Oscar's Blog

Credit Damage Scale

Oscar Morante (Best Short Sales) — Sat, 14 Nov 2009 17:55:45 -0600

This is the credit rating damage scale in order of severity.

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Lower Severity Credit Damage

•· Just between creditor and debtor

•· No judicial system involvement

•· Not of public record

1 - Missed & Late Payments (but still paying)

•· Less than 30 days in default

•· Minimal credit rating damage

•· Easily fixable

•· Most likely not reported in credit record if less than 30 days late

2 - Pre-Charge-Off Settlements

•· Between 30 to 120 days in default

•· Moderate credit rating damage

•· Harder to fix

•· Most likely already showing in credit report

3 - Charge-Offs

•· Beyond 90 to 120 days in default

•· Debt most likely sold to junk debt collectors or similar collection operations

•· Hard but possible to fix

•· Removable by agreement & credit repair

Higher Severity Credit Damage

•· Judicial system involvement

•· Of public record

4 - Law Suits & Judgments

•· High chance of garnishment

5 - Evictions, Foreclosures, Liens & Repossessions

•· Issue of most concern by lenders, and landlords

6 - Bankruptcy

NOTES:

•· No legal advice provided

•· Credit impact also affected by debt to income ratios

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11-24-09- Webinar: Last Minute Foreclosure Stops

Oscar Morante (Best Short Sales) — Wed, 11 Nov 2009 20:44:50 -0600

Earn Great Income By Postponing Foreclosures!

Will make you money now

Will save deals

Bring more opportunities

We will show you how to do it

Course Objectives:

Learn exactly how to stop foreclosures at the last minute
Make very well by doing it

Includes:

Step by step description of the process
Exact logistics of the process
How to game the system
Taking advantage of legal rights
Avoiding legal traps
Obtaining clients
Selecting clients
How much to charge
Questions and answer

Date:

See above
4:00pm to 5:30pm PST

Price:

More Information

Earn great by stopping foreclosures at the last moment.

Do you want to earn well?

Solve urgent problems!

What can be more urgent for a homeowner than needing to stop a foreclosure that is just about to happen?

When someone is about to be foreclosed the next morning, nothing is more urgent!

In this webinar I will show you how to solve this problem and earn very well.

We are in a knowledge economy.

This is especially true in real estate.

The more you learn. The more you learn.

Do you want to learn something valuable and immediately applicable?

This is it!

I have been doing this for the last couple of months.

I should have figured this out a lot earlier.

This works well for the clients.

This works well for me.

There is plenty of business.

This business works well because of the principle of “the benevolent authority”.

When you can solve a problem you become the “benevolent authority”.

This is especially true when there is urgency.

If there is time pressure you are the only game in town.

What this means to you is that you negotiate from an elevated position.

This is exactly what happens when you go to the doctor with broken arm. When your arm is broken, do you procrastinate, wait and look around for a better deal?

NO!

You go to the doctor and get treated quickly for a fair deal.

Last minute foreclosure stops is the business of the day.

It is about you providing a valuable service, at a fair price, with minimal negotiation, and with a quick client decision. What can be better?

The client gets to keep the property for a few more months.

You get paid excellent for a couple of hours of work!

There is no time waste!

I charge a fair price.

What I charge is less than renting a small apartment in my area.

I am effective and charge cash on the spot.

How much longer can the homeowner stay at the property?

It depends. From a few weeks to a few months.

I did one in May 4^th. Then, in July 15, the bank finally established the new foreclosure date to be October 16^th. Then they changed the date to December 7th. That is several months worth of living for free. Did the client get good deal or what? But that is not all, in December we will postpone again. Because of the state foreclosure rules, they will have to re-start the process from scratch. Basically we can keep the homeowner in the house until July or August 2010! Is this a valuable service or what?

Do you want to learn more?

Do you want to get started?

How about that for a great R.O.I?

www.bestshortsales.com www.oscarpdx.com www.nwlossmit.com

Free Loan Modification, Short Sale, Debt Settlement and BK Work Shop for Homeowners - DT Portland

Oscar Morante (Best Short Sales) — Tue, 10 Nov 2009 20:53:17 -0600

FREE WORKSHOP

Sign Up

Presented By Realtor & Attorney Loss Mitigation Group

You Ask - We Answer

Space Limited to 10

Subjects Covered:

Loan Modification
Debt Settlement
Bankruptcy
Short Sales
Post Foreclosure Issues

Dates:

Most Thursdays 6:30pm to 7:30pm
Sign Up

Location:

Schwindt | Richardson Law Firm, LLC
24 NW 2nd Ave., Suite 200
Portland, OR 97209

Sign Up

Workshop Description

In this event you will learn the ins and outs of loan modifications, debt settlement, bankruptcy and short sales. This is an informational event in which we will get to know each other. You will learn the main aspects of the mentioned inter-related subjects so you can make a decision of who to proceed, and the services we can provide to you. There will be no hard sales pitch. You will get real knowledge. If you decide to hire us for real estate and legal services, that will be even better.

Seminar Outline

6:15pm Start check in

6:30pm Introduction

6:40pm Powerpoint presentation

Intro ot debt resolution
Credit damage scale
Debt settlement
Loan modification
Short sales
Bankruptcy
Debt charge-offs

7:10pm Question and Answers Session

7:30pm End

Expert Panel

Oscar Morante, Realtor: NW Loss Mitigation, LLC and Century 21 Cascade Pacific Realtor. Oscar is an active Realtor, owner of NW Loss Mitigatigation, LLC, and a short sales expert. He developed this seminar based on his experience settleling his own credit card debt. Oscar is a very engaging speaker, and excellent at making complicated subjects easely understandable.

Christopher Schwindt, Attorney: SRL Law Firm. Chris is seasoned attorney, expert in real estate, business and bankruptcy law. He is licensed in Oregon and Washington. His firm represents consumers with services ranging from transactional help to loan modifications, short sales and foreclosure prevention.

Lisa Porter, Attorney: SRL Law Firm: Lisa is a seasoned consumer protection litigation attorney. She is licensed in Oregon and Washington. She specializes in consumer protections issues and has won lots of cases. If you have been wronged by a creditor or bank, she may even make you money.

David Richardson, Attorney: SRL Law Firm: Bankruptcy and general practice attorney. Licensed in Oregon and Washington. Dave is an expert in resolving all financial distress issues in a coordinated and rapid way.

