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Loan Mod Offer: Would you accept or?

Home Forums General EHTrust/EHT Topics and Creative Real Estate Financing Loan Mod Offer: Would you accept or?

This topic contains 10 replies, has 0 voices, and was last updated by Avatar of lj lj 11 years, 3 months ago.

Viewing 12 posts - 1 through 12 (of 12 total)
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  • #5613
    Avatar of lj
    lj
    Member

    I would love to put this house in a Pac Trust however I bought at the wrong time and am upsidedown by about $200,000.
    House is 3bd,2.5ba, 1800 sqft Temecula CA. Paid $412,000, Owe $470,000. EMC has 1st adn 2nd. 1st loan mod about 8 months ago eliminated the neg amort, but costing about $1,000 month(PITI). New offer is for 40 months only and brings monthly cost(neg cash flow) to $300 month. They are telling me no on principal reduction. They know it is an investment property(anchor!) and I am not behind. Do I have any negiotiating room or are they pretty cut thoart- ie accept or forget it?

    Any ideas? I am not up to speed on everything that Scott and Dave are doing with loan mods, is there somehwere specific I can go to get up to speed. Great tele coach call last week and looking forward to this week.

    I have a few more examples (properties) in the general area!!!

    LYnda :oops: :twisted: 8)
    909 229 1764.

    #29190
    Avatar of kevinscott
    Kevin Scott
    Member

    If you’re trying to preserve your strong credit, YES, the Pactrust is your BEST chance to get the absolute most money per month anyone is willing to pay!

    While it may be true that the property ends up being a TAX LEASE (a lease with tax benefits for the Resident Beneficiary), if the property is NEWER and VERY DESIRABLE, somebody will take it. Especially if you make it available to folk with ANY credit! You’ll have to kick in the difference to the lender (negative cash flow)… but again, if it’s YOUR CREDIT that you’re trying to preserve, there’s no better way than a PAC TRUST! You’ll get way less on a regular lease.

    Your lender may/may not allow you to shortsale. Check with them.
    Others here will give you their take shortly.

    #29191
    Avatar of peter@amakya
    peter@amakya
    Member

    One of the guys I have as a Settlor has been talking to Chase and Wachovia about interest rate reductions. Guess what? They are very amenable, even though he has some 6 investment properties. The truth is the first one went through yesterday and we had a RB in within hours. Mind you he is behind 6 months on each loan. Why not talk to your mortgage company and see if you can get a reduction?

    #29192
    Avatar of sstanton
    sstanton
    Member

    http://www.NewStartLoanMod.com is the web site for Scott’s loan mod stuff.

    Stu

    #29193
    Avatar of rick
    rick
    Participant

    I’m not sure why anyone would want to work with their own bank to modify their loan. Aren’t they the one’s who messed you up in the first place? The banks processsors have a fiduciary responsibility to make money for the bank, not you.
    Personally I would work with a company that is batting for me that has the experience . The processors look at these numbers all day long from the different lenders and can tell you if you are getting a good deal or not. That’s why we pay them.

    Check out this California Department of Real Estate link. Consumer Alert -Advance Fees and Loan Modification Services. It gives you a very good explaination on who can get paid up front and who can’t.
    http://www.dre.cahwnet.gov/mlb_adv_fees.html

    They funny thing is most of the gov. and bank websites warn against scams and point you right back to the lender.
    I wonder why? :roll:

    If I was looking for a loan mod company I would look for 3 things.

    1. They are licensed by the Department of Real Estate to collect fees up front or

    2. They are attorney backed and

    3. They have experienced processors/underwriters that have been in the business for several years.

    My 2 cents

    #29194
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @LJ wrote:

    I am not up to speed on everything that Scott and Dave are doing with loan mods, is there somewhere specific I can go to get up to speed.

    Dave and I will no longer be discussing Forensic Audits or Loan Mods on the NARS Discussion Board unless it relating to a specific property or question on how to put a “deal” together.

    You’ll also notice that neither of us are posting as many comments or answering general questions anymore. Our time and devotion is to those who have actual transactions and email us Property Profiles and Call Sheets. We will help those individuals, especially Network Members, to close their transactions.

    Sure, I’ll continue to visit the board everyday and comment on things that need to be addressed.

    #29195
    Avatar of homesavers
    NULL
    Member

    @Scott_L._Moyes wrote:

    Our time and devotion is to those who have actual transactions and email us Property Profiles and Call Sheets. We will help those individuals, especially Network Members, to close their transactions.

    Scott what is the process for sending deals to you? I have e-mailed a few property profiles to you and one signed NEO. What becomes of them?
    What should I be doing? What are you doing with all the Property profiles?
    I have sporadic communication with David and I hear good ideas from him. How are we going to implement these ideas? I may not be able to contact an owner of record again after the initial contact and signed NEO.
    I think it is great what you are offering in the way of help. We just need to track it better. Maybe it should look like this(starting with signed offer):

    Sent signed NEO to FFR(Scott and Dave)
    Dave called seller to follow up with Trust paperwork
    Trust established and recorded
    Auction company contracted to sell property
    Bank contacted with Offer by Dave
    etc…..
    Closed transaction profits disbursed

    In contrast it has been looking like this so far:

    Owner called
    NEO sent
    NEO returned signed
    NEO forwarded to Scott and Dave
    e-mail sent confirming delivery
    no clear path to follow
    waiting for next move
    not sure what to do time is ticking
    NOD filed got three months now
    called seller left message asking if they have 500 bucks to pay for auction
    waiting for call back
    still waiting
    looking for other sellers
    signed NEO
    waiting not sure what to do next
    could I find a cash buyer? How do I find them Craig’s list ad? Agents? I am sure what works.
    waiting

    see my point?

