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Shortsale = 7 Years to Buy Again??? Ha!

by Darrell Isaacs Team Professionals

Recently there was an article that apparantly appeared in various publications stating that a ShortSale, Deed in Lieu and Preforeclosures Sales would all be treated by Fannie Mae, the nation's largest provider of mortgage funds, as a foreclosure, thus ensuring the 'offending' party would not be able to purchase a home for 7 years! 

So, in doing my little part to correct his misinformation I am posting below, a snipit from Fannie Mae's website showing the facts are completely different. 

Why is this important? 

In San Joaquin County, greater than 1 in 5 homes are in trouble!  Shortsale is one, frequently the BEST, solution to that owners challenge.  And the reality is after some 'time' has passed, that SAME OFFENDING party can reenter the home buying market, at prices that currently are from the last century, and with some proper guidance, (please please please see me on that subject!) they will have the stability and hope that all Americans look for with their home.  A second chance, a new beginning, a Genesis!  (that was my shameful plug :) )

So... what did Fannie Mae say?

Fannie Mae’s most recent bulletin states that Deeds-in-Lieu of Foreclosure, Preforeclosure Sales, and Short Sales all have waiting periods as follows:


This bulletin was released in June 2010, and Fannie Mae has confirmed with us today that this is the most recent bulletin.

The subject of should you or should you not enter into a shortsale is quite emotional.  Here at Genesis, we understand and always remember... we are talking about your 'home' not a house. 

I thought this might be a bit of good news as we enter the final days before Christmas.  Hope so.

And hope is also that your Christmas will be blessed, full of wonderful memories, those new and old.  The future is a choice... choose to enter it without the negative baggage of the past, and all the hope for the new!

Merry Christmas!

Darrell

Merry Christmas!!! As a child...

by Darrell Isaacs Team Professionals

Merry Christmas!!!  

 As a child a part of the magic of Christmas included writing to Santa with my ‘Wish List’ and going downtown after Thanksgiving for the official Lighting of the public Christmas decorations.  In our fast paced society we have lost a bit of the magic.  So, to recapture some of that magic we would love to arrange for Santa to write your child, or grandchild, a personalized letter.  Details are below. But hurry, Santa is on his way! 

Success! 

Darrell

 -----------------------------------------------------------

Dear Friends,

          In the spirit of the holiday season, we will be sending

Personalized letters from Santa to any child and/or grandchild!

          If you know of anyone who would enjoy receiving a letter from

Santa, send me their name(s), address(es), and if a Boy or Girl.

Emailing the info to my Team is the fastest most sure way of

Meeting the deadline. Please submit by December 13th to ensure timely

Delivery.

        You can also fax at 209-244-7171.

MERRY CHRISTMAS!!! 

 

The Darrell Isaacs Team

Integrity...Knowledge...Success!

 

 

Darren Hardy, Publisher of SUCCESS Magazine...

by Darrell Isaacs Team Professionals

Darren Hardy, Publisher of SUCCESS Magazine, presented a great insight on his blog that I really want to share with you...  dri

"Did you know your brain is NOT designed to make you happy? I know this might be alarming to you, but brain has only one primary responsibility—to keep you alive. Thus your brain is constantly on the lookout for danger and attack warnings. Your brain is programmed specifically to seek out the negative.

This is a problem if you desire love, prosperity and happiness—those things beyond simply safety. Left unguided (as most do), your brain will stew in the negative all day, every day of your life. The conundrum is—what you think about comes about. Where your attention goes, energy flows, thus the direction your life takes.

This is where the power of gratitude comes in. If you want to direct your life in a positive direction, you have to redirect your mind towards abundance and what’s positive by forcing it to focus it on what you are grateful for. If you want to become great, you have to focus on being grateful. You can change any situation in your life by simply redirecting your mind to focus on what’s right about it versus what is wrong.

I have a Thanksgiving Challenge for you. Of the many insights shared in The Compound Effect, one repeatedly I am told has made a profound difference is the story of the Thanksgiving Journal (read the excerpt below). My challenge to you is to think of an area of your life you are having difficulty in and want to improve. For the next 21 days... CLICK HERE TO READ MORE "...

Any takers?  Happy Thanksgiving!

SUCCESS!

Darrell

Today I Have Learned Something New

by Darrell Isaacs Team Professionals

Today I have learned something new, ok, some of you may have guessed it before me, but, for me an "ah ha" moment.

