Gwen Daubenmeyer, I Clean Up Mortgage Messes

NATIONAL RADON TESTING MONTH - Don't blow it off

Thu, 12 Jan 2012 13:43:21 GMT

Test Homes for Radon During National Radon Action Month

I, personally, have had two over-the-limit radon test results in the last two months. It's inexpensive to test through your county and it's inexpensive to remediate. You should take this opportunity to test, especially if you or your family spend any time in the basement whatsoever.

You can't see, smell, or taste radon, but it could be present at a dangerous level in your home. January is Radon Action Month and Oakland County Health Division is urging residents to protect their health by testing their homes for radon.

Radon is a naturally occurring, invisible, odorless gas that is usually harmless outdoors. When radon is trapped under a building, it can work its way in through cracks and crevices and accumulate to levels that can be harmful to human health. Exposure to elevated radon levels does not cause any physical signs or symptoms.

It is the second leading cause of lung cancer among people nationwide. In Michigan alone, 600 new cases of lung cancer are estimated to be caused by radon each year.

The only way to know your home is affected is to test it. The best time to test your home for radon is during the cooler months when the windows and doors are closed.

Oakland County Health Division is offering radon test kits for only $5 each throughout January 2012. Radon test kits are available at both Oakland County Health Division offices:

· Pontiac - 1200 North Telegraph, Building 34E· Southfield - 27725 Greenfield Road

If high levels of radon are found in your home, steps can be taken to reduce these levels. For more information, go to www.oakgov.com/health/how_do_i/eh_radon.html or call Oakland County Health Division at 248-858-1312 or 248-424-7190.

Gwen Daubenmeyer, CDPE

Certified Distressed Property Expert of the Year!

email me!

www.TheIntegrityTeam.net

Distressed Property Division:

www.GwenCanHelp.com

Taking the Mystery Out of Michigan Foreclosure Laws and Statutes

Fri, 23 Dec 2011 19:17:57 GMT

Michigan Foreclosure Laws and Statutes | MI

Michigan Foreclosure is by Advertisement.

Mortgage Foreclosure by Advertisement:

1. Michigan foreclosure law states that a mortgage must include a Power of Sale that permits the property to be sold by public auction in the event of a default by the mortgagor in the terms and conditions of the mortgage.
2. All assignments of the mortgage must be recorded.
3. There must be a default under the terms of the mortgage, which makes the power of sale operative.
4. The mortgagor must be given any required notices of default provided for under the terms of the mortgage and Note.
5. The indebtedness must be accelerated.
6. There cannot be any judicial action pending at law for recovery of the debt or any portion thereof.

Michigan Foreclosure Publication and Posting Requirements:

1. The Notice of Sale is published in the newspaper. According to Michigan foreclosure law, the Notice of Sale must include the following:
a. The names of the mortgagor and of the mortgagee, and the assignees of the mortgage, if any;
b. The date of the mortgage, and when recorded
c. The amount claimed due as of the date of the notice (the date of the first publication).
d. The legal description of the property.
e. The length of the redemption period.
2. The Notice of Sale must be published for 4 successive weeks, at least once each week.
3. Within 15 days after the first publication a true copy of the Notice must be posted in a conspicuous place on the property.

Michigan Foreclosure Sale :

1. The mortgagee may make a credit bid at the sale and purchase the property.
The purchaser at the sale receives a Deed to the property.
a. The Deed only becomes operative if the property is not redeemed during the statutory redemption period.
b. Upon expiration of the statutory redemption period, the purchaser acquires all right, title and interest, which the mortgagor held at the time that the mortgage was executed, as well as any right, title or interest acquired by the mortgagor subsequent to the execution of the mortgage.
c. The mortgagor continues to have the right to possession of the property until after the expiration of the statutory redemption period.
d. The Sheriff's Deed should be recorded within 20 days of the date of sale. If the Deed is not recorded within 20 days of the date of sale, it does not invalidate the sale; however, the redemption period does not begin to run until the date the deed is recorded.

Michigan Foreclosure Statutory Redemption Period:

1. For a mortgage on residential property not exceeding 4 units and not more than 3 acres in size, if the amount claimed to be due on the mortgage at the date of the notice of foreclosure is more than 66-2/3% of the original indebtedness secured by the mortgage, the redemption period is 6 months.
2. If the property is abandoned as determined pursuant to the statute, the redemption period can be shortened to 30 days.
3. In any other case, the redemption period is 1 year from the date of sale.
4. The redemption price is an amount equal to the amount bid at the sale together with interest from the time of the sale, at the rate set forth in the mortgage.
Paying of Taxes or Insurance During the Redemption Period: If after the Michigan foreclosure sale the purchaser pays taxes or hazard insurance on the property, that amount is added to the redemption amount, so long as an affidavit is recorded.

Redemption:

A purchaser's Deed is void if the mortgagor redeems the entire premises sold by paying the amount required within the applicable time limit. Payment must be made to the purchaser or the county register of deeds.

Foreclosure Redemption period – Six months (in some instances it could be 1 year).

