Michael's Blog

Brand New Home - HOT! - NOT a short - Priced to sell!!

2008-09-13T19:58:12Z

I'm both excited and proud to offer this home!

Call me right away to put in your offer! You will have an opportunity to order a home inspection, giving you an out should there be an issue!

Cape Coral utilities expansion - STALLED AGAIN!

2008-08-14T16:28:09Z

Alot of folks have asked me about what the future holds with respect to utility assesments....

My thoughts are that they'll be further in the future than originally expected and cost less than in the past.

Here's a link to the latest News Press article on this issue...and some of the other issues the city is dealing with resulting from the change in tax revenue.

http://www.news-press.com/apps/pbcs.dll/article?AID=/20080812/CAPEWATER/808120390/1003/ACC

Walkscore.com - Whats in walking distance

2008-08-14T15:02:18Z

Folks this one is great!! www.walkscore.com

Type in any adress and find what schools, restaurants etc are close by!

It's getting cheaper to own than rent!???!!

2008-07-03T18:51:31Z

Boy oh boy....am I excited to see this happening...and "no money down" sounds fishy....lil bit!

HOWEVER...NOW .... HERE in Cape Coral...I just put up a rental listing for a 3/2. It's got large bed rooms, but a cramped kitchen, no pool, and no enclosed porch area. It's $1000 a month. I've got folks BUYING 3/2's with pools and granite counter tops for 120k preapproved going thru FHA with thier payments at 716 a month + 48.50 for Mortgage Insurance....NO MONEY DOWN using a gifting program/seller contribution! With taxes and insurance around 200 a month, they're still spending LESS than they would if they paid $1000 in rent!

Its not always the case everytime, there are 3/2s for rent for 800 dollars, but not with pools!!

You have a job and decent credit, maybe a car note or credit card or two, you can STILL buy a house with virtually NOTHING out of pocket. FHA covers 97% and has NO sourcing requirements on the 3% which can be a gift. This means you have to get the seller to cover closing costs and give 3% back to the downpayment assistance orginization as a charitable donation, so they can re-gift those funds.

Crazy but it works. What can we say?

I never thought I'd be writing in this blog about a "no money down" purchase but I've got clients doing it, they're going to put $500-1000 in escrow if need be but thats about it.

Think about this and call me before you sign a lease.

-Mike Urbinato

Foreclosure Emotions - Cape Coral Breeds Stress Nationwide

2008-02-28T17:21:57Z

Cape Coral is number one!!!! Number one in the country for foreclosures!

Take a look at this article from Tuesday on MSNBC

http://www.msnbc.msn.com/id/23342585/

This means Cape Coral represents a tremendous opportunity for those who want to invest.

It also means that there are many burned and wounded out there, some of them victimized straw buyer, some of them people who just wanted to get a rental property or vacation home in Americas waterfront paradise.

Many were victims of unscrupulous mortgage brokers and real estate agencies.

On almost a daily basis I speak to someone who's got a serious problem they just can't face.

Many of the people in foreclosure today have never been through some sort of financial hardship before.

Part of the problem is that in addition to destroying their once excellent credit, it clouds their thinking and makes it difficult for them to make sound decisions.

In the last month I've heard just about every mind blowing reason to NOT let me help.

Apathy it seems is more powerful that I'd thought.

I've always been the one to go out and do it. Never had a problem getting my hands dirty. I'll grab the chainsaw and climb the tree, jump right in the middle of a dispute to defend or diffuse, or bring someone who's stressed over to my house for some home cooked comfort food, marinara and Alfredo sauces are my favorite for that! (I'm a pretty good cook my friends tell me, one of them when he tasted my marinara said I had "nailed it")

One fella just sat there and told me there was nothing that could be done, that he was "jammed" and that was all there was to it. When I looked up his home I saw it was jointly titled with him and his ex-girlfriend. She's on the title and the loan. He thinks since she has all the paperwork there's nothing he can do.

Another told me that it was too late because he was already behind on his loan so far there was no way he could pay it back. He won't return my calls.

One more told me that she was just going to refinance the house and try to keep it. When I tried to explain that you cant refinance a property with over $200,000 in negative equity, she shouted at me that she understood I was just out for a commission and to have myself a good weekend, and hung up the phone!

This is a single mother of two with a 3600 dollar a month investment property that is vacant and sucking the life out of her.

