Boats For Sale - Fishing, Sail, Power, New, Used

I Short Sale Aims to Curve Detrimental Affects of New Lending Regulations

(PRWEB) October 31, 2007 -- Eli Tene, President of I Short Sale, Inc. (ishortsale.com), states, "We see the trend growing daily. People are being choked! We hear disheartening story after story from borrowers that come to us for short sale solutions or that have already been foreclosed upon by their lender, as they were unable to refinance." I Short Sale has quickly become the largest processor of short sales in the country, aiding the millions of Americans faced with losing their homes and damaging their credit. "As rules and regulations continue to tighten, people with the inability to show full documentation are being singled out and washed away."

"I am surprised that we don't see and hear every second about this disaster of letting people lose their homes with no real solution. I heard President Bush even state that since borrowers were irresponsible in the economic decision they made, unfortunately, they must live with it. Well I have news for you, these decisions came from government encouragement at the same time," asserts Raffi Tal, Chief Operating Officer of I Short Sale. "We at I Short Sale will do what we can to change this and to adjust the restrictions, and promote both federal- and state-designed programs in the attempt to save those homeowners, and set aside funds for that sole purpose."

Due to a "confluence of factors" (according to the Mortgage Banker's Association Chairman), America has recently experienced the well documented "subprime mortgage meltdown." As many borrowers' loans reset, they were unable to stay current on their mortgage payments; this has led to a dried up secondary market, an oversupply of housing, and ultimately a lender response in tighter credit guidelines. What does this all mean? The answer: that a large segment of the American population will never fully enjoy the ownership that so many have taken for granted.

Studies show that as many as 65% of subprime borrowers and up to 40% of prime borrowers will bear severe difficulty, if not the impossibility, of refinancing again. The new reality: The state and federal governments have aided in washing away millions of homeowners, closing the door for them to be able to refinance. Since these homeowners do not have equity, they will be tested based on their "real income." A new statement issued by the federal financial regulatory agencies on June 29, 2007, affirms that residential mortgage providers should be more cautious in dealing with adjustable-rate mortgages, implementing risk management and key underwriting standards that should be followed in order to mitigate future hazards. The statement also provides that "qualifying standards" should include an analysis of the borrowers' financial solvency and ability to repay the loan at maturity, assuming a fully amortized repayment schedule.

"Twenty-Eight state mortgage regulators have asserted that they intend to quickly implement the statement suggestions...I believe that 19 have already adopted it," says Tal. "This essentially means that it will be harder, or even impossible, to get a loan, and those currently struggling in a property will surely be hung out to dry." I Short Sale aids these distressed homeowners by negotiating a short sale, or an agreement in which the lender agrees to be paid less than the loan amount, and allows a third party to buy the property. This process offers the owner a fresh start, with the chance to recover without the large monthly payments. "The issue we are now running into is having to further reduce the list price of these properties in order to accommodate the full documentation buyers. But at the end of the day, we are still working hard to benefit both the homeowner and the lender by completing the transaction."

The new guidelines greatly affect low-end properties that cannot be sold in many locations as the buyers, by definition, cannot qualify. Other predatory lending guidelines aim to establish fiduciary relationships between mortgage brokers and borrowers, prohibiting originators from navigating borrowers into loans "that are not reasonably advantageous." In theory these practices are beneficial to the U.S. economy, but another way to look at it is where do the already struggling homeowners go now?

I Short Sale (ishortsale.com) hopes to aid this large segment of the population and get borrowers back on their feet. "Although many borrowers will be forced to vacate their homes, they will protect something that is more valuable for their future: their credit. Simultaneously, a lender will rid their books of a non-performing asset, increasing capital for other investments. It truly represents a win-win situation!"

For more information on I Short Sale, Inc., you can email info(at)ishortsale.com or call

1-877-90-SHORT.

###

MORE ARTICLES:

Repossessed Boats For Sale-How To Find The Top Repossessed Boats Available
Buying repossessed boats for sale offers a great opportunity for you save a lot of money in your next boat buying experience. A repossessed boat is something that the bank or financial institution takes back from somebody who defaulted on a loan payment. Therefore, the bank is in a hurry to get rid of these vehicles, and you'll often times get the dirt cheap prices.

