A short sale is a transaction in which the homeowner sells a property for less than what is owed and the lenders voluntarily take a loss and forgive the unpaid portion of the debt. Short sales only take place when the value of the property is less than what is owed to the lender, and the owner is insolvent. A property worth less than what is owed is "over-mortgaged".
A short sale is right when an insolvent homeowner in default owes more to a lender than what the property is worth. The homeowner is unable in any way to pay for the complete loan balance. In these circumstances, the lender is in the unfortunate position of facing losses regardless. For the lender, foreclosure will not bring enough funds to payoff the debt. Collecting losses from an insolvent owner is a difficult proposition. Because of this, the lender is better off forgiving the debt.
Based on the explanation above, a short sale is right for the homeowner if:
Short sales are not a good alternative for the homeowner if:
Under the circumstances just mentioned, most lenders will not allow a short sale. Because the homeowner has payment capacity, the lender will not forgive any debt. A good alternative for the homeowner in this position is a release of lien. In a release of lien, the property is sold for less than what is owed, but the homeowner still owes to the lender. To pay for that balance, the homeowner enters into a payment plan.
Foreclosures are hostile, lengthy and costly transactions. Short sales are faster, more amiable, and have a lower cost. Because of this, lenders facing insolvent homeowners with over-mortgaged properties commonly accept short sales. If the homeowner can in any way pay, the lender will typically only allow a release of lien. If a short sale is not right for the homeowner, most likely a release of lien is. A foreclosure is almost always a bad choice.
www.bestshortsales.com, www.nwlossmit.com, www.oscarpdx.com
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Don't let the bank easely take your home. Put a fight!
We just completed another last minute foreclosure stop. If you are in the Portland area I can definetly help you. We sometimes do King County (Seattle area) stops as well. Call me a few days in advance if possible. If you are about to get foreclosed, call me right away at 971-222-3734. I will most likely answer. I take this urgencies seriously.
What you need to do is keep track of the date and time of the sale. This varies constantly. We stop the foreclosure sale that same day. I know it is nerve wrecking, but that is how it works. For more info go to my web site www.NWLossMit.com
Oscar Morante
971-222-3734
M:
It was good talking to you. I am glad Allie and you are on top of this and resolving the situation. Hopefully what I explained you about loan modifications will help in your decision process. As I mentioned, maybe you should consider also consulting with a bankruptcy attorney. B a very seasoned bankruptcy attorney, understands real estate and the self employed well. He sees situations like yours very often. It would be a good investment to speak to someone like him prior to making further decisions. That way you will have all the cards on the table. Chances are that we can still do a loan modification if you happen to do a Chapter 13 BK.
Your interest rate is so high, there is definitely space to trim. For the bank to approve a loan modification, you will have to reduce your debt to income very significantly. Otherwise the banks will look at your situation as un-fixable and not approve.
Please don't consider anything I say as legal, accounting or tax advise.
Oscar Morante
971-222-3734
www.modificationsloan.net www.oscarpdx.com www.modificaciones.net www.bestshortsales.com
D:
It was good taking to you. I am glad you are interested in loan modifications. I can help you with this as well as with debt settlement if you have much unsecured debt. Dealing with you adjustable rate mortgage should not be too hard. If you are very tight right now, maybe we can help you settle your unsecured debt. Now, that will mess up your credit. So it depends on your financial urgencies. $10K in total unsecured debt is not that much.
Attached is an loan mod qualification form. Please complete it and fax it back to me. I can be more precise once I have those numbers. I look forward to helping you.
Sincerely,
Oscar Morante
971-222-3734
www.modificationsloan.net www.oscarpdx.com www.modificaciones.net www.bestshortsales.com
J:
Here is my estimate for your loan modification. Your project has multiple variables and entities to deal with. I usually give much simpler proposals. You are helpable and we are willing to work with you. Call me at 971-222-3734 or email me at info@nwlossmit.com
This is the process:
Your mortgages seem to be part of the BK. Because of that, a BK attorney may have to petition a stipulated motion for relief of stay. That should not be too hard. Once that is in place we can negotiate with the creditors. There is a chance that your BK plan will be modified if there is a successful loan modification. Hopefully that will allow you to pay off your creditors sooner and leave a little bit more money for your daily expenses.
