SHORT SALE Talk Soup  "SHORT SALE" Mentoring and Discussion Forum 

Short Sale Courses

Subject To Coffee Talk "SUBJECT TO" Mentoring and Discussion Forum

 FSBO Shop Talk "For Sale By Owner" Mentoring & Discussion 

MONEY TALKS! Real Estate Investor and Private Lender Interface

FAQ's

(Frequently Asked Questions)

Are you going to post an up-to-date database of bank contacts and loss mitigation departments?

That actually seemed like a pretty good idea at first, but we've seen it in action and it's not pretty.  You see, the first issue facing us would be the sheer number of banks and mortgage lenders who are out there.  But that alone isn't really the biggest obstacle.  The real challenge would be in trying to keep up with the ever-changing, constantly evolving status of each and every one of them.

You see, the overwhelming volume of defaulting loans today is forcing banks to constantly revise, revamp, re-size, re-staff and relocate their loss mitigation departments at a rate which would boggle your mind.  Trying to stay on top of this would only be a lesson in frustration.  Besides, most lenders don't have a "central" loss mitigation phone number.  What they'll usually do when a loan goes into default is assign one of their loss mitigation reps, each with their own separate phone number, to handle any negotiations.  These reps are swamped with an in-basket work stack 3 feet high, so if you try calling them for help or assistance about a loan that's not one of theirs, they'll most often just ignore you completely.  It's a complete waste of your time.  Been there.  Done that.

One of our members used to belong to a site that tried to publish a database of loss mitigation contacts.  On a whim, he looked up 19 lenders he was already working with, and discovered that 16 of them weren't even listed, 2 had phone numbers that were routed to a loss mitigation rep in the wrong state for each particular deal, and the last one had the right 800 number, but no extension-- meaning he would have to employ the process of elimination to find the right rep!  YIKES!

If I subscribe to your site to do my own HUD-1's, does that mean I won't need to use title agents or attorneys to close anymore?

Heavens, no!  We're designed to be a convenient resource for your on-the-spot deals and fast estimated net sheets.  We suggest that you use a title agent or attorney to close as many of your deals as possible, whether you're buying or selling.  But there are many times when this may not be practical.  If you're closing a table-top "Subject To" deal in a seller's kitchen, and he's willing to deed you the house right now for just $10 or $20, you can't walk out of there and go schedule a closing for 6 or 7 days later!  You have to go for it right there!  Remember, if all you're doing is accepting a deed without making any promises or guarantees, you're not really putting anything at risk.  So take the deed, generate a HUD-1 to both enhance your professional image and show the value of the exchange, and then go to your attorney to check the title before moving in or re-selling it!

As for the Short Sale HUD-1's, you don't need to be paying an attorney or title agent $25 to $50 or more every time you have to prepare a net sheet to submit with your short sale offer.  You're not "on the hook" for the exact accuracy of your estimated HUD-1 anyway, so it's insane to pay a professional to prepare one for you.  In fact, to further insulate you from risk, our Short Sale HUD-1 even has a disclaimer across the top stating that it's only an estimation prepared for illustration purposes!

How does your "Split-A-Deal" program work?

If you have come across what you think might be a good deal, but you just don't have the skills or the grit to move forward on it alone, just click on our "Split-A-Deal" link button and fill out the simple info form.  If we agree that there could be a deal there, we'll contact you and set up a one-on-one personally customized consultation agreement.  You perform all of the local leg work and research that we request, and in exchange we'll personally walk you all the way through the entire process, splitting the profits with you 50/50 right down the middle.

Can I split a deal with you more than once?

Sure, you can do it as many times as you want, but you probably won't need to once you've seen it done a few times!