Linda Bourgault

The Secret to Successful Short Sales, Loan Modifications and Avoiding Foreclosures... is COMPASSION!

Some hardcore loss mitigators and Realtors may already be shaking your heads at the first line of this post. That's perfectly OK. It's understandable because transactions—whether it's a short sale, loan modification, or guiding a client through the "how to avoid foreclosure gauntlet," are ALL initially dependent upon fact gathering and building the strongest case file possible. Any loss mitigator can assist their clients with the selection of the best program, complete the correct forms, work with harried lender loss mitigators, meet crucial time-lines, and utilize tried and true negotiation tactics. However, without compassion many of these transactions cannot be completed successfully.

Therefore this post does not address:

• loan modification programs
• lender policies or methodology(s)
• forms
• real estate law
  

What this post does address is how to run the gauntlet with heart... how to represent your client(s) in a way that let's them know they are not a number in a faceless cue. This is the key to success.

We begin with the client interview where we must ask a myriad of very personal questions. The majority of these questions concern their financial hardship and the numbers that determine the hardship. Yet the critical importance is how you ask these questions. I ask them to tell me their story and I listen, listen, listen. I do not interrupt no matter how long it takes. I do not get frustrated when their children are crying or their spouses come unhinged. When they get off course, I gently get them back on track. When they become emotionally upset I empathize... this is when, if appropriate, I tell them a bit about my own financial struggles and/or having to negotiate my own short sale. That's when they know I'm REAL and have walked in their shoes. After that, most of my clients become less intense emotionally and are better able to focus on the importance of what WE can do together to help improve their situation.

Once the questions have been asked and verified we begin on a workable solution. The numbers (missed mortgage payments, loss of employment, illness, death, etc.) obviously are important. However, it's the way you manage the numbers and the situation that makes all the difference in finding a workable solution that you present to the lender. It pays to have a workable solution letter that is not only accurate, but relates the situation in a very personal and responsible manner... and if necessary you make the lender's loss mitigator weep.

Unfortunately, most lenders are overwhelmed by the sheer numbers of cases streaming in and are understaffed to handle the large case load. This doesn't bode well for the process, but if you approach the lender the same way you do your clients - with compassion and understanding - you will inevitably make head-way where others do not. I always let the lender's loss mitigators know how much I appreciate their help. I don't yell, threaten, or curse. I am always firm, fierce and relentless, but it's all done with respect. I always say please and thank you. When they try to talk over me, around me or through me, I keep talking quietly and persistently... you literally wear them down with kindness. It gets their attention and it makes them remember you in a positive way - imagine that!

This scenario continues until you finally have all the pieces to the puzzle and place a clean, complete file before the lender. Of course, your work is still not done. Following up at each and every step during the process is essential. Keeping your client and the lender on the same page makes this process run more smoothly which lessens the stress on everyone. By maintaining a positive outlook and treating everyone involved with compassion and understanding, a tough fight becomes less threatening, therefore, more appealing to a lender.

I've been at the closing table with lenders from hell and as time passes it has become uglier than ever, but I've been able to turn them around more often than not... and it's all been because I negotiate fairly and with heart!

This is the secret to my success as a loss mitigator and it can be yours as well. I don't do random acts of kindness, I take action coupled with compassion and it works.

Images courtesy of Dreamstime.com

Copyright 2009 Linda Bourgault, lulugraphix and DD Enterprises. All rights reserved.

Copyright 2009 Linda Bourgaut and lulugraphix. All rights reserved.

I'm a Southern gal who LUVS bar-b-que (BBQ)... Whether it's BBQ chicken, BBQ shrimp, BBQ beef brisket, BBQ fish... I could do a Forrest Gump litany on how many ways to do BBQ, but I digress. My most favorite BBQ is baby back ribs!

When I received my SAVEUR magazine this month my mouth fell open... I moaned and salivated on the spot. On the front cover was the most decadent display of RIBS I could ever imagine. That's when I knew winter was over and spring had sprung into full force for my taste buds.

Another favorite of mine is Hawaii—the people, the location, the scenery, the cultural diversty, the spirit of Aloha and the food! So there's no way I could go wrong combining my two faves which resulted in Hawaiian-Style BBQ Baby Back Ribs.