Most people in my business would have thrown her file in the trash. Well I did, and then I pulled it right out, remembering that it needs to go in the secure shredding box...just kidding. I called her Mother and told her that I think her Daughter was in a state of severe emotional distress that was clouding her judgement. I mailed them a some articles on FHA Secure (you need at least three percent equity to do one) thanked them for speaking with me and reassured that I was here to help when they were ready to find solutions.

The great thing about the truth is that it IS the truth weather you believe it or not. There are solutions and ways out of and around just about anything....just ask OJ Simpson. All are welcome to contact me for advice, counsel, ideas, or to just plain vent, as I've done here.

Thanks for reading....all the best in 2008

-Michael J. Urbinato

Upside down Market - Short Sales Fuel the decline

2008-01-31T17:32:40Z

Every day I see short sale listings sitting on the market while the buyers pass them by, they don't want to waste their time.....the foreclosure proceedings move forward, the lawyer bill gets fatter....

This market has taken the real estate community by surprise...I feel lucky to have been prepared with years of experience doing foreclosure bailouts and arranging lease back / buy backs, and fortunate to have teamed up with Team Dynamic and Gulf Gateway Realty!

Again, I encourage any homeowners in a foreclosure to reach out to us for help before the bad situation gets worse,which it will...likewise to other Realtors who lack the expertise to handle a short sale effectively, I'll gladly pay the referral fee upon successful completion of a sales contract.

Team Dynamic of Gulf Gateway Realty Inc

2008-01-21T18:32:24Z

Team Dynamic of Gulf Gateway Realty!

We've merged our business with a well established VERY successful agency here in Cape Coral.

This merger allows us to bring new oppertunities and to better serve our clients. Strong infrastructure, cross marketing our listings to all of thier agents investors, and connecting with thier land specalists with our builder contacts.

Check out www.gulfgatewayrealty.com and look for us to be added to thier site soon, via a landing page at www.teamdynamicreators.com which will detail the members of our team and how we can help you with your real estate needs!

Spyware Removal and Infection Prevention

2007-10-20T21:35:17Z

I'm often called upon by friends to deal with spyware issues on thier computers.

Right now I just deleted one I couldn't find on google Wdmrgzyn.dll anyone know anything about it? The popup spyware is still on his system. So far we havent been able to locate and delete it.

The most effective and surest and sometimes fastest way of dealing with these viruses is to reformat the computer.

As thats not a reality for most people, for various reasons, sometimes these things are very preventable. I found a couple of great websites I reccomend everyone read thoroughly!

http://forums.spywareinfo.com/index.php?showtopic=60955

http://forums.techguy.org/54-malware-removal-hijackthis-logs/

This one seemed the even better... http://forums.maddoktor2.com/index.php?showtopic=9590

They talk about HijackThis an advanced program that shows you all the loaded modules and running this and thats on your computer.....if you're not sure what you're doing dont mess with it....READ and educate youself on how this stuff works!

Pending Law Effecting Mortgages and Bankruptcies!

2007-10-10T00:20:50Z

Something like this might be needed to avoid tailspins going forward.
I'm posting this now because I just finished formatting an email to send this article out to my contacts and felt I should put it up on the page as well
Aggressive lending on lax standards has lead us to the point where there's alot of bad debt on the market.
The Adjustable Mortgages written two and three years ago are resetting now and there's more to come from the ones written up to meltdown of sub-prime, just this year!!!!
This is already causing a ripple effect through the economy without a doubt.
From our experiences here at Dynamic Results Realty Inc in Cape Coral Florida, many of our clients are people who had taken out high Loan to Value loans at the height of the market, taking out a an Adustable Rate Mortgage thats adjusted to new payment levels.    Sometimes there's other factors in whats causing them to fall behind on their mortgage.   We're aware that this is happening all over the country, and are working on being able to provide our services nationwide.
Fact remains that in 99.99% of the cases....lenders do NOT want houses.
We specialize in creating a compromise, and have NOT LOST A CLIENTS HOUSE TO FORECLOSURE YET!
I work with a number of solutions for clients in various situations.
Short sale/foreclosure prevention negotiation services - helping avoid deficiency judgements
Mortgage loans
Credit repair counseling ( I provide for FREE to my clients/customers)
Accelerated payoff tools to help you get out of your mortgage and own the house free and clear in less than half the time of your loan, with out having to refinance.
I encourage anyone in a situation, good or bad, to contact me to see what solutions we can offer for you to help you gain control over your financial future!
-Mike Urbinato
866-909-9449
239-200-5742

Bill would let bankruptcy courts impose loan mods

Moody's: Subprime servicers modify only 1% of loans

Tuesday, September 25, 2007

Inman News

Legislation that would allow bankruptcy courts to modify the terms of a homeowner's mortgage loan could save 600,000 homes from foreclosure, the bill's sponsor claims.