Sign Up

www.bestshortsales.com www.oscarpdx.com www.nwlossmit.com

Short Sale Principle #1: Be Helpful

Oscar Morante (Best Short Sales) — Thu, 05 Nov 2009 17:23:53 -0600

Hi, this is Oscar again.

Today I would like share with you maybe the most important principle in Short Sales. This simple principle will make you lots of money and ensure you earn well for years and years, not just in short sales but in any business.

Be Helpful: Take care of your clients, and they will take care of you.

The Short Sales business is a clear example of a business in which one person's poison is another person's meal. To be successful in Short Sales, you need to resolve the seller's and the creditor's financial problem associated with the property. Whether you are an agent or an investor, as a short seller, your job is to fix this situation such that the both seller and creditor arrive to an acceptable compromise. It is your ability to solve these issues that makes you valuable.

For you to provide a solution, and therefore be helpful, there needs to a real and perceived problem.

The seller and the creditor need to have a problem
The seller and the creditor need to perceive the problem

Let me explain you:

In life, perception is reality. That a client's property is causing a huge financial problem doesn't necessarily mean that the client is aware of the long term consequences. Sometimes the client perceives that loosing the property is not a big deal. As a result, despite truly needing your help, the client will feel that you are un-necessary. In this case you can't be helpful to him. So move on. It will be a waste of time.

The same is true in the case of the creditor. If the creditor, correctly or mistakenly, perceives he can recover more of the debt through a foreclosure sale, the creditor will not cooperate. In this case, arrive at the best possible solution, or move on.

Work Only Motivated Clients & Creditors

As you can see, it is not just the problem that makes clients and creditors cooperate, but almost as importantly, their perception of the problem. Motivated clients and creditors correctly acknowledge and perceive the situation. Therefore they consider you helpful to their needs. Work only with motivated clients and creditors. You will have a lot more closings!

Short Sale Effectiveness

If you are serious about Short Sales, I strongly recommend you to take Short Sales A-Z. This downloadable online video course is comprehensive. It will teach you all the ropes of the business. The knowledge you will acquire will pay for itself over and over. Not only that. Unlike other short sale materials, this course is concise, enjoyable to study and easy to review. With this course there is no need to go through tons of binders and endless repetitive CDs. In five hours you will be ready to start acting. HERE is what other students say.

Invest in Your Education

I guarantee you Short Sales A-Z will be one of the best real estate investments you will ever make. What you will learn will pay for itself over and over!

A Great Value

Short Sales A-Z gives you the most value of any of the courses out there. Do your own research to confirm this. There are plenty of courses available. Most of them are several times more expensive and offer less. Others offer un-necessary coaching with far away trainers. If they cost less, they are usually teasers designed for you to buy a more expensive program.

www.bestshortsales.com www.oscarpdx.com www.nwlossmit.com

Second Mortgage Foreclosure Lawsuit Situation Continued - Washington State Law

Oscar Morante (Best Short Sales) — Sun, 01 Nov 2009 22:15:02 -0600

Thanks for contacting me for this. I am in the process of creating a "Do It Your Self Debt Settlement" course. "Charged Off" means that the creditor sold the debt for to a third party at a loss. You will most likely get a 1099C for the lenders losses. Now you owe the debt to someone else. You can pay that debt when you can. If you can't right now, don't stress too much but be on top of it. It will not be forgiven. If you don't pay it, it will eventually become Zombie debt. That is debt likely to re-surface sometime in the future. That will probably be at a bad moment for you. Most likely the people that bought your debt will track you for triggers until you pay them on a settlement (and beyond). So settle them when you can. Another thing to look at is bankruptcy. The thing is to eliminate the problem as soon as you can. You can also work with a debt settlement company. I can connect you for this. Does this help? Let me know.

NOTE: I replied you last Friday. Washington state does not have a purchase money protection statute. You attorney is right. You owe that money.

Let me know about this developments. That will help me better attend clients. Thanks.

Sincerely,

Oscar

Oscar, the second mortgage amount was for approximately 65,000.00 and it was purchase money. After consulting with my attorney xxxx regarding this matter, I asked him to draft a letter explaining my situation and asked to settle for 6500.00 or essentially 10 percent which is what most banks agree to if there is a short sale on the property. A couple weeks later the lawyers for Citibank counter offered with 16,490.00 and two months to pay it off. Although that is generous and I appreciate their grace in this matter, the truth is if I had 16,490.00 I would have been able to keep my house and avoid foreclosure. Also, I would need a lot more than two months to pay that kind of money. I havent responded to them yet as i've been seeking a second opinion. I looked at my credit report and it says the debt has been settled and written off. Im a little confused then as to why im being pursued. Is this just a lawyers office/ debt collection agency that has bought the debt and is looking for a return? I dont want to and cant afford to pay 16,490.00 for something that has possibly been written off anyway. I know you are a busy person and I greatly appreciate you taking the time to respond and look into this for me. xxxxxx

www.bestshortsales.com www.oscarpdx.com www.nwlossmit.com

Second Mortgage Foreclosure Lawsuit Situation - Washington State Law

Oscar Morante (Best Short Sales) — Fri, 30 Oct 2009 16:38:06 -0500

One of my clients just inquired about the following. I consulted this with my local real estate attorney.

Situation:

The client had two mortgages on the house. This were original purchase money loans. NO refi or Heloc. The client got foreclosed. The second mortgage holder is now after the homeowner. They are threatening law suit. Can that happen?

Reply:

Oscar:

I do not believe there is any protection for "purchase money" mortgages in WA.

Here is the relevant portions of the statute. There is no deficiency judgment if the elected remedy is a non-judicial trustee sale foreclosure and the sale is active or goes through. However, any lender can elect to seek recovery on the note instead of foreclosing, which is what a second-position lender out-of-equity is likely to do.

RCW 61.24.100

•(1) Except to the extent permitted in this section for deeds of trust securing commercial loans, a deficiency judgment shall not be obtained on the obligations secured by a deed of trust against any borrower, grantor, or guarantor after a trustee's sale under that deed of trust.

(2)(a) Nothing in this chapter precludes an action against any person liable on the obligations secured by a deed of trust or any guarantor prior to a notice of trustee's sale being given pursuant to this chapter or after the discontinuance of the trustee's sale.

