Friday, July 31, 2009
Tuesday, July 28, 2009
Foreclosure Company Scams
I spoke to a friend that I had lost touch with, yesterday, and she told me that she just spent $1,500 with a Foreclosure Company that guaranteed that they would save her home from foreclosure. Whats disheartening is that she hasn't heard from them in over a month and they don't employ any techniques that are different than I teach in my $19.99 book. What's worse that spending $1,500 that you could have put toward your loan modification? Giving up control of the communication to your lender when you are in a time sensitive process as important as the Foreclosure Timetable.
If you have given your hard earned money to a Foreclosure Company, at very least, call the bank right away to see where your process is. The lender will let you know if they have received all the paperwork is (example: is the loan modification in process). Of course, you don't know what loan modification process I'm talking about unless you spring another $19.99 for my book...but its worth the price.
6 Simple Steps to Avoid Foreclosure
www.avoidforeclosuremanual.com
$19.99
If you have given your hard earned money to a Foreclosure Company, at very least, call the bank right away to see where your process is. The lender will let you know if they have received all the paperwork is (example: is the loan modification in process). Of course, you don't know what loan modification process I'm talking about unless you spring another $19.99 for my book...but its worth the price.
6 Simple Steps to Avoid Foreclosure
www.avoidforeclosuremanual.com
$19.99
Thursday, July 23, 2009
www.kpatricewilliams.com
K. Patrice Williams, the author of 6 Simple Steps to Avoid Foreclosure and 6 Simple Steps to Credit Repair, can be booked for training and speaking engagements at http://www.kpatricewilliams.com
Tuesday, June 9, 2009
Banks are Accepting Short Sales
Great news! I just came back from Real Property Retreat in Tahoe (hundreds of Real Estate Attorneys, Law School Graduates and some Law Students attended), and the great news is that real estate attorneys are reporting that lenders are finally started to accept thier clients short sale offers.
It seems the lenders are finally getting the picture. Short sales are a great tool for borrowers in danger of losing thier homes to foreclosure and for the lenders as well.
Wondering what a short sale is: Short Sale. If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage loan, the lender may agree to a short sale payoff or "short sale" and write off the portion of the borrower's mortgage that exceeds the net proceeds from the sale. When a borrower receives a short sale offer, the borrower should contact the lender immediately. The lender normally takes them a month or two to consider the short sale settlement.
Patrice
It seems the lenders are finally getting the picture. Short sales are a great tool for borrowers in danger of losing thier homes to foreclosure and for the lenders as well.
Wondering what a short sale is: Short Sale. If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage loan, the lender may agree to a short sale payoff or "short sale" and write off the portion of the borrower's mortgage that exceeds the net proceeds from the sale. When a borrower receives a short sale offer, the borrower should contact the lender immediately. The lender normally takes them a month or two to consider the short sale settlement.
Patrice
6 Simple Steps to Avoid Foreclosure
6 Simple Steps to Avoid Foreclosure has been revised for 2009, to include government related programs designed to help borrowers keep thier home! http://www.avoidforeclosuremanual.com
Audio version to be released in July 2009.
Best Regards, Patrice
Audio version to be released in July 2009.
Best Regards, Patrice
Tuesday, July 29, 2008
The Truth About the Foreclosure
The single biggest mistake borrowers make when they fall behind on their mortgage is not contacting their lender. As soon as you realize you have a problem, you've got to make that call. "The sooner the lender is approached, the better," recently said a spokesperson for Washington Mutual. "Even after one receives a default notice, one should contact the lender and open up discussions."
The foreclosure process for most lenders have set time line or schedule, so the longer you wait the fewer options you'll have.
1. Understand the Foreclosure Prevention techniques
2. Ask to speak to the Loss Mitigation Department
3. Be prepared to review your prepared Balance Sheet with the lender
4. Create your a mortgage lender correspondence log, to track your lender conversations
5. When speaking to the lender, ask about all of your options and document everything
6. If you don't get all the answers you need, or the information seems incomplete, call the lender back, you will get another representative on the phone. Sometimes the representative you are speaking to is new, having a bad day...or just not knowledgeable.
7. Follow up regularly with your lender. Don't wait until the lender calls you...call them once a week...after all, it's your house you are trying to save.
8. Open all of your mail, return all of the lenders calls.
Finally, be ready to wait on hold for a long period of time. Its not a good idea to call on your cell phone to rap up your minutes, charge your phone in advance and be ready to hang on the line for a long period of time.
