Category Archives: Coaching

Avoid Foreclosure – Option 14: CHAPTER 13 BANKRUPTCY

Option 14. CHAPTER 13 BANKRUPTCY

Bankruptcy

Q: WHAT DEBTS ARE NOT DISCHARGEABLE?
With some exceptions, the following debts remain even after bankruptcy:
· Child support & alimony
· Student loans that became due less than 7 years ago
· Federal and state income tax obligations less than 3 years old
· Debts for restitution from criminal convictions and drunk driving
· Debts the bankruptcy court decides where from intentional acts, fraud or wrongdoing (e.g., lying on your bank loan application).

Q: WHAT IS CHAPTER 11 BANKRUPTCY?

Chapter 11 is reorganization for businesses and individuals with debts too large for Chapter 13. … Read the rest

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Avoid Foreclosure: Option 3- Equity Sharing

Option 3. EQUITY SHARING

Definition: Joint ownership of a property by one or more owner-investors and one or more owner-occupants. The owner-investors get the benefit of depreciation, and the owner-occupants can treat a part of their monthly mortgage payments as rent, and benefit from tax write-offs for interest and property taxes. When the property is sold, both types of owners share in the profit or loss realized from the sale or refinance.

This might be for you if there is some equity in the house and you would like to continue to hold it. It is vital you involve … Read the rest

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PART 1 of 2 – Top 7 Tips…To Minimize Your Risk and Maximize Your Profits – SMART Real Estate Investing

Quote to live by:

“Without effort, you cannot be prosperous. Though the land be good, you cannot have an abundant crop without cultivation.”

Plato

Real Estate as a Path to
Wealth and Freedom

Forbes magazine lists the top 400 wealthiest people every September. In September 2007, 40 of the 400 people on that list made their billions specifically in real estate.  Many of these people started with nothing, some immigrants even, to move up into this category.  Real estate is definitely a path to be seriously considered in building your wealth.

Did you know that most of those 40 billionaire … Read the rest

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Avoid Foreclosure: Option 7 – Loan Forebearance

Option 7. LOAN FOREBEARANCE

Definition of Forbearance: The act of a creditor who refrains from enforcing a debt when it falls due.

Loan forbearance is a new agreement with your lender to repay your past due payments when you are behind on mortgage payments. This will stop foreclosure sale of your home quickly.

Forbearance is easier to arrange prior to the Mortgage Company filing a foreclosure lawsuit. Some lenders will not consider this after filing, but it’s worth trying.

This is the most common way of resolving a loan default. You and the lender agree to work out a … Read the rest

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Avoid Foreclosure: Option 11 – MORTGAGE LOAN MODIFICATION

Option 11. MORTGAGE LOAN MODIFICATION

(Available on a very limited number of VA loans with lender and/or investor approval) (Called Recast for FHA)
Definition: A restructuring of loan that could result in a lower interest rate, extending the term of your loan, thereby lowering your monthly mortgage payments.

If you have incurred a long term financial hardship and can afford a new agreed upon payment, this might be an option for you. A loan modification is a permanent change to your mortgage. There are costs and fees associated with a modification that you will be responsible for. All property taxes … Read the rest

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