Mike Mueller, Social Media.ist

I posted my entry at 11:40 PM pacific time last night.  I have been having issues with my wireless router and didn't want to be aced out because of a technical glitch.  But yes, I was waiting to the last minute. 

Choose Your Mortgage As You Would Your Shoes

The topic was ARMS vs. Fixed Rate: Which is Better?

I went on record stating that I didn't like the topic as I thought with all these professionals, we'd end up with 30 articles all the same flavor.  I am happy to report I was wrong.  The last thing I wanted was for my post to sound and look just like everyone else. I tried not to read anything until after I posted.There were some absolutely great articles here.  Great competition, great content.   You can read them all here: Carnival of Content

Yes, I could have gone deeply into debunking the common myths like Brian Brady did  - (great job as usual Brian). 

I could have explained in detail what style of loan might have been best for what style of borrower.  But I sure wouldn't have done as good of a job as David P did.  That was a bunch of great work!  

I could have gone down the windy path of Yield Curve Analysis, Jason, you did a great job!

I toyed with the idea of a Fairytale Book - I strongly believe in the power of parables and analogies.  My first 4 words were in fact, "Once Upon a Time...".  I was heading towards using the three little pigs.  Luckily I backspaced and started all over again.  I couldn't have done it as good as Sarah Eubanks.

Matthew and his analogy of different cars was almost spot on with my shoes.  Matthew, I loved it.  When I was an avid skier, I had my big downhill skis, my bump skis, my trick skis, my rock skis.  All serving different purposes.  Same with us and cars (and shoes).

Jason Price sucked me in with the title, "The Best Mortgage IS a Fixed Rate Mortgage".  Good job Jason.

Bob Mitchell certainly showed a great amount of imagination.  That was a fun read! As I was reading it I was hearing the different announcers voices in my head.

I was very happy to see Vyvyan Du.  I remember when Brian Brady announced he was taking her under his wing.  Great job Ms. V!

That's just a highlight.  Shout Outs to go to all the competitors.

A Gypsy, A Crystal Ball and Arm or fixed loans by  Joe Adams

Arm Vs Fixed which is better?  by Christopher Onwuasoanya

Stop Twisting My ARM!! I think I Want A Fixed Rate.. by Thomas Weiss

ARM WRESTLE YOURSELF TO HOME PAYOFF!!! by Shawn French

I Feel Good or How I Learned to Stop Worrying and Love my Fixed-Rate Mortgage by Bill Engleman

Adjustments or Stability? by Shaun Wren

Mortgage Rates ~ Adjust it or Fix it? by Kim Murphy

Adjustable or Fixed Rate: Which One Should You Choose? by Robert D. Ashby

Adjustable Rate Mortgage (ARM) vs. Fixed Rate Mortgage: Which is Better? by Rey "Steak Dinner" Gallegos

The Pros and Cons of Adjustable Rate Mortgages by Michael Mapes

 

All in all there are some really good posts here.  I know it took me almost 4 hours to complete my post.  Please take a moment and read some of these excellent consumer orientated posts!

And Judges...  Good luck!  I think you have the hardest job of all!

I like shoes.  Yes, I'm a man and no, I'm not what you might call "metro".  Never had a manicure.  But I do like shoes.  I have all sorts of shoes for all sorts of activities.  I'll bet you do as well.

Just looking in the Black Leather section of my closet, I have:

• My very nice hand stitched Italian leather lace ups,
• My "Basic Banker Wingtip Blacks",
• That old pair of scruffed yet comfortable Oxfords, I might wear these everyday if I could
• My Loafers (penny included of course),
• My "Broker Tour" loafers for those houses that make you take your shoes off,
• My black Mandals, perfect for semi formal bbq's,
• I can't forget about my Ghillie Brogues, a Kilt isn't complete without them!

Remember this is just the Black Leather Department!
I have hiking boots for summer, hiking boots for winter, I have boots specifically made for climbing to the summit of very tall mountains.

In motorcycling boots, I have boots for dirt riding, for street riding, and for racing on the track.  I also have running shoes, I have "work out at the gym" shoes, I have running shoes I specifically use just for driving.

I have a lot of shoes.  Maybe more than most but the point is, I cherish each pair because each pair serves a very specific purpose. 

Yes, I could wear my Sweet Italian's out on Broker Tour.  I could also wear my winter hikers to Yosemite in the summer.  Each one would work fine, not great, but they would be good enough to get me through the day.  So why own so many different pairs? 

