Loan modifications are B.S. unless they result in lower principal amounts that you owe.
Most folks are under the misconception that a loan modification that ends up lowering how much they owe is impossible.
That's because they are listening to the banks. The banks have huge departments, loss mitigation departments, staffed by nice people who are poorly trained call center representatives. Their job is to tell you that you have to enter endless "trial periods" and that principal reductions are "rare or impossible."
Well that is not true. If I want tax advice, I do NOT call the IRS. I call my accountant. If you want advice about lowering the amount you owe, go to folks who really do this for a living, who lower people's principal balance for a living. Those people are attorneys and the attorneys go to the bank's legal department where REAL loan mods are done, not the bank's loss mitigation department.
This brief video exposes the truth. A big bank like Morgan Stanley hands back the keys if a deal no longer makes sense. Homeowners should get wise. You are the "corporation of you" and you should behave objectively, and make the best decisions possible without emotion.
You CAN often stay in your house. You may have to sue the bank. You may not have to go this far. Meantime you are not making payments, often for years, until the legal system finishes its work.
I am not a lawyer. Yesterday a woman emailed me warning me that I may be doing something illegal. Well, I don't do loan mods. I don't give legal advice. I am exercising my rights under the US Constitution to say what I feel. I don't take a dime and never have for people who I refer for loan mods.
I put together a home study course with about 9 hours of video that gives you great information on principal reductions, loan mods that are REAL, how to do a forensic audit, how to fix your credit. The folks who I worked with did the whole training for free, in the hopes that if they spill the beans to you, you'll buy my course and be impressed enough with them to call them and have them help you.
If you are interested in a real approach, one that has helped people get principal reductions through KNOWLEDGE the banks do not want you to know about, then please:
And please leave a comment or question. I'll try to answer all I can. Thanks!
–Richard Geller
29 Comments on Principal Reductions Loan Modifications Leave a comment »
Lou
I am 100% behind Richard. There are so many games the banks are playing and deceptively using to deny your Loan Mod request. It's all a waste of time if you don't educate yourself.
And I agree with Richard that you have to aim for a principal reduction.
Try Richards course. If you aren't successful then try a lawyer. But if you can't afford a lawyer, don't want to skip payments forever and you're simply frustrated by the whole thing then use the Short Sale option.
Property values are getting ready to fall again here in California due the fact that the tax incentives will end on April 30.
Many current home sales are from first time homebuyers buying REO's and distressed properties.
But after those incentives are terminated, sales will drop and prices will fall again. I used to be in the Loan Mod biz here in San Diego, California but no more.
I specialize in Short Sales now, free and legal Short Sales. It's going to be a mess in the real estate business for quite awhile, so unless you live in a castle and definitely want to make sure your family inherits it then work hard to keep your home. But if you're sick and frustrated with the whole thing and would rather find a legal solution to getting out of the mortgage "game". Look for someone like me and my team that do your Short Sales for free.
Thank you Lou. I totally agree. If you aren't going to get a real principal reduction, do a short sale. Move on with your life. Who needs this garbage cluttering up your life. I did a short sale on my own residence in California way back when and the only thing I regret is that I didn't understand what I do now, and I worried about things that were completely silly just due to my ignorance.
Prices are FALLING in most places and if you are a "Corporation of You" you realize that it's time to cut losses and move on. If you are emotionally attached and can't bear to leave, or you have a need to stay due to the schools or elderly family members, I understand. Not everyone can cut and run. But it is often the easiest and best course. Then you can take advantage of some of the wonderful "subject to" deals out there and buy with little or no money and no credit, if you really want to buy. I am at present a renter and love it.
warmly
--Richard
David Peterson
Having lost my own residence AND two investment properties, I KNOW that banks DON'T want to work with you. They have the attitude that 'Obama and company' will restore ALL loses they {the banks] lose through foreclosure! Who cares if we lose money on the deal.
David
They don't care. They are bailed out and you and I are not. That's it. This Administration like the last one is only concerned with its Wall Street buddies. That is evident from what they are doing. And it isn't going to change. There are plenty of statutes on the books that you can use to see if the lender committed illegal acts when they made or serviced your loan. The statutes have teeth to them. So what are you waiting for, you who are reading this? Start seriously investigating this.
I didn't believe it myself until last year when I seriously investigated the situation and found that some of those people who were talking this way were right.
But caution. There are a LOT of charlatans who will take your money with a bunch of promises and do NOTHING for you. Probably 90% of those out there doing "forensic audits" are charging too much for too little.
warmly
--Richard
Pat Magoon
Richard I just wanted you to know that all the information you have provided for loan modifications has been very helpful. I have been in a "trial mod" for 9 months now and I am going through an attorney because the delays on the MHA just smacked of crap. I most definitly will try to have my attorney have the principal balance lowered, never thought about that, just wanted to get my mortgage reduced. Again thank you for the valuble information you provide.
Thanks for your kind words, Pat. This trial period is just the bailout game -- bailout the banks, call a loan performing when it isn't so they don't have to look insolvent even though they are insolvent.
Principal reductions are real but only happen when you go through the legal route and not the stoopid "loss mitigation" $14/hour phone rep route. Sad but true.
warmly
--Richard
gordon
my friend went to a so called company that said ,hey we can get you a new loan at 90% of appraised value. he did that in april 09. nothing has been done yet. they do have his 1500 dollars though. get business collect fees upfront and accomplish nothing. I hope your way works without paying upfront.
I do not do mods. I am very involved helping people get information that I judge is accurate. I also have people that I refer but I get not one thin dime from them, and never have, for any loan mods, in the past present or future. I rarely recommend people at all.
The money I charge is for the course that I have spent my time and money putting together. Don't think this is something you can simply pay for. You have to know what is going on at all times. You have to know what your situation is. It's like having a disease. You can't trust the doctors, you have to investigate yourself.
warmly
--Richard
Josie
How about the big banks, Chase, Bank of America, Wells Fargo,
They are all doing the same thing. They all have to be threatened and sued if needed, to get a real loan mod with a principal reduction in most cases.
Please realize I am saying sued for reasons, violation of statutes on the books, not just sued because we don't like the loan.
warmly
--Richard
Wayne Oesterreich
We opened loan modifacation program here in Florida 6 weeks ago through Guardian Group and we have processed 350 in 4 weeks.
WILLIAM
We are very interested in getting into this phase of real estate investments.You have provided us with a wealth of info. most successful people like yourself will not share! I look forward to hearing more from you! Thanks for sharing your knowledge!
Jim
Got loan mod approved today. Worked on it for two years and never got anywhere until I made the decision to stop paying the 1st mortgage. Was behind 4 months. Here's the deal: 5 years, interest only at 4% then 5% for the remainder of the loan (lower my payment by $800/mo.). Also have a 2nd mortgage that I'm behind on 6 months. No equity so waiting to see what happens. Hope I can offer a small settlement. Both loans are with Wells Fargo.
Mike
@ Jim: I'm in the same exact position try to purse loan mod with wells fargo. Before they would not work. Now that i'm 3 months behind they keep calling me and i'm about to call them to pursue loan mod on the 1st mortgages. On the second i may pursue a settlement route. Looks like you've already negotiated with Wells Fargo. Did you do that on your own? How did you negotiate? What were some of your roadblocks?
Jim, would you open to me contacting you to get some free advise :)? My email is everydayinvestor@gmail.com
Much appreciated
Mike G.
mike
You not doing it for free.
Whay are you missleading people!!!
You will get pay by BANK. Right????
Thanks Mike.
No Mike I don't get paid by the bank.
warmly
--Richard
Pat Magoon
I was just notified yesterday by my lender that I do not make enough money to have my loan mod (which I have been in for 9 months).....I have an attorney and they said I cannot do a principal reduction and they are going to talk to the lenders today and see if another type of modification can be done......I feel like I have been used by the lender and the lawyer......what are my options as I am not GOING to give up......thanks
You can work on increasing your income. You can resubmit the deal after you have done so. You can sometimes reduce withholding on your salary and that is enough. Or you can add income by charging a housemate and showing proof of this additional income.
Or you can go the legal route. Find out if your loan was made in a way that was illegal or violated laws and then threaten the legal department of the bank.
Regardless, I advise everyone to get a competent attorney and do not just listen to me!
warmly
--Richard
Rob Harrington
Sue the lenders for fraud, unfair and deceptive business practices if you think they changed your income on a full doc or even no doc loan. This is what I did. My first of two WAMU cases was dismissed. No more foreclosure after 3 years. They will re-file again and I will push for discovery again. They failed to find some of my discovery and for that, they will lose the next time, and the time after that.
You can win but you need a great foreclosure defense attorney who can move the court and put the Judge on notice you will set up for appeal. If you do0n't fight, kiss goodbye to you home, down payment and your dreams. MILLIONS OF LOANS WERE FRAUDULENT BY THE LENDERS FROM 2003 - 2007!!!
Check out other sites like Livinglies.Org, MSFraud, and Foreclosurehamlet.org
Network with others in foreclosure and keep the faith. Fact and Law are just now coming to the forefront. Keep the faith!!
Thank you for the suggestions. Good luck. For many of us, the down payments are already gone but it's a matter of getting a new loan with reduced principal in line with the new home value.
warmly
--Richard
Juan
Hi Richard,
I wanted to thank you for all your valuable information that you routinetely get to all of us.
I'm presently on a so called TRIAL PERIOD for 3 months and I needed to know if I can still try a principal reduction since my house is value at a 60% of what I financed for in 06. i first went throught a Loan mod company that was highly recommended to me and all they did was run away with my cash. I'm trying to do it myself and I also wanted to know if I can still short sale the house.
Thanks again
Juan
Hi Juan, I sure would do a short sale if I was so upside down. And I am sorry that the people you had do your mod ran off with your money. I am a huge believer in the do-it-yourself approach and hardly ever recommend anyone because there are so few that are deserving of a recommendation..
Certainly, you can do a short sale at this point.
warmly
--Richard
maritza Soto
Hi Richard I have purchase the mortgage Relief Formula from you and the Credit card Relief Formula. MY house is for sale / I am hoping to do a short sale, but meanwhile I would like to know if you know of any good attorneys that are doing loan mods with the objective to get a principal reduction. I live in Illinois
thanks
Maritza
Try one of the folks at The Loan Mod Breakthrough Panel of Experts
And thank you and good luck.
warmly
--Richard
Andrew
Hi Richard--
My wife and I have learned a lot from your program over the past several years. We now would like to proceed with loan mods on 2 investment homes we own in Florida. They are both occupied by renters, but both are seriously underwater. Since we're busy with our regular work lives in California, we could use some help. Could you recommend an attorney or other professional in Florida that could assist us? We're especially concerned, since Florida is a recourse state and we certainly don't want to risk the banks coming after our other assets.
Thanks in advance for any suggestions you might have.
Gordon H.
Richard
I watched the webinar a couple 'days back and was floored. I already see the need for your pogram of Hedgefund Lening but now the need is about to become that much greater. I would so very much like to participate in the program because no one who has contacted you in more in need that I. I cannot afford the cost at this point because I am on disability and paying on mortgage out of this and I know that if I could just refer one person or company to the lenders it could all turn around for me. Is there any way a man in my position can take advantage of this?
Jim
@ Mike G. - I hired a mortgage broker to handle the loan mod ($2,000). He has a local radio show and is well respected here in my area. I got turned down TWICE but he didn't take NO for an answer! He's a real bulldog and basically had to verbally abuse Wells Fargo to get them to listen. He even said he was going to lay out my case on his radio show! I know everyone's situation is different, but there is no way I could have done this myself even though I have a strong business and marketing background. I know that he and his staff spent literally days working for me and they finally got the job done.
Here's a few more specific's. My first is serviced by Wells Fargo but the investor is Bank of America. I had heard that B of A was a real pain to deal with and this turned out to be true. The second mortgage is serviced and owned by Wells Fargo. This is a 20 year, fixed rate, cash out loan. It is not a home equity account with a checkbook. I got cash out at closing. Next week I will be 180 days behind which means that the loan will move to a "charge off" status according to WF. Of course they "encouraged me" to make a payment to delay the charge off another 30 days. It doesn't make sense to do that since my credit is already trashed and I'm way under water on the house. So, when it goes to charge off status and the collection calls start coming in hourly we plan to make a settlement offer. Who knows if they'll accept but if they don't I expect them to sue. If they do, my plan is to file bankruptcy (Ch.13) which will eliminate the second since it's now "unsecured debt" just like a credit card.
BTW, I got into this mess because I have been unemployed for over a year. However, I have just enough "other income" to meet the guidelines for a loan mod.
Let me know if you have any more questions.
