Mortgage, Loans, Insurance, Real Estate, Investment, Tax and Financial Services

I Short Sale Aims to Curve Detrimental Affects of New Lending Regulations

(PRWEB) October 31, 2007 -- Eli Tene, President of I Short Sale, Inc. (ishortsale.com), states, "We see the trend growing daily. People are being choked! We hear disheartening story after story from borrowers that come to us for short sale solutions or that have already been foreclosed upon by their lender, as they were unable to refinance." I Short Sale has quickly become the largest processor of short sales in the country, aiding the millions of Americans faced with losing their homes and damaging their credit. "As rules and regulations continue to tighten, people with the inability to show full documentation are being singled out and washed away."

"I am surprised that we don't see and hear every second about this disaster of letting people lose their homes with no real solution. I heard President Bush even state that since borrowers were irresponsible in the economic decision they made, unfortunately, they must live with it. Well I have news for you, these decisions came from government encouragement at the same time," asserts Raffi Tal, Chief Operating Officer of I Short Sale. "We at I Short Sale will do what we can to change this and to adjust the restrictions, and promote both federal- and state-designed programs in the attempt to save those homeowners, and set aside funds for that sole purpose."

Due to a "confluence of factors" (according to the Mortgage Banker's Association Chairman), America has recently experienced the well documented "subprime mortgage meltdown." As many borrowers' loans reset, they were unable to stay current on their mortgage payments; this has led to a dried up secondary market, an oversupply of housing, and ultimately a lender response in tighter credit guidelines. What does this all mean? The answer: that a large segment of the American population will never fully enjoy the ownership that so many have taken for granted.

Studies show that as many as 65% of subprime borrowers and up to 40% of prime borrowers will bear severe difficulty, if not the impossibility, of refinancing again. The new reality: The state and federal governments have aided in washing away millions of homeowners, closing the door for them to be able to refinance. Since these homeowners do not have equity, they will be tested based on their "real income." A new statement issued by the federal financial regulatory agencies on June 29, 2007, affirms that residential mortgage providers should be more cautious in dealing with adjustable-rate mortgages, implementing risk management and key underwriting standards that should be followed in order to mitigate future hazards. The statement also provides that "qualifying standards" should include an analysis of the borrowers' financial solvency and ability to repay the loan at maturity, assuming a fully amortized repayment schedule.

"Twenty-Eight state mortgage regulators have asserted that they intend to quickly implement the statement suggestions...I believe that 19 have already adopted it," says Tal. "This essentially means that it will be harder, or even impossible, to get a loan, and those currently struggling in a property will surely be hung out to dry." I Short Sale aids these distressed homeowners by negotiating a short sale, or an agreement in which the lender agrees to be paid less than the loan amount, and allows a third party to buy the property. This process offers the owner a fresh start, with the chance to recover without the large monthly payments. "The issue we are now running into is having to further reduce the list price of these properties in order to accommodate the full documentation buyers. But at the end of the day, we are still working hard to benefit both the homeowner and the lender by completing the transaction."

The new guidelines greatly affect low-end properties that cannot be sold in many locations as the buyers, by definition, cannot qualify. Other predatory lending guidelines aim to establish fiduciary relationships between mortgage brokers and borrowers, prohibiting originators from navigating borrowers into loans "that are not reasonably advantageous." In theory these practices are beneficial to the U.S. economy, but another way to look at it is where do the already struggling homeowners go now?

I Short Sale (ishortsale.com) hopes to aid this large segment of the population and get borrowers back on their feet. "Although many borrowers will be forced to vacate their homes, they will protect something that is more valuable for their future: their credit. Simultaneously, a lender will rid their books of a non-performing asset, increasing capital for other investments. It truly represents a win-win situation!"

For more information on I Short Sale, Inc., you can email info(at)ishortsale.com or call

1-877-90-SHORT.

###

Student loan consolidation with federal debt program
If you are a college student (parents please take note), this Federal Government program can help you cut monthly payments on your student loans. You can consolidate now and lock in a low fixed rate. When you consolidate student loans with a Federal Consolidation Loan, you not only can take advantage of these low rates, you can lock in that rate for the life of your loan. One easy process, one low fixed rate, one low monthly payment, one lender. This is a free U.S. Government program (no fees or other charges). Really Great Rate is an authorized agency for this program - you can check your eligibility in a minute or two, with no obligation

Home Equity Loans: Expert Tips and Advice
Get expert advice, tips, and timely information. Manage your own Real Estate and Investment Portfolio to generate an income so you can take control of your financial life and do the things you want to do.

MORE ARTICLES:

Forex Trading: Learn How To Read A Forex Quote
Forex is an abbreviated name for "foreign exchange." The Forex market is a non-stop cash market where the currencies of nations are bought and sold, typically via brokers. For example, you buy Euros, paying with U.S. Dollars, or you sell Euros for Japanese Yen.