Eviction - 30 Days:

1. If the mortgagor does not redeem, and does not vacate the property, a summary proceedings action (eviction action) must be commenced in the district court.
2. A complaint is filed with the district court and the occupants served.
3. A court date is held, usually within 10 to 20 days.
4. The former owners and any occupants are allowed 10 days from the date of the hearing (if a judgment is entered), to move from the premises (unless allowed more time by the mortgage company or its representative).
5. If the former owner does not vacate by the required date, a Writ of Restitution is filed with the court and issued by the judge.
6. A court officer goes out to the house and puts the mortgage company back into peaceful possession of the property by evicting the occupants and their possessions.
Sending of a Notice of Default Letter (if required under the mortgage) – 30 days
Publication – The notice of a Michigan foreclosure sale must be published once a week for four weeks in a newspaper of general circulation in the county where the land is situated. Within 15 days after the first publication, a true copy of the foreclosure notice must be posted in a conspicuous place on the premises described in the foreclosure notice. (with the sale taking place approximately 1 week after the end of publication (35 days) The sale must be a public sale, conducted between the hours of 9 o’clock "in the forenoon" and 4 o'clock in the afternoon.

Gwen Daubenmeyer, CDPE

Certified Distressed Property Expert of the Year!

email me!

www.TheIntegrityTeam.net

Distressed Property Division:

www.GwenCanHelp.com

Walking away from you house does NOT necessarily dispose of the debt!

Tue, 04 Oct 2011 06:18:32 GMT

BOOM. I've been standing on my soap box for two years shouting this warning. Check this article out in the WSJ...

online.wsj.com/article/SB10001424053111904060604576572532029526792.html

Friends don't let friends foreclose. Short Sale with a Certified Distressed Property Expert. End of story.

Pass it on,

Gwen Daubenmeyer, CDPE

Certified Distressed Property Expert of the Year!

email me!

Re/Max in the Hills

Re/Max Hall of Fame

www.TheIntegrityTeam.net

Distressed Property Division:

www.GwenCanHelp.com

Significant Problems

Sun, 02 Oct 2011 11:34:14 GMT

"The significant problems you face today cannot be solved at the same level of thinking you were at when you created them." Albert Einstein

The housing market has definitely caused significant problems for some people but is also providing some amazing opportunities for others. Agents aren't like retailers who wake up one day realizing they have the wrong merchandise on the shelves, have a clearance sale and recreate our inventory next week. We don't control the inventory but a good agent has the *business* skills to interpret in advance of the changes taking place in the market!

Everyone needs a place to live and whether you rent or buy, you are going to pay for the house you occupy. While the home for sale remains the same, the methods that produce results have to change.

Financing can make listings more marketable and structure a transaction to provide the buyer with the very least expensive cost of housing. Personal experience may be a great teacher, but a very expensive way to learn! Forming a rock star purchasing team consisting of a highly skilled real estate agent, loan rep and title company will provide information and tools enabling a buyer to make better decisions to be able to profit in the current market. I have access to the BEST in the industry. Save yourself significant problems, it's too important to trust just anyone.

Gwen Daubenmeyer, CDPE

Certified Distressed Property Expert of the Year!

email me!

Re/Max in the Hills

Re/Max Hall of Fame

www.TheIntegrityTeam.net

Distressed Property Division:

www.GwenCanHelp.com

Michigan Housing Market Among Slowest to Recover

Fri, 14 Jan 2011 06:55:38 GMT

According to RIS Media, due to our 13.1 percent unemployment, Michigan will be the second slowest state to recover, trailing only Nevada. While this may be true, it's important to remember in every chaos, there is equal opportunity.

The chaos is obvious, it's all the average person and media talk about. Where's the opportunity, you ask? Real estate investing. Have you ever seen real estate values lower here in Oakland county? Neither have I, and I've been doing this a l-o-n-g time. Don't know much about real estate investing? Honestly, neither did I. I can list and sell real estate in my sleep, but cash flow and ROI are not terms I use regularly. Until now.

What I do know is that I want to live in the opportunity, not the chaos, of this Michigan real estate market. I never thought of myself as a real estate investor before, but I do know an opportunity when I see it. And this is it. Since neither of us know much about real estate inventing, let's learn together. We're sitting for our Certified Investor Agent Specialist, or CIAS designation in just a couple of weeks. In the meantime, we just bought our first property. That's right. Right here in the second slowest market to recover from this economic chaos. That's how sure we are the time is right.

Chaos or opportunity?

Gwen Daubenmeyer, CDPE

Certified Distressed Property Expert of the Year!

email me!

Re/Max in the Hills

Re/Max Hall of Fame

www.TheIntegrityTeam.net

Distressed Property Division:

www.GwenCanHelp.com

Zillow Zestimate Margin of Error

Tue, 26 Oct 2010 21:34:25 GMT

How accurate is your Zillow Zestimate? It turns out that it depends on where you live; but there is a way you can check it.

A little known feature on Zillow can be found at the very bottom of their home page, kind of greyed-out and camouflaged. It's the "Zestimate Values and Accuracy" link. When you click on it, a screen comes up that has the areas in which they are reporting values. It looks like this:

Here: screencast.com/t/mlc9Dvse

Or try it yourself by going here and following the directions: www.zillow.com, scroll all the way down to the bottom and click on the "Zestimate Values and Accuracy" link. Now scroll down past the white screen space ad you'll see the chart. Find "Detroit" and follow the numbers across the page and let the accuracy stats for our area sink in a minute. Only 58% of the "Zestimates" are within TWENTY PERCENT with the median accuracy within 16%, the second worst accuracy rating after Ft. Lauderdale at 18%.

