To compensate for this issue, in some cases, investigators are discovering that attorneys, their paralegals and/or the automated MERS system processed incorrect or outright false paperwork to compensate for the lender not having their loan documents in order.

Now, we’re seeing where recognized foreclosure firms are no longer being sent business by these lenders.  It’s a real mess for lenders and foreclosing attorneys alike.

Loan Paperwork Mistakes = Opportunities For Investors:

This paperwork debocle can be an opportunity for investors.  How?  First, it is important to point out that the number of properties in pre-foreclosure is rapidly increasing in proportion to the the number of REOs.  More pre foreclosure deals sitting in limbo, unable to be foreclosed upon, opens up the opportunity to negotiate more short sale and loan modification deals.  Further, since the paperwork on some these deals maybe incorrect, investors may be able to negotiate better short sales and loan modifications than ever before.

But it even gets better.  Through the use of certain highly specialized attorneys, it may even be possible, provided the loan paperwork was done completely incorrect, for the loan to be fully wiped off the property.  Imagine buying a $200,000 property for $0 + attorneys fees.  This is what a select few attorneys are hard at work on right now.  There are no reported incidences of this occurrence yet…but you just wait.

Qualified Written Request: The specific way to ensure you are ahead of the game on this paperwork pandemic is to submit a Qualified Written Request to the lender or lenders on every deal you are working on.  Although the federal law requiring lenders to respond to this request is only applicable to primary residences, oftentimes lenders overlook this detail and comply on non-owner occupied deals as well.  The Qualified Written Request must be mailed to the exact correct address in order for the lender to comply.  These are in our Lender Database.  The Qualified Written Request is in our system.  If you want to be ahead of the game, it’s time to join our program.

It is pretty windy in the background on this video so below is an audio-only Investing Report:

Also, I came across a FABULOUS article on the amount of Shadow Inventory on the horizon for our residential real estate market. This author has done an outstanding job of compiling the most accurate data available to create a very real picture of what’s happening out there and where things are going.  Take the time to read this exceptional piece:

Fabulous Article on Shadow Inventory

At this past weekend’s live training in South Florida, ”Long Distance Deals” was the most popular topic.  Everyone wanted to know how they could do it.  the question was:

“How do you do long distance deals?”

Here’s the answer:

Consequently, at the end of the training, on Sunday afternoon, two of our attendees signed up a deal because a hotel employee needed to get rid of an investment property that was upside down. Here’s their story in their own words:

 

 

==> CLICK HERE - What We’re Doing and How We’re Doing it Training - CLICK HERE <==

Michele Ashton

NASHVILLE, TN - Michele Ashton is still flying high with excitement after closing her 3rd deal on Wednesday bringing her grand total profits to more than $42,000 in 42 days. But she is even more excited about the certainty of her future. This is what Michele emailed me today:

“I truly believe my future earning potential is limitless. I cannot thank you and the coaches enough for all of your support and the knowledge I’ve been given through the short sales step by step program. I am so grateful that I found this program.”

Below is a video of Michele at the actual closing table, with the closing HUD and her check on the table before her, describing how her life is so incredibly different now that she has closed 3 short sales in 42 days for a grand total of more than $42,000 in profits. And below the video are the nitty gritty details of this third deal and exactly how she closed it:

$42,000 in 42 Days Success Story Video

Would you like to experience the same incredible feeling that Michele Ashton has now that she has netted $42,000 in the past 42 days? Join the Short Sales Step by Step Mentorship Program and let your money problems become a thing of the past.

This last deal took a little while to come to fruition but I’ve learned through the program the importance of having lots of deals going at the same time. This Seller came through an internet lead source and they were motivated to sell. They were definitely upside down in the property to the tune of about $40,000. In addition, they were going through a divorce and neither of them could afford to keep the house even if they wanted to. All said and done, the deal profited $18,000 and everyone was happy. The Sellers couldn’t thank me enough for saving them from foreclosure and the new Buyers were ecstatic about the great deal they received on the property. I felt like a hero and walked away with a big fat check – somebody pinch me! This is the life!
Michele Ashton – Nashville, TN

Brian Busch

DALLAS, TX - Most investors limit their vision to just deals in their local area. Not Brian Busch. Many investors limit their scope to just “bread and butter” 3 bed, 2 bath single family homes in subdivisions. Not Brian Busch. With Short Sales Step By Step, Brian was able to think outside the box and began tackling deals that most investors would turn away. A very nice couple approached Brian with a real estate problem. They had recently transferred from Missouri to Dallas, TX for a new job and they had left behind a farm house on a retired dairy farm. It wasn’t selling because they owed more than what any buyer was willing pay for it, so it sat on the market vacant and the mortgage payments began to fall behind. Brian asked us if we would coach him to success on a farm house in the middle of rural Missouri. We said “Absolutely!” because we knew that our systems, our formulas, and our coaching can be effective on any property, even long distance deals. From the comfort of his own home office, without ever leaving his chair and armed with a phone, a fax, a computer and Short Sales Step By Step Mentorship Program, Brian Busch made $17,986 on a retired dairy farm deal in rural Missouri some 500 miles away. Here is a video detailing this phenominal story. And below the video is all of the nitty gritty details on exactly how Brian did it.

