Miss Anna's New Journal

Hey, Miss Anna!

I just wanted to take a moment to commend you on your courage to pursue this, particularly at this time in your life. This would ideally be the perfect time to sit and wallow - and most of us would call it justified - but you've decided to take the bull by the horns and I believe that you will reap the benefits.

I too am a single mom ... and have been in a place where I lost pretty much everything I had ... my daughter and I actually lived in a hotel for almost a year and a half, but God has been merciful and never ceased to provide. Oh, did I mention I didn't have a job - so it was definitely divine intervention that paid the WEEKLY room rent.

So, I know that no matter how dark it looks ... if you continue to move in faith, you will reap the harvest!

Please keep us posted and you move along. I haven't gotten my books yet, but I'll try to be sure to add my $.02 when they get here.

Blessings,

Jacqui

Welcome to the fold you two!! You're in for a great ride. I've only been a member for a week or so and have so many opportunities it's unbelievable. Everyone here is very helpful. I learn more every day.

I might suggest you read through the posts and see what all the buzz is about. And by all means post your own questions. There is no such thing as a dumb question. The only dumb question is the one that's never asked...

Go be a sponge and learn, have fun, and make a some money on the way.

Thank you Jacqui and Dan, it's so nice to have someone on my side. I almost feel misty....how corny....but truly I do. It's as if a wonderful family has adopted me.
Thank you for sharing your story Jacqui, us single parents - we're a rare, tough breed aren't we?
Today I attended a Foreclosure Forum that my City hosted. I learned so very much. I want to give my attorney credit for helping me but after the whirlwind of info I picked up today, I think it is actually HE that is causing me to lose my house. I sure hope I'm wrong but that seems to be what my situation is adding up to.
The homework I assigned myself today was to come up with a business name. I did that - then immediately reserved my yahoo email and website under those names. Checking into fictitious name tomorrow. Will I need a business license from the city, county or state to turn over real estate? I also emailed a letter to my family, friends and business acquaintances spelling out what my intentions are for the next 12 months. I asked for their love and support (cause you know I'll be asking for money later)! So far, all positive feedback.
What I find hilarious now is that I can't even drive a 1/2 block without wondering which house is going to be mine, Mine, MINE! Not including my address, there are 3 other foreclosures just on my short street.
Talked to Craig today from DG Admin and he was very kind and informative also. I am hopeful of coming up with the funds to "Git me an Education"! I know without hesitation it will be money well spent and as I told Craig, the price doesn't bother me because I know I'm going to earn it back in 12 months!
Favor time! You guys and gals keep me in check because when inspired, this old girl can type, type, type. I'll try to keep my updates shorter.
Thank you everyone and best of luck to you all also !

Miss Anna
I love my country, proud mother of a U.S. Army Soldier

Hello again Anna, How far along is your foreclosure? You talk like it's a done deal. But there may still be time. I think you said 70 some days in another post. There's always a way to address any situation.

When the world gives you lemons......make lemonade!

Good evening ladies and gents, my name is Blaze, and I pretty sure I found my 1st deal, I bought Dean's book last week, and read it through. I found a seller who wants 124k for his 300k+ house. It needs about less than 40k in repairs. I also located a possible buyer. I listed the property to the buyer for 160k, both buyer, and seller are extremely interested. Im just not sure about what forms I need to make everything go smoothly. Can anyone help?

Just typed a 15 minute response and hit the wrong key and POOF! So Dan, now I'm really ready for a lemonade, but make it "Special Lemonade" please!
Sale date is May 28. I want to believe that I will be able to keep my daughter in the only house she remembers, and I sure keep trying. I go down every avenue that I come across, pursue every lead, explore every program. I have tried exhaustively to work with a mortgage company that has given me nothing but lip service since last fall. They have never returned one phone call. Would not give me the name of my mediator. Kicked me off of all 3 repayment plans I've been on for frivilous, ridiculous reasons. Blah, blah, blah. I'm not one to whine and am not having a pity party - however I am extremely frustrated. Even though I have always possessed an extreme amount of optimism and enthusiasm, I feel I am detaching myself from this house in preparation of leaving when I really don't want that to happen. Any and all advice would be most appreciated. Isn't it amusing that I'm so excited and fired up about making money in real estate while losing my own home?
Talk about The Eternal Optimist! Now I'm heading for the lemonade.....

