SHORT SALE: A short sale is a special transaction that allows you to sell your home - even when your mortgage debt is higher than the value of your home.
Most people who are facing foreclosure as their only option qualify for a Short Sale. Before we talk about what the requirements are, I want to share with you the benefits of doing a Short Sale.
- First of all, you will avoid Foreclosure as well as the negative effects that it has on your credit. If you work with the right Short Sale Agent (If you are in San Diego County then call 760-744-0400) your credit will show Paid in Full once the transaction has been completed.
- With the proper exit strategy, you can be back on your feet again and ready to purchase a new home within 12 months, if you desire and your situation permits.
The following conditions apply in order to qualify for a Short Sale transaction.
*You must have a valid reason why you are going into foreclosure. You can not just say, "I can afford the house, but I don't want it anymore". If that is the case, the bank will laugh at your case as they proceed to Foreclose on your property.
*Next, you must be in a position where a traditional sale is not an option (in other words, you have no equity and you don't have the cash to pay the difference if you were to sell your home for less than what you owe).
*Finally, an expert Short Sale Agent must qualify your lender before they move forward. Most 'Realtors', Investors and Real Estate Agents do not understand this step. That is one of the reasons they have such low success rates when it comes to closing a Short Sale. Investors have a 10% success rate. Most other so called 'Real Estate Experts' don't do much better. Because a properly trained Short Sale Agent knows how to qualify you for a Short Sale transaction, the success rate is over 80%.
So, before hiring just any 'Agent' to assist you in a Short Sale, make sure they are qualified and understand all the work that is required to see you through to the end. The actual Short Sale process can take as little as 3 weeks or as long as 4 months. In most cases, 60-90 phone calls back and forth between the lender are required. The proper negotiation skills and documentation are required in order to have the correct presentation of the 'packet'. The lender must be able quickly see that you are qualified for a Short Sale. What is in the packet? That is a great question, but you will not find the answer floating around the internet. That is just one of the 3 main 'tools' or 'tricks' that sets a Short Sale Expert apart from the rest of the "Real Estate Professionals".
The conclusion - be smart and make sure that you ask many questions before trusting your future, your credit and your financial situation with a self-proclaimed 'Expert' that may have just learned about Short Sales from a Title or Escrow Company, a 'Weekend' Real Estate Seminar, or their Broker.
To see if you qualify for a Short Sale, call me directly to schedule a NO OBLIGATION CONSULTATION (760) 744-0400
-Trent Chapman
Thursday, December 07, 2006
Sunday, August 27, 2006
Look at your DEBT situation
How do you get rid of all of those people who keep calling and asking you for money you don't have?
Well, the obvious answer is rob a bank so you can pay them : )
The practical answer is to arrange your debts in a way that you are paying less in interest and fees so you pay the debt faster.
This includes arranging your financial situation so that you are able to write off interest on more of the debt that you have.
The average Middle Class American has a mortgage, a car payment or two and several thousand dollars in credit card debt. The problem with this is that the Average Wealthy American does not have the same debt structure, and it is not only because they make more money. They have hired experts in the fields of accounting and legal asset protection to show them how to LEGALLY pay less in taxes while still financing their homes and toys.
This is part of the reason why the Wealthy pay less in taxes than you would think. The Middle Class people pay a lot more in taxes than they should, only because no one has shown them how to PROPERLY structure their financial situation.
I wish more people would take the time to really evaluate their situation (with someone who knows how to help them). This will reveal to them the reason why there is usually more MONTH at the end of the MONEY, which leads to late payments and more fees and frustrations. Find out where the money is flowing out and plug up that hole (or in many cases, all of those holes).
August is about gone, but to schedule a consultation with me for September, call 760-752-1800 x111
Your Friend,
Trent Chapman
Well, the obvious answer is rob a bank so you can pay them : )
The practical answer is to arrange your debts in a way that you are paying less in interest and fees so you pay the debt faster.
This includes arranging your financial situation so that you are able to write off interest on more of the debt that you have.
