Company Offering Pre Negotiated Short Sales (WholeSale)

[stopforeclosure]

We have partnered with a company to offer negotiated short sales. If you are looking for wholesale deals in your area chances are if we do not have some now we will soon. We are currently hosting at 877YouKeep.com. These deals are single family residence properties in foreclosure that have been negotiated with the lender for a steep discount. If you are interested in these properties let us know by visiting our site and clicking on the email link. This is an incredible deal if you are looking to get in the market.

[powayseller]

Can you tell us more about trends in foreclosure, the % discount off prices, whether these are financed or cash-only, etc.? Although I am waiting until prices start climbing back up before I buy, I am curious how fast this is unraveling?

What do you make of another thread where sdrealtor noted a bank back East was letting a defaulting borrower keep his house, by rewriting the loan amount to today’s housing market value? Why don’t your lenders do that, instead of foreclosing on the borrower?

[no_such_reality]

PS, it’s a foreclosure rescue SPAMMER and potentially scammer.

[stopforeclosure]

Obviously, foreclosure are increasing at an alarming rate Data from RealtyTrac. The deal pricing we discussed is based on the home value typically the deals are offered at 70-75% LTV (Loan to Value). We are offering the negotiated deal for a fee, again based on home value but you will get the home at about 75% LTV. We put your name on the contract and you will get financing or cash to purchase and we can find Hard Money (should be called easy money, easy to get but hard on the rate) if needed. -The rewriting of the note is called a loan modification, which we do everyday as well as forbearances to assist homeowners keep their homes. If a homeowner has positive income we can save their home which happens everyday.   The homes we are offering at 877YouKeep are from homeowners that can not afford their home or from other investors that want a fee for their work. We are in the trenches with the lenders everyday helping homeowners nationwide. It is a great feeling to be able to help, no matter what the under educated believe.

[(former)FormerSanDiegan]

Are you trying to sell something ?

If not, I am very interested in hearing more insight into the current state of properties facing foreclosures. But not in opportunities to pay a fee to someone to find real estate deals.

If you are trying to sell something, I recommend you contact Rich and place a “sponsored” link, instead of posting an ad disguised as a contribution to this board.

Maybe you can fill the spot now occupied by “Flipping Houses.”

[stopforeclosure]

My purpose for the post was to make people aware of our short sale deals, but I can also provide content on any questions you may have about the process of saving homes or short sales. This is kind of my litmus test to see if there is interest. No selling but if you want you can sign up to get on our email list and get emails when new properties are posted or special events. Click Here

[Mexico Resident]

Excuse me for saying but your posts and site are pretty spammy. I looked at your site and it has almost no content. Have you just started? Can you give some concrete examples of homes you have sold, or point us to REAL listings (please not another link to your site unless it includes addresses and prices). Please prove me wrong and provide us with some insight.

[stopforeclosure]

Mexico, you are correct we just started the process of offering negotiated short sale deals to investors. We were auctioning properties in the past but now we thought we would offer to investors at a discount. The site you are looking at is really for end users that are in foreclosure and need assistance. (In fact if you Google the term “stop foreclosure avoid bankruptcy” we are #1). We are in the process of building a site for investors that will be pretty kick but-. I am posting to see if there is an interest out there for these types of deals.
The reason I do not post the address for the properties is that these deals have been negotiated but we have not identified a buyer with the mortgage company so they are still in process, they will be basically 75% LTV or lower. We are working a few short sales in California that will be offered in the future. Oh well, hope I did not offend anyone out there we are just investors trying to get creative and offer great deals. Next post will be questions or comments, thanks to all of you that emailed and inquired about website opportunities.

[powayseller]

Can you give some examples of loan modification?

Why would the lender sell at 75% LTV? Isn’t 95% LTV still a good deal? Are you using today’s appraised value, or the principal amount?

Why did you move from auction to direct deals with investors? I think the auction process is not well received, as investors have lost interest in real estate at current prices, and the people who are still trying to buy don’t have the cash to do so. My realtor friend said she stopped subscribing to foreclosure lists because her clients need loans and they want to be able to inspect the house prior to purchase, both conditions which will not be met for auctions.

You are smart to be early, in the ground floor of this business. Short sales and foreclosures are going to be astronomical, so you are smart to build your name in the early stages of this. You’ve got a 5 – 7 year run for your business. Within 2 years, there will be foreclosure and short sale seminars, and you will have many competitors. But hopefully you will have staked out a position and your market share will keep growing.

