Cash is King – Upside Down Mortgage Solutions

July 28, 2008

Upside Down Mortgage, Keeping Your Home and One Professional Loss Mitigation Negotiator

THIS ARTICLE IS GOOD BUT WATCH

HOW TO REFINANCE AN UPSIDE DOWN MORTGAGE

Here is an email I received about keeping you home if have an Upside Down Mortgage!

Read all the way through and see the update at the bottom!

Hi Brent,

I am searching for answers! I hope you can guide me.

Right now there are at least 6 foreclosed homes on our street of only 24 houses.

We can pay our mortgage payment, but in Sept. our payment is going up because our escrow account for taxes was reviewed and came up very negatively. WAMU is having us make up the balance starting in Sept. for 12 months.

I had started refinancing but my husband was laid off one day after I started.

So bottom line is we can still afford our current payment with my income. Our payment is going to more than double in Sept. My credit is not good. My husband’s credit carries the mortgage and two small credit cards which are always paid on time, and his credit is good, but he is unemployed.

I’ve read your info about short selling, but we want to stay in the house. I am beginning to think that we are SOL.

We bought our house for $273,000 and the foreclosures are listed at $169,000 for a better comp than our house. They are not selling because we have very high taxes and a special assessment.

Any ideas?

Thanks,
Tina

Here is my Response!

Hi Tina!

Thanks for the email!

Your situation is a tough one and never easy to deal with!

SO DOWN TO BUSINESS!

Let me start by saying, it doesn’t matter how many foreclosures you have on your street or how upside down on your mortgage you are when it comes to finding a solution.  Many times people assume because there are other REO properties on their street that they can’t do anything about their own situation.

I would gamble to say the opposite holds true, This should give you leverage if nothing else!

As you know, Banks/Lenders out there don’t WANT to foreclose on a home. Sometime it feels that way to people but mostly banks can’t seem to get out of their own way not having the right systems in place to handle the volume they are dealing with.

Knowing that, we should leverage that scenario as well and only use professional loss mitigation negotiators who have bank contacts because most call center people at banks/lenders can’t make decisions and often times just flat out don’t want to help!  The professional loss mitigation negotiator has the right contact who has decision making authority and that in and of itself is priceless in this type of situation.

When you hire a Professional Loss Mitigation Negotiator you will be paying for both knowledge and contacts.

The services they provide consist of the following:

1.    Short-Sale Negotiations

2.    Short-Refinance Negotiation

3.    Note Modification Negotiation

4.    Pre-Foreclosure Negotiation


These services are worth every dime you pay for them because of the financial and credit impact caused by not having hired out this service.


Often times people try and handle this situation by themselves and see minor results IF ANY!  Know one thing, a “Freeze” isn’t the best form of Note Modification.  This is typically the first thing offered by lenders but it isn’t the only thing that can be done in most cases.

IF YOUR ARE UPSIDE DOWN ON YOUR MORTGAGE AND WANT TO STAY IN YOUR HOME
, you only have two ways to make that happen.
1.    Short Refinance
2.    Note Modification

Each has their own unique approach and can be handled simultaneously by a single Professional Loss Mitigation Negotiator.

So Tina, My long-winded answer sums up nicely as, Hire the Professional Loss Mitigation Negotiator.

I have attached the contract for this service if you want to look it over and please ask me LOTS of questions so I can help you get through this.

Please don’t ignore this problem or wait until it’s too late.

As always, I am here to help!  Let’s get through this together.

Brent Lane
The Lane Group
Www.brentlane.wordpress.com

UPDATE:

It has been months since this post has gone out and in that time I have had over 2,000 people contact me regarding their upside down mortgage situation.  There isn’t a one size fits all solution so I have taken my time to respond to these folks the best  I can.  My Recent program is all about Short Refinancing and people are again lining up to be walked through the process.  Go get the free video below and I will show you more about short refinancing.

My email: Brent[AT]brentlane.net

Tell me your story and I will help the best way I know how.

