Financial

Mortgage renegotiations: HEY-OYE can help, in particular, those in Keystone Pointe St Cloud, Florida

2008-11-23T22:50:00Z

HEY-OYE has experienced legal, mortgage, and real estate staff to guide you in obtaining better terms on your exisiting mortgage. There are a number of FDIC, HUD, FHA and private mortgage lender rules that can provide a quick assessment if you qualify: 1) you do not need to be in default of your current mortgage to qualify, but have to otherwise demonstrate an "emergency" (health, job loss, divorce) that makes your income/debt ratio over 38-40%; 2) you have to demonstrate an ability to service the new loan terms (all other debts are considered) and credit score has to meet certain criterias. There are special programs for those 3 or more months in default of their payments with the HUD "Hope Now" initiative, but it requieres your giving up part of your next five year house price increase. HEY-OYE is particularly interested in assisting homeowners in Keystone Pointe, St Cloud, Florida who are owner-occupants. We have links to active members of the HOA, St Cloud mortgage originator, and real estate and legal team.

Facing Foreclosure: Cutting the Homeowner's Losses

2008-07-11T20:21:00Z

HEY-OYE staff is giving good advice to homeowners with a "negative equity" (mortgage debt much greater than
the current market value of their home). Because governments or others are unlikely to rescue homeowners,
HEY-OYE staff recommends that homeowners take action. First, determine the home's current market value by:
1) finding tax appraisal values on the County or Municipal web site;
2) checking http://www.zilow.com/ or similar free web sites;
and 3) finding prices of "home comparables" on Realtor Mulitiple Listing Services by linking with real estate brokers.

If these current numbers are 25% below the amount due on the mortgage loan, the homeowner should
immediately conduct "good faith" negotiations with the Lender. If it appears
unlikely that the Lender, or the Servicing Agent on the mortgage, is unable or unwilling
to substantially reduce the principal amount due on the loan to correspond with the current
value of the house, the homeowner should contemplate abandoning the home. This
is a hard decision since it will damage the credit of the homeowner, on top of
the emotional trauma of leaving the home and losing the downpayment and all other related closing
costs and expenses.

HEY-OYE staff advocates practical solutions. If the current value of the home is 25% below the loan amount,
it is wise to cut the homeowner's losses by not prolonging the situation. Continuing payments on the mortgage
will not aliviate the outcome.

A good remedy is to lease a comparable home and attempt to negotiate a option to purchase. HEY-OYE staff can quide the homeowner with all these steps, including minimizing the impact of their credit rating (negotiations with Lender involving the "deficiency judgement" and/or deed in lieu of foreclosure), and otherwise counsel with the lease/option negotiations and subsequent credit remediation steps. While the current Homeowners Relief Legislation pending in Congress could offer Lenders an avenue to re-negotiate some of these "negative equity" mortgages, HEY-OYE staff cautions homeowners to be prepared to "walk away", especially if it appears unlikely that the Lender is willing to take such a large reduction on the principal amount of the loan to match the current value of the home.

Foreclosure options: re-negotiate mortgage terms or leave and lease/option buy new home

2008-07-07T15:17:00Z

HEY-OYE staff has been advising homeowners to review carefully the alternatives to remedy their home having a "negative equity" (mortgage debt much greater than the current market value of their home). HEY-OYE staff have been advising homeowners to determine their home's current market value by: 1) going to their County or Municipal web site (tax appraisal or tax assesors files posted on line); 2) www.zilow.com or similar free web sites; and 3) Realtor Mulitiple Listing Services "home comparables" (available by linking with real estate brokers.) If the amount due on the mortgage loan is far in excess of the home's current market value (loan to value of over 25%), the homeowner should immediately conduct "good faith" negotiations with the Lender. If it appears unlikely that the Lender, or the Servicing Agent on the mortgage (not the ultimate owner of the loan) is unable or unwilling to substantially reduce the principal amount due on the loan (to correspond with the current fair market value of the house), the homeowner should contemplate abandoning the home. This is a hard decision since it will damage the credit of the homeowner, on top of the emotional trauma of leaving the home and losing: the downpayment; improvements to the home; and all other related closing costs and expenses. At HEY-OYE we are more about practical solutions than "hand holding". If the value of the home is 75% or less of the loan amount, why prolong the pain, we recommend to homeowners, cut your losses (continuing payments on the mortgage will not aliviate the outcome); lease a comparable home, and attempt to negotiate a option to purchase. HEY-OYE staff can quide the homeowner with all these steps, including minimizing the impact of their credit rating (negotiations with Lender involving the "deficiency judgement" and/or deed in lieu of foreclosure), and otherwise counsel with the lease/option negotiations and subsequent credit remediation steps. While the current Homeowners Relief Legislation in Congress could offer Lender's an avenue to re-negotiate some of these "under-water" mortgages, we caution homeowners to be prepared to "walk away", specially if it appears unlikely that the Lender is willing to take such a large reduction on the principal amount of the loan to match the current value of the home.

Immigrant Financing

2008-05-01T11:43:00Z

HEY-OYE will refer clients to appropriate financial institutions, investors, to facilitate funding of worthwhile projects.
Building contractors, software developers, small business owners and entrepreneurs have already been served with introductions and "matching" services.