Mike
@ Jim: Thanks a bunch for sharing your loan mod experience. We are all feeling the pinch on our primary home & investments rentals, and the banks not being responsive on loan mods make it a dire situation. I'm currently W2 employed but not sure if i'll have that job after May which is why i'm scrambling to pursue loan mod ASAP. I thought of hiring an expert but it's hard to trust them with a lumpsum payment upfront. So, i decided to start to call the bank to start the loan modification file on my own and see how far i can go.
Which mortgage broker did you hire to do your loan mods? Could you share that with me? my email is everydayinvestor@gmail.com
I sure could use some perspective and help.
Mike G.
Ang
I am an attorney who practices loan modifications throughout the United States. My success rate is about 88% Anyone who claims higher is lying!!!!!!!! Contact me if you would care to talk about your situation. I am not legally able to collect an up front fee for my services. E-mail if you like.
Mike
Ang - what is your email?
Jim
Mike - I live in Southern CA and the laws have changed since I hired my broker to help me. If you live in CA then the following should be of interest...
California Civil Code Section 2945 regulates foreclosure consultants. There is an additional requirement with respect to loan modification services, as discussed below. As with many code sections, the restrictions are complex and many. But here are the primary ways in which foreclosure consultants and loan modification services are regulated.
First, no foreclosure consultant and no real estate licensee is allowed to collect any advance fees for services as a foreclosure consultant once a Notice of Default has been recorded against your property. California lawyers are exempt from this prohibition.
Second, even if a Notice of Default has not been recorded against your property, in order for a real estate broker to assist you in obtaining a loan modification, or to otherwise negotiate a possible resolution to your problem, the broker must have you sign an agreement that specifically states what services will be performed, when they will be performed and how much you must pay.
Third, a broker may not have you sign any such loan modification agreement until it has been submitted to the Department of Real Estate for review and the broker has received permission from the DRE to use it and collect an advance fee.
Fourth, licensed real estate brokers who provide loan modification services without collecting fees in advance are not required to receive the DRE’s permission so long as their services are fully completed before they are paid by you.
Fifth, foreclosure consultant contract must allow the homeowner the right to cancel the contract until midnight of the third business day as defined in Section 1689.5 of the California Civil Code.
Sixth, foreclosure consultant contracts must provide an additional notice to the homeowner in 14-point boldface type stating when fees can be taken and notifying the homeowner that the consultant cannot ask you to sign any lien, deed of trust or deed.
Seventh, it is a violation for the foreclosure consultant to claim, demand, charge, collect, or receive any compensation until after the consultant has performed each and every service the consultant contracted or represented he or she would perform.
Eighth, it is a violation for the foreclosure consultant to charge any fee or interest which exceeds ten percent per annum of the amount of any loan which the foreclosure consultant may make to the owner.
Ninth, it is also a violation for the foreclosure consultant to take any wage assignment, consideration from any third party, acquire any interest in the residence in question, take any power of attorney, induce the owner to sign other contracts which are not in compliance, or enter into an agreement to assist the owner to obtain surplus funds prior to 65 days after the trustee’s sale has been conducted.
Tenth, an action may be brought against a foreclosure consultant for any of these violations and judgment shall include actual damages, reasonable attorney’s fees and costs, equitable relief and exemplary damage of at least three times the compensation received by the foreclosure consultant. The foreclosure consultant may also be punished by a fine of up to $25,000.00 or imprisonment for up to a year or both for each violation.
The reasons for these regulations are many. Foreclosure consultants have, in many cases, been found to charge high fees, require the payment to be secured by a deed of trust on the residence, and then have either performed no service or worthless services. Some foreclosure consultants have then been known to purchase the homes at a fraction of their worth shortly before the homeowner loses their home.
Jim Maffuccio
ANG,
What is your email address and/or website address. Thanks!
RUDY GARCIA
DEAR RICHARD : Ifeel so grateful for your sharing of this FORECLOSURE information I was part of a Company called FORECLOSURE PREVENTION SERVICES out of ARIZONA and managed by JEFF SEGAL I dont know if you have ever heard about tha company the fact of the matter is and was that I never made any money and we were not able to prevent the foreclosure and they never spoke about loan modification as a possibility of actually reducing the loan , so I feel very lucky ,because guess what my house has been put on the list to be sold on MARCH 2/ 2010that is in a week . I dont know if I am going to be able to stop the sale of my house,but I am going to try ,because you are giving me hope that I have never felt in so long , HELP ME PLEASE and the lord will help you I am in texas RUDY
KYRA MESAROS
Dear Richard, I am a mortgage consultand, but business are very slow, I am trying to educate myself with loan mod. I can help people and charge a fee, but I DO THE WORK, I do not scam them, but to fight with the legal deparment, do we need a lawyer? and what happens when the Banks already file the complains,can still try to work with the Banks, please I am fallowing all your advises, there is so muchuuuuuuuu that I am learning that I feel so confident myself that I CAN DO THE WORK.
Reb
Richard you are absolutely right with this loan mods. I would really like to have a principal reduction rather than trial mods. I lost my job 2008 and was out of job for a couple of months though I have a job right now I don't get pay as much before. I cannot pay anymore my credit cards and struggling to pay my mortgage. My mortgage was with countrywide w/c is now BOA. I called BOA Oct 2009 for loan Mod..rep says in 45 days I will receive papers on the mail for me to fill up. No papers showed then I called Nov this time rep says it needs more info so we spent 2 hrs on the phone for all information they need. Rep says 15 days I will receive paper.No paperworks received. Dec. I called again and this guy told me that theres nothing written or notes on my account about Loan mods and we went over again about my finances. But nothing happen. I called again this time rep said I am not qualified for HAMP program and theres nothing they can do. Whats so funny was I am an affiliate of BOA. It's so frustrating because everyday I see on my screen at work how much thousands and thousands of people they have help for this loan mods and here I am working for them but can't get help. I live in FL. The neigborhood I live in house prices went down to 100k less than 2007 appraised value. Thanks for your valuable information I will definitely look for a lawyer who can help me.
Also, I want to know when is the next class for Commercial Funding going to open. I needed a part time business for now until I can get out of 9-5 corp job. When I lost my job it made me realized that we need to take care of ourselves. It hurts to see my family specially my kids struggle too. There's no such thing as job security anymore. The only true security is within us and the ability to make money regardless of the economy.
Gina
Richard, I have been working with my New Lender JPMorgan Chase since August 2009. trying to get a Work out Plan. As of Decemeber 16,2010 when I had to go to court to stop a forclosure of my home. I was approved on that day for a 3 month Trail Period that was to start Jan 01, 2010 thru March 01, 2010. After going thru the 3 month trail period,it will then be determmined if I would recieve a permanent solution with possible principal reduction. I am still waiting on my documents to sign to appove of terms of trail period which were suppose to be sent to me in Dec 2009 so I could start trail period the 1st of Jan, 2010. I hd been calling Chase Loss Mig dept every week most times twice a week to find out the status of docs, to be told there isn't any updated info to give me and they will email my negot & his super for updates and to call back within 48hrs. It is now Feb 26,2010 and on yesterday I finally got call from my NEW negot to tell me I have to start process over because there is errors in amts I was to start paying in Trail Period. Please!!!! What do I do???? Thanks.
Gina
Richard, never commented on a site before. Please forgive me. I do live in IL and my old Lenders were Long Beach, then WAMU which was bought out by Chase.
Thanks.
Bob
How can anyone be for principle reduction and think that it's fair. For those people who continue to make their payments and are responsible for the actions they took they are penalized and those who are irresponsible are being rewarded. Very few people were ripped off by the banks and the brokers, the majority of them knew exactly what they were doing. I personally know several people who fudged their financial information just so they could get a loan that they should never have been given, not to mention all the no verifying income loans. We're turning this nation into the land of entitlement, where everybody gets bailed out and nobody takes responsibily for their actions. What about all the people who's loans aren't underwater who have lost 30% plus on their equity, they get nothing while those who should have never bought get rewarded. I'm all for loan modification to bring the interest rate down but not the principle. We have 40 million people on welfare and 50% of our population pays no taxes and now we're bailing out people who knew they were buying more house then they could afford but they were banking on the home appreciating. This is no differnt then making a bad investment in the stock market or the 96% of small businesses that fail in the first 5 years. Let the free markets work and let these homeowners rent for now, that's how it's always been in the past. These banks are not going to just give these principle reductions and eat the loses. This will all be passed on to the consumer in the form of higher fees and rates. The ones who will eventually be paying mostly for this are the ones who never got a principle reduction.
Bob, I do see your point. But I do not agree. I used to feel as you do, but what changed my mind was this.
The banks lent money as big boys and girls. They knew that they may not get the loans paid back. A lender must understand that when a loan goes bad, they may get something or nothing for their loan.
In this country, the banks made loans knowing the borrower could never pay those loans back. And they did so systematically, engaging in this practice massively.
They violated RESPA, Truth in Lending, many state statutes. They made loans through brokers who they paid enormous and ridiculous commissions to, and winked at all the massive law-breaking.
Why? Because they could provisionally sell the loans off to Wall Street. Since the banks weren't planning on holding the loans to maturity, they didn't care if the borrower paid or not.
So now we have massive numbers of homeowners under water. And the banks should be held accountable. The banks should find themselves out of business. Their shareholders and bondholders should be wiped out. A receiver should take the assets, settle as many of the fraudulent under water loans as possible, and we can get on with the business of re-building America.
However, the White House (this one and the last Administration) is in bed with the banks (and always has been.) So they bailed out the banks COMPLETELY. The banks are reporting "profits" while the taxpayer is on the hook for 11 TRILLION in this bailout.
So now, I say, "the homeowners should get bailed out." The borrowers should come to the banks and say "you have to lower what I owe, or else screw you." The reality is that nobody wants this situation, but we have it. And the way through it is to lower principal and restore the dream of homeownership to those responsible homeowners who can make their payments but who owe more than their homes are worth.
warmly
--Richard
Jim Bryant
I did a mod that took a year to do. The lender is through a "Service Company", so no one can tell me the actual name of my lender. I have to deal with the Service Company, and they know nothing. You talk with one and figure you're gained some ground, but then talk to the three weeks later and they've never heard of the person you spoke with previously, and worse, have no record of any progress from that call. We begin from the beginning all over again. The success I had eventually was with a non-profit organization. The got my interest to three percent for a year, then progressively a little higher over a period of five, where it maxs out at 5%. No complaint there. The problem is that, ignoring the fact that I lose out on my 20 percent down of $75,000, the loan balance of $300,000 has grown to $344,000 to make up for lost payments, interest and late fees. At the end of thirty years, I owe a "Balloon payment in the amount of $145,000. The market value of your property is $120,000 - $140,000 currently. What a deal,huh? I'm good for a year or two or three, but I plan on walking away as soon as I can financially do so. I'm studying Short Sales and plan to begin soon.
I am with you. The mod you got is very typical. Nothing you did wrong.
But I am very much against these "mods" that leave a homeowner with a higher balance. If your property is worth $120,000 then have the lender re-write the loan to 90% of that, is what I say.
It's business. They made an irresponsible loan. Now there has to be a workout. The "mod" you got is okay because you can stay there, but you are really renting the house with additional obligations you would not incur if you had a rental agreement.
Some will disagree with me and it isn't a right-or-wrong argument, but I think a mod should reduce principal and let you at least have near zero equity rather than negative equity.
warmly
--Richard
What interests you the most right now?
I know a lot of folks are interested in getting out from under investment properties that are under water.
And also, some are interested in getting a loan mod for their house, one that involves a principal reduction.
Also, many people tell me that they have bad credit card debt and they don't know what to do. They want help with that.
Some people want money making opportunities in real estate, or finance. There are some good ones and a lot of bad ones that I know about and that I work in (hopefully the good ones).
Can you leave a quick comment as to what you are interested in seeing more info on? Where you would want to see us focus? Thanks!
warmly
–Richard
165 Comments on What interests you the most right now? Leave a comment »
Dayse Taruselli
Mr. Geller: I am excited with all that I am learning with you. I've sent you an email ref. the commercial funding and the feedback of the students already working and closing deals with Charlotte Capital. I am very interested in commercial loan mod and have a small team of independent contractors for lead referrals. Would love to work on loan mod that have principal reductions, not the traditional reduction of interests. Looking forward to your response.
Sincerely,
Dayse
JOHN
IS it possible to buy a home while you have a home in foreclslsoure? due to the bad marketws in specific areas I have found home that I can downpayment by half up front and will any financers finance someone while they have another home, unemployed, and about to face foreclosure on the other home.
stan wilson
I am a short sale guy so short sale interest me the most right now
Arod
principal reduction loan mods and who is being successful at processing them...
Roberta Di Petta
I want to learn more on Commercial Foreclosures/Short Sales
Yaron Shamash
Hi richard,
I am most interested in defaulting on my credit cards and cleaning up my credit after doing so. All of your information is useful to me.
