M:
Your situation is very common. The middle upper class has been hit really hard. I am glad you are proactive.
I would need to know more about your specific numbers to be more accurate. From what I hear you seem to be very helpable. You have a hardship, loss of equity, and steady income. The most important thing is to improve the debt to income situation. To do that, it may be necessary to eliminate a lot of expenses. Consider getting reed of the cars. Ten years from now your cars will be older cars. Ten years from now your house will still be a very nice property.
Most likely we can help you reduce your interest payments so your payments are smaller. That plus not having the car expenses should get you even keeled. You can sell the cars at a loss or let them be repoed. If you get repoed, you will still owe on the car. That now unsecured debt can be put into a debt settlement plan. We can help you on that as well.
Let me know how can I further help you.
Sincerely,
Oscar
Oscar,
Maybe you can help me. I want to avoid bankruptcy. I am not really in that category. I am a professional woman, and we still have very good income.
Between me an my husband we used to make over $300K per year for years. I thought I had steady income and have always done very well. My husband makes just over $100K working for a government institution, so his job is really safe. We have a good bit of savings for retirement and some equity in the house as well.
I have not worked for about one year and a half. Basically now we are making $200K less than before and can barely make it on the mortgage. My idea is not incure in any debt, reduce expenses, and principally reduce the mortgage. Presently we extremely tight and just missed our first payment. We have two very nice newer cars that we are still making payments on. Can you help us with a loan modification?
M
Oscar Morante
NW Loss Mitigation
971-222-3734
A:
To move forward, you will to need to complete a full application, with all the required documents, and submit payment. The underwriter will analyze, in depth, your situation. You will have an interview with the underwriter. If at that point you decide to not move forward, you will get a full refund. The underwriter will only take your transaction if there is a very high chance of success, and we can meet your expectations.
The cost of your loan mod is $3500 for the first mortgage. Payment will go to an attorney escrow account and be disbursed based on the agreement guidelines. I have a lower cost service, but it really does not fit your situation because it is for cases were there are no complications beyond the mortgage. Your case takes a lot more effort. Of this payment, in case of no success, there is a $995 refund. If the underwriter takes your transaction, its because we expect good results. The process will take up to 120 days. Hopefully a lot shorter but don't count on it. Later you can do the second mortgage.
Most likely the underwriter will present the car situation as no longer a major liability and in the process of being resolved. It is important to properly present mater in a good light. This would also be a good moment to settle other unsecured debts together with the car. The intention is to improve your debt to income situation as much as possible.
I will available most today until 6:30pm. Friday all day. Most likely I will be available Saturday at my office. It would be good to have your husband totally informed about the situation, your intentions and the options. I know you are in Hillsboro, so if you want I can show you the agreements and other things you may want to see via webinar tool.
Other considerations: Look at my web site www.OscarPdx.com. That is my realtor web site. It has a lot of information about short sales and properties in default. If your second mortgage is the result of a refi, cash out second or for construction, there is a risk that if you lose the property to the first mortgage, you will still owe on the second even after the foreclosure.
I look forward to helping you. Connect with me if you have any questions.
Sincerely,
Oscar
At 03:18 PM 4/30/2009, you wrote:
What do I need to do to get the ball rolling on this ?
A:
Thanks for considering me for your loan modification needs. Below is my idea. Please ponder the risks carefully. You are in a delicate situation because you are in the very early stages of default and are up to date with the car payments. The last thing you want is make things worse. However, something is going to happen anyway.
It would be better to first work on modifying your first mortgage. Then on the second. This mortgage has equity and is most likely the one that will foreclose. In your application, the underwriter will present to the bank that the car is no longer a liability. You can drive the car for a few weeks for free and then let it be repossessed, or do a voluntary repossession. The result will be the same, so might as well drive a free nice car for a couple of months. Either way you will be liable for the loss. That is called a deficiency. That deficiency will need to be settled. A realistic expectation for your first mortgage is to have the monthly reduced by one third. That, plus the reduction in car expense should get you even keeled. The second mortgage will most likely come down a good bit because there is no equity to support it anyway.
Now that you are in default, it is important to not wait too long to start modifying the loan. As soon as you stop paying the mortgage, the loan will start accruing rather than amortizing. You don't want the value of the debt to keep growing. Chances are the bank will want to recapitalize the default amount into the loan.
