|
WARNING ! Foreclosure
bailouts carry a lot of hidden conditions |
|||||||||||
|
Why?
Money...it’s that simple. The
bank is not getting their payments and the government bailout
may not help, so they want the house
back as fast as they can and resell it to someone else.
The first thing they will try is to get you to do is sign a
"Deed
in Lieu of Foreclosure" (or deed the house back to them). If
you agree, then they can stop the expensive foreclosure
process and give it to a realtor to resell and sue you for the
difference. Of course, the realtor wants a listing for a commission, whether they sell the house through you or the bank. A real estate investor wants you to sell them the house by getting the lender to agree to a lower price, known as a "short sale," which means a large profit generated for them. And,
a scam artist (sometimes called mediators), who pretend to be
experts and have your best interest in mind want you to sign
over the legal right for them to negotiate with your bank...and
they want a fee from you to do this. Here’s
what all of them don’t want you to know: you
have TIME on your side! Why
is that important for you NOT to know? Because if you don’t
think you have time to sort things out, if you don’t
understand when or what the bank is going to do to you
(supported by negative stories, out and out lies, emotional
distress stories, etc.), then you are really at
their mercy and you will find yourself believing that the
only way out is to do what they tell you to do. A homeowner who can’t make his house payments or hasn't enough cash to catch-up from missed back payments, becomes so emotional that it is easy to fall into this trap of giving up. I know this because I went through a complete foreclosure and came close to caving-in myself. I was living the American Dream. My wife and I lived in Florida on the Gulf Coast, had a nice business that was being managed, I thought very well, and I had over three million dollars in residential property rentals with a great positive cash flow. Then it happened, our American Dream turned into the American Nightmare. It started after the tax reform, which created an eight thousand dollar a month negative cash flow, and the income from my printing business, which was being embezzled, had disappeared. We went through a complete foreclosure in an unbearable way. And today, nothing has changed with regard to the legal orchestrated foreclosure process that the bankers and their lawyers use, which are the same scare tactics they've had used since that time. Their strategy is to create a sense of urgency with you to sign a listing or for you to deed over your house. In
my case, at that time, my wife and I had over two hundred and thirteen creditors,
IRS closed down my printing business, our two children were in college demanding money, and I
was told I had suffered a heart attack and needed to go to the hospital
that afternoon. And while all this was going on...my phone started ringing, my mail box overflowed with threatening mail, creditors started appearing at my door, including unsolicited visits from realtors and real estate investors. Not knowing what to do then, and every minute of the day and late into the evening the pressures mounted...it might have been easier to leave town. But the truth was, we did not have money to move or really any where to go. What was certain...we needed more time to figure out what to do. And believe me, your world, if it hasn't already, turns upside down and inside out while it seems like you are being sucked down a drain like water in an unplugged bath tub. In the end, did we save our house? No. Did we give our house away? No. Did we get more time? Absolutely. In fact, after it was over almost two years had passed before we finally moved out. How did we get so much additional time to live in our house payment free? Well, I decided to put my head down and go to work, first, researching how it all worked. And by actually taking the position of the banker, I learned the rules that the banker had to go by, which gave me the opportunity to derail the foreclosure train deadline. This in turn gave me more time to think...allowing me not to be intimidated by those so called experts who really just wanted my house. So I've written an ebook about my personal experiences during my first complete foreclosure, and updated it to reflect all fifty states. It has real court documents explaining step by step how the foreclosure process works and the things I did to stretch the time it took for the bank to get to the sheriff's sale. |
||||||||||
|
|||||||||||
|
Action
Step Number 2 - Get a Loan Modification Basically, it comes down to communication. What I mean is that the homeowner is trying to work through a person at the bank who is human and subject to human error with simple things as not taking down the right information, not hearing what was really said by the homeowner, or getting files mixed up or just misfiled. Don't let communication sidetrack your chance to keep your house. Learn how to cover all your bases the right way, click on the icon below: P.S. Remember, you need to stay in control. And, whether you need more time or whether you want to modify your loan...taking positive action will increase your chances of success than if you did nothing at all.
|
|||||||||||
