xxx:

Thanks for contacting me for this.  I am in the process of creating a "Do It Your Self Debt Settlement" course.  "Charged Off" means that the creditor sold the debt for to a third party at a loss.  You will most likely get a  1099C for the lenders losses.  Now you owe the debt to someone else.  You can pay that debt when you can.  If you can’t right now, don’t stress too much but be on top of it.  It will not be forgiven.  If you don’t pay it, it will eventually become Zombie debt.  That is debt likely to re-surface sometime in the future.  That will probably be at a bad moment for you.  Most likely the people that bought your debt will track you for triggers until you pay them on a settlement (and beyond).  So settle them when you can.  Another thing to look at is bankruptcy.  The thing is to eliminate the problem as soon as you can.  You can also work with a debt settlement company.  I can connect you for this.  Does this help?  Let me know.

NOTE:  I replied you last Friday.  Washington state does not have a purchase money protection statute.  You attorney is right.  You owe that money.

Let me know about this developments.  That will help me better attend clients.  Thanks.

Sincerely,

Oscar

At 01:47 AM 11/1/2009, you wrote:
 

Oscar, the second mortgage amount was for approximately 65,000.00 and it was purchase money. After consulting with my attorney xxx regarding this matter, I asked him to draft a letter explaining my situation and asked to settle for 6500.00 or essentially 10 percent which is what most banks agree to if there is a short sale on the property. A couple weeks later the lawyers for Citibank counter offered with 16,490.00 and two months to pay it off. Although that is generous and I appreciate their grace in this matter, the truth is if I had 16,490.00 I would have been able to keep my house and avoid foreclosure. Also, I would need a lot more than two months to pay that kind of money. I havent responded to them yet as i’ve been seeking a second opinion. I looked at my credit report and it says the debt has been settled and written off. Im a little confused then as to why im being pursued. Is this just a lawyers office/ debt collection agency that has bought the debt and is looking for a return? I dont want to and cant afford to pay 16,490.00 for something that has possibly been written off anyway. I know you are a busy person and I greatly appreciate you taking the time to respond and look into this for me. xxx
On Fri, Oct 30, 2009 at 10:46 AM, Oscar Morante <oscar@bestshortsales.com> wrote:

xxx:

I understand that you did not refinance.  You bought the house with the mortgages present at the time of foreclosure.  Is that right?  The majority of states have purchase money protection statutes.  Oregon and California do for sure.  Maybe Washington does not.  There are some caveats as well.  For example, in Oregon, once the second mortgage is over around $120K, it is treated differently.

I work in Oregon and Washington, so this knowledge is very important to me.  I will ask my local Washington attorney for my own knowledge sake.  They deal with this issues all the time.  Often they take legal action against the banks.  That seems to work.  Maybe I can get an answer for you today.  If not, in a few weeks. He is about to go on vacations.

The issue is this.  Lets say that Washington state does not have purchase money protection.  If they want to force you into paying they need to take legal action.  This takes a long time to even get started.  Depending on how much is that second mortgage, interest rate, arrears and likelihood that you can ever pay, it may not be worth them suing you.  Chances are you can settle them for less.  You may look into bankruptcy alternatives as well.  You may discharge them that way, or force them into settlement for less than owed.  Keep me informed.  This is a hugely important subject.

Oscar

At 10:52 PM 10/29/2009, you wrote:

You’ve received a contact message from your Contact Form on the ActiveRain network.

Message details: From: xxxx

Subject: Forclosure 2nd mortgage payoff (Sent via Activerain)

Oscar, after an exhaustive number of attempts to work with my lender to keep my home i sadly lost it to foreclosure. Now the second mortgage lender is threatening to take me to court for the balance on the second. The different professionals i worked with through this ordeal told me that the second mortgage goes away after a foreclosure when its purchase money (which it was) but they can come after you only if its refinance or equity line of credit money. After I recieved the letter from the attorney supposedly working for Citibank, I contacted a real estate lawyer in Lynnwood, WA and he stated that I was in fact responsible to pay this debt. Im being referred to you by my friend and mortgage specialist xxxxx of Lynnwood, WA and I hope you can advise me on this matter or put me in contact with someone you work with and trust. Thank you for your time. xxxx Bothell, WA xxxxx

Oscar Morante

www.bestshortsales.com

oscar@bestshortsales.com

Ph: 971-222-3734

Fx: 503-296-5663

9220 SW Barbur Blvd.

Suite 119 - #159

Portland, Or 97219

Scott:

Thanks for considering me for your settlement needs.  Go to http://www.bestshortsales.com/ and enter your name on the upper right.  You will get an email about my do it your self debt settlement webinar.   If you do it right, and depending on who the debt is with, you can settle that debt for as low as 20 cents on the dollar.  Most commonly the settlements are at 30% to 40% on credit cards issued by large banks.