5 Home Remodeling Mistakes
Lucky are those who already have their own homes because they can consider them as investments. No matter how old the home is, there is always an option and an opportunity to make the home as good as new. This can be done by introducing changes in the home design or in the home fa?ade or color.

Making Sure You Get The Basic Issues Correct When Buying Your First Home.
If you are taking the next step in life and purchasing a home, chances are that you are feeling the pressure and the anxiety that goes along with this difficult decision. Those who buy homes are very anxious, eager to get any information they can about real estate.

Oakley Launches Nanowire Sunglasses: Latest Addition To Company's Polarized Eyewear Collection
Oakley, Inc. (NYSE: OO, http://Oakley.com) today announced the launch of Nanowire? (http://oakley.com/collection/680349), the company's first dedicated polarized sunglass line (http://oakley.com/category/465), as well as a new campaign focused on communicating the advantages of the company's superior polarized lens technology.

Toledo Printing Company Uses Power of the Internet to Gain European Client
Local company uses the power of the internet and a dab of Search Engine happiness to extend market reach beyond Northwest Ohio.

The FHA Loan and the Mortgage Broker
Have you been reading up on the FHA loan and you are sure that this is the sort of loan program that is right for you? If so, you may be wondering why you need to call a mortgage broker and why you cannot just call up the Federal Housing Administration and ask them for the loan. What you need to understand is that the FHA does not actually give out the loans, so you need to call a broker to help you apply for the loan and get the financial help that you need. The FHA is just one part of the equation so pick up the phone and call a broker to get the process started.

How to Find the Best Traffic Method ? Simple Strategy For Your Simple Work From Home Opportunity
Traffic methods may not work the same for everyone An Internet newbie may want to find the method that works the best for him as an anchor method for expansion in the future sooner rather than later

ForbesAMG Debuts New Name and Introduces eMarketing Services
Kemram Direct, a 24 year old direct marketing firm, is changing its name to Forbes Advertising & Marketing Group, Inc., better reflecting the full line of eMarketing and traditional direct marketing services it now offers its clients.

Online Advertising Technology Company to Present at Search Marketing Expo
Search Marketing Expo Advanced in Seattle invites ClearSaleing's Adam Goldberg to present on Tracking Online Advertising Leads

What Is A Home Spa?
Traditionally, a Spa was a natural mineral spring people would bathe in for positive health benefits. Over time, the idea evolved to the point where you can now have a massage spa experience in the comfort and privacy of your own home.

Home Equity Loan Broker Awarded Preferred Mortgage Broker Status for Second Consecutive Year from IHE
For the second consecutive year, BD Nationwide Mortgage Company was awarded "Preferred Broker" Status from Irwin Home Equity for home equity loans and 125% second mortgages. IHE announced last week that BD Nationwide was extended this award for their exceptional level of expertise for home equity loan origination. The preferred status gives BD Nationwide a significant edge because they are one of the few mortgage brokers in the country who can offer large home equity loans to a 125% loan to value. Most lenders and brokers are restricted to $50,000 or $75,000 loan amounts but BD Nationwide is able to offer these high LTV second mortgages for loan amounts ranging from $100,000 to $200,000 to qualifying borrowers across the country...

Zuora, Inc. Launches Second Product, Z-Payments, with Integration to PayPal : Company's New Product Helps Subscription Businesses Manage and Collec
Zuora, Inc., formed by Software-as-a-Service (SaaS) industry veterans from salesforce.com and WebEx to revolutionize the online subscription industry, today announces the release of its second product, Z-Payments. Z-Payments is the first complete payment solution built for subscription businesses. As part of this announcement, Z-Payments will come pre-integrated with the ability to accept PayPal payments. This powerful combination allows subscription businesses to offer their customers flexible and secure online payment options, manage the complexities of collecting recurring subscription payments, and ultimately get paid faster.

Performance Furniture Fills Void in Home Theater Market
When Steven Bell couldn't find fine furniture for his home theater HDTV and electronics, he launched Performance Furniture to fill the void. Today the company is one of the only manufacturers of high-quality LCD TV and entertainment furniture, which it sells over the Internet -- directly to consumers at substantial savings.

How you can get emergency locksmith services?
Do you remember getting yourself locked outside your house, office or car? Feels terrible doesn't it? You get tensed, nervous and lose your calm trying hard to open it by pushing and pulling the door. If it's your luck the door might just open on the a few pushes else you just have to wait and think of a way out. But don't get panicked in such situations. Instead, breathe deeply and try staying calm and get some emergency help from your neighbors and friends to get out of the situation. But the best option lies to take the help of an expert in opening the doors.

Mark Fitzpatrick Joins SunTrust Mortgage's Tampa Office
SunTrust Mortgage, Inc. is pleased to announce that Mark Fitzpatrick has joined the company as a vice president.