Thank you Sir
Yaron Shamash
Greg
How to get Business credit and funding for first time buyers who don't qualify under all the change's in todays finance industry.
Marvin
Richard I would like to see and get more info on Commercial Financing we are running across some pretty atractive deals and I have access to the funds to purchase these deals but the investors can't seem to get them financed on the B to C transaction any advice or input?.
Scott Spencer
currently short selling a condo with a partner and will want to know more about re-establishing my credit. I understand a short sale does not have as much of a negative impact as a foreclosure and there are ways to restore your credit in a few years after a short sale.
Also-have heard once the bank does short sale the property they will issue a 1099 for the difference in the loan amount and what the property sold for. Is that correct?
I would like to see more of when you get to collections with large credit card debt what to expect. I would like to hear from people who have done what you are telling me to do in the course and have succeeded. Certainly they must have some tips, thoughts and observations that would help me now that I am 6 months past due and continue on this very frightening path. For instance, the credit card companies tell me I will be ruined for more than 7 years and it is worse than bankruptcy. I need encouragement and help.
Jim Smith
I'm focused on Short sales on
sgl fam homes, priced from $1M-50M,
& apartment complexes from $5M-50M.
Please advise a company that will do a top notch
job of negotiating w/ the Sh Sale lenders.
I will be the General Contractor, so to speak,
delegating everything except what I do:
1...monitor my next transaction that's ready to close any day, &
2...create the personal relationships w/ the supporting services
that, when functioning properly, allow my biz to run like a well-oiled machine.
Thank you, Richard.
Jim Smith
Clay Bailey
I would like to partner with you on the Commercial loan mods,I do not have the money right away to get involved, I was in the mortgage biz for 7 years and offer a cost segregation engineering study to commercial property owners,I think the loan program would be a great fit.
Thanks
Clay Bailey
Bob
You offer great information and a fantastic program, but I am retired and cannot afford your Program.
Stan Anderson
Richard,
I want to know everything there is to know about tax certificate lien investing. Not just the teasers, but how it plays out in the real world.
Thanks for asking!
Stan
Melissa Malin
Richard,
I would appreciate seeing more about how to market the self-directed IRA's, and other ways to make money in finance that isn't being done by every Tom, Dick, and Harry out there. think, "true, genuine nichey material".
Thanks for asking.
Mike
What should a credit card settlement letter
contain exactly, so that which is reported on
FICO will be to my advantage.
Thank you
Vincent Dames
The free course material I want are:
1. commercial lender broker/associate between hedge funds & commercial property developers/investors & small business owners.
2. Conversion Consultant for IRAs to Self-directed Plans.
Chris Jahr
Richard, thanks for your emails and little information videos. I'm really interested in getting out of credit card debt. My wife and I have around $50,000 to $60,000. in credit card debt and we are in a endless cycle of interest paying. I would really like some help or information on settlements without bankruptcy. Please advise.
Chris
Ginger Butler
more info on debt settlement
Noemy Ramos
I am a Real Estate Agent, and I will like to get into the investment part of the business, I have a terrible credit so I will like to know more about the credit program. I will also will like to know about the other programs, but the most pressing is the credit and investments.
Michael Curtis
The IRS is my biggest issue. I didn't pay taxes for 2.4 years which total about 30k plus interest and penalties (terrible explanation of why it happened but it did and I regret doing it). So, I submitted an "Offer in Compromise" (which is a proposed settlement) of $3000.00 by making payments of $127 about 2 years. An "Offer in Compromise" is where you don't have the ability to pay and the IRS allows you to propose a settlement for thier review. From what I've read, only about 16% of OIC's submitted are accepted for settlement. To that extent, I no longer hold that position I was holding when it happened and at that time I was making $59 - $64k/year.....At the moment, I don't even have a job and have recently relocated to Dallas TX and am currently looking for work but havn't found anything significant after about 6 weeks of looking.
I like your credit repair ideas but unfortunately I can't do ANYTHING until the IRS is over with. I would like to work on my credit "NOW" but I can't even negotiate with my creditors at the moment because I don't have any significant income.
Doug
Commercial Loan modification program you offered. I'm a housing counselor
handling a large volume of foreclosure. Has a non-profit i'm not making
the bucks. Need something that would increase my income exponetially at
this time.
Timothy Wilson
Hi Richard,
I have followed your information for some time and have been quite impressed. I will continue to purchase your products. I'm currently doing loan mods and one of the biggest items are debt settlement; principle reduction; qualified attorneys for foreclosure defense; 1099-c and cancellation of debt; and credit repair or enhancement.
Thanks,
Tim
Nancy Fowler
We have 75,000 in credit card debt, we have already modified our mortgage. We have watched your videos on debt settlement and our interested in learning the process of debt settlement to completion. Thank you.
Verneiver Snell
I am interested in money making opportunities in real estate with little to no money and where I can really get funds to do fix N flips. If there are good opportunities in the financial markets, I would like to know more about this. I am interested in the best way to make credit card settlements when you owe a lot on credit cards and how to protect your credit as well if you do this. I would really like to know who the contacts are and how to make inroads into the REO markets if you are new to real estate.
Keith
I heard you talk before about getting people money to buy or refinance their commercial property. I would like to know about this area and how to market to them and how to get a piece of that loan.
Thank you for helping out!
Keith
stephen
Hi Richard,
i am very interested in commercial real estate investing.
apartment buildings, mobile home parks, storage units.
my biggest fear is finding a good deal and then finding the
funding. i am interested in your "commercial funding e-course"
however i do not have the cash to pay for that course.
stephen colburn
tom
Can I sell my house,which has small amount of equity,via mortgage assignment to a buyer ,unable to get bank financing but who has cash for a small downpayment? What are the risks to the seller and buyer? Is this like a"subject to" for the buyer?-
Michelle Helzer
I am currently working on credit card debt settlement and a loan modification. I am interested in either topic in terms of logistics and success.
Louis C
I'm interested mainly in doing short sales, finding homeowners who need help and how to do it legally in California without getting in trouble with the law.
Rick in Michigan
Hi Richard,
I would like to see anything you have on how to settle cc debt with an emphasis on ways to minimize the chances of being sued, and more specifics of the strategies to follow if you are sued. Also, on short sales I'm seeing lenders no longer willing to agree they won't pursue deficiency judgements. Any strategies to get them to agree to waive their right to pursue would be great.
ga
"....a lot of folks are interested in getting out from under investment properties that are under water...."
Bingo. And funny that you should use the term "under water", since this is also an issue. I have a property that has added problems from the heavy rains in this area over several months. Roof leaks and floor damage, washed out yard.
So the question is: In this market where are the investors who used to buy property that needed upgrades and repairs. There's so many foreclosures, etc that they only look for bargains that need little or no expenditure for repairs.
Marie in CA
HI Richard,
I am interested in settling Credit card debt and also how to avoid getting sued by cc lenders. Also would like to know which CC Lenders are likely to sue.. Thanks.
George Cubbage
Hello Richard,
I am most interested in apartment investing and obtaining funding to do so.My biggest challenges are proper knowledge on analyzing properties and funding.I intend to be focused on these two areas and appreciate the info.that you pass along.I have been searching for case studies on deals where the structure and math are laid out to see how the deal is actually done this would help greatly.Thank You.
George
tony
Opportunity exists for those with foresight and available funding. I have many lucrative deals, with a triple ROI.
Please see what you can do about Angel Investors or Hedge Funds needing these kind of returns.
Thanks,
DAN NELSON
I AM INTERESTED IN GETTING OUT OF AN INVESTMENT PROPRETY THAT IS UNDER WATER.
Carol
Richard,
I am interested in getting out investment properties that are under water. Am considering foreclosure and have found your free information most helpful.
sandrine kolker
What interests me the most are principal reductions on loan mods and fixing credit afterwards.
Bill
Thanks Richard,
Interested in finding distressed Commercial deals, either note or asset and the places, banks and brokers who are putting them out there. On the internet, the social networks or usual websites banks and commercial lenders use.
Charles Massaquoi
My Dear Richard:
Thanks for the opportunity to hear my side. Don't we all wish our government can offer us such opportunity. My wife and I trying to sell everything of value which is not much. If we can raise up to $10,000 by the Fall, we are heading down to Texas where the weather is not this punishing. We must secure a place to stay. A home suitable for people in their 60s and a daughter that just turned 20. I am full of hope and desire, coupled with my handy skills. Richard please play your magic. Warm regards. Charles
dane
how and where to buy bad commercial paper.
jackie
Richard in reading all of the above it looks like what people need most is credit repair type stuff.I am in Insurance and it amazing how many people are having their credit just ruined. So credit repair will be a real needed thing int he years to come as once lenders start opening their coffers people will want their good credit back.
I attended your conference call the other night with I forget his name but his internet package and the squeezepage.com deal. I signed up for a trial on the squeezepage.com and now can't get anyone to answer me to cancel my trial membership. Richard that deal looks great but it is misleading as they say you can put it on any website. WEll yes and no. You can but you don't then just go to that site and then have the popup optin box there. You have to go thru the link they provide. DAH! That is no big deal, that being the case you still would then have to have a list to send that link to correct? How does it grow you list when your starting from ground zero? Please tell me how i can reach this guy so i can get my trail cancelled?
If you could come up with a way to teach us newbies how to build our own blogs and websites that a 5 year old could do let me know! LOL> I am techically challanged.
Please send an email to support at homesalerelief.com and we'll take care of you. I think Larry's product is really good, but you are right. Thing is, everything is simple once you understand it, or at least it often is simple.
I have thought about a course as you describe. I am putting something together for Commercial Funding Millions as a bonus module. It isn't really that hard.
warmly
--Richard
steve
If you take an upside down property using 'subject to' - what would you negotiate for with the lender, a loan mod with principle reduction? I don't think it would be a short sale at that point because you are already the owner of record. Your thoughts Richard?
Allen
I am definetely interested in commercial financing opportunities
and also ways to settle credit card debt. I do not
have the fee to start the commercial funding opportunity. Can
you get your fee off of the back end of the deal if I were to
successfully put one together? I understand your refund of the fee
once a deal is put together but it is just hard to come up with extra
cash in these tough economic times.
Jerry
Thank you for your recordings. I have experience with commercial real estate but have not been able to find conventional lenders willing to lend reasonably on profitable projects. I am learning about syndication/pooling and looking into government-backed programs (but like you say- there seems to be a lot of scams out there.)
I'm interested to find out more about your Commercial Funding Millions program and the Commercial Funding Alliance.
Brandon
Nope, not so. I have settled with two large banks and following this, all my credit report says is "settled for less" which is better than a collection account. I have yet to try the tactic recommended by Mr. Geller by disputing negative info, but that is next on my list. So far...Mr. Geller could not have been more accurate with what he has recommended. No, I don't work for his company and I have no financial interest in his doings. I am just a happy guy that owes a lot less money to the mean old credit card companies:-)
Araceli Sickler
interested in commercial loan modification course for free. I have leads.
Vladimir
Richard,
My primary interest is how to get the bank approve a short sale in case the owner has sufficient income that allows to continue paying mortgage for the house. Let's say he can continue making payments but he prefers to get rid of the property and make the bank to accept the loss. What if the income apparently is high enough but the owner still does not want to continue paying? How to convince the bank to accept the loss in such scenario?
Jeffrey L Garvin
Thanks for the information you have to offer.
my main concern is Private Money Lenderes to acquire property[s] quickly; My JV's will not fund without "C" buyers with a loan in place, so far all my "c"'s have had issues. private Monies will allow me to acquire and hold until funding can be arranged. I lost $3.2m ARV in properties do to funding issues. I currently have 223 properties under contract, with ZERO funding in place, will probably loose them also. I have access to 5000+ (unlisted) REO's to make offers on;however, without funding available what's the use?
Best Regards
Jeffrey
Sam
Commercial properties that can't be refied in spite of cash flowing, commericial shorts and discounted commercial paper are among my primary interests at this time even though my credit is currently so poor I'll have to find some creative deal structuring to get in without any of my money. Anything that builds on the commercial segment of the market that can be done with little or no funds is of major interest at this time. Whatcha got that we can use? Thanks in advance..Sam
Wilma
Hi Richard,
I'm interested on learning on doing commercial foreclosures, not using my own money and hands on experience.
Dave
My wife broke her shoulder, surgery next friday, medical bills are going through the roof, and house is seemingly domed to foreclosure. Value is around mid-$400,000 with a mortgage over $715,000. What to do now?
renu
Hi Richard, Your info is very valuable, I'm most interested in finding out honest, ethical companies that have successfully negiotiated principal reductions in loan Mods
James Shiers
Hi Richard,
More on MERS loan settlements. I have a MERS mortgage. Darned if I can figure out who really "owns" it. Servicer won't tell me.
I need to get with one of your qualified loan mod breakthrough specialists.
