[Deal Hunter]

You mean China’s Stimulus package?

Bush borrows $164 Billion from China to give us all $300 to $1200 (as long as you file your 2007 return). We are NOT supposed to use this cash to pay off bills, but rather go out and spend it. Since it’s only $300-$1200, we can only spend it at Walmart on products made in China. See, how this is economic stumulus for China?

If you call HopeNow or Project Lifeline (both are really the same circus in different costumes), here’s what will happen:

1- Counselor will give you a bunch of disclaimers so you understand that although he/she works for a non-porfit organization, the big 5 banks and lenders pay hefty donations to them. (Translation: Counselors are really advocates of the Banks, who pay their paychecks, not the homeowners.)

2 – You will be on the phone with a counselor for 45-mins to 1 hour to give them every tiny disgusting detail of your financial situation. They don’t want estimates or rounding up to the nearest dollar. They want EXACTLY how much Starbucks you buy in year.

3 – Once your finances are itemized, counselor will scrutinize it (really wait for her computer to spit out the “suggested cutbacks”) and tell you to stop eating out, cancel HBO, get rid of the Nanny, get a second job, get a third job, and eat canned food for the next 8 months.

4 – You will then have a “threshold ratio” in which 36% negative is the point at which the counselor can plug you into a “modification plan.” The four types of mods are: Forbearance (a payment holiday of up to 8 months where you pay a lot less per month). Just remember that forbearance still accumulates late fees that you will still need to pay once you’ve secured your forth job. Loan Modification: your late payments and penalties are added to your balance and you refi the whole thing. (You must qualify for this re-fi like any other loan). Partial Claim: your late payments and penalties are totaled and a lovely lien on your property is recorded for the amount. FHA Secure: A refi to a lower payment amount. You must qualify for this too.

5 – If you can’t do any of the above, counselor slots you in the “disposition” category. Dispositions include: Short Sale, Deed in lieu and foreclosure.

Counselors job is to keep you in your gigantic upside down loan and force you to accept a larger balance to cover your payment shortfalls. They will tell you to forego paying everything else, credit cards, health insurance premiums, etc. in favor or your home loan. Their job is not to advocate for the reasonable financial survival of the homeowner but the presrvation of the Lender’s portfolio.

However, if you still think they can help, go ahead and give them a call. http://www.HopeNow.com May the Force be with you.

[Deal Hunter]

Real Options, Real Consequences

If you walk away, you’ll save money, but you’ll still be liable for the bank’s loss unless you settle it formally through a short sale or bankruptcy. If your 2nd is a credit card type of HELOC rather than a closed 2nd mortgage, they can pursue you for that debt for 20 years! If you are really lucky, the banks will discharge your obligations in the foreclosure and not go after you, but if they report their losses to the IRS for deductions, you’ll get a 1099 and your “forgiven” amount will be considered income that you will pay taxes on. Now, try and walk away from an income tax liability!

You can still do a short sale even if you are current and on time on your payments. You will need a REALLY REALLY good and EXPERIENCED short sale realtor. The first thing to do is write a letter to the lender explaining that you have a financial hardship and will not be able to continue paying. (Just know that if you stop paying while you wait for the answer, your credit will suffer.)

If you are really tapped out, you have no choice but to take the credit hit on late payments until a short sale is approved. KEEP TRYING TO DO THE SHORT SALE. It will stall a foreclosure for a while.

Another suggestion I have is to tell the lender to stop calling you and to only communicate with you via email or letter. It’s your right and you have documentation of your correspondence.

[Deal Hunter]

Real Options, Real Consequences

If you walk away, you’ll save money, but you’ll still be liable for the bank’s loss unless you settle it formally through a short sale or bankruptcy. If your 2nd is a credit card type of HELOC rather than a closed 2nd mortgage, they can pursue you for that debt for 20 years! If you are really lucky, the banks will discharge your obligations in the foreclosure and not go after you, but if they report their losses to the IRS for deductions, you’ll get a 1099 and your “forgiven” amount will be considered income that you will pay taxes on. Now, try and walk away from an income tax liability!

You can still do a short sale even if you are current and on time on your payments. You will need a REALLY REALLY good and EXPERIENCED short sale realtor. The first thing to do is write a letter to the lender explaining that you have a financial hardship and will not be able to continue paying. (Just know that if you stop paying while you wait for the answer, your credit will suffer.)

If you are really tapped out, you have no choice but to take the credit hit on late payments until a short sale is approved. KEEP TRYING TO DO THE SHORT SALE. It will stall a foreclosure for a while.

Another suggestion I have is to tell the lender to stop calling you and to only communicate with you via email or letter. It’s your right and you have documentation of your correspondence.

[Deal Hunter]

Real Options, Real Consequences

If you walk away, you’ll save money, but you’ll still be liable for the bank’s loss unless you settle it formally through a short sale or bankruptcy. If your 2nd is a credit card type of HELOC rather than a closed 2nd mortgage, they can pursue you for that debt for 20 years! If you are really lucky, the banks will discharge your obligations in the foreclosure and not go after you, but if they report their losses to the IRS for deductions, you’ll get a 1099 and your “forgiven” amount will be considered income that you will pay taxes on. Now, try and walk away from an income tax liability!

