How anyone stop foreclsoure AND REFINANCE GUARANTEED

Morethanaloanofficer · Joined: 05 Jul 2005 Posts: 1

Hello
Everyone I am a real estate investor and a customer oriented loan officer that has devised a way for people in foreclosure to keep there homes even when they have the worst credit possible. I have see every scenario and i DON'T CARE WHAT YOUR SCENARIO I CAN HELP YOU OR SOMEONE LIKE ME.

Now that I have said my part let me expalin why I have nade my claim. ANd before you critcize have an open mind.

First and foremost we must decide who is in foreclsoure how much time they have, how much equity they have if there is some and what there credit score is once we establish those parameters we are good to go. Also the experience of the person helping you matters a whole lot.

Ok lets me give you a scenario lets say you in foreclosure and have like 20 days left and you have a 500 or above credit score and some equity no problem you can all any bank and they will refinance you. It might be at a higher interest rate but at least you get your equity. If I was that person I would take the money transfer all my credit card debt over to a new non interest credit card they advertise for say a year and pay off some of the debt. Next I would take some of the money using amothod I know and negotiate with any of my creditirs who have reported to me unfavorably that I want to pay 25 cents on the dollar and have my report that debt as either paid on time or paid satisfactorily. Then depending on how much you have left take a cruise to maui nah just playing! lol Next I would go to my local bank only local banks and open a passbook saving account for 1,000 to 5,000 dollars. I would come back in ten days and ask the bank if I can borrow some money against that money in the savings and open another account at another local bank and payoff the first loan. What this does is that the banks report this the bureau and they raise your score. by at leat 70 points

Well what has that go to with foreclsoure people ask. Well in order to refinance again you have to have a plan in place so you won't be discriminated against by the banks based on your credit score make sense. They don't have to discriminate with race they'll do so with your credit score. Also I would put about a 6 months worth of mortgage payments away from money you got when you cash out first. Forget that credit card debt. That can be negotiated or transfer because its unsecured
and the creditors know this.

Here is another scenario for person with under 500 credit score and or about 7 days left until foreclosure. First and foremost you need a person with good credit and some money to apply for a new loan and pay off your mortgage. What makes a person do this well they get the new loan and the proceeds go in a trsut and you split the equity with them. Now the persons name is on the title but you sign a lease purchase agreement with exclusive rights to buy bank you house at preset price. Usually and only for the price this person got the new loan for. This protect you because they cannot sell the house to anyone else with out you excerise your option. If fact if they try a cloud will go on the title when they try to sell. Also they can't refinance because when they do the title search they will see that a purchase agreement between you and they buyer has already been signed. Now have the person you sign the agreement with report your your payments to the credit bureau so they in a year it shows that you have been paying against a mortgage. Next repeat the steps about cleaning up your credit as advised earlier. Also so you won't lose your option to purchase if you late on a payments escrow say 6 to 1 years worth of mortgage payments in advance from the money you get in the equity split. So any payments you make with your own money with just add on to the process. Also I warn anyone have a third party collect the payments from you so that should go to the new owners of the house and have them pay the mortgage company not him or her. So you are protected.

The nane of the game is restore your credit so you can get a better loan on your own.

If anyone has any questions relating to this process or wants to discuss a scenario I haven't mention please give me a call at

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

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