While the Winter Hikers would support my ankles and provide the grip and traction needed, they are also so incredibly heavy and oh so hot!  You can understand that can't you?  Good.  It's the same thing with my wife and her three pairs of red dress shoes.  I know better than to ask why there's three different shades of red, three different heights of heel, and I know all about how that lace bow matches that lace of that particular dress.  I don't even need to go there!

What is so basic and extraordinarily simple of a platform - The Shoe, has evolved from just a simple covering of the sole into something high tech, something of high fashion, something closely resembling art in of itself.  Why?  Because we can see the value a specific style, or model, or feature brings to the experience.  Back in Cave Man days, shoes came in one color, one style. Handmade animal hide.  That matched the one lifestyle - survival.  Today is a very different story.

Shoes are sexy.  Mortgages are not.  Yet there are so very many different styled mortgages available.  Each with their own distinct features. Mortgages are very much like shoes.  We have sleek fast ones, comfortable livable ones, big and bulky ones, and plenty in between.  Like my Mountaineering Boots there are mortgages that exist for very specific applications.  Like my black scruffed up Oxfords, some mortgages offer a level of comfort not found in other programs.

I mentioned, I would wear that pair of old shoes everyday if I could.  But that would be highly impractical.  The same could be said for any pair of my shoes.  Each pair works best under certain conditions.  Those conditions change for me sometimes three times a day.

Let's now change the metaphor from shoes to mortgages.  Unlike my personal life, the conditions that may require me to change my mortgage don't happen three times a day.  In fact, they may never change at all.  Then why are there all those different mortgages out there?  The mortgages are just different pairs of shoes.  And just like a pair of shoes, there is one pair out that is absolutely perfect for you.  Maybe not perfect for you forever, but perfect for you over a period of time.  Your mortgage needs don't change nearly as fast as your shoe needs.

We have a problem.  People don't think of mortgages like they do shoes.  They don't look at them as fitting a specific need.  Mortgages to them are simple commodities, like a gallon of milk or a cup of sugar.  They just aren't sexy!

Here's the truth.  Every mortgage product in existence, Fixed Rate or Adjustable, has a specific need that it fulfills better than any other program. Every one of them!  From the Best A-Paper Conventional Conforming 30 yr Fixed Rate Loan, to the Payment Option Arm, to the 2/28 Stated Income Interest Only Loan to the Hard Money 6 Month Bridge Loan. 

There's a catch.  It takes a mortgage professional who fully understands what you need to match you up for the best possible fit.  You can't try on mortgages like you can shoes.  You wouldn't order shoes over the internet.  You wouldn't call in to the home shopping channel either  That's why you need to meet one on one with a true mortgage professional.  They will "size you up", they'll measure this and that, they'll ask you about your needs, your wants, your goals.  What you like, what you don't like.  Unlike the shoe store, you get only one chance to get it right.  They are the experts and they will find the right mortgage to fit you.

Adjustable or Fixed.  Sexy or Boring. 

Your mortgage, just like your shoes, has to be a perfect fit for you!

Yesterday, I reported that Zillow featured an article I had written.

Puddles and Pools.   The article was an attempt to explain the complex world of Mortgage Backed Securities. Lenders don't just create mortgage rates willy-nilly.  

I found this video from CNBC with Steve Liesman explaining in simple terms how the Sub Prime Puddles are  combined into larger Pools.  This is more about how Pools  are then divided so that different investors can take "ownership" of different facets of the Pool.

Good Job Steve! 

When you watch a video on YouTube as it ends, they list other videos that may relate to the one you just watched.  After watching that one, YouTube served up one of my favorite journalists, Bill Moyers.

I first became a Bill Moyers fan when he did an in-depth series with another person I really admired, Joseph Campbell.  That series turned into a PBS special "The Power of Myth"and ultimately a book.  I still have the book, and somewhere I have my home recorded VHS tapes.  I wonder if they even work?  I wonder if I even have a VHS player that works?  I digress.

Naturally, I was initially attracted to see what Bill had to say.  So I watched this video.  Now I am a Gretchen Fan!  Gretchen is a Pulitzer-prize winning business reporter for the New York Times.

Key Points start at around three minutes into the first video. 

Part One:

• 3:30   How Wall St. has packaged these and Lenders are more worried about collecting fees
• 8:15   Who's supposed to be minding the store?  Lack of Mortgage Broker Regulation. (one of my pet peeves)

 Part Two:

• :20   "What's the good of getting people into a home if they can't afford it?"
• 1:10   "Is this Mortgage Product appropriate for you?"   Regulation?  We need it!