It is ironic but I think there are a few of us who found Dean's books and this website while looking to solve our own forclosure issue. Yes, I'm renting and my place is about to go to forclosure. But, I'm not the property owner, the value is upside down and I can't get a conventional loan (bad FICO score) so I have some bug hurdles. In my case I may have to find a partner to help with a short sale, or try to get a HML and re-finance once I have the deed. I'm just thinking out loud here to get your mind moving.

So now your situation. How much equity do you have in the house? How much are you in arrears? Have you checked into a loan modification? In most cases you can get your payment reduced and in some cases the principle too. It's all based on your income. Check on craigslist.com for a consultant in your area for a morg. mod. Another option is a short sale to an investor (you would have no control over this) and you pay the investor rentor lease money to live there.

Let's have the details on your place and maybe someone here can give you some ideas.

Just did it again! Typed for 15 minutes then clicked on glossary of terms to find the correct acronym and poof! My letter gone again.
Dear DG admin, would you please add a pop up window for glossary of terms so we have access to that without having to switch pages? I'd be ever so grateful! I will look up HML when I'm done here.
So, to start again....Morning Dan!
I'll cut to the chase and answer your questions and thank you very much for taking interest in my particular situation, I appreciate your concern.
1) No equity. Value has dropped to approx $105K. With all the fees, penalties and interest on both mortgages, owe approx $160K. Yikes!
2) Arrears approx $20K between the 2
3) I have filled out financial statements 3 times for the 1st mtg co. Been put on 3 different repayment plans while waiting to hear about mod. All 3 times the mtg co kicked me off for frivilous reasons which I was able to clear up or disprove. I have tried to get a mod since last fall. Aurora has NEVER returned even 1 phone call. Not ONE! They wouldn't even give me the name of my assigned mediator. I was told "that's priviledged information". Believe me, I have tried and tried and tried. I guess they just plain want my little 20 yr old frame, 1056 sqft house. I have proven via employment and paperwork that I can afford to stay in the house with a mod. For heavens sake, I'm a mailgirl and make $18.50/hr.(part time waiting on a full time position) plus receive child support every month. My case seems to fall on deaf ears.
4) I would LOVE for an investor to purchase my home and rent it back to me. I want to pull up stakes and get the heck out of Florida in 2.5 yrs anyway. It would actually be a more desirable scenario for me since I'm planning on attending my daughters graduation from high school in 2011 in a UHaul headed north!
5) In regards to a mtg mod consultant, I have already paid my attorney $1200 and don't have the funds to pay someone else. I emailed my attorney twice yesterday with point blank questions. I am guilty of trusting him to take care of everything and thinking that he knows exactly what he's doing. Afterall, he owns a title company in invests in real estate himself. To be honest Dan, I really can't tell you exactly what he has done or is even doing right now on my case. Guess I need to cowgirl up a bit and put on some spurs!
Homework today: read more PFRERN, price items for Sunday garage sale.
Hope everyone has a profitable day!

You go man! I can't offer any advice yet but wish you the best of luck with your first deal. You stand to make approx $36K on your first deal? Killer! I look forward to your update.

It looks like you're in a position that a lot of people are in, upside down. Have you googled mortgage modifications? It almost sounds like your lawyer and mortgage company are colluding to get you out. If you've done the math and have proven you can do it, it seems like a no brainer unless I'm missing something here. Maybe a separate mortgage mod. consultant can help you.

If your lawyer is also an investor, that could be a conflict of interest in your case. If you have any money left over from your retainer fee, I would get it back and fire your lawyer. I would ask how much of your retainer is left before you tell him you want it back. He's required to return it at your request. If he has to check to see how much is left, don't let him know what you're up to until you know the balance. He may try to use it up for frivolous activities on your case so he doesn't have to give it back. Then find a good one who will actually help.

These are just my thoughts. Tenacity gets things done.....Good luck.

