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Video commentary about the latest news including mortgage applications hitting a 14 year low, Bernanke's increasing influence within the Federal Reserve, the BP Oil spill and more economic stories. Mortgage applications to buy homes hit 14-year-low www.marketwatch.com More Stimulus Ahead? www.marketwatch.com New faces will strengthen Bernanke's grip at Fed www.marketwatch.com Banks repossess US homes at record pace www.reuters.com US industrial production up 0.1% in June www.marketwatch.com BP Shares Rise as Oil Leak Is Halted online.wsj.com Matt Simons disagrees. www.youtube.com

Mortgage Modification - Home Loan Modification Process - How to Plan for Federal Laws, Credit Rules and Hardship Letter Requirements -- News and Help on Attorney Negotiated Bailout Package - Real Estate Foreclosure Scams and Bankruptcy Prevention - realestatemarketingthisweek.com - We're in Recession and Hank Paulson holds the purse strings. - RealEstateMarketingThisWeek.com Part 1 - Brett has brought with him some updates on the economy and how things are changing theses days and he brought some great information to discuss with you. We talk about all these different things in the economy and let's be honest there are a lot of problems out there, no one can dispute that, the unemployment rate is the highest it's been in many year, with Fannie Mae, Freddie Mac AIG being taken over by the government, Lehman brothers Bear Sterns, WAMU, Countrywide all gone, banks and insurance companies getting their bailout, the auto industry is the next one to get a bailout, were already working on our second stimulus package. 95% of the people according to President elect Obama are going to be getting a tax cut soon. Where is all of the money for all of this going to come from? It just seems to be a downward spiral. Brett's got some great insight on this that he wants to talk about and some more, unfortunately, a little bit more dismal news, just want you to know before you drive off a cliff there is light at the end of the tunnel. We are going to talk about that so Brett, why don't you ...

What does it mean when someone voluntarily forfeits their mortgage? I need to know how this happens? What the benefits are? What are the disadvanatges? The person was going into foreclosure so is this a better option? If so why?

realestatemarketingthisweek.com - If facing financial issues make sure you hire qualified help, mortgage broker, financial planner, CPA and attorney - Part 8 - So with the real estate market, we know here in Arizona, there are literally hundreds of thousands, maybe millions of people that are confronted with a very difficult decision, declining home values, upside down in the home, the home value is worth much less than they actually owe, we need to give them options. If the option is foreclosure, short sale or loan modification, I would take the modification approach, most likely we would have to look at a person's situation a little bit closely, but as I am going down some of the things that we have prepared for the show today, it looks like there are four main issues that people should know they need to consider, the cancellation of debt income, capital gains tax issue, the deficiency judgments side, and the credit report side and Mike, I know you can talk to some of these things. But we brought up in the first segment what I think this might represent and then I think we started to talk about how Mike can help people minimize the impact of what that would look like on the tax return or eliminate based on the situation, so let's make sure that the people know these four concerns are something they should consider as they seek advice. Absolutely, and it's really important that you talk to each arm of the team. You're not going to be able to make all of these decisions ...

Used to reduce the total time of repayment and interest on a home mortgage.

Hi...
My fiance and I are almost finished our final year of university and will be moving back home to live with his parents. We are also going to be starting permanent jobs in our field starting in May.

We would like to purchase a condominium opposed to renting as we don't want to live with parents for an extended period of time, although I am wondering if we will have to if length of employment is a critical factor in obtaining a mortgage?

Any information would be great!

I am living in Canada if this makes a difference in anything.

Thanks a lot.

realestatemarketingthisweek.com - Mortgage Forgiveness Debt Relief Act of 2007, one exception to paying cancellation of debt income - Part 5 - Welcome back to the Velocity of Money I am Michael J. Barnes Arizona's and I'm with Velocity Financial and were here every week talking about all matters financial, regarding real estate as well as finances. Brett Fallon is back on the air with us again along with Mike Patenella who is a certified public accountant for the last 20 years and amazing brain, were glad he's back on. Mike we were talking before the break about loan modifications, my point before going off the air was that people think they're going to get this huge amount of money waived on a loan that they have, realistically what most loan modifications are going to look like is extended term, significantly lower interest rate, generally a fixed interest rate for the entire time, and in some cases they will do some principal reduction, and there is some exclusions for people having to pay tax on that, is that correct? Yes, there is, before I get into that keep in mind that with taxes normally not one rule applies to everybody, were going to talk general but everyone's going to have their own specific situation, that they're going to have to really check with somebody and make sure they're doing the right thing. In 2007 in response to the economic situation, they passed a mortgage forgiveness debt relief act which essentially allows people to not pay tax on million ...

My wife's name is on our mortgage, but I have a restraining order against her. I am letting her stay in the house because its convenient. We have two children. Am I responsible for the mortgage while I am not living there? Or will that be calculated during divorce proceedings?

realestatemarketingthisweek.com - The median income family can afford twice the median priced home - Part 2 - And now I mentioned Dan Havey is back in the studio with us, Dan has done a lot of great things in the mortgage industry. He left us about a year and a half ago, is that right Dan? Yes, I left the mortgage industry in October of 2007. Tell us a little bit more about yourself. As you know I came originally from Wisconsin, where I got a degree in Business Finance and I came out here in 1989 and started working with my brother selling real estate owned-REO, bank owned properties for Fannie Mae, Countrywide, and the Resolution Trust Corporation-RTC which was the government entity that was put in charge of disposing of all the real estate owned by the 1800 S&Ls that had failed. I did that until about 1995 when I moved into the mortgage industry and there for 12 years I worked predominately with bankruptcy attorneys helping their clients get out of bankruptcy and foreclosure. I left the mortgage industry in October of 2007. Now I am working predominately in the arena of marketing for real estate and mortgage companies, helping out companies, just like Im here helping out Michael today, to get people to realize that right now actually is a really good time to buy. There are a couple of points I want to make and it was something that Michael had said earlier. The first one was that 4% interest rate. Originally Obama said a couple of weeks ago, when he rolled out the ...

we have tried twice to refinance our house through a bank in order to get caught back up on the mortgage payments that we are behind and to do some home repairs, etc however we keep being told no because we are in fact behind several house payments. Is there anyone out there who will refinance you in a situation such as this?