Foreclosure University

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Rental home foreclosed in California

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Question:  I have/had a rental home in California. The bank (Chase) held the 1st and 2nd on the home. They foreclosed on the home and have since sold/auctioned it off. However, they (via a debt collector) are continuing to contact me in an effort to get me to pay off the 2nd/equity line ($32,000). I do not have that kind money and am struggling to hang on to my primary residence. What can they do to me and what are my options?

Answer:  – Your best option is to work with them and try to reach some sort of agreement, pay plan, settlement or payoff. If you can’t work something out, most people will file bk. In many cases, if you let the bank know you are serious about filing bk, they will work something out with you. We’ve been very successful in settling 2nd mortgages before they go to auction but you can still do the same after the auction to avoid the deficiency judgment.

Can my 2nd mortgage (heloc) foreclose on me?

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Question:  I have done a loan modification with my first mortgage and have been making the monthly payments every month with no problems. We have a Home Equity with another back which we have not been making the payments for that for over a year now. That bank is now sending us Notices Of Intent To Accelerate. Can they foreclose on our home even though they are not the first mortgage and we are current with the first mortgage company. what can this bank do to us?

Answer:  – This question comes up all the time. For some reason, many homeowners don’t believe the 2nd mortgage can force the sale of their home. In most cases, your home is collateral for the loan. That’s why when you get a 2nd mortgage, they want to make sure there is equity in the home so they can get paid if they have to foreclose. Even if you are current on your first mortgage, doesn’t matter. The 2nd mortgage can still foreclose and force the sale of your home. Although they would prefer not to because very likely they won’t be able to sell it for what they are into it.

So they will incur both foreclosure costs and lose out if the home is upside down. This is why they are so willing to work with us and other investors in settling those 2nd mortgages because they would prefer to have something rather than nothing. In any case, you will eventually lose your house if you continue on this path so it makes no sense if you are not paying your second, might as well not pay your first either. A better solution if you want to keep paying your first, is to work out something with the 2nd… basically a settlement. You’ll agree to pay them x amount to satisfy the loan.

If the 2nd forecloses, more than likely they will issue you a 1099 or they will file a judgment against you for the difference. When this happens, you can either choose to pay the judgment or the loss that was incurred from the sale or you can file bk. Hope this helps.

Release of lien vs. loan satisfaction

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Question:  Last October my ex-wife and I finally sold our South Florida home in a short sale. Sun-Trust held our equity line and agreed to release the lien to accommodate the sale. The balance at the time was $83,000. They agreed with a payment of $10,000 to release the lien but would not release the deficiency. A year has since past and now I received notice that they are suing me for the balance of $73,000. Am I destined to file for bankruptcy?? Any assistance would be greatly appreciated.

Greg E.

Answer:  – When a bank says they’ll “release the lien”, they still retain the rights to file a judgment against the homeowner which is what happened in this case. Usually you can offer the banks a few thousand more to completely “satisfy” the loan which means they cannot come after you for the deficient amount. (Note to those who might be going through a short sale… make sure you or whomever is doing your short sale demands a satisfaction so the bank cannot came after you) Now your options are to work out a payment plan, settle with them, or file bankruptcy. Most choose the latter.

Loan Transfer Before Foreclosure

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Question:  if the bank that started the foreclosure process over 15 months ago (never went past the intent or no judgement ever finalized of such) did a loan transfer before foreclosure and sold the loan to another investor 4 months ago…who in turn upon the purchase of the mortgage had to record such… does the initial foreclosure process then start all over from square 1?

Answer:  – In many cases, the loan was not actually sold rather it’s just being serviced by a different institution. It’s more common to see the loan being transferred to another who will be servicing the loan. In either case, when a loan is transferred, you are still the owner of the property. That has not transferred. So everything picks up where it left off even though there might be a short delay for the new loan servicer to pick up where the file left off.

A loan transfer before foreclosure is a common scenario. But don’t think that just because the loan was bought or rather transferred that you are out in the clear. It just means someone else is now accountable for the loan and you will be dealing with them. They are fully aware of the situation and will pick up from where it left off.

Short Sale? Can we Settle instead of payment plan?

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Question:  We are in the process of doing a short sale to sell our condo in Illinois. We have a mortgage and a line of credit through Wells Fargo. The mortgage is approved for short sale, asking us to bring $20k to closing. The line of credit is almost approved but they are saying that we will have to settle that loan AFTER we close by setting up a payment plan. We cannot afford to pay on this line of credit and we are now considering foreclosure. If we foreclose, can the bank come after our assets? Can the bank come after us for the line of credit? We are moving out of state. Will we have to go to court? Will foreclosure permanently be on our record, or just for 7 years? Will we be able to get loans in the future? Thank you for your help!

