Losing your home to foreclosure? Or falling behind on payments and at risk of foreclosure? You're not alone. Millions of Americans, even those with good income and assets have suddenly found themselves buried in a home they can no longer afford.
But here's a novel tip for you that the internet is buzzing about. If your mortgage was originated within the past 7 years, there is a very strong chance your bank abused its privileges, got sloppy in their record keeping, and sold off your mortgage and note in various pools and packages that were poorly regulated.
Greenspan even admitted to a "mistake" in naively trusting lending institutions to oversee themselves without lending abuses. These abuses have contributed to the mortgage meltdown and credit crisis America is facing. And these abuses directly hurt your wallet.
One of the basic requirements of a mortgage loan requires a lender to have the actual original note and mortgage on file that you signed. This is a standard in lending practices that a bank or creditor must "prove up" and validate their claim under the Uniform Commercial Code. Crazy thing is, in most instances banks who claim to be the owner and holder of your note don't actually have possession of the note, which is a big no no.
So there is a movement underfoot in which borrowers facing foreclosure now demand that a lender to prove up their claim by producing the note and mortgage. If a lender is unable to produce these documents, this stops the foreclosure dead in its tracks. I have heard of some judges in Florida, Texas, and midwest quashing foreclosures unless the lender can prove they have the original note and mortgage in their possession.
You have a legal, moral, and ethical right to verify who you really owe and how much. Some mortgages and notes have been sold so many times its possible the wrong party is foreclosing or you could pay off the wrong party.
So here is how you do this:
1. Gather all of your documents pertaining to the foreclosure filing. Look for the lender who claims to be foreclosing.
2. Contact the lender and demand they produce a note and mortgage to prove up their claim. Allow 21 days for a response. Send certified mail or with other delivery confirmation to ensure they received it.
3. If the lender failed to respond, send them a notice that they will be considered in default unless they respond within another short time window, say 72 hours.
4. If the lender still fails to respond, you can petition to seek relief through legal channels, i.e. courts, judge, trustee, or attorney who can demand the foreclosure be stopped until and unless the lender validates this claim.
5. As this article is not legal advice, simply my own research and personal experience assisting clients, please do your own research and seek competent legal counsel if you need representation.
As a result of being able to stop a foreclosure, you get immediate stress relief of losing your home. If you are a homeowner you get to keep your home and stay in it. If you are an investor, you can help others do the same or keep your own properties. This gives you more leverage and the time you need to complete a short sale or loan workout with the lender. The short sale creates a cash payday for you because the lender is willing to accept a discounted payoff to let you step into the property with "equity", and a loan workout is when the lender will lower the payments and/or roll in the back payments to make the property affordable.
Space does not permit me to share with you the latest Supreme Court Rulings or the actual forms or documentation my clients and I have successfully used with helpful results.
In my upcoming Cash Advance Real Estate home-study system I unveil the latest strategies to put cash in your pocket instantly when you buy a property. The latest techniques for stopping foreclosures dead in their tracks are part of this system because this gives you the time you need to complete a short sale or do a loan workout with the lender, or even enact some creative "out of the box" remedies that will absolutely blow your mind--all of which can immediately translate into cash in your pocket just by implementing. These and more you can learn about in the Cash Advance Real Estate System.
Thursday, September 24, 2009
Tuesday, September 22, 2009
Big Profits Turning Small-Town Properties Part 1
The problem: with financing for buyers to buy properties being very hard to come by, many investors are having a very hard time making money by turning real estate, which is the "bread and butter" to cover operating expenses while they build their long-term real estate holdings. Most stated-income programs have dried up, and most programs require 20-30% down payment plus 2 years verified income history and squeaky clean credit--which limits the pool of buyers considerably and makes homes very hard to sell.
One of the only low-money down programs is FHA, but FHA requires 90 day seasoning, and 3% down payment from the buyer. FHA also scrutinizes a buyer's income and credit. This is good but still not great.
what really sells a property quickly is a unique selling proposition. Most conventional real estate agents try to sell a home conventionally, they are all competing for a smaller pool of A-credit buyers with lots of down payment. However, the market is flooded with homes being sold this conventional way--and it is difficult to compete against this.
One unique selling proposition is offering a home with easy to buy terms, special type of financing. One of the best financing that I know of
One of the only low-money down programs is FHA, but FHA requires 90 day seasoning, and 3% down payment from the buyer. FHA also scrutinizes a buyer's income and credit. This is good but still not great.
what really sells a property quickly is a unique selling proposition. Most conventional real estate agents try to sell a home conventionally, they are all competing for a smaller pool of A-credit buyers with lots of down payment. However, the market is flooded with homes being sold this conventional way--and it is difficult to compete against this.
