Short sale guy Shaun “The Swan” McCloskey just posted DIRECT contact info for some of the “higher ups” at Countrywide on his blog.

Just to be clear, if you find ever should yourself negotiating a short sale deal with Countrywide, this could be invaluable information for you to have handy.

And it’s really a great freebie Shaun’s giving away, no strings attached.  Just please don’t abuse it and please leave Shaun a friendly comment saying, “thanks”.

And feel free to ask him about that “Swan” nickname while you’re at it. 

Original Email from Shaun “The Swan” McCloskey…

Hi Everyone,

We just got a foreclosure sale postponed an addt’l 30 days so we could have enough time to work the short sale.  Why was this such a huge feat you ask?  Well, the sale date was set for TOMORROW.

After a little arm twisting, Countrywide was willing to postpone the foreclosure sale right at the last minute.  Why were they willing to do this?  Because frankly we knew THE RIGHT PEOPLE to get in touch with to make it happen.

I’ve put together some of the most important contacts you could ever know at Countrywide, so if you’re not getting answers, click here for a list of  the people you should talk to.

I posted it for you here on my blog.

What are you grateful for today?

Shaun McCloskey

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Short Sale Guy Gets Personal with Countrywide

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It’s from short sale guy Josh Cantwell sharing his thoughts on the Fannie/Freddie Mac seizure doubtless everyone in the free world should be keenly aware of by now.

Now I should clarify, he didn’t ask me to send this to you, and it’s not meant to promote a product our anything.  In fact I didn’t even ask his permission to reprint it here on the blog, so I’m linking to it directly.  I just think it’s worth reading and want you to also be challenged by it.

I say it was “challenging” to me because despite the fact that…and I gotta be honest here…

It feels to me like we’ve just been force fed another Socialism hamburger…

But Josh says it may have still been the best thing to do…and I have to admit that he may just be right.

Ugh…I really don’t know for sure.  I waiver frankly.  At times I can’t stand the idea, and feel like it’s just a postponement of the inevitable demise of two bloated, unhealthy behemoth creatures.

At other times I’m forced to honestly consider the other side of the coin.  And when I do, I find myself hoping this might just play out the way they’re saying it should, giving our economy a much needed nudge forward.

Anyway, here’s Josh’s article.  Hope it adds to the conversation in your own mind in a constructive way.

Thanks, Josh, for messing with my head just before the weekend!

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Opinion: More on “Frannie” Seizure (A Good Read)

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• Lions and Tigers and Bailouts, Oh My! (0)
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• Bulk REOs, the IRS and Avoiding Probate… (1)
• The Word on the Street Lately… (1)

With that, the we enter a new and uncharted phase of the mortgage crisis, potentially saddling American taxpayers with billions of dollars in losses from home loans made by the private sector.

Bush and the gang argue that the cost of doing nothing would be far greater because of the toll on the economy of falling home prices and defaults in the $11 trillion U.S. mortgage market.

While others (see videos below) say we’re only making things worse, and that the big picture solution MUST include Fannie and Freddie going belly up first.

Whether it ends up helping or hurting, I honestly wonder how in the world our government can get away with doing something like this for a couple of private companies like Fannie and Freddie, while leaving other companies to their own end (think IndyMac, Bear Stearns, etc.)

Anyway I don’t pretend to be an expert on the economy or even how this will ultimately affect our real estate markets.  There are much smarter folks than I out there who’ll (also) get it dead wrong.

But as investors, we DO need to have our heads wrapped around this.

So to that end, here’s a handful of articles and videos I’d recommend to you as sort of a “Reader’s Digest” or “Cliff’s Notes” version of where we are now.  I think if you take just a few minutes to take this in, you’ll be up to speed and may even have (dare I say it) an…INFORMED OPINION!

I’ve also included a couple of other videos from the very near past (last couple of months) that will be particularly interesting to you in light of what just happened.

