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Temecula CA – Everyone gets scared when they can’t pay a debt. “Am I at risk of going to jail? Will my friends find out? Will the bank sue me and take everything I own? Will the they garnish my wages? Will they levy my bank account?”
Here is a real life example. She didn’t have the money and stopped paying cold turkey.
Get my Free, Step By Step Loan Modification Guide by clicking here.
I know a person who stopped paying on a bunch of debts. We’ll call her Jill. Jill short sold her house over two and a half years ago.
Her loan was with Countrywide, now owned by Bank of America. The owner of the loan was a “sliced and diced” trust.
I’ve called these “zombie debt owners”, because they usually don’t chase you down after a short sale. The owner of the loan lost around $85,000.
Long story short, she hasn’t paid a dime on the short sale loss. She got letters and phone calls from Bank of America for about 6 months. After that, they calls stopped.
She hasn’t heard anything from them since then. And she doesn’t expect to hear anything more. The nice thing about the “sliced and diced” loans is there is no single owner.
There are probably 10,000 owners of her loan scattered around the world. None of the owners has time to collect from her and Bank of America is too busy with all the other loans on their books.
In addition to the short sale, she stopped paying on five different credit cards with over $15,000 owed. She lost her job and simply did not have the money to pay them.
She is still getting phone calls today. Sure, she could get them to stop calling by sending them a letter.
But, they don’t bother her enough to do that. So they just call. As of today, only one of those creditors has file a lawsuit. The funny thing is they filed the lawsuit and then just let it sit there.
They didn’t file anything else for another 18 months. As of today, the case is still sitting in limbo. More than likely, it will be dismissed for lack of activity.
Even if the credit card company does get a judgment, they still have to collect on it. The fact is, only 15% of all judgments are ever paid.
But, at the rate their lawyers are going on the lawsuit, they probably won’t ever get a judgment. As you can see, Jill was able to walk away from around $100,000 in debt and will probably never pay them a dime.
She could settle with the credit card companies in the future for fifteen cents on the dollar. If so, then it will be because she wants to, not because she is getting forced to do it.
Thinking about a Loan Modification?
Our Temecula loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at tom@homesbytom.us to request a Free Copy.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-506-5744
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thanks for reading this, Tom Olsewski.
Tom is a Real Estate Agent at Keller Williams. Temecula Short Sales Realtor:
Phone: 951-506-5744. tom@homesbytom.us.
View My homes for sale at www.besttemeculahomes.com.
Tom Olsewski specializes in loan modification assistance and short sales in Temecula California. Temecula Loan Modification Help, Temecula Short Sales. Temecula Short Sale Realtor. Temecula CA Short Sales. Temecula Realtor.
Important Notice
Tom Olsewski, Keller Williams, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Tom’s personal views and do not reflect the views of Keller Williams.
This information on Temecula Loan Mod: Short Sale Seller walked away from 100k in debt. Hasn’t paid a dime is provided as a courtesy to our viewers to help them make informed decisions.
Temecula CA – The Stop Foreclosure Institute recently received a question from James. “My loan was just sold. I was making payments to CitiFinancial and they sold it to Nationstar. Is that good or bad?” James asked.
Get my Free, Step By Step Loan Modification Guide by clicking here.
Here is the answer. It’s neither good nor bad. In fact, I don’t think your loan was sold. You see, most loans were packaged up and sold to Fannie Mae, Freddie Mac, or Wall Street.
James’s loan was more than likely packaged up and sold off. I asked him who his original lender was. He said it was a company called First Magnus. (First Magnus declared bankruptcy in 2007 and was afterwards closed.)
The Stop Foreclosure Institute has negotiated short sales on loans that were originally with First Magnus. The last one was sold to a large Wall Street Firm and securitized.
That means James’s loan could be owned by anyone. More than likely it is owned by Fannie Mae or Freddie Mac. If not, then it was probably sold to a Wall Street Firm.
The owner of the loan hired CitiFinancial to act as their front man. That means Citi collected the payments, handled escrows and accounting, and manages debt collections and foreclosures.
More than likely Nationstar did not buy the loan. Instead whoever owns the loan hired them to act as the front man instead of Citi.
Thinking about a Loan Modification?
Our Temecula loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at tom@homesbytom.us to request a Free Copy.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-506-5744
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thanks for reading this, Tom Olsewski.
Tom is a Real Estate Agent at Keller Williams. Temecula Short Sales Realtor:
Phone: 951-506-5744. tom@homesbytom.us.
View My homes for sale at www.besttemeculahomes.com.
Tom Olsewski specializes in loan modification assistance and short sales in Temecula California. Temecula Loan Modification Help, Temecula Short Sales. Temecula Short Sale Realtor. Temecula CA Short Sales. Temecula Realtor.