This topic of doing the right thing for the client was also on a post I read on Inman News about OfferAngel.com.  OfferAngel has a good but flawed idea.  Unlike LendingTree who sells your name to countless (not just 4) hungry unscrupulous mortgage slimeballs, you the consumer will have the ability to select who you want to receive a quote from.  Almost a good idea.  The problem is, and relates to Gretchen's question of who is going to ask,

"Is this Mortgage Product appropriate for you?"

I commented that if I had a pain in my side would I want to start shopping Surgeons for the cheapest Appendectomy?

While it's true that I might find the cheapest or the best way to remove my appendix, it may also be true that I died before I got to the table because it was in fact a ruptured spleen that caused the pain.

Does the borrower always know what they need? Key emphasis on NEED.  They in fact don't.  They come to us telling us what they want.    That's the flaw I see in AngelOffer.

The flaw in the mortgage system as a whole is too many loan officers will do the loan that the borrower thinks they want without doing the  due diligence and presenting (based on their professional opinion), loans that the borrower will be better off with (if at all).  These are what the borrower NEEDS.

The fact remains that too many loan officers, loan hacks, brokerages, lenders, and even institutions have been chasing the money with no thought as to doing the right thing.

Today is the deadline for the Carnival of Content.

While the topic is going to be Fixed Rates vs. ARMs, and each loan officers attempt to explain the differences between the two to that hypothetical borrower, one thing will stand out.

That one thing, is the personal ethics of each and every loan officer here.  Read the entries.  You can literally hear the loan officer asking that all important question.

"Is this Mortgage Product appropriate for you?"

Ok, so the truth may be closer to...

Zillow liked something I wrote and decided to feature it.

LINK

Diane Tuman wrote that,

"I spend a lot of time in the Real Estate Guide, editing content, organizing content, and “redirecting” spam when I see it. Lots of similarly-themed titles flow one after another, involving mortgages, title insurance, buying homes, selling homes, staging– you name it. However, one headline that popped out at me amid the usual subjects was: Puddles and Pools. Puddles? Pools? How do puddles and pools go together? The imagery was driving me nuts, especially since I kept thinking of a puddle of water on my kitchen floor or a pool of water in my basement!

I soon discovered that Puddles and Pools had nothing to do with H2O, but was a creatively-written article by Mike Mueller of Patagonia Finance (Concord, CA) about how mortgage rates are determined. For my very limited mathematical brain, it made total sense: “Pools” represents trillions of dollars of mortgage money that moves slowly and steadily through the biz by the giants of the industry (Fannie Mae, Freddie Mac and Ginnie Mae), while “puddles” represents smaller amounts of money — although perhaps millions or billions of dollars — that is controlled by large insurance companies, investment funds and pension funds. For each of these areas, the money needs to keep moving and is the source in serving both conventional loans and jumbo loans.

This is only part of the article, which explains what makes mortgage rates go up and down. Other factors include mortgage-backed securities and supply and demand. So when you wonder what drives mortgage rates up and down, think about puddles and pools of money and the image that water needs to keep moving."

I am honored to have something I've written featured in such a prominent website such as Zillow.

It's very true that the general public has no idea why rates go up or down. 

I talk to loan officers and real estate agents everyday who don't have the slightest clue.

I thought by using the metaphor for the two bodies of water I could better convey the differences. 

I think I may have been right.

Maybe I can get them to buy me a beer at "Bloggers and Beer" - Boy am I a cheap date!  

My original post can be found here: http://www.patagoniafinance.com/2007/06/of-puddles-and-pools.html

Karen George wrote a great article last week "Good Salespeople Ask For Business" that got me to thinking.

As a loan officer for 14 years I have seen both the good and the bad.  In the last couple of years I've witnessed the flood of less than ethical Salespeople into my chosen field.  I will not lower myself to their level.  I will not compete with them on their playing field.  Yet, we can all see and feel the damage they have done.  Daily, I hear from people who are in dire straights due to the misdealing of these so called "professionals".  Despite this, we can also make the argument that they are not completely at fault.  I did so back in January with my article, "Conspirator or Patsy". 

No matter where you want to place the blame, the fact remains.  Many homeowners are on the verge of losing their homes to foreclosure.  We also have seen  the flood of foreclosure scams and artists hitting the consumer marketplace.  Like any other predator, these sharks smell the blood of their prey from miles around.