Legal Expenses
BK Attorney Fees: $300 to $600 paid directly to BK attorney
Filing Fees: At least $150 (most likely) to $500 (less likely)
Note:
You may want to use your own BK attorney. However, I don't know her, and the foreclosure business is not for everybody. I prefer to use my attorney contacts. My attorney contact will have to speak with your attorney. Your attorney may want to charge your for this. I don't know.
Loan Modification Expenses
Loan Audit: $600 for one or two loans (non-refundable) - Important tool when dealing with high interest rate loans.
Negotiation: $3300 ($1500 refundable in case of no success)
Bonus: $500 additional reward if we get you a rate lower that 4% or lower your total current mortgage to 35% or less of your current payment.
Jackie, this is my opinion. There is a very high chance that we can get lower your mortgage to between 6% to 8% interest rates. However, we will be shooting for 4% or less and / or principal reduction. Because of the bankruptcy, there are more complications than usual in this transaction. That is why the cost is higher and there is less refund. I will also try to get the attorney, if possible, to fit part of the legal expenses into the bankruptcy, that way you will have less up front cost. Even like this, if you look around well, we are coming out very competitive.
Please consider that this is a negotiation. We can't promise because we don't own the bank. What we do promise is professional competence. I have a pretty good team and work according to Oregon law. Expect 120 days. If you are not paying mortgage, keep the money, you will need it. Once we have response from the bank, you will need to make up your mind within around 72 hours and start paying the mortgage at the new rate.
Please do not take any of this as legal, tax or accounting advice.
I look forward to your reply.
Sincerely,
Oscar Morante
971-222-3734
www.oscarpdx.com www.modificationsloan.com www.modificaciones.net www.bestshortsales.com
www.BestShortSales.com 9220 SW Barbur Blvd Suite 119 - Box 159 Portland, Or 97219
Credentials:
Oscar is among many real estate professionals who are closely tracking the looming indebtedness of American property owners. Oscar, however, sees things a little differently that most. After studying the process of how people go into debt and end up losing their homes through foreclosure (only to be left with mountains of debt), Oscar started a crusade to help distressed property owners save their credit and dignity. He does this by negotiating reduced settlement payoffs with the lenders. "It happens a lot," says Oscar. "Good, hard-working people just run into trouble for a lot of reasons".
Relaxed banking regulations, ambitious lending practices, uninsured property damage, personal life changes or a myriad of other causes can contribute to a property owner becoming over-mortgaged. In other words, property owners end up owing more than their property is worth and can't keep up with payments.
After seeing a sharp decline in architectural work in the Portland, Oregon area after 2001, Oscar was compelled to make a drastic career change. With little money of his own, Oscar began relentlessly researching every aspect of the local real estate market attending seminars, reading books and talking to everyone he knew that had anything to do with real estate. He found that his most lucrative opportunities lay in the complex situations that arose when over-mortgaged properties were headed into foreclosure. Oscar has been actively involved in real estate acquisition through short sale negotiations with lenders since 2003.
Oscar is well aware of the vulnerability of people in financial trouble and detests those who make a business out of deceptive tactics to obtain distressed properties. Some say it is a fine line, but the pile of thank you notes and referral letters from property owners he has helped clearly indicate that his "win-win" philosophy works. He is now teaching others through his information-packed Short Sales A-Z Online Video Course. In this course he shows others how to skillfully negotiate with lenders into settling for less to avoid costly foreclosure.