Brian Busch Makes $17,986 on His 2nd Short Sale Deal Video

You too can make big money on long distance deals, without cash, credit or leaving your chair by joining the exact same program that has changed Brian’s life. Simply CLICK HERE

Nitty Gritty Details

The sellers lived in Dallas, having recently transferred from thier rural home in Missouri. They must have gone online in search of help because the lead came from (to be continued)

NASHVILLE, TN - A tremendous weight was lifted off Michele’s shoulders as she was driving to the bank with a check for nearly $18,000 in profits created by closing her very first short sale deal using Phil Pustejovsky’s Short Sales Step By Step system. Michele is a licensed real estate agent and has the Realtor designation. She saw the vast profits made from real estate investing and began her foray into investing by doing subject to and lease purchase option deals. And although those techniques can produce terrific financial returns, she also found they created profits with “strings attached”. The reason those profits have “strings attached” is because until the property has been sold to the end buyer, in a subject to or lease purchase option deal, whatever cashflow or upfront money is recieved, must be socked away in savings to cover the massive amount of expenses that occur when the tenant stops paying rent.

What gave Michele such relief on this deal was the fact that with her short sale profits, those funds could go into her bank account and she could spend that money immediately. No strings attached. That was cold, hard cash that she could do whatever she wanted with. As you’ll see in the below video, she even video recorded her trip to the bank so you could see what happens after the closing and what the proper way to handle a $18,000 check is. Then, below the video, I’ll describe the nitty gritty details of how she found the deal, how she negotiated the short sale, how she found the buyer and how she closed the deal without any of her own cash or credit.

Michele Success Video

The Nitty Gritty Details

As you heard from the video, Michele located this deal from a paid internet lead (www.betterinvestorleads.com/reli). The owner was upside down in the house and had no way to make future payments. He was very easy to work with, extremely motivated and let Michele do everything she needed to do to help him without any hassles. There was only one loan, with Wells Fargo, and it was an FHA loan so there were a few extra details she had to take care of like making sure the HUD reflected $1000 going to the seller as a HUD incentive and making sure the borrower went to a HUD counseling session. That was taken care of easily and quickly.

One bonus of the FHA short sale is that they always disclose the BPO, which came in at $124,000. This was a very helpful number since she would go on to find a buyer for $134,900. These days, FHA starts off at an 88% approval but then goes down 86% after 30 days and finally, down to 84% after 60 days. Michele received her approval letter on 06/15/09 in the amount of $109,120 (which is 88% of $124,000) and she immediately put it on the MLS for $139,900 that same day. Within a few days she had an offer of $134,900. Well ahead of schedule, on July 10th, the deal closed with Michele walking away with nearly $18,000. Her title company did not require transactional funding in the middle so she didn’t have to pay that extra closing expense. It was a clean, smooth closing with almost no bumps in the road. About the only thing that came up was during the inspection, a few shingles had blown off in a storm the night before and the inspector picked up on that. So Michele paid $75 to a roofer guy to jump up on the roof and replace the shingles. Other than that, the deal was smooth sailing.

You may be asking yourself why Michele didn’t get the lender to accept 86%. The reason is that FHA now has a new set of rules whereby from the day they issue the approval letter, in this case, 06/15/09, the first 30 days, the approval is for 88%. Then, they have the ability to drop it to 86% after 30 days, or on 07/15/09 in this case and then drop it again to 84% after 60 days, in this case, on 08/15/09. For Michele, the closing was way ahead of schedule (07/10/09) so she went with the strategy to take the money and run. I would hope you would do the same. A bird in the hand is better than two in the bush. Had she waited, she would have had to submit a new offer to get the 86% which could have taken days or even weeks (althought it would have brought the approval amount to $106,640, effectively giving her over $2000 more in profits). The problem is that waiting could have killed the deal altogether and any of a number of issues could have popped up, like the buyer’s lender not funding the loan, the buyer falling in love with another home, you name it. So the moral of the story is that Michele took the correct approach and grabbed the getting while the getting was good. You want to do the same. Think of Steve Miller Band’s classic song, “…Go on and take the money and run, whooo, whoo, who, Go on and take the money and run…”

You too can experience the incredible feeling of depositing huge checks into your bank account consistently by joining the exact same program that has changed Michele’s life. Simple CLICK HERE

Brian Busch

DALLAS, TX – For Brian Busch, the concept of making money from real estate without having to put in sweat equity or borrowing money was very appealing to him. After making the leap from a corporate environment to full time real estate investing, he found that the traditional way of investing was far more labor intensive and risky than he had originally thought. He spent his days fixing up houses in the intense Texas heat, bouncing back and forth to Home Depot and Lowes and was altogether tired of it. Plus, with the real estate bubble collapse, he felt the pinch of having to drop his price and sit on his houses for months, paying out thousands in monthly holding costs. Brian went on the look out for a better way than the traditional rehabber technique of buying a house with cash or credit (or both) and then putting in months of labor to fix up the property and then praying he could sell it for a profit before he ran out of cash to pay the holding costs.

