I WANT A REAL ESTATE INVESTOR MENTOR
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Juan-
What strategy do you want to be mentored in? Sub2, lease-option, buy and hold, short sales, REO’s, etc. Also, explain what you bring to the table and what you expect out of a mentor. You’ll get more and better responses that way. Good luck.
Let’s educate Matt and others about short sales and why lenders ask for contributions.
In anti-deficiency states, lenders do not have as much leverage. Therefore, their terms are sometimes boilerplate and can scare most lamens. In states where laws offer little protection from deficiency judgments, these boilerplate terms can have major consequences. So, as many here have already stated seek counsel including tax advice.
Many times, in states where there are anti-deficiency laws, lenders may require an unsecured promissory note since they cannot file a judgment. Since most of these lenders are using TARP, I just tell them you already owe them money and it will be an accounting nightmare to keep track of the debit and credits.
Truthfully, loss mitigators, asset managers, negotiators, have one function and that is to protect RE assets and to charge service fees to their investors. These are not bad people, they just are trying to pick up the pieces of a shattered industry. So my second piece of advice is to not take any advice from them and certainly do not use the agents they recommend.
A good negotiator helps two diametrically opposed parties compromise. So, my last piece of advice for people who are contemplating a short sale, make sure you find out if the agent, negotiator, investor will use verbiage that helps protect your interests.
For you bank employees, a little piece of advice. A loan modification is a future short sale, but a short sale is a future performing loan. Just say NO to REO’s!
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