Posts Tagged ‘Foreclosure’

Implementing Motivation and Discipline in Ourselves

Dec 6, 2009 Real Estate

The term motivation has many definitions. In the simplest of terms, motivation is goal oriented actions which produce a desired end result. Motivation typically begins with an incentive based feeling or idea.

By one definition, discipline is an activity, exercise or regimen that develops or improves a skill. Motivation is defined as an inducement or incentive. These are two completely different meanings yet they seem to be very closely associated.

Too often, we become involved with everyone else but ourselves. Our children, our spouses, or our careers seem to pull us in many directions and at the end of the day, there is no time left for us. We fail to realize how important our own self grown and preservation is to the very aspects of our lives that are taking too much of our attention.

We all have areas of our lives we would like to improve. Whether it’s a new job, more time with our families or furthering our education, what we think will enrich our lives, usually will. As long as the thought is personal and not derived from trying to please someone else, this becomes the first step in using motivation to help us.

When determining what inspires you, you must spend a bit of time figuring out what you want and why. A clear visual picture of the end result is critical in staying focused and moving forward. This first step is the foundation for your motivation.

After determining our motivation, we can then begin implementing discipline or a strategy to incorporate our motivation into reality. Remember, discipline is what will improve a skill or begin a new one. Discipline involves focus on your motivation and a plan to carry out your goal.

Every morning and every evening find a quiet place where you can spend a few minutes reviewing your motivational guide as well as yours beliefs and feelings about what you are trying to achieve. This is where the motivation comes to life. Reminding yourself several times a day exactly what your plan is and the reason for your plan will allow you to remain focused.

Motivation and discipline can change your life. New direction and opportunity are ever present. Sometimes you just need to open your heart and your mind.

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Tips on Prospecting To Generate New Leads

Nov 29, 2009 Real Estate

Proactive prospecting can be much like physically exercising regularly. It’s something that you know is good for you and will produce predictable positive results, yet is something that most sales people always seem to avoid!

We need to have a starting point. Begin by blocking out one or two hours per day to prospect. Yes, we have put it off long enough. Start by using your sphere of influence to prospect. Prospecting, like anything will require commitment and discipline. This time is yours and you are important. Once you start you will feel more important and this will be a positive projection of your attitude when you talk with your sphere of influence.

Know ahead of time exactly what you are going to say or discuss when you call someone. It is good to have a specific message. Most people are very interested in market conditions for example. Maybe they have misunderstood something in the news or need further explaining. This is where you can become the “expert”, and provide them with a more accurate image of the situation.

Accurately define your target market before you begin. Determine how many calls you will make in that hour or two. Some sale people will call until they get an appointment or make the sale. Or you could decide to make 20 calls in that allotted time. Whatever you feel comfortable with and reasonable within the time allocated.

Before you start prospecting, gather a list of names so you don’t spend valuable time you are using for prospecting. Get an idea of how many customers you plan to call in your allotted hour or two and have at least a one month supply of names.

Work in a private and quiet area so there are no disruptions. Do not answer calls from other clients or colleagues. Believe me, they will wait an hour or two for you to call them back. Remember, this is your time and will put you on the path to success. Get in the habit of doing this daily or at least every other day. As time progresses and with each call, your expertise will increase. The more we practice anything, the better we become.

When calling, decide on a time slot and try to stick with it. Maybe 8:00 AM - 9:00 AM, 12:00 PM - 1:00 PM or 5:00 PM - 6:00 PM. There will be customers that seem impossible to get a hold of. You will have to set aside another time of day and try to call those customers. We are all creatures of habit (Hint). They are probably in a routine between a certain timeframe, so you need to try and catch them at a different time or different day.

Did you know that most success is made after the fifth call? Most sales people give up after the first call. Persistence is your best virtue.

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How Productive is Your Time? Here Are Some of the Top Timewasters

Nov 26, 2009 Real Estate

There is only one measurement where we are all equal, and that is in the amount of time each of us is given per day. It’s the same 24 hours we all get to invest in whatever manner we think is best. We’ve all been reminded to “work smart” instead of “working hard”, but few understand the difference. Our personal strategies of time management may vary, but we can agree that everyone should be constantly looking for ways to improve their individual performance.

One of the most popular “timewasters” is Procrastination. How many times have we told ourselves, “This project can wait until tomorrow?” We find ourselves practicing this constantly, whether it’s an exercise program, a plan to quit smoking or getting rid of the clutter of paper on our desk. Procrastination seems inevitable when we are setting goals or proactively working our business plan.

