I will be utilizing the short sale information to sell my own home but first to determine if short selling is the answer. We have a 7 year interest only ARM and put very little or no money down when we first purchased the house so have ZERO equity. If we view the payments we have been making as "rent" and just walk away, though the foreclosure will be a bad mark on our record, I believe it might be the least costly option at this point. Once I learn about short sales, I will share the information (not through a business) freely with all of my friends who are in similar situations and there are many. I also have a few realtor friends who don't seem to have much information on short sales - I will refer them to your information if I find it credible.
Welcome, Trish. Walking away is sometimes a good option but short sale is better because it helps your credit quite a lot more than just walking away. I think you will find our information very helpful and one of my goals is to help as many people as possible to make the right financial moves to get out of debt so they can start saving money and investing in their family's future rather than paying the banks.
Hello RIchard: I am a Realtor who sort of accidentally stumbled upon the loan modification business. Over the last year and a half a lot of my past clients started calling me asking me for help and advice as to what they should do about their primary or investment homes which they'd purchased at the height of the market and now were having trouble paying for. Some of them also asked me if i could help them modify their loans with their lender, which I knew nothing about. After deciding to do some research, and trying to learn more about the loan mod business, I went ahead and purchased your program. I must say I absolutely love what I am doing now. Helping people stay in their homes is incredibly satisfying work. I was hating working in the real estate business becuase of the dog-eat-dog mentality that was evolving, with a lot of just awful scams and practices going on that were really turning me off. What I am finding now, is that many of the property owners who are coming to me for loan mods do not qualify, and so I am recommending that they seriously consider doing a short sale. Although many of them are resistant and apalled at the idea of leaving their homes, it actually makes the most financial sense for them in the long run. That's why I am so looking forward to your webinar and taking your Short Sale course next. My 2 critical questions are: 1. How do you smoothly and gently transition your clients to a short sale so that the process isn't so painful for them? 2. How would YOU answer this VERY GOOD QUESTION that one of my clients asked me: "How will I qualify to buy another house if I end up having to sell my house in a Short Sale? My credit is already damaged, and I don't have any money, so how will I even qualify for a new Mortgage when I couldn't pay the old one? What Lender is going to lend ME money to buy another house? If I let my house go I won't be able to buy another house for 10 years! So how can that be the BEST plan for me?" Thanks, and I look forward to your answer.
1. Question #1. Have your clients, using a calculator, work the numbers and stare at their own handwriting. See how much under water they are. How far short they will be each month. They convince themselves.
2. Question #2: Master the "credit gotcha" hardship letter. This becomes a tool to repair the homeowner's credit when the short sale has been done. And also, learn how to find properties your client can buy "subject to" existing financing. Both very important techniques. The first tool will help your client's credit become okay in a surprisingly short period of time. The second will help them buy something without having 20% down, and without signing personally for a loan.
Richard, As a Realtor, I am asked many questions daily concerning the "upside down" equity position for many home owners. When planning strategically to effectuate a short sale, is it best (for those who have kept current on their present mortgage) to try to acquire a lesser expensive home (either with a new mortgage or subject to an existing one) before completing a short sale? Thank you. Tom
Especially for FHA, Fannie or Freddie, it is much better to acquire another house first, if your client is going to have to do a short sale. Then they can short sell their old house. Of course, this can be difficult these days due to higher qualification hurdles for a second home. The other option is buying "subject to" existing financing, which lets your client buy without having to qualify for a new loan. There are pitfalls to this but it often is the best thing for someone whose credit has been blemished.
Then of course there are other ways to acquire a house such as a lease option or land contract, that do not involve immediate transfer of title but do give some or all of the benefits of homeownership. These have pitfalls too, such as the legal owner not paying the loan and the property falling into foreclosure.
I am excited to be able to help so many people fix there situations however short sales are something I am very new to. I am excited to learn more and be up to date with the very best information. Thanks so much. Joe-NY
Thanks Joe! New York has been a bit behind the rest of the US but unfortunately the problems there are getting worse every day. We need to understand how to help folks get out from under so they can move on with their lives and enjoy happiness and success without paying everything they have in interest.
My husband and I are willing to face our fears. 4th months without paying the lender, and ready to take him to court for predetory lending. We are not willing to give up on a residence of 18 years, nor willing to pay 310.000 for a 172.000 value. Anyone out there with similat interest? gina
I am a REALTOR wanting to learn more about short sales, how to get them approved due to decreased value for a seller that has great credit, has not missed a payment, has reserve money but the value of the home has decreased rapidly. The seller needs to disclose their financials to the mortgagee. Then the mortgagee decides if the seller is eligible based on the questionaire. With the market as it is, are short sales being approved for this type of situation without the seller having to pay back the difference between the short sale amount and the note amount to the mortgagee? This is in Michigan.
I Have a hearing problem that prevents me from understanding on line vidios.
I can hear some on the phone and can make out good dvd's
when it comes to any payments, pay pal is the only way for me.
Lou Sutton
8 Comments on »
Trish Steber @ 10:00 am:
I will be utilizing the short sale information to sell my own home but first to determine if short selling is the answer. We have a 7 year interest only ARM and put very little or no money down when we first purchased the house so have ZERO equity. If we view the payments we have been making as "rent" and just walk away, though the foreclosure will be a bad mark on our record, I believe it might be the least costly option at this point. Once I learn about short sales, I will share the information (not through a business) freely with all of my friends who are in similar situations and there are many. I also have a few realtor friends who don't seem to have much information on short sales - I will refer them to your information if I find it credible.