Just so I we all understand what this chart means in real life...if a client hires me to sell their house and I determine the market value to be $200,000 and I bring them an offer for $168,000, that's in the acceptable range, right? I don't know about you but $32,000. is a lot of money. With sellers already taking record hits on their value, 16% less than market value can make a difference between selling your home and short selling your home.

Don't cheat yourself! Good agents are still moving houses for the most money this market can bear. Some things deserve more than a software guess. Contact your local real estate expert.

Gwen Daubenmeyer, CDPE

Team Leader, The Integrity Team

www.TheIntegrityTeam.net

email me!

Re/Max in the Hills

Re/Max Hall of Fame

www.TheIntegrityTeam.net

Distressed Property Division:

www.GwenCanHelp.com

7 Ways to Avoid a Crummy Real Estate Agent

Fri, 02 Jul 2010 07:59:02 GMT

Last week was beautiful business! It was a mad dash to the Tax Credit deadline and we had multiple successful closings. Some say we're lucky, I say we work darn hard. Those designations after my name aren't just initials, it's education. Effectively winning a client a place at the closing table today is nothing short of spinning plates while doing the Latin Tango!

We're balancing double-digit decline in property values, the complicated intracacies of short sales and foreclosures AND the recent tightening of the lending institutions on the buyer's side. It's not a job for the weak. In order to win your place at the closing table, you simply must have an experienced, effective agent to represent you. Thankfully, I can dance :)

There is no time to bask in that afterglow this week, I'm moving on to the next opportunity to help a client...or at least I'm trying to.

Case in point...I've been trying to get in touch with an agent for *two days* to tell him I have an offer on his seller's property with absolutely no response. So, unfortunately for his seller, we're moving on. I'd like to send this article from MSN to his client...but I won't.

7 ways to avoid a crummy real-estate agent

Does your agent never get in touch, fail to offer advice, or work only part time? Well, it's about time you ditch the dud and find someone who is effective.

By U.S. News & World Report

This is probably the same guy who makes fun of me for having my Blackberry "glued to my ear". Whatever dude, and good luck with your future.

Gwen Daubenmeyer, CDPE

Associate Broker

email me!

Re/Max in the Hills

Re/Max Hall of Fame

www.TheIntegrityTeam.net

Distressed Property Division:

www.GwenCanHelp.com

Seeing RED over the Buyer Tax Credit Delay

Wed, 30 Jun 2010 07:40:31 GMT

http://www.inman.com/news/2010/06/29/house-oks-extension-tax-credit-closing-deadline

Finally, after week long slump in the housing market, the buyer credit extension is a stand-alone bill. By the way, Hoekstra, District 2, Ludington to Holland couldn't be bothered to vote and they are among the highest hit in the state of Michigan according to Trulia. http://bit.ly/90UKcy Mr. Hoekstra got an email from me this morning. "DO YOUR JOB".

Um...I guess I'm feeling a bit fiesty about this today!

Gwen Daubenmeyer, CDPE

Associate Broker

email me!

Re/Max in the Hills

Re/Max Hall of Fame

www.MichiganDigs.com

Distressed Property Division:

www.GwenCanHelp.com

Know What Blows My Mind?

Sat, 12 Jun 2010 07:11:01 GMT

Know what blows my mind?...

This: "73 % of homeowners that go to foreclosure do so without ever asking for help."

This statistic kills me. The ramifications of foreclosure can be devastating and in most cases, it is so unnecessary! People who have worked hard for what they have their whole lives and because they don't know what to do, they do nothing, leading themselves into the worst possible consequences. If you or someone you know is in this position, they're often too tired or overwhelmed to ask for help. Send them this link.

Real Estate is my passion, helping people is my purpose, and negotiating...now that is my Olympic event! No excuses...

Gwen Daubenmeyer, CDPE

Associate Broker

email me!

Re/Max in the Hills

Re/Max Hall of Fame

www.MichiganDigs.com

Distressed Property Division:

www.GwenCanHelp.com

What is HAFA?

Tue, 20 Apr 2010 13:14:01 GMT

HAFA, HAMP, FDIC, FANNIE, FREDDIE, I know it seems like some kind of secret code, but bottom line is...it's a good thing!

I'm here to simplify all of this for you. Chances are you or someone you know needs this information.The short video below will help clarify some terms we throw around in this mortgage mess.

Need further clarification? Okay, but it'll cost you a cup of coffee :)

Gwen Daubenmeyer, CDPE

Associate Broker

email me!

Re/Max in the Hills

Re/Max Hall of Fame

www.MichiganDigs.com

Distressed Property Division:

www.GwenCanHelp.com

Why Is My Relationship With Your Bank So Important?