It seems like the 1^st foreclosed so now the 2^nd is coming after them personally on the note, which appears to be allowable.

www.bestshortsales.com www.oscarpdx.com www.nwlossmit.com

Foreclosed Second Mortgage Law Suit Threat and Situation

Oscar Morante (Best Short Sales) — Fri, 30 Oct 2009 12:55:14 -0500

xxx:

I understand that you did not refinance. You bought the house with the mortgages present at the time of foreclosure. Is that right? The majority of states have purchase money protection statutes. Oregon and California do for sure. Maybe Washington does not. There are some caveats as well. For example, in Oregon, once the second mortgage is over around $120K, it is treated differently.

I work in Oregon and Washington, so this knowledge is very important to me. I will ask my local Washington attorney for my own knowledge sake. They deal with this issues all the time. Often they take legal action against the banks. That seems to work. Maybe I can get an answer for you today. If not, in a few weeks. He is about to go on vacations.

The issue is this. Lets say that Washington state does not have purchase money protection. If they want to force you into paying they need to take legal action. This takes a long time to even get started. Depending on how much is that second mortgage, interest rate, arrears and likelihood that you can ever pay, it may not be worth them suing you. Chances are you can settle them for less. You may look into bankruptcy alternatives as well. You may discharge them that way, or force them into settlement for less than owed. Keep me informed. This is a hugely important subject.

Oscar

At 10:52 PM 10/29/2009, you wrote:

You've received a contact message from your Contact Form on the ActiveRain network.

Message details: From: xxx Email: xxx Subject: Forclosure 2nd mortgage payoff (Sent via Activerain)

Oscar, after an exhaustive number of attempts to work with my lender to keep my home i sadly lost it to foreclosure. Now the second mortgage lender is threatening to take me to court for the balance on the second. The different professionals i worked with through this ordeal told me that the second mortgage goes away after a foreclosure when its purchase money (which it was) but they can come after you only if its refinance or equity line of credit money. After I recieved the letter from the attorney supposedly working for Citibank, I contacted a real estate lawyer in Lynnwood, WA and he stated that I was in fact responsible to pay this debt. Im being referred to you by my friend and mortgage specialist xxx of Lynnwood, WA and I hope you can advise me on this matter or put me in contact with someone you work with and trust. Thank you for your time. xxx Bothell, WA xxxx

Oscar Morante
www.bestshortsales.com
oscar@bestshortsales.com
Ph: 971-222-3734
Fx: 503-296-5663
9220 SW Barbur Blvd.
Suite 119 - #159
Portland, Or 97219

www.oscarpdx.com www.bestshortsales.com www.nwlossmit.com

Most Chanlenging Lenders - Loan Mods and Short Sales

Oscar Morante (Best Short Sales) — Mon, 26 Oct 2009 20:48:39 -0500

Friends,

This is the list of most challenging lenders for getting loan mods and short sales.

Need short sale or loan modification help? If you are in the Portland Metro area call me a 971-222-3734 or email me at info@bestshortsales.com

LENDERS THAT ARE CHALLENGING TO WORK WITH:
(We recommend a Forensic Loan Audit be conducted with these lenders)
· Indy Mac*
·   US Bank
·   CitiMortgage
·   Wilshire Credit Corp.
· First Franklin
·    Flag Star
·    Ocwen
·    Credit Unions
·    Sun Trust Mortgage
·    HSBC
·    Downey Savings

*Are not postponing sale dates even if the file is in review and will not do investments regardless if it's occupied.

www.oscarpdx.com www.nwlossmit.com www.bestshortsales.com

Most Cooperative Lenders - Loan Mod and Short Sales

Oscar Morante (Best Short Sales) — Mon, 26 Oct 2009 20:40:45 -0500

Friends,

When it comes to loan mods, it is critical to know which lenders are most cooperative. Below is the list of most cooperative lenders for loan mods. This lenders are also more helpful with short sales.

If you are in the Portland Metro Area contact me at info@nwlossmit.com or 971-222-3734. I can help you with your loan modification and short sale needs.

MOST COOPERATIVE LENDERS:
· Bank of America/Country Wide*
· CHASE/WAMU/EMC
· Aurora
· Wells Fargo
· SLS**
· GMAC/Home Comings
· Wachovia
·   Litton
·   National City Mortgage
·   Saxon Mortgage Services
·   Select Portfolio Services

*Will not modify loans on investments regardless if they are occupied.

**Very cooperative with modifying 2nd mortgages

www.bestshortsales.com www.oscarpdx.com www.nwlossmit.com

2200 SF 4 bed / 3 bath Year 2004 Vancouver Bargain - Hazel Dell

Oscar Morante (Best Short Sales) — Sat, 24 Oct 2009 20:39:13 -0500

3817 NE 98TH ST, Vancouver, Wa 98665

Fantastic Bargain : By far best priced property in the area

Contact Oscar Morante, Realtor 971-222-3734 for access.

Beautiful home. Kitchen Whirlpool appliances & oak cabinets. Gas fireplace in family room, formal dining, 9' ceiling on main, Master suite w/jet tub & w/in closet. Beautiful landscaping, spinkler system. Conveniently located min. to Home Depot, Costco, I-205, I-5

By far the best priced property in the neighborhood as well as one of the best ones. RMLS # 9067449

4 bed
3 bath
2 story
2200 sf home
2 car garage
Built 2004
6000 st Lot

Download Flyer

NOTES:

This pictures are from 2006 when the property was vacant, just prior to purchase. The property is presently occupied but very well maintened.
Call Oscar at 971-222-3734 for access.
This is a short sale. This will take little patience, but it will be worth your while. We are experienced short sale agents. See info at www.OscarPDX.com.

www.oscarpdx.com www.nwlossmit.com www.bestshortsales.com

Map:

<http://maps.google.com/maps?f=q&source=s_q&view=text&q=3817+NE+98TH+ST,+Vancouver,+Wa+98665&ie=UTF8&hq=&hnear=3817+NE+98th+St,+Vancouver,+Clark,+Washington+98665&z=16>

Do it Your Self Credit Card Debt Settlement Seminar - Portland - Vancouver

Oscar Morante (Best Short Sales) — Mon, 12 Oct 2009 21:57:39 -0500

Credit card companies settle for pennies on the dollar.

Learn how to make this happen

Sign Up

Date: Saturday October 24th

Time: 9:00am to 1:00pm (Check in starts at 8:15am)

Location:    Phoenix Inn, 9575 SW Locust St, Tigard, OR 97223

Objective:   Explain exactly how to settle credit card debt by your self for cents on the dollar

Presenter: Oscar Morante - Author, Realtor and debt settlement expert

Panel: Bankruptcy attorney

Real estate attorney

Credit repair specialist

Are you or anyone you know overwhelmed by unmanageable debt?

