We had a great teleseminar this morning with two nationally renowed experts: Joe White (mortgage broker) and Ed White (Home First Loan Modifications). Here are some of the highlights:
o There are basically 4 options if you’re in an upside real estate situation and need to get out: – foreclosure or deed in lieu of foreclosure, short sale, loan modification or “Option 4.” Option 4 is Joe White’s innovative strategy for creating equity share. You can get a FREE! copy of his book by dropping a note to JoeWhiteMortgage@gmail.com.
o Lenders are doing loan modifications, no matter what you might have heard. The people who aren’t getting them done either (1) don’t qualify, (2) are trying to do-it-yourself and don’t have the right forms and contacts or (3) have hired one of the many scam outfits out there who are trying to do this themselves. Find out more about loan modifications by going to www.HomeMortgageLoanModifications.com
o The loan mod in and of itself isn’t likely to cause a ding on your credit. In fact, the circumstances that got you there are more likely to have caused a problem then the mod itself. Of course, in this crazy credit time, it’s hard to predict what anybody is going to do.
o Don’t forget about tax consequences from any of the options above.
We were only able to get 500 people on this call, and over 1100 people wanted the information. We’ll plan another call soon plus get the copy of this call up for you.