He found the Real Estate Leadership Institute and joined the Short Sales Step By Step Program. He was attracted to the idea that he could make bigger profits doing no fix up work and not having to use cash or borrow any money. But he did have one nagging concern; how to find buyers in a real estate market that was vastly different from a few years ago. We assured him that finding a buyer would not be an issue. He took us on faith that we knew what we were doing and set about to make some deals happen.

His first deal, as you know from the title, made nearly $28,000. The following video will detail Brian’s experience, complete with the actual house in the background. Then, I’ll go into the Nitty Gritty details of exactly how Brian made this enormous amount of money, the easy way.

Brian Busch Success Story Video

Wouldn’t you like to be in his shoes right now? YOU CAN! Join the exact same program that has changed Brian’s life and so many others like him. Click HERE.

The Nitty Gritty Details

His first deal was a winner from the start. The property was a nice home in a nice area of Dallas, TX. The owners had moved out some years prior and had it rented to tenants. These tenants had stopped paying rent and the owners were unable to carry two payments so they began to fall behind. They had contacted a few real estate agents but each agent echoed the same bad news, “we can’t list this property because you owe more than the current value.” So the owners looked elsewhere and went online to find someone to help. The online lead service provider, WeHaveHomeLeads.com, sent the lead to Brian. If you want to use that same service, use the discount code “WHHL2008” to get a far reduced monthly rate off the retail price. After receiving the email, Brian contacted the owners and they were, by this time, ready to do whatever it took to avoid foreclosure.

Brian followed the Short Sales Step By Step plan to a “T” and before long he was negotiating with HSBC Mortgage Services. The full payoff when Brian first got the deal started was $129,798.34. Using our Lender Database as his secret weapon, he got HSBC to accept a payoff of $68,424.97. What he needed now was a buyer. He knew it would sell for $119,000 all day long but the tenants had left the property less than perfect.
We showed him the “bang for your buck” ways to get the house prepared for a retail buyer. He got a carpet cleaner, a house cleaner and a junk remover over there and a few hundred bucks later, it was ready to go. He still didn’t believe it was going to work because he felt it needed new paint and some other items. He was a perfectionist and wasn’t used to not fixing up a property to make it perfect. We opened his mind to a whole new world with this style of selling real estate.

It came as a shocked when we told him to list it for $99,900. Brian thought he would be leaving $20,000 on the table if he did that. We told him a bird in the hand is worth two in the bush (no pun intended). So, once again, on faith, he gave it a try. Like clockwork, buyers agents were scheduling showings left and right. Within a week, he had three solid buyers who all wanted the property. With so many buyers to choose from, he was able to pick the one that gave him the highest price (which happened to be $104,000) and the fastest close time. Plus, these buyers we not nit-picking the whole house because they knew they were getting a great deal. They could look past the ugly blue paint in the 2nd bathroom and the old vinyl in the kitchen.

Exactly 28 days from the day he picked his buyer, Brian closed on his first short sale deal making a profit of $27,903.89. He didn’t borrow any money, he didn’t need any cash to close the transaction and he walked away with an enormous check. Plus, the sellers were thrilled to avoid foreclosure and the buyer’s thought that they had basically stolen the house for the price they got it for. In fact, the buyers hugged everyone in the closing office after they signed the papers because they were so happy about the transaction. That’s what I call a win-win-win deal.

Wouldn’t you like to be in his shoes right now? YOU CAN! Join the exact same program that has changed Brian’s life and so many others like him. Click HERE.

Michele Evans

LOS ANGELES, CA – For Michele Evans, the idea of being in an independent real estate investor had never even crossed her mind until recently. She grew up in a middle class family and she always felt like her father obsessed over making more money. So, even as a small child, she was turned off by the prospects of making tons of money and subsequently, embraced her more artistic side, hoping to be a creative force in the world. However, after becoming a mother of three (and living in the most expensive city in America), Michele’s stance on money began to change. Even as a smart, capable, educated woman, she found the need for money becoming higher and higher on her priority list. Soon after making this distinction, she met a successful real estate investor and he recommended she read Think and Grow Rich. This opened up a whole new world to her and she proceeded to devour every personal finance book she could get her hands on. She eventually stumbled upon our mentorship program on a webinar and saw the incredible value of having someone to hold her hand every step of the way. She signed up with us the first week in February 2009. In less than 4 months from her start date, she made $88,932. Here is a video detailing the remarkable true story. And below the video are all the nitty gritty details on exactly how she made such a huge amount of money in such a short period of time.

Michele Evans $88,932 Deal Video