Attend this event! You will learn exactly how to solve this situation.

Full content event
Ask the experts

Seminar Description: In this event you will learn exactly how to settle credit card debt for pennies on the dollar. This is not rocket science, but if you want to do it, you need to learn. Why re-invent the wheel. You only have one shot at this. If you do it right, it will be a good result. If you do it wrong, you will lose your money and remain in debt. This event will be presented by Oscar Morante, a do it your self debt settlement expert. In addition to the main presentation, there will be a 30 minutes questions and answer session with an expert panel. The panel will have a bankruptcy attorney, a real estate attorney and a credit repair specialist. If you or a loved one is crippled by unmanageable debt, you must attend.

Seminar Outline

08:15am Start check in

09:00am Introduction

09:10am Understanding the debt situation
Why there is so much debt

Not making it worse
Credit rating spin
Hardball situations
Credit damage scale
Debt elimination options
Doing nothing
Keep paying
Bankruptcy
Debt settlement
Debt charge-offs
Dealing with collectors
Zombie debt
Statutes of limitations

10:15am Break

10:30am Debt Settlement Negotiation

Debt settlement time line
Dealing with collectors
Disifering creditor communications
Word by word document analysis
What is good deal
Anatomy of a debt settlemet
Post settlement issues
Tax implications

11:30am Break

11:45am Expert Panel for Questions and Answers

Bankruptcy attorney
Real estate attorney
Credit repair specialist

12:30am End of Panel

Open to networking
One to one conversations

01:00pm End of Event

Sign Up

www.bestshortsales.com, www.nwlossmit.com, www.oscarpdx.com

Download Free HUD-1 Settlement Statement - Limited time offer

Pear District Short Sales & Bank Owned - Portland, Or 97209

Oscar Morante (Best Short Sales) — Sat, 10 Oct 2009 20:18:39 -0500

Hi, this is Oscar. I have been in Portland for already 16 years. This is a great place to live. Do you want to move here? Right now is a good moment. I know PDX like the palm of my hand. I moved to Portland in 1994. I officially came for two weeks. One thing led to another, and here I am, established and happy. Most likely I will be hear many more years.

My first job in Portland was in downtown. At that time, if you were cheap, and not wanting to pay for parking, you parked in the dirt and gravel streets of what now is the Pearl. At that time, if you parked there, you should not be a women walking by your self at night to your car, mind if the car was broken into or see plenty of homeless. What a change! Now the Pearl is the an entirely different world. Now, as an agent, I am dedicated to saving homeowners from foreclosure, and getting buyers the best possible deal.

To me, the best place in The Pearl, by far is the 24 Hour Fitness. Below is the map to it. I have been going to this club since I moved to Portland, in 1994. If you are into fitness, making friends and then socializing, this gym is hard to beat. I have been to 24 Hour Fitness facilities literally all up and down the I-5 corridor, from Bellingham to San Diego. The Pearl is my favorite.

Although a little overpriced for my taste, I enjoy the Pearl better than ever. However, the Pearl is great. I myself am looking for the right deal. If you are interested in a property, and have a little bit of patience, you can get a great deal. Right now we are experiencing a surge of bank owned and short sale properties. This area is not as affected as others, but the prices have definetly come down. So this is the situation: With the right strategy you can get a really nice Pearl property at a great price.

Call me at 971-222-3734 or email me at info@arecllc.com. This is how it works. I will help you get qualified for the best possible loan. Then, methodically, through a unique strategy I have developed, I will locate the right property at a great price. I am an expert in short sales and bank owned. You don't have to re-invent the wheel.

Want a great deal in the Peal District?

Call Oscar at 971-222-3734.

info@arecllc.com

www.bestshortsales.com, www.nwlossmit.com, www.oscarpdx.com

Download Free HUD-1 Settlement Statement - Limited time offer

Best Deals In Portland Area Bank Owned Foreclosures

Oscar Morante (Best Short Sales) — Sat, 10 Oct 2009 19:41:45 -0500

Right now the inventory of distressed properties in the Portland area is huge. If you want to get a good deal, right now is a good moment. The reason is simple: Great Prices and Fantastic Interest Rates. If you area in Portland or Vancouver, looking for a great deal call me at 971-222-3734. I can definetely help you. You can also reach me at info@arecllc.com. My web site is www.OscarPDX.com

Getting Great Deals in Short Sales and Bank Owned (REO) Properties

A Good Deal is a Good Deal: Just because a property is in a short sale or is a bank owned foreclosure, it does not mean the property is a good deal. A good deal is a good deal. Generally speaking, a good deal is a property significatly discounted. So much so, that even if there is depreciation, it is still a good deal.

What Constitutes a Good Deal: A good deal always has to do with the property been acquired at a discount. However, there more to it. Below is what I consider the main matters that make a property a good deal.

Property obtained at a great discount in comparison to the neighborhood.
Property obtained with great financing.
Property with both of the above.
Great, unique property obtained at a good price and good financing. For example a great property in a fantastic neighborhood and location, at a pretty good price, and with pretty good financing.

How to Get a Great Deal: There are several ingredients to getting a great deal. I can guide you for this.

Work with a great professional,
Be ready to close
Make lots of offers
See the numbers prior to seeing the house

How I Can Help You: I will help you select a range of properties that fit your needs and budget. Based on that we will do plenty of offers at what will be a great price. After your offer is accepted, I will quide you for the quickest possible closing. Experience matters. Are you interested in a great property at a fantastic price? Call me at 971-222-3734

www.bestshortsales.com, www.nwlossmit.com, www.oscarpdx.com

Download Free HUD-1 Settlement Statement - Limited time offer

Documents Needed for a Short Sale

Oscar Morante (Best Short Sales) — Sat, 10 Oct 2009 18:37:03 -0500

A short sale is a transaction in which a homeowner sells a property for less than what is owed, the lender takes a loss, and any unpaid balance is forgiven. For this to happen, a set of documents is needed.