HR 3609, the Emergency Home Ownership and Mortgage Equity Protection Act of 2007, would repeal a legal provision that prohibits bankruptcy courts from modifying the repayment terms of home mortgages. Bankruptcy courts already have the power to modify payments on other secured debts, including mortgages on other properties.

"Responsible lenders who made loans on reasonable terms have nothing to worry about in bankruptcy court, but predatory lenders will end up with the loans they should have made in the first place," said bill sponsor Rep. Brad Miller, D-N.C., in a press release.

Miller introduced the bill Friday, with backing from the influential chairman of the House Financial Services Committee Chairman, Rep. Barney Frank, D-Mass.

On Monday, Moody's Investors Service released the results of a surveyof subprime mortgage servicers, which found most servicers had modified only 1 percent of loans that experienced a reset in January, April and July.

"Despite much industry dialogue and heavy press attention on the topic of loan modifications as a mitigation technique to avoid foreclosure and reduce losses on defaulted loans, the survey results suggest that on average subprime servicers have only recently begun to materially increase the number of modifications as it relates to interest-rate resets," Moody's analysts said in releasing the survey's results.

In a study releasedin March, First American CoreLogic projected 13 percent of the 8.37 million adjustable-rate mortgages (ARMs) originated between 2004 and 2006 would default in the next six years, wiping out $112 billion in equity after homes securing $326 billion in loans are sold.

The study predicted the actual number of foreclosures would hinge on home prices, with each 1 percent decline in home prices putting another 70,000 homes into foreclosure.

Robert Shiller, a Yale professor who helped develop the Case-Shiller Home Price Index, testified before Congress this month that home prices have fallen by 6.5 percent since the peak of the housing boom, and that he expects them to fall another 7 to 13 percent by next August.

Moody's said that its survey revealed between 5 and 15 percent of adjustable-rate loans originated in early 2005 that were not modified became delinquent after their interest rates reset, and predicted that delinquencies will be higher on loans originated in late 2005 and 2006.

The ratings firm called on loan servicers to be more proactive in contacting borrowers facing resets, saying the majority of large servicers rely on the mail, when telephone calls would be more effective.

"Based on the survey results, Moody's is concerned that the number of modifications that will be performed in the future by subprime servicers on loans facing reset may be lower than what will be needed to significantly mitigate losses in subprime pools backing rated securitizations," Moody's analysts said. Moody's warned that it expects to issue downgraded ratings on more subprime residential mortgage-backed securities issued in late 2005 and 2006.

Countrywide Financial Corp. said Monday it is on target to modify nearly 25,000 mortgage loans in 2007, with 17,000 loans modified year to date.v

Always Read What You Sign!

2007-09-25T19:48:14Z

Just a short one on something I find happening that people need to watch out for.

The other day, while calling refinance leads, I came across a gentleman who claimed not to have a 2nd lien on his house like the lead data said he did.

With a few clicks of the mouse I had the imaged copies of the notes he signed at closing, off the county website coming out of my printer.

The signatures matched and the loans were closed simultaneously, same day, same notary.

I spoke with the fella again and told him what I think happened was that he DID sign two loans that day, might not have realized it, might not have been explained to him completely.

How could someone just sign and not realize what they're signing you might ask? Those of you reading this who're in the business know how many papers there are at a closing, and how sometimes borrowers just sign sign sign on the x's and don't read every single thing they're signing.

It is the responsibility of the closing agent to explain each and every document, what it means, and what it does. As a loan officer I always make it a point to attend closings if I can be there, if I can't I'm reachable by phone to answer questions about the loan and the paperwork.

Are there scandalous people who will put thru an 80/20 and just try to sneak the whole thing past the customer, of course there are, which goes back to what I was saying earlier, READ what you sign, DONT close if you've been lied to and the numbers aren't what you were promised!v

New Cell Phone Number!

