Doesn’t even warrant a reply.
You have a wonderful day.
I know I will.
The new BK laws state that you have to take a class before you can file then after you file you have to go thru 6 months of credit counseling that is it. You do not have to apply for it.
As for the Bk stoping foreclosure it will NOT the bank has to start all over and it will extend it for awhile. They will at that time look at forbarence options alot harder.
Now the rules state that it is O.K. to disagree just do so in a pro manner. No Name calling.
So keep it up… Sometimes arguments bring out new ways of doing business. Maybe there are going to be new ways of doing things.
As Greenqueen can probably tell you every course is different and everyone has different ways of doing things. I know for fact that $Cash$ and I do things totally different but after numerous phone calls we not only are friends we also know that either way of doing things works.
Here is the way of looking at it… Ryan knows these people better then any of us. Maybe they had a major change in there life and are not looking for a hand out. Maybe it will be the 1 out of 100 that really plan on paying. Is that a risk he should take?
Like I tell everyone there is risk assoicated with any activity… The key is to find a activity that will minimize that risk.
Personally I would see if they had a good friend/Family member that might want to carry a note for them for a few years work it as a sell and sense he is a realtor make the money off of the commision.
REO - Thanks for the info and insight. I hope you and Ryan know that I was NEVER telling him or anyone what to do. From Ryan’s post, it sounded like his people WANTED to stay in their home if at all possible. I like your idea of finding a family member or?? to help out - creative thinking. Although, I’ve never lost a home, I’m know it is one of the top stresses in life. So I was just suggesting ideas, alternatives - never saying to Ryan to do this or that or saying I know it all. I used the word “may”.
And I hope people understand that it is okay to express your ideas. I almost left the forum thinking that you aren’t allowed to do this here (I am new here) - and I thank you for your post here. I too am of the thinking that there is no one way to do something. What works for me won’t work for others and vise versa. I know Ryan will do what he feels works for his situation and our posts are only suggestions.
I know I’ll get flack from greenqueen for this post. But I don’t care - I’m going to post where and when I feel I can help someone in any way. I’ve gotten feedback that I have helped already. I’ll always be kind and generous even if that isn’t everyone’s cup of tea.
I appreciate feedback from everyone. I had great responses from all of you (green queen, cherdwelth, mtn wizard, and reoconsultants). I’m waiting for the letter to be sent back to me, then I’ll take the next step. I by no means am trying to act unethically or steal their home away. I’m total game for a win/win here. I will post details as soon as I get them
reo, sorry i did not give you a call…things have been super busy and it slipped my mind. i currently went into referals i would only be getting a referal fee instead of the full commission. not a problem for me. let’s first see how things go with the bank.
ryan
Hey everyone. Thought I’d throw my 2 cents in.
Looks like filing bk has been established as bad. All it does, at best, is postpone the foreclosure.
You had a question about doing a refi. If it were me, I’d explain to the homeowner that because of the position they are in, and it’s effec on their credit, the chances of a successful refi are slim. If they do get approved, their rate will be high. Unfortunately, there are loan officers that will “promise” them a refi, then they get denied a month later, and end up having to dump the house. Educate the HO and let them know these people exist.
A lease back would be a good idea if they will only work with you if you help them stay. Buy the house sub to, bump their payments up a little every month, negotiate a buyback price that has good profit in it for you, fill out a lease option and sit back and collect a little cashflow. If they don’t make they payments, you’ll have a lein on the house and when they are forced to sell, you still collect a check.
Probably best to do an outright buy, and it’s not hard to see why. Explain the options to the HO, and often they’ll opt to sell outright.
This is all assuming that the equity is there. Have the comps verified, what they owe verified, and work it out from there. If the numbers work, there are a million ways to help them out, and make a little for your efforts.
ho hard feelings cherd.
TG
One of my friends does the following when there is at least 100k in equity but they can’t refinance (he passes on the stuff that has no equity to me). He gets the deed from them and refinances with his own credit and pulls out cash. He then does a lease purchase option with the owners. It’s a win-win situation for everyone.
Regards
Ok guys, I finally received a signed authorization to release form. What is the next step?
…here are some questions that i’ve come up with
-I should fax this to whom at the bank?
-What should the attached letter say?
-Once I’ve sent it, should I followup to make sure they received it?
-Once I confirm they’ve received it, what do I speak & ask the bank?
thanks!
ryan