You can still do a short sale even if you are current and on time on your payments. You will need a REALLY REALLY good and EXPERIENCED short sale realtor. The first thing to do is write a letter to the lender explaining that you have a financial hardship and will not be able to continue paying. (Just know that if you stop paying while you wait for the answer, your credit will suffer.)

If you are really tapped out, you have no choice but to take the credit hit on late payments until a short sale is approved. KEEP TRYING TO DO THE SHORT SALE. It will stall a foreclosure for a while.

Another suggestion I have is to tell the lender to stop calling you and to only communicate with you via email or letter. It’s your right and you have documentation of your correspondence.

[Deal Hunter]

Real Options, Real Consequences

If you walk away, you’ll save money, but you’ll still be liable for the bank’s loss unless you settle it formally through a short sale or bankruptcy. If your 2nd is a credit card type of HELOC rather than a closed 2nd mortgage, they can pursue you for that debt for 20 years! If you are really lucky, the banks will discharge your obligations in the foreclosure and not go after you, but if they report their losses to the IRS for deductions, you’ll get a 1099 and your “forgiven” amount will be considered income that you will pay taxes on. Now, try and walk away from an income tax liability!

You can still do a short sale even if you are current and on time on your payments. You will need a REALLY REALLY good and EXPERIENCED short sale realtor. The first thing to do is write a letter to the lender explaining that you have a financial hardship and will not be able to continue paying. (Just know that if you stop paying while you wait for the answer, your credit will suffer.)

If you are really tapped out, you have no choice but to take the credit hit on late payments until a short sale is approved. KEEP TRYING TO DO THE SHORT SALE. It will stall a foreclosure for a while.

Another suggestion I have is to tell the lender to stop calling you and to only communicate with you via email or letter. It’s your right and you have documentation of your correspondence.

[Deal Hunter]

Real Options, Real Consequences

If you walk away, you’ll save money, but you’ll still be liable for the bank’s loss unless you settle it formally through a short sale or bankruptcy. If your 2nd is a credit card type of HELOC rather than a closed 2nd mortgage, they can pursue you for that debt for 20 years! If you are really lucky, the banks will discharge your obligations in the foreclosure and not go after you, but if they report their losses to the IRS for deductions, you’ll get a 1099 and your “forgiven” amount will be considered income that you will pay taxes on. Now, try and walk away from an income tax liability!

You can still do a short sale even if you are current and on time on your payments. You will need a REALLY REALLY good and EXPERIENCED short sale realtor. The first thing to do is write a letter to the lender explaining that you have a financial hardship and will not be able to continue paying. (Just know that if you stop paying while you wait for the answer, your credit will suffer.)

If you are really tapped out, you have no choice but to take the credit hit on late payments until a short sale is approved. KEEP TRYING TO DO THE SHORT SALE. It will stall a foreclosure for a while.

Another suggestion I have is to tell the lender to stop calling you and to only communicate with you via email or letter. It’s your right and you have documentation of your correspondence.

[Deal Hunter]

Real Options, Real Consequences

DJ –
If you walk away, you’ll save money, but you’ll still be liable for the bank’s loss unless you settle it formally through a short sale or bankruptcy. If your 2nd is a credit card type of HELOC rather than a closed 2nd mortgage, they can pursue you for that debt for 20 years! If you are really lucky, the banks will discharge your obligations in the foreclosure and not go after you, but if they report their losses to the IRS for deductions, you’ll get a 1099 and your “forgiven” amount will be considered income that you will pay taxes on. Now, try and walk away from an income tax liability!

ALTERNATIVE TO CONSIDER:
You can still do a short sale even if you are current and on time on your payments. You will need a REALLY REALLY good and EXPERIENCED short sale realtor. The first thing to do is write a letter to the lender explaining that you have a financial hardship and will not be able to continue paying. (Just don’t stop paying while you wait for the answer, because your credit will suffer.)

If you get a short sale approval, you are off the hook for the upside down loan and as long as you never miss a payment, your credit is intact. Now go out and buy yourself a short sale! You’ll probably find a great house for a lot less right in your area. You’ll still have the advantage of ownership, rather than having to rent.

[Deal Hunter]

Real Options, Real Consequences

DJ –
If you walk away, you’ll save money, but you’ll still be liable for the bank’s loss unless you settle it formally through a short sale or bankruptcy. If your 2nd is a credit card type of HELOC rather than a closed 2nd mortgage, they can pursue you for that debt for 20 years! If you are really lucky, the banks will discharge your obligations in the foreclosure and not go after you, but if they report their losses to the IRS for deductions, you’ll get a 1099 and your “forgiven” amount will be considered income that you will pay taxes on. Now, try and walk away from an income tax liability!