Oscar

L:

Thanks for considering me for your real estate needs.  For me to know if I can help you, go to http://www.nwlossmit.com/loan-modifications, download the form and send it to me.  We can take from there.  Where are you located?

At 05:51 AM 9/22/2009, you wrote:
 

Hello
I have 108K left in a 12 yr mortgage, My monthly payment is 1200 at 
6.5%, and my monthly income about 2500 [i'm self employed, a single 
mom, and am struggling]. Is a refi or a loan mod a abetter choice for 
me. How do I decide? I would like to reduce my mortgage to about 
7-800, stay in my house, and not end up paying a premium for the above 
modifications. What are your fees for loan mod??? thx for your tiime, 
L

A:

Thanks for considering me for your interest in NW Loss Mitigation.  It is true that credit unions are sometimes tougher than credit card companies.  When settling your debt you will have to negotiate the best deal possible.  Do it your self or have a debt settlement company do it for you.  There are plenty of reputable companies.   I don’t offer debt settlement services in Oregon.  Pay attention to your emails.  I will soon be giving a do it yourself debt settlement webinar.

Oscar

At 11:48 AM 9/21/2009, you wrote:
 

you wrote me a message on the 20th asking what I need and then I answered on the 20th which was a weekend you replied you could not hear me now and to contact you on mon so here I am its mon I need help with debt settlements? although I hear debt settlement companies are having hard times with credit unions and I have 1900 in credit union debt so…I am hoping this agency could work with them  or I will need to file bankruptcy  or get a loan to consolodate but I have tried that  with no success so is there anything your company can do to help . thanks A

Credit card companies settle for pennies on the dollar. 

Learn how to make this happen!

See Sample Debt Settlement Results

Why take this webinar?

Whether you want to do this for your self, or point your clients in the right direction, this is a subject you need to know about.  As you know, right now credit card debt is rampant and affecting just about everyone.  Overly indebted clients can’t buy much, especially real estate.  If you are dealing with maxed out properties, short sales and foreclosures, you will find this knowledge incredibly useful.

In this event you will learn all what is needed to settle credit card debt.  This is simpler said than done and not for everyone.  Here we will present you the facts needed for you to make a well informed decision, and the knowledge needed success settle debt. 

• Realistic expectations
• Accurate information
• Precise facts
• Immediately applicable information

BestShortSales.com is committed to high quality, immediately applicable and up to date education.  This event will be a great investment.

Learn Exactly How to Settle Credit Card Debt at Huge Discount

Webinar Outline:

• Not Making it Worse:
  • The five deadly mistakes that should be avoided

• How Money is Created:
  • Why can credit card companies lend so much?
  • Why can they discount and still make a fantastic profit?
  • Why do they need you so much!
  • Dealing with bad debt investors

• Dealing with Collectors
  • Handling them professionally
  • Not been jerked around
  • Stopping calls
    • Challenging debt validity
  • Making them go away
    • Temporarily
    • Maybe for ever

• Debt Settlement Vs Bankruptcy
  • When bankruptcy
  • When debt settlement
  • The info to decide which

• Credit Score Issues
  • The credit rating spin
  • Understanding credit derogative
  • Settlement effects on credit rating

• Credit score vs. Debt to income
  • The Payment Quandary
    • When better off to keep paying
    • When better off to stop paying
  • The info you need to decide

• Debt Settlement Timeline
  • Best moment to settle credit card debt
  • When to early or too late

• Settlement Options
  • Using debt settlement companies Vs Do it your self debt settlement
  • When to use settle directly
  • When to settle through settlement companies

• Settleling Debt through Debt Settlement Companies
  • How to it works
  • Bulk settlement
  • Understanding the organizations
  • How to select one
  • Credentials
  • Expectations

• Settling Debt by Your self (event focus)
  • How it works
  • Dealing with the credit card companies
    • Not been jerked around
    • Mind games
  • Settlements
    • Getting settlements
    • Understanding settlements 

• Verifying through credit reports

Materials Provided

PDF presentation printout

Event Length

90 minutes plus Q&A

Presenters:

Oscar Morante                                                                         

www.BestShortSales.com                                                                     

Real Estate Agent                                                                                

Portland, Oregon                                                                                              

Do it your self debt settlement specialist                                                                                               

Tyson Myreles

Integrated Support Solutions

Laguna Nigel, California

Veteran professional bulk debt settlement negotiator

Webinar Date:

• Saturday August 15^th 10am PST

Event Price

• $30                                                      

Sign Up Now

Don’t let them easely take your house.  Put a fight!

