Hello, and welcome to Real Estate Reality Radio. The most important hour of radio every Friday from 9 to 10 on WBCB 1490 am. Thank you for joining Vince and me. For those of you who are not familiar with the show I am the guy with a bow tie and a bit of an attitude and Vince is the fun affable best friend. Our show is dedicated to dispelling the myths associated with Real Estate and finance in your marketplace
Within every market there are obstacles and solutions on the path to tremendous opportunities. Vince and I think most people are looking for practical advice. Please feel free to call 215-740-8999 or visit peterbuchsbaum.com.
Please join us live on the web at www.wbcb1490.com from 9:00am to 10:00 am every Friday.
We are joined again today by Michael Goldberg from Koller law in Philadelphia. Michael was born and raised in Cheltenham, PA. went to University of Maryland for undergrad and Widener University School of Law, receiving a J.D. He moved to Washington DC after law school and connected with a brilliant real estate attorney, Mervyn A. Schwedt. who has been practicing in real estate matters (construction, finance, commercial, residential, settlements) for nearly 40 years in Montgomery County, Maryland. Michael’s crash course in real estate finance began when the firm obtained a client who is a private lender with millions in private secured loans. I practice now in commercial and real estate law generally and I recently teamed up with Koller law, P.C. to begin developing my Pennsylvania practice. Through Koller Law, I met Kathy at Right Side Up. Since starting with Kathy in 2011, I have assisted many sellers through the short sales of their properties.
So last week we discussed the new Home Loan Refinance initiative and credit . The administration wants “responsible homeowners to find relief and be able to refinance. This week has had some interesting current events: Ben Bernanke spoke to Congress and wants to hold rates low until 2014 despite recent gains in the job market. The Fed Chairman was emphatic that congress needed to end the uncertainty of the tax cuts or risk slowing the economy more. Thursday’s Foreclosure Settlement provides $26 billion to help underwater homeowners and compensate those who lost their homes to foreclosure. The initial claim is that the average homeowner will be allowed up to a $20,000 reduction in principle. Those who lost their homes may be eligible for up to $2,000. The details are still being released but at first blush those eligible for principle reduction need to be behind on payments. Finally as part of the “settlement” Bank of America was hit with the largest single fine of $1 billion for underwriting fraudulent mortgages. That being said Bank of America’s stock is up nearly 50% since the beginning of the year.
Ever since the mortgage crisis began with the meltdown of Fannie Mae and Freddie Mac people have been trying to create a new normal real estate market.
Today we have the opportunity to spend an hour with Michael Goldberg and discuss how he assists homeowners negotiate on their behalf with their bank the details of a short sale. We believe sellers need an advocate to negotiate on their behalf.
Please join us live at www.wbcb1490.com for the open discussion with Sandy. Our discussion topic will be credit and credit scores and the effects of those scores. .
Each week we discuss the myths of the mortgage market. It is not about rate. A higher rate with no mortgage insurance may provide a lower payment.
Next week we hope to be joined by other members of Right Side Up Marci and Sherri who work with Bucks County Housing.