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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Advice I'd give my sister Posted by Tom on July 15, 2008 at 5:28 PM In Reply to: A middleman is often what's needed posted by CC in OC on July 15, 2008 at 3:57 PM I noticed two things in my ten plus years of workouts. First is that no real estate investor ever did they own tax returns. I've read hundreds of tax returns and not one was self-prepared regardless of the borrowers sophistication. Second, I can't recall that an individual ever used a hired gun to renegotiate or modify their loan. Have I gotten calls from attorneys? Sure, but it was our only communication regarding the debtor. I've had a few in business do it, but even there it's a small percentage. I've worked with some developers and even they represented themselves. If you want to get technical bankruptcies would be an exception, but I only came in contract with their attorney after the borrower declared Bk and it was a routine let's get the stay lifted Bk. Does it matter if an individual is represented? Not one iota. Does it help the individual? Hard to say. If one is totally a non-business non-numbers type of person, it won't hurt, but I can't say what percentage of the time it might help. Of course what I say only applies to the garden variety mortgage/consumer debt. Corporate debt is a whole other issue. If you feel you need a professional opinion. my general advice would be to consult an attorney first as any others may have an agenda and you may not get totally objective or accurate information. Rule # 1: Never ever pay any fees up front & be sure you fully understand the fee structure and under what conditions the fee is earned. Rule # 2: Refer to Rule # 1. Rule # 3: Refer to Rule # 2. Lastly if you go the refinance route you may be able to get equivalent or better terms with your present lender. The refinancing may help your new mortgage broker more than yourself. If you feel if refinancing is your best or only option, shop with at least three different brokers - five would be better. Follow Ups: Re: Advice I'd give my sister Lughead 11:14 PM, 07/15/08 (0) Should I use the services of a professional loan modifier? CC in OC 9:01 PM, 07/15/08 (5) ...Use the services of a professional loan modifier Rick, the Probate Guy 10:26 PM, 07/15/08 (4) As usual you just about hit the nail on the head. Tom 6:37 AM, 07/16/08 (2) Re: As usual you just about hit the nail on the head. Rick, the Probate Guy 7:31 AM, 07/16/08 (1) What makes a competent loan modifier? CC in OC 7:48 AM, 07/16/08 (0) Why should loan modifiers be "credentialed?" CC in OC 11:30 PM, 07/15/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I noticed two things in my ten plus years of workouts. First is that no real estate investor ever did they own tax returns. I've read hundreds of tax returns and not one was self-prepared regardless of the borrowers sophistication. Second, I can't recall that an individual ever used a hired gun to renegotiate or modify their loan. Have I gotten calls from attorneys? Sure, but it was our only communication regarding the debtor. I've had a few in business do it, but even there it's a small percentage. I've worked with some developers and even they represented themselves. If you want to get technical bankruptcies would be an exception, but I only came in contract with their attorney after the borrower declared Bk and it was a routine let's get the stay lifted Bk. : Does it matter if an individual is represented? Not one iota. Does it help the individual? Hard to say. If one is totally a non-business non-numbers type of person, it won't hurt, but I can't say what percentage of the time it might help. Of course what I say only applies to the garden variety mortgage/consumer debt. Corporate debt is a whole other issue. If you feel you need a professional opinion. my general advice would be to consult an attorney first as any others may have an agenda and you may not get totally objective or accurate information. : Rule # 1: Never ever pay any fees up front & be sure you fully understand the fee structure and under what conditions the fee is earned. : Rule # 2: Refer to Rule # 1. : Rule # 3: Refer to Rule # 2. : Lastly if you go the refinance route you may be able to get equivalent or better terms with your present lender. The refinancing may help your new mortgage broker more than yourself. If you feel if refinancing is your best or only option, shop with at least three different brokers - five would be better. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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