The foreclosure process for most lenders have set time line or schedule, so the longer you wait the fewer options you'll have.
1. Understand the Foreclosure Prevention techniques
2. Ask to speak to the Loss Mitigation Department
3. Be prepared to review your prepared Balance Sheet with the lender
4. Create your a mortgage lender correspondence log, to track your lender conversations
5. When speaking to the lender, ask about all of your options and document everything
6. If you don't get all the answers you need, or the information seems incomplete, call the lender back, you will get another representative on the phone. Sometimes the representative you are speaking to is new, having a bad day...or just not knowledgeable.
7. Follow up regularly with your lender. Don't wait until the lender calls you...call them once a week...after all, it's your house you are trying to save.
8. Open all of your mail, return all of the lenders calls.
Finally, be ready to wait on hold for a long period of time. Its not a good idea to call on your cell phone to rap up your minutes, charge your phone in advance and be ready to hang on the line for a long period of time.
Save Your Credit and Avoid Foreclosure
Lenders don´t want to foreclose. If you can´t make your mortgage payments, even if you owe more than your house is worth, they´re often willing to work with you. When you call the lender, ask to speak to the "loss mitigation" department.
Calm your nerves and read the following tips before calling:
1. See if your monthly statement contains the phone number to the lender's loss mitigation department. If not, call the customer service number and ask for that department. At most lenders, the loss mitigation department helps borrowers determine which workout option they qualify for. Some lenders have their collections departments advise borrowers on workout options, borrowers may be sent to their collections department.
2. Be ready to wait on hold for a long period of time. Its not a good idea to call on your cell phone to rap up your minutes, charge your phone in advance and be ready to hang on the line for a long period of time.
3. Some representatives in the loss mitigation department are cranky, mean, over worked and not trained. If you are being treated badly or if the information that you are being told doesn't sound or seem correct, remain calm and polite, get as much information as possible, hang up...and then call back.
4. Share all details about your financial situation with your lender.
Your lender will ask a series of questions to assess your financial situation. Some lenders, like Wells Fargo Home Mortgage, have specialists with both the training and technology to pre-qualify a caller for a workout option right over the phone. Other lenders do not have this technology and will send you a "work out package" to complete and send back to them.
By preparing yourself in advance, and having the financial documents including income and expense numbers in front of you when you make the call, you might be able to get a resolution within minutes. The lender will probably ask you to fill out similar documents that describe your financial situation. They will review and analyze the documents before offering a solution to bring your loan up-to-date. So organize your bills, statements, and anything else that will help give an accurate picture of your current financial status.
- An explanation of your current financial circumstances.
- Details about your current income, including pay stubs, statements regarding unemployment, disability, social security, retirement, pubic aid, or and other similar documentation.
- A list of your household expenses.
- An explanation of what occurred to put you in this financial circumstance. Otherwise referred to, as your hardship.
Calm your nerves and read the following tips before calling:
1. See if your monthly statement contains the phone number to the lender's loss mitigation department. If not, call the customer service number and ask for that department. At most lenders, the loss mitigation department helps borrowers determine which workout option they qualify for. Some lenders have their collections departments advise borrowers on workout options, borrowers may be sent to their collections department.
2. Be ready to wait on hold for a long period of time. Its not a good idea to call on your cell phone to rap up your minutes, charge your phone in advance and be ready to hang on the line for a long period of time.
3. Some representatives in the loss mitigation department are cranky, mean, over worked and not trained. If you are being treated badly or if the information that you are being told doesn't sound or seem correct, remain calm and polite, get as much information as possible, hang up...and then call back.
4. Share all details about your financial situation with your lender.
Your lender will ask a series of questions to assess your financial situation. Some lenders, like Wells Fargo Home Mortgage, have specialists with both the training and technology to pre-qualify a caller for a workout option right over the phone. Other lenders do not have this technology and will send you a "work out package" to complete and send back to them.
By preparing yourself in advance, and having the financial documents including income and expense numbers in front of you when you make the call, you might be able to get a resolution within minutes. The lender will probably ask you to fill out similar documents that describe your financial situation. They will review and analyze the documents before offering a solution to bring your loan up-to-date. So organize your bills, statements, and anything else that will help give an accurate picture of your current financial status.
- An explanation of your current financial circumstances.
- Details about your current income, including pay stubs, statements regarding unemployment, disability, social security, retirement, pubic aid, or and other similar documentation.
- A list of your household expenses.
- An explanation of what occurred to put you in this financial circumstance. Otherwise referred to, as your hardship.
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