Enjoy…

Current Articles Worth A Dang…

• Wall Street Journal: U.S. Seizes Mortgage Giants
• Seattle Times: US government takes on big role in mortgage market
• Bloomberg: U.S. Takeover of Fannie, Freddie Offers `Stopgap’
• Reuters: Fannie, Freddie bailout greeted with cautious optimism

Reuters: Fannie and Freddie Bailed Out (Video)…

Cory Boatright: Fannie Mae Freddie Mac Real Estate Bailout…Short Sale? (Video)

And now here’s a handful of videos from the very near past (think, last month or two) that are VERY interesting in light of this.  You should find them more than a little interesting…

Jim Rogers Speaks the Truth about Fannie Mae and Freddie Mac

Jim Rogers : Should we let the Fannie and Freddie go bankrupt?

Fannie Mae, Freddie Mac: Have we suddenly become socialist?

The Infamous Bail-out Of Fannie and Freddie

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Uncle Sam Eats Cousins Fannie, Freddie (Cliff’s Notes)

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• Noteworthy Industry News (0)

This is actually a program he and his brother Graham (”Mr. Banker”) released privately several months ago, limited to his social networking site subscribers.

But after having received a good deal of positive feedback from BETA testers, seems they’ve decided to open access to the HUD-1 Generator to the general public at no charge.

(It’s a part of the promotion of their coming-soon auto-fill forms software.)

How it works…

Seems to be pretty simple and easy.  Basically you just fill in a few simple fields, and it spits out a HUD-1 for you.

Here’s a short, 3-min demo video…

It works similarly to their REIFormsGenerator software - autopopulating the key fields you need to make it super easy, but also giving you the flexibility to customize/tweak the output to your heart’s content.

It’s really a pretty darn good marriage of simplicity and customizability if you see it in action.

(Btw, spell check tells me “customizability” isn’t really a word…but I DEFY SPELL CHECK!)

Cool Because It’s Free…

It should be noted that there are other similar services out there, but this is the first one I’ve ever seen that’s available free to anyone and everyone.

Kudos to you, Ross and Graham! :-)  Freebies rock!

Why would anyone need this?

The bigges benefit is for short sale investors.  (Graham is “Mr. Banker”, so go figure! )

A key element of the “short sale package” that must be submitted to every single lender on every single prospective deal you have in the hopper is a PRELIMINARY HUD-1 SETTLEMENT STATEMENT.

It’s not the final HUD that comes at closing.  But they (the foreclosing lender) are always going to want to see an early “rough estimate” copy so they can get a good idea of what their bottom line will be if they accept your offer.

Problem is, a lot of folks find the HUD-1 a scary, complicated document to deal with.  And I can understand that - it’s got a LOT of stuff on it and a gazillion blanks to fill out.  Now that I’ve been doing this for 8 years, I’m pretty darn used to them.  But the first couple of years I was intimidated to death.

That’s where a generator like this comes into play.

Since the lender’s not looking for a “final” HUD, but more of a “rough idea”, this kind of thing is PERFECT for making it super simple and fast to get one together that does exactly that for them.

No more paying an attorney or calling one of your more experienced real estate friends, begging them to help you out.

Hope you enjoy using it in your real estate business!

Links:

• Free HUD-1 Generator
• 3 Min. Demo Video
• REIFormsGenerator

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New, Free HUD-1 Generator Released

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Ugh…

Before I run out, I just wanted to let you know about something  really exceptional.  Something I wholeheartedly and passionately endorse…

PrivateMoneyEvent.com

I’m not going to be long winded about this.  But let me say…

If getting private deal funding is a missing link in your real estate business, then you should really consider going to this event in early October.

It’s put on by Matt Scott, who’s been a friend of mine for many years — a friendship that began in 2001 when I started posting on his forum at Dealmakers Cafe.

Here’s a shot of Matt and my lovely wife and daughter (Kara and Alyssa) when we were together in 2003…

And for the record, he did NOT ask me to writ this, or say nice things about him. 

Anyways, this is NOT your typical dog and pony show.  There’s a lot of good and a lot of bad education out there.  This one is absolutely among the best of the best.

So if being effective at getting private money for your deals is an important issue for you right now, my personal advice is to Ignore the rest of what’s out there, and be at this event.

I’ve seen what Matt does.  Nothing else compares.  He’s on a very, very short list of national experts I trust implicitly, and know with complete confidence that ANYTHING he’s a part of is exceptional in quality and content.

You guys know I don’t promote every Tom, Dick and Harry, even though I could make a lot if I did.  I respect you enough to only ever recommend something if I’d recommend it to my own mother in good conscience.

