Hi,

From what I understand, the home trial is like a warm-up and the real product will be launched soon. How much will it cost? How extensive is it? Would somebody with NO experience be able to actually do what you are teaching?

Looking forward to your reply, thanks, eva

Hi Richard, I called my lender and asked about getting a lower interenst rate with out getting a new loan. They sais no and reffered me to a few other companies like Ber Stern. Is this possible?

It is certainly possible. You can do this yourself too. You can often get a loan modification yourself where the interest rate is reduced and you and the lender agree to the new rate.

regards

–Richard

Hi Richard,
I've just reviewed all your Blog online and I was very amazed about the information you put in there. However, when I click "Buy Now" link button to buy the course it took me to "The page cannot be displayed" Is there something wrong with this page? I like to buy the course asap.
Another question I have is, What if I'm trying to help other people with the whole process including the negotiation? Do I act on behalf? like advertise the house then hold showing on weeked then once I have the offer from the buyer I start with short sale negotiation with the lender? Or do I put the house under contract under my name then start with ads and showing the houase as if it was my own since I already have it under contract? then start the short sale negotiation with the bank? I understand that if I were to act on behalf of the seller that would be unethical since I'm not a licensee. So if I were to put the house under contract then look for a buyer, how should I draw up the contract? What type of form do I use? and where do I make the money from this process? I understand that if you are a real estate agent you can demand pay off of 5-6% at the close of escrow but what if you're just real estate investor just helping others to do short sale.
Looking forward to hear back from you.
Thank you

Hi John, Richard here.

Great questions. You want to make money in short sales and you are wondering how. I do have a lot of interest in this with my subscribers and many of them are in this situation, helping others.

To negotiate a short sale there is no license required. To sell real estate there is one, of course, although to advise people on real estate as a consultant there isn't a licensing requirement. Pay attention to the laws in your state, though, as there are various laws in at least 12 states that are perhaps too broadly written to regulate "foreclosure rescue scams".

regards

–Richard

Hi Richard,

Thank you so much for your quick response.
I finally got the online form of your course and was able to review all about the short sale strategies. I love how you put everything in so detail, I was able to understand most of it and made good sense to me.
One question I have is that, you talk about setteling at the lawyers office after 9 day sale is done. Is this something you do to finalize the purchase agreement subject to lenders approval? Is this something you deal with the lender? I live in northern California and most of real estate transaction is done at escrow/title company. I just not too clear what needs to be settled at lawyer's office after 9 day sales and before I submit full package of short sale documents to the lender.
Tomorrow I will be having a meeting with one of my mom's friend who's facing forclosure in the near future. She has a home that is worth less than the loan it self and also behind payment. I have a broker friend who is going to be part of the sale side and I will be the negotiating side since you mentioned that in order for me to sell the house on behalf of someone even if it's under foreclosure I still do need license. Once the sale goes through I will be demanding some payment for the negotiation and putting up short sale package to the lender.
Another question I have is, Let say I get this BPO from my broker friend can he still be involved with the sale? or In order for him to participate in the sale, do we need a third party BPO? Let me know.
Thank you for your time again and looking forward to hear back from you soon.

John

Richard,
I loved your site. It was very helpful to me as a homeowener facing a short sale. I read other sites that said if you have paid your mortgage on time it may be hard to impossible to get the lender to agree to a short sale. Is this true?
What information so I need to give them to convince that that even though I pay my mortgage on time it is still a financial hardship?
I am struggling to keep a float with my mortgage and my maxed out credit cards. I have been trying to sell the house since April of 2007 and now decided to try a short sale.
Another question I have what is the difference between a BPO and the Fair Market Value that was obtained after a Market Analysis?
Michelle

Hi, Richard, i just wanted to know what you think about my website do i need to change anything or maybe theres not enough information for viewers i would love to here your feed back on this matter.

Thank You So mush

William Phifer

Oh, iam so sorry my webaddress is www.stopforeclosureassistance.com/toppriority.

William Phifer

http://topprioritystopforeclosureassistance.com/toppriority

http://www.stopforeclosureassistance.com/toppriority

Mr. Geller, We are looking at short selling our home, but will not be doing it ourselves. Finding real estate agents who have experience with short sales (or will even do them) is difficult. How would you recommmend we find an agent (or broker, or whomever) who is on the up and up and knows short sales? I've read through your stuff and would love to find someone who knows how to do this and has done it succesfully. We are in Los Angeles county and FMV for our home is over $200,000 less than what we paid three years ago. Thank you very much! Angela

Angela, I recommend you interview agents (you can do it on the phone to save time) and ask them how many short sales they themselves have completed over the past 6 months. If the answer is 10 or 20, they are golden. If they hem and haw, then you move on to someone else.

That said, another option is to have an agent sell the house, and handle the short sale negotiations yourself. I like this because it puts me in control and I don't have to depend upon someone else for the vital issues of saving my credit and dealing with any deficiency. In California you don't have liability on a first but you do on a second.

warmly

–Richard

I have a house, its worth about $420K. I also have a equity line about $250K. My house right now it $425K and i payed for first loan but i'm not paying for my second one because i cannot afford to. haven't payed for around 6 months for my equity. What is your advice on what i should do with my equity. Also i have an investment property, in the same situation.

