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You Should See This Article http://tinyu

August 4, 2013

You Should See This Article


You Should See This Article http://tinyu

August 4, 2013

You Should See This Article

You Should See This Article http://tinyu

August 4, 2013

You Should See This Article

Top 6 mistakes agents and brokers make o

April 23, 2013

Top 6 mistakes agents and brokers make online:

Don’t re-invent the wheel- get your site

April 22, 2013

Don’t re-invent the wheel- get your site on the right track:

Is your website on the right traffic tra

April 22, 2013

Is your website on the right traffic track?

Is your website on the right traffic tra

April 22, 2013

Is your website on the right traffic track?

Black Diamond of Wellington

June 13, 2011

Black Diamond of Wellington

Black Diamond of Wellington is located in the heart of Wellington Florida, in the beautiful Palm Beach County area.  Upon entering the luxurious gates of this single- family home community, you will find yourself admiring the beautiful manicured and lush tropical landscape that you are greeted by.

Black Diamond in Wellington is situated on 237 acres of land.  More than half of this community is made up of nature preserves, beautiful sparkling lakes, lush green tropical landscapes, and common areas.

Black Diamond of Wellington homes were Co-developed by Shoma and Centerline homes and built between 2003 and 2005, prices range from the mid two hundreds to the mid five hundred thousand. There are 474 Mediterranean-style homes that are divided into 6 subdivisions throughout this gated community.  Your family will enjoy this quiet family oriented environment.

Black Diamond of Wellington homes are  exquisite single-family homes are made up o f 14 different floor plans that offer several different styles to suite your taste and lifestyle. Some Features include 3 to 6 bedrooms, 3 to 4 bathrooms, gourmet kitchens, luxurious master bedroom suites, and beautiful architectural features like barrel tiled roofs, Mediterranean archways and brick paved driveways.  The open floor plans range between 2,100 square feet to almost 4,200 square feet of air conditioned living space, and consist of attached  2 to 3 car garages.

Black Diamond of Wellington sits upon 90 acres of lakes, a majority of the lots either have an exquisite lake view, or a sit upon a cul-de-sac lot with a view of the beautiful natural preserves.

Residents here at  Black Diamond of Wellington enjoy resort style amenities which include: a 24 hour guarded entry gate, a luxurious and roomy club house, complete with a “social room” for parties and socials, a billiard or “teen” room, media room, 24-hour fitness center, a community swimming pool, complete with a sundeck, basketball court and a children’s tot-lot and play area.

Black Diamond of Wellington is located on the West side of US 441 (State Road 7) between Southern Boulevard and Forest Hill Boulevard. There is only a 20 minute commute to the Palm Beach international airport.  This Wellington location is close to major highways, including the Florida Turnpike, making your commute and traveling needs convenient.

Also conveniently located to Black Diamond of Wellington, you and your family will enjoy the many outdoor and indoor recreational activities that Wellington has to offer. Enjoy the  new Wellington Green Mall, that offers a wide variety of shopping, fine dining and family restaurants or take advantage of the beautiful West Palm white sandy beaches, the many recreational parks, and the eventful downtown West Palm Beach home to City place all within a 30 minute drive from home.

Wellington is a diverse and rapidly growing equestrian community in Palm Beach County.  Wellington is home to the Palm Beach Polo and Country club that bring thousands of spectators to this area each year, including many celebrities and Royalty. Many famous international Polo events,  annual winter balls and charity events are held here each year .

Black Diamond in Wellington have all the luxuries of a private, refreshing comfortable home, and peaceful atmosphere while never having to sacrifice the convenience of shopping and entertainment. Black Diamond in Wellington  is the perfect place to call home…Come and see why living here makes coming home the best part of your day!

For more information about homes for sale in Black Diamond in Wellington click here.

Is Your Short Sale or Loan Modification Being Turned Down?

September 25, 2009

Has your short sale or loan modification been turned down and you have no idea why? Let’s examine some of the reasons. These reasons may not make you feel any better or maybe they are just excuses by your lender, however there are a few things you may not even know about your modifications short sales

Let’s say that you make your mortgage payment to Wells Fargo. You can no longer handle your payments so you ask Wells Fargo to modify your loan- to do a loan modification for you. You are behind in your payments. You are in fact, in foreclosure but you are still living in your home and the judge in your case has not ordered the sale of your home at auction yet. You are scared. You see your neighbors losing their homes all around you. You are hopeful because you see on the news and in the newspapers that the Federal Making Homes Affordable Program has been helping some folks keep their home and get a loan modification.

You are no longer making your mortgage payment because your adjustable rate has been applied and your mortgage payment has gone from $1600 a month to $2300 per month. You just can not make these payments. You have been trying for almost 2 years now to get Wells Fargo to approve your loan modification. You even hired an attorney to help you with your foreclosure defense.

