Negotiation is one of the most critical aspects to resolve your situation. With your complete Lender Plan, this could also be your easiest part of resolving your mortgage problem because your goals will be clear, finances up to date, and documentation provided to them.
- Definition: Negotiation is conversation so that information can be evaluated and discussed
- Your Lender may be open to Negotiations
- During Negotiation sessions your Lender may be able to offer multiple options all dependant on your loan status
- You (or your Negotiator) have to be prepared for the time and energy sometimes required
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OUR CLIENTS
- Typical clients have had a hardship
- Often have missed several mortgage payments
- Usually are in a state of Pre-Foreclosure
- Some are in Foreclosure
- Some are in Redemption
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OUR GOALS
- Help you understand the foreclosure process
- Help create a lender negotiation plan
- Save your home from a Sheriff’s Sale
- Help you decide to Save, Sell, or Negotiate an Exit plan based on your financial options
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CAN YOU DO THIS YOURSELF?
- Yes. IF you are EXTREMELY well organized
- Yes. If you can make time for (often) multiple phone calls
- Yes. If you are prepared to talk to several people or departments with each call.
- Yes. If you can make time for (occasional) video calls
- Yes. If you have the ability to communicate via email (fastest)
- Yes. If you have the time left to mail documents back and forth (if required)
- Yes. If you can communicate with the law firm managing your account
- Yes. If you have a LOT of patience
- Yes. If you have a detailed Lender package
- Yes. If you have a detailed written plan in your Lender Package
- Yes. IF you can present your plan early enough to your lender
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OUR EXPERIENCE
- 7+ years as a debt negotiator through the previous foreclosure crash
- 5 years as a USDOJ Bankruptcy Counselor
- 3 years as a Mortgage Loan Officer
- 14+ years as a Real Estate agent specializing in investment properties and Short Sales
- 9 years as the Broker/Owner / Managing Broker of a real estate company
- 7+ years as a Certified Financial Health Counselor
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SUGGESTIONS
- Never go in to a Negotiation without a WRITTEN plan
- That plan needs to start with accurate financials
- Find out your financials by using our free anonymous worksheet at: https://rrepros.com/save-or-sell-worksheet/
- Know your goals and options in advance
- Determine what you willing to do/not do in advance based on your plan
- Understand that YOUR time and options may be EXTREMELY limited
- Know it takes time for the Lender to process because of internal procedures before a decision
- Understand it often (but not always) takes appx. 37 days to reach a decision
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WHAT MOST PEOPLE DO NOT KNOW
- If your mortgage is managed by the lender
- If your mortgage is managed by a servicer
- If your mortgage is owned by a private investor
- If your Land Contract is owned by the SAME entity that you originally signed with
- If your foreclosure is being done according to state laws
- If you are being offered Forbearance, Modification, Assumption, or a Short Sale
- If there is time to stop the Sheriff’s Sale
- What your payoff account balance is
- What your deficiency is to stop the Sheriff’s Sale
- How your lender may address your deficiency if a short sale
- What an appraised value of your home is (Zillow and others DO NOT count)
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HOW WE WORK
- We get to know you and your story
- You provide the results of your Save or Sell Worksheet
- We help prepare a written plan of goals, actions and options
- We get your written (limited) permission to speak to your Lender(s) and Law Firm
- We negotiate within those parameters if requested.
Our next successful challenge is ready to begin between you and your lender!
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HOW WE DETERMINE SUCCESS
- Success is delaying, rescheduling, or completely stopping the Sheriff’s Sale
- Success is a loan modification if it allows you to keep your home
- Success is forbearance if it allows you to keep your home
- Success is the acceptance of payment plan if it allows you to keep your home
- Success is your ability to refinance if it allows you to keep your home
- Success is the successful sale of your home in the manner of your choice
- Success is selling your home for the highest amount the market and your circumstances will bear
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HOW TO START THE PROCESS
- Time is of the essence
- Documentation gathering
- Obtain Lender package ASAP
- Complete the Lender package and submit ASAP
- Realize Lenders have multiple departments and process paperwork very slowly
- Lenders process through multiple levels before reaching a decision.
- Lender processes typically takes an average os 37 days
- Time is NOT your friend so please act quickly
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