One unique selling proposition is offering a home with easy to buy terms, special type of financing. One of the best financing that I know of
Another Secret to Getting Banks to Settle for 15%
I have good news for any of you who are suffering with credit card overwhelm. You never intended for this to happen, just a series of economic changes have affected virtually every American. Fortunately, there are ways to fix this. In this brief summary I will share with you a tip that will help you ultimately get the best settlements with credit cards.
First of all, settlement is an option in which the credit card company you owe money to is willing to take less than what it owed. Often if you are behind on credit card payments, it is easier to negotiate a settlement. How do you do this? Simply call up the bank and explain your situation.
In this particular case I will share with you, my client owed Bank of America $15K on one business credit card, and approximately $17K on the other. When I first called BofA in September to ask for a settlement, the rep quickly agreed to approximately 20% on both accounts. I accepted this and provided account information to make a payment.
Apparently, the Bank was unable to process the payment and began leaving urgent voice messages. When I called back I was informed that the previous settlement offer had expired.
Fortunately, I spoke with an understanding representative who noted that the payment was not processed correctly. When I asked her to reconsider the settlement offer, I asked is 20% the best she can do? We would prefer 15%, she asked for the contact information of an attorney the client would consider for chapter 13.
This way, she documented good cause for why such a low settlement. After a few follow up calls back and forth, she faxed over approval letters for a settlement of 15% of the balance, payable over 4 installments. This was way better than a 20% settlement payable over 3 installments stipulated in a previous agreement.
The lesson is that a settlement is not always the final settlement which can be much better than the initial one. A bank can make a mistake that can be corrected, sometimes in your favor.
The benefit of this settlement is that you get free of the stress and hassle of an overdue unaffordable debt, you get a fresh start, and can settle your debts honorably by facing them instead of running away. After paying off the debt through a settlement, your credit record reports as paid as agreed, zero balance, and/or settled for less than original balance, all of which are much better than a delinquent unpaid status. Plus you elminate those harassing collection calls and letters which distract you from getting work done and making money.
In my Ultimate Credit System I provide specific scripts and worksheets for you to use that make settlements quick and easy and ensure you get maximum results.
First of all, settlement is an option in which the credit card company you owe money to is willing to take less than what it owed. Often if you are behind on credit card payments, it is easier to negotiate a settlement. How do you do this? Simply call up the bank and explain your situation.
In this particular case I will share with you, my client owed Bank of America $15K on one business credit card, and approximately $17K on the other. When I first called BofA in September to ask for a settlement, the rep quickly agreed to approximately 20% on both accounts. I accepted this and provided account information to make a payment.
Apparently, the Bank was unable to process the payment and began leaving urgent voice messages. When I called back I was informed that the previous settlement offer had expired.
Fortunately, I spoke with an understanding representative who noted that the payment was not processed correctly. When I asked her to reconsider the settlement offer, I asked is 20% the best she can do? We would prefer 15%, she asked for the contact information of an attorney the client would consider for chapter 13.
This way, she documented good cause for why such a low settlement. After a few follow up calls back and forth, she faxed over approval letters for a settlement of 15% of the balance, payable over 4 installments. This was way better than a 20% settlement payable over 3 installments stipulated in a previous agreement.
The lesson is that a settlement is not always the final settlement which can be much better than the initial one. A bank can make a mistake that can be corrected, sometimes in your favor.
The benefit of this settlement is that you get free of the stress and hassle of an overdue unaffordable debt, you get a fresh start, and can settle your debts honorably by facing them instead of running away. After paying off the debt through a settlement, your credit record reports as paid as agreed, zero balance, and/or settled for less than original balance, all of which are much better than a delinquent unpaid status. Plus you elminate those harassing collection calls and letters which distract you from getting work done and making money.
In my Ultimate Credit System I provide specific scripts and worksheets for you to use that make settlements quick and easy and ensure you get maximum results.
Friday, September 4, 2009
Sell Your Home at Lightning Speed - Just Point and Click
Some of us remember the olden days of doing real estate. If you've been around the real estate block for a decade or so, you probably remember the old school ways of selling a house. The sign in the yard. The lockbox. The ad in the paper. People calling at all hours wanting to see inside.
But those ways had their disadvantages. It was often very time consuming, whether you were a property owner or real estate agent to handle inquiries. If you have a potential buyer who wanted to see inside a property, you had to schedule a time to meet them, show them the kitchen, the bathroom, blahdi blah. This wasted both your and the buyers time if after they have seen the inside they quickly determine they don't like the house.
On an on, if a buyer wanted to look at a dozen properties, it could literally take half a day or so, chauffering them around from place to place.