Important Notice
Tom Olsewski, Keller Williams, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Tom’s personal views and do not reflect the views of Keller Williams.
This information on Question from homeowner: My lender just sold my loan. Is that a good thing? is provided as a courtesy to our viewers to help them make informed decisions.
Temecula CA – Most homeowners negotiating a loan modification are not amazing negotiators. After all, it’s not every American’s job to be a great negotiator.
America is built on hard work and treating people fair. Most stores offer products at a good, fair price. The price is the price. If you don’t like it, then don’t buy it.
But, don’t kid yourself on loan modification negotiators. The lenders teach them how to negotiate. They train them to do everything they can to squeeze as much money out of you as possible.
Get my Free, Step By Step Loan Modification Guide by clicking here.
The supervisors tell them, “If it means not modifying the customer’s loan, then go ahead and do what you need to do. Don’t modify their loan.” Here is a trick they use to avoid having to modify your loan.
They tell you that you have to catch up all or part of the back payments before they will approve the loan modification. It’s a trap.
Every single dime you pay them before starting negotiations is a dime lost. You can’t use that dime as part of your negotiations. They already have your money.
If you pay them all the back payments, they won’t be as motivated to modify your loan. That is why I recommend that you hold onto every single penny you can until you get a signed modification agreement.
That way if the modification isn’t approved you can use the money for something else. Maybe you could use it as a down payment on a rental. Either way, at least you have your options open.
We offer a loan modification guide to consumers. Here is what we cover in the Stop Foreclosure Institute’s Loan Modification Insider Secrets Guide.
* An easy to understand, Step By Step Guidebook.
* How to write a Hardship Letter that gets your loan modification approved.
* Three big loan modification mistakes and how to avoid them.
* Loan Modification from the lenders point of view.
* How the Making Home Affordable Program can help you.
* What not to do so you don’t risk being carted off to jail.
* How to calculate your budget properly to increase your chance of success.
Thinking about a loan modification?Our Temecula loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at tom@homesbytom.us to request a Free Copy.
Or, click here to request a copy.
Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at tom@homesbytom.us. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-506-5744
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thanks for reading this, Tom Olsewski.
Tom is a Real Estate Agent at Keller Williams. Temecula Short Sales Realtor:
Phone: 951-506-5744. tom@homesbytom.us.
View My homes for sale at www.besttemeculahomes.com.
Tom Olsewski specializes in loan modification assistance and short sales in Temecula California. Temecula Loan Modification Help, Temecula Short Sales. Temecula Short Sale Realtor. Temecula CA Short Sales. Temecula Realtor.
Important Notice
Tom Olsewski, Keller Williams, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Olsewski’s personal views and do not reflect the views of Keller Williams.
This information on A Common Temecula Loan Modification Mistake and How To Avoid It is provided as a courtesy to our viewers to help them make informed decisions.
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Full Details
Listing Courtesy of Thomas Olsewski DRE:01442461, Keller Williams RE-Tem Valley
Temecula CA – Maybe this is a pet peeve of mine. Or maybe it just seems ridiculous that someone would call a debtor over and over again asking to be paid, when they have already been told the debtor doesn’t have the money to pay them.
Or maybe it is the fact that I see countless examples of debt collectors breaking the Fair Debt Collection Practices Act. But, no one seems to care that they are breaking the law.
Get my Free, Step By Step Loan Modification Guide by clicking here.
The Fair Debt Collection Practices Act forbids collectors from threatening to sue you, but then not following thru and actually filing suit. To get around this rule, they will use language that sounds legal, but isn’t.
In one situation, a debt collection firm in Buffalo, New York named their firm Hoffman, Weinberg & O’Brien to make it sound like they were a law firm. They would then leave messages on people’s answering machines.
They would say they were with the office of Hoffman, Weinberg & O’Brien and then say they may resort to future legal action. Or they would say they were calling about a pre-legal matter.
In addition, they would reference case number 8306042. If you didn’t know any better, you would think the case number was for an actual lawsuit against you. Scary, right?
In addition, if a debtor tells them not to call anymore, then they are supposed to stop calling. They just keep on calling anyways. This is another example of them not obeying the law per the Fair Debt Collection Practices Act?
I allege that they willingly and knowingly break the law repeatedly. This is why we put Number Seven onto the Homeowner’s Bill of Rights:
7. Stop the Debt Collector Harassment! The right to tell any and all debt collectors to stop calling and never receive a phone call from then again. In addition, this would include debt collectors that know the person’s phone number, but will call family members in an attempt to embarrass the debtor.
This is America people! Debtor’s prison was abolished two centuries ago! It’s time to update your activities to the Twenty-First Century!