"There are some smart cookies out there. I am not one of them." You can guess which is the Ah-ha on your own.

Sitting in Dallas, TX, at the 5 Star Conference, listening to panelist speak on the subject of Figuring Out FinReg, I am painfully aware of which club I am a member of.  The discussion is based on the new laws being passed or worked on right now, that will define the financial rules going forward.

Which side you take is really not the message here, but that the average American, like me, will not "get it".  Sitting here hearing rather political neutral summations, I think we have a financial octopus that probably would be better declared a centipede, except they are not scary enough.

So, what's "Mr & Mrs. J. Average" to do?

Protect yourselves from the damages that others can inflict on you. Whether new laws, bank demands, or credit merchants, move to a place where savings become important part of your monthly expenditures, take advantage of ways to lower monthly costs, long-term planning to ensure you have the best opportunity to have a future.  Wow. That was me, not the brainee's that spoke today.

So, how do we, who have no Master's in Government Double Speak, do these 3 simple tasks?

 1- Look at your income. Cut all nonessentials. Ouch, I know, but the subject here is  survival. Does cable TV really equal survival? Or Starbucks? Ouch, that one got me too! Is the Beemer really the best deal for you? Did you really make more money because YOU owned it? Did the trade in values payoff better than owning a car for 7-8 years with half that time having no payment? Get the picture? Remember the story of the ant and the grasshopper?  One stored, one bought Beemers.  Winter is coming.

 2- With today's incredibly low mortgage rates, lowered home values and continuance of tax shelters, most can ‘own’ cheaper than rent, and here is the little bitty secret you probably do not know. As a renter, on month 361 you will have a payment! Whoa! Too simple to give much value or thought too but really, don't you plan on living???  So, you handled that secret so good so here is the next point.  Rent in 1980 for a 3br home was $395-410. Today, $1000-1090.  What will it be in 2040?  Oh yeah, and your mortgage payment was locked-in in 2010, and remained unchanged. 

 3- Set a clear picture, with rewards built in, that will guide your future spending/savings plan. You are not the 20-somethings any longer and it won't get any easier the older you get. Proof: look at how many 60-somethings are praying the social security system doesn't fail.  Don't grow up to be one of them.

Ok, back to the class, what did these 4 high-ranking government/banking fellows conclude? That they can't agree on the solution! Surprised? 

Place responsibility for the future where you can impact it...in your hands.

And, remember to vote.

SUCCESS!

Darrell

One in Four Borrowers is Underwater

by Darrell Isaacs Team Professionals

NOTE: Only the brave will read this to the end. 

If you are like me, that statement is scary, and you grow weary hearing about this subject.  Yet it is something we as a nation have not dealt with.  And until we do… we will have more articles saying the same thing.  Case in point, per a recent article by RUTH SIMON and JAMES R. HAGERTY of the Wall Street Journal, “the proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23%, threatening prospects for a sustained housing recovery… according to First American CoreLogic.” 

“These so-called underwater mortgages pose a roadblock to a housing recovery because the properties are more likely to fall into bank foreclosure and get dumped into an already saturated market.  Economists from J.P. Morgan Chase & Co. said Monday…”. 

“Home prices have fallen so far that 5.3 million U.S. households are tied to mortgages that are at least 20% higher than their home's value… More than 520,000 of these borrowers have received a notice of default…”

“Most U.S. homeowners still have some equity, and nearly 24 million owner-occupied homes don't have any mortgage, according to the Census Bureau”.  You read that right, no mortgage!

So, here is the QUESTION?  Can you complete the following adage:  ____ low, ____ high!  This is the defining separation between the speculator, investor, and wannabes.  Speculators think it is all about the ‘flip’.  Wannabes wait until the investors have made huge profits and then slide in while the media is still hyping the market so they can pretend to be investors.  But the investor, they know that greatest wealth comes from sustained planned ownership. 

Here is the one secret that have made my clients fortunes.  So, save your dollars, no shipping and no more late night TV telling you how to be rich with real estate.  Ready?

$165,000 x 10% down = $16500.00 invested.  Market increase of 10% means subject should sell for $182,000 in a year.  Meaning, your $16500 invested returned $16500, or 100% return on investment.  Not counting tax shelters.  Not counting rental income.  Can you get 10% in today’s market?  MLS statistics for YTY June 2009/2010 show the average increase in the market values were 10.3%.  Is that too good to be true?  What about 5%, for a 50% return on money invested?

