All Forum Posts by: Daniel Bruckner

Gio;

I have a few questions for you:

Question... I am confused. Did you record a new deed under your corp on the property? I am assuming that you didn't being that you wrote up an option on it as mentioned. How was it that you were able to get the listing on it when there was a previous agent?

Has CW ordered an appraisal/.BPO (interior) or did they just do a drive by? If so, how long ago was it ordered? Insist on an interior and sometimes if they are reluctant to order, offer to pay. Be sure you meet them at the property when the appraisal/BPO is done.

I am betting that the bank is possibly closing the file because they see tha tthe property is now listed at $491k. As a suggestion, I would recommend not listing the property until after the BPO is done. CW is "maybe" smart enough to realize that you now have it listed just under $500k and is playing hard ball with you.

Another plus is that CW has a different team in the loss mitigation now so chances are abundantly better for you.

Sometimes, depending on the loan and if it is Fannie/Freddie backed, I wil get a Fannie/Freddie backed appraisal and pay for it myself and present it if things aren't going favorably, especially if their valuation of the property is WAY off.

Definitely don't give up on this one yet, there are many more steps on this property still that you can work. I would stick to that initial offer as well for now.

Good luck.

Daniel Bruckner

There are 12 ways I use to have properties attracted to me on a consistent basis.

Following are ways to have sellers calling you:

1. Network with agents and brokers in your areas letting them know you are looking to help homeowners who are in default
2. Become acclimated with your local real estate investment clubs, network and then network some more.
3. Present yourself to one good BK attorney
4. Subscribe to a foreclosure service provider who tracks your areas pre-foreclosures
5. Subscribe to the 30-90 day "pre default" list providers
6. Market through signage
7. Introduce yourself to loan mod companies as a buyer for clients that they can't get accepted (be wary though, many will have caused additional duress for the homeowner as they may have been promised the moon)
8. Leave your business cards wherever you go
9. Introduce yourself to at least 1 good divorce attorney
10. Introduce yourself to at least 1 good criminal defense attorney
11. Find some good bird dogs to work with you
12. Lead generation through the internet (website, etc)

Originally posted by motiv8td:

Originally posted by Daniel Bruckner:

So you know, the bank CANNOT begin a short sale process without the payments being behind.

That's not true at all.

Originally posted by Daniel Bruckner:

In AZ, for the lender to begin the foreclosure process would require for you to be behind on payments by three months

Not true either



The 'fact' of the matter is short sales are commonly started without the borrower in default. The borrower only has to show they will fall behind soon because of a recent event reducing their income.

AZ is a non-judicial state but that does not mean the lender has to wait three months before they can begin the foreclosure process, they can accelerate the loan at anytime they feel their loan is in jeopardy.


I certainly welcome you to BP and welcome your contributions to the forums as a fellow investor. Please get your facts straight before posting incorrect information and stating them as facts.

Ok, I should pay definitely pay better attention when posting instead of doing several things at a time... SORRY and thanks for pointing that out.

What I meant to say is... from what I see, most lenders aren't going to accelerate a mortgage, especially on a property that is over-encumbered, when they are dealing with all the default issues as it is.

#2: You are correct as well on my previous statement. What I "meant" to say (in the middle of my daughter asking me to take her to the park, look at her dolls special braided hairdo and stepping on the cat) is that you can indeed do a short sale well before a property is even behind. In all the melee, I was under the belief that "motiv8t" was saying that a "foreclosure" could be started. My bad.

I will really work on really evaluating my responses beforehand.

Gary;

Several things for you to chew on...

So you know, the bank CANNOT begin a short sale process without the payments being behind. In AZ, for the lender to begin the foreclosure process would require for you to be behind on payments by three months. At that time, they would then file a liz pendence There is then a 3 month period before the property could be sold.



It is called "The Mortgage Forgiveness Debt Relief Act of 2007" and WILL forgive your debt if through a short sale, deed in lieu or foreclosure.

By no means do you have to, or would I recommend that you move out of your house. Why? because it appears to me as if you are emotionally attached to it which is more than understandable. As long as you are compliant, willing and forthright with the short sale process (or otherwise), I wouldn't require a homeowner to vacate. Here are reasons whyt it could be better to do so:

1. It will be easier for you to qualify for a rental somewhere else before your credit does become adversely affected by becoming late (if that is what is ultimately going to happen)

2. The bank looks at vacant properties different than ones that are occupied. They begin to worry about vandals, vagrants, home issues such as water leaks, etc, etc. It "can" make a short sale more readily accepted but I don't see a difference on deals I work that are vacant or occupied that makes a huge discrepancy of one over the other.

3. You can move out of your house whenever you want for whatever reason.

Should you want to speak to an attorney, I would suggest it though many times they can make the situation all the more confusing.

Here are some more suggestions for you:

1. Maybe work with a loan modification company and see if they are able to get a loan mod. reconveyance, restructuring done for you. Be wary of who you use though as many, many are fraudulent. I always recommend this step to individuals in your situation as a first step.

2. FInd someone who is willing to buy your property through a short sale, maybe even list it with a real estate agent

SO, ultimately, there are options for you out there.

Hope this helps.

Shanna;

FIrst off, I am sorry for the tumultousness (I just made up that word) you are going through. I know how difficult, overwhelming and nerve-wracking this must all be for you.

Secondly, I think the people you are talkign to at Wells Fargo are new to what you are asking or possibly don't understand the deed in lieu scenario. A deed in lieu is where you give up the property and sign it over to them and release yourself from the encumbrances on the property. I don't understand why you wouldn't qualify because it has nothing to do with qualifying. The only reason I could think of of why they said this is because (1) they jsut don't want the property back under that situation and (2) they have the assumption that you have more net worth than not (though I have seen deed in lieu done on someone who had more than $200k in liquid assets).

[SOLICITATION REMOVED]

Hope this helps and I wish you the best.

Daniel Bruckner