Wells Fargo turns down your loan modification request. You wonder, how could this be? After all, Wells Fargo is one of the large lenders and is participating in the government’s Federal Making Homes Affordable program.

But Wells Fargo tells you that the investor is the one that will not allow you to get a loan modification. What in the world is an investor doing making decisions on your loan you wonder. Well, you are not alone in your confusion. Every day we are explaining the whole mortgage note owner thing to buyers agents, real estate agents and homeowners.

Just because you make your house payments to Wells Fargo does not mean they own that note that you are paying on. They are the servicer. Other words you will hear them called are  asset management companies.

The very first thing you need to do before you ask for a loan modification is to find out who actually owns your note. You can do this by calling who you make your mortgage payments to and asking them.

If it is Freddie Mac or Fannie Mae that own your note- you have a much better chance at getting your loan modification approved if you qualify. If it is a private group of investors, your chances go way down. Why would this happen?

One in eight homeowners’ loans were sold to investors on Wall Street. What happens is that a bunch of loans are packaged together. These are called mortgage-backed securities. They are then sold off to investors. Homeowners who have mortgage-backed securitized loan are five times more likely to be late on their house payments. Many of these borrowers were given loans they were not qualified for from the beginning. Many of the homeowners getting these loans did not read the fine print and did not realize how high their mortgage payments might go when adjusted.

The rules to allow modifications, short sales and terms of foreclosures and deficiencies are ambiguous at best. Homeowners who are told no by the investor have little recourse.

The federal Making Homes Affordable program lenders who participate in the program must modify all homeowners that qualify. The exception is when the investor has a rule that they do not allow modifications.

The Federal Housing Finance Agency reported to Congress on June 3rd that these securitized mortgages are a “hurdle” to the success of the Making Homes Affordable program. The treasury department has not disclosed why the modifications are denied so there are little to no facts to go on.

Why would the investors say no to your loan modification? Well, Wells Fargo’s response is that the investors need their money. Wells Fargo has one situation where the borrowers ( the homeowners) are trying to get their loan modified but Goldman Sachs is the issuer and Deutsche Bank is the trustee. But when you go and talk to these investors and we have on several occasions when doing short sale negotiations for our sellers; the investor passes the buck back to the servicer. For instance, Deutsche Bank says that Wells Fargo is solely responsible for the decision to modify a loan or not.

Some people say that the investors are the scapegoats. Everything can easily be blamed on them. Since you rarely get to speak to anyone at the investors’ group it is hard to tell who is telling the truth. In this particular situation Wells Fargo is saying that the investor is not forgiving the past due debt and that makes the payment go up on a loan modification because then Wells Fargo would have to put that past due balance along with all the penalties and fees into the loan modification which then may cause the homeowner to not qualify financially for the loan modification.

Servicers have agreements, contracts that they sign with investors. These agreements contain the rules for modifications. These agreements are called Pooling and Servicing Agreements which is known as PSA’s. The PSA is most often what the servicer says is the reason for them not being able to do the loan modification or release the deficiency on a short sale.

But when you talk to other people in the management areas or to the investors they claim that there is nothing in the PSA’s that would prevent the servicer from approving loan modifications, short sales and releases. There is a new study coming out from a law school wherein they state that only 8% of these mortgage-backed securities  agreements contain any language that says the servicer is not allowed to do a loan modification for these notes. That means that about 92% of all the NO’s; could actually be YES’s. So why would that even happen?

loan modifications short sales Fear of law suits! The language in the PSA in question here, Wells Fargo and Deutsche Bank- it says that Wells Fargo can “waive, modify or vary any term” as long as Wells Fargo as the servicer makes a “reasonable and prudent determination” that the modification is in the investor’s best interest. Attorneys examining these agreements say there is quite a bit of room for servicers to make these decisions. But the language itself in this agreement is enough for the servicers legal counsel to be concerned with the investor suing them for not acting in the best interest of the investor. They can not, no matter how inhumane this sounds, put the homeowner ahead of the investor. This is about business and if they want business from investors they need to make sure they are looking out for the interests of the investors.

The treasury department has stated that the fear of law suits is the biggest deterrent to getting the servicers to approve loan modifications and short sales. So doing little or simply turning down the loan modifications are the answer many servicers choose. This is not personal and this is not against you, the homeowner. The position of the servicers is to watch their own backs and to protect the assets to which they have been entrusted with, your mortgage-backed security. The Treasury Department says they can relieve some of the pressure of the fear of lawsuits by standardizing requirements for loan modifications and also provide some type of calculation to figure out if the investor will make more money by the loan modification or by the foreclosure.

We need to keep in mind one big thing in all of this and that is that these investors end up being regular people because most of these mortgage-backed securities were bought by pension funds and retirement plans of folks like your parents or even yourselves. You may well be one of the shareholders of the very loan you can not pay.

Is Your Short Sale Or Loan Modification Being Turned Down?was first published on South-

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Is Your Short Sale Or Loan Modification Being Turned Down?*

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