Archive for June, 2008
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Vendors Showcase Digital Products and Accessories
Dealerscope, PA - Dozens of vendors showcased many of their new products, with an emphasis on accessories and digital imaging, at the recent Digital Experience show in New … |
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Digital Room and U-Printing Install Mitsubishi Diamond 3000S
What They Think, KY - "This additional press will dramatically improve production turnaround times and expand U-Printing's offset product offering." HP records its most successful drupa exhibit ever |
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AMSi and All Comedy Radio Announce Alliance
FOXBusiness - … will represent All Comedy Radio (ACR) in the areas of station affiliation, revenue generation and marketing of ACR's new digital products and content. … AMSi, All Comedy Radio Ink Marketing Deal |
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Leading Medical Teams Rely on SensAble's 3D Modeling System to …
FOXBusiness - "We see such potential in FreeForm that we formed a collaboration called CARTIS to further explore how digital 3D design can aid in reconstructive modeling. … |
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DTS Digital Cinema Introduces New Suite of Products at Cinema Expo …
DCinemaToday (press release), CA - DTS Digital Cinema today announced the introduction of a new suite of products at Cinema Expo International 2008. The ScreenStore™ Media Player, … |
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Focus Enhancements Hires Michael Hudson as Chief Technology …
FOXBusiness - The company's System Group develops video products for the digital media markets, with customers in the broadcast, video production, digital signage and … |
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If you like this post, please buy me a beer for $3 8-)It has been 1 year since our business at Foreclosure Prevention Institute, LLC at http://www.foreclosureinfo.bravehost.com has intensively and extensively helped Michigan homeowner’s with their home situation to help prevent foreclosures. Times, policies and events within the Mortgage industry have been rapidly changing within this time period. One important change involves the department of Loss Mitigation. When I now call some lenders to loss mitigate, the lender will say that we no longer have a loss mitigation department. Today, they have two departments: A collection department and a loan modification department. I think this is due in part to the new federal legislation that is coming down the pipe (so to speak) to ultimately slow down the rate of foreclosures and to help homeowners who are trapped in a loan due to predatory lending.
On this note and a bit of a tangent, one must also realize that this legislation is also designed to help bail-out the lending institutions, and the national and international investors who backed the loans. The lending institutions are having to make significant changes in this subprime meltdown and economic recession just to meet federal mandates and to stay in business (eg. Bank of America just bought-out Countrywide). Certainly, Congress is pressuring them and their financial portfolios are requiring them to make these changes. Not only are banks hurting financially, but they are also having trouble with property management. Furthermore, banks are no longer able to easily make the “fast and staggering bucks.” Understanding this helps me to say to Mr. and Mrs. Homeowner that the lender truly doesn’t want your home. They know that if a house goes into foreclosure, they will lose between $30,000 to $50,000. Lenders’ commodity is money and they make money on the interest of the performing loan. So lenders, really, just want the mortgage payments to be paid and in a timely fashion as promised within the documents signed at the closing table. In fact, it is in the best interest of the lender to mitigate to cut their losses. So the question always comes back to “How can the homeowner meet this obligation when he/she is similarly facing a financial hardship and can’t pay today?”.
Well, the two parties must communicate, negotiate, and loss mitigate. If the homeowner is behind in their payment(s) and wants to save their home, it is important for the homeowner to call the lender to tell the lender when they think or they will be able to make the next mortgage payment. In the preforeclosure stage, one will be referred to the collection department. The service representative will help to set-up a work-out solution or forbearance plan which usually involves signing a written agreement while they refer the current loan or loan in default to the loan modification department. It is important that the homeowner knows three things:
A. Usually, lenders automatically through a computerized system place a homeowner into foreclosure proceedings when they are 60 days late in their payments. This is the danger zone, and negotiations and communication needs to occur.
B. Loan modifications are not guaranteed. Right now lenders are considering and qualifying each homeowner for a loan modification depending upon their hardship and their adjustable rate mortgage especially if the rate adjustment is going to occur within the next 60 to 90 days. Know that the lenders are more likely to grant a loan modification if the ARM caused the financial hardship or will cause a financial hardship. Simple debt or the loss of a job is not always enough to permit a loan modification. After all, everyone would like to lower their interest rate. Lenders have set parameters, guidelines, and rules that they must follow. A new interest rate in a loan modification is many times determined by the homeowner’s pay stubs (income) and tax returns, and the willingness of the investor who holds the deed. It normally takes between 45 to 60 days to obtain a loan modification. During this time period, the lender wants to be assured that the homeowner can make monthly payments.