Now with the advent of technology you can see the inside of a property thanks to a virtual video tour while sitting in your underwear drinking your favorite Starbucks blend. You can knock out touring a half dozen properties without ever wasting a drop of gas.
It gets even better for real estate investors, home sellers, and real estate professionals. With "ebay.com" now a household term, nearly everyone with some computer skills has bought/sold something on an online auction, or knows someone who has. Bottom line, we know auctions work, and we may have overpaid on auctions.
And online sales of real estate, especially through auctions, is on the rise. In fact, its one of the fastest growing segments of real estate today.
In the Real Estate Turbo-Selling System, I spill the beans on how you can turn real estate to cash in a flash using secrets from one of the world's fastest ways to get anything sold: by auction. Taking this system online is like giving an athlete steriods.
If you want to sell a property on e-bay, here are some pointers:
1. have plenty of information about the house, everything a buyer wants to know
2. include as many photos as possible, link to a virtual tour if possible
3. start with a very low, attractive reserve
4. consider e-bay classifieds
I have sold property using ebay, and you can do. However, I find ebay more suited to selling consumer goods, lower ticket items. I find it time consuming and cumbersome selling real estate. Also it is hard to build credibility because there is not much room to put your references, licensing information, etc., so you may lose potential buyers who may like your house but don't feel comfortable you are "for real". (But ebay real estate will give you a taste of what is possible with real estate.)
Fortunately, I did discover an incredible online selling mechanism that virtually does all the work for you and dummy proofs your entire experience. Just point and click, it does the rest.
In an exclusive bonus only available in the Ultimate Auction System, I bring on the nation's leading investor real estate technology expert to show you how to make a killing selling (or renting) property online, just point and click. What I like about him is this guy is for real; he buys and sells property daily, and because he is in the trenches, he knows exactly what anyone else steeped in real estate needs.
I even introduce you to a very proprietary system specifically designed to make all your properties sell or rent in a flash. You will be among the first few in the country to even know about this, which will put you light years ahead of the competition.
You will be cashing check after check cashing in on property for months, or years, before anybody else figures out what you did and how you did it.
But those ways had their disadvantages. It was often very time consuming, whether you were a property owner or real estate agent to handle inquiries. If you have a potential buyer who wanted to see inside a property, you had to schedule a time to meet them, show them the kitchen, the bathroom, blahdi blah. This wasted both your and the buyers time if after they have seen the inside they quickly determine they don't like the house.
On an on, if a buyer wanted to look at a dozen properties, it could literally take half a day or so, chauffering them around from place to place.
Now with the advent of technology you can see the inside of a property thanks to a virtual video tour while sitting in your underwear drinking your favorite Starbucks blend. You can knock out touring a half dozen properties without ever wasting a drop of gas.
It gets even better for real estate investors, home sellers, and real estate professionals. With "ebay.com" now a household term, nearly everyone with some computer skills has bought/sold something on an online auction, or knows someone who has. Bottom line, we know auctions work, and we may have overpaid on auctions.
And online sales of real estate, especially through auctions, is on the rise. In fact, its one of the fastest growing segments of real estate today.
In the Real Estate Turbo-Selling System, I spill the beans on how you can turn real estate to cash in a flash using secrets from one of the world's fastest ways to get anything sold: by auction. Taking this system online is like giving an athlete steriods.
If you want to sell a property on e-bay, here are some pointers:
1. have plenty of information about the house, everything a buyer wants to know
2. include as many photos as possible, link to a virtual tour if possible
3. start with a very low, attractive reserve
4. consider e-bay classifieds
I have sold property using ebay, and you can do. However, I find ebay more suited to selling consumer goods, lower ticket items. I find it time consuming and cumbersome selling real estate. Also it is hard to build credibility because there is not much room to put your references, licensing information, etc., so you may lose potential buyers who may like your house but don't feel comfortable you are "for real". (But ebay real estate will give you a taste of what is possible with real estate.)
Fortunately, I did discover an incredible online selling mechanism that virtually does all the work for you and dummy proofs your entire experience. Just point and click, it does the rest.
In an exclusive bonus only available in the Ultimate Auction System, I bring on the nation's leading investor real estate technology expert to show you how to make a killing selling (or renting) property online, just point and click. What I like about him is this guy is for real; he buys and sells property daily, and because he is in the trenches, he knows exactly what anyone else steeped in real estate needs.
I even introduce you to a very proprietary system specifically designed to make all your properties sell or rent in a flash. You will be among the first few in the country to even know about this, which will put you light years ahead of the competition.
You will be cashing check after check cashing in on property for months, or years, before anybody else figures out what you did and how you did it.
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