Many thanks for all the great info!
David Gaskin
I want to know about suing the banks for not following mortgage laws and getting houses at a lower settlement price. (Settling with the Bank for real short money)
Edwin Reyes
interesting in buying residencial forclosure and woul like to how not to use you own credit Thank you
Erin
Hi Richard - I want to know about the loans on commercial (mostly apartments) that are having trouble refi'ing. I'm also interested in any network that proposes we find our own financing solutions rather than use banks. Thanks
Thomas McKissick
I want to know how to go about getting more commercial funding customers, locating business people in need of loans or re-cap. I am reaching out as proposed but pickings have been slim.
Josh in Orlando
We all need a system we can use to make some money NOW! (next 90-180 days).
Problem 4 you is: so many varied interets.
I need access to some financing to buy & flip REO's, so many Investors have signs on street corners. I've looked at some houses. Nice ones going for $50k-$75k.
Just unbelievable. They sold for 3 times that just 2 years ago.
Decent Duplex near a University went for only $100,000, only needed $5,000 Rehab.
I really need someone to partner with. I've been here in Orlando 9 months, but busy, little time to meet other Investors/Rehabbers.
Info on the financing available to flip small commercial, and more Short Sale Info I guess. I'm trying to learn more about them all.
Thanks for all you do for us. Your right. The more free education and resources you provide, the more persons will like your services and remain loyal in the long run.
Josh in Orlando
Timothy G
I am a guy trying to learn as much as possible so Commercial interests me the most right now. I have not got to deep in real estate but commercial real estate tickles my fancy.
I wont to thank you for what you do its grate
Timothy G.
Nancy Akanni
I need information dealing with HSBC, which is not an American Company. I am seeking a Loan Modification, and possible principal reduction. I really need an interest reduction as well.
Bad Loan from the start.
Hemp!!
Val
Richard,
I'd like to get professional training as a forensic loan audit specialist and to provide such services for those homeowners that are upside down on their mortgage. The webinar series you were offering seem to be exactly what I need to get the necessary education. However, I haven't been able to afford it yet.
Ed Krenz
I am primarily interested in money making opportunities. I have developed a lot of real estate and have built many homes and apartments. I would be interested in distressed apartment buildings where the opportunities are the best, and have corrected many smaller ones in the past to increase cssh flows
carol
I am most intertested in commercial financing, loan mod, private money source, or anythign related to commercial meltdown that is win, win for everyone. thanks, carol
jay jarrett
marketing for short sales! I have the commercial course and its an unbelievable resource!
Javi
I'd like to see a video on the buying REOs directly from the lender. Also determining values and what to offer. I'm usually going 70% of ARV and I'm not getting many bites. Maybe that's too low.
Mike Jaeger Live
Richard,
I would like to work with your ecommerce guys to increase advertising revenue on our YouTube channels. If we earn enough revenue with online videos, blogs and web pages.... we can give away help online... raise legal funds,hire lawyers, and win litigation for borrowers harmed by bad mistakes and lies by lenders and collection agents.... Investors can invest in the fatter torts... this will bring pressure to banks and collection agents to negotiate in good faith... what do you think ?
sy Mike jaeger Live
Alan
Hello, Rich,
I have experience in real estate and mortgages. I'd like to learn about arranging private equity or hedge fund loans for commercial properties. Thank you.
Ron
All of the above.
george
I would like to know how to get a loan mod principal reductions on fha loan for my self.
Yolanda Soto
I am interest in knowing more on how to negotiate with the lenders , when doing the Loan Modifications.What is working for some more than others ?
Dalton
Hi Richard, i have several investment properties in Orlando "deep" under water and just want to get out from under them without the possibility of deficiency judgements down the road. How to negoiate this in writing with my lenders. Thank you and keepup the good work.
gurmit chima
Tax issue--I have short sale my second home for 200.000 ,i owe 400.000 what are the tax consequence ? what advice you can give me?
thank you
Carone Pierce
Would like to see more on short sales and commercial funding
Amy
I am 6 months past due on my credit cards and not sure what to do next... I have limited income which is making it extremely difficult to settle with the CC companies...Thanks Richard
Gloria
I would like to see what approaches I can use with the bank and how I can improve my negotiating skills. I'm tired of having to deal with bank customer service gate keepers. They are truly robots that say the same thing over and over and you never get the same story. I just want to help people get their credit card debt down but the robots are not listening to what I have to say. It is a one sided conversation. Yup that is what I'm looking for Richard. I truly would like to help people break the communication barriers.
Thanks Richard for helping people make a difference.
KYRA MESAROS
I used to work as a loan mortgage officer, make money, but everything is different now, I have so many financial problems, but I am helping a lawyer with laon mod. I need to work on my owm, doing loan mod in NJ. FIXING credit.being forencic loan audit.
Wayne Oesterreich
I am interested in in finding ways to be able to purchase apartments when your fico score is bad. I have a couple bank owned apts I am interested but can't find any money bakers to persue this
David
I'd like information on self-directed or check book IRA's and more on improving FICO score.
FIDEL
I WOULD LIKE TO LEARN MORE ABOUT APARTMENT REOS AS WELL AS GETTING BUSINESS CREDIT AND PERSONAL CREDIT REPAIR THAT REALLY WORKS
Horacio
Hi Richard,
You have a lot of great suggestions from you subscribers.
I would agree with commercial loan mods and I deal with Bulk REO. It's always good to have more input and ideas.
Andrew
Any info on walking from homes in Fla (a deficiency judgement state), where we hold other property, would be most helpful.
Also, do you maintain a referral list of quality, reasonable loan mod specialists?
Mike
I would like to know more about the upcoming HAFA program and what the impact will be. Will the banks require homeowners to apply under HAFA for a short sale or is it only voluntary? Can the homeowner pursue a non-HAFA short sale? What are the pros and cons of the HAFA program for homeowners? How will the HAFA program affect the ability of investors to buy short sales at wholesale prices? Will HAFA just be another political publicity stunt like the HAMP program?
geo
Hi Richard, I'm interested in finding a way to buy a new house for my family after I had two forclosures on my credit.
Michael Weidig
I need some start-up capital or credit.I want to get into direct REO's and certain commercial real estate.I'm in Orange County, Calif. if anyone wants to partner.
David
I am interested in Credit Card Debt settlement.
Nancy
Do not understand government's reasoning with citizens who are losing their homes due to job loss, economy, property re-assessed values of homes being less than what people owe on their mortgage...putting citizens out on the streets because developers, lenders, etc. got greedy during that time. Why do citizens who have been through a short sale have to wait two years to buy when retirees who've owned a home for a lifetime now must wait to, again, buy a home????? Lenders are not working with loan mods. The credit card game and fico scores are a joke and also giving away homes to 1st time buyers???
Yet, if you are an illegal, government is giving families money for housing, food, healthcare, education, along with the costs to house them in our prison/jail systems, gang warfare on our streets, on and on... Government is not doing enough with border security and this is where our budget deficit lies...and this should not be a losing battle. Middle america continues to be left behind. Housing needs to start moving in the right direction.
William
I am currently implementing your Credit Card Relief Formula strategies but would like to know more about Loan Mods, primarily principal reduction. The house in which I live is jointly owned by my mother and myself. The house was purchased in '05 and has a first mortgage for $325K. The loan was a "pick-a-payment loan and we've been making minimum payments. This has driven the amount owed up to approximately $350-$360K. The home's approximate value as of this writing is in the $175-$200K range. Principal reduction information and strategies are what I'm most interested in.
Brenda Bryant
I want to know more about Project X
Kris M Rish
Mortgage help
It seems that people have been hit the hardest in the mortgage area. Credit cards add to this area of the household financial situation. Our mortgages are, by far, the largest portion of our debt. Those who had a mortgage obligation barely being met, are now defaulting on them because they lost their jobs. Those who lost their job, and this is the REAL problem, won't get help from the lender because the lender sees that the borrower doesn't have the income to debt ratio needed to pay the 'offered' loan mod.
The question needed answered is, "How can I meet a deal with the lender when I don't have a job?"
Thanks for listening
Kris
Neil
Hi Richard, I am interested in settlng credit card balances. Also would like how to find out if i am personally responsible for a business credit card balance that is now in default. The business is now closed. Any information you could give me would be greatly appreciated since i am in the process of settling multiple accounts.
cb willis
richard,
thanks for all the information previously shared. my particular interests are in all things commercial. i have 4 young boys and would like to have a girl. but of course this will require much more moola. please share with us information regarding:
a. how to find apartments in foreclosure or struggling financially that might benefit from a workout
b. marketing strategies fliers, letters... for SDIRA's
c. marketing strategies for finding commercial properties in foreclosure
d. senior living facilities that require commercial loan assistance
e. HAFA - how does it affect us? how can we as investors take advantage of it?
thank you so much for sharing your knowledge which helps us to attain wealth.
cb willis
richard,
one other thing i'd like to see is a forum where people can give their testimonials regarding what line of business they are engaged in and the success and or challenges they are having. it would be nice if these could be categorized, i.e. commercial loan mods, commercial short sales, commerical foreclosures...
thanks
Carlos Leon
I am interested in buying and fliping residential properties,but I need your funding people for residential and comercial funding.
Dan
Principal reduction and loan mods, beginning with my own home with 2 mortgages and a HELOC. All my loans are performing, but I am looking for relief with college costs on my horizon.
kenneth le
More on Commercial Funding Millions, commercial short sales and commercial debt re-capitalization.
Lost In Space
We received a loan mod from WAMU/Chase. Not the best they had to offer but as long as I'm on unemployment, which will be another month, we could afford it. Since then my spouse has had yet another reduction in income and we will have to foreclose on our home. We are 60 years old with only a small retirement left. We need to know if there is a future with a home for us. We have a second property with a building on it that requires work to be considered a home. Both properties are upside down and we have mounting credit card debt. We would file a chapter 7 but we have too much income to keep the 2nd property and we don't want to loose it. Filing chapter 13 would allow us to do a cram down to reduce the principle on the 2nd property but would not allow us to withdraw money to make the repairs to make it liveable for 5 years. There is something called Special Circumstances under the 7 but I wonder how many people are approved for chapter 7 this way and have kept some of their property? We need to own one of our properties free and clear to make it through to mid year and beyond. The 2nd property is the least expensive and it would keep a roof over our heads. We have been battling this situation for four years. We both have serious health problems now. We would like to stop the madness and get our life back. Who can we trust to advise us? I don't think it is a bankruptcy attorney who thinks we have a 60% chance at the Special Circumstances. I think he wants the little money we have left to live on. With 25% of homes going into foreclosure, many more people filing bankruptcy, how will the economy survive when these families cannot participate?
Marie
I'm interested in debt settlement/negotiations and getting business credit.
Carii DeLove
Principle reductions on Loan Mods. I need to modify my loan. My loan balance is in the $600,000 range but worth only about $250,000.
Greg
As you probably know, the banks are winning the political battle in California and have got our legislature to make getting paid up front to do Loan Mods tricky even for attorneys. And performing Short Sale Negotiations for others for a fee also requires a real estate license. I would like to know about whether the tactic of Delaying the Trustee Sale by requesting that the Trustee provides documentation regarding their compliance with the Fair Credit and Other Federal Acts is a viable way to help people stay in their home... And whether using this delaying tactic could serve as a way to get the lender-noteholder to realize they have a savvy borrower to deal with who could maybe delay the process by another year or more.... so maybe the bank's interests are in not foreclosing and instead they might try harder to get a fair deal done.(Companies such as ASND are offering this type of service...what do you know about them or others ?)
Finian
I would like info on modifying my existing mortgage.
Paul
1) Financing with little downpayment for Multi-family and commercial properties.
2) Commercial short sales and loan mods.
liza
i;m in the process of loan modification now, i paid the fee which was 3000dollars. but then they want to charge me again 1995 dollars for transfer to a different lawyer. can they do that? thank you so much richard.
janice
Thinking about going in to the credit & collection business, I would be interested in credit and collections if you have anything, would like to know how to help people repair their credit and purchase fix/flips houses. however I am currently unemployed and would have to wait to purchase houses to fix/flip.
Verneiver Snell
Richard, It's very interesting and insightful reading thru the concerns submitted here. What I see here is a lot of interest in credit card debt settlement, commercial property investment and funding and principal loan reduction and credit repair. Credit card debt settlement and commercial property funding along with REO contacts would be very helpful.
Verneiver Snell
I am interested in this as well and find I am having some of the same
challenges.
Marie Thompson
credit card settlement without paying IRS the difference and loan mod woth principal reduction
Larry
I find many of the requests above very interesting.