Oscar Morante holds a Bachelor of Architecture degree from Virginia Tech. Oscar recalls his early passion for buildings and ships and knew he really wanted to be an architect after a brief attempt at pursuing Economics at the impressionable age of sixteen. His early beginnings provided him with unique opportunities to visit and live abroad. His father, a Peruvian Navy Captain, moved his family from the United States to Tokyo, Japan when Oscar was eight years old. While living there, he noticed the architecture; perhaps he made mental notes which would later influence his architectural sensibilities.
When he was age ten, his family moved to Lima, Peru where Oscar would spend the next 10 years discovering himself. In Lima, he pursued his love for the outdoors and adventure. He climbed Macchu Picchu, and immersed himself in Peruvian culture. Today, 20 years later, he still speaks with a Peruvian accent. Oscar says of himself, "I am always trying to get better. I am never tired of making changes. Of course, I want to minimize the things that I do that cause me to have regrets. I don't want to have regrets for not having done something, for not taking a chance, for not making a change."
Oscar is familiar with making changes, whether it is life changes, or career changes; Oscar always seeks to discover something new about himself in the process of adapting to the changes he has made. After graduating from Virginia Tech, Oscar moved to Seattle, Washington. One of his brothers lived there and he decided that, yes, a change of scenery would be good. He quickly found a position as an entry-level architect in a local firm and set out to do what he loved to do. He discovered, despite the long and arduous hours that he worked for the firm, that the county, or the city, presented obstacles for him that sometimes could not be overcome. He contemplated seriously whether or not his ideal of architecture and design would ever fit into the reality of work.
After months of frustration, Oscar decided to make a change. He decided to become a River Guide. He moved to Costa Rica and became certified to lead both Class 3 and Class 4 rivers. He guided tours on average 300 river days, covering the Pacuare and Reventazon River in Costa Rica and the Arkansas River and Royal Gorge, the Cheat River and Wenatchee River in the United States. Oscar loved the thrill and adventure that river guiding provided.
Oscar, always philosophizing, likened the river to life. With its bends and currents, one still needed to plan ahead. A year away from the office and far from the field of Architecture, Oscar realized, he needed to plan for the future. River guiding was a wonderful experience; he had no regrets, yet he was busy making other plans. Today Oscar is still an avid outdoorsman. He skis just about every winter and spring weekend. In the summer, he and his wife Mishelle, enjoy climbing in the Cascade Mountains of Oregon and Washington. At least once a year they travel to another country.
In the late 1990's Oscar moved to Portland and established a stable of clients as a freelance architect and practiced his trade in Oregon and Washington. He later got married and decided to explore real estate. This was not, he explained, a far departure from Architecture. In the midst of his research into the world of real estate investing, he joined several real estate associations and began networking. He learned a great deal about creative financing, how to talk to clients, how to look for real estate deals, and before long, Oscar began combining his knowledge and zest for yet another adventure.
Ever since he started in real estate, Oscar's focus has been in the pre-foreclosure market. When he started in 2003, there was plenty of business. Then, at the peak of the real estate bubble, there were fewer deals but were easier to flip. Now, at the end of 2008, when this bio was last updated, and for the foreseeable future, the majority of the real estate market is distressed property. Because of this, Oscar decided to become a real estate agent as well. He believes that to succeed in real estate, a professional needs to have as many options as possible. For him, to be a licensed agent at the same time as an investor is a plus. According to him, "it is about either being an agent or an investor, it is about being effective, and act according to the situation"...the main thing is to provide win - win - win solutions to resolve a situation. Sometimes it is better to act as an investor, others to act as an agent..." Oscar adds that the distressed property and short sales business is about "earning well by helping others, not inheriting problems".
Oscar's has a saying:
"In real estate, the more you learn, the more you earn"
Oscar believes that real estate, to a large degree, is a knowledge business. That is why Oscar is always in a quest to learn more and be more capable. It is very important to be up-to-date with the skills needed to succeed in whatever the current market conditions are. For Oscar two things are needed to become good at something:
In addition to all of the above, it is very important to mention Oscar is not only extremely capable; he is very pleasant to work with. You will greatly enjoy doing business with him as client, investment partner or student of one of his courses. If you need to reach him contact at oscar@bestshortsales.com.