Thu, 15 Apr 2010 07:18:06 GMT

I had a closing scheduled yesterday for what was a long but finally-approved short sale. The sellers had already moved out in order to give the buyer possession at close. The buyer, God love her heart, had recently been granted full custody of 4 little boys and they were the reason she had purchased this home. They were living in a small two bedroom, upper apartment while this short sale went through. They wrote the offer in November and this is now...April, five long months of waiting.

The buyer was done. Social services was breathing down her neck for her to get her own place and get the kids settled. She had her own slew of problems with her real estate agent moving on to another career shortly after he wrote this offer and a lender who left her dangling without any communication. This closing had already been extended twice. She said, "Gwen, I appreciate all you have done, but if this doesn't close this time, I'm going to have to go find something else". This would have had dire consequences for my seller clients, who were trying desperately to avoid foreclosure! To my sellers, the prospect of starting all over again after a buyer backs out, is devastating.

We finally got all the kinks worked out and then we hit one last snag. There were two mortgages on this property. The lender holding the first mortgage, Bank of America, originally also held the second mortgage, which had been sold to GMAC in 2007. Bank of America insisted that they were still holding the second mortgage. We provided every piece of documentation known to man, but because their file showed payments having been made to the account at one time, this confirmed to them they were still the servicer. <pulls hair out!> I could not get them to approve a final payoff to GMAC. A couple of escalations later, I hit a wall and they were not going to budge. I couldn't believe we had come all this way and now the deal was about to die. All parties were arriving in an hour expecting to close.

I have a great relationship with a local B of A mortgage lender, Kevin Breil, that I have referred our buyers to for years. In fact, he does my own personal loans. If Kevin tells me someone qualifies for a loan, I don't ask questions, I know they'll close. Over the years, he's become more friend than business associate. I know his cell number, his home number and, more importantly, through years of hockey games and closing celebrations, I've also gotten to know his wife <yes, I am brilliant!>.

I'm careful not to abuse these very important relationships and I work very hard to try and solve my own problems. However, when I do hit that wall of kryptonite, I have a top secret list of personal phone numbers for contacts I have cultivated over the years, at all the banks that I work with.

I called Kevin for help. Kevin was able to personally call about 5 supervisors up the chain and get a hold of someone who would actually look into the file and see that the loan was sold to GMAC and that no payments had been made on their file since then. He found the right person who had the authority to issue the approval letter that we needed. It arrived 20 minutes into the closing. <whew!>

I am tenacious, no doubt. The word "no" is rarely in my vocabulary; but even my determination and expertise could not have moved this mountain.

I cannot stress enough how important maintaining good working relationships with my contacts at the banks are. They're no only important to my business, but to the future of my clients and the families that I represent. On behalf of two families and numerous kids, we're grateful to Kevin who personally worked with Nicki, Nicole and Tom, who finally saw and resolved this virtual impass. I would not have closed this deal without you.

Today, four little boys who have had one hellacious year are moving into a beautiful home, finally sleeping in their own beds, running around on a half acre lot and being little boys; and one more family avoided foreclosure. It's enough to make me still love my job.

The Price of Honesty

Sat, 06 Feb 2010 12:27:28 GMT

I lost on two fronts yesterday by being honest. I could have had a sale and I could have had a [momentarily] happy client. Instead, I volunteered the truth...“if you love it, you can buy it, but this house is not a good investment”. My clients are so disappointed that they didn’t even want to look at houses today. I’m sorry you two, you may even think I over-stepped by making that statement. I can’t help it, it's the thing that defines me.

I have had several defining moments in my career, I’m sure you have too. It’s that moment in time when an opportunity you’ve been diligently working toward suddenly appears before you, like a shiny red apple, ripe for the picking and finally within your grasp...only it comes with a little, tiny, teeny, weenie condition. You can make this sale, get this promotion, win this client, whatever the opportunity, if you just tell one tiny little lie. Well not a lie, really, a white lie. Not a white lie, exactly, it’s just a fib. Well, not even a fib, really, it’s just “puffing” a little. Really though, is it even “puffing" when you just withhold a little bit of information? I mean, you’re not saying anything untruthful, you’re just not saying the whole truth...

My first defining moment came when I had been a licensed realtor for a whole four months. I was all fresh-faced and optimistic and on a mission because when we bought our first house, we had somehow gotten hooked up with a dishonest or less than honest realtor who sold us a complete money pit. Several years, dozens of fights and too many blisters later, I was on a mission to single handedly save “my” buyers from the same heartache of making uninformed decisions. (Risky decisions are ok, as long as you know up front, that’s called adventure!)

Four months into my valiant quest to save the real estate universe, I still hadn’t sold a single house. I hadn’t had a paycheck in six months and things were getting a little dismal and I was sick and tired of eating Ramen noodles. I had cut many corners already, furnishing my whole working wardrobe from a resale shop and my cheap business cards even without a photo. I was working with my first buyer and they looked at every single dwelling for sale within a 10 mile radius; even houses they knew they didn’t want, just to "see what they looked like”. They had specifications for everything not just the number of bedrooms and bathrooms. No white kitchen cabinets, hardwood floors on both levels was a must, mechanicals no older than five years, no wood trim, etc. After about 30 houses, I finally found them a great house; a brand new listing that was well priced!