Or take another example. A homeowner has never made a late payment in their entire life. They lose their job and find one in another state. The move, try to rent out their house, but can’t afford the payments.
They get behind on their mortgage payment and credit cards. They enter the world of non-stop harassment. Debt collectors call them non-stop. These people aren’t deadbeats. They are just struggling at the moment.
They won’t stop calling even when the debtor asks them to stop. They would pay if they had the money. But they don’t have it.
But, the people won’t stop calling. The constant phone calls make their home life miserable. Don’t you think it has gone too far?
I do. That’s why we need a Homeowner’s Bill Of Rights. Stop the debt collector harassment. What do you think? Please put your comments below.
Thinking about a loan modification?
Our Temecula loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at tom@homesbytom.us to request a Free Copy.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-506-5744
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thanks for reading this, Tom Olsewski.
Tom is a Real Estate Agent at Keller Williams. Temecula Short Sales Realtor:
Phone: 951-506-5744. tom@homesbytom.us.
View My homes for sale at www.besttemeculahomes.com.
Tom Olsewski specializes in loan modification assistance and short sales in Temecula California. Temecula Loan Modification Help, Temecula Short Sales. Temecula Short Sale Realtor. Temecula CA Short Sales. Temecula Realtor.
Important Notice
Tom Olsewski, Keller Williams, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Tom’s personal views and do not reflect the views of Keller Williams.
This information on Temecula Loan Mod Help: Attn: Bankers. Stop harassing Americans for money they don’t have is provided as a courtesy to our viewers to help them make informed decisions.
Temecula CA – Should you walk away or should you stay? Here is how to determine whether or not you should walk away from your home.
Because of the decline in the nationwide housing market, I doubt that your home is worth what you paid for it.
Get my Free, Step By Step Loan Modification Guide by clicking here.
First, determine the current market value of your home. Talk to a realtor. They will give you a market analysis, based on what other homes similar to yours are selling for.
For example, we recently helped a home seller who had paid around $700,000 for his home. We thought the home was worth about $400,000. His mortgage payment was a little over $4500 a month.
When you add in the property taxes and insurance his total monthly payment was around $5,300 a month. Similar homes were renting for around $2,500 a month.
If you compared rental payments, he was way upside down on his home. We ran the numbers and saw that he was on track to repay $1,697,000 over the life of loan.
Next, let’s look at how much he would save by short selling and renting a similar house for two years. First, he would be saving $2500 a month by renting a similar home. In addition when he bought a similar home for $400,000 then he would repay around $934,000 over 30 years.
$1,697,000 minus $934,000 is $763,000. That means he would save $763,000 in mortgage payments over the next 30 years. What can you do with $763,000?
Would it make retirement easier? You probably could completely pay for 3-4 kid’s college tuition. Most people could put 6-7 kids thru college with that kind of money.
Or, he could retire a few years early. Enjoy a little bit more of the “Golden Years.”
It appears that he would be doing better for himself and his family by short selling the house. The bank was probably bailed out by the American Taxpayers. If he pays taxes, then he helped out with that bailout.
This is why I recommend that you look at all the numbers when you are trying to determine whether or not you should walk away. How much money will you be repaying over the life of the loan? Just Google “amortization calculator” and run the numbers.
Add up how much money you would be paying back with your current home and compare it to how much you would pay if you short sold, rented for two years, and bought another home after that.
Thinking about a loan modification?
Our loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at tom@homesbytom.us to request a Free Copy.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-506-5744
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thanks for reading this, Tom Olsewski.
Tom is a Real Estate Agent at Keller Williams. Temecula Short Sales Realtor:
Phone: 951-506-5744.
Email: tom@homesbytom.us.
View My homes for sale at www.besttemeculahomes.com.
Tom Olsewski specializes in loan modification assistance and short sales in Temecula California. Temecula Loan Modification Help, Temecula Short Sales. Temecula Short Sale Realtor. Temecula CA Short Sales. Temecula Realtor.
Important Notice
Tom Olsewski, Keller Williams, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Tom’s personal views and do not reflect the views of Keller Williams.
This information on Temecula Loan Mod Help: Should I Walk Away or Stay? is provided as a courtesy to our viewers to help them make informed decisions.
Great home in the gated community of Old School House Bungalows!! Floor plan is open and bright with vaulted ceilings. This Home features 3 Bedrooms, 2 and 1/2 Baths. A convenient Desk Area and Laundry-room are upstairs. Master bedroom has large walk-in closet, master bath with separate tub and shower. Community has association pool, spa and playground with large park. Perfect location in Murrieta, close to schools & shopping.
Full Details
Listing Courtesy of Thomas Olsewski DRE:01442461, Keller Williams RE-Tem Valley
