Want to hear about a new method of mortgage relief?
Short Sales are the hard way to reduce a mortgage balance. There is an easier way. As a real estate agent this could also be an extra source of income for you.
Banks/Lenders are not real eager to do loan modification, and if they do they usually give you a new plan with payments almost what you had before, and then they raise the interest rate and tack on the back payments to the end of the loan. THEN they go after you for a deficiency judgment and report your "income gain" (the amount over and above the loan the lender "forgave") to the IRS so you'e gotta make payments on that.
I have to admit, the a year ago we needed mortgage relief and I was hopeful that B of A would do a loan mod for us. Twelve months into the three month "trial" period, we're no closer to any kind of arrangement than before we started.
Now I'm personally working with a small LLC run by attorneys that expunges the mortgage and puts a lien on the property for 100% of the actual fair market value and a loan of 50% of that, on which loan we'll make payments. No deficiency judgments or IRS penalties, and my payment will be about 1/4 of what it was when we got the loan in the first place.
But that's not what I"m talking about. I'm also referring people to another not so small company that will actually buy the note on your home at a discount that reflects today's true value. After the purchase you make payments on the actual value of the house to this not so small company.
No deficiency judgments or IRS crud.
Now I still believe that the company we're using to expunge our loan is better, in that my payments will be on 50% of the fair market value, and if I'm required to go to court, they'll send one of their attorneys to handle it and pay that attorney as well. And there is the fact that they have an impeccable track record.
With the second note buying company you'll be paying on the total fair market value. They also are new so they really don't have a track record, although the idea is sound.
Neither solution is a quick fix, but both of them are way better than 1. foreclosure or 2 short sale.
To learn more visit Ultimate Mortgage Relief Sign up to be a free affiliate and refer others, or purchase the program for your own use.
In another post I'll tell you how you can use this program to make WAY more than just a few hundred bucks. I'm talking thousands. That's my business-taking a small idea and turning it into a big profit maker!
And that's what you became and agent for, right? To make some big bucks. Oh, and to help people achieve mortgage relief.
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