The average Middle Class American has a mortgage, a car payment or two and several thousand dollars in credit card debt. The problem with this is that the Average Wealthy American does not have the same debt structure, and it is not only because they make more money. They have hired experts in the fields of accounting and legal asset protection to show them how to LEGALLY pay less in taxes while still financing their homes and toys.
This is part of the reason why the Wealthy pay less in taxes than you would think. The Middle Class people pay a lot more in taxes than they should, only because no one has shown them how to PROPERLY structure their financial situation.
I wish more people would take the time to really evaluate their situation (with someone who knows how to help them). This will reveal to them the reason why there is usually more MONTH at the end of the MONEY, which leads to late payments and more fees and frustrations. Find out where the money is flowing out and plug up that hole (or in many cases, all of those holes).
August is about gone, but to schedule a consultation with me for September, call 760-752-1800 x111
Your Friend,
Trent Chapman
Monday, June 26, 2006
Interesting seminar
This last week I went to 3 days of seminars. On Tuesday and Wednesday I went to a Eric Lofholm seminar called "The Close". It was a free seminar, since he is trying to promote himself and get his sales training business to really excel. I was surprised at how much content and information he shared in his seminar.
Eric has a lot of similar ideas as www.True-Industry.com; Give the client great content without expecting anything in return and you will create a raving fan out of your client. Then in the future you will be rewarded. One of his quotes was "Sometimes you get paid today and sometimes you don't, but you always get paid." That is so true from my experience.
Another thing that he taught that is so similar with what www.True-Industry.com teaches is that you need a bunch of tactics (internet marketing, direct mail, telemarketing, referral program, flyers, signs, ads, and business cards) all to be interwoven together to create synergy and to create a strong strategy.
Anyhow, I just thought I would throw that out there, since I was suprised at how much good free content Eric offered at his seminar. It is useful for anyone in sales or marketing.
Eric has a lot of similar ideas as www.True-Industry.com; Give the client great content without expecting anything in return and you will create a raving fan out of your client. Then in the future you will be rewarded. One of his quotes was "Sometimes you get paid today and sometimes you don't, but you always get paid." That is so true from my experience.
Another thing that he taught that is so similar with what www.True-Industry.com teaches is that you need a bunch of tactics (internet marketing, direct mail, telemarketing, referral program, flyers, signs, ads, and business cards) all to be interwoven together to create synergy and to create a strong strategy.
Anyhow, I just thought I would throw that out there, since I was suprised at how much good free content Eric offered at his seminar. It is useful for anyone in sales or marketing.
Sunday, June 11, 2006
Summer is here... Time to learn and grow
Well, along with the nice weather and longer days, come more opportunities (and sometimes more challenges).
I think that in the summer time I am more motivated to work hard and go out of my comfort zone. Also, I feel like I am ready to learn new things as I continue my search for personal development.
I guess if I was still a young person in school, I would look at summer differently after having spent 9 months straight sitting in a classroom. Now that I am older (and maybe wiser) I want to spend more time during the summer working on becoming better and more useful in my industry.
Speaking of which, www.PDforFree.com is a great site for learning more about personal development and knowing what books are worth reading (since there are so many that are written and few that have good content).
Also, I like the One Minute Mentor program which gives me a 1 minute message each week that I can focus on as I work on self mastery and developing new habits.
Anywho, I better get to work so I have some free time later to work on personal development.
UPDATE: 12-1-2006 - www.PDForFree.com has a blog section that has great content and stories that make so much sense.
I think that in the summer time I am more motivated to work hard and go out of my comfort zone. Also, I feel like I am ready to learn new things as I continue my search for personal development.
I guess if I was still a young person in school, I would look at summer differently after having spent 9 months straight sitting in a classroom. Now that I am older (and maybe wiser) I want to spend more time during the summer working on becoming better and more useful in my industry.
Speaking of which, www.PDforFree.com is a great site for learning more about personal development and knowing what books are worth reading (since there are so many that are written and few that have good content).
Also, I like the One Minute Mentor program which gives me a 1 minute message each week that I can focus on as I work on self mastery and developing new habits.
Anywho, I better get to work so I have some free time later to work on personal development.
