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Bank owned bob lachance chris bowes debt negotiating foreclosure auction foreclosure class foreclosure course foreclosure mortgage foreclosure property foreclosure training foreclosures investing in real estate loss mitigation patrick precourt Preforeclosure Real Estate real estate foreclosure investing real estate investing real estate investing beginner real estate investment real estate investors real estate short sales REO short sale mortgage short sale training Short Sales
This week’s Preforeclosure “Tip of the Week” from PreforeclosureDailyGrind.com’s Bob Lachance and Chris “the Drummer” Bowes is about the real life fact that many 2nd mortgages (or 2nd lien holders) are ruining successful short sale transactions! In this video we go over a recent deal that we have where People’s Bank, the second mortgage holder, is doing everything in their power to hamper a successful short sale even when we negotiated and got them 20% of their principal at closing and 100% of the rest in a 15 year promissory note! Listen in as we go over the Fannie Mae first mortgage, our new State of CT “Debt Negotiation” License and much more. Visit www.PreForeclosureDailyGrind.com for more short sale videos and www.ManageMyShortSale.com for the “industry best” short sale and loan modification management tool.
Thank you for at least changing your music in the beginning and the end. Can you at least turn it down now? It is si unprofessional to have music blasting in your ears that you DID NOT choose. I CHOOSE to listen to you guys so why force me to hit the mute button everytime the intro and end come on?
Jefferey,
Unfortunately, I have no idea how to lower the music when I am editing the video. I use Windows Movie Maker (Windows 7) and can’t figure out how to do it. If you have any idea on how to fix it let me know and I will fix it. If not, then the only thing I can do is send you a pair of ear plugs
. Thanks for the feedback.
Not true guys!
You can delete the music all togther.
The videos would be MUCH MUCH better WITHOUT the music.
Thanks for all your tips.
Brad
I am with you Chris & Bob. I just got a short sale that we have been working on since August of 2008! denied because one of the 2 PMI companies decided they needed $15000 more for their approval of the short sale! Don’t even get me started!!!!!!!
Ok, you have gotten me going again…
Loan Mods are even WORSE!
Good luck with the guidelines…you can get and do everything right and still get these deals blown up! Lenders (not just seconds guys) change the “rules” all the time and do NOT communicate the changes to anyone. They use the changed rules as a reason to deny short sales and loan mods.
Still love you guys.
Sharon I always love your comments. Tell the hubby I said hi and good luck during hunting season!
“Big Brother” needs glasses because the “asshole”, as Chris so aptly noted, is severely short sighted. Just want to let you know this week’s PFDG made my week. It is so comforting to know that others are sharing in the lender bafoonery.
Rich,
You know we only do these to make your week! Hope you have a great weekend and say hi to Equator.com (or something else!!!)
You guys are so very right. I just had 3 of my files have these issues with the 2nds. I ended up having the debtor call with their attoney to speak with the 2nd to “make sure they understand the 2nd is forcing the debtor into foreclosure after all this time.” So far it has help to cut the amounts in half of what they were asking for, after a year. You guys are real, thanks for sharing. I also had a 2nd lender tell me the “agents shouldn’t make more money than the 2nd gets at closing” oh boy. I’m woundering what are the companies telling their staff to beleive this stuff. Cheers.
Questions – Do you know of a way to know if a short sale is FDIC insuranced?
I hear if it is FDIC insuranced the investor can actually get more money from the Foreclosure than a Short sale. They don’t get the FDIC insuranced if it is a short sale. This might explain some of our issues. Any info would be helpful.
Natalie,
Let me do some research on that. Enjoy your weekend!
You guys rock! Enough said . . .
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