Into the office we went, to write up an offer. My hopes of Roger and I eating something other than Ramen noodles the next month were soaring! Then the thing happened…the buyers still wanted to offer another 5% below the already great price. I showed them comps, explained the sellers market and the risk in multiple offer situations. They still they insisted on writing low but would “come up” if the seller countered. So, write the stinking offer I did, I delivered it to the listing agent, then waited to see if my Ramen noodle diet was over.

While I waited in the office for word on the offer, my broker came in and asked how the offer went. The conversation went like this:

Broker: So did you write the offer

Me: Yes, I wrote it. But they won’t get it.

Broker: Why not?

Me: They wrote too low.

Broker: Why didn’t you just tell them they were up against another buyer so they would have written higher?

Me: Blink…Blink…

There it was. The moment. The broker, my trainer, was looking at me waiting for an answer as to why I didn’t think of the obvious myself. Then I wondered too. I was pretty close to desperate having been without a paycheck for over six months and finally, here it was, my golden opportunity, and I had blown it. Everyone within earshot of the copier could hear our coversation. I felt green and foolish. If I lost the sale, the broker lost his part of the sale too. He wasn't happy.

Broker: It’s not too late. Call them up and tell them that the other agent just called and they have competition, that they should increase their offer.

Me: (heart pounding at such confrontation) but, there isn’t another offer…that would be a lying.

Broker: It’s not lying; it’s a “gray area”. You’ll be doing them a favor. They want the house.

Me: But I don't think I believe in gray areas.

Broker: If you don’t use these gray areas, you’ll never be successful in this business. Buyers don’t know how to make house-buying decisions. You have to help them.

There it was again. The gauntlet. Would I or wouldn’t I? They did want the house and it was well priced, they wouldn’t have been overpaying a penny. In fact, with the housing market soaring they would thank me in six months and send all their friends and family to me! Oh just think of it, and no more Ramen noodles!

AIN'T. NO. WAY. flushed over me like a heat wave. I won’t say I didn’t think about it, I did, for a split second. Call it a white lie, a fib, a gray area, a half-truth, a little withholding of information, whatever. Dress it up any way you’d like, but in the end, it was still dishonest.

I’d like to say that I said that out loud, that I made a righteous fuss about integrity and made them all feel like slug bait. I’d like to say that I showed them all and the good guys won that day…but that’s not real life, or my real life anyway. My clients did not get the house. The seller was mad at them for their low offer so they rejected their offer, countering at full price. My clients were crushed, I was called a little “Polly Anna” in my office and I ate Ramen noodles for the next couple of months.

I wouldn’t realize it for a even a couple of years, but something so much larger than a first sale was at stake back then. The framework on which I would build my entire business would be laid on that foundation.

Today, I measure my success not by sales numbers, although they are good to me, but by the fact that 98% of my business comes from people that know this about me. Many of these people have been the recipients of bad news. Over the years, my past clients have referred their family and their friends and now and even some of their kids as they start their own journey. A couple of dozen years and crazy real estate cycles later, I’m still in the business of sometimes having to deliver bad news, especially during these difficult times.

We believe the only bad decision is one that is uninformed or misinformed. If you come to our real estate practice looking for a "yes" girl, you'll be at the wrong place. I'm opinionated. Ask any one of my clients. I'm probably going to speak my mind whether or not you ask; I'm going to assume that's why you called me. And after I give you bad news and you get mad, I want you to remember that I have your best interest at heart, not mine, and then I expect you to get over it and still love me. Whether or not you still buy the home is completely your decision, now it's just an informed one. Ok? Ok.

Know what else? Sometimes I still eat Ramen noodles, only now there’s a certain satisfaction in eating them.

Gwen Daubenmeyer, CDPE

Associate Broker

email me!

Re/Max in the Hills

Re/Max Hall of Fame

www.MichiganDigs.com

Preapproved Mortgage Fails

Fri, 22 Jan 2010 09:42:37 GMT

I'm writing this post through gritted teeth. I am a mad realtor on a mad rant. If you are looking for a Polly Anna story about a successful, uplifting sale I had, then go here, because this is not the post you're looking for...

Let's just get it out in the open that I'm an obnoxious "i" dotter in my business. I pay attention to details, I'm a rule follower and I want things done correctly. (which is why I welcome edits to my posts, I'm no english major...but I digress...)

I got an offer on my listing about 7 weeks ago. I did everything right...I insisted on them giving me a Pre-Approval letter instead of a weak Pre-Qualification letter, it was from a reputable lender, by an experienced loan officer who has been in the business a couple of decades. I went a step further, because now Pre-Approval letters are not good enough, and called the loan rep directly and asked the important questions that every good realtor asks:

Did you run the buyer's credit report already and verify that they are credit worthy?
Did you verify that the buyer has sufficient funds to close?
Did you examine the debt balances to makes sure that his debt-to-income ratio qualifies the buyer for this loan?

"Yes, yes and yes" the loan rep says, "the buyer is gold".

Seven weeks later...FAIL...mortgage denied due to no FICO score. Huh? what happened to your "gold" buyer? I feel completely deceived and am ticked. To heck with privacy rules protecting the buyer, she owed both my seller and myself an explanation. Here's an excerpt of that explanation:

"The FHA mortgage product has always, in the past, allowed a family
member to sign for a primary borrower if he does not have a FICO score,
or sufficient income. We updated our FHA guidelines last month to match
the new changes issued for FHA financing, which require all borrowers to
have a FICO or alternative credit. I, nor my manager, nor fellow loan
officers with xxxxxxxx, did not interpret this new guidelines to apply to
our unique situation."

