THE KENOSHA KOЯNER: March 2007

Ralph Nudi and Associates   REO & Foreclosure Team

Name/Title                                                       Specialty/Area Served

Ralph D. Nudi - Owner/Agent              Kenosha, WI

Craig Pitts - Owner/Agent                                Lake Geneva, WI

Benjamin Gentile - Associate Agent                  Racine, WI

Sarah Gross - Licensed Assistant                     Lender Liaison for Short Sales and REO departments

Areas Served:

Kenosha County Communities: Brighton, Bristol, Genoa City, Kenosha, Paddock Lake, Paris, Pleasant Prairie Randall, Salem, Silver Lake, Somers, Twin Lakes, Wheatland

Kenosha County Zip Codes: 53104, 53128, 53140, 53141, 53142, 53143, 53144, 53158, 53168, 53170, 53171, and 53181

Racine County Communities: Burlington, Caledonia, Dover, Elmwood Park, Mount Pleasant, North Bay, Norway, Racine, Raymond, Rochester, Sturtevant, Union Grove, Waterford, Wind Point, Yorkville,

Racine County Zip Codes:  53105, 53108, 53401, 53402, 53403, 53404, 53405, 53406, 53408, 53167, 53177, 53182, and 53185

Walworth County Communities: Bloomfield, Darien, Delavan, East Troy, Elkhorn, Fontana, Geneva, Genoa City, La Grange, Lafayette, Lake Geneva, Linn, Lyons, Mukwonago, Richmond, Sharon, Spring Prairie, Sugar Creek, Troy, Walworth, Whitewater, Williams Bay

Walworth County Zip Codes: 53114, 53115, 53120, 53121, 53125, 54729, 53147, 54436, 53148, 53149, 53585, 54022, 53184, 53190, and 53191

As an expert on the Kenosha Foreclosure market, I often know what properties are coming on the market as REO's before they are even on the market. My team keeps records of the Kenosha Sherrif's Sale and we not only know what the bank paid at auction for the property, but often we have been in the property consulting with the previous home owner and know the condition of the property.

Because in Wisconsin agents are assumed to be sub-agents of the sellerp; I ethically and legally cannot advise investors what they could or should pay for the property, or give any insight that would give them an advantage in negotiating UNLESS they are my client by way of a buyer agency agreement.

Most buyers, including investors believe a buyer's agency agreement is just a way for an agent to "lock up" a buyer for any and all transactions, and it is true that most agents are offering it for that purpose. The fact is many agents forget how important agency is, and blur the lines constantly. In some states such as Illinois, buyer agency is assumed in the absence of an agreement or agency disclosure.

This is a good opportunity to test an agent on their knowledge and ethics. Ask an agent for advice on buying properties, and see if they are willing to help you negotiate in the absense of an agreement. A good agent will ask you to sign a buyer's agency agreement or a disclosure of agency and negotiate accordingly.,

If you are an investor in Wisconsin and your agent is giving you advice on how to negotiate, and you are not in a buyer's agency agreement.... RUN AWAY.   An agent that is incompetent or unethical in the area of agency probably has other professional short comings as well. You need someone who is clear on the law, on ethics, and is thoroughly competent to represent your best interests.

If you are concerned about being "locked up" ask for a provision in the agreement that will allow you to either "FIRE" your agent, or give you some additional freedom's to also find properties on your own.

For more information on buyer agency for investors, call Ralph Nudi at Weichert, Realtors® - Unum Properties,

at 262-997-0668

The foreclosure process can be swift, and usually works in the favor of your lender.

Most mortgage lenders file a foreclosure action when a loan becomes more than 90 days past due.

This means your lender has filed a LIS PENDENS.

A Lis Pendens freezes title. This means that you can not sell, or refinance your property without a release from your lender.

In most cases, you the homeowner are given a 20 day period to respond in writing once you have been served with a packet of paperwork from the courts. Once the 20 day period has elapsed, the lender will request a motion hearing and be granted a default judgment for foreclosure. This means any chance you may have been given to appear in court is waived, and your lender can proceed with a sheriff's sale in as little as 90 days. (Depending on whether or not the property is homestead)

This process leaves you with little time to solve your problem. To make matters worse, each day that you wait, the amount of money you will need to pay off your lender will increase. Any equity you have can be quickly eaten up by default interest, taxes, and attorney's fees.

The worst thing you can do is wait.

What can I do?

The fact is, you do have options!

These include, but are not limited to:

·          Re-instatement

·          Protection under bankruptcy laws

·          Re-Financing your home

·          Selling your home, and using the money to start over.

·          Negotiate a reduced payoff settlement with your mortgage lender.

