Strategy To Get Loss Mitigation To Trim Foreclosure Arrears
I have a scenario. Ladies house is worth 490,000 She wants to refinance for 75% of that value. Credit is shot. No problem sisiter will inherit the property through a gift equity her credit is wonderful. But in order to get the 75% value I need to get loss mitigation to trim some of the arrears/ Any suggested will be very helpful.
Its funny as an investor I would just bark and they either did or did not do what i said
Agreed,
I have a family member whos been investing for 10 years..and has gotten moderately wealthy from it. Has several luxury cars and a nissan mini van. Always takes the minivan to meet with homeowners.
maybe you can split the difference... have 50% of the arrears forgiven, and 50% placed in an unsecured note?
Definately do not have a "I Buy Houses" on your car when you are visiting home owners. I have always wondered about the car thing. While most everyone says to drive a nice middle of the road car, I always wonder about people who tell who how successful they are but then drive a beat up low priced car. If they are bragging about how successful they are, you know that they would drive a nice car if they could.
If I could choose any car to pull up in it would be a new, clean, understated, full size, american pickup truck. Pick up trucks say nothing about the person. Low Income people drive pickup trucks and so do millionaires.
Brenda
Go figure, but I drive my Hummer. Without the dog. Park right in front of the house get out in my suit and go buy the darn house...
My buyers all drive new Dodge trucks with I buy houses on the door and tailgate... They wear polo shirts that say I Buy Houses Ugly Ones Too!TM
Maybe I am the stupid one here but when we go out to an appointment they know we are coming to buy their house...
And we show wealth and the ability to perform...
Don’t be afraid to say "I am successful"
IBuyHousesInc, have the buyers already called you and you are just coming to seal the deal? An in your face car with I BUY HOUSES would be an easier sell because you have already contacted them in advance. If you are door knocking on your first contact I think you have to be understated.
How many deals have you done this year in your old car that needs to be worked on?
This is the problem with people who havent produced telling others how its done..
I will stick to my belief of showing success is a powerful tool...
Quote:
On 2005-11-11 19:18, IBuyHousesInc wrote:
How many deals have you done this year in your old car that needs to be worked on?
This is the problem with people who havent produced telling others how its done..
I will stick to my belief of showing success is a powerful tool...
I haven’t done that many deals this year, but I would have to agree. And not just for real estate investing, but any business.
I believe it comes down to how you want to be perceived. Do you want to come across as distressed as they are? I certainly wouldn’t.
Not to mention, how many other investors have shown up? Who is going to stand out? Who are they going to believe can really help them?
IbuyHousesInc, I think you hit it on the head in your previous post when you said, you show them the ability to perform.
It’s kind of like receiving an offer from a buyer that’s all cash, versus one that’s contingent on financing. Which one best demonstrates the ability to perform?
Just my 2¢
IbuyHouses,
Although I can relate to both sides of the fence, I like your style!
TAT
i drive a motorcycle with full leather and i make sure to have my cigs rolled up in my sleeve so they can see my tatoos
I would love to help with your marketing plan... contact me at my site...
Does anyone have experience with putting this kind of deal together? Anyone have a sample private Mortgage I can study and rewrite for my porposes? Any other ways to handle this cash I have and to explain to lender?
just tell your lender the truth. Puts the lender in a great position seeing as you and your partner are putting up 50%. Ask for a discount for such a large downpayment!!! Countrywide jumped all over it for me( i was the one borrowing my partner had his 50% down) Just make sure you have an LLC formed or whatever your CPA recommends[ Edited by Palmguy30 on Date 11/19/2005 ]