Guess who called me this morning? Aurora, can you believe it? Not only that, but the person I talked to is very nice and we discussed a modification.
Hey Dan, based on the financials I gave her over the phone she said " I don't see any problem with doing a modification". Imagine that.
So what you are saying is spot on. The way I met my attorney was via the hand written letter I rec'd from him the first time I went into foreclosure. It was an offer to purchase my house. I still have it. And dumb blonde me, I have absolutely no attorneys contract or retainer agreement. He simply told me he'd take my case for $1300 total and I've paid it off over a year after putting $500 down. So there is no paperwork in those regards. No actual "retainer" contract. He still has not returned either of my emails. But before I bash the heck out of my attorney, I would like to hear back from him. I want to believe that he is still working in my best interest. Time will tell.
I did call a gentleman this morning that I met at the forum yesterday that does exactly what I need, negotiates mortgages. He was very helpful and when I apologized for taking up his time without actually retaining his services his response was "I don't charge for this service, you can call me anytime". Meaning, he'll help me as much as needed, but if it gets down right scary and necessary - he's happy to take me on as paying customer.
So little money, so many places I need to put it! ARGH!
Just a post script: I'm really a rather private person, especially when it comes to finances. It is my desire to share this journey with everyone that navigates to this page in hopes that in some small way, it will help them too.
Time for Show And Tell! Yesterday I learned about Forensic Mortgage Research. A very powerful tool that everyone needs to review and learn about.
Now off with me, I must fax my mortgage company many papers and wait for good news!

That's great news!! Good Karma coming back to you I suppose. Hopefully, the mortgage re-write will be beneficial to your staying in the home. Stability is a key part of our kids lives. Any way you can keep it helps more than you know.

As far as your lawyer goes: 1)you can get proof from your bank that you gave him the payments (if you wrote him checks) and he cashed them and 2)You can call him out and tell him to give you a summary of the work he's done on your case WITH itemized labor and expenses. Don't accept a fee to date statement. If he doesn't produce YOUR records, and you don't have a contract, then you could file suit in small claims court to get ALL of your money back. AND, if you still have the letter from him offering you to buy your house (at a reduced price I'm sure), I would keep that for proof of any conflict of interest suit you might file against him. I'm willing to bet if you threatened a confilct of interest suit you might get it all back. Most lawyers give a free consultation on the first call. You might want to call a couple to see what could be done. Be sure that they aren't one of his buddy's before you ask.

Just my opinion.....

PS: I forgot to give you a hint about losing your message when you click off the page. Before you click off of this page, just highlight the entire message (comment box), then copy it (or hit ctrl C), then you can go to the other page. When you come back just click in the comment box and past it (hit ctrl V) and it will magically reappear. I've done the same thing once or twice myself......lol

I don't have the um, er, "parts" to actually be that direct. I don't do conflict well. But I will ponder your wonderful advice and give him 24 hours to respond to my emails. Exciting updates are sure to follow! Thank you sir.

I know, face-to-face confrontations can be debilitating. But, YOU CAN write in ALL CAPS in your emails.

I wouldn't be afraid. Afterall, you have nothing to loose but a crappy low life lawyer (no offense to any of you other lawyers just him) and $1300 to gain. If you think about it, he didn't have a problem taking your money and giving little or nothing in return. Did he "supposedly" help you through the other two payment plans? What he did you probably could have done yourself.

No need to call me sir. I've yet to be knighted....:c) Dan works for me.

Today, I looked at property on line. ALOT of property. Just from clicking here and there and everywhere and ultimately ending up on my county website, my area is a veritable hot bed of opportunity. I located the tax pages to see who has paid and who hasn't. Learned about buying property for delinquent taxes & how important it is to study the mortgage situation attached to the property. Called one invester out of the paper and introduced myself. Told him that I had joined Deans program and was at the beginning stages of REI. He was very kind to give me some of his time. He seems to feel in this current market, NO ONE, not even INVESTORS, can buy property with no money down. "The market hasn't hit rock bottom yet and the lenders need some cash in hand". I thanked him and secretly said to myself: "Oh yea? Just watch me"!
Yesterday, I joined the Success Academy and can't wait to be on the honor roll!
Today I am grateful for my job, even if they didn't give me enough hours this week to buy groceries. How cool is it that I'm a rural carrier for USPS and drive any one of 26 different routes? I get to look at houses and property all day. I can already tell you about probably 100 that have been sitting vacant for at least 18 mos. From low income to the million dollar neighborhoods, I see it all. So I think I would be a good candidate for contracting and reselling to start out and build up some cash. Is that wholesaling or bird dogging? Must do my homework.
Off I go to my book before I run out of daylight. Love the time change, get to read outside all the time !
Question: Do I need a business license? City, county and/or state?

Being a mail carrier does have it's advantages when looking for properties. I would jot down every single property with a for sale sign. Investigate the fair market value (FMV) of each and send an offer letter for 1/2 FMV. There's your first round of offer letters. With any luck you can "lock up" (meaning have an offer accepted and get a signed purchase agreement in place)and get a sale out of it. Don't forget to give yourself and exit clause in the contract. You only have 30 days or more if you can get it so you'll have to find a buyer pretty fast. I've found that having a buyers list in place is a very importent tool.