While there is more to this, it really is this simple.   With minimal risk you can get rates of return today of 40-100% on your money invested.  Anyone want a cup of coffee and to chit chat?  Until then,

SUCCESS!

Darrell

Happy Father's Day!!!

by Darrell Isaacs Team Professionals

Happy Father’s Day!

I love being a father; even months before December 1, 1974 I could tell that I would love it.  And it is an understatement to say that July 1, 1978 life ratcheted up massively with birth of our 2nd child, and I loved it.  Did I mention I love being a father?

To watch my son and daughter grow, to play a part in their development and now to stand back and bask in pride as I see who they have become, stand in awe at the decisions they make, and to top it off, to see them move into young parenthood!  Life is Good!  God is Good!

So when my friends Zenet and Carri sent me the following, I knew I had to get their permission to share with you all.  If we want a future for our children, and now our grandchildren, we might want to read, re-read and then take responsibility for making better decisions.  Oops!  Hope I didn’t go too far!  But don’t you agree that when we see 54% of our income going to taxes and interest, that, yeah, it means we must make better decisions?

_________________________________________________________

Dear Darrell,

Happy Father's Day to all the fathers who are reading this newsletter.  This Father's Day make dad happy by showing him how to pay off all the family debt obligations before he retires.  

Contact our team at GPS Financial Solutions and see how you can wrap up this present for dad.  What more would dad want?

Sincerely,
Zenet and Carri
GPS Financial Solutions

__________________________________________________________ 

Where Does It All Go?

 

The average person earns $1 to $4 Million in their lifetime.  Do you know where it all goes?
 

Insurance 9%

Purchases/Principal payments 16%

Entertainment 2%

Household 19%

Taxes 28%

Interest 26%

Interest consumes a staggering 26% of the average person's income second to taxes. 

__________________________________________________________

You need a plan to reduce the amount of interest you pay on debt, Zenet & Carri might be able to help.  November is coming, let’s make decisions that say “yes, I know where it goes, and more goes to my future, not to the past”.  

SUCCESS! 

Darrell

Today… I Remember a Sad Day

by Darrell Isaacs Team Professionals

As many of you know, the past 4 years my personal marketing emphasis has been serving the REO and ShortSale markets.  I have encouraged Sellers not needing to sell, and those having no plan on what to do should they sell, to sit on the sidelines and wait for the market to stabilize.  During this time, we have also helped numerous families finally find a home they could love, feel safe in AND afford.

But there was something that happened today that made me want to shake it up a little.  You may remember that I am always loved being a resource to you, but have I done enough for my clients to provide access to me and information that might help them turn a decision into a good decision?

One of my bank clients sent me an order to confirm occupancy on a home that just had completed the foreclosure process and was now becoming REO.  The address sounded very familiar, and I verified with my past client file to find that sure enough I had sold this home to a wonderful couple at the beginning of the new millennium.  I have kept in touch with mailings, and whenever possible we would communicate by phone or in person on a Pop By.  Now they lost their home, and I never was aware of the difficulty they were in.

The reasons do not matter, whether they were caught up in the Refi for better rates, using the home for an ATM machine, or needing their equity for real emergencies, something had gone wrong and they couldn’t keep on going.  With this being so visible and close to home for me, I couldn’t just let this go without offering some insight and possibly some hope.

What caused this to end this way was embarrassment.  It was too embarrassing to this couple to let anyone know until it was too late.  Now added to that is guilt, what if, why, and a variety of other soul robbing questions.   Let me help.

1st, if this is where you find yourself, or your family and friends, STOP, call, let’s meet and consider your options.

2nd, if you are in the rat race of refi, refi refi,.. STOP!  The only one who wins is the lender, not you.

However, having said all that, this is not the end of the world.  Someday, if someone is interested, I will tell Donna’s and my story of what we went through in the 1980’s that nearly cost us our home, business and credit but at the end changed our lives.  Suffice it to say, ‘been there, done that, bought the whole T-shirt collection’.  In other words I know exactly what I am speaking of.

So to this couple and to any others you may know, get up, get in, and let’s get a plan to rebuild.  It took time to lose it, it will take time to regain it, but we will regain if we create a plan that works specifically for you.

But what could we have done differently had someone let me into their private financial affairs? 

