The Definition of a Comprehensive Real Estate Short Sale Solution.
The Plan: 3 Key Elements:
• Credit Strategy (2 part)
A) Day 1 Credit Strategy: How to make the right decision regarding the mortgage payment (If you ask your realtor what you should do with the December 1 payment, please keep an eye on them because they are going to cringe, and they don’t know nor do they ethically or from a liability standpoint want that question). Learn the mechanics of the lien structure, the legalities of the situation, and the logic as it pertains to how future lenders will look at you when considering you for a new loan. You will make the right decision for yourself that night and you will not second guess it. That is the empowering beauty of it. Fact and logic enable you to cut through the emotion of the decision.
B) Life After the Short Sale: How to mend your credit and navigate your way back to a new mortgage in 12-24 months. This is critical to understand and focus on from the beginning. How are you going to be in a position to recover or are you going to have to wait six years before you can get a new loan.
• The Short Sale
How to get out from under the burden of the home
without allowing it wrecking you financially.
Here is an excerpt from part of my seminars to realtors. Do you see yourself anywhere in this below?
Here is what your clients do to themselves with no
solution for the impending mortgage problem:
1. Run up credit cards to pay the mortgage.
2. Borrow money from family members to pay the
mortgage.
3. Hardship withdraws from retirement accounts.
4. Advances from employers.
5. Utilize other loans or home equity lines to pay the
mortgage.
When all of their resources are depleted and there is still
no solution to the impending problem, people find
themselves in real trouble. Do you want to help your
client be in a position to buy again in the short to
intermediate term or do you just want to get them out
from under the home and earn a commission? It’s a
personal choice. Repeat business and referrals may
depend on your chosen course of action.
• The Mortgage Deficiency
How to address the deficiency and quantify your personal liability as it pertains to your current mortgages. Right now you are personally liable based on the mortgage note you signed at settlement when you purchased your home. There is a way to mitigate it and be free from the burden.
Why do you need a plan? You can’t minimize the adverse affects on your credit and overall financial profile without one.
My advice to anyone facing a mortgage problem, look for credible advice and don’t rely on your buddy or some tid bit of free hearsay for a solution. Lots of people honestly do not know what the hell they are doing. Be careful and take care of business and your family.
GHunter
December 10th, 2008 at 2:17 am
I think this is critical to understand and focus on from the beginning when all of their resources are depleted and there is still no solution to the impending problem, people find themselves in real trouble.
May 26th, 2010 at 12:22 am
very cool site thanx… this stuff is right up my alley!