thanks for all the emails you've sent me. Now please post your questions and situation here and we'll see if we can't discuss on Wednesday. Thanks

–Richard

I need to talk about credit card debt personal and business. I have been robbing peter to pay pal and I am at my witts end paying these. I have perfect credit and have been to 3 different bankruptcy attorney and still don't feel comfortable with the fact of claiming bk. What do you recommend and how long will this affect my credit. I have a business and credit is important in ording products.

Thanks fror your emails Richard. Here is my situation: My wife and I bought 3 condos, 2 in FL and 1 in NY. She an I are on title, but I am only in the NOTE of ONE of the three properties. My wife live in NY and I live in FL in that property (traveling between NY and FL) I have homestead excemption on that property as primary resince. I am tryng to short sale it through a Realtor. There are two loans. Since only my wife is on the notes of the other two prperties (I'm on title), How is it going to affect my wife's credit? Is there a chance to get a lien or judgement on those titles? I will really appreciate your help in these matters, Cordially, Mario

I am new to the real estate investment arena, so enlisted the help of an investor to teach me how to do short sales. I've been placing ads on Craigslist, backpage, and webcosmo for several months, since January '08, and haven't seen any results. Well that's not entirely true, I have received several calls from homeowners but I've been unable to help them because all I'm being trained to do is short sales and nothing else. It is quite obvious to me that if I knew how to do other things my real estate business would be taking off right about now. I have two questions, how do I get more business in short sales? How would your affiliate program help me help others who are not interested in doing a short sale and want alternative solutions, which would then create multiply income streams for me? Thanks Dini

I extended seller financing and had contract to sell home to get out from under until buyer defaulted on me and left me now holding the bag. This after I already purchased new home and now faced with unbearable double mortgages! If I walk away from first house can lender come after me in WV with judgement on Deed of Trust?

thx, Daev

I am defaulting on an investment property by not paying the next payment due. I will work with the lender to reach a settlement. My question is this. When my credit record is hit, will the credit card companies be able to break life of loan good rates as long as I keep current? I have several good rates with Citi and Chase for 2.99% life of loan. I have about 50k in these debts. So, can the CC cos. break the arrangement based on my defaulting on an investment property?

Thanks,

Barry Edghill

I have a friend who owns multiple properties with his wife: 1 3-family, 1 duplex, 1 2-family and their residence - a single family they recently purchased. They bought the 3-family 3 years ago. It is in a bad location and they they overpaid for it. it worths a lot less than when they bought it. They have a first and second mortgage on the property (80/20 financing). The mortgage went from $3000 a month to over $4000. Even when the property is fully rented (most of the time it is not), the rents collected are for from being enough to cover the mortgage payments. Obviously they can't sell the property, because they owe a lot more than what it's worth. What options do they have? Should they just let it go into foreclosure - in which case they would both lose their good credit?

1. I've leet time pass by without really trying to workout a solution with my lender, I'm behind 6 payments on both of my properties in California, I'm behind in my association on both properties, and have about 30K on credit card debt and about 3K on medical bills, I had my own bussiness and everything was working fine, but I'm in the home remodeling industry and the market did not help at all. Came back to my old job and working as much as I can on my business, I can afford to start making payments plus I have some money put aside (about 9K) I would like to work things out with my lenders but I know I waited too long. I have two loans on one of my properties with two different lenders, the other house is just one mortgage… Am I better of on just filing bankrupcy since to my understanding the second loans is sill a problem or Is it possible that the bank would lower my loan amount and type (pretty much like a short sale to my self) Or is this too far fetched?

Hey Richard…

Could you clarify about your 2 courses? Does the biz one (for RE Agents) simply contain MORE info than the personal home owner one, or are they written differently? (Like change of format/different terminology, etc?)

I am planning on doing more in RE down the road, so I know I would benefit from the RE part too, but I have not done even one deal yet, and it will be a while before I can jump in and do RE as a biz.
At the same time, we are in the market for purchasing a home ourselves and possibly selling the home we are in now, so I'm at a loss as to which program I should sign up for initially, as I want an ABC (simple and clear, step by step) guideline to follow for the situations we are facing personally right now. but know I can use the addit'l RE info too.
If you recommend the non biz version first, is it possible to upgrade later, and if so, what is the difference in costs, etc?

OK…Here are my 2 specific questions I hope you can talk about on the call:

1.) A home I am looking at for purchase, is being promoted by RE agents as a short sale. It is listed at $190.000. Is this amt negotiable, or has the bank already set this amt as the lowest they will go, and we either take it at this price or not? Or has the agent themselves made a deal with the owners??
(This price is supposedly $100,000 less than what the home was listed for sale for, last year.)
Can a new "short sale" being written?? Is it possible to still deal with these people separately and do our own deal? If so, how do I go about this? We have not had a tour of the home, or contacted the owners (or the RE agency) at this point.

2.) We purchased a 100+ yr old home as a fixer upper (our intent was for it to be our home and we are currently residing in it now.) We bought it with a loan that was to only go 12 months (interest only) and then refinace. Long story…we have had to get extensions on the loan, because the work ended up being much more extensive than we anticipated, and we are very limited in our cashflow at the moment. We have not yet refinanced because of the house not being quite finished, and the value of RE here in MI going down since we purchased the house. We don't want PMI or to have to come up with an additional DP or anything. Also, we think we may need to relocate anyway, since my husband did not get the job in this area (so he's driving 75+ miles one way to work right now).
So we are thinking it's best to just sell now, rather than refinance and then turn around and sell, if this is possible, and IF we can get a quick buyer.

