Michael Mergell

Worried about Foreclosure? Loan Modification is the Answer.

There are Ways to Avoid Foreclosure! We can help you find a solution.

You must understand that you have options when you are facing foreclosure. The white paper will help you make informed decisions about how to handle your pending foreclosure. If you would like to speak to a foreclosure prevention specialist directly please call our offices at the number at the bottom of the page.

We have helped homeowners avoid foreclosure and we may be able to help you!

What is Loan Modification?

Loan modification is a permanent change in one or more of the terms of your loan. We work with the homeowner and the lender to change the terms of a loan in order to help the borrower stay in the home and avoid foreclosure. The new terms will be shaped by your ability to pay. It is important to note that a loan modification is not a new mortgage. A loan modification is the renegotiation of an existing loan.


With a loan modification, it's possible that a homeowner's:

• interest rate may be decreased
• interest rate can be changed from an adjustable to a fixed rate
• time the borrower has to pay the loan back can be lengthened
• loan principal may be decreased
• late fees may be waived
• second mortgage could be waived or wiped off of the books

You must act fast to save your home!

www.ReliantLoanModification.com

Michael Mergell, Managing Broker RE/MAX Ability Plus (317) 645-8717

I guess I will start a little line about negotiating your deals. I know a lot of people out there are starting out and there are some things that you should know and learn.

First is empathy, and rapport. These are essential to establishing the reason that someone will buy from you. No matter what you offer, or even if two people offer the same amount the seller is going to sell to the buyer they have a level of rapport with. The person they "like" will win every time.

So let's talk about rapport. In a drawn out way let me give you a story on rapport. When I was a restaurant manager, I had a waiter that consistently sold more than everyone else working, every night. He was a big guy and used to play college football, so I naturally thought he scared them to death until they bought whatever he told them to. He never seemed to get in the weeds like everyone else in the store and could handle as many table as I dared to give him. One night I had a conversation with him about this, and he allowed me to follow him all night and explained a few things. First he said that the key was to identify with them, next was to put yourself on their level, and never stand over them looking down. After that he said you must lead them to what you want for them. Now let's apply that to houses.

The rapport starts with the phone call, when you receive it you must start building this rapport. You must identify with them by sharing something that is similar to what they are going through. Don't rush them off the phone take your time. Usually, when people call us (investors) they are in trouble, so in a lot of situations part of your job is to listen. They just want to vent some of it to someone that will not judge and we are perfect, they probably will not ever see us again. Ask open ended questions like "tell me about your house" and "it sounds nice why would you want to sell it". This is to get them talking about their situation so that you can establish the level of motivation, and connect on a emotional side as well. Once you get that rapport built, the next thing to do is set the appointment to go out and look. It is important to note here that if it is in the area that you like to buy in, I did not say "how much equity do you have". Doesn't matter, if they are motivated enough they will make it happen and so will you, but beyond that you have to realize that this is part of the reputation that you are building.

So let's go there now; most investors get a call screen because of equity, and then determine that they cannot make a deal and don't call back or follow up with the potential client. If they do go out, even on a call that has some equity, they have their numbers down and usually within the first 30 seconds with the seller they are trying to make a low ball offer. Then afterward, everyone wonders why didn't they get the house, and why do people think investors are bad. Go figure!

So for you as an investor, you should think enough of your marketing, and enough of your clients to go out and meet with them. There is no sense in doing heavy screening if it is in an area that you will buy in ( or you have a buyer that will buy in) just go and meet the seller. You go and meet them and pick up where you left off on the rapport building. Sit down and ask them about their house, and how they got in the situation they are in. How did they hear about you? Wow, I notice you are in to hunting, me to, what do you hunt? That type of thing. Establish a medium between you and the seller so that they understand you can identify with them. Also this is the part of the meeting where you plant seeds. Talk about the market and how hard it is to sell, or how much of a problem that buyers are having getting financing. Also you need to mention basic fees involved in selling a house such as sales commissions, closing costs, holding costs, insurance, and the fix up of the house. I usually let them give me some numbers here, like "how much you think that roof will cost to replace". You know your numbers, so if theirs are higher use theirs.

Once this is established you can then go and check out the house. Take a notebook or clip board to write notes on. It is important to note here that it does not help or even do you any good to bash someone's house. You should not say "crap this room is ugly" or "wow your house is a piece of crap". In most cases this is where they have raised their kids, spent Christmas, thanksgiving, and other family times. It will not help you to bash that. In fact you may want to stress that you understand that specifically by saying something like "I understand that you have raised your family here, but please understand that for me as an investor I could never make an offer that would do justice to the memories you have made here". That being said you can also let them know that you have to make an offer that make business sense to you. These types of hints start to plant the seed about what you are going to offer. What is acceptable to do for conveying the stuff that you will work on is to make a "hmmmmm" noise, or just touch the spot without saying anything. Make a noticeable attempt to write down the defect. This puts a spot in their head regarding the defect, without you saying "damn lady you sleep here". Believe me they know what is wrong with their house, you do not have to tell them.