Not only is Matt a dear personal friend, but he’s a real investor with real expertise in this arena, he holds NOTHING back and always over delivers.

Look, I’m not putting a lot of time into writing this - just speaking from the heart, frankly.  If you need to understand the fastest, most effective way to attract private funding for your deals, then this is the event not to miss.

His early bird deal expires soon, which is a nice discount to miss out on.  So check it out and if it’s within your education budget, be there.

PrivateMoneyEvent.com

Cheers!

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Need Private Money? I Recommend This…

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“Bulk REO Properties - Is the ‘bulk’ REO deal a myth?” (The REI Brain, 7/16/08)

“I have been seeing all kinds of people saying lately that they are “bulk reo property” buyers. Then they go on to say that they have “$1 billion ready for investment”… or “I have access to $400 million”.  Really?  No… I mean… really?  Yes.  Bulk REO package deals with banks are happening.  Mostly in the several hundred thousand dollar to several million dollar range with 3-15 properties…”

“Is that preforeclosure really for sale?” (Inman, 7/17/08)

“Many homes in preforeclosure are not on the market and their owners do not intend to sell them…Listing sites like Yahoo Real Estate and Trulia have been criticized for not taking…steps to make clear that preforeclosures from RealtyTrac that are mixed in with for-sale listings are not necessarily for sale…”

“Avoid probate with TOD deed” (Inman, 7/17/08)

“There are currently nine states that permit a TOD deed, also known as a beneficiary deed, to be recorded for a piece of real estate…In these states, you can record a TOD deed (Transfer of Death) that names your heir as the grantee…upon your death. You would record the deed just as you’d record a regular deed…The big savings: You don’t have to go through probate…”

“Fannie, Freddie problems not pushing rates up” (Inman, 7/17/08)

“Fears that the government will be forced to bail out Fannie Mae and Freddie Mac may actually be helping drive mortgage rates down, an effect that could be dampened as investors rush back into the stock market this week.”

“Investors Hunt For Bank-Owned Property Bargains In Packs” (Investors’ Business Daily, 7/17/08)

“One man’s castle is another’s commodity. Investors, alone and in groups, are negotiating volume deals to buy bank-owned homes and defaulted first mortgages at deep discounts. It’s a new twist in an upside-down real estate market. Forget negotiating with a bank for one repossessed house — too slow, too pricey. Investors now buy whole subdivisions or bundles of 10, 20 or 50 defaulted loans for pennies on the dollar…”

“Are You a Real Estate Professional? Maybe Not, Says IRS” (Realty Times, 7/17/08)

“If you’re a real estate investor who has ever taken a real estate loss on your tax return, there is a target on your back. For months, members on my Forum have been complaining about being selected for audit, and losing, based on the IRS’s new set of real estate professional guidelines.”

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Bulk REOs, the IRS and Avoiding Probate…

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• Freddie Mac Tweaks Rules, Pokes Investors In Eye (2)
• The Word on the Street Lately… (1)

Someone had mentioned it, after catching a glimpes of the news on a break.

Now that I’m back in town I’ve done a little reading up on what’s going on.

Veeeeery interesting.  It’s gonna be pretty darn interesting to see where this goes next, no?

If you’ve been too busy to hear much about this, then take a few minutes to wrap your mind around it.  Then leave a comment sharing what you thing about it.  It’s big industry news.

Here’s a few key articles and a two short clips from Reuters that’ll help bring you up to speed…

• Inman News, 7/14/08 - Feds give Fannie, Freddie Access to Capital
• Realtor.com, 7/14/08 - U.S. Senate Passes Housing Stimulus Bill
• Inman News, 7/15/08 - Fannie, Freddie Don’t Plan to Borrow From Feds
• Rueters, 7/15/08 - Officials grilled on Fannie, Freddie Rescue Tab

Reuters Video, 7/11/08 - Fed offers Hand to Fannie, Freddie

Reuters Video, 7/14/08 - Will Rescue Plan Lead to Bailout?

So what do you think about all this?  Post a blog comment…

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Lions and Tigers and Bailouts, Oh My!

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• Bulk REOs, the IRS and Avoiding Probate… (1)
• The Word on the Street Lately… (1)

No, I’m not jumping on the “sky is falling” bandwagon here.  But this is still big stuff, folks.

