Question: I had a short sale on a property in 2010 and I have a second home equity line that was not paid off. they say I owe the full amount. Can I declare insolvency and not have to pay ?
Foreclosure University – The Ultimate Investor Resource
“Deed in Lieu” foreclosure… Can they file a judgment?
Question: I gave my home (wyoming) “deed in lieu” back to the bank in may of 2011 and they have done nothing with it… there is water and mold damage to the home now. home worth approx 185000,loan 200000 principle,approx 40000 in damages. the city has been doing on the home since jan 2011 and have been told they will turn me over to collections if i don’t pay?? i am curious if there is a chance the bank just walks away from it and if so am i still responsible for upkeep? thanks
I am renting, the lanlord has not paid her property taxes
Question: I am renting, the lanlord has not paid her property taxes in 4 years, now she is being sued, what do we do as tenants, do we wait to see if she is going to pay up or should we get legal advice.
Answer to 4 Components to Flipping Houses
I sent an email a few days ago about a big announcement along with a Real Estate quiz. Thanks goes out to all those who participated in the quiz.
While all are extremely important, the correct answer is #4, Cash Buyers!
That’s what the big announcement is about… Cash Buyers.
Because it has been an obstacle for many of our students, Cameron and I have partnered up to provide Cash Buyer Information to some our best students. We call it our Cash Buyer Data Feed and until now it’s only been available to our top Mentorship/Partnership students and funding clients. It’s very exclusive.
There are ~ 30k new Cash Buyers added to the system every month and you get unlimited access to all the data, nationwide. The data can be downloaded into excel. Then, of course with the right tools, you can turn the data into spendable cash. It’s all physical addresses in the U.S. Sorry no email addresses (at this time) 😉
This Cash Buyer info, with our “all access pass” is so incredibly powerful and helpful to our top students and clients that words can hardly describe it. Think about it. We’re talking Cash Buyers.
Let’s just say… deals done! BIG TIME.
So here’s the deal for Thanksgiving / Black Friday Week Only.
We’ve decided to open up this Cash Buyer Information (as a test) to all our students this week for you to TRY out and see for yourself how powerful this data is. It doesn’t matter where you live, there are new cash buyers every month in every city.
We are charging $50 a month right now for this feed. You can get an “all access pass” to this feed for less than 2 bucks.
That’s it.
So for your 2 bucks you’re getting unlimited use of the Cash Buyer Data Feed for 30 days. Then if you like it and want to keep using it, it’s only $49.95/mo.
If you don’t like it… you’re out having spent a whopping $1.97. No strings attached. No upsells, downsells, crosssells, whateversells…
It’s an unheard of deal, especially if you are buying and selling real estate.
Now because we’re still testing it with students, we will shut it off Sunday night. More than anything, I’m interested to watch what you do with the info. How many deals you do. How much money you make. How much and how quickly you grow your business.
We have also built out a special web site with a super “easy to use” dashboard interface, where you’ll have easy access to Cash Buyers from all over the USA. There’s also our mail manager direct mail system, task manager and more. The tools that will help you turn this data into spendable cash.
Go right now to the Cash Buyer Data Feed. <— Click there. You’ll see a video Cameron shot a few weeks ago, where he'll give you all the details and it’s where you can jump on this 2 dollar trial before it closes. We'll be closing it down on Sunday. Get in on this right now. Jarad & Cameron P.S. Here is the link to get in --> www.foreclosureuniversity.com/CBDF
4 Common Components to Flipping Houses
I mentioned last week that I’d have a big announcement this week for Black Friday. It’s going to change the way you look at selling houses and I’m totally excited to share it with you.
In the mean time, I have a little quiz… I want to see how well you know your stuff 😉
As you know, we fund deals for our clients on a regular basis. The following are very recent examples of deals we’ve funded.
They’re also special because they share a few things in common:
4 Common Components
1. They were all REO’s – the tide is rising
2. They were all done using iFlip – no surprise, it’s powerful
3. They were all junkers sold to investors – wholesaling rocks!
4. They were all sold to cash buyers – they’re lots easier to deal with
Here is the quiz…
Which one of the above 4 common components do you think is THE most important to YOU when doing deals and cashing paychecks without the PITA of the deal falling apart and you having to scramble to save it.
My BIG announcement this week is going to address the correct answer to this quiz.
Let me know which one you think is most important and leave your answer below.
Stay tuned for more news!
Jarad
In Florida. Purchased another home. Foreclosing on 1st home.
Question: In Florida. Lots of stuff going on and now the MI says today they need a take it or leave it answer with no negotiation by close of business Friday. Son no longer lives in house that has mortgage insurance on it that the lender has accepted a short sale contract on and forwarded to the MI. He has purchased another house and just stopped making payments on the other in September. The MI says that they want 42000 over ten years 0% interest starting 2/12 or they will foreclose. (Doesn’t the lender do that?) He has some cash but has a baby due at Christmas that requires 20000 out of pocket at least, assuming no emegencies, because of crappy insurance. He made less this year than last but more last year than in 2009. The short sale contract and the appraisal are 89000 and the mortgage is in the high 150s give or take a few thousand. Not sure what the least expensive thing is to do but 42k is a lot more than he will have in the bank after the baby comes and no one wants to pay an extra $350 a month for 10 years to compensate them for a mutually bad investment. I am thinking ask the lender to do a deed in lieu so there is no deficiency and then file a 982 I think it’s called to get around that. If they don’t take the deed in lieu, then file for bankruptcy to get out of the deficiency but since I have little experience with this I need some advice that may help resolve this better than my solutions.
Answer: – The least expensive thing to do is file bankruptcy. It will cost him $1500 and he can start over from scratch. A lot of lenders, when you tell them you are going to file, will work with you to find a solution. A better option might be to get an attorney or good real estate agent / short sale negotiator to help you push the short sale through with a full satisfaction meaning they can’t ask for any money to be paid back. The loan would be paid in full. Your son would receive a 1099 which would be negated with form 982 as mentioned. Don’t let the bank push you around… unfortunately they deal with homeowners a lot differently than an attorney or 3rd party negotiator because they automatically assume the homeowner doesn’t know what they are doing.