UPDATE: 12-1-2006 - www.PDForFree.com has a blog section that has great content and stories that make so much sense.
Wednesday, January 04, 2006
Unfair advantage
I get tired of all these 'predatory lenders' and I am an advocate for exposing their secrets and teaching people how to get out of financial ruin.
Most creditors start off dealing with their 'clients' with an unfair advantage.
1- They know that you need their money.
2- They know that you will sign (almost) anything that they require in order to get what you are after or what you really NEED at the time.
Most creditors take advantage of those two facts. The only way to avoid "being in need" of their money is to have...
1. GREAT SAVING HABITS
2. EXCELLENT CREDIT
3. GOOD CASHFLOW (that means a lot of money left over after paying for your monthly needs)
...which will eventually provide you with a lot of CASH in the bank with which to buy everything you NEED without financing.
Now, most of us are not blessed with all three (or at least not all 3 at the same time). Even if you have all three, in this day and age, you will probably still need to get financing (main example - buying a home) unless you were born with a large inheritance.
Of course MOST creditors have to stay competitive for those that have at least 2 of the 3 previously mentioned criteria going for them. So, if you have a lot of income and good credit but you can't seem to save money, you are treated fairly (i.e. - low rates, favorable terms). OR If you make gobs of money and can save money just fine, but you just can't seem to remember to pay those bills on time, you are treated all right.
But what about those people who are having a hard time making money, saving money and paying those darn bills? Well, they are the ones that are paying the highest interest rates, the most late fees and the most bank fees. And they are the ones that can LEAST AFFORD IT!!
For example, You may have been forced to get one of those 20%-30% PER MONTH pay day loans or 'title' loans. You probably have at one time (or currently are) one of those that are charged A LOT OF MONEY for not having enough money.
Later on I will write more about how to get out of the vicious cycle towards bankruptcy or foreclosure that these 'creditors' try to put you in.
Most creditors start off dealing with their 'clients' with an unfair advantage.
1- They know that you need their money.
2- They know that you will sign (almost) anything that they require in order to get what you are after or what you really NEED at the time.
Most creditors take advantage of those two facts. The only way to avoid "being in need" of their money is to have...
1. GREAT SAVING HABITS
2. EXCELLENT CREDIT
3. GOOD CASHFLOW (that means a lot of money left over after paying for your monthly needs)
...which will eventually provide you with a lot of CASH in the bank with which to buy everything you NEED without financing.
Now, most of us are not blessed with all three (or at least not all 3 at the same time). Even if you have all three, in this day and age, you will probably still need to get financing (main example - buying a home) unless you were born with a large inheritance.
Of course MOST creditors have to stay competitive for those that have at least 2 of the 3 previously mentioned criteria going for them. So, if you have a lot of income and good credit but you can't seem to save money, you are treated fairly (i.e. - low rates, favorable terms). OR If you make gobs of money and can save money just fine, but you just can't seem to remember to pay those bills on time, you are treated all right.
But what about those people who are having a hard time making money, saving money and paying those darn bills? Well, they are the ones that are paying the highest interest rates, the most late fees and the most bank fees. And they are the ones that can LEAST AFFORD IT!!
For example, You may have been forced to get one of those 20%-30% PER MONTH pay day loans or 'title' loans. You probably have at one time (or currently are) one of those that are charged A LOT OF MONEY for not having enough money.
Later on I will write more about how to get out of the vicious cycle towards bankruptcy or foreclosure that these 'creditors' try to put you in.
Tuesday, January 03, 2006
What's this? A blog.
Well, my good wife Sarah decided to start her own blog, so I guess I might as well do it too. : ) I used to be very diligent at keeping a daily journal and actually kept one for 2 years straight. We'll see how long I keep up with my "online journal".
Mostly I think I will post things here that pertain to my line of work. Helping poeple get out of financial problems and avoid the pitfalls of predatory lenders and other unfair creditors.
Mostly I think I will post things here that pertain to my line of work. Helping poeple get out of financial problems and avoid the pitfalls of predatory lenders and other unfair creditors.
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