ALTERNATIVE TO CONSIDER:
You can still do a short sale even if you are current and on time on your payments. You will need a REALLY REALLY good and EXPERIENCED short sale realtor. The first thing to do is write a letter to the lender explaining that you have a financial hardship and will not be able to continue paying. (Just don’t stop paying while you wait for the answer, because your credit will suffer.)

If you get a short sale approval, you are off the hook for the upside down loan and as long as you never miss a payment, your credit is intact. Now go out and buy yourself a short sale! You’ll probably find a great house for a lot less right in your area. You’ll still have the advantage of ownership, rather than having to rent.

[Deal Hunter]

Real Options, Real Consequences

DJ –
If you walk away, you’ll save money, but you’ll still be liable for the bank’s loss unless you settle it formally through a short sale or bankruptcy. If your 2nd is a credit card type of HELOC rather than a closed 2nd mortgage, they can pursue you for that debt for 20 years! If you are really lucky, the banks will discharge your obligations in the foreclosure and not go after you, but if they report their losses to the IRS for deductions, you’ll get a 1099 and your “forgiven” amount will be considered income that you will pay taxes on. Now, try and walk away from an income tax liability!

ALTERNATIVE TO CONSIDER:
You can still do a short sale even if you are current and on time on your payments. You will need a REALLY REALLY good and EXPERIENCED short sale realtor. The first thing to do is write a letter to the lender explaining that you have a financial hardship and will not be able to continue paying. (Just don’t stop paying while you wait for the answer, because your credit will suffer.)

If you get a short sale approval, you are off the hook for the upside down loan and as long as you never miss a payment, your credit is intact. Now go out and buy yourself a short sale! You’ll probably find a great house for a lot less right in your area. You’ll still have the advantage of ownership, rather than having to rent.

[Deal Hunter]

Real Options, Real Consequences

DJ –
If you walk away, you’ll save money, but you’ll still be liable for the bank’s loss unless you settle it formally through a short sale or bankruptcy. If your 2nd is a credit card type of HELOC rather than a closed 2nd mortgage, they can pursue you for that debt for 20 years! If you are really lucky, the banks will discharge your obligations in the foreclosure and not go after you, but if they report their losses to the IRS for deductions, you’ll get a 1099 and your “forgiven” amount will be considered income that you will pay taxes on. Now, try and walk away from an income tax liability!

ALTERNATIVE TO CONSIDER:
You can still do a short sale even if you are current and on time on your payments. You will need a REALLY REALLY good and EXPERIENCED short sale realtor. The first thing to do is write a letter to the lender explaining that you have a financial hardship and will not be able to continue paying. (Just don’t stop paying while you wait for the answer, because your credit will suffer.)

If you get a short sale approval, you are off the hook for the upside down loan and as long as you never miss a payment, your credit is intact. Now go out and buy yourself a short sale! You’ll probably find a great house for a lot less right in your area. You’ll still have the advantage of ownership, rather than having to rent.

[Deal Hunter]

Real Options, Real Consequences

DJ –
If you walk away, you’ll save money, but you’ll still be liable for the bank’s loss unless you settle it formally through a short sale or bankruptcy. If your 2nd is a credit card type of HELOC rather than a closed 2nd mortgage, they can pursue you for that debt for 20 years! If you are really lucky, the banks will discharge your obligations in the foreclosure and not go after you, but if they report their losses to the IRS for deductions, you’ll get a 1099 and your “forgiven” amount will be considered income that you will pay taxes on. Now, try and walk away from an income tax liability!

ALTERNATIVE TO CONSIDER:
You can still do a short sale even if you are current and on time on your payments. You will need a REALLY REALLY good and EXPERIENCED short sale realtor. The first thing to do is write a letter to the lender explaining that you have a financial hardship and will not be able to continue paying. (Just don’t stop paying while you wait for the answer, because your credit will suffer.)

If you get a short sale approval, you are off the hook for the upside down loan and as long as you never miss a payment, your credit is intact. Now go out and buy yourself a short sale! You’ll probably find a great house for a lot less right in your area. You’ll still have the advantage of ownership, rather than having to rent.

[Deal Hunter]

It’s worse than that. I’ve documented counselors telling homeowners to stop paying their credit cards and even health insurance in favor of their home loans.

Well, I try to tell as many agants as I can about this and get them to advocate for their clients. I’m glad there are people like you out there.

[Deal Hunter]

It’s worse than that. I’ve documented counselors telling homeowners to stop paying their credit cards and even health insurance in favor of their home loans.

Well, I try to tell as many agants as I can about this and get them to advocate for their clients. I’m glad there are people like you out there.

[Deal Hunter]

It’s worse than that. I’ve documented counselors telling homeowners to stop paying their credit cards and even health insurance in favor of their home loans.

Well, I try to tell as many agants as I can about this and get them to advocate for their clients. I’m glad there are people like you out there.

[Deal Hunter]

It’s worse than that. I’ve documented counselors telling homeowners to stop paying their credit cards and even health insurance in favor of their home loans.

Well, I try to tell as many agants as I can about this and get them to advocate for their clients. I’m glad there are people like you out there.

[Author]

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