Refer Distressed Homeowners - Get Referral Fee

victordscott · #1 (**permalink**) 01-01-2007, 07:40 AM

ForeclosureHelpNetwork.com prevents foreclosure. When you come in contact with distressed homeowners and can not refinance or help them, refer them to ForeclosureHelpNetwork.com. If we are able to help the customer, we will pay a referral fee. If we save the home from foreclosure, the customer may become a refinance candidate at a later time (we also offer credit restoration).

http://www.ForeclosureHelpNetwork.com

Victor Scott, Vice President
ForeclosureHelpNetwork.com

florida man · #2 (**permalink**) 01-01-2007, 02:13 PM

Hi foreclosure dude:

Question:

What exactly can you do for our client that we cant do using our hard money lenders? Our hard money lenders can save ANYONE if the LTV is right.....

Can you save a foreclosure at 100% ltv ? In this market?

besides the dubious 'credit repair' , what exactly do you do? Straw buyer?

let us know what it is that you do.....

victordscott · #3 (**permalink**) 01-01-2007, 04:07 PM

We are not in competition with hard money lenders and credit restoration is not our main business. If a distressed homeowner wants to maintain ownership of the home, we negotiate with the mortgage company to help the homeowner get caught up on the mortgage payments. If the homeowner, wants to sell and move on, we help them with that as well (short sale negotiation, investor referrals, etc.). That is what we do. I mentioned credit restoration because many of the homeowners that we help get caught up on their payments need to refinance sometime afterwards (because of adjustable rate mortgages, etc.). In that case, we may help restore their credit. If that particular customer was referred to us by a mortgage consultant, we refer the customer back to the mortgage consultant when the customer is able to refinance. However, credit restoration is not our main business and it is hardly mentioned on our website.

Victor Scott
ForeclosureHelpNetwork.com

florida man · #4 (**permalink**) 01-02-2007, 05:05 AM

victor

as someone who was a debt collector for 16 years, now a mortgage professional for 2 years, i still have no idea what the deal is here.

negotiate a forebearance agreement? From my understanding, ALL banks will be more than GLAD to make a forebearance rather than have to foreclose. I dont see there being a huge need to get an 'agent' for the homeowner in that case.

If the homeowner wants to sell and move on, then i am certain we can find them a realtor who would be more than happy to find them an buyer to take the property for more than the 50% appraised value that you would be offering him to walk away.

I have the best alternative to foreclosure:

instead of 15-18% interest and 4 points up the front to a hard money lender (thats if u have at least 30-40% equity ) .... or the straw buyer, sign over my house to you investor routine.............

call this number instead:

1 800 -CHPT -13 -BANKO so that you can keep your house regardless of LTV and the JUDGE will make a payment plan that you can AFFORD.

If your house is already 95 -100% LTV -then sign over the deed to the lender, provided they waive the deficiency clause, which they will do to save the legal costs on foreclosure.

jonnyd · #5 (**permalink**) 01-02-2007, 11:33 AM

hmmm any comeback to that forclosure dude?

victordscott · #6 (**permalink**) 01-02-2007, 12:19 PM

Here is my comeback jonnyd. There are multiple ways to prevent foreclosure. Loss mitigation (our way) is one of the best and should be considered before filing bankruptcy. In fact, most of our clients are trying to avoid bankruptcy. As for the implication that we do not provide a valuable service, our success proves you wrong. Most distressed homeowners do not know about loss mitigation options (they have not even heard of forebearance agreements or any other loss mitigation option). Furthermore, the mortgage company representatives are not explaining these options. The reps simply tell the distressed homeowners that the arrears balance plus penalty fees need to be paid in full to prevent foreclosure. For homeowners who want to sell their home to avoid foreclosure and they do not have equity, we negotiate a short sale to make the property attractive to investors. We clearly provide a valuable service. I spoke with a customer today who knows about bankruptcy, but wants to avoid it. That customer decided to attempt to solve the problem our way first and if the propery variables are in place, our success rate is very high.

Victor Scott
ForeclosureHelpNetwork.com

florida man · #7 (**permalink**) 01-02-2007, 02:27 PM

hi victor

I want to wish you luck with your venture , however, i believe in good faith that the real deal here is to just find distressed properties to purchase and flip.

I believe in good faith that lenders will BEND OVER BACKWARDS to avoid bankruptcy. They WILL tell the homeowner every single option avail to them.

I have met SEVERAL clients in forebearance and all had no idea what that was before they started. I have met SEVERAL clients who were behiind on their payment -even 30 days - and their lender BENT OVER to work out how to catch up over 3 months.

The 'real value' as you present it is some kind of 'paralegal' service to help the homeowner save his house whereas i content that we brokers can easily advise them the same way.

I dont understand where we have the borrower and need to pass them onto you? I dont understand the real 'niche' here that we cant do for our borrowers.

Besides the 'advise' angle that we brokers can do for the borrower too....what niche do you have as a LENDER to help the borrower. This is what you have to have for us to give our clients over to you.

All i see is the REAL MONEY for your company is to take the house and flip it. or do the straw buyer /lease to own option to get it funded and out of banko.

victordscott · #8 (**permalink**) 01-02-2007, 05:35 PM

We did not start the business to purchase and flip properties. If we did, there would not be anything wrong with it; however, that is not the case. We are based in Georgia which is at the top of the foreclosure list for the country. We would not advertise our business nationwide if we were in it to purchase properties. We would just advertise in Georgia. Furthermore, we do not have the money, credit, or time to purchase foreclosures nationwide. The bottom line is that I do not have to prove to you that our service is valuable. The evidence it everywhere that our service is valuable. As for why a mortgage consultant would refer distressed property owners to us, the answer is simple. We are able to help their clients when they are unable to help them, we offer a money back guarantee to the customer they refer, and we pay referral fees. We have had hundreds of mortgage consultants sign up with us and many are referring customers they can not help to us.

Good luck to you as well.

Victor Scott
ForeclosureHelpNetwork.com

florida man · #9 (**permalink**) 01-02-2007, 08:14 PM

cool

good luck victor and thankyou for offering your service

cheers