bailout
SunwestTrust.com: Friends and Family Loan Mortgage Program : Social Personal Peer Lending
http://www.SunwestTrust.com – 800-642-7167. You probably have heard about the national credit crisis. During this time of national crisis have you ever considered becoming a bank? That’s right; you can become a bank for a friend or family member.
Duration : 0:2:41
Eurozone debt ‘the biggest threat to UK stability’
Bank of England Governor Mervyn King says the biggest threat to UK banks’ financial stability is the eurozone sovereign debt crisis. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Duration : 0:1:44
Portuguese families struggle to meet debt repayments
Portugal’s economy is strapped for cash – but so too are its citizens. With unemployment at a 30-year high, millions of families are struggling with debt, and an increasing number are defaulting on their loans. Duration: 02:13
Duration : 0:2:14
Tax on Short Sale, Loan Modification and Foreclosure – Recourse vs Non-Recourse Mortgages
http://realestatemarketingthisweek.com – Arizona is not a recourse state, so chances are you will not owe 1099 C Income –
Part 6 – In Arizona, typically its not a recourse state, so if they are telling you that theyre going to garnish your wages because you didnt pay back your entire mortgage, there is a local bank ,that was threatening a very good colleague of ours about a small second mortgage that person had taken out. Threatening to send it to collections and garnish her wages. It simply isn’t going to happen.
But nevertheless, there is still the tax implications that apply, if you need to navigate through this maze. There is a lot to it, you need to protect yourself. You talked about bankruptcy is one of those exclusions, right? One of the problems with bankruptcy is people dont understand the bankruptcy laws. They are so tight now and your feet are really held to the fire from the federal government right now. It’s not like you just didn’t make your mortgage payment, so you go file bankruptcy, it’s just not realistic. Assuming bankruptcy is the last resort option for everybody. And we certainly want to avoid that, it would not be sound financial advice from any credible source that I can think of.
Let’s walk through a case scenario, somebody who is listening to this broadcast, their head is spinning right now, they’re thinking, oh my gosh. I should have known about the tax implications, a short sale versus loan modification. Let’s start at the top and work through a quick scenario. And then we’ll point out the specifics of what they should be considering right now.
For example, we talk about this all the time and to your credit Michael Barnes and to Velocity Financials credit, you were early in bringing out the loan modification for people who were in a distress situation regarding a mortgage, maintaining or keeping up with the mortgage payment. So you started going down the path where the refinance started to become a much more difficult option, with new constraints and all the other factors that led to part of this economic crisis, a loan modification has become a buzz topic today. Driving to the station today, driving down Camelback Road, I see a sign on the corner. You know, one of those stick in the ground, homemade jobs, that says don’t refi a Loan, modify, with some success rate and the phone number.
Hang on there I want you to say the success rate. The sign literally said, 99% success rate, and it goes back to the point that you made when they say that they can reduce your mortgage principal by tens of thousands, hundreds of thousands of dollars, thats the absolute last resort for any lending institution. Thats not what this is about, so let’s start with that, then we will work on the tax ramifications of how that might work in the overall financial strategy.
I am familiar with the loan modification industry here in Arizona. There is no regulation, unfortunately. We at Velocity Financial work with a national network of attorneys, so if you’re the guy in El Centro California, or youre in Phoenix, or youre in Alaska it doesn’t matter where you’re at. We have someone who is an expert in that field in that state because the laws are different. But without the regulations some person with the ugly yellow sign on the side of the road says he has a 99% success rate, I don’t believe him it’s probably not using an attorney, who knows, dont buy into that garbage. Were going to tell you the truth, if we cant do a loan modification, we will tell you that we cant do it. And if a loan modification is not the best thing for you, you can find the some of these other options… http://realestatemarketingthisweek.com
Duration : 0:5:19
School House Rocks – Tyrannosaurus Debt
You will find your self singing this tune on your way to work, in the elevator, etc Like the Original School House Rocks it is a catchy song that helps you learn history. Abreviated and maybe not 100% accurate but at least you remember something right.
