| Archive - December 2007 I'm Baaaaack!Posted Dec-14-07 19:14:45 PST Good Lord! Couldn't they just send me an invoice??? I just got off suspension for an account I had ages ago, apparently I had a balance and while I could no longer log into the acct to get a notice that I owed I set up a new acct (this one) so I could sell. Well ebay found the association and BAM! just like that with over $400.00 in sales and $100.00 of purchases they shut down my acct and retracted all of the great feedback I had given all of my buyers, they wiped my acct!?!?!?! Now my account is back up and "in good standing" per the e-mail I recieved from Trust & Wait after two days in limbo. They did however fail to address the couple hundred dollars credit I still have on this account. Anyone out there have any idea how I can get the credit off this account and apply it to my older account "reallocknload1" that I'm posting on now? Oh well... Drop by and see my listings at reallocknload1! The mortgage buzzword of the day is LOSS MITIGATION!Posted Dec-11-07 18:01:36 PST Updated Dec-11-07 18:02:03 PST The mortgage buzzword of the day is LOSS MITIGATION! The bank does not want your home right now, even if you have tons of equity!
With all of the foreclosures that the banks are dealing with these days, they would much rather lower your rate and make your mortgage more manageable for you regardless as to how late you currently are and even if they have already filed an NOD on your property. This is why almost every lender has either beefed up their existing loss mitigation department or created a well staffed one, if they didn’t have one already. Some have even outsourced to companies that will actually visit you at your home or work place because most borrowers in trouble are so overwhelmed by calls, mail solicitations and Realtors knocking on their door looking for a short sale listing that they just go into shutdown mode until it’s too late for anything positive to occur.
Even if you’re not late they would still much rather work with you and lower your rate without a costly refinance then run the risk that you might have a financial hiccup and become just one more problem they will be forced to deal with down the road.
If you’re upside down, obtained your original loan by “untruthful” means, don’t have good/steady income or don’t really even live in the home, your lender will in most cases turn a blind eye and offer a benefit.
In short, everyone should jump on this band wagon because it will reduce your interest rate, may reduce your principal balance, give you a month or two off from making your regular mortgage payment and does not affect your credit rating! It’s quite frankly a benefit offered that’s a no brainier that unfortunately will not last forever with these same terms and conditions.
The lenders all have their “Sweet Spot” and required forms that will determine weather they will work with you or write you off as a lost cause so don’t try it without the aid of someone that knows what their doing. What ever you do! Don’t sign your property over to anyone that offers to “Take Care Of Everything” and transfer it back into your name later, requests that you sign a Notarized power of attorney, let a Realtor do a Short Sale without first (before you sign the listing agreement) working out the details with your lender(s) and making sure in writing that you don’t end up with a huge unsecured debt and scary tax bill after the sale or worse, sign up with a Realtor that has a virtual “Puppy Mill” of short sale/REO listings that they have to deal with and little time to deal with your unique situation. Sorry no posts...Posted Dec-05-07 09:37:17 PST Sorry I haven't commited the time to a daily post but I've been super busy. I do Loss Mitigation and work with people to get through to their lenders what it is that one another can do to keep them in their homes. As you know, foreclosures are at an all time high and just like us on e-bay lenders feel that it's better to get a little bit of something than a lot of nothing in some cases. It's a bit intensive, I put the numbers together for homeowners that have rough or bad loans and submit my forms to the lenders with the figures that I come up with. If you put together the right numbers, it's amazing what the banks will do modification, forebarence or workout. Get it wrong and it's NOD, foreclosure or short sale time! There's no second chance to get it right. So far I've been getting it right! No one needs to lose their home if they think a lower payment can help them out or get them through a rough patch. Even if they can't afford it, I can still buy them some time in most every case. If any of you ebayers out there are in this pickel, I'll be more than happy to e-mail you my forms so you can use them yourself for free... they work in all 50 states. I'll tell you how to use your ebay history as additional income too. Well, going to ebay for a bit before I have to take off... |
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