Our Corporate Campus in Mt. Laurel, NJ

PHH Mortgage is one of the top ten originators of retail residential mortgages in the United States.  We offer you unsurpassed service, a full range of programs at competitive rates, and the smoothest mortgage experience in the industry.

In 2006 alone, PHH Mortgage provided $41 billion in mortgage financing for American homes, and every day we help more people fulfill the dream of home ownership.

PHH Mortgage operates out of two main facilities in Mount Laurel , NJ and Jacksonville, FL - employing a combined total of more than 5,200 team players.

We've received numerous awards, including we were recently ranked #1 by Inside Mortgage Banking and Campbell Institue for our reliable Good Faith Estimate and our dependable closings.  Best 100 Places to Work in IT (Computerworld), Top 25 Companies that Care, Training Top 100, and more.  And, we constantly receive 98%-100% "I would recommend" ratings from buyers AND realtors in post-closing surveys.

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1. Set worthwhile goals that you intensely desire to achieve to serve as a motivator.  If you set a lot of goals, you are triggering "the law of efficiency" that will force you to work harder and faster.

2. Continually visualize the task as already completed and how good you will be feeling.  Imagine a pleasurable feeling so you can concentrate better on the task at hand.

3. Use the power of positive affirmation to program your sense of urgency into your subconscious mind.  Yell messages everyday (to yourself) like "DO IT NOW!  DO IT NOW!  DO IT NOW!"  Say it 50 times to get your mind programmed to make yourself do it now.  At some point, you mind will accept the command and it will become second nature just like brushing your teeth.

4. Set a deadline for your completion on all important tasks and let others know it.  This puts you on record and will help you because you will not want to disappoint the others.  This clear specific deadline will help your mind put off other tasks that may get in your way.

5. Refuse to rationalize the procrastination.  Rationalizing is just attempting to put a socially acceptable spin on a socially unacceptable behavior.  Don't allow yourself to justify reasons for not doing it now.

6. Create a reward system for completion.  For the big tasks, break them up into smaller tasks and treat yourself to fun things when you complete them.  This conditions you to expect a reward that shifts your focus to the pleasure that you will get when the task is done and not the work involved getting there.

7. Accept full 100% responsibility for your tasks that you need to complete.  Look only to yourself for completing the tasks.  Eliminate your opportunities of putting them off.  Refuse to make excuses and you will be amazed at how much more you can get done.

Before doing any of these, it is important to understand if a task is an important task or not.  Write down all of the things you think you need to get done and you may find out that you should put it off in exchange for other tasks that can have a positive impact to your job.

PHH Mortgage
Senior Mortgage Advisor

Attached is an excerpt from a recent article that I thought you should be familiar with in case you don't already know about short sales.  Although I haven't seen a lot of them, it's always good to be prepared when speaking with your clients.  As you know, people hear things in the news and we often have to sift through what they hear and educate them on how it "really" is.  Overall, this is great info and another arrow in your quiver.

What IS a Short Sale?

The "short" in the title of Short Sale refers to the fact that the payoff amount agreed to in the transaction is indeed, shorter than the mortgage balances on the property. In other words, there is more owed on the home than what it will sell for.

Why should a seller do a Short Sale?

The reason a distressed seller would consider a short sale is that they are faced with a big decision and only a few real options:

They could let the lender foreclose, ruining their credit.
They can use an agent to help them negotiate a Short Sale, which would be a charge off on their credit - so a "bruise" if you will- rather than a foreclosure, which gives them the option to buy again within two years.
They can choose a Deed in Lieu of Foreclosure, which means they sign the house back to the bank. This is only an option however, if the bank wants the house back. In a declining market, lenders are more apt to suggest sellers find an agent and consider a short sale.
They can reinstate their mortgage by coming up with all of the past due monies, interests, penalties and fines. Obviously, that is not an option for most consumers in this position.
They can try what is called a Forbearance Agreement. In other words, they then take what is owed and move it to the back of the loan and start all over. This would depend largely on their credit, their payment history, how long the lender has carried the loan and if they feel comfortable enough with that particular homeowner to take the risk.

Clearly, if a homeowner is truly in tough financial turmoil, a Short Sale can be a viable option to get them out from under a bad situation and back to rebuilding their lives and credit.

Why is it a win for a seller to choose a Short Sale?

It's a win for them because it is a "negotiated settlement" with the lender versus a "court settlement" with the lender. So, again, it is a "bruising" of their credit as opposed to a "ruining." There are also no attorney fees in a short sale situation to the seller, versus big attorney fees normally in a foreclosure situation. Then, of course there is the peace of mind that comes from knowing that their situation is being handled by a professional who has their best interests at heart. The family can stay together, find a place to rent easier and begin to rebuild. Often consumers with a foreclosure on record have a tough time finding a home to rent which can lead to split families, strain on relatives and friends and just too few options.

What makes a Short Sale attractive to a lender or what makes it a win for them as well?

Quite frankly, because they can get the same or more net as they would in a Sheriff's Sale, Auction or Clerk Sale, but in much less time. The key words here are more and less time. Short sales reduce the non performing asset inventory carried by the banks. According to CNN Money, Reuter's, CNBC and the Washington Post on August 17, 2007, Countrywide Home Loans used $11.5 million of their line of credit because of their non performing asset inventory. That, in turn, caused their stock to plummet in just one day. So, as you can see, lenders need this option as well to stay solvent.

Why should Real Estate Professionals work with Short Sales?

First and foremost, agents should put working with Short Sales in their repertoire because it allows them to really help people out of an emotionally stressed situation. They are providing a much-needed service while at the same time helping their own economy and the economy at large. The more properties sell, the more people work-it's that simple. Revenue and business is generated. The real estate agent works, the mortgage lender, the title rep, the processing agent, the administrators, home improvement and inspection professionals, etc.

Secondly, it is a good way to pick up a few extra salable listings each year, build an investor pipeline and avoid R.E.O. babysitting hassles. Truly, though-there is nothing quite like helping a client who feels overwhelmed and distraught find their way out of a bad position. After all - isn't helping people what we are all here to do?

There is much talk in the industry about how to handle Short Sales from a tax perspective in regards to working with the IRS and the Form 1099C.

The truth is that there may be a lender who writes off a loss and may send a 1099C to the seller for forgiveness of the debt. However, the key here is that according to the IRS, if you are insolvent, meaning you have no assets, then a 1099C is going to be a wash.  Take the time to research www.IRS.gov and pull the documentation that resides there which supports this position. Search key words: short sale, 1099C and insolvency.

Also, know that the IRS recently put a Bill in the house that states anyone going through a Short Sale will not be penalized. The Bill has passed the house and now awaits Senate and Presidential approval. We teach all of our Short Sale Seminar students to always recommend that their clients consult with a tax advisor with the IRS.

Why are Short Sales so important in today's market?

Our current economy and the real estate market is going through a tough time right now and this is one of the only ways most distressed homeowners can rebuild their lives and move beyond their mortgage troubles without the devastation of foreclosure.

Sam Thompson - "The FHA and VA Guy"
PHH Mortgage
Senior Mortgage Advisor