When you read Dean's book it lays out the very specific details of how the do the whole thing. Once you get your first one behind you each one gets easier.

Yes, you will have to get a business license.

Sponge up all the information you can. Knowledge is power......

You are so far ahead of me in the process, I'm very impressed. I still feel like a newborn babe. Tomorrow I work my fav route and there is a house I've had my eye on for a long time. Tomorrow, I'm going to stop and look and take notes. Another mail carrier from my office purchased a foreclosure on this same street for $105K and is very happy with his new home. I still haven't gotten to the section about locking up. Although going at a snails pace, I'm getting there.
Everyone enjoy their weekend!

I've been here since 3/3/09 and have learned so much. I'm still waiting for my first deal to come in. I have lots in the works with a goal of using no credit (as I have none) and no cash. I have opportunities ranging from $40K up to $869K. All in 11 days. Keep your mind set on the goal and you'll make it happen.

Been busy working full time at Post Office and taking care of my daughter and granddaughter. I miss reading my DG books and "conversing" with my new family here at DG. Hoping to get back in the groove before the end of the week and pick up at the Academy where I left off. Have been looking at houses though!
Update on my foreclosure situation. Talked with Aurora and they offered to lower my mtg interest from 8% to 5.1% and if I come up with $2500 down, they will modify my payment from $845 to $794. He says it's because of arrearages that my payment only goes down $51. Well, between that and the $297 2nd mortgage, I still can't afford my house! Any advice? I thought there was something in Obama's bailout about lowering the value of your house to current fair market value and financing that amount. Aurora is offering no debt forgiveness and is waiting on an answer from me.
Has anyone had any experience with companies that specialize in load mods?
Any and all advice is welcome and encouraged. Also, I think my attorney has dropped me as he has not returned any of my emails from the past 3 weeks.
Hi everyone! Hope all is well this evening! Gonna be 90 here in Florida this Saturday...YUCK!

Sad to say that I've exhausted every avenue known to me to save my home so thought I'd throw this out there. The auction date for my house is May 28. Would any investors like a heads up on purchasing my home in Deltona?
Miss Anna

I know the pain and stress you're going through. I've gone through a foreclosure and bankruptcy myself. It stinks and I praying for you to find an experienced investor out here that can help you out in some way. Believe in your self and in Dean. We will succeed.

Stephen from Boston

I appreciate your response and support. I feel like I've turned a corner this week and am on my way back up. What a relief! Today, I spent the day helping my son that is in the Army with saving his house. What I learned is invaluable. Let me share what I learned and hopefully it can help others. And PLEASE - if I am wrong, someone please tell me!
1) In regards to foreclosure options: When you have a 1st and 2nd mtg, the first mtg holder is very hesitant to take a Deed In Lieu. They then have to pay off the 2nd mtg holder because it would be very difficult for them to sell that property with a lien on it. They would rather foreclose because in this order 1)taxes 2)legal fees and 3)1st mtg the proceeds from the foreclosure sale are paid out. 2nd mtg will get any leftovers and you know that's ZERO 99% of the time.
2)Sometimes, the 2nd mtg will buyout the 1st mtg because they can buy it for pennies on the dollar - as if they were purchasing it at auction. They are then free and clear the only creditor and can do with it what they see fit.
This is my understanding of what I read today and it quite possibly might be incorrect. I sure have learned alot the past 4 weeks and although it may not save my property, maybe I can help to save my son's whom is away serving his country.
So let me put this out there for anyone that might want to answer:
Here's the stats:
My house was discharged last year in bankruptcy, found that out today. I thought I had "opted it out" but my attorney had my back and it was included. So truthfully, I owe nothing at this point.
1st mtg discharge was $113K
2nd mtg discharge was $40K
1st mtg has already strong armed me and is willing to negotiate nothing.
Should I ask the 2nd mtg if they'd be willing to finance me at this point? Afterall, 2 yrs ago I had a credit score of 758 and was on top of the world. After the hurricanes of 2004..it has been a downward spiral that has dropped me at this doorstep. I am on my way back. Bankruptcy wiped out the debt I brought forward after selling my business at a great loss. I do have a great, steady job with plenty of income.
Sale date: May 28
Ideally, I would like to stay and refinance or rent until Aug 2011 then I'm out of this God Forsaken area!
What would you do?