This morning we stopped another foreclosure sale.  Maybe I can help you.  If you are in this situation, keep track of the sale at the trustee’s web site and phone hot line.  If you will get foreclosed next morning, let me know ASAP.  I will take inmediate action.  Be ready to wake up early, be in downtown Portland and 7:30am and ready to rock and roll.  I will take you through the process.  This will be a lot cheaper than paying rent, and you can keep the property a few more weeks.  Basically I will show you how to legally game the system such that you benefit too.  So far, only the banks are benefiting. 

If you are in foreclosure, and about to lose the property, call me a couple of days in advance.  That way we will both be ready when it is time to act.  We can also do this at the last moment if needed. 

Call me at 971-222-3734.  I take this serious urgency seriusly.  If you are absolutely out of time call me right away.  If not, call me during business hours.

I can help you in Mutlnomah, Washington, Clackamas and Washington counties in Oregon.  Only Clark county in Washington.  Sometimes I can do King, Pierce and Snohomish counties in Washington.

Oscar Morante

971-222-3734

info@nwlossmit.com

• Stop foreclosure
• Stop foreclosures
• Stop a foreclosure
• Stop home foreclosure
• Stop foreclosure now
• Delay a foreclosure
• Delay a foreclosures
• Delay a foreclosure sale
• Foreclosure stopping
• Help stop foreclosure
• Postpone foreclosure
• Postpone foreclosure sale
• Postpone foreclosures
• Postponement of foreclosure
• Postponement of foreclosure sale
• Postponing foreclosure
• Foreclosure help
• Foreclosure stop
• Foreclosure postponement
• Avoiding foreclosures
• Northwest Trustee Foreclosure
• Northwest Trustee Services Foreclosure
• Regional Trustee Foreclosure
• LSI Title Foreclosure
• First American Title Foreclosure
• Kelly Sutherland Foreclosure
• Cal-Western Reconveyance Foreclosure
• Recontrust Foreclosure
• David Kubat Foreclosure
• Northwest Trustee
• Northwest Trustee Services
• Regional Trustee
• LSI Title
• First American Title
• Kelly Sutherland
• Cal-Western Reconveyance
• Recontrust
• David Kubat
• Trustee Sales
• Trustee Sale
• Foreclosure sale
• Foreclosure sales
• Sheriff sale
• Sheriff sales
• Foreclosure auction
• Foreclosure auctions
• Litton foreclosure
• Bank of America foreclosure
• Wells Fargo foreclosure
• Wachovia foreclosure
• Bank foreclosure

OK.  I am not going to beat around the bush.  Banks are more willing to do a loan modification when the mortgage is in default.  That is the truth.  The issue is this:  Should you stop paying in order to get the bank to modify your loan?  Well, that is up to you.  Doing that is full of risks.  It is a bumpy road.  At the end it depends on your specific situation. 

Strategic Default:  This is recently coined term.  I did not invent it.  Basically it means stopping payments in order to make the bank modify.  I am sure that under the right conditions it will work.  If you willing to play hard ball, have a good enough hardship, and are willing to raise the stakes, this may be for you.  Just be ready to let the house be foreclosed or pay back the arrears if things don’t move in your favor.

Slow Death:  This is were the majority of homeowners are at.  They sacrifice everything in order to keep their home.  They use their credit cards to pay expenses, consume their saving and even retirement funds.  At the end, but later, the end up broke and about to be foreclosed anyway.  Not only that.  Very often, in order to save the property, they advance funds to the bank, and get foreclosed a couple of months later anyway.  Let me ask you a question:  Do you prefer to be foreclosed and have money, or be foreclosed and have no money?

If you are having problems with your mortgage, decide what to do quickly.  I know it is easier said than done.  Now you have the facts.  Call me at 971-222-3734.  I will be happy to help you with a loan mod.

Oscar

There is nothing worse than owing money on a mortgage and being about to lose a home.  This is an extremely stressing situation.  Because I deal with this subject daily, today I did some research.  To put it short, mortgage debt stress causes a type heart arrythmia. 

This is what happens.  Being unable to pay the mortgage causes the emotion of dispair and impotence.  If this is prolonged, this emotion translates into a physilogical symptom.  It is a this point that the person starts feeling the shortness of breath, pressure in the chest, maybe some heart ache, lack of sleep, irritability, constantly feeling tired, etc.   Very soon the heart develops a form of arrythmia.  Arrythmia is iregular heart beat.  All this are the symptoms of depression.

Arrythmia is not something to take lightly.  Even people in the best health can suffer from it.  A relatively healthy person in his or her early 40s, but in the habit of excessive coffee drinking and smoking can easely get a heart attack.  A older person can easely get massive heart failure.  To learn more, do a web search.  There is plenty of info.

