All Forum Posts by: Michael Galloway

K. Marie Poe, actually there are several tactics/ services these attorneys and mortgage firms are using this type of "stop foreclosure" marketing for that can delay foreclosure. One i have seen is they (the attorney service group) files a new loan against the property delaying the foreclosure because the first now has to paper chase the second to inform them of a foreclosure. (so they can properly protect their position) this tactic can stall the sale for several months or longer. The homeowner pays the servicing group a fee per month, that looks like an interest payment. When the borrower/homeowner stops paying, the servicing group releases the lien/ loan.

Another is hard money lenders trying to strategically lend in this predatory lending situation. (Hard to do with all the new laws in place) but they are still finding loop holes.

Will Barnard, those commercials crack me up.

Three weeks ago i bought a house in Pittsburg CA for $5000. Owner wanted $3000 and wholesaler wanted $2000,

I bought a pre foreclose house in Oakley Ca last week that cost me $9000 to bring the loan current. Both are SUB2 transactions.

I say get a deal in contract with lots of exits in the disposition.

Michael Tatum, Brent if you would like you can contact Joshua Dorkin and he can adjust your name if you like. We are all glad you are here. With your background, it sounds like you would be a good fit to talk to sellers. Can't wait to here all about your success!

David Wilson, thank you for your comments.

welcome Jose Harman. You will find BP as an amazing resource. Again welcome.

welcome Juan Espinosa, cant wait to hear about your success.

Darn, i wanted to show you what she looks like but just realized the image up loader isn't working. so i put it on my facebook.

So, i just finished a project on Masefield in Pleasant Hill California. (property is listed on mls) While working on this project i spotted a dilapidated house 4 doors down on the opposite side of the street. No one home and it looks abandoned. I kept my eye on it while managing my project.

One day, i see a car pull up in the drive way. So, i immediately introduce myself, show them what i am doing, and tell them that i am interested in buying their house. Turns out it's their mom's house and she is in a care facility. They say they will check with there mom to see what she says. Several weeks go by. I have been leaving messages at the number they gave me every 3 or 4 of days. A month goes by and i hear nothing. Then...

Two days ago, around 9PM, a realtor calls me and says she represents the seller of this house on Masefield... I could hardly believe it. No response for several weeks, then Hello!

We talk price, terms, etc. She lets me represent myself which is fine with me.

Here is a picture of what it looks like, isn't she beautiful?

Just as the drug industry has disclaimers, so should attorneys selling services of the cure all "Stop Foreclosure with Bankruptcy"

I see advertisements all the time for "stop foreclosure with bankruptcy", I have not once seen any disclosure about the fact that this is NOT a sure fire way to stop a foreclosure. Not once have I seen a disclaimer in fine print that reads something along the lines of...

"May not be suitable for all cases, in fact a creditor(your lender) may file a Relief from Stay (when a creditor is permitted to take action to collect his debt or to regain possession of its collateral) and your main reason, your mortgage on your home is set aside from the bankruptcy, followed by headache, nausea, upset stomach, diarrhea, and loss of money for paying an attorney group for a cure all that didn't work."

It is distasteful to me that so many attorneys and firms that market this tactic to "stop a foreclosure" are preying on the unsophisticated. In addition, the homeowner is lead into believing that the bankruptcy is going to stop the foreclosure. Not the case. In many cases it is delaying the inevitable. FORECLOSURE.

I can't tell you how many times I have run into property owners in the "I filed bankruptcy" situation. All the while being lead down the primrose path by an attorney! They spend all of their money in a bankruptcy, only to find out several months later that there home is still going to be sold. Where is the honesty in that?

Before you spend your last dime on a bankruptcy, try to make sure you have a good chance of repayment in your restructuring of your debt. Otherwise you could be wasting even more money on legal aspects that are not a remedy to your symptoms.

Doug R. just wanted to say welcome.