Answer:

These are great questions. You have about 3 or 4 questions here so I will try to answer them accordingly. First, the bank can’t come after your assets directly but they “could” file a judgment against you where you will have to pay them the amount that was deficient. The line of credit is what gets most people into trouble. They are the ones who take the biggest losses. So they are the ones that usually come after you. You can actually settle the 2nd mortgage completely for approx. 10% to 15% of the original note if you know what you are doing. That way there is no repayment plan. It’s basically wiped out for good. See most banks are worried that you will file bankruptcy, so they are willing to work with you if you provide them a quick settlement upfront. Third, you shouldn’t have to go to court, unless you decide to fight the judgment if it even goes that far. Fourth, foreclosure will be on your record for about 7 years. Bankruptcy is about 7-10 years. A short sale is about 2-3. A settlement has NO effect on your credit because it was paid off in full. No matter which route you choose, you will eventually be able to get loans again. It’s just a matter of time.

Fast Cash With Foreclosures Review – Cameron Dunlap

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Fast Cash With Foreclosures Review – Cameron Dunlap

So you probably just finished a Webinar or you’re researching Cameron Dunlap products and you’re looking for an *HONEST* Fast Cash With Foreclosures review.

We’ll you’ve come to right spot because I’ve used the system extensively and I can tell you what you can expect from Cameron’s Fast Cash With Foreclosures program.

I would encourage you to read this whole review because what I show you might not be what you expected…

Who is Cameron Dunlap?

Cameron DunlapCameron Dunlap started his investing career back in the early 90’s when he watched the late night infomercial of the “No Money Down” system from Carlton Sheets. Immediately when he saw that infomercial, he knew he could do it. Within the first 2 years of his investing career, Cameron had amassed several millions worth of real estate and as they say, “the rest is history”.

His success in real estate grew so much that within 2 years of starting, Carlton Sheets was inviting Cameron to speak in front of his audiences to teach them what he was doing. His unique approach to real estate and “out of the box” creative techniques caught fire among other real estate professionals and soon Cameron was speaking on stage for multiple groups. To this day Cameron speaks on stage to multiple groups throughout the U.S.

His passion for real estate landed him where he is today, but more than anything he loves to help people succeed in what he believes is the Best Opportunity On Earth… Real Estate.

Which is why he created Fast Cash With Foreclosures – A complete step by step guide to making fast cash profits by flipping foreclosures

What is Fast Cash With Foreclosures?

Fast Cash With Foreclosures is the ultimate training program that anyone can use to flip houses regardless of money or credit which basically means anyone can do it once they have the knowledge.

One of the first things to flipping houses is actually finding the deals to begin with. Most people will spend the majority of their time looking for deals, which Cameron was no different. Not only was this very time consuming, it’s very inefficient too. So he decided to do something about it.

This is when iFlip was born. iFlip automated the whole finding process by leveraging other people to find the deals for you. It keeps track of the deals, the “bird doggers” (these are people who find the deals), it pays the bird dogs, it’s like you having a virtual secretary so you can focus your efforts somewhere else.

But he didn’t stop there…

As real estate evolved throughout the years and banks became stricter on their standards, he found ways to make it possible for anyone to be successful in real estate regardless of their situation.

    • – He knew investors would need Proof of Funds which shows the bank you have money to close on the deal
    • – He knew investors would need Real Funds to fund the first transaction to they can flip to the end buyer
    • – He knew investors would need Cash Buyers to buy these deals
    • – He knew investors would need Full Time Support
    – He knew investors would need Ongoing Training beyond manuals and cd’s because real estate changes daily

See when Cameron first got started in real estate, he had to figure things out on his own. What he is providing is information and tools that will make investing in real estate easier based on his personal experiences that he faces TODAY.