Main Documents:

Purchase and sale agreement. This is the accepted offer. This document is evidence that, under a certain set of conditions, the owner is willing to transfer ownership of the property to the buyer. Of this set of conditions, purchase price and possession date are the main focus. The purchase and sale agreement needs to be well-executed. To be legally binding, it must be signed by all who claim ownership of the property.
Hardship Letter. This is a personal letter, from the homeowner to the lender, explaining the reasons for being unable to continue paying the mortgage. This is a critical document. To be effective, it must clearly state the situation, show concern, and demonstrate that the homeowner is taking action for the problem to be resolved. It is best if this note is hand written and not very long.
Homeowner's financial statement. This is a worksheet presenting all income, assets and liabilities. The homeowner and all co-borrowers must be included.
Latest two bank statements. If the homeowner has more than one account, all the statements must be presented.
Latest two pay stubs. If the homeowner has more than one job, all the stubs must be shown. Unemployed homeowners must present the latest available. Self-employed individuals can provide a profit and loss report.
Last two years tax returns. Often, homeowners in foreclosure have missed filing their taxes. In this case, present the latest available and write a personal note to the lender explaining the situation.
Last two years W-2s. Employers provide this to employees and the IRS every year. Provide the latest available.

Supplemental Documents. In addition, if relevant and available, the following documents are very useful. In some instances, they are absolutely necessary.

Death certificate
Divorce decree
Incarceration decree
Bankruptcy discharge letter
Relief from stay
Proof of disability
Insurance claims
Police reports
Court approvals
Anything that may be useful

Additional Documents. Once in contact with the lender, these two additional documents will be needed.

Listing agreement. Often lenders want to make sure that the property is listed or has been listed by an agent. This is a must for real estate agent commission allowance.
HUD-1. This is the RESPA compliant settlement net sheet. RESPA stands for Real Estate Settlement Provisions Act. It shows who gets paid what, and how much. This document shows the main thing the lender wants to know: How much the lender will get.

These are the documents needed for a short sale to be negotiated. The more complete, the better. The degree of what is acceptable varies from lender to lender. Some lenders are more demanding than others. Have all these documents. The short sale will go a lot smoother.

www.bestshortsales.com, www.nwlossmit.com, www.oscarpdx.com

Download Free HUD-1 Settlement Statement - Limited time offer

How do I Know if a Short Sale is Right for Me?

Oscar Morante (Best Short Sales) — Sat, 10 Oct 2009 18:27:02 -0500

A short sale is a transaction in which the homeowner sells a property for less than what is owed and the lenders voluntarily take a loss and forgive the unpaid portion of the debt. Short sales only take place when the value of the property is less than what is owed to the lender, and the owner is insolvent. A property worth less than what is owed is "over-mortgaged".

A short sale is right when an insolvent homeowner in default owes more to a lender than what the property is worth. The homeowner is unable in any way to pay for the complete loan balance. In these circumstances, the lender is in the unfortunate position of facing losses regardless. For the lender, foreclosure will not bring enough funds to payoff the debt. Collecting losses from an insolvent owner is a difficult proposition. Because of this, the lender is better off forgiving the debt.

Based on the explanation above, a short sale is right for the homeowner if:

The homeowner is insolvent
The property is worth less than what is owed
The homeowner is incapable of covering the lender for any shortfall
The home loan is in default

Short sales are not a good alternative for the homeowner if:

The homeowner is still solvent.
Is employed and with a bright future.
The homeowner is capable, presently or in the future, of paying for any lender's shortfall.

Under the circumstances just mentioned, most lenders will not allow a short sale. Because the homeowner has payment capacity, the lender will not forgive any debt. A good alternative for the homeowner in this position is a release of lien. In a release of lien, the property is sold for less than what is owed, but the homeowner still owes to the lender. To pay for that balance, the homeowner enters into a payment plan.

Foreclosures are hostile, lengthy and costly transactions. Short sales are faster, more amiable, and have a lower cost. Because of this, lenders facing insolvent homeowners with over-mortgaged properties commonly accept short sales. If the homeowner can in any way pay, the lender will typically only allow a release of lien. If a short sale is not right for the homeowner, most likely a release of lien is. A foreclosure is almost always a bad choice.

www.bestshortsales.com, www.nwlossmit.com, www.oscarpdx.com

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Ten Mistakes to Avoid When Doing Short Sales

Oscar Morante (Best Short Sales) — Sat, 10 Oct 2009 18:21:19 -0500

Short sales are thrilling transactions. In a short sale, the homeowner sells a property for less than what is owed. The remainder of the debt is forgiven. The key to being successful at this is in being a dedicated professional. Professionals know what to do and what to avoid. These are the top ten mistakes to avoid.

Not knowing the business. To attempt a short sale without knowing what to do is simply wreckless. Unless there is plenty of help, most likely the transaction will fail. Not only that - this is disrespectful of the client and brings a bad name to the business.
Not understanding the foreclosure process. Each state has its foreclosure rules. In most states, there are two types of foreclosure, each with its set of rules. To be effective in short sales, it is critical to dominate this subject.
Not knowing the legal boundaries. In real estate, for the most part, the law is broken unintentionally. However, regardless of good intentions, the law is unforgiving of ignorance.
Working with unmotivated clients. Short sales require full cooperation from a client who understands the benefits of the transaction. Attempting anything with unmotivated clients is a waste of time.
Not being selective about transactions. Not all transactions are viable. Viable transactions have a reasonable chance of success along with a profit congruent with the effort and risk. It is better to have a few well-selected transactions than many random deals.
Not walking out of a transaction when it is not working. Any negotiation in life needs to have an alternative. A short seller must always have the alternative of walking away if more convenient. The instant the walking away is not an option, negotiations end and asking for favors starts.
Not having the right team. Short sales are not a solo game. Good connections are must. These include title companies, mortgage brokers, building inspectors, attorneys, etc. There are plenty of competent professionals eager to contribute. It is not hard to find compatible teammates.
Not explaining well the process to others. This has to do with fear to the unknown. Not knowing what has to be done or will happen is scary. Clients will be a lot more confident and comfortable when understanding matters.
Not being win-win. For any transaction of any kind, unless there is no other choice, everybody needs to benefit. When people benefit, they make things happen. The benefits need to not only be real. They also need to be perceived as such. For a client perception is reality. A client that is not fully convinced of the benefits cooperates less. If it matters do not improve, the client may withdraw from the transaction.
Being too greedy. Too much greed is real estate's enemy number one. Wanting just a little more than what works often results in loss of great opportunities.

Short sales are professional endeavors. As such, it is just as important to know what to do as well as what to avoid. Avoiding the top ten short sales mistakes will result in a much more prosperous short sales carreer.

www.bestshortsales.com, www.nwlossmit.com, www.oscarpdx.com

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What is a deed in lieu of foreclosure?

Oscar Morante (Best Short Sales) — Sat, 10 Oct 2009 18:16:25 -0500

A deed in lieu of foreclosure is a transaction in which an owner in default, and about to be foreclosed, grants ownership of the property to the lender, as payment for the debt. The value of the property serves as debt payoff. As such, the owner no longer owes anything to the lender. This article briefly explains why and how this happens.

