Dear Squires and Maidens:
In my best selling book "The Angry Black Man's Guide to Success" I write a lot about avoiding failure, but sometime failure is not avoidable. However, its how you manage your failures that determine your long term success. One of the best people at managing failure is Donald Trump. He once bankrupt Eastern Airlines in a mere nine months and his hotels/casinos in Atlantic City are again awash in red ink. A Trump Tower in Tampa, Florida never got out of ground.
I know times are tough, so I am going to suggest that if you own real estate in this market, that you consult a foreclosure management company with a local office. Many Realtors and mortgage brokers are now offering this service to provide their clients with all of the options, legal and otherwise. Even if you are not in trouble, do not wait. Your options are many including principle reductions, payment modifications, and short sales. Some companies can arrange to suspend your payment for up to six months. The process is tedious and confusing, so please consult a local expert.
The Banks and Mortgage lenders are getting large breaks from the Treasury and Federal Reserve with the intent of passing them on to you, but you can only get yours if you know what and when to ask. Consult an expert today.
King George
9 comments:
King George
You are right on time. My family is stressing over this very matter. You have a lot of knowledge on financial matters. Whom do you suggest?
I am stressed. People are showing up at my door with contracts to sign. They tell me I have no time and need to decide now. I cannot sleep at night. Help please
King George
I get at least three letters day from bankruptcy lawyers, buyers and whoever else. Some look like checks. I dont know who to believe. I trust you. Your reputation in Denver is tops.
King George
I love your blog and the book is fabulous. This is my first post. I am a realtor with 15 years of experience that has completed 2 short sales and lost 2. The process is not quick. I lost one sale because the buyer got tired of waiting and cancelled the contract and another because the seller had 30K in retirementt savings so the stupid bank turned it down. Now I look like an idiot and the seller may walk away from the house. Not every realtor knows what to do. Many realtors and mortgage people have quit. Many mortgage bankers do not have loans available. It is a much tougher market and both buyers and sellers need a lot more information to complete a sale. Sellers have to submit bank statements and complete a financial profile for a short sale. Buyers need down payments. Everyone needs a lawyer now. The bank is now the decision maker, not the seller. Sometimes I am overwhelmed and need a sorce of accurate information.
King G
I cannot sell my house. How do you compete with foreclosures on every corner?
King George
I sat down with a non profit housing agency but the person was clueless. She could not give me any answears but gave me a lot of paperwork to fill out. I am afraid of loosing my house. Can you help.
I call my mortgage company every day and have stayed on hold for up to 45 minutes. I am 45 days deliquent and want to get a lower payment because my insurance and taxes increased my payment by 206 dollars. How do I get some relief? My late fee is 5%
Is now a good time to buy a house through a short sale. What are the drawbacks. Is the title clear or can the seller come back for more money? There are so many houses for sale that the realtors stop putting signs out.
King George:
My mortgage company just sent me a letter with a payment increse of $1500 due to an escrow shortage and interest rate increse. My payment was fixed for two years. I cannot get a refinance and my mortgage company is out of business. Help
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