hey guys, hopefully i can get a response before i call this lady back. i sent out a preforeclosure mailer and i just got a VM as i was out for a run. her mesg was that her and her husband are having money issues and want to refinance. how do investors go about answering this when HO’s say this (i imagine its many). also, if refinancing is a possiblity for them…how will i be able to help?
all info is helpful…hopefully i’ll get a response ;]
ryan
damn no luck…ok time to wing it…i’ll update how it went.
edit: no answer (no answering machine either)…guess this buys me more time for a response 
ryan
anybody have any feedback they’d like to share? i can’t imagine this being an uncommon thing. my guess is the homeowner is going to tell me she wasn’t able to refinance and would like for me to help her out.
thanks guys,
ryan
Think outside the box here. The answer will come to you. Think really simple and BAM!
Let me know if you still need help.
where are you based, My coach has a kick [butt] broker who well with investors.
ummm. nothing has come to me. i don’t understand how i can negotiate with the bank better than the homeowners themselves. …maybe i’m missing something. throw a dog a bone? ;]
I’m located in NJ (morris county).
ryan
Typically, lenders will deal more with a third party than a debtor.
Reason, they have signed a promissary note and they defaulted, they have called and said yes i’ll pay and they have still defaulted.
The lender no longer trusts anything they say.
Depending on their finances you could maybe enroll them into a forbrearance program or a loan modification.
and yo ucan still get paid. not as much, but the stats how 96 % of debtors will fail in a loan modification or forbearance withing the first 6 months.
ok
So if you get the forbearance done and in 6 months they default who are they going to come back to ??? YOU, because yo helped them before.
And now you the only way you can go is shortsale…
make sense
thank you green queen, yes that makes total sense and from the previous posts i understand that they usually come back to you. my concern was about the refinance…of how i could help them out etc. you seemed to answer my question, much appreciated.
as a side note, what information should i get from her once i tell her that i will help refinance? i need a signed authorization to release form…the bank and their acct numbers as well?
also, let me back track here. when they mention they want to refinance. my response should be that i will try to get the bank to work with them and if that fails, i will try to see if my (whoever that may be) loan officer can help them out. do i have this right?
thanks again!
ryan
if you do a refinance you just pass it on to a broker… remember you will not get paid from a refi… it is against the law for you to get kick backs.
If you do a forbearance you will get paid.
You will require a authorization to release and this wil have account details on it.
A forbearance is a little work, not quite as bad as a shortsale but reletive information to show they can afford the new payment.
thanks once again green queen. i was unable to get in touc hwith the HO until about an hour ago. I’ll be speaking with her tonight.
The “authorization to release” is this a standard form? One which I can get off the net? …from the bank?
Also, are you saying once I have this form signed I will get all the information (acct numbers etc) from the bank or this is required on the form that is filled out?
(sorry for the basic question, as you can tell i’m exploring new terriotory) :]
Ryan
get the loan number and lenders name from the seller.
Fill out Authorization to release, get the seller to sign, print, date and social and fax it through to the bank.
easy ;D
sorry, i’m sure it seems like i’m making things more difficult than what they are, but i want to make sure i understand this correctly.
once i have this i contact the bank and they will send me the “authorization to release form”?
;D
ryan
some banks now require their Authorization to release some dont … who is the lender
check your mail box !
i will find out the lender tonight.
my private message? my email? both have no new messages
sarcasm for check my mailbox at home???
damn i feel so dumb in this thread i’m having a hard time following. i’d like to blame it on drinking but i haven’t boozed up in ages haha.
ryan
check youir privates !
haha this thread gets funnier and funnier.
ok i got the message and the email
excellent. i’ll let you guys know how it goes.
Ryan
okay…i spoke with the homeowner briefly. i will be speaking with the husband within the next few days to get more details but here is the summary from the wife:
according to her…
–
that’s the story in a nutshell. my concern here is she mentioned bankruptcy. how do investors deal with this? i want to be straight forward with her…if it is a better option for her…then i would advise her to take it versus me purchasing her house. so far i only asked if she spoke with a bankruptcy attorney (she said no) and that she should before she decides to go that route. i said the laws for bankruptcy are getting tougher so she should seek professional advice.
anyone have any helpful info to provide?
as always…tahnks in advance
ryan
the days of just file bankruptcy is over.
She would have to have shown 6 months ago she was filing.
They must go through credit councilling and it will cost them huge bucks now to do it as an attorney doesnt want the liability anymore, if a case is wrongly filed the attorney is responsible.
Even if that works, there is still equity there right, the lender will push a motion for release of stay and they will foreclose it anyway.
so they will have a foreclosure and a bankruptcy on their credit.
he might have bad credit now, see what happens if they go down that road.
green queen, you’re help on this board is remarkable. I (and others i’m sure) greatly appreciate it.
i will communicate that to the homeowner once that issue is brought up again.
once i get the authorization to release form back and sent to the bank. then what?
i’m just going to call the bank and say “Hi, I’m Ryan and I’m calling in regards to the home on xxxx. I’d like to see if we can work out a forbearance or a modification of the loan” ??? am i off? missing some major steps?
Ryan