Real Estate Marketing - First time home buyer tax credit and the real estate market today - Part 5

Welcome back to the Velocity of Money this is Michael J Barnes and you are listening to KFNX 1100AM Arizona's news talk leader. You can also listen online at www.1100kfnx.com and I want to point out real quick over the last few months we have been talking a little bit about loan modifications, I really do not want to spend the whole hour talking about that today because it isn't a major segment of the economy however it is a pressing issue that does need to be addressed. People that are facing foreclosure it is important to them and it is important to us to be there to help in anyway that we can, Velocity Financial has put together a video and a website the website is modification hotline and the phone number is 888-Mod-Info. We have also put together a video which is about 6 and ½ minutes long which explains the process. You do not want to be trying this on your own, you certainly can there are some guidelines for you to do that but generally speaking you are going to be better off being represented by an attorney I have been a part of these broadcasts where we have talked about the loan modification concepts exclusively and to your credit Michael and your team at Velocity I saw you guys as being first to the punch if you will, first to start introducing this concept not only to the listening audience but to your clientele whenever it might be appropriate for thise people who need to look at that option. Now I am seeing on street signs that are hand made and posted on street signs all over the city, "call me for loan modification". I am hearing commercials and radio broadcasts that are discussing this loan modification concept; I have seen infomercials regarding this now so it is becoming a bigger and bigger scope it is a big buzz right now and maybe you could tell me, and I already know the answer to this how long have you been doing this? And then what are the criteria for someone to consider this process It's funny that the loan modification concept is new and it is the new buzz word and everybody is talking about it and everybody is doing it and it has been around forever. People have been able to do this for many, many years. The banks do not want your house back; they really, really do not. They may act like it and when you talk to them it may sound like they do but they do not. Velocity Financial is working with a national network of attorneys that have been doing this for 16 years, they have done thousands of these. These law firms have represented thousands of home owners helping them, keeping them from going into foreclosure. You will see yard signs, street signs, advertisements as you know Velocity Financial does not advertise the radio station does play a spot because it is important for people to know there are legitimate, licensed help out there. What I want to point out is if you have tried to do it on your own and it didn't work out, I am sorry about that and it doesn't mean it can't be done. Most importantly you want to deal with somebody that you can sit across the table from that is here locally and you don't want to write a check to anybody other than a law firm. A licensed attorney needs to handle this, it is the best way to handle this. Velocity Financial does not charge an up front fee; we take care of all of the necessary paperwork, the discovery work. We do all of that and we do not charge for that. You do have to pay an attorney to represent you and after the case is done and modified and everyone is happy, they will pay us for the work that we have done. So do not work with anyone who isn't an attorney, that's my opinion. In most states it is the law and in Arizona it is the wild, wild, west once again as usual loan modifications are just not regulated but you know what? If you need a legitimate firm, if you need a human being to talk to and sit down with and let's get this thing worked out. Well as you know Michael I started in the business about 20 years ago and the entire time I have really been working with attorneys. When I was doing loans for 14 plus years, I worked almost exclusively with bankruptcy attorneys helping to bail their clients out of bankruptcy and out of foreclosure, and I had been approached by other people and seen plenty of stuff on the internet about how you can basically buy a book online for $495, or go to a seminar, or do whatever and suddenly you are this loan modification expert after you read the book and filled out a couple of forms and that just doesn't give you the knowledge, the background and especially the negotiating ability that you have when you are dealing with an attorney.