If we are self-employed, does this measure the amount of self-discipline we have? Are we more disciplined if we have to report to our superiors? No matter what the case, we are responsible for our actions. Our actions determine the appropriate mindset that is required for our success. It will also determine the amount of “energy” we will need to accomplish our goals

INABILITY TO SAY “NO”. Since our time is limited and we adjust to the schedule of availability of many of our potential customers, sometimes we are forced to say “no” to other requests so we can stay focused on our individual mission. Another area that we also have to have the confidence to say “no” is when a customer is asking for major concessions, either in price or additional services, or both.

Continue to focus on your organizational skills. You will find that these skills will require tweaking constantly until you master the best use of your time. You will never get it right the first time. There are so many variables as we work through any given day. Continue to plug in different ideas until we have solved the equation with as few steps as possible.

Be careful not to overload yourself with responsibility. We can easily fall into a trap of doing more than we can handle. Creating a daily, weekly or monthly plan through our initial goal setting which of course, is in writing, will assist us in maintaining our control of time. Aiming for our targets without getting sidetracked, will keep us on the path to success.

LACK OF OBJECTIVES & PLANNING. It’s difficult, if not impossible, to measure success if we can’t define the objective. Clear and understandable goals are vital to your personal growth and development, but are worthless unless backed up by a reasonable plan of action. There should never be a day when you don’t repeat, out loud, your objectives. Many interruptions will get in the way of our objectives. Interruptions occur in many disguises: road construction, unexpected telephone calls, etc. How many times have you been interrupted while working with a potential or current customer?

Time is our most precious resource. We must choose our time carefully since it cannot be reused. There are no time machines. Good use of our time will reward us handsomely. Eliminating or managing the above “timewasters” will truly benefit us and expedite our financial success.

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Mortgage Reinstatement to Prevent Foreclosure

Nov 26, 2009 Foreclosures

If you are having trouble making mortgage payments and in danger of foreclosure their are several assistance programs you could be eligible for including mortgage refinance, mortgage modification, repayment plans, reinstatement, or forbearance.

As a result of so many borrowers falling behind in regular payments many people are trying to find a solution. The dual effects of a weakened real estate market and increasing payments is too big a burden for lots of borrowers to handle.

Lenders around the country are recognizing the many problems borrowers are experiencing and have begun offering relief programs. The dramatic increase in mortgage defaults is bad for lenders as well as borrowers, so in response lenders are often willing to amend mortgage contracts to help borrowers who may be at risk of foreclosure. Mortgage Refinance and loan modification are the two main programs used to modify the terms of a home loan agreement.

If a home owners takes out an entirely new mortgage and uses the proceeds to pay off a current loan it is called mortgage refinance. Refinance may be an option depending on your current repayment status and outstanding balance on your home.

Amending one or several aspects of an existing agreement is called loan or mortgage modification. Modification maintains the original loan terms with specific changes, usually lower payments are reduced penalty fees which can make it easier for home owners to afford.

There are also programs which are intended to help borrowers who are behind on their payments get current without penalty. These programs maintain the existing loan agreement but modify it temporarily to accommodate financial hardship and are repayment plans, reinstatement, and forbearance.

Home loan repayment plans are a good option if you are behind on your payments but able and willing to make it up. Repayment plans consist of special arrangements with lenders to pay them all past due payments within a fixed time, in return late fees are lowered or even dropped entirely.

If a lender lets a late home owner to pay back the past due amount in one lump sum it is called mortgage reinstatement. This can be granted in conjunction with forbearance if a mortgage holder can show the mortgage company that they will soon receive a large sum of money often this is a employment bonus or cash from a sale.

Find other info on how to avoid foreclosure and save you property, if you are unable to make regular payments there are mortgage default help opportunities you may be eligible for.

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To Negotiate Properly In Real Estate Arrange Financing Prior

Nov 18, 2009 Real Estate

When it comes to seeking out your “dream home” , its not only a case or cases of the “early bird gets the worm”. Then again if the worm was so smart what was he or she doing out there in the cold ? Its not only a case of getting out there and beating the bushes , but as well being ready willing and able with all of your financing matters out of the way. Experienced professional Realtors can readily point out that in many circumstances more than one more than avid and determined potential home purchaser lost out due to financing concerns , that being taken care of early would of been headed off at the pass.

There is a large difference between a pre-approved mortgage and a pre-qualified mortgage. It can be said that a pre approved mortgage will provide you not only with greater bargaining and negotiating abilities but as well with simple peace of mind when it comes to whole home hunting and negotiation process and procedures.

The leading indicator and indicators of what price range of home , condo or even suburban beach lake cottage you should be or will be consideration of or are in the process of evaluating will ultimately be based on your mortgage payments or set of payments that you and your financial partners will make and be obligated to pay , in the course of your financial and property purchase considerations. Thus the leading indicator and indicators of whether you are viewing products in teh correct and appropriate price ranges will be the correlation to what the mortgage finance payment as well as the inclusive other costs associated with your property purchase and purchases.