Really, Ms. loan officer? Did you miss "all borrowers" up there in your own statement? Let me get this straight...You're the loan rep, the lending guidelines for the FHA loan you are representing are changing in the same month you gave me a "gold" status and Pre-Approval letter, and you didn't know it applied to this buyer? I'm sorry, I thought that was your j-o-b? I assumed when you issued a Pre-Approval letter in the same month the lending guidelines were changing that you had taken said changes into consideration. FAIL.

Just do a google search on "FHA changes" and see how many articles come up. Heck, I've been reading about it since last June. I guess I should have ordered the entire lenders guidelines summary and read it myself.

Secondly, you were being dishonest when I asked you all of the pertinent questions above, because you answered me regarding only ONE party to the contract. FAIL.

I make mistakes...I can understand a mistake...this was no mistake. And what did all of this accomplish? I'm still mad, I have lost respect for you as a loan officer big time, you have a buyer that is devastated he did not get his dream house, and I have a very disappointed seller. BIG FAIL.

I was thinking about this situation and how I could handle it differently in the future to see that none of my clients are ever in this position again. I still don't know of any way I could have prevented this from happening; this is exactly the type of thing drives me crazy! It ocurred to me then, that as times get tougher there will be more and more lenders and agents carelessly slapping deals together, without any regard to the ramifications of the parties involved, in hopes that they might close.

I can promise you one thing...come hell or high water, I won't be one of them. I'm not playing.

Oh and yes, Ms. loan officer, in answer to your question, yes I did keep your business card in consideration of future business...yes indeed...FAIL.

(p.s. if you don't click on any of the links, at least click on the last one.)

Gwen Daubenmeyer, CDPE

Associate Broker

email me!

Re/Max in the Hills

Re/Max Hall of Fame

Top 3% of Agents Nationwide

www.MichiganDigs.com

Buyer Managing Credit Through Closing

Tue, 12 Jan 2010 19:13:33 GMT

As a seller, unless it's cash, the sale (or short sale) of your home still rides on the the approval of the buyer's loan. How firm is your deal anyway?

As a buyer, when you make an offer on a home it’s really important that you keep your financial circumstances the same or improved from what your application states at the time you applied for your mortgage. Don’t go out and buy a car (you can’t believe how many people do this), apply for a charge card (would you like to save 20% on your purchase today?) or purchase a big-ticket item. This might sound like common sense but when you’ve already been pre-approved for a mortgage, had your offer on the house accepted, it’s passed a rigorous inspection, a bank appraisal and you are cruising through the week before closing on your dream home, you aren’t necessarily thinking clearly.

I once had a client purchase $6,000 worth of stainless steel appliances the week prior to closing on his new home. He was getting the keys to his new house at the closing table and had planned a big moving party the next day. He had the money in his account in addition to the funds he had set aside for closing AND a very healthy income tax refund was also on its way, but not yet received. His plan was sound in theory...He was going to buy the appliances with the $6,000 in his savings account and replace the funds immediately when he received his income tax refund. What’s wrong with that you ask? What he did not know was that this purchase shorted the amount of money the bank required him to have left in his bank account as “reserves” after the closing. It isn’t enough that you have sufficient funds to close the deal but the bank wants to know you have a couple of months payments left in your account so you won’t default… at least in the first two months of home ownership. Picky, picky.

Gwen Daubenmeyer, CDPE

Associate Broker

email me!

Re/Max in the Hills

Re/Max Hall of Fame

www.MichiganDigs.com

Distressed Property Division:

www.GwenCanHelp.com

Detroit - The Hardest Hit Housing Market in the Midwest.

Sat, 09 Jan 2010 17:42:09 GMT

According to Forbes, we win! We have the dubious honor of having our property values here in the Detroit area fall more than any other city in the midwest. As if we needed Forbes to tell us we've earned this gloom we feel hanging over our heads. There is, however, something satisfying about seeing in black and white, what we've been saying for two years. I say...let's have two minutes of mourning and gnashing of teeth and then let's do what we Detroiters always do...claw our way out!

Let's begin with some damage control. Some reports state that more than 30% of homeowners here in metro Detroit are behind in their house payments. If this is you or someone you know, Roger and I have positioned ourselves to help. As a CDPE, (Certified Distressed Property Expert) I have implemented a distressed property division for Oakland and Macomb county properties. It is important to us to be a part of the solution to this current housing crisis. Foreclosure is a personal and financial tsunami; there are other, much better options and at no cost to the seller. Call us for a free, no obligation consultation. We can help!

Oh, and there is a silver lining...Prices are so low that you can snag your dream home for a fraction of it's market value. Homes are moving, we've sold three just this weekend. Our clients are getting some awesome deals! Add to that, Buyer Tax Credits for both new and current homeowners and we've just given you a reason to smile, Motor City.

Call us, we've been here through thick and thin for over 25 years. There's no where to go but up!

