Nwlossmit

Foreclosed Second Mortgage Debt Situation - Threat of Lawsuit & Collections

admin — Mon, 02 Nov 2009 04:02:19 +0000

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

Do it Your Self Debt Settlement Webinar Sign Up Form

admin — Tue, 22 Sep 2009 18:00:19 +0000

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

Loan Modification Question

admin — Tue, 22 Sep 2009 16:59:33 +0000

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

Credit Union Debt Issue

admin — Mon, 21 Sep 2009 19:30:47 +0000

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

Self Help Debt Settlement Webinar

admin — Mon, 10 Aug 2009 01:49:52 +0000

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

Sign Up Now

Portland Condo for Sale

admin — Sat, 18 Jul 2009 02:55:32 +0000

For Sale by Owner

4690 SW Comus Place

Portland, OR 97219

$169,000

Features:

2 story townhouse style condominium
Loft style second floor master bedroom with high ceiling and fan
Larger size condo unit in complex.
2 full bedrooms
2 full baths
Walk in closet upstairs
Usable attic
Plenty of storage
Nice deck
Great custom fireplace
Built in 1979
Refurbished 2004
- Laminate (Pergo style) all upstairs, bedrooms, and living area
- Linoleum downstairs bathroom and entrance
- New Stainless steel dishwasher, refrigerator and range (2004)
- New heat pump unit installed in 2006
- New bathroom cabinets (2004)
- Insulated first floor (most units are not insulated)
- New sump pump (2008)
- Well drained and fully sheathed crawl space (2008)
Low utilities cost: All you pay is electricity
Passed FHA inspection in $2008
Great H.O.A. management
Fantastic neighbors

Operating Costs

Tax assessed value: $ 175,600
Property taxes: $ 2,041
H.O.A. $ 245
Water and Sewer Included with the H.O.A. fee
Power consumption Summer +/- $60 Winter +/- $120

Call 503-816-1850

Key in Lockbox

Short Circuited Foreclosure Sale

admin — Tue, 14 Jul 2009 22:18:43 +0000

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
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Kelly Sutherland Foreclosure
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David Kubat Foreclosure
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To Pay or Not to Pay? The Loan Modification Quandary

admin — Tue, 14 Jul 2009 00:42:34 +0000

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

Mortgage Loan Stress Health Effects and Depression

admin — Tue, 14 Jul 2009 00:15:52 +0000

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.

Chase Loan Modification Qualification and Negotiation

admin — Fri, 10 Jul 2009 01:09:48 +0000

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/