To grant ownership of a property, without pay off of the underlying debt, is called "to deed a property". The property owner "deeds" the property to the entity that "gets the deed". The phrase "in lieu" means to accept or do something in instead of something else. Foreclosure is the sale of a property to satisfy a debt. In this type of transaction, the owner satisfies the debt to the lender by deeding the property instead of by foreclosure. Instead of exercising foreclosure, the lender gets the deed. Thus, the term "deed in lieu of foreclosure".

Another name for "deed in lieu of foreclosure" is "estoppel deed" or "deed by estoppel". Estoppel is a legal term. In an estoppel, a previously taken action precludes other present or future actions. In a estoppel deed, the lender can't foreclose the property owner because the lender took the action of accepting ownership of the property as satisfaction for debt. The lender is now "estopped" from foreclosing the owner.

Deeds in lieu of foreclosure most often take place when the value of the property is equal or higher than the value of the debt. In other words, when there is some equity. In some instances, the homeowner gets some compensation. This is usually just enough to make things happen. Otherwise, the lender will be better off carrying out the foreclosure process. Generally, by the time this arrangement is agreed upon, the owner is out of time and with no better alternative.

Typically, only private parties or smaller lending institutions directly owning the debt accept deeds in lieu of foreclosure. In most instances, this type of transaction is impractical for larger institutions. For the most part, large institutions just service debt held by large portfolio investors. Because of their size, legal limitations and relative inflexibility, these institutions tend to be better off foreclosing.

In a deed in lieu of foreclosure, a property owner in foreclosure deeds the property to the lender. By accepting ownership of the property in exchange for satisfying the debt, the lender is estopped from foreclosing the property owner. This type of transaction typically happens when there is equity and the lender is not a large institution.

www.bestshortsales.com, www.nwlossmit.com, www.oscarpdx.com

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Ten Tips About Short Sales

Oscar Morante (Best Short Sales) — Sat, 10 Oct 2009 17:58:05 -0500

Short sales are thrilling, fulfilling and profitable transactions. In a short sale, the homeowner sells a property for less than what is owed on it. The remainder of the debt is forgiven. This happens because the property is over-mortgaged, the homeowner is insolvent and it's the lender's best option.

Negotiating short sales definitely requires expertise. The homeowner and the lender are locked up into an unpleasant situation. The homeowner is unable to pay the mortgage. The lender is not getting paid. The job of the short seller is to positively unravel this awkward situation and be rewarded for it.

The longer it passes, the worse it gets. With time, the debt increases and the property falls in disrepair. As this trend continues, matters only deteriorate further. Sooner or later, the homeowner will lose the property. Very often, the homeowner still owes on the property after the foreclosure. By the time this happens, the creditor will have a great financial loss. The creditor will have a lesser loss the property is sold at the foreclosure sale. If not, the lender will end up owning the property. Losses will only keep adding until the property is sold. It is the expertise of a short seller that provides an amiable solution to this situation.

Short sellers are real estate agents, investors or both. Either way, the set of skills needed for negotiating short sales is basically the same. The difference is in how each make a living. Agents earn commissions. Investors earn by re-sale profit or rental property income.

Here are the top ten tips for succeeding in short sales:

Be knowledgeable. Nothing beats good training. In real estate, the more you learn, the more you earn. In this business, education pays off. Knowing the short sale business will allow you to quickly assess foreclosure situations and determine whether or not to be involved.

Understand the foreclosure process. The principles of foreclosure are timeless and basically universal. However, foreclosure law varies state to state. Each state has its own foreclosure version. In the least, a short seller must master this.

Know the legal boundaries. There is only so much a short seller can do. Crossing legal boundaries can easily result in judicial problems. This is why the short seller must dominate the local, state and federal regulations of this business. In real estate, the law is most often broken by not being aware, rather than by willful intention. However, the law is not forgiving of ignorance.

Work only with motivated clients. Pre-disposed clients are open to be helped. It is only fair for the client to ask questions and request references. The short seller's confidence, knowledge and sincerity should be enough to overcome this. However, it is waste of time to have to convince people.

Be helpful, not judgmental. Clients needing a short sale are providing a financial opportunity in exchange for your help. The short seller needs to be grateful to have this chance. Not only that, the moment the short seller passes from being helpful to being judgmental, the business relationship will become strained. Judgmental thoughts negatively affect interactions with clients. Like this, inevitably, attitudes will create problems. Too many problems and the transaction will not be consummated. Unconsummated transactions are a waste of time, energy and emotion.

Make sure the client understands the benefits of a short sale. A short sale is always better than a foreclosure. However, this is not always evident to the client. The main benefit of a short sale is reduced credit rating damage. Damaged credit through foreclosure will result in the homeowner having to pay high interest rates for years and years. Not only that, if a short sale is not negotiated, in many instances, the homeowner will remain owing on the home despite no longer owning it. Home equity loans or cash-out second mortgages not fully paid by the foreclosure remain the homeowner's responsibility. Not owing after the foreclosure is definitely a short sale benefit.

Clearly explain what needs to be done. Short sales take time, effort, have a protocol and require the client's full collaboration. Clearly and properly explaining to the client the short sale process delineates expectations, responsibilities and outcome possibilities. Not only that, tough choices may have to be made. A well explained client tends to be emotionally and mentally better prepared than otherwise. The payoff of a few minutes invested in educating the client is a better lubricated transaction.

Fully disclose. Tell exactly what, how and why things need to be done. This will keep the client from having any doubts. Doubts lead to discomfort. Discomfort leads to lack of trust. Clients that do not trust soon think that the agent or investor has something to hide. Once this happens, despite the best intentions, matters are questioned. The end result is usually an incomplete transaction. Incomplete transactions are a waste of opportunity.

Ensure earnings. Short sales take time, effort and expertise. This needs to be rewarded. To make sense, a short sale transaction needs to be win-win-win. The homeowner avoids foreclosure and its ongoing negative ramifications. The lender recovers more of the loaned principal sooner. It is only fair that the short seller be rewarded for this. Whether the short seller earns through commission, re-sale or rental income, that profit is the result of others benefiting. If others benefit, but not the short seller, then the short seller lost.