As an insider to the business, as a responsible and ethical loan officer, and as a human being I have asked myself, "What can I do?"  And really, is there much of anything that a single individual working in a small office could do? 

One of my favorite Professors in college was a business teacher, Joseph Kriz.  Teaching was his third career.  He had been a laborer, a CEO and leader of large companies, and then instead of retirement, he chose to teach.  It was his way of giving back.  One of the greatest ideas that stuck deep inside me was this; "When you are looking for solutions for seemingly impossible tasks - look into your toolbox.  These are your real assets."

When I asked myself "What can I do?" in an effort to help or solve this dilemma, I looked into my toolbox.  I've been a daily blogger since early 2001.  Blogging is a tool.  I use it primarily as a vehicle in getting my personal message out to my readers.  Learn who I am and why I am and you'll use me for your next loan.

It struck me that I could use blogging as the vehicle to get the "Right" message out as well.  I then looked at my other tools.  Many people think of ActiveRain as a tool.  It is a tremendous resource of competent information on a national level.  Additionally, most all of the professionals on ActiveRain already know the value of blogging.

 Using a combination of these two tools I had the idea of a dedicated blog.  A single reference point.  A site with many different voices, yet all with one common goal in mind, to give the homeowner in trouble a place to find honest and unbiased information concerning their circumstance. 

The Foreclosure Report is the result. 

It's still very new.  I published the first post just a couple of weeks ago on 6/24/07.  Tapping my resources here on ActiveRain, I've poked around looking for posts on foreclosures written in the voice I was looking for.  I'm happy to say, I now have around 30 voices who have offered to help! 

Here's just a couple...

 

• John Occhi
• Brad Andersohn
• Mariana Wagner
• Tony Gallegos
• Tami Patzer
• Jeff Corbet
• Jennifer Kirby
• George Souto
• Tony Marriott
• Ed Rybczynski
• David Petrovich
• Andy Kaufman
• Tim Maitski
• Margaret Rodgers
• Jason Sardi
• Rosemary Brooks
  

Some have offered to post directly - others have allowed me to repost their articles.

I commented to Jason Sardi in response to his having to turn down a loan...

"What more can we do?"
I think we can continue our counseling so that they don't continue on the path downwards.
I think you have two roads to take here.
     1.  Declined, "Sorry I can't do a thing - ....NEXT?"  or,
     2.  Declined, "and here's why.  Furthermore here's the options you have going forward and the implications, pros and cons of each"
We all know for some, they shouldn't be home owners.  Others might just be in a temporarily tough place. 
Some you might have done the loan, others may be coming to you for the first time.
No matter which or what, one thing is for sure - you know much more than they do.
Use that knowledge to point them in the right direction.  It may not yield a loan in the short term but it's the right thing to do in the big picture.

We as insiders know so much more than the general public.  We know - yet we also sit back and wait to be asked.  This is called a "Pull" based information flow.  We wait until the information is "Pulled" from us.  Wouldn't it be better to change that dynamic.  Offer it up freely?  Push it out there so that when the seeker of that information looks they can easily find it? 

Now, back to "Good Salespeople Ask For Business". (and thank you to Karen for reminding me that I am a Good Salesperson). But are 30 voices enough?  I don't think so.  Yet you may not have heard from me about this project.  Why?  More than likely I just haven't gotten to you yet. 

So as a Good Salesperson, I am asking YOU for business.  I want YOUR articles, I want YOU to be a part of this project.

As a Good Salesperson, I also came equipped to handle objections.
If you don't think there is anything of substance you can contribute, then please just do this:

1. Help spread the word to as many as you can.  The public, non blogging insiders, anyone.
2. Write a post about this project.
3. Add a link.  Add a link to your blog here, add a link on your outside blogs.

In closing all I ask is that you do The Right Thing.  Help someone else.  Give of yourself.  Help to make this world a better place.

After all, you do have all the right tools.

Notice of Defaults

This week, for the State of California, there were 4,120 Notice of Defaults (NOD) filed with the County Recorder office.

Here are just some of the notable counties:

If you, or someone you know

• May be soon Late on their Mortgage Payment 
• Is 3o Days Late,
• More than 30 Days Late,
• Has a Notice of Default Filed,
• In Foreclosure,
• Trustee Sale Date set,

The time to act is now!

Here's 7 Ways To Resolve Today!

The Foreclosure Report

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As you may know, I am an avid blogger.  I've been so since early 2001.  I also love to teach.  The act of blogging can have an enormous impact on the business of real estate professionals, and in particular, real estate agents.  I know this, you as a reader probably already know this.  The problem I see in my own area is that so many of the agents I see don't know it.  So I teach. 