Being pre “approved in the real estate property buying and selling process is not only recommended ” it serves to reassure all ” seller , buyer and their professional agents that all is well , can be trusted and that the process of both sales , purchase and ultimately financing can go through in good merit and can be counted on. No one is wasting any elses process time or professional efforts.

If you are unsure about a home purchase at this time in your life, that is your business. Yet if you are sure that a home is good for you and your family at this point in your career or time of life, you will be best served by seeking out a qualified mortgage and mortgage terms before you seriously get into the mix of house, home, condo or Lake Cottage hunting.

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Getting the Price Right for Success in Real Estate Sales

Nov 16, 2009 Real Estate

Real estate investing usually involves selling at some time. This cost setting is what will determine how fast the home will sell. But how do you get this cost right?

For majority of house sellers, enlisting of the correct price is dependent on how much they believe the house is worth. But as it has been discovered with this method, the chances of making it right are slim to none. Sure, the laws of probability asuures you a chance in making it right by pure approximation but that almost never occurs.

For the greatest price, you need to do a single thing, and that is a home check. You must get the services of a professional to make the cost estimate of the home and report to you with it. That will offer you the margin of pricing the home. These people are so accurate in their dealings and with all concerns being made, as with the current trends in the real estate market, they will offer you a nearly exact figure of just how much your property is worth inside and out.

There are a number of situations wherein you might not be happy with the amount, but you are more than welcome to make improvements that will increase the amount to a higher number that you can be contented with. You can invest in remodeling the home, redoing the painting and replacing a thing or two, until you feel that the general value has increased.

The next thing you can do is to wait until the home selling season arrives, but with the unpredictable financial turns, you would not be assured of that actually happening.

When marketing your house, you should not even consider competing with foreclosed homes because their prices are much lower and attempts to match them would only result in loss.

As the housing crisis bottoms we’ll have plenty of one in a lifetime real estate investing opportunities. You may also want to read our articles about home refinancing so you’ll have funds to invest!

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True Stories of Mortgage Company Victims

Nov 15, 2009 Mortgages

It ’s really difficult to see that we as a people have not found from our past and are once again starting to cycle it. I’m not trying to be negative just for the sake of bringing down your hopes but I’m trying to save some trouble for someone and hoping that someone will pay very close attention to what I am about to say.

Just in case you have missed the majority of the last couple years, PLEASE NOTE: MODIFICATION COMPANIES ARE A BAD IDEA! Please understand that I am, saying this because I have lived and worked on all 3 sides of the business. After having experienced what it’s like to be involved on both sides of the business I can truly say that there are so many pitfalls for the average mortgage holder that tries try to navigate the Loan Modification / Foreclosure Defense process alone.

There are so many little things that can be missed while going it alone in matters of Foreclosure. If you miss one piece of mail After all it is your HOUSE and your family safety on the line. The SCAMS are endless, people impersonating Attorneys, altering numbers on HUD statements so they can pocket the difference through title. What is wrong with society today, its almost as if the whole world has gone insane? If you are a mortgage holder at risk loosing your Home to foreclosure, the best advice I can give you is to think clearly and evaluate the situation from a calm perspective with a Loved one (someone you trust) and brainstorm for a solution or plan of action after you have taken the time to look into a good attorney who has given you a professional perspective on the subject.

After having worked in the Mortgage Biz for years, I left because I saw where the business was flowing and I really didn’t want to have to hold the burden of guilt for putting families in Loans I didn’t agree with. It always seemed that in the Mortgage business the only thing they cared about were numbers, volume of sales and Yield Spread, to be more exact it was all about everything that stuffed more money in everyones pocket.

The truth is I really feel good about what I do now because I know we are genuinely helping people and I know that our attorney is governed and held accountable by the Bar Association in our state. It’s much more comforting to work in an industry where the agency regulating your industry plays more of an active roll in protecting the public. Do your homework and THOROUGHLY investigate any firm before hiring them to save your biggest asset and the place you call “home”. Most State Bar Association Sites have a member search which can help you get a background report on who you are considering to protect your home.

Just think about it before you entrust anyone other than a Licensed Attorney to protect your Home. Would you give another Penny to the people that sold you your Predatory Mortgage in the first place??? Remember, statistics show that most of those same brokers transitioned from Mortgage Lending into “Home Saving”, so think about that before you let them make you a victim a second time.

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Buying Short Sales

Nov 12, 2009 Foreclosures

Buying short sale houses may make today’s investors a lot of money if they understand how to complete them properly. Those buyers familiar with the short sale process understand that fortunes may be made purchasing properties at huge discounts. If you are new to purchasing short sales of preforeclosures, please understand that while the process may seem complex, the return on investment may be fantastic.