To help you out, here are the lyrics to help you sing along.
TOUR GUIDE: To your left, folks, is the Washington Monument, to your right, the White House. And over there, just beyond the Capitol, is the National Debt!
TOURISTS: Oooo! Wow!
There’s something huge
Red, white, and blue
That’s grazing in D.C.
It’s gobbling up the taxes
That are paid by you and me
It doesn’t seem to notice
We really can’t afford
The billions that it’s costing us
To pay its room and board
It doesn’t roam
But seems content
To dwell on Capitol Hill
As long as trucks keep pulling up
With tons of green-back bills
We’ve got to feed the big guy
We really can’t forget
It has an awesome appetite
Tyrannosaurus debt
TOUR GUIDE: The debt was born in 1790 when our new government took over 75 million the colonies spent in the Revolutionary War.
We’ve got to feed the monster
So it doesn’t get upset
It’s got an awesome appetite
Tyrannosaurus Debt
TOUR GUIDE: Alexander Hamilton, our first Secretary of the Treasury (he’s on the 10, you know), wanted a federal debt to provide a reason to establish taxes to support our new nation.
The debt was young, they kept it small
They didn’t know back then
In 1812 another war would make it grow again
By ’66 the Civil War had cost the nation millions
The government in Washington now had a debt of billions
TOUR GUIDE: The Civil War ran up a debt of almost three billion dollars that still wasn’t paid off by World War One.
We’re spending money we don’t have
Or so it would appear
The deficit is that amount we overspend each year
Though congressmen and senators
Make vows to cut its size
Despite their honest efforts
The debt just seems to rise
TOUR GUIDE: Now the debt’s over 4 trillion dollars and still growing…
A balanced budget would be great
To spend within our means
To stop the monster in its tracks
Before we bust our seams
It feeds on just the interest
Its appetite is whet
It never, ever stops to rest
Tyrannosaurus Debt
TOUR GUIDE: And this is the U.S. Treasury. It sells Treasury Bonds, bills, and notes, and savings bonds to finance the debt. The U.S. government promises to pay the owner interest plus the value of each bond at a future date.
We’ve got to try to tame the debt
And bring it down to size
To let it grow unchecked like this
Is certainly unwise
The debt’s a monster problem
That we really can’t ignore
I guess we should be grateful
That it’s not a carnivore
We’ve got to keep on servicing
Our trillion dollar pet
It’s got a monster appetite
Tyrannosaurus Debt
A fiscal misadventure
With trillion dollar dentures
Tyrannosaurus Debt
TOUR GUIDE: Feeding time is ALL the time.
Duration : 0:3:2
CrossTalk: EU 2.0 – Sentenced to Debt?
Leaders of the EU intend to amend the Lisbon Treaty to allow bailouts of weak and poorer members. Is this the beginning of the end of the EU?
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Duration : 0:24:33
CrossTalk on Ireland: Killer Of A Debt
In this edition of Peter Lavelle’s CrossTalk, he asks his guests if the rich western countries will ever be able to pay off their mountains of debt — and the consequences of not doing so.
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Duration : 0:26:4
Loan Modification, Home Loan Modification, Mortgage Loan Modification, Mortgage Modification
http://realestatemarketingthisweek.com/real-estate/congressman-barney-frank-is-calling-for-the-restructure-of-the-loan-servicing-business/ – Congressman Barney Frank is calling for the restructure of the loan servicing business –
Part 2 – Well, in the past we have talked a lot about loan modifications and since the first time we started talking about loan modifications the whole space has changed. Everything about loan modifications since our very first broadcast talking about it, we don’t talk about it every week, but we do talk about it allot. It has changed so much, when we started anybody who had a significant hardship, or financial hardship, or had one of these toxic mortgages, that had adjusted, would be able to qualify for a loan modification. These things have changed all of a sudden, and not all across the board. Brett you made a comment earlier that people are concerned that once these servicers do these modifications they could be subject to lawsuits right?