And that’s what Fast Cash With Foreclosures is all about – helping people succeed in real estate.
Fast Cash With Foreclosures Review
Here is what the program includes…

  1. Unlimited (Deal Specific) Proof Of Funds Letters
  2. He Funds Your Deals With His Money – This is Huge!
  3. iFlip – Your Personal Secretary. This includes 3 months free hosting, support and enhancements
  4. Cam’s Cash Buyer Data Feed – including 90 day feed, tech support and enhancements
  5. “Fast Cash With Foreclosures” Home Study Course. This homestudy course comes with Manual as well as Audio CDs
  6. “The Purchase and Sale Agreement, Line-By-Line” – 2 Audio CDs.
  7. A 90 Day membership to “Inner Circle” where you’ll receive Personal Mentoring directly from Cam
  8. Twice Monthly Deal Maker Webinars On the 1st and 3rd Monday of the Month jump on this webinar for in-depth nuts and bolts training sessions. There is never any selling during these webinars.
  9. Unlimited Support From Me Personally Submit your questions directly to me for discussion and training on my Deal Maker Webinars. (The Questionbank opens the Friday before the webinar for question submission)
  10. Searchable Knowledgebase Access to an extensive knowledgebase covering everything from A to Z on making your real estate deals work.
  11. Audio Archive (Over 4 Years!) This is Awesome!
  12. Offer Generator Just plug in the numbers for a property and let the system show you whether you should walk away or make an offer. It will even show you the maximum allowable offer that you can make so you can make the most money on your deal.
  13. Cameron’s Private REO Vault – Get access to the same resources and websites that Cameron personally uses to locate all of his REOs.

Alright, now that you’ve seen what’s in the package, you probably want to know if it works right?

Well it does and it works well when you put the effort into it like any other business. The cool part is that Cam has every tool you need that will help you in the process.

First you create 3 websites using his “already created” templates.

The first website is used to attract and send your bird-dogs to. Cam has a proven way to generate hundreds of bird dogs, although usually you end up with 3 maybe 4 that actually send you deals consistently. This website trains them what to look for and then they submit the home for you to approve. Once approved by your standards, you will pay the bird-dog or house hunter that sent you the deal(s). Don’t worry, it’s not much, in fact it’s 10x less than if you were to drive around looking for these deals and that doesn’t include your time. You’ll be paying your bird dog $10 – $20 per lead automatically through iFlip.

Then you’ll use his formula to know exactly where you need to be to purchase the home, leaving enough profit for the end buyer, which is usually a rehabber. So you’re strategy is to buy low and sell low. Then you’ll use Cam’s proof of funds letter to send in with your all cash offer. Yep, it’s all cash because you’re going to use Cam’s cash to fund the transaction up to $600,000. Banks love all cash offers.

The 2nd website, again pre-built, is for your buyers. It’s important to start building a buyers list. Now if you’re just starting out, your buyers list won’t be very big, but don’t worry, Cam’s been building a nationwide buyers list over the past 5 years that you will be able to access and announce your deal. Along with this is access to a CASH BUYER data feed that shows all the cash buyers in your area that have purchased a property recently. Cam shows you exactly who to target on this list.

Once you have your buyer lined up, and don’t be surprised if you have back up buyers, Cam uses his money to fund the first transaction between you and bank. Then immediately after, your end buyer will close with you and you keep the difference.

Now some of you might be thinking, well this sounds great but I’ve heard about seasoning issues and lender restrictions. How does this effect my success today.

Well, Cameron didn’t get his name of “transaction technician” for sitting around. He is extremely creative and here is a good example of how to avoid lender restrictions.

The third website is for sellers who are motivated to sell their home. They will be able to submit their property on your site for you to evaluate and come back with an offer.

Is Fast Cash With Foreclosures right for you?

Now that you’ve seen the whole Fast Cash With Foreclosures training program, you’re probably wondering if this is right for you?

Here’s what I recommend…

==> Watch The Full Training Video Here

If you are looking for a proven system with one of the best trainers in the industry who continues to invest in real estate and continues to overcome obstacles that prevent investors from making money, I highly recommend this program. This is why I created this Fast Cash With Foreclosures Review, because so many people need this.

If you have bad credit and/or no money, you’re going to need funding from someone anyway, might as well have someone who is an investor help you with your transactions. Cam is top notch, he treats his students like they are family and will bend over backwards to help you anyway possible to make money in real estate. His support team is incredible and will help answer questions when you get stuck or need that extra explanation.

He’s set it up so you can do this part time because you’ll have other people working for you. Now, with that said, if you are just curious about the real estate business, there are lots of other programs out there that you can invest in that will teach you the basic of wholesaling. If you are NOT an action taker, this will not work for you because it does require you to do something.

Here’s the best part…

Cameron only charges a membership of $1497.00. It encourages new students to get going and take action.

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Cameron Dunlap Fast Cash With Foreclosures