Welcome, Trish. Walking away is sometimes a good option but short sale is better because it helps your credit quite a lot more than just walking away. I think you will find our information very helpful and one of my goals is to help as many people as possible to make the right financial moves to get out of debt so they can start saving money and investing in their family's future rather than paying the banks.
warmly
–Richard
Afzar @ 12:31 pm:
I am excited about your training. I look forward to getting involved with your program.
Welcome, Afzar! I am looking forward to your participation so you can help others.
warmly
–Richard
A. Marie @ 1:14 pm:
Hello RIchard: I am a Realtor who sort of accidentally stumbled upon the loan modification business. Over the last year and a half a lot of my past clients started calling me asking me for help and advice as to what they should do about their primary or investment homes which they'd purchased at the height of the market and now were having trouble paying for. Some of them also asked me if i could help them modify their loans with their lender, which I knew nothing about. After deciding to do some research, and trying to learn more about the loan mod business, I went ahead and purchased your program. I must say I absolutely love what I am doing now. Helping people stay in their homes is incredibly satisfying work. I was hating working in the real estate business becuase of the dog-eat-dog mentality that was evolving, with a lot of just awful scams and practices going on that were really turning me off. What I am finding now, is that many of the property owners who are coming to me for loan mods do not qualify, and so I am recommending that they seriously consider doing a short sale. Although many of them are resistant and apalled at the idea of leaving their homes, it actually makes the most financial sense for them in the long run. That's why I am so looking forward to your webinar and taking your Short Sale course next. My 2 critical questions are: 1. How do you smoothly and gently transition your clients to a short sale so that the process isn't so painful for them? 2. How would YOU answer this VERY GOOD QUESTION that one of my clients asked me: "How will I qualify to buy another house if I end up having to sell my house in a Short Sale? My credit is already damaged, and I don't have any money, so how will I even qualify for a new Mortgage when I couldn't pay the old one? What Lender is going to lend ME money to buy another house? If I let my house go I won't be able to buy another house for 10 years! So how can that be the BEST plan for me?" Thanks, and I look forward to your answer.
1. Question #1. Have your clients, using a calculator, work the numbers and stare at their own handwriting. See how much under water they are. How far short they will be each month. They convince themselves.
2. Question #2: Master the "credit gotcha" hardship letter. This becomes a tool to repair the homeowner's credit when the short sale has been done. And also, learn how to find properties your client can buy "subject to" existing financing. Both very important techniques. The first tool will help your client's credit become okay in a surprisingly short period of time. The second will help them buy something without having 20% down, and without signing personally for a loan.
warmly
–Richard
Tom @ 4:41 pm:
Richard, As a Realtor, I am asked many questions daily concerning the "upside down" equity position for many home owners. When planning strategically to effectuate a short sale, is it best (for those who have kept current on their present mortgage) to try to acquire a lesser expensive home (either with a new mortgage or subject to an existing one) before completing a short sale? Thank you. Tom
Especially for FHA, Fannie or Freddie, it is much better to acquire another house first, if your client is going to have to do a short sale. Then they can short sell their old house. Of course, this can be difficult these days due to higher qualification hurdles for a second home. The other option is buying "subject to" existing financing, which lets your client buy without having to qualify for a new loan. There are pitfalls to this but it often is the best thing for someone whose credit has been blemished.
Then of course there are other ways to acquire a house such as a lease option or land contract, that do not involve immediate transfer of title but do give some or all of the benefits of homeownership. These have pitfalls too, such as the legal owner not paying the loan and the property falling into foreclosure.
warmly
–Richard
Joseph Wilson @ 4:55 pm:
I am excited to be able to help so many people fix there situations however short sales are something I am very new to. I am excited to learn more and be up to date with the very best information. Thanks so much. Joe-NY
Thanks Joe! New York has been a bit behind the rest of the US but unfortunately the problems there are getting worse every day. We need to understand how to help folks get out from under so they can move on with their lives and enjoy happiness and success without paying everything they have in interest.
warmly
–Richard
gina @ 7:59 pm:
My husband and I are willing to face our fears. 4th months without paying the lender, and ready to take him to court for predetory lending. We are not willing to give up on a residence of 18 years, nor willing to pay 310.000 for a 172.000 value. Anyone out there with similat interest? gina
Betty @ 9:28 pm:
I am a REALTOR wanting to learn more about short sales, how to get them approved due to decreased value for a seller that has great credit, has not missed a payment, has reserve money but the value of the home has decreased rapidly. The seller needs to disclose their financials to the mortgagee. Then the mortgagee decides if the seller is eligible based on the questionaire. With the market as it is, are short sales being approved for this type of situation without the seller having to pay back the difference between the short sale amount and the note amount to the mortgagee? This is in Michigan.
Lou Sutton @ 12:50 am:
I Have a hearing problem that prevents me from understanding on line vidios.
I can hear some on the phone and can make out good dvd's
when it comes to any payments, pay pal is the only way for me.
Lou Sutton