I received a call yesterday from a gentleman who owes $380K on a duplex property that he purchased 2 years ago. He still owes $380K because he/his wife signed up for a no interest 80/20 loan. There is no equity in the property and they are at least 3 months behind. The property is in his wife's name, and he underwent bankruptcy a few years back. They make a pretty decent income, but the loans are due to mature in '09. They can barely keep up with the payment now due to haste in getting a tenant on the otherside for less than fair market rents and a 30% increase of utilities across the board. They are 10K behind, but know that they cannot afford to do a loan repayment. I would refer them to a consultant friend of mine to do a loan modificatin, but it's like putting a band-aid on a bullet wound. In two years they are going to be in even worse shape. I told him that I need to assist them with the program that I provide. However, he will need to help me assist him. I went over all the disclosures and documentation, but he is not the owner of the property - his wife is. He will go over the information that I provided this evening and I will call around 8pm or so to discuss with her the quickest way to assist. She had a list of questionf for me that she provided him, and I felt great that I was able to answer them all with confidence. They did have one question that I chose not to answer though. Should they continue to try and pay the mortgage payment, or should they start preparing for the move? I didn't find it ethical to tell him not to make his payment, but if they are going to short sale or foreclose, shouldn't they use what money they have to prepare for the move. I'm very thankful that I'm in a position to assist these people. I really feel like I'm providing more of a service to them than any other transaction I've conducted. I'm positive that I will get the listing after talking to his spouse, but we are already 90 days into the process. I'm preparing to list the property at $369K for the first week, $332K for the second, $313K for the third and so on... The call was generated from my free craigs list posting for Anchorage, AK that I've been running for about 2.5 weeks now. I now have a on my face, and I'm happy to at least have a lead in this spoke of my wheel. I wish you all the best of luck.

Ray Jones
KW Alaska Group
907.227.8180
rayjones@gci.net

PS
Thanks Tim Harris and Dan Grieb. I believe that this key knowledge will change my life and drastically impact my career. God Bless!:D

Great News, I love it. I really appreciate the thanks as Tim always says, " we had the easy part, you did the work". Keep working I am proud of your early success, there is a lot more to come.

Ok, lets quickly address the issue of paying the mortgage.

I do not tell them to pay the mortgage or not pay the mortgage. I also feel it is unethical to tell your clients to not pay the mortgage. I ask questions and allow the borrowers to make the decision that is best for them and their family. They have to live with the consequences good or bad.

I'm taking the short sale class. This is very exciting. I'm waiting until after vacation next week to really advertise BUT I did post a couple times on Craig's List a couple weeks back and I got a call! It's scary but I said everything I'm learning and he withdrew his listings from his current realtor and we are moving ahead. He not only wants to sell he HAS TO SELL!

I love it.................. Keep me posted..................... See this stuff does work..... Run more ads... Get more education.....earn more money for the services you provide............ this is so much better than standing around a water cooler and complaining........ You are making it happen........ I love it... Keep up the great work....

Coach Dan

Put the ad on Craig's list, got an email from the seller, signed the listings one week later. JUst like you said! We've had them listed for 1 week @ market value. We will drop price next week to 10% less than last sold (which is these places!) Got all the doc;s and the letter but no offer yet.
Should I send the doc's in w/o the offer?:cool:

I just got started last week running ads on craigslist and I have two appointments. The first is tonight with a couple that own 5 rental properties. They are not behind yet but are finding it a struggle to make the payments. They want to know what their options are but feel like they want to get out of at least a couple of the properties.

The next appointment is from a recently divorced woman who is not able to keep up with the monthly payments on her home. Again, hasn't missed a payment yet but would like to sell and not have the burden of trying to find the money every month.

My partner and I will go to both appointments this week with all the material you've provided and see if these are people we can help.

Thanks for everything. I'll let you know how it goes.

Alicia

IN A HOUSING MARKET WHERE SO MANY PEOPLE NEED ASSISTANCE

_________________
Frank Wible
REMAX ALL PROS
Turnersville, NJ 08012
(856) 228-2990
[url="http://www.ShortSaleNJ.com/"]http://www.ShortSaleNJ.com/[/url]

Has anyone anyone ever taken a short sale listing for a farm. I am guessing it would be no different than a sfh listing. give me some feedback.