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This topic contains 22 replies, has 0 voices, and was last updated by Avatar of homesavers NULL 12 years, 2 months ago.

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  • #28497
    Avatar of homesavers
    NULL
    Member

    @Scott_L._Moyes wrote:

    This is an opportunity to pick up a few bucks while looking for the right opportunity to come along. I know a few investors that are taking several loan mod applications per month and having over 90% of those close. Hell, I don’t know about you but I could use another $5000 to $10,000 per month for doing nothing more than referring owners in trouble to a website with my own name on it and backed by attorneys.

    True if the effort is low I am all for it too. However, you still have to market the loan modification as well and everybody and his Uncle is trying to do it now. Here is a good place to post the answer to the following question:
    How do I get several hundred homeowners calling me or signing up on my site for loan modification versus all the other businesses out there doing this including free services from your local Consumer Credit counseling groups endorsed by HUD?

    There is a lot of competition in this area my friend. One hell of a lot.

    #28498
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @areyes wrote:

    What would you do with those homeowners that cannot pay for the loan modification? What if someone else paid the $2500 with the intent to do the long term EHT and the homeowner decided to stay put and screw the person who paid for loan modification?

    Sure, this is a very good possibility. An Investor or someone could make a contribution to pay for the Loan Mod. For this kind of “guaranteed” service, they can find $2500 somewhere, at least most of them. However, we can use either the Trust or a Promissory Note with a UCC1 Filing to secure an Investors “Contribution” if the owner can’t or doesn’t have $2500.

    My former partner was a Bankruptcy Attorney. I shared office space with him for 5 years and learned an awful lot about people in financial straights. This might sound bad but 90% of those that said they didn’t have any money were lying, or had access to enough money to pay for a bankruptcy if it received them of their problem. All they were waiting for is for someone to solve their problem.

    Look, all you can do is make your offer, with our without a loan mod. They’re either going to do it or they’re not. Just keep making offers and we’ll come up with a solution to help us all.

    #28499
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @homesavers wrote:

    True if the effort is low I am all for it too.

    For $700 per file I’m putting out all the effort I can muster. Why is everyone looking for a free lunch here. You’ll get back what you put out. You’ll REAP what you sow.

    @homesavers wrote:

    However, you still have to market the loan modification as well and everybody and his Uncle is trying to do it now. Here is a good place to post the answer to the following question:
    How do I get several hundred homeowners calling me or signing up on my site for loan modification versus all the other businesses out there doing this including free services from your local Consumer Credit counseling groups endorsed by HUD? There is a lot of competition in this area my friend. One hell of a lot.

    No you don’t have to market Loan Modifications. All you have to do, and should do, is make calls and make offers. You’ll run in to Loan Mods.

    What Competition? There are over 25 million homeowners behind or at risk right now in the U.S.. There aren’t enough Loan Modification Companies out there to handle them all. No company, or combination of companies, in the history of American Business has ever saturated a market. Just look at Amway and Mult-Level Marketing. Amway alone still recruits over 50,000 new distributors per month.

    It would be nice if everyone called you, I’d love it too. But that is the way unsuccessful people and businesses think. Be Pro-Active and call them first. That’s whats going to set you apart from all the other jackasses out there offering inferior and even bogus services. Just like the NARS EHTrust versus all the idiots making Lease Option Offers.

    Screw the “competition”. Go out and kick their a$$es. Be different, be aggressive, be successful. Quit trying to figure out ways for people to call you and pick up the damn phone.

    Also, CCCS is not endorse by HUD nor has any connection to HUD. CCCS DOES NOT offer or arrange Loan Modifications. They are limited to UNSECURED Creditors only. CCCS is NOT FREE regardless of what they or anyone else would have you believe. They have cost consumers millions and millions of dollars all under the name of a “Non-Profit” Private Collection Agency for Creditors. Plus, other than a Foreclosure, CCCS is the worst thing you can have on your credit, much more so than a Bankruptcy. CCCS and Foreclosures are permanent on your credit record. Creditors know that if you are using or have used CCCS, that you cannot manage your financial affairs and as a result are much more likely to have financial problems in the future.

    In my personal opinion CCCS is one of the all-time great frauds ever perpetrated on the American consumer, right up their with, if not worse than Cash Value Life Insurance and the IRS.

    #28500
    Avatar of homesavers
    NULL
    Member

    @Scott_L._Moyes wrote:

    For $700 per file I’m putting out all the effort I can muster. Why is everyone looking for a free lunch here. You’ll get back what you put out. You’ll REAP what you sow.

