Mortgages Exceeding $1million

A recent article on bloomberg said that homeowners withmortgages of more than $1 million are defaulting at almosttwice the U.S. rate and are turning to short sales to unloadtheir properties as stock-market losses and pay cuts squeezewealthy borrowers. There’s a fortune to be made with luxury short sales rightnow and tonight, I’m peeling back the curtain to show youhow my negotiators are getting so many luxury short salesapproved right now. After you attend this training, you’llbe able to replicate what I’m doing and you will keep 100%of the profit while are your short sale negotiations are100% automated. Join me Tuesday night on my encore presentation of: WhyShort Sales Fail and How to Force the lenders to handle yourshort sales: http://www.dcfawcett.com/gonow"The rich aren't as rich as they used to be," said AlexRodriguez, a Miami real estate agent with JM Group USA Inc.,whose listings include a $2.9 million property marketed as ashort sale because the price is less than the mortgage,leaving the bank with a loss. "People have reached thepoint where they can't afford the carrying expenses of a $2million home." Payments on about 12 percent of mortgages exceeding $1million were 90 days or more overdue in September, comparedwith 6.3 percent on loans less than $250,000 and 7.4 percenton all U.S. mortgages, according to data from First AmericanCoreLogic Inc., a Santa Ana, California-based research firm.The rate for mortgages above $1 million was 4.7 percent ayear earlier. As defaults on the biggest mortgages rise, borrowers such asSteve Holzknecht are turning to short sales to exit loansthat now are larger than the market value of the house. Insuch a transaction, the lender agrees to accept less than a100 percent payoff on a mortgage to expedite the property'ssale. Holzknecht, 53, last month cut the asking price for his7,280-square-foot home in Kirkland, Washington, by $550,000to $1.25 million, lower than the balances of his twomortgages. Holzknecht, the former owner of Four Suns Inc., aSeattle luxury homebuilder that went out of business twomonths ago, constructed the Craftsman-style home in 2000. Hedeclined to identify his lenders or the amount he owes.