Great Lakes Boat Top Offers Factory Boat Covers and Tops to Sea Ray Boat Owners
Great Lakes Boat Top, maker of high quality marine canvas for sixteen boat manufacturers has recently launched a promotional campaign targeting Sea Ray boat owners in need of replacement boat enclosures and covers such as bimini tops, cockpit covers, camper tops and a variety of other types of boat covers.

From Personal Belly Boats to High Performance Racers - An Overview of Inflatable Boats
Inflatable boats, also called rubber boats or dinghies, have been around in one form or another for thousands of years. They now come in many different sizes and models and include inflatable kayaks, sport boats, and inflatable catamarans.

Charter Boat Operator Stabbed by Leaping Marlin: And Other Bizarre but True Fishing Stories
The new book "Fishing's Greatest Misadventures" (Casagrande Press, November 2008) contains true stories of fishing disasters, unlikely catches, pranks, and other bizarre calamities. Inside the pages you'll discover a 200-lb catfish that sinks an angler's boat, a pike that destroys a lake cabin, and a man who put six holes in his boat attempting to shoot what he had just landed.

Let Bass Boats Enhance Your Fishing Expedition
Fishing is a great American pastime, and thousands of bass fishermen set out each year to enjoy the great outdoors, fish for bass and swap tales of the big one that got away. Many people aren't aware that some boats are made specifically for bass fishing, and good bass boats can make all the difference between success and failure.

Boat Covers - A Necessity For All Boat Owners
Boat covers are a very important boat accessory, and are a great way to protect your pride and joy. Owning a boat comes with many responsibilities, and proper maintenance is one of them.

Bass Boat Cover
Weather Shield Are you an outdoor lover If yes then you might love to go boating and if you have your own boat then you would love to take care of it with your best means

The Right Boat Trailer Can Protect Your Boat From Hazards
Owning a boat is just the beginning. In order to get your new boat from one location to another, you're going to need a boat trailer. In fact, boat trailers come in many different styles and weight capacities, so a little research in advance will help you make the right decision when it comes to deciding what kind of boat trailer you need.

Boat Cover: Does Your Boat Need One?
For many people, buying a boat is an investment and the culmination of a lifetime of saving and something that you and your family will spend many happy days on. Boating is a wonderful way to celebrate an important occasion with someone special or to spend a lazy day on the water fishing with friends. Owning a boat is a wonderful experience; however, to keep your boat in good working order you must properly maintain it. This is why you will find the use of a boat cover absolutely imperative. A boat cover will provide durable, lasting protection for your boat investment

Tips For Choosing A Deep Sea Fishing Charter Boat
Hiring a charter boat for deep sea fishing is a very exciting way to spend your time. To make sure you get the most out of the experience there are some basic elements you want to cover before you hire the charter boat. First you need to decide what type of fish you are after. This will help you identify the best fishing locations offering that particular type of fish.

How To Get A Boat Loan - Boat Loans in Australia
Getting a boat loan is not very difficult with numerous lenders competing for your time and business. It is however important that you prepare before you seek financing from any one of those lenders. Here are some issues that you may like to look at.

Bass Fishing Boats: Advice For The First Time Buyer
Bass fishing is a great past time that many people, both young and old enjoy. Once you get the taste of bass fishing, you might decide that you want to venture into buying your first bass fishing boat. This is truly an exciting experience, so it is best that you get some advice, being a first time buyer of a bass fishing boat.

Aluminum Fishing Boats - How to Find the Highest Quality Fishing Boats Without Breaking the Bank
Finding aluminum fishing boats is becoming easier and easier, because so many people are buying them that there are more available to choose from These are becoming more widely used than fiberglass and steel boats, and youýre about to find out why

Summertime And Boats... And Boat Insurance
Early summertime is the time of year, when boat owners start getting back on the water. I am speaking about pleasure boaters, those who use their boats to make a living fishing are on the water when the fish are under it.

Boat Covers - Why They Are An Essential Boat Accessory
Boat covers play a very significant role in the protection of your boat. Purchasing a boat is a heavy investment, and it is also a very valuable asset if you like to spend a lot of time on the water. Therefore, your boat requires complete safety from dust, grime, dirt and airborne particles.