Gwen Daubenmeyer, CDPE

Associate Broker

email me!

Re/Max in the Hills

Re/Max Hall of Fame

www.MichiganDigs.com

Distressed Property Division:

www.GwenCanHelp.com

The Frustration Factor of Short Sales

Thu, 12 Nov 2009 06:23:32 GMT

The truth is...short sales are frustrating. The good news is...CDPE's like myself spend our time and resources dedicating ourselves to making a difference in this process. You've all read and heard about the difficulties that a lot of us are having with short sales through Bank of America (B of A). CDPE's are at the forefront of this struggle, determined to do our very best for our clients. Recently, I had the opportunity to meet with the Regional Director of the Short Sale Division of Bank of America. I, um...had a lot to say.

I realize that a short sale is major ordeal for everyone involved. After all, we're asking the bank to cancel all of a debt that is owed. I get that. [Ed Note: But does it have to be this mind-boggling, hair-pulling, poke-my-eyes-out-with-a-No.-2-pencil difficult? Really? ok, tantrum over.]

I don't mind working hard, but when I've put together a spectacular short sale package complete with every document and comp under the sun to support the short sale and it STILL takes 150 days to get an approval from the bank...then it's *their* problem.

To give Mr. B of A credit, he started the meeting with "no question should be left unasked." I doubt he realized that was like saying “sic 'em” to a dog. And I did! He said 56 days is B of A's average for closing short sales. 56 Days. Really? Because mine are running 4-6 months! This is the only time in my life I would settle for average. In fact, I'd be ecstatic with average.

I was astounded when he told me 70 percent of B of A short sales are not approved. Want to know why? FIFTY PERCENT of them are fraudulent, unqualified short sales, that’s why. Fifty percent, 5-0! Who are the agents participating in and facilitating these transactions I wonder? I can tell you that agents filing these unqualified short sales are adding to the problem by clogging up an already overtaxed system, causing further delay for those of us who are representing families in legitimate trouble! Every file has to be carefully audited for fraud and this takes time I understand, but too much time in my opinion.

Well, B of A is listening and they're working on it, Mr. B of A says. Currently in process: a software program that allows me to upload my short sale packages directly into their system myself and then monitor the progress and communication through their website. I like this A LOT! Then the information I give my sellers will be directly from the file as entered by the processors and negotiators, not read to me and interpreted by whoever happens to answer the phone. The new program also promises to discover missing documents or those that need updating, such as bank statements and pay stubs, so they can be input in a timely manner.

Personally, I love B of A on the lending side. My buyers' mortgages go through without a fuss. The short sale side, however, has left A LOT to be desired. That said, I truly appreciated Mr. B of A’s time. This kind of opportunity, to address the decision makers directly, comes rarely. We happened to catch him here in the Detroit for one day, in between flights from Minnesota to Ohio. Even though he could not answer many of my questions, he did offer to find the answers for me. I'm happy to say I think CDPE's like myself are making a difference.

In the end, Mr. B of A got the message...and I got his direct line. Don't think I won't use it, Mr. Regional Short Sale Director Guy.

The Truth About Mortgage Modifications

Mon, 02 Nov 2009 08:23:25 GMT

The Truth About Mortgage Modifications

The decisions you make as a homeowner today hold a profound impact on your financial future. However, it is important to safeguard yourself from misinformation and fraud. Get the facts regarding your situation and always have a contingency plan.

For those who qualify, a mortgage modification is the ideal remedy to their financial distress. I’ve prepared a FREE report on the truth about mortgage modifications to guide you through this important process. Simply provide your information below to get this valuable information, and feel free to pass it along to anyone who may need it. One homeowner lost to foreclosure is one too many!

As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Together, we can formulate a plan to get back on track.

If you have any unanswered questions, or your circumstances are urgent, please call me today.

248-283-0150

Is Your Mortgage Payment Dragging You Down?

Did you know, one in seven mortgages in this country is headed toward foreclosure. While I don't have concrete statistics, I think it is a safe bet that it's more like one in five here in Oakland county or Macomb county. Stop just reading this and listen to me here...

If you or someone you care about is feeling burdened by a mortgage that is unaffordable, I can help. No, really.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, it is my mission to help homeowners avoid the financial devastation of any bank foreclosing on their home. In the process, I help them move forward on a positive path and financial recovery! The first step is educating yourself. I invite you to access my free report: Is Your Mortgage Payment Dragging You Down? Send it on to anyone you think it might help.

As my report points out, there are currently 6.5 million mortgages in the country that are delinquent or in foreclosure. Stemming the tide of foreclosures has become a national priority because a foreclosure is nothing short of a disaster for all concerned – families, communities, the real estate market and the national economy as a whole.

As a CDPE, I am tapped into the most up-to-date solutions for financially distressed homeowners, and am distinctly qualified to work with you to determine your best possible option and stuggling homeowners DO have options!

I promise there's no salesy speeches and no send me money and then I'll talk to you operators on the phone. It's my personal cell phone, 248-840-3434. Contact me today and let's get started!

Feeling Financially Squeezed

Feeling Financially Squeezed?