I personally know a couple of individuals that got heart attacks as a result of financial stress.  Don’t let this happen to you.  While you are solving your financial issues, you need to stay healthy.  So here is what to do. 

• Reduce caffeine and alcohol
• Stop smoking if you do
• Don’t stay in bed in the fetal possition
• Be surrounded by friends
• Treat your self and everybody else very well
• Keep up your self steem
• Excercise as much as possible

All this will keep you in a good mood, healthy and better able to get ahead.   Like this you will have the presence of mind and energy to make the right decisions and get back to normal.

Robert:

Good.  Take the deal!  Chase usually qualifies you and then you need to negotiate with them to see if things actually happen.

Questions: Did they qualify you for the $800 rebate? Or they are actually modifying the loan?  There is a big difference.  For actually having the loan modified you will need to go through a negotiation process.  At the end you will need to get a loan modification agreement.  You can see samples of that in my web site. Most likely you will still need to go through the negotiation process.  Let me know if you need any help.

You can do your own mod or we can do it for you. 

Sincerely,

Oscar

At 08:45 AM 7/9/2009, you wrote:
 

Oscar, I wanted to follow up with you on my loan mod request. I had called Chase bank yesterday and they qualified me for a mondiciation over the phone, dropping house payment by $800.
 
Thank you,
 
Robert

On Mon, Jul 6, 2009 at 4:33 PM, Oscar Morante <info@nwlossmit.com> wrote:

Robert,

It was good talking to you.  Thanks for considering NW Loss Mitigation, LLC for your loan modification needs. 

Attached is our pre-qualification form.  It is in Excel format.  You can also download it HERE Please complete it and email it back to me.  Please also send me the following documents.

Latest mortgage statement for each loan

Latest pay stubs if employed

If self employed, latest profit and loss statement.  Include last two months and year to date.

If self employed, last two months bank statements - personal and business

With this information we will know if we can effectively help you with a loan modification, and give you an accurate cost of service estimate.

Click HERE for sample loan modification results.

I look forward to your reply.

Sincerely,

Oscar

Oscar Morante

NW Loss Mitigation, LLC

Ph: 971-222-3734

Fx: 503-296-5663

9220 SW Barbur Blvd.

Suite 119 - #159

Portland, Or 97219

info@NWLossMit.com

http://www.modificationsloan.net/

When people want things, things happen.  We just stopped a foreclosure four days prior to sale.  The creditor held a second mortgage on a primary residence with plenty of equity.  Both the lender and the homeowner needed a solution.  I negotiated a re-casting of the loan.  To make it short, the second mortgage was for $19,000 at 15% interest only.  The homeowner was several months behind because he had been un-employed for several months.  Now he has income.  Below is the amendment to the original promissory.

Amendment to Promissory Note

Re-casting of Principal and Terms

Date:                July 7, 2009

Background

For the purpose of financing the property known by address as XXXX NE XXX St, Portland, Or 9721X, Mr. L.L.B. and G.F. Investments entered into a contract.  In this contract G.F. Investments loaned Mr. L.L.B. a sum of money.  In exchange for the loan, Mr. L.L.B.  promised to pay back the loan, plus interest.  See Exhibit 1.  To secure performance of this contract, Mr. L.L.B.  pledged the referred property as collateral.  See Exhibit 2. 

As a result of negotiation and agreement between Mr. L.L.B.  and G.F. Investments, the promissory note has been re-casted, but the trust deed remains un-affected.  This contract is an amendment to the referred promissory note.  The terms of the loan, and the principal amount have been changed.  These new binding conditions are detailed below.

Trust Deed of Reference

• Grantor                                     L.L.B.
• Trustee                                     Chicago Title
• Beneficiary                                G.F. Investments
• Document Date                         April 16^th, 2007
• Recording Date                         April 27^th, 2007
• Instrument Number                    2007-xxx – Multnomah County Mortgage Records
• Collateral Property                     xxx NE xxxx St, Portland, Or 9721x

Note:          Trust deed remains un-affected

                  See Exhibit 2   

Original Loan Principal and Terms

• See Exhibit 1 

New Loan Principal and Terms

• Principal                                   $30,000
• Interest                                     7% interest only
• Term                                         2 years
• Monthly Payment                      $175 payable every 10th day of the month until end of term
• Good Faith Payment                 $325 due to be delivered via US Mail and post dated July 7^th, 2009
• Late Payment Penalty                $50 if payment later than 5 days late
• Balloon Date                             Full principal due July 10th, 2011
• Pre-Payment Penalty                 None