Advanced Real Estate Concepts, LLC was founded by Oscar Morante in 2004. The company's mission is to acquire over-mortgaged properties that have gone into pre-foreclosure by getting lenders to discount debt in order to mitigate risk of loss at auction. Oscar has developed proven techniques and strategies for success through short sales investing.
While continuing to develop his real estate business, Oscar is sharing his success with others through his educational seminars. Oscar's Short-Sales A-Z seminar was developed based on practical experience and dedication to solving problems.
Based on overwhelming demand, Oscar has developed Short Sales A-Z Online. This brand new class provides you with in depth knowledge and step-by-step instruction on how to perform profitable short sales. Now you will be able to learn the art and science of short sales from any time you want, and from the comfort of your home and office. Access to the online class will be any time you want for as many times as you need. You will learn immediately how to increase your earnings by applying this high demand expertise.
Details and an Exclusive Discount Offer Coming Soon!
Short Sales A-Z Online is for the serious foreclosure real estate professional. Among the main subjects of this seminar you will learn:
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with Oscar's Short Sale Products
Short Sales A-Z Online Video Course
Oscar can help out anyone across the country who wants to learn how to successfully execute a Short Sale.
Visit his Short Sale Website full of <a href=http://www.bestshortsales.com/>Short Sale Resources</a>
Oscar,
Warm greetings! I am writing to ask for permission to reprint the article: UNDERSTAND THE UNDERLYING CAUSES OF FORECLOSURE recently posted on church blessings.com. I was hoping to hand it to the families in our church that might benefit from it. I will indicate the source of the article if allowed to reprint it. I look forward to your response.
Warmly, Kevin Gushiken
Oscar,
Your seminar in short sale was great! I enjoyed it.
Thanks,
Roger Guo
Power Player 3
Good course on Friday ! thanks very much !
Cheers, Rob Wakefield
Investor and Real Estate Agent, San Diego, CA
Oscar,
I sincerely enjoyed the class this last Friday and learned quite a lot.
Looking forward to using the knowledge. Thank you so much.
-- Carolynn Patterson, Investsor, Los Angeles, Ca
Hello Oscar
Thank you so much. I really learned more than I imagined You were very informative, professional and entertaining. My team and I are much more encouraged to begin and complete a successful short sale. I will certainly keep you posted. Once again thank you for teaching us something of great business value.
Best Regards,
Lisa Amorim, Real Estate Broker, PLATINUM ESTATES, Burbank, Ca
Hi Oscar,
Thanks for the wonderful course in Tigard a couple weeks back. As we mentioned at the seminar, my partners and I are working on our first short sale.
-- Mario, Rick, and I all thank you very much for the great seminar!
Sean Pennington, Columbia First Mortgage, Inc., Vancouver, WA 98682
Dear Oscar,
Thank you so much for your short sale class. It was very informative and helpful. I look forward to seeing you in the future.
Jonathan Hirai, On Realty Home Loans, Sausalito, Ca
Hello Oscar,
Your class was amazing, I enjoyed it very much. It was extremely informative and eye opening...You have an incredible amount of knowledge in the short sale market. I think you are an incredible instructor. You made a very dry subject very interesting, most instructors can not accomplish that.
Congrats! Katherine
I just wanteed to drop a note to let you know that I truly enjoyed your insightful seminar. Now I feel very comfortable with the process of short sale and I plan on maintaining contact with you.
Jesse Rosette - Real Estate Agent
Oackland, Ca
Oscar,
Great course. Excellent application to real estate brokers and investors both. I liked the exchange of dialogue.
Scott Vorous - Real Estate Investor
Cour D'Alene, Idaho
Oscar did a great job and was very knowledgeable about the subject.
R Jay Ward - Real Estate Agent
Burley, Idaho
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