My current hot topic is learning the best approach to deal with the Notice of Default I've just received on my 1st mort. I was laid off at the end of 2009 however my wife works so we do have some income & unemployment insurance until I land my next job. I am looking at probably doing a forensic audit so I may have something to bargain with. Then I also have the Second mortgage holder to deal with (this was an 80/20 loan in Aug 2005). House value has dropped from $600k to approx $520k based on comps with $480k & $114k outstanding debt. I'm trying to be realistic about what we can hope to accomplish if we have grounds to litigate, I don't want to keep paying for something that I can't afford nor do I have any hope of near term appreciation. My biggest concerns here are - my ego of letting the house go and the major headache of moving if we determine it's the best course of action. So, to make as short story long, I need to find out where/how to find both a good forensic audit company and more importantly a good reputable attorney we can trust with experience in the consumer RE arena in the Los Angeles area. I've learned a lot from your Loan Mod Breakthrough webinar sessions I purchased however I'm wondering if I should have purchased the Mortgage Relief Formula course? Thanks for all your work compiling all this valuable info!
jim shrewsbury
it would be nice to find a money partner...my son and myself flip houses and well to move into the next one with a investor would be a good thing for us...to not really have the finished one sold yet........and i woul dlike the chance to teach an investor how to make money tax free without selling the house
Ricardo Salazar
Richard, I am available to help answer questions for your homeowners on modifications and give them some insight as to when a modification with principal reduction is considered by the investor and lender. Principal reduction modifications are rare but they do happen if the value, income, existing payment, program and other variables line up.
rene
loan modification and principal reduction is something that interest me .ethical and honest company or people is hard to find . the credit card deals sound good with a new corporation ,but i think the guy is asking too much.
David Stewart
I am looking for a partner and agents/affiliates for my new loan modification company. We are offering clients access to do-it-yourself loan mod system online for as low as $9.97! We of course have upgrade options.
Steve
Richard, I would like to see somebody (mentor or guru) come up with a program where the student learns on the front end, then pays the (mentor or guru) on the back end when they do a deal, whether it be a percentage of the deal or a flat fee.I know everybody says you have to have "skin in the deal or you won't do it" but i disagree. This would open a door for a lot of us in this current economy who are willing to put forth the effort, but may not have the financial means to afford these high priced courses. I don't know of anyone doing this,but i think it could be done and i'm sure it would bring you a whole lot more business.
Nina Wildeveld
Too late for me. Condo was foreclosed. Found out after the fact the lender never responded because the loan was backed by Freddie Mac. So no skin off their noses.
I owed $193,000 and now selling for $95,000. I think you have done a great service to many folks out there who were caught up in a maze of no way out. Thanks for your efforts. You can drop me from your emails.
Ike Park
When I do a commercial short sales, how can I get letter of fund and real funds? Also trustable funding sources for short priod of time for double escrow closing.
Richard, I'm go to the Izzys every Sunday more than 20yrs now.
petra butler
Fixing my credit and dealing with cc collections. Was victim of predatory lending on my mortgage. The bank was supposed to pay all my cc's...did not. Was forced to short sale my house, lost my job (can't afford to buy anything right now except food, shelter, etc). I did report the bank to the OCC. My credit is trashed.
Randall Bingham
Hi Richard,
I want to learn enough to be able to submit a case on the commercial lending from hedge funds for free, cuz at the moment I don't have enough money to pay you for the full training. I'm working on that and would use earnings from your training to purchase more training. I've got a deal, you have the knowledge of how to make it work. We both want to make more money. Keep the info flowing on how I can work with you and your ideas.
Bill
I agree with Steve. I would like to see a program for those of us who are willing to put forth the effort in a "LEGITIMATE WORKABLE SYSTEM" and would gladly give the mentor a larger back end payment, when we actually do a deal.
I am sick and tired of paying for courses up front that are all theory and no practical, usable information or don't give you an actual workable plan unless you buy the next secret, advanced, level.
I know the current internet marketing model calls for giving away a lot of information that has a HIGH PERCEIVED VALUE up front and then leaving out key components in order to lure us into the "UP SELL" but it would be a refreshing change to find somebody who actually makes their money doing Real Estate Deals, and would like to partner with us to do more deals, instead of making their money selling "Get Rich Real Estate Info Products".
Someone who is actually interested in helping us grow as people instead of fleecing us like sheep.
Pat
I would like to know who is the "watchdog" overseeing these lenders who are doing mods? It seems the lenders are taking there sweet time in approving loans and always asking for more data....and are they receiving any stimulus money while people are in the trial programs?
ANTHONY
DOING COMMERCIAL REAL ESTATE DEALS OF ALL TYPES, AND RESIDENTIAL DEALS.
Jerry
Combination of getting combination of getting more involved with commercial lending, and business credit.
A. Ramos
Mr. Geller I am really interested in a loan modification on my home although I have been following you for quite sometime now and you are very educated. I try to get to my emails at least twice to three times a week although my work schedule makes that kinda of hard but I make sure I read what you send out and I greatly appreciate everything you send. Thank you very much for the information. Any and all information you send is greatly valuable to me. I am trying to get out of debt, I desperately am working very hard to keep my home first of all, getting out of debt is second. Any information you provide to help I will follow. Again thank you very much Mr. Richard Geller.
Respectfully,
Adra Ramos
Sharon Mandin
I am taking a course called ETFtrending, and was referred to your webinar on connecting hedge funds with commercial property refinancing needs...I was interupted in the webinar and was told it would be rebroadcast on Sunday, Jan 331, and that I would be notified by email as to time. That never happened, and I would like to listen to the webinar with my husband. Please advise.
Jerry
Sounds like the market I have been looking to get in myself. Let me know more. You should certainly get significant hits on this one. Personal time is a major problem I have found as potential client are just scared, no confidence, or plain lazy. I'm sure there are several other catagories., but I've seen plenty of them.
Give me an email on your contact information. would be seriously interested.
Thanks,
Jerry
Jags
I read a comment above where one person said about buying numerous courses with little or no value. I am sure many will agree with that fact. There are too many "gurus" out there pushing stuff that is absolutely worthless. Anyone wishing to know about them can email me.
My area of interest is multi family: I want to know where to find deals, short sales, foreclosures, owner financing; funding sources; deal structuring etc and we can talk.
Thank you for your help if you can help.
Dayna King
Credit forgiveness, judgements etc, etc
Erica Adams
Hi Richard,
I know you can't work miracles but sometimes people get so much information(by the way, all of yours appears to be really good)on various moneymaking programs that they get stuck in analysis paralysis and can't decide what real estate program would be a great start for someone without alot of real estate experience or money. Put yourself in the shoes of someone like myself who:
1) Has little money due to being laid off recently
2) Requires very little to get started and easy to understand
3) Does not consistently take a long time to start making money (Example: 60+ days)
4) Can be worked part-time until you learn the ropes but could replace a regular 9-5 job
Where would you start or which program would you choose Richard if you knew you only had one chance to borrow the money to participate in one of the many good programs you have listeners too. Look forward to hearing your thoughts on this.
Sincerely,
Erica
Great question. I wouldn't do:
Flipping properties (difficult)
Anything requiring a lot of salesmanship (too high a failure rate)
Something that people NEED but don't WANT (lots of things)
Anything multi level (I don't do MLM)
What I would do? Great point. There are many opportunities but one thing I believe in with all my heart. You need to be into something that has the news and the trend in your direction. Go with a trend. The trend is your friend.
warmly
--Richard
Steph
My lender took five months to do my loan modification and then reported me late for five months which ruined my credit. I tried to get it erased but can't. What can I do?
Yvette
Interested in loan modifications that work. Banks just seem to be playing games and not truly working towards a settlement.
Steve N
Credit card debt reduction!!!!! Dealing with credit card companies to be able to skip the debt reduction companies!!!!!!
Jason Jarrett
I'm very interested in Loan Mods and credit improvement after short sales and if loan companies are going to start coming after people for thier 2nd's.
george seidel
I agree with the "give people what they want" part.
I suggested in previous correspondence that reasonable terms would make you more money. no response.
I requested January's credit seminar contact info twice...again no response.
I believe that you have to provide easy, closed systems without intensive fees, that leave the money on the table for the investor.
Since the majority of your investors are starter investors,you have a duty of care to protect them from harm. Now, I believe that you must find a system that keeps your investor from offerings that could breech that duty of care.
CD
Hi Richard,
I recently purchased your Commercial Funding course. It is a great course!
I would like to get into action as fast as possible.
I would like an opportunity to partner with you on deals that I find. I would be more than willing to share my profit for more one to one mentoring. What do you think?
I would also be interested in a mortgage settlement course.
Steve M.
Hello Richard, I would like to know more about "Commercial Short Sales" and how to fumd them.
Joe
Wondering why my bank/lender can change my account terms at will when i created a legal arrangement at time of creation of cards/checking/savings ect..However i am held by contract when i signed mortgage loan terms.? I signed under the pains and penalties of perjury and am bound by the document.But a bank is not.?
Angie
I'm looking for info on credit card debt primarily. I'm open to info on owning my own business, too. I couldn't get back on to purchase with my email when I came back to do so. So, I used a friend's email on the second try and purchased your e-course requesting that it be sent to my email. I think I'm all set with ordering your material????
A. Marie
Well, as I Had spoken with you about before, I still would like to learn more about and get involved with COMMERCIAL FUNDING. But I was not able to afford the course. Does your offer still stand? Looking forward to learning more. Put out some feelers and have had a LOT of preliminary interest, but don't know where to go from there with it, without more education and how-to information. It's all new to me. But I need a new, dynamic small business, something that I can started in and work up quickly, and that doesn't take a lot of up-front money.
Thanks Richard, for all the information you share.
Dale
Richard looking to more info on Providing Loans ...there is terrible shortage of available funding for both residential and investment properties. Many deals are failing or lost due to lack of funding.. this is across the country.
Ron Smith
As usual Richard. Great content. Follow you every day.
Ron Smith
HAFA...DON'T FALL FOR IT.
Reb
Just 1 good commercial deal that will cash flow and replace my JOB. I'm so tired of corp jobs that leads you nowhere and yet still broke. It seems like we're working for our creditors. Help us Richard to find this deals and change our lives.
Bill
I'd like to find Private Lenders quickly for long & short term Commercial & Residential deals.
Carl
I am trying to find the best ways to build an investor list, fast.
Also, I know that alot of the articles and books I've read talk about doing lease options on single family houses. I am looking at a 2 flat right now and want to find out how I can structure a lease option to purchase the property. It currently needs a new roof and a back porch.
Thanks
Eric
I'm in the last month of settlement, so any help with DEBT SETTLEMENT at CHARGE OFF.
Chase - 30%
Discover - 60%
Citi - 40%
American Express - Sent to collection agency early.
John Klinge
Im looking for;
Int loans in real estate
Business partners
John Klinge
Im looking for int.loans in real estate
Business partners
Best rgds,
John
michael
hi richard,
I have tried to contact you by phone and email with no success. Your information is pertinent, appropriate and timely, so needless to say i agree with and appreciate the markets you cover and the solutions you propose.
With that said - I want to buy your products and use the coop programs you have for some concepts. BUT, I need a list of your available items or a clear offer sheet to pick through and buy them all at the most affordable $. (definately free and clear club). Can you help me?
I am meeting with an investor tomorrow. I need to know how much seed $ to ask for to buy all your products. I need all final detail info. to open the doors.
I'm going to have to wing-it until i hear from you or one of your knowledgable and capable people. My first request from him will be seed money for, predominantly, your family of products and coops.
I was fortunate to find your source of info. almost a year ago, and have read/listened to all of it. Now i want to finalize my service offerings and fee structure. In addition, incorporate any appropriate coop relationships you have arranged for to date.
As for my proposed business concept: A well advertised one-stop source for HONEST up-front/transparent, timely, accurate, information. Then of course, access to "ALL" the available solutions available at the time. This the only way a consumer can make a wise choice that makes sense. Any other way would be reverting back to the same "bad business" practices that got us here. I will approach the market much like you do.
I have extreme depth and value in this project. I have done my homework and have solid financial backround and knowledge, including a BS in Finance. I understand all the areas you cover enough to absorb the big picture and the ways to benefit customers and myself.
I would mucho appreciate your enterprise as a top advisor and confidant, BUT, I can't get a hold of you.
Anyway, i have structured meaningful value added products and services for Retail and Wholesale consumption. I feel i am "on-point" and only need a few good investors that believe in SMART ADVERTISING.
Thanks, and if you never contact me, I'll still read everything you send.
Michael
I feel a one-stop-source for homeowners/investment property owners/commercial-industrial property owners/credit card consumers (RETAIL) and Realators/mtg. professionals/Attorneys/CPA's/Financial Planners/hedge funds/privat money etc. (WHOLESALE)is needed badly for real economic improvement. There is a huge demand for any entity that can smooth the transition of Real Estate from non performing status to performing status. Debt settlement and fico management are also critical. The business entities guilty of getting us in this mess(we are guilty of making bad uninformed decisions too), are simply going to have to give back a couple of trillion, of the Hundreds of Trillions unethically earned over the last decade. These guilty entities across all sectors will participate in this give-back to stay out of serious legal entanglements.