Escape the Grip of Forecloure

If you live in Oakland or Macomb county, then you or someone you know is struggling with the emotional stranglehold of foreclosure. It's a scary place and many times people feel lost and alone, too embarrassed to share their financial struggle with anyone. That you're alone couldn't be further from the truth. I can help. Let me help you start the process of putting you back on the path to stability.

As aCertified Distressed Property Expert, CDPE, I have extensive training to serve the needs of homeowners in circumstances where they feel they have no options. The reality is that you have many.

Because millions of Americans are struggling with unaffordable mortgage payments, lenders are more than ever encouraged to work with homeowners to find a solution that benefits all parties.

To find out more about foreclosure alternatives that are available to you, click and download the free report I've created on this website.

Call me today. The sooner we get started the more time we'll have to devise a strategy to help you breathe a little easier and restore hope for the future. I'm just a phone call away.

Tipping the Scales Toward Foreclosure?

Fear of foreclosure is a national epidemic.

Millions of homeowners fell behind on their mortgage payments last year, and then proceeded to fall further behind every month.

These are tough times and there are no easy answers.

The fact is, major lenders, the federal government, and local agencies across the country have stepped up their efforts to stem the tide of foreclosures; meaning, more help is available than ever before!

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, I am knowledgeable and adept at navigating among the full range of solutions for helping financially distressed homeowners to make a fresh start. Unlike a lot of those slick ads you see, I help for free! Honest.

Looking to learn more? Check out my free report: "Tipping the Scales Toward Foreclosure? Resolve to Shed the Weight of an Unmanageable Mortgage in 2012."

And if you, or someone you care about is looking to tip the scales back into financial solvency, contact me today for a confidential consultation. The first call is the hardest but I make it easy. I promise. Call me, 248-840-3434.

Make Financial Stability Your Resolution

Foreclosure Stress Never Goes on Holiday

If a foreclosure is threatening your happy holiday, you should know you're not alone. Millions of Americans are in the same situation, and it is my goal to help ease the stress that comes with the threat of foreclosure for as many as I can reach.

As a CDPE-designated agent, I help struggling homeowners navigate the various options they have to avoid foreclosure. One possible option is a mortgage modification, which makes monthly payments more affordable.

For more information regarding this and other solutions, please download the free report located on this site.

If you need immediate assistance, please feel free to contact me throughout the holiday. I'm here to help. Make financial stability your resolution for the New Year!

Credit Score Issues

Don't Let Your Credit Score Drop Unnecessarily

Avoiding foreclosure now could have significant impact on other areas of your life in the near future. What you decide to do today about your mortgage problem may make or break your attempts to get a loan in the near future, determine whether you can get affordable interest rates in the future and even impact your insurance rates. Your credit score affects so many areas of your life, none of us can afford to let it drop unnecessarily.

Congratulations! By researching, you're already ahead of the game. I've made this site available for anyone who is struggling with their mortgage payment. Alternatives to foreclosure like short sale and deed-in-lieu allow homeowners to avoid many of the damaging effects of foreclosure. In addition, a short sale just may have less of an impact on your total credit score than foreclosure.

To get all the information on how these options affect your credit score, fill out the form below and hit "Send". If you need immediate assistance, contact me right away.

I'm here to help you in any way I can!

Feeling Trapped by Your Mortgage?

Feeling trapped by your mortgage?

Education is the Key

If you or someone you know feels like a prisoner to unaffordable mortgage payments, you should know that education may be the key to financial freedom. You have options available that can help ease the worry of making payments or losing your home to foreclosure.

To find out more about the options you have to choose from, download the free report I've created at the bottom of this page.

In fact, this entire website has been created exclusively for homeowners like you who need a trusted source for viable solutions to foreclosure.

If you have questions about the information you find here, or would like to get started in creating a plan, call me today.

The more proactive we are, the better chance you'll have in finding financial freedom and stability.

Short Sale vs. Foreclosure

Foreclosure or Short Sale: Understand the Differences

Underwater on your mortgage? Facing foreclosure? Avoiding foreclosure through a short sale can have many benefits for your future financial stability.

I created this site to help spread the word about the options to avoiding foreclosure, and a short sale has many benefits. A successful short sale can reduce the damage to one's future loan eligibility, credit rating, employment, security clearance and more.

For a free report on the differences between short sales and foreclosure, fill out the form below and click "Send". If your situation is urgent, feel free to contact me immediately. I'm ready to help you take action and secure a more secure financial future.

As a CDPE-designated agent, I've been trained to pursue foreclosure alternatives, and I'm here to help.

Are You Living Under the Cloud of an Unmanageable Mortgage

An Unmanageable Mortgage Clouds Everything

When families are tapped out financially and faced with the uncertainty of not knowing how much longer they'll be able to stay in their home, the prospect of planning or having a positive outlook on the future seems out of the question.

Many financially strapped homeowners feel frozen in action and it's no wonder, but here's the most important point that you need to know:

Even though millions of homes have been lost to foreclosure, you and those you care about absolutely do not need to add to that statistic.

More help is available now than ever before.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, I am adept at navigating among the full range of solutions for helping financially distressed homeowners to make a fresh start.

If you, or someone you care about is looking to get out from under the cloud of unmanageable mortgage contact me today for a confidential consultation!