C. Documents needed vary depending upon the lender, but typically the lender will need the following items so they have the right information to consider and process the loan modification:
A hardship letter
IRS tax returns from the last two years
Last two paystubs of borrower, coborrower and/or anyone else in the home that would help establish income to cover the mortgage
Last two bank statements
Insurance declaration page to show insurance is paid and current.
Social Security, disability, or chid support documentation
An old or new appraisal might also be helpful within negotiations especially if one cannot sell the home because it is over-leveraged. Completing a financial income statement/budget is also important to establish financial priorities.
If you, the homeowner, is unable to talk to your lender or the lender won’t listen to you then please call Foreclosure Prevention Institute, LLC at 1 800 826-1929 and ask for Dave or Janet. Specifically, Dave has worked full-time in the foreclosure market for over 20 years. We will answer your questions, discuss options, and if wanted provide coaching services so you can save your home through loss mitigation. 1st Loss Mitigation of Michigan, dba of Foreclosure Prevention Institute, LLC also does Short Sales for homeowners who are unable to keep their home, but want to save their credit. Time is of the essence, so call today. Don’t be afraid to pick-up the phone, just call Foreclosure Prevention Institute, LLC at 1 800 826-1929. Foreclosure Prevention Institute, LLC is truely helping homeowners save their homes from foreclosure. Also, please visit Foreclosure Prevention Institute, LLC at http://www.foreclosureinfo.bravehost.com and http://www.grandrapidshomeplace.com/real-estate/for more information on foreclosures and the foreclosure process.
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Digital Ally, Inc. Set to Join Russell Microcap(R) Index
CNNMoney.com (press release) - Digital Ally, Inc. develops, manufactures and markets advanced technology products for law enforcement, homeland security and commercial security … American CareSource Holdings Set to Join Russell Microcap(R) Index Digital Ally, Inc. Set to Join Russell Microcap(R) Index CORAL GABLES, Fla., June 25 – |
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Copytrax Launches Combined CD Printer and Copying System
Business Weekly, UK - “The FlexWriter provides everything that a company needs to produce professional digital products, “ said Steve Woods. “The fact that it is capable of … |
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Better Business Bureau Alert
Grundy County Herald, TN - Ads are running across the US promising free television channels, services and digital TV converter boxes, but are really a bait and switch tactic that prey … |
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Digital Map Products Helps Habitat for Humanity Compete More …
Market Wire (press release) - With the downturn of the real estate market, Digital Map Products president and founder Jim Skurzynski says many small and mid-sized organizations doing … |
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Kodak in $1-billion buyback; shares rocket to two-decade high
domain-B, India - Perez completed a four-year restructuring program to boost sales of digital products such as cameras and a new line of inkjet printers. … Kodak surges on buyback plan Kodak Rises Most in 20 Years on Buyback Plan, Refund (Update1) Kodak stock jumps on news of $1B stock buyback |
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Silicon Turnkey Solutions and Credence Partner to Deliver Wireless …
CNNMoney.com - Effectively immediately, STS customers will be able to leverage Credence-assisted test solutions including RF, digital and mixed signal. … |
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Vacuum Maker Dyson Looks to Electric Cars for Future Products
DailyTech, IL - The Dyson company has an extra-strong digital motor that is half the weight of normal motor, which would presumable help increase the range of an electric … |
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Mitsubishi Digital Partners with NVIDIA Corporation and Aspen …
TMCnet - Mitsubishi (News - Alert) Digital Electronics America has teamed up with NVIDIA Corporation and Aspen Media Products, to develop the first complete 3D … |
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If you like this post, please buy me a beer for $3 8-) BusinessWeek |
Obama's Secret Digital Weapon
BusinessWeek - It's a small, obscure firm called Blue State Digital, a market research-New Media hybrid that has played an instrumental role in fostering Obamamania. … |
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Digital Crossroads: Study finds good qualities in gadget hounds
San Jose Mercury News, USA - The same is, of course, true for clothing, handbags and other fashion accessories, which these days include technology products such as cell phones, digital… |
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If you like this post, please buy me a beer for $3 8-) Business Wire (press release) |
Combination of Dial Global and Jones Media Reinforces Position as …
Business Wire (press release), CA - Triton Media Group (www.tritonmedia.com) is the leading supplier of digital products and interactive applications that enable broadcasters to drive online … |
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If you like this post, please buy me a beer for $3 8-) Ferret |
NX 6 digital product development software for production
Ferret, Australia - The NX 6 digital product development software provides features driven from Siemens PLM Software’s recently announced synchronous technology. … |
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Infinera DTN Receives BGR Diamond Technology Award
CNNMoney.com - The Infinera DTN digital ROADM (Reconfigurable Optical Add/Drop Multiplexer) leverages large-scale photonic integration technology to deliver a scalable … |
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