    Sorry didn’t mean I was looking for a free lunch. I was trying to find out if earning 700 dollars is the same effort as 10-20K. I would rather REAP into earning the 10-20K than the 700 bucks. If I am marketing I need to be focused on a unique market to be successful. That is why I said this is not the “focus point” You must differentiate if you are to survive don’t you think? I mean “REAP” is a unique brand for what you are doing. Your target market is newbie investors that do not know how to close a NARS type deal.
    I do make calls to sellers every weekend. My pitch is: “Would you be willing to accept terms for a full price offer?” They either say Maybe or No. So I send the maybes an offer in an e-mail. Then I follow-up in a few days. I never ask them about loan modifications because it is not in the question. I can change it to this: “Would you like a full price offer in exchange for terms or all cash for a discount or would you like to apply for a loan modification and stay in your home? Usually there are not looking to stay in their home anymore since they have already gone that route with their lender. So I just do not know where you add loan modification into your marketing unless you just add it as a side benefit somehow.

    #28501
    Avatar of getsmart
    getsmart
    Member

    I have been loan mods not for a fee because that isn’t what I want, I have been doing them for the sake of making a deal a deal. They work and you can create some down the line cash. :lol:

    #28502
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @homesavers wrote:

    Sorry didn’t mean I was looking for a free lunch. I was trying to find out if earning 700 dollars is the same effort as 10-20K. I would rather REAP into earning the 10-20K than the 700 bucks.

    I suppose that some days you’ll make $700 and some days you’ll make $7000 for the same effort put forth. Now average all those days out and your combined efforts will be very well rewarded.

    Oh BTW, thanks for letting me pick on you. Its just that you bring up so many excellent replies. I know there are members thinking of the these things but neglect to get involved on the board.

    #28503
    Avatar of homesavers
    NULL
    Member

    I always benefit from your feedback, Scott. No Problem. It is just that there are so many systems out there that promise to solve this problem or that problem. You think after a while there may be a better mouse trap. If you think you are doing everything right you start looking elsewhere to solve the problem.

    The problems are usually based upon Seller ignorance, anger, fear and apathy. These are hard to overcome when speaking with sellers. You can’t be “Joe coming out of nowhere” they need some trust and some hope. If you can master this then you do well.

    #28504
    Avatar of getsmart
    getsmart
    Member

    one thing you must keep in mind as far as charging a fee for loan mods, just make sure you check your state laws. so states such as NC doesn’t allow a fee before the service is performed and results in a mod the owner can afford. in other words you have to analyze the owners financial situation and determine what they can afford in their current situation and get the mod to that number before you require your fee. otherwise you will have wasted time and the seller will go on about their business.

    #28505
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @GetSmart wrote:

    one thing you must keep in mind as far as charging a fee for loan mods, just make sure you check your state laws. so states such as NC doesn’t allow a fee before the service is performed and results in a mod the owner can afford. in other words you have to analyze the owners financial situation and determine what they can afford in their current situation and get the mod to that number before you require your fee. otherwise you will have wasted time and the seller will go on about their business.

    You are absolutely right, that is why no fee is charged upfront for negotiating a Loan Mod. As you will all see soon, there is a separate fully refundable retainer fee and negotiation fee (total $2500). Those funds are actually held in an Escrow Account with Chicago Title until services are rendered and a successful loan mod is negotiated and approved. If a satisfactory negotiation is not rendered, the funds are returned, in full.

    Cool, huh?

    In my state, it requires a mortgage licensed to be a Loan Mod Negotiator. Representatives ARE NOT Loan Mod Negotiators, they are only independent marketing reps and are paid for the leads to the Attorneys. Reps do not process loan apps or mod apps. Nor do you or can you quote rates or do any negotiations. Reps cannot have direct contact with the lender or deal with the lender on behalf of the borrower unless they are a licensed mortgage officer. This is true in most states.

    States are getting tough on “Investors” who… on behalf of borrowers, negotiate Short Sales and Loan Mods. You must have a Mortgage License to do Loan Mod Negotiations and a Real Estate License to do Short Sales. Of course Attorney’s are Exempt.

    Please check your State regulations to see what is required in your state. However, if you are only making offers on properties, then creating an option and “referring” the seller to a qualified Loan Mod Company/Attorney, you should be fine. But check anyway.

    The key is being a party to the transaction and not attempting to do Loan Mod Negotiations yourself, unless licensed to do so in the State your Seller is in.

    This is why we chose Aces because they are Attorney Based. Their Negotiators and Attorneys work directly in their offices and are not contracted out or on retainer with some other firm.

    We are going to announce later today a full Webinar hosted by myself and Adam at Aces that will answer all questions and show you all the websites and tools you will all be able to use. We will also announce the full referral/affiliate commission schedule and how and when you get paid for successfully closed Loan Mods and other services, including Short Sales too.

Viewing 9 posts - 16 through 24 (of 24 total)

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