEASE ! Survey: Listings, Price Reductions, Time on Market, Deal Kiilers, etc

Mowich Partners — Fri, 25 Jul 2008 16:59:45 -0500

I will not assume I know everything and ask you all what your current experience is with these matters.And then after that, I will know everything :) Thanks for helping---Nick

1.What percent of your listings have you dropped the asking price on, pre-offer?

2.What percentage do you drop the price?

3. How long on market before your drop the price?

4. What percentage of listings do you have multiple price drops on?

5. How long on market before you drop the 2nd time? Third time?

6. What percentage of your listings expire?

7. What percentage of you expired listing immediately relist with another agent?

8. Of your listings that sell, what is the main reason they sell? )Ex: price, location, condition, property type, owner financing, convetable lease option,etc)

9. What percentage of your post-offer deal killers are finance related?

10. What percentage of your listing calls go nowhere due to buyer not being qualified for financing?

Nick 's Blog

Why is Obama's MakingHomeAffordable.Gov website giving this Home-Wrecking Advice to Homeowners?

HELP ME PLEASE ! Survey: Listings, Price Reductions, Time on Market, Deal Kiilers, etc