Can we do the 9 or 12 day sale you talk about with this type of loan, and does this format allow us to get market value out usually, or is this for when the bank is going to lose alot, so they settle for a much lesser amt so they don't have the headache, so the prime objective at that point, is NOT to make a profit or necessarily even get market value out of your property?
(We are still making our monthly payments on time, even though they are interest only.)

Thanks for your help,
m r

Trying to sell house for over a year now. No offers. Would like to try negotiating a deed in lieu of foreclosure but house has a second mortgage on it. Equity is negative at this point with the market being the way it is. Already listed at $125K under what I owe on first mortgage alone. Pending divorce, have seperated. House is only in my name, second mortage is in both names. No way I can afford the house on my income. 1) Need to know what direction to take initially. 2) Should I tell the bank of my personal situation or do they not care because it's just a money equation to them? 3) Do I let first mortgage holder deal with holder of second mortgage, or should I be in contact with both? Thx!

I have friends that own rental properties with negative cash flow, but have been making all the payments. I have been trying to help them by offering to purchase the note from the banks, but I can't seem to get the attention of the banks even to begin. My thought is that by purchasing the note at a discount from the bank, I can control what happens to the their credit reports. Do you have any suggestions on how to get the attention of the bank to begin negotiation?

Marjorie, the Pro course is helpful if you are going after a real estate career further down the line. It covers much more professional stuff that will interest you and includes all the stuff in the regular course too.

–Richard

I have been struggling with a consolidated loan, a signature loan, and just one credit card for a few years now. On top of those I have major medical bills totaling up to 60,000. It seems that the balances on my loans and credit card have only increased. And to top it all off I am now marked for a auto repo. In
the past I've tried to crunch the numbers and stay on budget by myself, but because I am not properly trained to deal with these finances and the cons of them, debt has become too much to organize and manage. I'm pretty sure that everyone has to handle their situations according to their own financial histories and experiences, but maybe there is a COMMON GROUND program where everyone can learn from. It seems more and more people are lost in a sea of collections, claims, and bills. I DON'T BELIEVE the question is the answer to the solution. The question being why did you apply for so much credit? No. The answer to the solution is being educated on the cons as well as the pros. Too many people (myself included) are uneducated on the leverage we have or don't have to our advantage. This is causing a fast decline on the right way to handle money all throughout America. And we are promoting this by trying to rid ourselves of the inconveniences of the monetary system! Maybe right now I'm speculating a little too much, but I don't know. That is the problem. Can you help me and everyone else with some resources to ease this burden or perhaps even share with us a consistant and flexible program to ELIMINATE some or even ALL of these debts AND give us some vision of what to look for in the future that we can USE to our advantage that we may pass it along for the next generations to come.
LP

Hi Richard,

My current situation is this:
My mom passed away on 5/17. No will, nothing.

She owes $86,000 on her property, which should be worth close to $200,000.

There are 2 mortgages.

I'd love to keep the house, but am not able to make the payments, at this time.

We own a home worth around $90,000, and we owe $58,000 on that.

Any suggestions are greatly appreciated.

Thanks very much,
Jill

I have $100 000 unsecured debt. Two mortgages that add up to more than what my house is worth. Owe nearly $3000 in back taxes. Have a car payment and I am a contractor so my income is good but I have not paid any taxes since September last year as to keep current on all payments I need every gross cent. I have a plan but would like some suggestions as I am a part time real estate investor who cannot invest. Debt to income ratio too high. Banks will not talk to me unless I can pay any settlement amount there and then.

Hi Richard I love you e-mails I am learned a lot please help me I need to do a Loan modification on my own I also I need how to speak with lender amd I am worry to make any error I am a realtor and I have 8 short sales I am ready for this afternoon. tank you

Retiring due to Serious Health Problems? We are struggling to make $3500 a month payments on our mortgage? we owe about $350,000 and the value of our homes in the neighboor hood are only worth $250,000. We don"t won"t to foreclose because it will damage our chance of relocating to Oklahoma and buying a cheaper more affordable Home. We don"t think we could a Short Sale because of the same reasons behind foreclosesure?Please Help us surely there should be a way that we can get ourselves out of this 10% int. loan ? Do everyone that goes thur this horrible experince of losing a home? Be penalized to the point where they can try to pick up the pieces and try to find another home instead of being force to Rent or Lease a Home? We can only pay about 3 more months time is running out for us we have never be late or miss a payment? we do not won"t to Damage our Credit to the point that we can not move and relocate PLEASE ANY ADVICE WOULD HELP??

My question is, what happens when they repo the car, are you responsible for the entire lease or purchase or does it stop after they take possession of the car?

Hi Richard:
I'm a RE Agt for many years, oficially 'retired' but I stil do some, sales and mortgage loans. I help mostly latin american people with low income but with the dream of 'ownership'. No.California is pretty difficul for 'first time buyers' and with limited savings.
All of them have two loans,and in some cases, a credit card packed up to its limit. Today, with those two/three years fixed loans, were suffering the mo. payment increase.
I'm trying to see if there is a way, without loosing their property, to have a
Short Sale.
I have not found literature with a step by step 'Short Sale' procedure.
I'll be on line.
Thanks very much
AlbertP