In order to fulfill my food fantasy I went, no I ran to the market and filled my cart with all of the ingredients I needed to prepare the baby back ribs. My marketing list also included items to complete the meal—Texas Yellow Cold Slaw, Butch's Baked Beans and Grilled Pineapple. I was literally prepared to go whole hog (pun intended - LOL) on this one! Recipes for Hawaiian-Style Pork Baby Back Ribs follow plus the Cold Slaw and Butch's Baked Beans.

Hawaiian-Style BBQ Ribs
Soy Sauce-Marinated Ribs
Serves 4-6
These pork ribs are a sweeter version of a Korean preparation for marinated and grilled short ribs.

• 1-1/4 cups light brown sugar
• 1 cup soy soauce (I use light soy)
• 1/4 cup water (I use Kona coffee instead, any rich, dark roast coffee is fine)
• 1 tbsp. Asian sesame oil
• 4 - 6 cloves of garlic, finely chopped
• 1 2" piece peeled ginger, finely chopped
• 3 lbs. pork baby back ribs
• 3 scallions

1. Whisk together brown sugar, soy sauce, sesame oil, chile flakes, garlic and water (coffee) in a large bowl. Add ribs and toss to coat. Cover bowl with plastic wrap and marinate for at least one hour at room temperature, or refrigerate overnight, turn occassionally to coat.

2. Heat oven to 450 degrees. Remove ribs from marinade and arrange, curved side up, on a rack set over a rimmed foil-lined baking sheet. Roast for 20 minutes.

3. Meanwhile, heat the marinade in a 2-qt. sauce pan over medium-high heat and simmer, stirring occasionally, until thik and syrupy, about 20 minutes.

4. Using tongs, flip ribs and cook basting frequently with the reduced marinade, until the ribs are browned, glazed and tender, 15-20 minutes. Transfer ribs to a platter and garnish with scallions.

Texas Yellow Cold Slaw

Butch's Baked Beans

• 1 (28-ounce) can baked beans (recommended: Bush's Baked Beans)
• 1/2 small onion, diced
• 4 - 6 ounces small diced pancetta (or bacon)
  
• 1/4 cup ketchup
• 2 tablespoon spicy mustard
• 2 tablespoons brown sugar
• 2- 4 tbsps of your favorite salsa (optional - this is my personal addition)
  

Put the pancetta in a frying pan and cook until crispy. Remove from pan leaving drippings. Add diced onion and sautee until tender. Put pancetta back into pan and add all of the other ingredients and stir well. Add ketchup, mustard, salsa and brown sugar. Heat over medium-high heat 5 minutes or until it bubbles.

This recipe is courtesy of foodnetwork.com.

I hope these recipes will inspire you to perk up your taste buds and get a jump start on summer!

Copyright 2009 Linda Bourgault and lulugraphix. All rights reserved.

Photography has my attention whenever I'm not working my loss mitigation cases. It has become a passion. I'm in the midst of learning as much as I can as fast as I can. I've found a creative momentum which pushes me beyond my current capabilities. It's exciting!

One of the things I've wanted to do is learn how to compile my photographs in a video, movie or slide show... whatever you want to call it. As a designer or photographer we call such a compilation a portfoliio.

A flickr friend, Boyd Miller, has been very helpful. He mentioned that he does some of his compilations whether videos or static photographs with Picasa. Picasa is free and relatively easy to use. Initially Picasa was PC based only, but it now has a Mac beta version available. I used it and it works!

What you see here is my first attempt using Picasa. It isn't the best, but it isn't the worst. For the first time out of the shute I think it's OK. The unfortunate thing for you is that you will be subjected to further trials and tribulations as I hone this new skill.

Picasa has some shortcomings (with audio especially - can't edit or do fades) which I can improve upon in iMovies, but I like it's intuitiveness. I didn't read any instructions or tutorials. Let me know what your experiences are with Picasa or any other software you use for your real estate video or photography needs.

Note: Music paid for by Linda Bourgault and lulugraphix. Hawaiian Lullaby (Where I Live There Are Rainbows) by Na Leo Pelemehana.

Copyright 2009 Linda Bourgault and lulugraphix. All rights reserved.