Let me know how can I further help you.
Sincerely,
Oscar
At 04:47 PM 4/29/2009, you wrote:I think that is a fair estimate, yes. A: I think the property is worth around $300K given the other factor you mention. Would that be a fair estimate? Let me know. Oscar At 04:19 PM 4/29/2009, you wrote: Oscar ~ We built a 2500 Sq foot shop/pole barn 2 years ago.. It has a concrete floor and an office upstairs. Question.. If my tax property value is $250 why in heck did wells fargo tell me the value of my home was 340k 2 yrs ago ? it must have been written in crayon ~ Let me know what else you need .. Thank you, A A: Please give me a good aproximation of the value of the property. What I found, based on tax infor, is 1000sf house, 1/2 acre and assess and a value of $250K. You mention there are other structures. Let me know. Thanks. Oscar 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/ www.modificationsloan.net www.oscarpdx.com www.BestShortSales.com www.PagueMenosYa.com
A:
Call me at 971-222-3734. I just to a good look at your completed loan mod qualification form. I want to help you look better in front of the bank. That way you will have a lot higher chance of getting approved and we can do a good job for you. Obviusly you are in a proactive mode and have cut your expenses significantly.
The economy has hit the middle class very hard. It must be touch comming down from both of you earning steadely between $250K to $320K for the last twelve years and this year having trouble even getting to $50K. Please don't take any of this as legal or accounting advice.
This is the sitaution. If you need to keep anything, it is your home. All else will devaluate a lot with time. You will always need a roof, so if you lose it, you will still have the expense. Right now, even if we convince the bank to drop your mortgage to zero, you will still be $1000 in negative cash flow. Most likely the bank will reject you because of that. The idea is to reduce your other expenses such that after the loan mod, you are better than break even. The reasoning of the bank is that if you are still negative, or barely negative after the loan mod, they will have to foreclose not much later anyway.
The more you reduce expenses, the better. For more ideas go again to my web site www.realhomehelp.com.
Today, sometime mid morning or early afternoon, I will be available for helping clients. I will call you to see what can be done to make you more eligible for a loan mod. For the moment it would be good to not even approach the bank. There is a risk that may reject you. If that happens it will get tough. You can try my business cell phone 503-296-7692. It would be even better if your husband joins the call. I look forward to helping you.
Sincerely,
Oscar
971-222-3734
www.realhomehelp.com www.modificationsloan.net www.oscarpdx.com www.bestshortsales.com
A & J:
I looked well at the number you in your pre-qualification form. The your mortgage payment is already low. It would be hard to drop $400 out of the monthly payment because the payments are only $1400. Even if that happens, now you would be at a break even point. That is why I think the bank may not approve the loan mod with your present expense configuration. If they do, you may not last that long. Consider reducing some expenses such that you have less negative cash flow. That way we can help you a lot better. Call me at 971-222-3734. I am willing to give you ideas.
Sincerely,
Oscar
A:
I checked you pre-qualification form. We can do a good job for you. Call me at 971-222-3734. We can talk about the cost of service configuration and the list of documents you need to get. We can meet on Monday at my office in Tigard (Corner of SW 72nd and SW Beveland - Behind the Lowe's).
Oscar
A:
Thanks very much for considering me for your loan modification needs. Given what I hear, you seem helpable. Attached is my loan mod pre-qualification form. Please complete it and fax it to 503-296-5663. I will let you know if I can help you be tomorrow mid-morning or early afternoon.
Sincerely,
Oscar
At 10:37 AM 4/23/2009, you wrote:
Hi Oscar � I am currently shopping around for a loan modification. I was a chef for over 20 years, but got hurt on the job and have been on disability for the past 1 � yrs. Also, my wife is self-employed and we had a personal bankruptcy discharged 3 yrs ago. We owe 200K, the property value is about 260K, our payments are 1710/month including taxes and insurance - and current (never been late), and our rate is 8.5%. Taxes this year were 2384 and insurance was 467. Please let me know what other info you need and what your fees are for this service. You can reply to this e-mail or call me if you like at 503-xxx-yyyy. Thank you for your time!
Sincerely,
A
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:
SAVE TIME & GAIN VALUABLE KNOWLEDGE
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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