Hi Michael, very sorry but I am just so buried. I have a great team and they help me and I am so blessed. My students demand attention first and foremost. I really appreciate your ideas and thank you and I will try to answer more thoughtfully.
warmly
--Richard
EDGARDO
I am a short sale guy so short sale interest me the most right now, sorry as well loan modification.
michael
Sorry for the longest post in the world above. But want to stress that we consumers are not without blame getting into too much credit debt and mtg debt. Those capable of paying more than dime on the dollar, say 20% or more, should do that. In Real estate work-out/resolution it's inherent in the process to keep things fair and the consumer has less control over it.
Thanks
Michael
Larry
Richard -
I recently found out about the HUD 223(f) Multi-family loans
which feature 35 yr amortization fixed for 35 yrs at approx. 5.25%
you also qualify with a lower DCR of 1.18 instead of 1.25+
and higher LTV's
Perhaps there might be an opportunity acquiring apartment buildings
with this below market financing. What's your view on this?
Larry
Nora C Justiniano
Mr.Geller
I would be interested to know about loan modification focused in principal reduction, and about credit card debts what to do with it. Thank you for your interesting topics. I know it will surely help us.
Sincerely,
Nora
Tom T
I'M INTERESTED IN SHORT SALES and how to protect my assets from bill collectors and lawsuits.
Wayne Vernon
What interests me the most are principal reductions and how I may learn or partner with someone who does forensic auditing.
Thank you
Wayne
Silvia Ortiz
Richard, I like your honest and clear explanations, I really understand them and get courage to continue fighting with this "Bank Robers of America's" institutions but as some of the rest, I need tips on what to say and what NOT to say when settleling. I don't think I am the type of an agreesive person I got to be to deal whith this DOGS.... My mom says "For wolfes, there are dogs" but I am not sure... I just stop paying my credit cards for BofA who is the worst.. interests arround 27 or 28%... I don't know what to expect..... Please advise... Thank you...!
Paulo
Dear Richard,
I'm doing a loan mod with my 1st lender, now I'm in the final stages seems one more week and I'm done ,
but I'm behind 10 months with my second lender, would they foreclose on me? what do I do to stop foreclosure?
What should I do, do you think after being behind for so long ( I already filed for bankroptcy in 2008), they would do a loan mod with me? I've been calling them every month trying to negotiate, but they don't want to hear it because the bktcy case is still open. What do I do to try to negotiTe with them, I need your expertise.
robert powers
i need money to fund our deals if you would like a partner where i do the work
and we both pr
ofit from it call me if y
ou are interested
thanks for your time
robert powers
Liz
Hi! I am interested in how to default credit cards and repair credit after.Also interested on how to deal or wipe out deficiency judgements and taxes after a property was foreclosed. Is bankruptcy the only way out? I thought that by giving up your property the banks won't go after you. Need valuable info on this topic.
Liz
I used to live in my house but lost my job as a loan officer. Had no choice but to turn into a rental since I had a lot of property management experince and decided it was best for me to move to my parents home until I could find a job. I am now employed but my lender does not want to modify since it is non-owner occupied property. Also have another investment property that has positive cash flow and some equity. I would like to take cash out to go back and finish my nursing degree but with my bad credit. don't know if this is still feasible. Are there any lenders that will refinance if there is equity remaining? Don't like hard money lenders but maybe for a reasonable interest rate and term.
Ted Rejman
We have a large family and I run a business that covers (13) counties in NYS. I have a few multi-units one of which is at a stand still for lack of funds to finish the project. It would be of interest to me if you or someone would create a plan where a proposal is made to lenders, criteria is met, collateral was obligated, the loan made and when the project is done the lenders get their money. I am not sure about anyone else but things are just so tight that extra money to dispose of to get a plan in hopes of getting the money you need is just not in the picture for me.
Ted
Michael Henderson
I am interested in credit card debt settlement, credit repair , and making money via loan mods. Specifically lowering principal amounts. Need step by step blueprints for each. No theory info.
peter
hello Richard!
you have no idea how useful all the information you provide is. even if some of us could be familiar with a certain subject to some extent, is still good to know how others approach the same issue: you can never know all the avenues.
i would like to get back in rehabbing houses/apartments -like i used to before the bubble- but i have no money left, after i had to pay cash for my own townhouse, that was in foreclosure (it's a long story, but after a short sale effort fell through, because of the inspection, the bank -okwen- offered it to me at a reduced price for cash.)
also, my wife has some credit card debt that i'm trying to eliminate the way you teach, same way i did with mine in the past.
i have friends that need help with their mortgage situation and there are probably lots of people that are in their shoes -like i was- and could use a lot of help in south florida, but they don't know where to go and they're afraid of all the scams and are very confused.
i could probably go on and on...
THANK YOU FOR YOUR HELP! peter g.
Andrew
I am in need for bulk reo to source to my buyer.
Andrew
Hello Richard,
Would you be so kind to connect me with Jeffery Garvin? He posted the following below and I believe we'd be able to help each other since I am in need of unlisted REO's. Thank you,
Andrew
Thanks for the information you have to offer.
my main concern is Private Money Lenderes to acquire property[s] quickly; My JV's will not fund without "C" buyers with a loan in place, so far all my "c"'s have had issues. private Monies will allow me to acquire and hold until funding can be arranged. I lost $3.2m ARV in properties do to funding issues. I currently have 223 properties under contract, with ZERO funding in place, will probably loose them also. I have access to 5000+ (unlisted) REO's to make offers on;however, without funding available what's the use?
Best Regards
Jeffrey
nicoll
Hello Richard,
Thank you again for all of your helpfull info. I am very intrested in principal reductions and audits.
How to Fix Credit Problems in 30 Minutes
Credit fears keep many of my students from settling their horrendous credit card debt, or getting out of a terrible underwater mortgage.
This video shows you how simple and easy it is to fix your credit when you settle.
Leave a comment on your situation or question, please. Thank you
18 Comments on How to Fix Credit Problems in 30 Minutes Leave a comment »
David Taylor
Richard Yes people have to realize they have to have some short term pain and work to get out from under debt. In the long term they will save tens of thousands, rather than doing nothing and having nothing for the forseeable future
marc
Hi Richard
I have a question for you
I have a 100k small business line of credit (unsecured) with
union Bank of California
We are about 45days late
We would like to settle for 20-35 % but have not broght it up with them yet.
What percent do you think we could settle for ??
We are sole propietors and still in business (barley)
sincerly
mac
Nanya
Thanks for secret on why challenging this works!
Jim in Cali
Hello Richard and thank you for this helpful information. I'm not quite to this point in my journey and I'll try to remember this stuff, but just in case I don't, will the e-class I purchased from you include this info? Also, I left a message on your message board, but I don't recall how to access it. If you respond to this, please use my email addy and not the board, cause I can't get there from here.
with appreciation,
Jim
Jim in Cali
Me again. On my last response I said I needed a way to get to your messge board, and to contact my email. Only after sending did I take a chance and click on the little 'blog' button and wah-lah! there's the message board. I will look for the 'blog' button on your future offerings. Looking forward for my e-class to start. Got my legal pad and sharpened #2 pencils ready!
take care
Jim
Horacio
Hi Richard,
Thanks for a great tip, I'm sure this is very helpful to many right now.
How do you erase inquiries?
John Crishon Jr
Great info that I didn't know!!!
John
Thank you for the info just received this should help in a big way. Thanks!
Bruce
Richard this some good information, but I'm wondering how this works if you are challenging these lates and BKs on your credit as an individual? I thought only a licensed credit repair firm could challenge more than ONCE on a negative item?
If they affirm the negative item the first time, isn't the game over?
No, you can simply do it again.
warmly
--Richard
Brandon
What happens if the lender does respond to the investigation by saying that you settled for less money than what you owed. Does that take off all the lates and other negative stuff off your credit report? Does that improve your FICO?
Brandon
jann
Richard,
In that I am a bit "anal", I feel the need to ask where/how can I get details regarding how/what I say to the credit bureaus to get my impending bankruptcy expunged from my record.
There is a fellow around here that charges $600 (with no guarantees) to handle the process, but I really need to save that money if possible.
(I am looking for exact wording of letter to credit bureaus. IE: Do I say that the bankruptcy is not mine, or do I begin with just one creditor debt and follow-up, one after the other, until they are all gone (and then assume the "bankruptcy" will disappear)
Any help you can provide will be greatly appreciated,
jj
Kim
Hi Rich-
Can you give an example of what you should say when challenging credit card debt? Should you say something like I'm disputing the dollar amt/balance, or this is not a valid debt, or what?
Brandi
My question is at what point do you talk to the bank that you have the late credit card debt with and what do you say? Do you let them call you for ninety days and then answer there calls?
Thanks for any help, we really need some direction .
willliam
Richard,
I got a free report from one of those online deals. I've got about 6 derogatory things on my credit file, all minor collection accounts(score 454), and it looks like they're all from Transunion. Can I send Transunion one certified letter telling them all those things aren't me, or do I need to send them individual letters for each one? Thanks.
Bill Young
Richard, would that it was that simple. Your method may work with BK's and foreclosures which are public records maintained by beaurocracies who may not respond in the 30 day period.
First, if your account is still with the original creditor, in other words has not been turned over to a collection agency, your chances of getting a sweet, "10 cents on the dollar are between nil and none. The reason is that when they turn over your account to a collection agency, they get a tax credit from the IRS which closes the books on that account as far as they are concerned.
You can get a good settlement with a collection agency, especially if the account is 2 years old or older. Collection agencies regularly buy the debt for pennies on the dollar, so they have a lot of room to settle and still make money.
But as far as dealing with banks and retail creditors, the credit bureaus have a clever automated way to verify disputed information with them.
They no longer wait for letters to go back and forth. When a dispute comes in, the credit bureau clerk goes online to the creditor and verifies the information the credit bureau has on file with what the lender has previously reported to it. This information is online for instantaneous access. Obviously, this information has not changed and they report to you that they have verified the information they have on you. If you have a legitimate dispute, you can challenge their verification, but if you are just bluffing, you will be out of luck. And as far as filing repeated challenges, they can legally ignore you once they adjudge your complaints as "frivolous."
Also, most lenders will not erase derogs, called a "Delete", or agree to report them simply as "Paid"-
"Settled" is about the best they will do which will still damage your credit. However, my clients have had some success with "Bribing" collection agencies by making a slightly higher settlement offer in return for the "Delete."
Bill
I think this sounds good, but will it work in all cases. I "settled" one card 13K for 4K but I didn't do everything that you said. I noticed a 1099 in the mail the other day from the card company. I will work on doing further settlements with what you said. Is there any way to fix the one I didn't do completely right?? If there is please let me know. Thank you.
Larry
Richard,
After the credit report is cleaned up of all derogs per Fair Credit Act
creditors still have the right to put them right back on again unless they
have specifically agreed not to? after 60 or 90 days?
So absent some agreement to permanently remove or not answer investigation,
the derogs would need to be challenged regularly to keep the FICO score high?
Is that correct?
Edwin Reyes
Hi Richard how are you i hope you see this email, I am interesting in loan mod and repairing credit and remove forclosure, thank you very much and have a great day
How to do a strategic default
I thought I'd talk about strategic defaults and how you can settle cards and settle with your home lender.
Here is a note that is typical of what I get all the time every day.
Greetings Richard,
I've been praying about what to do with my finances for a long time now… I guess I just wasn't ready to get the concepts you've mentioned in your material.
Anyhow, about a year ago I was approached by a credit consumer company to help me settle my debt and almost went with them, but didn't feel write about it. I wanted to hear more opinions first.
I finally got serious about doing something about my debt when Citibank increased my APR to 29.99% out of the clear blue. I contacted them and there was nothing they could do they said. I've had excellent credit and always pay my minimum balances on time for years with them.
I have slightly over $30,000 in credit card debt from starting a business I didn't follow thru with and some personal development seminars I attended… probably some other frivolous items, too.
Anyway, I'm experiencing sooo much inner relief thinking of what it will be like to be out from under this debt that I thought I'd have to work towards and maybe eliminate in 8 years. Thanks for making the youtube clips. I've got more to learn and so I'll be digging in.
All the best,
"Laurie"
My answer to this is to think strategic default.
What is a strategic default? Two things:
1. Your FICO ends up okay. It may be bad for a bit but it comes back, and
2. Your liability FALLS to a manageable amount. Not your monthly, but your TOTAL AMOUNT YOU OWE is
something you can handle given your finances.
3. The timeframe is not years, but MONTHS.
I want to hear what you have to say, your situation. I will try to answer as many as I can.