How to get help

Ralph Nudi & Associates^TM  is a team of Real   Estate, Mortgage, and Debt Relief experts that can help you to determine what solution best fits you and your family's situation.

Our consultation is free of charge, and we will never pressure you to make a decision that is not in your best interests.

Ralph D. Nudi - Foreclosure Intervention Specialist

Weichert, Realtors - Unum Properties

www.RalphNudi.com

You just may be... and don't even know it!

As a foreclosure intervention specialist in Kenosha, WI; I understand your options when faced with foreclosure. I started my Real Estate career in Kenosha as a mortgage lender. As a loan officer I helped hundreds of people buy homes, but was unaware in the beginning of my career how financially illiterate most home owners are. I found that people from all walks of life ranging from laborers to accounting professionals really had no clue how money really works.

It wasn't until I read Robert Kiyosaki's book,RICH DAD, POOR DAD that I began to realize that I really had a responsibility to practice and teach financial intelligence to any client's that were willing to listen. I also realized that people all too often buy beyond their means, and that the entire real estate industry teaches them it is OK to do so.

The fact is, most home owners are a few paychecks from foreclosure. If one member of a two income household becomes ill, or looses their job, financial distress comes quickly. My eyes were opened, and I realized that bankruptcy and foreclosure weren't just things that happen to "the other guy" or to "deadbeats" but that GOOD people often faced what seems to be insurmountable financial woes.

This realization helped with my decision to get in the the REALTOR(R) end of the real estate industry in Kenosha.

I suddenly became aware of my need to HELP PEOPLE who are facing foreclosure.  Here are a few facts you may not know about FORECLOSURE in WISCONSIN.

#1 Your lender may file a LIS PENDENS and start a foreclosure action when you are as little as 60-90 days past due. Their LOSS MITIGATION department's job is to help the lender, not to help you. If they can get the borrower to make arrangements to get fully re-instated it is in the lender's best interest. Lenders are not in the business of owning real estate. However, there are lenders that know they are going to have to foreclose and will make arrangements with the homeowner that cannot be fully met. The homeowner will often make a large payment, but not be able to keep up with ALL of the reinstatement agreement payments. These agreements are most often verbal and are not binding on the part of the lender. So there is a chance of you paying thousands of dollars and still loosing your home

#2 When served with foreclosure papers, you are most often given 20 DAYS to file a written answer that satisfies the requirements of the court. If you do not provide this answer, or it is an inadequate answer, the lender will move for a DEFAULT JUDGMENT and your opportunity to CONTEST the foreclosure will be FOREVER LOST. Make sure you consult with an attorney IMMEDIATELY if you have any intention of fighting your foreclosure.

#3 Once a judgment is entered, you only have 90 DAYS (180 if homestead) to REDEEM your home from foreclosure by paying your mortgage off in full. Many lenders will not allow reinstatement after this judgment is entered. If they do allow a reinstatement, be very careful and consult with an attorney to make sure the case is RE-OPENED by the lender and dismissed, otherwise you may find yourself in a situation where you lender can have your home sold at sheriff's sale at a later time without refiling a foreclosure action.

Here a few pieces of advice for your if you are in foreclosure

A.  DO NOT INGORE THE PROBLEM - Get help from a competent professional. The longer you wait to take action, the less options you will have.

B.  BEWARE OF SCAMS - There are many "investors" out there who want to buy your home for DIRT CHEAP and take advantage of your situation. NEVER EVER pay an investor a fee to "TAKE OVER" your mortgage. This is a scam known as equity skimming and will leave you withour a home.

 For more information - go to www.4saleWI.com and check out my FORECLOSURE INTERVENTION information.

I am a dedicated professional who can point you in the right direction.

Ralph D. Nudi - Foreclosure Intervention Specialist

Weichert, Realtors - Unum Properties

www.RalphNudi.com

One of the great advantages to living in Kenosha, WI is how close you are to Milwaukee, Chicago and of course Chicago's playground for the wealthy, Lake Geneva, WI. It never ceases to amaze me how much wealth has been created as a result of Real Estate.

 As I was taking a boat tour with my children, I remember coming across a mansion called Stone Manor. It was not the magnificence of the 18,000 sq' structure, but the story behind it that left an impression. In 1871 there was a little fire in the midwest known to most as The Great Chicago Fire. While every one was panicking and leaving the city of chicago in droves, a little known immigrant from Germany kept his cool and bought real estate along State Street with money he had saved while working hard as a street vendor and with almost no education.

There is a lesson here, those who save their money AND are willing to risk that hard earned money when everyone else is panicking will reap the rewards. While the current real estate downturn (and subprime market failure) pushes prices down, people will panic The media will tell everyone to stay away from real estate. But the smart investors are looking for the good deals now, and realize that the worse it gets, the better for them.