Yes, it is amazing how quickly things have changed over the course of the last couple of weeks, it seems this information, and this news is changing almost hour by hour, at this point one of the things that came out regarding this mortgage modification program is from Barney Frank, “Congress should act to restructure the servicing of home mortgages.” So the idea is that they are catching on to something that you and your team at velocity financial were ahead of the curve on in terms of loan modifications.
Knowing that those rules for a hardship and why you are entitled to one have definitely changed. Now it is more of a situation where in order to stop foreclosure, to stop the problems associated with this mass foreclosure market place, modifications are being talked about amongst the banks now. Barney Franks comments today, he stressed how these voluntary inducements to get these private entities to protect homeowners from the government has fallen short, and Hank Paulson has fallen short of putting their weight behind this concept.
Although I personally believe that is the next evolution of this. Loan Modifications are a critical step for people who are feeling this economic crisis, and for people who want to stay in a home, for people who need this type of assistance. The idea is you have a short window of opportunity here before something else significant changes where you may no longer be entitled to.
You heard Citigroup, you know this we talked about it, Citigroup came out and made the announcement that they were going to suspend their pursuit of foreclosures in certain areas of the country that have the highest unemployment rate, that was the caveat. We will see how big the scope of that gets, but the whole idea is for you as a mortgage owner, as a home owner with a mortgage, if you need to establish a modification to an existing loan, in order to have more favorable terms in interest, a more favorable monthly payment, a way to keep that home, you have to look at this option.
Yes, and I appreciate you saying that one of the things that Citigroup announced they were going to be doing was giving people teaser rates of 1%. Look anybody with a brain can realize that that is ludicrous. What got us into this situation in the first place was huge banks, just like that one, giving people toxic mortgages, with fake interest rates, and pick your own payment, do whatever the heck you want to. It is exactly what they are trying to do again.
Essentially what they are talking about is giving people a short window of a very low interest rate, but they are going to be back in the same situation in the future. That’s why the loan modifications that we do, that we hire on your behalf, the national network of attorney’s that we use. We go for the throat, we are not looking to get you a 1% interest rate for the next 12 months. We are looking to get you a lifelong, or for the term of the loan if possible, the very lowest interest rate available, and fix it or extend the term so you can actually sustain that payment well beyond the short term.
One thing I want to point out before we have to go to a break, if you know of anyone out there, that has a GMAC mortgage, whether it be a GMAC first mortgage or second mortgage, you have got to tune in to the second segment you are not going to believe this scam that’s out there, going against people with these loans… http://realestatemarketingthisweek.com
Duration : 0:5:49
I Fight Dragons – Money
Animated music video for “Money” by I Fight Dragons, made by Boram Encargado Kim. “Money” is from I Fight Dragons debut EP “Cool Is Just A Number” available for free download at http://www.ifightdragons.com
Lyrics:
Green is where it’s at
Green will never let you down
You can bet your life on that
Win the bet and buy a crown
Cuz when pushin comes to shove
Money conquers faith and love
You can buy ‘em up for nothing down
Money makes the world go round and round
Round and around
Money makes the world go round and round
Round and around
Sell your soul at cost
Buy the bar another round
Make yourself the boss
Pay your workers and tax the ground
Cuz when money is your friend
Then the party never ends
Hire a crew and you can paint the town
Money makes the world go round and round
Round and around
Money makes the world go round and round
Round and around
(NES Breakdown)
money makes the world go round and round
Round and around
Money makes the world go round and round
Round and around
Duration : 0:3:32
Crash Course: Chapter 8 – The Fed & Money Creation by Chris Martenson
Chapter 8 (The Fed Money Creation): Chapter 7 explained money creation via money loaned into existence by banks, on the local level. Chapter 8 explains money creation by the Federal Reserve, where we learn that it is manufactured out of thin air. Perpetual expansion is a requirement of modern banking. The banking system MUST continually expand, because that is how it was designed. By understanding the requirement for continual expansion we will be in a better position to make informed decisions about what is likely to transpire and take meaningful actions to enhance our prospects.
http://www.chrismartenson.com
Duration : 0:7:23
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