US Virgin Islands

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

info@nwlossmit.com

www.modificationsloan.net

www.oscarpdx.com www.modificationsloan.com www.modificaciones.net www.bestshortsales.com

Last night as I sat sipping a nice glass of wine with my boyfriend - looking a the most beautiful Buck Island view on the island - I realized once again how darn lucky I am to live in this St Croix!

My view from my home in Judith's Fancy is awesome..... I look over a lush valley to see the beautiful blue Caribbean with Buck Island in the distance. Christiansted Harbor sparkles at night - like jewels on velvet.

But Chuck's view from his east end home is a dead-on Buck Island view. It looks as if you could almost touch it. It's an intimate view - whereas the view from my house is expansive.

And then there's my condo on the beach on the west end of St Croix. Talk about up close and personal with the ocean....it's a very intimate relationship with the water there.

Living in St. Croix affords me the opportunity to swim and snorkel a couple of times a day and still get a full 8 hours of work in!

East end, west end, center island. You can't go wrong living in St Croix! It's one of the most beautiful places on earth!

Want to join us? St Croix real estate is a great bargain right now - give me a call/email.

Kim Lucas, Realtor
Coldwell Banker Land-de Wilde Realty
340-626-3758
kim@coldwellbankervi.com
www.kimlucasvi.com
www.retireinthevi.com

Recently, a customer of mine wrote me to tell me that she intended to put off her purchase for several years. She is about 4.5 years away from retirement, and she wants to get her debts paid off and her house sold before she moves here. She's looking at an adorable 2 bedroom 1 bath townhouse I have listed for $174,500 that has no monthly condo fees.

While I certainly respect her decision, I felt I had to point out few things...

1. The market is really good here right now - a BUYER's market. Not sure how long that will last - our gut feel is that it won't last much longer. We (the realtor community) feel the prices are most definitely going to go up as the economy shows some flicker of rebound and as people get tired of seeing their money sit around. Real estate - especially investment property - is still a money maker. And people are ALWAYS going to want to live and vacation in the Caribbean!

2. Interest rates are really good right now. Who knows what they'll be like in a few years.

3. There are very few rental units on St Croix that accept pets. This complex does, which means that it would be relatively easy to find and keep a long term tenant - probably for $1200 - $1500 a month. This would more than cover the mortgage payment.

4. Buying now and using the townhouse as a rental for four years will make it very easy to justify "fixing it up" really spiffy in 4 - 5 years when it's time to take it over to live in.

So - buying now and renting out the unit is a good investment - both financially and for future retirement plans! Visit my St Croix web site for detailed information on the Cost of Living and Investment Considerations. Then contact me to discuss the wealth of opportunities here!

Kim Lucas, Realtor
340-626-3758
www.retireinthevi.com
kim@coldwellbankervi.com

When my day is filled with so many deadlines, numerous difficulties and an overwhelming desire to just get away from it all, I pull up photos of St. Croix and imagine that I am on the beach at Buck Island. I take a deep breath, close my eyes.....and I am there. Life is slow, uncomplicated and beautiful.