Get testimonials. Testimonials are a great referral basis. Nothing beats having proof of satisfied clients who benefited from valuable service provided. Testimonials are proof of competence, experience and honesty. Only satisfied clients write testimonials. What is the key to obtaining testimonials? "Ask and you shall receive". Happy clients will gladly testify in favor of persons that helped them out of a bad situation. Lenders often provide testimonials too. Asking is for free. The best way to obtain a testimonial is to ask for it immediately after the transaction has been finalized. After that, the longer it passes, the lower the quality and the lesser the likelihood a testimonial will be created.

Short sales are very interesting transactions. Plenty of well-trained real estate professionals make a good living with them. These ten tips will ensure continued success in this real estate endeavor.

www.bestshortsales.com, www.nwlossmit.com, www.oscarpdx.com

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How to Do a Short Sale

Oscar Morante (Best Short Sales) — Sat, 10 Oct 2009 17:39:56 -0500

A short sale is done by negotiating with creditors secured by a property so that when the homeowner sells the property, the creditor gets less than what is owed, and forgives the homeowner from paying the remainder of the debt. This is a brief explanation of how this short sale is done.

Home loans are loans in which the homeowner's home is collateral securing the home loan payment. Short sales are necessary when the value of debt secured by a property is more than the value of the property. Under these conditions, at sale, there is not enough money to pay off the home loans. To make up for the difference, either the homeowner needs to come up with the difference, or the lenders need to take less than what they are owed. Most short sales happen when homeowners are in foreclosure and insolvent. As a less unpleasant alternative to foreclosure, the lender reluctantly takes less than what is owed and forgives the homeowner from paying the balance.

Real estate agents and real estate investors do most short sales. Only a few homeowners do a short sale on their own property. Usually, by the time a short sale is needed, a homeowner is no longer on talking terms with the lender. Although short sales are not hard to execute, they do require a certain degree of knowledge and the will to learn. Most homeowners are not in the real estate business. In addition, the emotional pain caused by the situation prevents them from taking the needed actions. Because of this, most homeowners in default need the help of agents and investors experienced in short sales.

A short sale starts with a homeowner that needs to be bailed out of foreclosure and is open and predisposed to be helped out of the situation. Often, by the time an agent or investor connects with the homeowner, the lender has already presented the short sale alternative to the homeowner. If both the homeowner and the lender are open to a short sale, then the short sale can begin.

To begin a short sale, the homeowner needs to have an accepted offer from a buyer. No buyer, no short sale. The buyer can be an investor or a homeowner represented by an agent. Which one is best depends on the specific situation. If the buyer is an investor, usually the investor is short sale savvy and will execute the short sale. If a listing agent represents the investor, the listing agent will execute the short sale.

To begin a short sale, the person executing the short sale will first need an authorization to release information, or similarly named document. This is what allows the agent or investor to legally speak with the lender on behalf of the homeowner. The creditor will reply to the investor by requesting a short sale package to be submitted. The collection of documents in a short sale package is almost always the same with all creditors. In the package, the lender wants to see the last two years tax returns, last two bank statements, last two payroll stubs, a financial statement and a hardship letter. The hardship letter is a letter in which the homeowner explains the reason for not being able to pay. With this information, the creditor will determine the homeowner's level of solvency, and how much the homeowner can pay now and in the future.

Parallel to this, the lender will valuate the subject property. This is accomplished through the service of an agent or an appraiser. The objective of the valuation is to determine the value of the property. The lender always wants to at sale recover as much of the loan principal and interest as possible at sale.

Eventually, the lender will determine how much the homeowner can pay to reduce the lender's loss. This will be reconciliated with the property valuation results. Since the homeowner is insolvent, the short sale package will demonstrate that the homeowner is unable to make up for the creditor's loss. With time, matters will only get worse. To avoid that and get paid now, a creditor willing to accept a short sale will propose a settlement. This settlement is presented to the homeowner in the form of a settlement letter. The settlement letter states the minimum the lender is willing to take from the sale of the property in order to satisfy the debt in full. Satisfying a debt in full means forgiving the homeowner from having to pay for the loss.

The transaction is finalized through an escrow service or title company. The homeowner transfers title to the buyer in exchange for money. Based on the instructions of the settlement letter, none of that money goes to the homeowner. Other than the closing costs and other incidentals, all the proceeds of the sale are to pay off the lender. As per the settlement letter, the lender satisfies the homeowner debt through a sale in which the lender receives a payment short of what is owed. Thus, the use of the term short sale.

www.bestshortsales.com, www.nwlossmit.com, www.oscarpdx.com

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FREE HUD 1 Download Software

Oscar Morante (Best Short Sales) — Sat, 10 Oct 2009 17:19:21 -0500

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What is the HUD-1? The HUD-1 is the R.E. industry standard settlement statement. It shows all the expenses of a real estate sale transaction.

Wether you are buying, selling or getting a commission, how the HUD 1 is arranged vastly determines in what kind of shape you come out the transaction. If you want to make sure you earn what you deserve, you should dominate how this document. Don't totally delegate this task. You are the best person to look after your own interest. Prepare it your self, then have your escrow company complete the final, legally binding version.

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www.bestshortsales.com, www.nwlossmit.com, www.oscarpdx.com

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What is a Short Sale?

Oscar Morante (Best Short Sales) — Sat, 10 Oct 2009 17:10:49 -0500

A short sale is the transfer of ownership of a property in which the creditors secured by the property are paid off less than what they are owed. This happens when the value of the property is less than the value of the debt secured by the subject property and the owner can't make up the difference. Reluctantly, the lender forgives the unpaid balance. This article briefly explains why this happens.

The vast majority of properties are purchased with the aid of financing. In order to pay for the property, the homeowner places a small down payment. Since the down payment is not sufficient to purchase the property, a loan provided by a lender is used to pay the remainder of the acquisition value. In other words, the homeowner finances part of the purchase value of the property with a loan from a lender. To guarantee that the lender will get paid, the homeowner pledges the property as collateral to secure the debt payment. Thus, the lender is secured by the property. A mortgage is contract between a homeowner and a lender, in which the homeowner pledges his home as collateral to the home loan.

As time passes, if the payments are timely, the loan payoff value will incrementally diminish until the debt disappears. That is called amortization. The longer the homeowner keeps up with the payments, the more amortized the loan becomes. A fully amortized loan is a loan with zero balance. It is fully paid off. On the other hand, if payments are missed, the loan value, because of interest, will grow. That is called accrual.