****NOTE: GET YOUR FREE VIDEOS****

“Refinancing SECRETS for an Upside Down Loan that Banks Don’t Want You To Know because it will Cost them THOUSANDS of Dollars!”

Learn More about Refi Secrets for Upside Down Home Loans!” Watch the Videos I Created at THIS LINK!

July 18, 2008

HOPE NOW Fails to Deliver, Now What? Part 1

Here is yet another email writer/reader and my response!

(Note: thank you all for writing in and if you do write, please be patient, I DO get back to everyone but it takes time to get through them all)

I think you will find this to be one of the best emails I have had as it covers quite a bit of information that is relevant to many people!

Brent:
(I have made a few edits to help bring across the point better)
Hi. I read you WEB site and hope you can be some help to me. I too am in an ARM that re-sets to a higher payment that I cannot make. I’ve worked With HOPE NOW to create a budget to show to my lender – Nation Star – that I will not be able to make the new payments. I have not had positive results with Hope Now or speaking with my lender.

My lender states only 6 months freeze is allowable and Hope Now is basically not worth the trouble or efforts I made with them to date. Adding to my troubles is my house value has dropped considerably my appraised value was $490,000 and it currently valued at $309,000. Real Estate market in my part of California is a long wait for new and even foreclosed homes, so a short sale may not work for me.  I even tried to use FHA loan with my current lender (Nation Star), but was told I did not have enough equity and the application was turned down.

I am wondering what my options are and I am waiting to see if this new FHA law I heard on the new will be of any help. I would like to stay in house. I can make the current payment – its’ hard- but I can do it. Any suggestions from you are greatly appreciated.

Sincerely-

John

Follow along and read learn how to handle things when the

HOPE NOW Program FAILS!

Hope Now

Mortgage Rate Freeze

Upside Down Mortgage

July 14, 2008

Mortgage Shoppers: My Experience with a Pro! Part 1

Filed under: California Real Estate — brentlane @ 11:27 pm
Tags: ,

It’s funny to talk about this to the public.

Most people don’t even know how to go about shopping for a mortgage.

I experienced a Pro Mortgage Shopper the other day and I thought I would share my experience.

This buyer had the perfect profile:

•    Perfect credit (800+ficos)
•    30% down payment
•    Over $200K left in the bank
•    Perfect job history
•    Had a property in contract to purchase
•    Knew his time frames
•    Was specific with me when making his request
•    Willing to communicate via email
•    Had previous experience at purchasing
•    Understood basic loan lingo

FOLLOW ALONG AND READ

SHOPPING FOR MORTGAGES

PART 2 OF THIS POST! !

Sorry to keep doing this but I am afraid that WordPress is going to cancel me at anytime!  Stay tuned to my posts at www.thelanegroup.blogspot.com

July 7, 2008

Mortgage Shoppers: My Experience with a Pro! Part 1

It’s funny to talk about this to the public.

Most people don’t even know how to go about shopping for a mortgage.

I experienced a Pro Mortgage Shopper the other day and I thought I would share my experience.

This buyer had the perfect profile:

•    Perfect credit (800+ficos)
•    30% down payment
•    Over $200K left in the bank
•    Perfect job history
•    Had a property in contract to purchase
•    Knew his time frames
•    Was specific with me when making his request
•    Willing to communicate via email
•    Had previous experience at purchasing
•    Understood basic loan lingo

FOLLOW ALONG AND READ

SHOPPING FOR MORTGAGES

PART 2 OF THIS POST! !

Sorry to keep doing this but I am afraid that WordPress is going to cancel me at anytime!  Stay tuned to my posts at www.thelanegroup.blogspot.com

July 5, 2008

Foreclosures: How Many More Are Still Out There?

Filed under: California Real Estate — brentlane @ 7:37 pm
Tags: , ,

I ran across a great video about Loans in Trouble outside of Mortgage Loans

See the TOP 5 LOANS HEADED TO FINANCIAL TROUBLE HERE!

As always, I am here to help in any way I can.
If you have  a situation where you could use some professional advice, please email me or comment below and I will be sure to follow up!

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