The second can't do much at this point as there is no equity for them. I would think about doing short sales and getting out of these situations. Especially an investment property which is no longer an investment but a liability.

warmly

–Richard

Hi, I appreciate your information and tried to purchase a program months ago for my x to help her in her situation. Because of your excellent service I am back but this time for me. Thank you in advance. Do you have any programs or advise for someone that may have found a REO home that they want to purchase but they are challenged with their credit and do not want to put any money down on it? Thank you, Erich

Thank you.

http://www.BuyingWithBadCredit.org

Just the ticket for you, even if you have good credit, just don't want to put in any/much cash and don't want to get a loan or sign personally.

warmly

–Richard

I have rental property.I was behind on payemnt for about 6 months. my balance is 261K and the market value now is 175K. what is the best way to go, deed in lieu of OR short sale. Can you tell me the difference between short sale and deed in lieu of?

Thanks,
Marilyn

Richard,

Two years ago my husband and I separated. Due to finances, I have not been able to get a divorce, so my x's name is still on the papers for the house. I only get $200 a month from him in child support, but am now paying for the house by myself, along with all the other bills. How likely would the lender be to give me a loan mod? How can I impress on them that my x's wages do NOT contribute to the monthly "household" income. I am not sure if he would sign a paper signing the house over to me because he wants approx $10K out of the house. What are my options?

Richard,

I just left you a voice mail and wanted to see if you could help me answer my question.
We have a first and a second on a home in CA. The first is for $680k and the second
is for $170k. The home was bought for $850k and the value is now at $600k. We have
been unsuccessful at modifying the first. Both myself and wife have jobs, pay bills on time
and have excellent credit. The first is a non fannie / freddie, so it doesn't fit Obama's plan.
We are looking to settle on our second loan for the $170k at $17k and wanted to get your
guidance on how to approach this situation. The loan is w/ WF and we have submitted our
paperwork and a negotiator has called us back to speak. In the interim, I spoke to a loan
counselor at WF and they requested our 401k statements and our financial statement of
assetts vs. debts. We are technically insolvent which is good, however we do have some
liquid assetts in an investment account which we aren't interested in touching for this purpose.
We offered WF $17k to close out the second loan or HELOC. I have called them back and
expect a return call in the next 24hrs. from them. Can you help us navigate this negotiator
efficiently so that we can settle this loan and make it a mutually benefical arrangement for
both sides? Our goal is to give WF what they need and in return avoid any negative credit
repercussions and future financial mitigation by receiving a written statement from WF in exchange for a portion of our outstanding debt. Is this realistic and have you heard of this
successfully happening with them recently. Many thanks….Carl

Help! help! help!
HI Richard,

I bought a property in 2007 for $517K - 80/20. 1st mortgage - Ocwen, 2nd - GMAC. My property value right now about $350K. I was able to modify my first mortgage (only for 3 years) but my payments still high.
I owe $93K in second mortgage. I stopped my payments on second mortgage in October. I want to negotiate a settlement with GMAC. If I can't negotiate, I will be forced a short sale or foreclosure. In this case, second (GMAC) wouldn't get anything. Do you think I can negotiate a settlement before charge off? I am also thinking to stop payments on the first mortgage. Should I wait till till second mortgage issue resolved before working with first? I will appreciate your suggestions on how to resolve my current situatuion…

Thanks in advance, Marina

Hi Richard,

Are the book and the online course one and the same?

My name is Merrick Deville I have a house that has been on the market now for over a year. Be bought the house 2 years ago for 200,000 now we owe slightly over 194,000. We have also been told they only way we will be able to sale our house at this point is if we list it for 180-185. My wife and I had to move back to the Houston area and are living with my in-laws because we can not afford to float 2 morgage payments. Over the last year we have gone through 3 realators and our current own seems as though he wants to pawn us off now at this point. I have talked to friends who told me you could do a short sale with out hurting your credit as long as you are not delinquint on the any of the payments. But every agent we talk to in AZ, have told us that just isnt the case. I was wondering do you know if there is something in AZ law that doesn't allow this or is it just the realortors that do not want to deal with this or don't know enough about them. I need a lot of help having our house on the market for a year is way to long considering we don't live in that home currently.

Hello Richard,
I learned a lot from your website. Thank you so much. We have a dilemna and I need your expertise. Our situation is like this. My husband retired last September from the military. He is receiving retirement pay but it is a big difference compared when he was active. He is trying to find a job but to no avail. I am still in the workforce. Anyway, we called our mortgage company right after the retirement and applied for the loan modification. We were on a trial since September for $1533.00/mo.(which is perfect for us since mortgage payment is $2600.00/mo). Finally, last month we were approved for modification for 3.875% for 1-5years 4.875% for the 6th year and 5.0% for the year 7-28. The mortgage payment is $2200.00 to start and will adjusts annually.This payment is still high for us, so we called them and they suggested two things we should do: short sale or deed in lieu.We would like to keep the house since we just had a $50,000.00 kitchen remodel in 2006 but our house is about $60,000.00 underwater. We don't have any delinquent. Our next payment is the end of the month and I don't know if we should pay or not. We would appreciate your input on this.

Hi Richard,

I just listened to your your Credit Card Relief Formula and wanted to know how to integrate or not integrate "Payment Protection Insurance" I have for both my Discover Card and American Express Card? You did not address Payment Protection Insurance in that course? What sort of action do you recommend given that I've got that option? Any information you can provide will be greatly appreciated! Keep up the great work!

Best Regards,
Steve

Richard,

I have been searching all over the net trying to find your program on selling a home in 9 days but to no avail. Can you please tell me where I might find it? Thanks!

Mark