Go here and post your situation.
I want to start a dialog with you on strategic defaults.
Settling cards, settling mortgage loans.
Principal reductions.
This is going to be the next BIG thing if it isn't already.
Go ahead and post your situation here. Your email and name will not show up to the world. I'll try to answer as many of these as possible and we can talk about it in my daily email. Change the facts around if you want, just for privacy.
Thanks!
P.S. Post now while it's fresh. Let's get some great dialog going. Thanks!
I have several properties under water. I can make payments on these properties but at the age that my husband & I are it does not seem to make sense. 55 & 60. How can I get principal reductions?
Hi Wendy, thanks for your comment.
Principal reductions are possible often through the bank's legal department. Not the "loss mitigation" peeps. Those peeps have their standard track to run on. We've seen how far that gets us.
The legal department has authority to reduce principal, often to 90% of the current appraised value. They don't care what your credit is, just that you have enough income to make the payments but there are no guidelines and stupid rules.
You need grounds to go there and this means you have to be willing to press hard on the legal button: loan was wrongfully made, violated RESPA, violated TILA, violated state laws...
Hope this helps a little.
warmly
--Richard
kathy
i would i know if my loan was wrongfully made??? i just got a loan after putting down 85000 on a house that was 275000...i now feel i made a really bad choice...i don't want to just walk away from the loan an i don't want to refi an take the money an run! i would like to get my loan reduced somehow...what should i do...i live in r.i, i'm married an my wifes name is on the loan also
There are red flags for a loan that was wrongfully made. Loans made through brokers, loans rushed through, documents with blanks in them that are not filled in...
warmly
--Richard
Dayna King
I purchased Dime on the Dollar. Also did my own loan mod. What about Cacellation of Debt (1099C) for principal reduction and strategic default (foreclosure) of rental properties? Any way to avoid recapture of depreciation (sched. E) Most mortgage companies have failed to file but my accnt. says we have to mention it anyway because schedule Es have already been filed on foreclosed homes.
Dayna
Make sure your accountant really researches this. Find an aggressive accountant if you have to. Non-recourse loans don't count on cancellation of debt income, nor does the extent to which you are technically insolvent. Many accountants are not up on the rules. Yours might be but many are not.
warmly
--Richard
joel
Thanks for your encouragement we hung in there and did a short sale on our first and got the second to accept $8,500 of $66K owed. The 1st chipped in $6.5K and we put in $2k and the wrote it off as a charge off.
Now we have $250,000 of credit card debt with 6 cards. They are hitting us hard and calling some 10 times per day. Even when I speak with them daily they still call. I am wanting to do a settlement with each and aim for the 10% and I have told them what Wells Fargo did, but they aren't listening. I guess we are about 2 months late on most. One of them proposed a no interest (went down from 22%) of 3 years on one of the smaller loans. My wife is frutstrated with the calls and I have told them of our financial situation and not to call, but they still do.
Also have 2 residences (actually one is mine and one my wife's) and are behind on those mortgages but have not qualified for loan mod. due to excessive debt. So when we make those payments there is no money left over for the credit cards. Want to do the right thing but also want to settle the credit cards as low as possible. But dont really want to get sued either.
More than likely, regarding the credit cards, you aren't late enough. Serious negotiating gets done around month 5-6 after date of first delinquncy. I am really pleased you are working on this rather than just letting it continue.
Just get a screening device for your phone so you don't have to answer the phone. Get a second line, and give it to your friends. Return calls once a month to each lender so they know you aren't avoiding them. Many of my students say "I am still considering bankruptcy, seeing what I can do to avoid it, trying to raise cash. No money to pay anything and I'll be back in touch," and they leave it at that.
You could get sued of course. It is always a possibility. Most banks won't sue most of the time. Even if they do, it is still quite possible to negotiate just the same as if they hadn't sued.
warmly
--Richard
Kev
Almost in the same situation with Joel above, what is the best course you have to get the comprehensive answers to solve the problem?
Thanks.
Shelly
Hi Richard!
I completed a forebearance form in March of 2009. After two months of calling my mortgage company (Suntrust), I was told I would not be able to receive a forbearance because Wells Fargo owned my loan. HUH! I was never told this. My loan is also "no doc".I purchased your modification program in mid 2009. My mortgage company said they never received my modification packet, even though I have proof of faxing it over 4 times on different dates . Anyway, I filed in bankruptcy in December and I currently have an automatic stay under ch 7/13. My lender wants relief from the automatic stay so they filed the Notice of Motion for Relief document. I have been trying to work something out with them FOREVER! Can you tell me what a good response might be to the judge so that they do not lift my automatic stay. I just want more time to work out something.
george
Hi Richard I have been trying to get a loan mod with chase for a year now and nothing Now im behind 4 months an fha loan fixed 30 years I DONT GET ANY OF MY statements and no threatning calls and my state has a mediation program does mediation help? Should I get legal councel or do it myself.I just want to keep my home and save some money and not get the runaround
dee muir-brown
Hi Richard
I bought several of your dimes on the dollar tapes and am a member of your free and clear club and started dissing my credit cards 2 months ago. It has all happened as you said it would the calls, the letters, ect and I have not communicated with them at all. I changed my phone number as well-didn't know if that was the right thing to do but I did anyway. I have to say, it doesn't hurt a bit and i am actually saving money --over $1000 per month! I used to be terrified of credit card companies but now that you opened my eyes, I don't even feel guilty and I am even enjoying it. As far as my credit being in the crapper-I don't care about that either! This is funny: The cc companies are STILL sending me invitations to open up more credit. Which makes me think their right hand doesn't know what their left hand is doing. Thanks so much for the best advice i have ever gotten in my life! You are my Hero!
Fondly,
dee
Gwen
Like some of the comments above, I am in the same situation. I have creditors calling 10-15 times a day, but I have been ignoring the calls. I am probably about in my 3rd of 4th month late on most of them and the thought is just sickening to me. About 4 months ago...I had excellent credit. Tenants stops paying and I could no longer foot the bills or the mortgage payments. What do I do? I hate these calls and as someone stated earlier, they still call even if you talk to them, trying to get blood out of turnip.
I am tossing between Bk and Debt Settlement...Don't know what to do at this point. How do you get an audit of loan documents? How do you determine if loan wsa done incorrectly? Thanks I have your programs.
I spoke to a woman the other day who had taken some of my courses. She had struggled daily for months to get a loan mod approved.
Finally, third major effort, she made it. Congratulations to you, "Nikki". You are amazing. And you are one of the very few out of hundreds of thousands who are in these forever type "trial periods" to actually get anywhere.
Meanwhile, if you are an investment banker with Goldman Sachs, you are not in the recession anymore.
All over.
Another woman I spoke with yesterday was interesting.
She and her husband have amassed $130,000 in
cards she owes on. And a big second on the house.
For business purposes. She got caught in the real estate crash. No fault of her own, really.
She said, what should we do?
I explained to her what I would do. I would settle those obligations. And I would try for dime on the dollar type settlements and work on getting good FICO scores and be out of this mess in six months.
Rather than enslaving my family for year after year.
She said, but what about ethics? What about what we teach our children about keeping our word and doing what we say we are going to do?
I say, reality is what is real. Drop your concepts. Drop your beliefs that are stopping you from seeing what is real.
You are paying several THOUSAND per month forever to the banks.
Those banks got a huge bailout from the US gubmint.
At your expense.
And the money they extended to you was PRINTED anyway.
It is completely all set against the average person this way.
Don't take it personally. It isn't personal. It's business.
Allowance for bad debts. Reserves set aside for expected losses.
See what is real, settle, and move on. What a gift that is to your family, I told this woman. To be out of any obligations and free. And even with a decent FICO.
Yes, The recession is over if you happen to be an investment banker with Goldman Sachs.
If you are like the rest of us, it may not be quite over.
Mortgage Balances are Falling Slowly, Home Values Still Plummeting
What many folks don't get is that this is the Depression not a recession.
Credit was extended like crazy. The US government and the banks and the whole world's financial system is built on a lie. A lie that it's all about consumption and the US consumer getting even further into it by buying more Chinese made junk at Walmart.
Well, we don't need that. We know there are options, don't we?
Take a look at the chart on the right. You'll see owner's equity has plummeted to a new low. That means that if the typical American "owns" 35% of his or her house…then who owns the majority?
In my book, the banks own residential real estate in the United States right now. And Fannie, Freddie and the "Too Big to Fail" banks are really who I mean.
Does that change perspective on this? An enormous grab from the middle class to the big banks and ultimately the US government?
Now, what do you think?
Write down what you would do in this situation, as a comment. Thanks!
warmly,
P.S. Please leave a comment here about what you think I should tell these folks who I write about above.
Copyright (c) 2009 Calworth Glenford LLC. All rights reserved. Duplication of this email without written permission is prohibited.
Chart used by the kind permission of ContraryInvestor.com.
I'd rather the banks be forced to help this lady rather than seeing it going to some hot shot's bonus or BMW car payment. The other choice is to figure some kind of workout like adding the interest to the principal balance and extending the term of the debt. At least consider a restructuring.
well here's the thing. Interest rates are at 29% on this debt. But the family is paying on time and has a high FICO score.
Just because they can pay now doesn't mean they should pay. Does it?
warmly
--Richard
Pat
Congrats to Nikki......I am one of the many out there that has been in this so called loan mod for 8 months now.....my lender always seems to need one more document from me.....I finally had to hire an attorney to get the lenders attention. I filed a complaint months ago with Special Agent of the Office of the Special Inspector General for the Troubled Asset Relief Program. The Agent was very sympathetic to my situation but basically could not do anything for me, hence hiring an attorney. So my hat off to anyone who can get a mod done on there own.
Regards
Pat
Jack Freedman
Richard I admire your work. Might be too late for me but will monitor your success and wish you the best. You are a critical thinker and wish I had met you sooner.
Charles
Richard,
I am struggling with a similar situation. I had 108,000 in credit card loans, a condo with 200k in first and home equity, 72,000 in student loans. My condo is only 3 years old and I am upside down in it. I got an interest decrease in 3 of the 5 credit cards through a debt councelor, and after 2 years of payments I am only 20k improved. At this rate, it will take me 5 years to pay the credit cards and at this point I am a believer in your recommendation to settle my debt and attempt a loan mod with the bank. I would be very interrested in your advice.
Student loans are ugly. Not too much you can do with those in many cases. There are some things you can do, though. Investigate.
I think I would think about settling the cards hopefully for a dime on the dollar. End up out of debt in 6 to 12 months. It just makes no sense for many folks to just pay and pay and end up with years of virtual debt slavery. At least it doesn't make much sense to me.
I would also think about a short sale on the condo. Then you are out of debt entirely and can buy something else and start building equity again.
Condos are still falling in value in most places but you could pick up a great deal as a buyer.
warmly
--Richard
cb willis
she should settle with the creditors starting at .05 and going no higher than .10. they're sucking the life out of enough others between the late fees, over the limit fees and the interest. "it's in there". then she should work to get a modification on the 2nd. years ago i called my 2nd mortg co and told them i just couldnt pay that amount. they dropped the interest rate 3pts and the payment was reduced by about $180. well now i'm about to be relieved of my contract position at at&t and my husband possibly at sprint. i'm going thru NACA to hopefully get my mortgage reduced to something more reasonable and affordable while on unemployment while i work these programs. if Uncle Sam is extented you a hand of assistance, grab it and squeeze it for all it's worth. i love the US and i love Uncle Sam. God Bless the USA!
Great points. Thank you! I wouldn't depend on NACA though. Stay involved in the process in case someone drops the ball. Talk to the lenders yourself, directly, now and then. That goes for any third party solutions or help with loan mods.
warmly
--Richard
Debra of Maine
I am in month 6 of the program. My creditors are now "threatening" me with the charge off reminding me that my credit will be damaged more than bankruptcy. I go between days of really scared and really empowered. I have offered the banks 15% of what I owe on the cards under my husband's name to clean his credit up (my biggest fear is that our house insurance and auto insurance will cue off our credit rating and drop us). I wish the Free & Clear Club had more members in it that had been through all of it to guide the rest of us, but reading it just caused me more anxiety because we were all in the same boat and it was sort of depressing. I think once you get to the end of the program and can breathe again you should be offered free access to the Free & Clear Club to help the rest of us who can't sleep at night. I pray this all works the way Richard tells us it will.
Thanks for the suggestion, Debra. It's a good one.
You are talking to a lot of folks in the thick of it, and that gives us a distorted picture because we don't get to talk to all the folks who successfully settled their debts and left their bank debts behind. So I think you really have a good idea. I am sure things will work out very well for you because you are already one of the few who is taking the bull by the horns instead of just ignoring the problem hoping it will go away like most people do.
warmly
--Richard
Sandy Stewart
I am in a very similar situation, and worse. Because of the RE crash
and the investor mortgage loan change (have to bring in 25% cash to all transactions) I lost two triplexes, because I could not get financed out of seller finance notes, couldn't sell a high end home we remodeled, couldn't sell another gutted home we paid on ($3K/mo. $50k down), that was lost to the bank.