    #29196
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @homesavers wrote:

    Scott what is the process for sending deals to you?

    This is a joke, right?

    @homesavers wrote:

    I think it is great what you are offering in the way of help. We just need to track it better. Maybe it should look like this(starting with signed offer):

    Sent signed NEO to FFR(Scott and Dave)
    Dave called seller to follow up with Trust paperwork
    Trust established and recorded
    Auction company contracted to sell property
    Bank contacted with Offer by Dave
    etc…..
    Closed transaction profits disbursed

    In contrast this is what has transpired:

    You have sent 1 or 2 incomplete call sheets and one incomplete NEO.

    There is missing information on the call sheets and no supporting documents with the NEO.

    The process is simple:

    - Make calls to sellers
    - Ask questions
    - send “completed” Call Sheet/Property Profile to Me and or Dave
    - we will evaluate it and set a time to talk to you to prepare an offer (Terms and NEO)
    - send or personally deliver the offer to the seller and set up a time to discuss the offer and answer questions
    - seller signs offer (NEO) and provides supporting documentation (escrow checklist)
    - “IF” we like what we see, together we accept the signed NEO and start our marketing process
    - locate RB, decide to auction, short sale or loan mod, whatever the situation dictates.
    - either close the deal or walk away at the end of the NEO.
    - Next!

    That’s been my process for 8 years and has never changed.

    Voicemail and Emails are the way to communicate with either of us. We prefer email because it also appears on our Mobile Devices and it allows us to see exactly what you want instead of trying to listen to you and remember what you said. Please use email.

    #29197
    Avatar of homesavers
    NULL
    Member

    @Scott_L._Moyes wrote:

    @homesavers wrote:
    Scott what is the process for sending deals to you?

    This is a joke, right?

    I am not being funny.

    @homesavers wrote:

    I think it is great what you are offering in the way of help. We just need to track it better. Maybe it should look like this(starting with signed offer):

    Sent signed NEO to FFR(Scott and Dave)
    Dave called seller to follow up with Trust paperwork
    Trust established and recorded
    Auction company contracted to sell property
    Bank contacted with Offer by Dave
    etc…..
    Closed transaction profits disbursed

    In contrast this is what has transpired:

    You have sent 1 or 2 incomplete call sheets and one incomplete NEO.

    There is missing information on the call sheets and no supporting documents with the NEO.

    The info missing from the 2 call sheets I sent are a deal killer I presume and you cannot move forward with them?

    The NEO is the the NEO. What is missing from it? The seller signed it. This I presume is a deal killer as well?

    The process is simple:

    - Make calls to sellers
    - Ask questions
    - send “completed” Call Sheet/Property Profile to Me and or Dave
    - we will evaluate it and set a time to talk to you to prepare an offer (Terms and NEO)
    - send or personally deliver the offer to the seller and set up a time to discuss the offer and answer questions
    - seller signs offer (NEO) and provides supporting documentation (escrow checklist)
    - “IF” we like what we see, together we accept the signed NEO and start our marketing process
    - locate RB, decide to auction, short sale or loan mod, whatever the situation dictates.
    - either close the deal or walk away at the end of the NEO.
    - Next!

    That’s been my process for 8 years and has never changed.

    Voicemail and Emails are the way to communicate with either of us. We prefer email because it also appears on our Mobile Devices and it allows us to see exactly what you want instead of trying to listen to you and remember what you said. Please use email.

    I you do want to work on deals that I send please let me know so I do not waste my time and the distressed owner’s time. If you want call sheets and NEOs filled out exactly like you want them to be then why don’t you create a fillable PDF that does not allow blanks.

    I am just not sure what info you are missing????? You have the owners name, address and phone number. Heck all we need is the trust set-up and we have to get all the paperwork from the owner for that don’t we? I feel like posting the NEO and Prop/Call sheet here so everybody can see them.

    #29198
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    If you feel you have all the correct info and the seller is not lying or un-aware of their true situation, then by all means waste your time and money and start marketing for an rb.

    An NEO is not complete, and I do not accept or sign off on it, until I have received all the docs on the list in the offer. I do no marketing until I receive and verify all the info against what the seller told me on the phone.

    -Warranty Deed
    -Note
    -Mortgage or Deed of Trust
    -Cover Page of Ins Policy
    -Current Property Tax Statement
    -Current Payment Coupon or Statement
    -NOD, if applicable
    -Completed and signed “Authorization to Release Information”

    I/We, have not received ANY of these docs from you.

    #29199
    Avatar of homesavers
    NULL
    Member

    @Scott_L._Moyes wrote:

    If you feel you have all the correct info and the seller is not lying or un-aware of their true situation, then by all means waste your time and money and start marketing for an rb.

    An NEO is not complete, and I do not accept or sign off on it, until I have received all the docs on the list in the offer. I do no marketing until I receive and verify all the info against what the seller told me on the phone.

    -Warranty Deed
    -Note
    -Mortgage or Deed of Trust
    -Cover Page of Ins Policy
    -Current Property Tax Statement
    -Current Payment Coupon or Statement
    -NOD, if applicable
    -Completed and signed “Authorization to Release Information”

    I/We, have not received ANY of these docs from you.

    Got ya. I agree an NEO is really nothing but a formality. All the docs mentioned above are what makes the deal a reality. The seller has walked away in his mind as well as physically. I will call him again to see if he is truly motivated or just does not care since he has not sent me anything yet and I have not heard from him. Thanks

    #29200
    Avatar of lj
    lj
    Member

    Thanks for the responses and clarifications, it has helped a lot with this situation and with arranging help from Bill, Scott or Dave with SB’s. Lynda

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