So once you have made your pass around the house and looked at everything it is time to prep them a little more. Let them know that you are going to work the numbers out and see what the offer will be, but want to cover a couple of things. Cover everything that you have done and talked about, mention everything before, and then go to the car to figure your numbers. This gives separation between you and the seller, long enough for you to think and work out your numbers, but also to allow them time to mull over the offer that you are about to make them. You can even get the in the "ballpark" before you go out to the car with something like "so let be clear here, we think this house will be worth xxx when it is fixed, and we got at least xxx in repairs, but I will figure those numbers out, so if I can be around xxxx are we going to be able to do business?" Then go figure out what exactly your offer will be, but take at least 8-10 minutes on it. When you go back in you can go through your blank contract to let them know about it. I like to be able to paraphrase it for them, and then when you are done you write the amount in the price line and push it in front of them and say "I can offer you xxxxx" and be quiet. Don't say a word until they do. The first one that talks looses.

www.MichaelMergell.com

Michael Mergell, Managing Broker RE/MAX Ability Plus-Fishers

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Finance and economics have near connection Real estate investments. The term real estate "security" refers to any note stock, treasury stocks, bond, debenture, evidence of indebtedness, transferable shares, real estate investment securities, certificate of deposit for real estate security and a lot of other things are commonly called as security.

In real estate be inclined to pay high returns making them charming investment opportunities, especially when the stock market is falling. In high service requires them to pay out at least 90 percent of their taxable income each year in order. There are three main types of real estate investing mortgage, equity, and hybrid. The Real Estate Investment is an expectation that uses investor's money to invest in real estate properties or mortgages. A financial device that invests for the most part of the real estate such as apartments, offices, hotels, shopping centers, or warehouses.

Real estate investor individuality, long and short-term investing, finding a property, inspecting a property, flipping a property and land lording duties as the result real estate learning becomes more difficult through out the world. This real estate buy decision is taken by the people after realizing the value of the property or when they are looking for an investment property. Real estate investment has very well terminologies. When decided to buy a property in the any place, locate the place carefully whether the property has a high value in that area. Only after collecting proper details and information regarding that area, then move on to that area. Real estate markets started moving up after equity markets have rallied, normally real estate market has a laggard effect to the equity markets investing in real estate can be a high profitable. But it also has potential pitfalls that need to be avoided and questions that need to be answered if to achieve long-term financial security and success.

Common examples of real estate investment are separated owning various pieces of real estates one of which is his first residence and others are occupied by tenants from where the rental income accrues. Person issues or proposes to issue the security, person means any individual, a corporation, a partnership, an association, joint stock. Capital budgeting is present days treated as a most important case in real estate investment.

MICHAEL MERGELL (317) 645-8717 MICHAELMERGELL@REMAX.NET

Michael Mergell, Managing Broker RE/MAX Ability Plus-Fishers

With the recent foreclosure storm happening, mortgage loan modification is getting increasingly popular as an escape route when you want out of mortgage trouble. There's a whole process involved, but studying how it works can get you out of financial hardship and save you a lot of money. Let's look at the mortgage loan modification process.debt piling up. A mortgage loan modification is a way to adjust your mortgage contract and bring the monthly payments down. Depending on the negotiations, the principal balance may be decreased and interest types may be changed.

When you suspect you're going to get in trouble with your mortgage payments, you should warn your bank in advance. This way, you can still speak about mortgage loan modification without the added pressure of

As with all bank procedures, there is some paperwork involved with a loan modification. If you're having trouble getting through this process, you can solicit the help of an expert. Many lenders are willing to help you out with the paperwork of a loan modification. If you don't know a good lender now, ask around for referrals.

If you don't get any referrals, search the web for a good loan modification expert. See what kind of information they provide. Who knows, you might figure out how to do it yourself.

There is a lot of knowledge about loan modification available. You can get it from books, the Internet, a professional or your bank. It takes time to study the process of mortgage loan modification, but when you get to keep your home, it's definitely worth it.

MICHAEL MERGELL (317) 645-8717 MICHAELMERGELL@REMAX.NET

Michael Mergell, Managing Broker RE/MAX Ability Plus-Fishers

There is no greater joy then being able to purchase your own home. Now it is getting even easier to find lenders who are willing to finance your purchase for a new home, a dream home. There are many mortgage programs from which to choose and even more homes for you to review in your quest for that home of your dreams.loan officer to determine what your target purchase price can be. Then make sure you have funds available to put down as an earnest money deposit once you have found the home you wish to purchase.

Mortgaging a home is a big step for many but one that is easier than you may think. One way to start is by meeting with a

This will hold the home for you, while you go through the due diligence period and loan processing and will be applied towards your costs at closing. The bigger your down payment, the less you have to finance or the less closing costs you have to come up with.

Renting is still a very popular way of living for many people, especially young people. While it seems like a good idea at the time, because you don't have to worry about owing the bank any money and it is sometimes less of a cost per month, it still is money out of pocket every month that is not going into something of value that you own. Mortgage financing can be affordable for practically anyone, even low income and first time home buyers.

Banks are in business to lend and collect money on real estate transactions. A bank can be found locally or even online. Mortgage brokers will help you find the lender that can offer you the best mortgage program to fit your budget. Why pay a landlord any more money when it can be so easy to purchase your own home?

What should you do first? One of the smartest things you can do is find a real estate broker to work with. You simply let them know what you are looking for and what price range you can afford. They will get right to work in coming up with some options for you to look at.

Working with a broker can save you time and money and get you to the closing table even quicker. Lenders like working with brokers also, because the broker doesn't get paid if they deal doesn't close, so they'll work extra hard to make sure it does.

Your dream home could be right around the corner. Start looking today and find out what lenders are willing to offer to you for financing. You won't find your dream home if you don't take some action to get out there and look for it. Good luck and happy house hunting.