[stopforeclosure]

Thank you for your interest and I have some not so good news for you in California in regards to forbearances and Loan (Mortgage) Modifications. The definition of Forbearance is a formal agreement by the mortgage company to "forbear", or stop moving forward with the foreclosure process on a defaulted home loan, the mortgage company will agree to reinstate the loan. Forbearance allows a homeowner to keep their home by temporary increasing their mortgage payments for a period of 6 – 18 months together with a portion of their arrearage paid up front. Once the arrearage is paid the mortgage payment drops back down to their regular monthly payment. Loan Modification requires a bank to rewrite all loan documents. There are 2 main types 1. Increased Payment, Same Term. The arrearage is added to the loan balance and the payments are recalculated. Monthly payments are increased and do not go down. Advantage is that the homeowner does not have to come up with a chunck of the arrearage. Homeowner works on credit and refinances for better rate. 2. Increased Term – Same payment, pretty self explanatory. California issue (not like other states) a. [California Civil Code 2945(c)(1)]b. [California Civil Code 1695 – 1695.17]Law defines consultant as person who offers or performs for compensation any service for a homeowner in foreclosure, which person represents will, in any manner1. Stop or postpone foreclosure sale2. Get mortgage holder agree to a forbearance;3. Obtain an extension of period for owner to reinstate mortgage;4. Obtain a waiver of any acceleration clause, making loam immediately due in full if homeowner is delinquent on payments; or5. Save the owner's residence from foreclosureBasically if a foreclosure consultant contracts with a homeowner to obtain a forbearance and then ends up doing a short sale it is a violation of the law and the homeowner can bring suit within 4 years of purchase.  There are very serious fines including mandatory punitive damages equal to at least 3x the owner’s actual damages, including the value of any lost equity.  There must be a complete separation between company that tries to negotiate a forbearance deal and the person or company that buys the homeowners property in default if the forbearance can not be obtained.

.

[stopforeclosure]

Lenders are giving substantial discounts to move property. Lenders are not in the real estate market they are in the money lending business and they need to keep performing notes and dump nonperforming to make Board and Corporate investors happy. 5% discounts in the California market are probably equal in cash value to 75% in non California market. When I say auctions I am talking about opening the property for viewing for a week to the general public and then opening the property for bidding in a round robin auction that is not absolute. We invite potential buyers to bring home inspectors, realtors etc. to check out house and we disclose everything we are aware of at the time of viewing. We are doing direct sales to investors to move property quick at a deep discount and we will make up difference in volume making investors happy. Hope this helps!

[stopforeclosure]

no_such_reality, I have provided some solid content and I do not think name calling is appropriate in any forum. Your name speaks volumes.

[SD Realtor]

Stopforeclosure I would assume that to maximize the number of offers you receive for your listings for your auctions, you would list them on the local MLS to get Realtors to bring clients. I have many clients looking for solid deals. If you look at our MLS in San Diego, you will see there are more and more short sales popping up every day. I put a client in a very nice REO property this past summer that went for about 15% below comps.

SD Realtor

[powayseller]

stopforeclosure, you’re a very good sport to ignore the name calling. We need your type of knowledge on this forum, so please stick around.

Do you have an office in San Diego?

In CA, the 2nd deed holder does have recourse and can go after the homeowner, right? Since most recent buyers have 80/20 or 90/10 loans, they would fall into the category of having to deal with a 2nd lien holder.

The law is different for mortgages that were used to purchase the home, vs. those used for refinance. I think most borrowers who purchased before 2000, refinanced after 2000, to take out cash or get a lower interest rate. Now they are refinancing at higher interest rates to get cash out. So the protection for the borrower is lost when he refinances.

What’s the law regarding forgiveness of debt; the borrower has to pay income tax to the IRS and state on the forgiven amount, at the full tax rate (not the lower capital gains rate).

Do you have an e-mail address? I could not get it off your website (got URL error message from contact us link).

[stopforeclosure]

Thank you for your kind words. No, I do not have an office in San Diego but have opportunities for affiliates in many cities; I think it may be against the rules to discuss in this forum. For a second lien, as with any lien, a homeowner offers collateral in the form of assets. In the case of default, lien holders generally renegotiate terms, but they have the right to sell the collateral to recover. Second lien holders are second in line to recover money from a collateral sell-off, behind senior (first-lien) holders but ahead of unsecured debt. In a short sale the second, third… are where the BIG money is made. I typically offer 10-15% for the payoff for junior liens. If you are a good guy in the business you negotiate terms so for short pay the lien holder does not have a deficiency judgment. Deficiency judgments in many jurisdictions are determined by “fair value” legislation. This requires the deficiency to be calculated using the difference between the mortgage debt and the fair value of the real estate. [email protected]

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