I got your Loan Mod Course, and was ecstatic to receive a 3% interest rate on a $650K note from Washington Mutual. However, four duplexes I own have been in the loan mod process now for 16 MONTHS!!!! Auctions have been postponed, time drags on. Ocwen was modifiying two of the four loans, got one modified for 4.3% - ecstatic. The next one they offered was 7.89% with all the added payments and interest. Payment without P&I was $200/mo more than the original loan payments. I refused the offer. They said I had better sign the offer and send it in with the money or they couldn't postpone the auction. I received no official notice of the auction from the attorney (who' website was under construction and unavailable) only that the loan moderator would "see what she could do" one day before. I checked all the auction sites. No record of the duplex anywhere. I thought the loan was sent back to be re-negotiated.
Yesterday a guy from the bank declaired I was no longer the owner. WHAT!!!!!!!!!!!! I had remodeled and a potential renter was veiwing the apt.
Please advise Richard. Now I've a foreclosure on my credit, tons of money lost, my favorite tenant lives there, something is wrong with this pciture!!
BOA has had my other 2 loans now for 16 months. They sent similar offers with a 7.9% rate, and a payment that is higher than the rents.
Please advise.
Thank you
That's very upsetting. But I would probably move on. You can certainly do some amazing things to improve your credit and actually have a pretty decent credit score. I am really not big on doing loan mods for investor owned properties unless you can really get a positive cash flow and have a good possibility of being out of the hole. And this is not the way lenders are doing things. Although in Loan Mod Breakthrough I do teach how to get principal reductions.
Congratulations on doing the mod with WaMu though. You are really good to get a mod done! You have to be, because they are just so tough to get done.
warmly
--Richard
Don
Ok people I see your pain here and really I have been thou it before
Let me say this don't sweat it stop worrying they can't get blood out of a turnip
I'll be back on later and tell you why you should stop worrying
Thanks Don
Charles
Richard,
Can you recommend a good company to assist with a loan mod?
I sure can. http://www.loanmodbreakthrough.com/contact/
All the people in the Loan Mod Breakthrough course are great. Please understand that I get no compensation from recommending them and that I cannot stand behind them although I would work with any of them if I wanted a loan mod for myself, my mom or a family member.
warmly
--Richard
Cy
If you know of a proven, reputable credit card debt settlement company, I would love to have their name; seems like most of those advertising are scams. Thanks.
You and me both. I love the Do It Yourself approach as I think it is best. But I hesitate to recommend a firm to do this for you. I have one in mind but I can't yet give it a full Gell-Dog recommendation.
warmly
--Richard
Tim Goodman
She should tell the crooks/banks to take a flying leap off the nearest bridge to match up with the market drop in real estate they caused and made hard working families suffer for their gain! It is time for the people of the United States to stand up and be united against the fraud and scams the banks pulled to take advantage of the people!
Rick in Michigan
I agree with your position on the duty we have to our families to be survivors of this mess and not forever enslaved to a corrupt system that not only destroys families, but countries as well. It's not often brought up but I think doing what we need to do to get out of these horrific debts is the best thing we can ultimatly do for the future of this country. As systematic debt slaves we're useless to just about everyone. This system must be broken and rebuilt on a sound foundation or we won't have a country worth fighting for and it's clear our leaders in Washington are too bought and paid for to do it. The revolutionary war wasn't exactly moral in many peoples eyes, but it was quite necessary, and doing what you can to help yourself, and your family while at the same time striking a blow against this totally screwed up system is the best for all concerned in the long run. If everyone just keeps paying the corrupt system will just keep growing.
Jim in Cali
Hi Richard. My case is simple compared to these others. Hope you can help them and me as well. I have BOA CC debt of approx. $32,00 (2 cards). I rent. No house/car payments. I spend what I receive just to live and can't continue paying on these cards. At the moment my credit score: 757 (Transunion). I expect to see that go down the toilet but that's ok. First things first. The phone calls have not yet begun since I made my December payments, but as of this writing I am overdue on both. I guess the ride is just beginning, and it's kinda scary. I subscribed to your e-class on the subject and I guess soon I'll be doing my homework. Will something else arrive via USPS? I frankly don't recall.
You may have some hand-holding to do here. So....when that first call comes, I need a script or some talking points to tell the 'concerned' person who calls. I understand there are some things I should definitely NOT say, and I really need to learn what they are.
And concerning this message: do you (or a trusted employee) respond directly, or do I need to somehow navigate back to this message board? I'll save the email Kathleen sent just in case.
Best wishes
Jim in Cali
Freddie
From the look at those charts and what I have read, I will simply let everyone else know this is not the time to make the rich richer and the poor, poorer. Take the time to re-evaluate your finances and make the necessary adjustments in every possible area. There's no way we be able to survive at this rate. Identify your expenses, settle for way less than what you owe and make the necessary adjustments to stay above water.
I am a Real Estate Investors and do Forensic Loan Modification Audits and Short Sale. I take my job very seriously when it comes to educating the homeowner. It's my job to educate myself and make my contribution in solving this housing market we living in. I have hear those being affected and go back to find the tools to help these homeowners. I look at everything from programs available, the laws and what's working for others in similar situation. That's my passion.
In summary, I know many of us can't afford to seek professional help or don't trust some that are out there advertising how they can help. But timing is very crucial here and unless you want to end up in a public shelter, I suggest to take another look at charts like the ones presented here and take some advice in taking action. There's help and tools out there we can use. If you don't know what those are, start asking. Because this is a topic everyone today is talking about and being affected by somehow. Some more that other. Get your loan debts taken care first, adjust your mortgage if you can; if not, Short Sale the property and downgrade to a more affordable housing condition.
Judi MA
I myself did - and still do - appreciate lenders' having been there for me when I wanted to purchase courses by credit card, or to pay big dentists' bills, etc. - am grateful for their assuming the risks that X numbers of people would not pay them back for the loans they made ... now am working on my mindset, to generate enough monthly income to pay off all those debts I incurred (in fact, what have been your observations about the most do-able, reliable ways for most ordinary people to generate enough income to pay off debts quickly? Perhaps real estate-- wholesaling?). ...I just don't appreciate such high interest rates, of course; I'd like to think they set those so high just to be able to stay in business lending (thereby helping many more people), because so many people stop paying, BUT- from bits of news I've heard, credit card moguls earn MUCH more than absolutely necessary to keep their businesses' lights on, so maybe many more people are paying interest rates much higher than are absolutely necessary (maybe because they lent much more money than seemed warranted to people like me to buy wealth-building courses and pay for big dentist bills, etc.)....
I also appreciate the integrity of borrowers who pay off debt- want to be able to continue doing that myself.
AND I appreciate your generous, relatively affordable information on strategies for survival while digging out from under mountains of debt, Richard- also your alternative, contrarian perspectives ... thank you! ...Did you once say that prayer: "Lord, help me to not waste this suffering!" -at some time when you were struggling with debt, too? Your surmounting such a challenge and then going on to help others do so, too, are wonderful examples for people to emulate however we can, too!
Thank you! -Also to your assistant Katherine, who has been SO helpful to inquirers, offering us links to informative webinars & web pages to order your courses ... in fact, she invited me to read this blog & offer a comment, so that is what I am doing- and why: out of gratitude for her and also to you, certainly.
Much appreciated!
You are so nice, Judi. Thank you very much. Katherine is the BEST.
I've been through all this before. Never had to file for bankruptcy, but I thought I would have to. Had great credit, terrible credit, great credit...owed HUGE amounts of money, paid it back.
The important thing about it all is to realize that none of it is that important. We'll all die someday, maybe in a minute or a decade, and debt ain't the worst thing that can happen to us :)
warmly
--Richard
Loan Mod Breakthrough When Bills Press
This video has a lot on loan mods, loan mods for investment properties, and what to do when the lender only wants to offer a forbearance.
This is in answer to Jane's email:
I have been enjoying reading your information and just ordered the credit card and mortgage relief formula programs. I am wondering if you could give me some tips on my situation.
I recently lost my job and began collecting unemployment.
After a month of receiving unemployment, I had surgery.
I have a rental house and a primary residence that have lost a huge amount of value and are majorly upside down. I can't sell them or refinance because of their market value. My renter is several months behind.
I applied for a loan mod with my primary residence, but they have strung me along since last January setting me up on 3 month forbearance plans only to make me start over in the process at the end of those each time. It is a never ending battle.
My credit cards are maxed and I can't even afford the minimum payments anymore.
My question is: How do I prioritize what to pay? Who gets paid first?
1 Comments on Loan Mod Breakthrough When Bills Press Leave a comment »
Jodi
Hi Richard-
Thanks for the video-excellent information. One more question: what happens in a short sale for the investment property when it has a hefty 2nd mortgage and the HOA dues that are significantly behind? Can the 2nd and HOA come after you after you have settled a short sale with the first?
Yes they can come after you. The HOA generally won't. But the second may. You can get them to release liability in exchange for partial payoff. The HOA is often paid off in full in the short sale anyway.
warmly
--Richard
Loan Mod Situations
Loan modifications and situations from some of my students. Leave a comment or question and I'll try to answer it. Thanks!
We recently had a short sale done on our home about 3 months ago. We had a 1st and 2nd which the 1st came back as paid satisfied and the 2nd saying settled for less than owed. How do I get the 2nd on my credit report to look better than that.
What is the 2nd reporting? Did you get them to agree to anything when you did the deal with them?
There are a few options. One is to challenge the 2nd's reporting on your credit, which you do by submitting a challenge not to the lender, but to the credit bureaus. They initiate an "investigation" which means sending an inquiry to the lender, who probably doesn't respond, and then you automatically win.
warmly
--Richard
Sergio Cifuentes
Last night webinar was very helpful for Loan Mods. I had to listen to it from my cell and because of the weak reception I had at times I couldn't copy Sam's phone number. Can you please send it to me. Thank you very much
MERS mortgage loans
MERS and loan modifications
Keep an eye out for MERS and lawsuits involving MERS when it comes to your mortgage loan.
This video briefly discusses a few of the issues. The New York Times article is worth reading.
John DiCaro, a lawyer representing PHH at the hearing, was in the uncomfortable position of having to explain why there was no documentation of an assignment to U.S. Bank. He did not return a phone call seeking comment last week. Ms. Johnson, who couldn’t be reached for comment, did not attend the hearing.
According to a transcript of the Sept. 29 hearing, Mr. DiCaro said: “In the secondary market, there are many cases where assignment of mortgages, assignment of notes, don’t happen at the time they should. It was standard operating procedure for many years.”
Judge Drain rejected that argument, concluding that what had been presented to the court just did not add up. “I think that I have a more than 50 percent doubt that if the debtor paid this claim, it would be paying the wrong person,” he said. “That’s the problem. And that’s because the claimant has not shown an assignment of a mortgage.”
Mr. Shaev said he was shocked when the judge expunged the mortgage debt.
“We are in uncharted territory,” he said. “Right now I am in bankruptcy court with a house that has no discernible debt on it, yet I have a client with a signed mortgage. We cannot in theory just go out and sell this house because the title company won’t give a clear title on it.”
The loan modifications through the bank's legal department can get you a new loan at 90% of the current appraised value of your property. The requirements are that the bank feels you have a strong legal case against them. And that you have verifiable income to support the new loan.
After watching the video and reading the article in the New York Times, I continue taking notes of the continuos chain of lenders, servicers and mortgage lenders getting in touble more and more for their unscrupulous service practice to so many hard working homeowners that are just trying to provide a secure home for their family.
I am a Real Estate Investor. The #1 reason that drove me to become involved with this industry was to be able to represent this type of homeowners. Being a paralegal and litigation having been my experise, is what qualifies me to be the best in what I believe. And that's to fight for the one that doesn't know how.
I added a Forensic Loan Modification Audit service at NO COST to the homeowner because with it I will be able to look more into the root of the mortgage loan. Things like predatory lending, that could lead settled mortgage principles or affordable mortgage payments. Every other day I make it my business to look for websites such as this one to continue educating myself, learn more and hopefully equip myself with the complete set of tools that can best serve the distressed homeowner.
I wish I'd purchase your course prior me investing in some other course I bought last years. Because from what I've watched in your videos and read on your websites, I know my service in doing forensic loan modification audits will had provded me the type of support I go around searching for when I read information like the one here and the knowledge I gain from it. So I commend you on not only your course, but also on your moral principles in providing the type of help so many of us desperately need in situations like the one we living today. Congratulations!
in these forever type "trial periods" to actually get anywhere.