2007-09-20T13:45:22Z

Down here in paradise (SW FL) we have an unlimited cell phone company www.metropcs.com It's great for us busy on the phone all the time folk

The best number to reach me from now on is 239-200-5742, and of course the toll free direct is still 866-909-9449

-Michael

Short Sale Referrals

2007-09-20T13:39:12Z

My first night as a bartender at Ariani restaurant www.chefdario.com, my first guests at the bar, I meet a Realtor couple team on thier way to a showing. We chatted a bit about the market and the changes it's been going through, they said I was brave to get in now.

So I told them my firm specalizes in negotiating short sales, foreclosure or pre-forclosures, and that most of our buyers are coming from other realtors.

We created an excellent synergy as they, like many realtors, don't want to deal with short sales and would love to refer them to a specalist. I in turn will keep them informed of our new offerings, many of which don't hit the MLS at all.

Any one who would like to be added to my hotsheet list, please shoot me an email at mikeurbinato@gmail.com and I'll get you in the loop! Also if you're looking for something specific, we can usually hunt down a great match!

-Michael

Financing First!

2007-09-19T18:49:30Z

Last Wednesday a friend referred to me a co-worker who had just mentioned to him that he was under contract to buy one a lovely new construction here in Cape Coral, but was having problems getting the mortgage financing.

He was putting money down, but had less than perfect credit, was going stated, and already owned a house.

I met with this man, he gave me all of his info, and told me he needed a commitment letter to the builder by Saturday. I called the builder once I had found a lender for the buyer, they requested the buyer deposit his down payment with a title company who would handle the closing.

I got back in touch with the buyer and told him that while I'd continue to work on finding a better deal, the one we had now would allow us to include a sellers concession for the closing costs, and his loan would be xyz, making his payments x dollars a month, also that he had the option of putting less money down and keeping some of his cash in the bank, which I strongly implored him to do. He said good and to send the builder the letter. I told him to think about the down payment amount and tell me tomorrow.

The next day, he asked me if I could get him a lower rate on an adjustable mortgage, or if we included a prepayment penalty. I advised him that ARMs are what are leading the foreclosures and aren't priced much better. I was giving him a par rate and charging the points in the front, we could buy the rate down if he wanted to do that. I told him I'd looking putting a prepay on it and to think about the down-payment money, which he would have to give to the title company tomorrow if he wanted the builder to let the deal proceed with out trying to keep his deposit. Also he'd need to have decided on the down payment and the prepay, as we needed to get the paperwork rolling.

He asked me for the title company address and phone number and told me he'd have to talk to his wife, and would call me by 10am the next day.

When noon hit, and I called him, I already knew what he was going to tell me and sure enough he did!

He told me his wife wasn't going to let him do it, that their interest rate, while .75 of a point lower than the deal they were quoted by the last person to try to get them a loan, was still to high and they really wanted it a .5 a point lower. I asked if he wanted to pay a buy down point and while trying to explain that to him he hits me with...."I'm going to tell you something but you're not going to believe me....my wife said she met some one who is getting us a loan for 6.5"

Of course he couldn't tell me if the loan officer knew he had a 600 FICO, and was going stated, or how many point's he have to charge to get that rate, but he's going to call me back when he gets the papers.

This is the exact same thing that happened with the last two people this person referred me to. The last time, while I was of course in the middle, I told the customer to demand a rate lock form showing his application number and name and rate etc etc....of course the other LO told him they were going to try to get him an EVEN BETTER DEAL between now and closing....when he got to the closing, the rate on the loan was 2 points higher than what he was told over the phone.

As frustrating as it can be to lose business to liars....it's worse to get the looks you sometimes do when you tell people "I do mortgages" when the general public gets lied to and beat by them constantly, same stigma as like "used car salesman"... I know a few of those who are good guys too :)

Pardon the long blog, just make sure if you're buying a house that you're properly pre-qualified and understand your mortgage options well, and what your payments will be BEFORE you sign a contract and give the good faith deposit! If you're not familiar with all the variables, having a good communication with your mortgage professional will make all the difference!

Again I invite anyone who's got a situation I could help with to call me! And email me if you want on the HOTSHEETS property distribution list of new foreclosure and negotiated pre foreclosure properties in SW FL!

-Mike Urbinato

mikeurbinato@gmail.com

866-909-9449 Toll Free Direct

239-200-5742 Cell