When the homeowner sells the property, unless the home loan fully amortized, the secured lender needs to be paid off the unpaid balance. If the value of the property is sufficiently high, the proceeds of the sale will be sufficient for the home loan to be paid off and the homeowner to earn a profit or break even. If not, there will be a shortfall. To make up for this shortfall, either the homeowner will have to make up for the amount needed to pay off the loan, or the creditor will have to take less than the amount owed.

The value of a home loan is higher than the market value of the property if the market value of the property has diminished, the loan has accrued interest because of missed payments or the homeowner paid too much for the property. A property worth less than what is owed on the property is called an over-mortgaged property.

Homeowners with over-mortgaged properties are often unable to make up for the shortfall needed to pay off the home loan. If they are insolvent and default, matters get worse. The value of the home loan begins to accrue, getting bigger and bigger on a daily basis. Unpaid property taxes, utilities, and other costs also accumulate. When this happens, maintenance is often deferred. This results in further loss of value.

Once this happens, matters will only get worse. Urgently, the lender needs to recover as much of the debt as possible. Lenders in this situation have only two alternatives. One of them is to foreclose. The other is to allow the homeowner to sell the property for less than what they are owed. Either way, the creditor will take a loss.

Unless the property value is high enough, a lender that decides to foreclose only stands to lose. Only cash in hand investors looking for great deals buy at foreclosure sales. If the property is not sold at a significant enough discount, the creditor will have to keep the property. If this happens, the creditor will be liable for maintaining the property, insuring it, paying taxes, as well as all other costs. Not only that, to sell it, the lender will have to pay commissions!

A less risky alternative is to allow the insolvent homeowner to sell the property for less than what the lender is owed, get paid off now, and forgive any debt shortfall. This is a short sale. The lender gets paid less than what is owed and the homeowner is forgiven the remainder of the debt.

www.bestshortsales.com, www.nwlossmit.com, www.oscarpdx.com

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Trustee Sales A-Z Online Video Course

Oscar Morante (Best Short Sales) — Sun, 20 Sep 2009 21:51:02 -0500

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I have been buying properties at Trustee Sales for over six years. My father was my mentor. He has been a real estate investor for over forty years. We buy, sell and hold dozens of properties per year. I reviewed Trustee Sales A-Z. I find this course very thorough. It covers all the aspects of buying at trustee sales in detail. It shows how to do things right. I like the video format, document analysis and especially the fact that it is easy to understand right away. This course is hard to beat.
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Short Sales A-Z Online Video Course

Oscar Morante (Best Short Sales) — Sun, 20 Sep 2009 21:38:38 -0500

Short Sales Are Here To Stay. Profit From The Largest Real Estate Market Segment For Years

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We bought Short Sales A-Z on Friday and were up to date and running on the subject by Monday. We are seasoned agents and have taken lots of courses. This course is in-depth and at the same time easy to understand. This course is not about dream selling, it is about knowing the subject and making it in Short Sales.

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Crystal Real Estate Services
Agents, San Jose, CA

Short Sales A-Z is a great course. I definitely got a lot of bang for the buck. I say this as an already very experienced investor. I own apartment buildings, a development company and a short sale company. We re-sell, sell on contract and retail several properties a month. Our investments are in the mid-Willamette Valley and the Oregon Coast. Short Sales A-Z greatly helped me tune up on short sales and better take advantage of this field. I am very happy with the course.
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Innovative Investments
Investor, Corvallis, Oregon

This is the best course I have found on short sales. It was easy to understand and easy to follow. It covers the entire process from start to finish, truly excellent. I say all of this as a Real Estate Broker I have purchase other material in the past and nothing compares.

Luis Pezzini - www.SunsetStripRealty.com

Short Sales Webinar

Oscar Morante (Best Short Sales) — Sat, 19 Sep 2009 21:44:23 -0500

Oscar's A-Z Short Sales Online Courses

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www.foreclosure.com/education/webinars/short-sales.html

http://www.realtor.org/prodser.nsf/RightTools/ShortSales?OpenDocument

http://www.pruvoices.com/2009/01/fannie-mae-short-sale-webinar/

www.secrets2shortsales.com/

www.shortsaleresultsnow.com/?p=270

http://activerain.com/blogsview/1192560/short-sale-webinar-tomorrow-august-13-at-10-00-a-m-pst

http://www.azhomehelp.com/Short_Sale__Foreclosure_Media/page_2256339.html

https://www.freeforeclosurereport.com/Offers/Pages/OfferPages/GSM/BHM/NOP/540/mapsearch/index.aspx?ID=9FC0B4DEFE6F8071C8C6B70360949313&keyword=fannie%20mae%20sales&mkid=S7X3aHDUK&mcid=2519975694&gclid=CO2YwcjRgZ0CFRgbawodazmtag

Auto Loan Modification & Refinanicing Questions and Answers

Oscar Morante (Best Short Sales) — Sat, 19 Sep 2009 21:15:34 -0500

What is the law for auto loan car repossessions?

Now a days, in most states, auto loan legislation is based on the Universal Commercial Code (UCC). Basically, most states have their own twist of the UCC. That is why auto loan legislation is so similar in most states.

What happens in my car gets repossessed?

You will lose ownership of the car but remain liable for lender's losses. So you will still owe on the car you no longer owe.

What is the difference between an auto loan modification and an auto loan refi?

In an auto loan modification, the terms of the loan are recasted, but the rest of the agreement remains the same. In the auto loan refinance, a new loan, usually lender, with different terms, is created.

Where do I get a better deal? An auto loan mod or a refi?

Generelly speaking the auto loan mod is a better deal. There are no refi costs, and usually the interest rate is vastly reduced. We just got a mod for a 2009 Ford F-150 reduced to 0% interest!. If you have good credit, and not defaulted yet, maybe you are better off with a refi.

What are the requirements for an auto loan mod?

To be between 30 days and 60 days late, have steady income, a legitimate hardship and be current with the insurance.

How long does it take to get a auto loan mod?

Varies between one week to four weeks. Any longer than that and the car will be repossessed.

What other vehicle financing can be modified?

Now a days just about anything. The most common is auto loan. RVs and boats are also possible. The reason is simple. Those items rapidly depreciate. The banks are better off modifying loans than taking repos.

Do I need to default in order to get a vehicle mod?

This is a tough call. Defaulting is a risky strategy. However, if you are paying, you are doing what the banks wants you to do. Therefore they will not modify.

Can you do leases?

For the moment we do not modify leases. Explained in a simplified way, a lease is a long term rental in which the person that leases pays for rent and depreciation. There is no ownership.

Auto Loan Modification Contact Form