Foreclosure University

Your Online Real Estate Investing Resource

Jarad

Foreclosure University “New Product” – iFlip

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Hey Everyone,

Jarad here with some exciting news…

A good friend of mine, Cameron Dunlap, and I just launched a new product. The reason I am so excited is because the product is absolutely incredible. Especially for anyone who is looking to cash their very first paycheck or more of them…

Because of the market meltdown, many people have been hesitant to buy and sell real estate right now because they are afraid they may not be able to sell the property or they believe it requires their own personal credit or money to land a paycheck.

I’m here to tell you that this is the WORST time to quit or stop investing. Deals are all over if you just know where to look. And there are ways to invest where you don’t risk your credit or income, plus with this new product, it will do most of the work for you.

You can check it out if you’d like… http://www.foreclosureuniversity.com/iflip/

Also if there is anything you are struggling with out there I want to know about it . Or if there is something that would help you or you want to learn more about, let me know so I can help make your investing experience a better one.

Foreclosure University adds Transactional Funding

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Hey,

Jarad here and I just wanted to let everyone know that we are officially funding deals now. We’ve had a ton of requests for it, so we decided it was time to make it available for anyone who wants to flip houses.

Now this type of funding is also referred to as “transactional funding”. It is not a loan so credit and income verifications are irrelevant. It is a short term strategy so it’s specifically designed to help investors with quick flips. It is not a long term loan like hard money. In fact most of these transactions are 1 week or less.

If you want to learn more about it you can visit http://www.foreclosureuniversity.com/transactional_funding_request_form.php

You will see answers to the most common questions on that page. We look forward to funding some of your deals.

Home in Virginia foreclosed!

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Question: I had a home in Virginia that was foreclosed upon. The second lien holder is trying to collect from me. Can they do this and what options if any do I have?

Answer: – Yes, they can try to collect what they lost. They could file a deficiency judgment against you for the amount they lost which would require you to pay the amount back in full. Most people file bankruptcy. You could work out some sort of re-payment plan over several years or ask them to forgive some of the debt and settle for a smaller amount.

credit line – home foreclosed – money in annuities and ira. Can the bank take that?

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Question:  I owed $110,000 on a credit line; tried to sell my house, but couldn’t sell it for that amount. I walked away. I have some money in annuities and ira. Can the bank take that?

Answer:  – No they can’t take anything away from you because the property itself was pledged as collateral for the loan. All they get is the property back. What you have to watch out for is if they file a deficiency against you it the property was sold for less than the amount owed. If the file a deficiency judgment again you and you don’t have the ability to pay, the bank can then begin to garnish wages. At this point most people file bankruptcy. It is at this time where your annuities and IRA may be affected. If at all possible, try to negotiate a “deal” with the bank to get them to agree to a satisfaction which means they can’t file a judgment against you. They will just issue you a 1099.

Purchasing a short sale with three liens. The bank is being unrealistic. Is this all legal?

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Question: I’m trying to purchase a short sale with three liens. A first at 600,000, a second at 80,000 and a third HELOC at 117. The bank holding the first two loans accepted the offer, which is coincidentally exactly what the house appraised for. The first and second have been zero’d out and forgiven. The bank holding the third in line HELOC, which I’m not giving the name of (although I should because they’re very inconsiderate) are holding the short sale hostage even though they are getting ten percent of the HELOC balance. We have offered 10,000,in addition to what the first bank is passing through (5,000). I thought they would rather finish a short sale than go into foreclosure. Nothing makes sense. Recently we offered them 15,000 on top of what the first bank is passing thru, bringing it 5,000 beyond what the house is appraising for, which means it’s not in the loan it’s out of my pocket. The retailer informed me the bank negotiator said if we give the bank 22,000 they’ll sign off today on the loan, otherwise, we’ll just have to wait. This is almost extortion, because it brings the price well over the appraisal. Is this all legal?

Answer: – Unfortunately yes… and it makes no sense at all because if it goes to foreclosure the 3rd gets nothing because no one will bid more than what it appraises for. And if they don’t agree to satisfy or release the lien, then it will continue to go to foreclosure. So you have to be persistent and prove to them again and again that what they are asking for is unrealistic.

Sometimes lenders will have 3rd party collection agencies handle the negotiations once it passes a certain time frame. This is typically when you’ll find a great deal of resistance and difficulty in negotiating the price you want. These collection agencies tend to be very unrealistic in their requests. We had a situation where they were being so unrealistic that after 6 months of negotiation and getting no where, we complained to the lender and told them how unprofessional, rude and dishonest this collection agency was. So they pulled the file from them and we were able to get the short sale approved and completed in less than 30 days.

So don’t give up, be persistent, stick to your offer, make them see that they are being ridiculous in what they are asking.