With this in mind, how does one go about purchasing a short sale property? To get started, you must comprehend that a short sell is simply purchasing a property for less than the mortgage value. For an investor the clear benefit of this type of investment property is evident. However, because the lender will ultimately lose cash on the deal, there are a number of processes and potential pitfalls to be aware of. Because of this, there may be many requirements and restrictions that the lender will require as part of the process

Before trying to buy a short sale, you must be aware of the roles that each participant will play in the process as well as their motivation. The nearly all obvious participant in the short sale process is the owner of the property who is willing to walk away from the property for less than is due on the loan. Before even beginning the short sale process, be sure that the property owner is willing to complete the transaction and understands the implications.

If you have a willing property owner, get to also know the loss mitigation department of the mortgaging bank. As a financial institution, a institution will only agree to let an investment or mortgage go if the cost of owning it is going to be greater than the payoff. Nearly all lenders will only agree to short sales if the property is facing foreclosure or non-payment of the loan. Because that is a guiding principle, you must create a circumstance where the lender sees the short sale as the best option.

Now that you understand these two players, the process of convincing each to short sale the investment property to you is a process of working with both parties to create a offer that will satisfy the needs of both the property owner and the bank. Locate any and all areas of disrepair on the property and take pictures of them, and get an appraiser to come out and give an appraisal based upon the lowest marketable value of the home.

Combine all of these documents together as well as any additional documents required by the loss mitigation officer of the bank to create your short sale package. Put forward your purchase request along with the short sale package to the lender and gently push it through the approval process. It the request is approved, your purchase of the short sale goes through. If not, only modify your proposition and submit it again.

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Home Loan Modification To Prevent Foreclosure

Nov 7, 2009 Foreclosures

A mortgage modification, often called a home loan modification, enables homeowners to decrease their monthly mortgage payments by re-negotiating the terms of the first loan. This is one of the most helpful alternatives to foreclosure as it allows homeowners in the midst of financial hardship to stay in and keep their home. By acquiring a new payment arrangement through mortgage modification families can avoid foreclosure and lenders still receive payments.

While not all mortgage companies offer this type of program, it is definitely in your best interest to at least ask. Anyone facing the probability of foreclosure needs to do their own due diligence and proactively look for ways to save their home. Understand, lenders do not want your home, they make money by lending money, not by taking homes. If you are in jeopardy of losing your home, you owe it to yourself to discuss choices with your lender.

Bargaining for a home loan modification is not always easy, there is a series of steps to go through. You have to eligible for the program and give adequate documentation. You will be required to prove that you can genuinely pay the new loan. Modifying your loan is merely one of many options. However, it is one of the most favorable methods of saving your home from foreclosure.

Some people assume that it will cost them nothing to just walk away from their home and let it go into foreclosure. In actuality, foreclosure will cost you money and will negatively affect your credit. Is it worth it? No. Avoid Foreclosure With A Home Loan Modification.

The loan modification process can be overwhelming and confusing for many perturbed homeowners. If you are ill at ease with negotiating with your lender by yourself or if you want to better understand your alternatives, contact a loan modification attorney for assistance.

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Lower Monthly Payments with Mortgage Refinance

Nov 3, 2009 Foreclosures

Mortgage refinancing is the substitution of a valid home loan contract with a new home loan contract with brand new terms. Refinancing is a term used to describe the replacement of any debt obligation with a new obligation with fresh terms. It is normally used to describe replacement home mortgage loans.

The cash generated from refinanced agreements is generally used immediately to pay off the original obligation. If you would like to explore refi opportunities in regards to your mortgage you should contact your lender.

In the event that your lender is unwilling to discuss terms you can also get refinancing from another lender.

Home loan is to change any of the policies of an existing mortgage agreement. Many borrowers use it to extend the amortization schedule, lower regular payments, or change rate calculations. During the current housing situation many struggling property owners have used this option to change the terms of their home loan contracts generally making them simpler to keep.

The most beneficial use of property loan refinancing is to lower monthly payments which provides immediate relief to homeowners. House owners who have fallen behind in their house payments and are at risk of default have much to benefit from lowering their periodic home loan payment. Mortgage refinancing is heavily used as a way to help borrowers’ liquidity.

With the current home price slump many households are also dealing with additional hardships such as lack of work or health care expenses. For these individuals refinancing provides much needed assistance from the constant demand of crippling monthly payments.

The altered terms of a refi agreement should work to the benefit of both parties. Lenders will only sign off on a lower monthly payment in exchange for amending another terms of the agreement. Usually the repayment time line of the loan or the interest rate is also modified.

Mortgage companies use a number of factors to determine whether they are willing to offer refinancing terms. Often credit and financial history is considered, along with a borrowers ability to repay any additional borrowings.

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