• It’s the fifth FDIC-insured failure of the year,
• the biggest bank failure of the housing downturn to date, and
• the second-largest bank failure in U.S. history.

Wow.

Here are three interesting, well-written articles you might want to check out about it:

Inman: “Feds close down IndyMac Bank”

The FDIC said it will transfer insured deposits and “substantially all the assets” of IndyMac Bank, to a newly created successor, IndyMac Federal Bank, which will be operated by the FDIC.

Insured depositors and borrowers will automatically become customers of IndyMac Federal, FSB and will continue to have uninterrupted customer service and access to their funds by ATM, debit cards and writing checks. Depositors of IndyMac Federal Bank FSB will have no access to online and phone banking services this weekend, but will regain access to them on Monday.

LA Times: “IndyMac Bank seized by federal regulators”

IndyMac, which once employed 10,000, fell prey to a classic run on the bank, and regulators singled out Sen. Charles E. Schumer (D-N.Y.) for helping to fuel massive withdrawals. On June 26, Schumer said in letters to the FDIC, the OTS and two other federal agencies that IndyMac may have “serious problems” with its loan holdings…

…That public warning prompted depositors to pull $1.3 billion out of accounts between June 27 and Thursday.

Bloomberg: “IndyMac Seized by U.S. Regulators Amid Cash Crunch”

Given their focus on Alt-A and a heavy concentration in California, they would have suffered meaningful losses in almost any scenario,” Brian Horey, president of Aurelian Management LLC in New York, said before the seizure was announced. Aurelian is short-selling IndyMac shares to gain from declines.

Had IndyMac applied some common sense and changed their approach to underwriting as the housing market peaked, they might have lived to see the next cycle,” Horey said.

So…what do you think about this?  Does this directly effect you or your business in any way?

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Breaking News: Indymac is Toast

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Though I’ve moved on from my role as the “Flipping Homes 2.0″ guy, my opinion of Steve’s education is unwavering.

When it comes to learning the ins and outs of flipping houses (whether fixing-and-flipping or wholesaling) you just can’t beat Steve’s stuff. It’s the best around, hands down.

In fact his wholesaling course alone is an industry standard second-to-none, and should be required reading for every real estate investor.

Passing along a great discount…

Steve just sent out his July newsletter announcing a coupon code good for 20% off any of his products…

The second special will run for the whole month of July.  To celebrate our Independence we are offering 20% off of every Steve Cook product that we offer this month.  Additionally, you will receive a free copy of Bill Guerra’s eBook “How to Talk With Real Estate Sellers” with every purchase.  All you need (to get your discount) is coupon code: Independence

You can review all of Steve’s products here…

…and don’t forget to use the coupon code: Independence — to get an immediate 20% off.

You’ll find they’re already extremely reasonably priced compared to many in the industry.  And getting 20% off only sweetens and already great deal.

If you’re looking for a solid, non-hypey, content-rich education, you can’t go wrong with Steve’s courses or bootcamps.  I’ve seen the best and the worst of them first hand, trust me.

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20% Off Steve Cook Products

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That’s right.  Henceforth we the fellowship of real estate entrepreneurs shall call The Shaq our bretheren.

Apparently O’Neal wants to buy the mortgages of Orlando residents facing foreclosure, then hand out new mortgages with easier terms. He would of course earn a “small profit” from his venture, and homeowners wouldn’t have to leave their houses.

The Orlando Sentinal reports that after he came out with the news, Shaq was inundated by 2,000+ e-mails from desperate Floridians seeking his help after failing to receive assistance from mortgage companies.

The best laid plans of Shaq and men…

Now Shaq admits he’s not really sure how to pull this off.  He doesn’t really have a “plan” per se.  But he’s sure the idea will work.

Interestingly I’m betting Shaq’s willing to take such a “small profit” thanks to the much more lucrative prospect of the TV reality show he’s also planning to develop around it all, called Shaq’s Big Save (a sequel-esque to his 2007 weight-loss show Shaq’s Big Challenge).

My question is…

…Could Investor-Shaq or Reality-TV-Shaq ever really compete with Basketball-Shaq, Kazaam-Shaq or Mad-Rapping-Skillz-Shaq?

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Facing Foreclosure? Let Shaq Help!

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