I'll teach one on one.  I'll teach a class of 70.

I don't teach because I want to. I teach because I have to.  It's a part of me.

I ask for almost nothing in return, almost.

When I teach a blogging class here in Walnut Creek, I'll usually hold it in a conference room of a local title company.  One of my biggest supporters has been Linda Moss of First American Title.  Linda understands that I am a "giver", she's also a "giver".

When I first setup the classes with Linda I asked her for just one thing, (besides the room and the internet access).

I wanted to charge for the class.  Not money for me, but money to go to a local charity.  I left the particular charity up to her.  I firmly believe that in everything I do, something good should come of it.   So if I'm teaching, I'm also fund raising.

Linda chose the Contra Costa Association of Realtors Scholarship Foundation as the beneficiary. 

They are a 501(c)(3) organization led by Mary Chatton Brown, President, and Tom Hart, Vice President.  Both wonderful "Givers" in the community.

So, I've been teaching local readers the value of blogging.  I've taught over 200 agents so far.  We've been collecting the money at the door.  Everything was going along just fine.

But then I had an agent who had reserved space in a class but couldn't make it.  I didn't know him, he was out of the area, but a week after the event, he sent me a check for his $10 donation!  It touched me so much I even had to post about it.  Thank you Ken Sorenson.

I dropped his check off at the CCAR offices and went along in life.  Then, one day, out of the blue, Mary Chatton Brown called me.  She was wondering why she had this check from Ken Sorenson on her desk from me.  I explained the whole story of how and why, after all it is a great story.

She then surprised me by inviting both Linda and myself to the 40th Annual Scholarship Awards Luncheon! 

The luncheon was held last Friday at the Blackhawk Country Club.  We had a wonderful lunch, and then the various awards were handed out.  In 2006, 20 students received a record $55,000 in scholarship grants.  I was awestruck in the recipients of these awards.  These "kids" were barely out of high school.  Yet when they were introduced and took the stage, they exhibited such a level of poise and professionalism I even joked to Linda that we had better watch for them.

Here's the 15 Recipients for 2007:

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Yes, I know Sticky-Ness isn't really a word.  Or if it was it wouldn't be spelled like that.

For me, the way I see it, Sticky-Ness is what blogging is all about.

Chris Hendricks of PsPrints describes it as "Good Sticky".

As a Real Estate Professional you have a Marketing Plan. 

Whatever that plan may be, however you plan to reach new people - You need Sticky-Ness.

You've heard the phrase, "Big Rocks and Hot Air Balloons don't sell houses - People Sell Houses!"

Think about that for a second.  How many times have you sold a house to someone you never met?

I'll guess every one of your clients has "Connected" with you in one way or another.

That "connection" is what we as Salespeople, as humans do. And we do it on a daily basis.

Dale Carnegie says that to "Win" people we need to establish three main concepts.

1. That you are Like them.  - People like people they can relate to.  We work with people we like.
2. That you Understand them. - People like people that understand their problems.
3. You are an Expert in your field and can Solve their problems. - People trust those that they consider authorities.

Establish these three things with a prospective client and you'll have a solid client.  Agreed?

       The Open House Analogy:

Have you ever sat in an Open House?  Has anybody come into that Open House? 

And what was the first real question you asked them?  Chances are it went a little like this... "Are you presently working with a Real Estate Agent?"

If they said something like, "No, but we want to find a house this month and we're looking for a good agent."

Woooo - Hoooo!  Sound the Alert!   We Got A LIVE ONE! - Am I right?  (We'll that may be how you felt on the inside).

But back to the Open House - for the next 10 minutes, or as long as they were in the house, you told them about the neighborhood, the schools, the kitchen counter, and hopefully you asked questions as well.  "How old are your Kids?"  "Do you have Pets?" and my personal favorite,  "Does that snake skin tattoo cover your entire body?"  Okay maybe not that last question.  But the important thing here is you are actively searching for topics to connect on.

10 to 15 minutes later they are gone.  You did everything to continue the conversation didn't you?  I've seen food and drinks served at some in an effort to get them to stick around just a little bit longer.  But sooner than later they leave and the conversations stops.  The possible connections have also stopped.  Maybe you got their info and can follow up.  Maybe you gave them your info and they'll follow up.  Maybe. Have you ever felt if you just had 10 more minutes you could Win them over?

