Did you hear the story about the abandoned house in LA that had a bobcat move in? That was all over the news. Another recent one out of Phoenix. A guy with an excavation company hit hard times. He’d had the business for 25 years and had owned his house for 20 years. He tried to work with his mortgage company to give him a break. His business was going down but he didn’t want to lose his house. They refused and foreclosed. When the bank representative went to assess the home, he drove around looking for the house number. Finally, he called the office, “I can’t find a house with that number anywhere!”
He’s right. It was gone. The former homeowner had driven a bulldozer through it.
That’s why mortgage companies are waking up to the need to negotiate with homeowners who are facing tough times and upside down mortgages. They ARE negotiating in a lot of cases. You could have a 2nd mortgage, a HELOC, an ARM and they’ll do it with your principal residences and your real estate investments.
There are a couple of tricks though. You have to approach the right person, in the right way and your numbers have to support what you’re asking for.
I’m so excited to have Ed Winters join me on January 24, 2008 at 10 am Pacific for FREE! Teleseminar. Ed is the Founder of Home First, a leading national loan modification company that works directly with the big companies such as Countrywide. Learn more for FREE!
Drop an email to Teleseminar@DKTaxServices.com to automatically enroll. There are only 500 seats and my DKTaxService clients and First Class Lounge forum clients have already snatched up about 100 of them. So, please don’t wait.
UPDATE: The 500 spots were taken within 4 1/2 hours of posting. Please send an email anyway and we’ll make sure you get details on how to listen to the recording. We’re also going to get a 2nd call scheduled as soon as possible due to the overwhelming interest.