Ralph D. Nudi

Weichert, Realtors - Unum Properties

www.RalphNudi.com

Kenosha home sales are down by 28% over last year. Kenosha real estate sales have softened. You can buy a home in Kenosha for pennies on the dollar. Ralph Nudi is the foreclosure expert in Kenosha, WI. You can by under priced homes in Kenosha County by working with Ralph Nudi. Call Ralph Nudi for more information at (262) 997-0668. Ralph Nudi is a Realtor and Co-Owner of Weichert, Realtors - Unum Properties.

The USA TODAY had several articles on March 15 calling for government intervention of the subprime mortgage lending industry. My only question is WHY?

The recent turn of events proves one thing...Capitalism Works!

The evil mortgage industry and the housing industry kept the US economy going when every thing else was dying. Now the industry is being demonized by the press.

We are in for a bumpy ride in this industry. When the TECH HEAVY stock market was going up with no end in sight, there were many late comers to the game who thought they were smart by buying stocks. The least intelligent among us could appear to be "Carnac the Magnificent" just by picking a tech stock. Eventually that bubble burst. Does anyone remember all the talk about the BILLIONS of dollars of wealth lost when the stock market went down, and peoples retirement accounts (401's etc) lost value?

During that time, those that were "house rich" had the booming real estate market as a consolation.  Real estate became the new "TECH STOCKS". As the psychology of any market, most people follow the crowd and as a result never experience true wealth. I would not be surprised to find many of the same fortune seekers that lost money in the tech sector are no loosing in real estate. This is the magic of capitalism, it is a survival of the fittest economy. Although we have a social responsibility to the impoverished, and to make sure basic human needs are met in this country, we are under no obligation to protect people from themselves. We are a nation of equal opportunity and not a nation of equal outcome. Yes it's true the wealthy tend to get wealthier, but that is a function of their superior understanding of how to create wealth.

Perhaps instead of pressing for government every time the masses decide to do something stupid, we should be pushing people to educate themselves more on how wealth is created and kept.

In the mean time, I will be working with investors who understand that the current is nothing but an opportunity to acquire property "on clearance" to later sell when real estate becomes the "in thing" to do again.

Ralph D. Nudi

Weichert, Realtors® - Unum Properties

www.RalphNudi.com

The statistics just came out today for the latest Kenosha real estate sales statistics. The numbers show what while there has been a study decrease in the number of homes sold, there is a steady increase of new listings. This information demonstrates a couple of points that can probably be applied to any average midwestern community right now.

• #1 The absorption rate of homes on the market has decreased from 30% last year at this time, to only 18% this year. This means home are going to stay on the market longer, and sell for less than last year
• #2 The number of people who are able to sell their homes without the assistance of a Realtor® is decreasing rapidly

Home owners need the competent help of real estate agents more now than ever. The problem is knowing which agent to choose. First off, remember that 50% of the people in the real estate are in the bottom 50%. (There's nothing like stating the obvious) The real estate industry is ever evolving, agents used to be the "gate keepers" of listings and all things REAL ESTATE. With the evolution of the internet, many consumers, and self help real estate companies mistakenly began to believe that the need for competent help in the real estate profession was over. The truth is there has never been a bigger need. The operative word to pick from this paragraph though is competent. There is most certainly no longer a need for a real estate agent to tell you what is for sale, or to get the word out that you are selling your home. The mediocre agent who merely provided basic information and benefited by collecting a commission is definately over. What most people do need, is sound advice from someone that is ethical and knowledgable. Knowing how the price trends will affect your marketing efforts is important. Understanding how to effectively promote a property on the internet to multiple audiences is important. Ensuring a sales contract is accurate and that it properly advocates the needs and wishes of a client will never be rendered an obsolete talent Lastly, in this current market, understanding how to buy or sell foreclosed or pre-foreclosure property is a valuable talent.

One of the largest segments of my clientle is foreclosure intervention. Although there several potential solution for distressed home owners, most people in foreclosure simply bought over their heads and simply cannot afford to stay in their home. To make matters worse, most of them also owe more than what they net out of a sale. The average real estate agent simply over prices the house to compensate for the over extended mortgage loan. When no offers come in, the foreclosure is bound to continue and ultimately it is a lose, lose, and lose situation. Knowing how to effectively negotiate a short sale is an invaluable skill that is going to grow in demand. This skill can benefit the sellers who are in financial trouble, the buyers who want a great deal, and the agent who facilitates the transaction when nobody else can.

 The bottom line is this.... seek a true expert if you are a consumer in the real estate industry, if you are a real estate professional... it's not enough to be competent. You have to be an expert if you want to succeed!

http://www.RalphNudi.com

http://www.4salewi.com

http://www.KenoshaWis.com