How many times have you met someone and connected instantly with them?  You found out that you have so much in common and that person became a client.  That's a good thing right?  Don't you wish you could make that happen more?  You Bet!

Whatever you do for marketing, whatever it is, even if you never sit in an open house (see Renee Burrows). It all drives traffic back to you. That's what it's designed for.

You may be of the inkling that you don't like your template site (see Sarah Cooper) and why should you?

Your website has the same information as everyone else.  But what about Your Blog?  Your blog is ALIVE!  It's not at all like everyone else.  If I hit your "SusieSellsHomes.com" site does it have a prominent link to your blog?  It should.

No matter what you blog about, no matter what the topic, your blog is a "24/7 conversation" with your readers.  It's the continuation of the Open House conversation you could have had.  Your Blog doesn't add Sticky-Ness, it is Sticky-Ness.  It keeps your readers on your site where they can and they will find points to connect with you with.  Joe Stumpf calls these TouchPoints.  What are those TouchPoints, we don't know.  That's what makes blogging so valuable.  It's a 24/7 Virtual TouchPoint Machine!

"I see Susie wants to Save the Whales, I want to Save the Whales.  Hey honey,  Let's call Susie about this house, I really like her!"

Want to see Sticky-Ness in action - just look at your website stats.  I use SiteMeter and here's two pictures of recent hits to my site.

The one on the left is actually a bot, but I use it as a starting point. 

The picture on the right is someone in Berkeley.

It shows how they found me, how long they sat on my site. and how many pages they read. 

Wouldn't we all like over an hour to talk to a total stranger and have them read 43 pages of our material? 

Click on the images to view full size.

Getting people to your site is easy.  Having them stick around and learn why they should use you is something else.

That's the idea of Sticky-Ness.

Read the complete The Four Part Series:

• The Power of Blogging - SER
• The Power of Blogging  - Net-Working  
• The Power of Blogging -  Social Fun (The Team Blogger project)
• The Power of Blogging  - Sticky-ness (This is it)

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Here's a trail of stories to read dealing with Equity Skimming.

I started at this article in BusinessWeek by Dean Foust about Foreclosure Rescue Scams.

It's a good article and worth the read.

"... in which unscrupulous individuals or groups approach homeowners facing foreclosure and promise to help them save their homes. In many instances, they convince the troubled homeowner--who is desperate to save their homes--to transfer the deed over to them with the promise that the investor will make the mortgage payments going forward, and the previous owner can rent while they try to rebuild their savings and repair their credit."

In the comment section I saw a link that led me to this page:

"The Home Equity Theft Reporter"

"a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it"

Which then led to to an article in The Kansas City Star entitled

"Real estate's market crash ensnares guru"

Of course that grabbed my interest. Just to help decipher the quote below, Smolec was the homeowner, Ledman was the Real Estate Guru, and Sargent the Buyer (and real estate agent!).

"Smolec was about $35,000 in arrears on her mortgage, and the bank was bearing down. Smolec said she thought she was signing a lease with Ledman that would allow her to stay in the house for two years while she made arrangements to pay off what she owed using a pension that was due her.

Asked whether she understood she was signing away all her rights to her house, Smolec testified, "No, I did not... I didn't understand because I was told differently."

Smolec said Ledman never explained the complex papers she signed.

"He said I was too old and he would take care of me like a grandma," she said.

Instead, Ledman sold the house to real estate agent Susan Sargent for $500,000, said Tom Gottschalk, a former investigator who testified at the court hearing. Gottschalk said that in signing away all her rights, Smolec lost the equity she still held in her house. He said that after expenses, Ledman would make a $130,000 profit.

Sargent said at the hearing that when she told Smolec she was the home's new owner, "She broke down." Sargent said Smolec was never aware until then that her house was sold.

Sargent said because of problems with the deal, she got Ledman to buy the house back. The house was remodeled and sold last year, this time for $600,000."

Please, please - read all three sites and if you are in trouble -

DO NOT sign your Deed over to Anyone - Don't allow yourself to be "Smolec'd"

Also posted at The Foreclosure Report

7/10/07 NODs (CA)

Notice of Defaults

This week, for the State of California, there were 3,692 Notice of Defaults (NOD) filed with the County Recorder office.

Here are just some of the notable counties:

If you, or someone you know

• May be soon Late on their Mortgage Payment
• Is 3o Days Late,
• More than 30 Days Late,
• Has a Notice of Default Filed,
• In Foreclosure,
• Trustee Sale Date set,

The time to act is now!

The Foreclosure Report

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