One thing I believe every one of the more than 5000 clients I have personally served would attest I gave them my best:  advice, support, knowledge, and fought for them.  I would not have allowed this to happen without an all out assault to provide alternatives.  And there are some.  And in 75%+ of times, they work and stop the foreclosure losses!

We have all heard the terms Loss Mitigation.  This was always available for the seller to attempt to work with the lender to resolve the debt in some other fashion, i.e., rewrite the terms, recast the loan, put off the payments and add to the end of the loan, and other techniques.  While not wildly successful, it is a first step to other alternatives. 

Then there is the granddaddy of all solutions, the Short Sale.  While industry averages of success are around 47%, with our system, our team was able to maintain over 90% success rate in 2009.  As you will remember, I LOVE SYSTEMS THAT WORK, in fact, my whole 35 year career has been based on creating and improving systems that create success for my clients. 

Short Sales, in brief, allow for negotiation with the Lender(s) to accept as Payment in Full the current market price for your home.  There may be more detailed explanations out there, but the best summary is the bank takes what the home can now bring, as payment in full.  And the cost to the seller for commissions, etc., ZERO.  They are included in the loan payoff so there is no out of pocket expense for the fees.

What does this do for you? 

Allows you:

1-       To leave the home with dignity once it is sold, you fully participate in the selling process just as you would if you were a seller with equity in their home. 

2-      There is no strange signage to create embarrassment, no markings on the home targeting you as a troubled owner.

3-      Reduces the negative credit rating received if the home goes thru foreclosure

4-      Returns you to the market as a buyer in much less time (80% faster!)

5-      Did I mention dignity?

Had this young couple been able to face the embarrassment of speaking with me about their issues, I believe we would have had a 90%+ chance of granting them a gracious dignified exit while placing them on the road to ownership in short order.  Ownership that I know would have been handled differently.  Isn’t there an old saying that goes “wisdom is knowledge gained by experience”?  Their ‘case’ was poster perfect of what a lender looks for to see if someone qualifies for such a strong solution.  One similar transaction we just closed on had the 1st and 2nd trust deeds in excess of $394,000 with our final sales price ending up at $157,000 and the banks accepted that as payment in full.

So why am I writing to you?  1 in 8 families in America are behind in their mortgage payments.  In Stockton the numbers are nearer 1-6.  That means you may know someone who could benefit from a no obligation counseling meeting. 

How can you help?  Here are a few suggestions:

1-      Have them visit www.209-411.com as a starter

2-      They can then visit my blog on www.darrellisaacs.com and get to know me a bit.

3-      Let them know my CORE values of work, to serve the client, answer the questions and educate without obligation so as to build trust and how it helped you through the decision process that you went through.

4-      Encourage them to visit with me for 30-60min to ask me any question about the process.  Again, no obligation.

5-      Request some printed materials I can forward to you or your friends/family to start the conversation.

I really believe we are at a crisis in real estate and that there are few who can lead families out of this mess.  I am committed to aggressively doing everything within my power, using the knowledge and life experiences of 35 years in business and more than 5000 home sales, to ensure your family and friends have the best chance. 

Oh yeah, the young couple.  We are currently looking for an investor who will purchase in today’s market, enter into a qualified Lease Option that will benefit both parties fairly.  Total Win-Win.  Interested? J

If I can be of service, please do not hesitate to call or email.

SUCCESS!

Interervesting...Verly Interervesting...

by Darrell Isaacs Team Professionals

Ok, so you may not have recognized my "Laugh In" imitation, but, I did discover some news that was truly interesting!  In review of the local MLS data, I was excited to see that out of the more than 1100+ different real estate companies who sold a home in Stockton in 2009, my small band of loyal merry makers was the 5th most productive office in units closed! When you consider that the Top 4 have a combined number of Agents in excess of 350+ and my Team is made up of 6, well let’s just say… I am very proud of the Team.  Go Genesis!!!  And if you are still wondering about what "Laugh In" is, well... you just had to be there.

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Photo of Darrell R. Isaacs, CRB CRS Real Estate
Darrell R. Isaacs, CRB CRS
Genesis Real Estate Group
149 W Yokuts
Stockton CA 95207
Phone: 209 957-2929
Fax: 209 244-7171

   Genesis Real Estate Group     Darrell Isaacs Team Professionals
   BRE License # 01874804        BRE License #00556614