1 Texas Foreclosures

Transcription

1 Texas Foreclosures 1

2 Slides and Opportunities available at

3 3 What Are Liens?

4 Debt On Property Many Types of Liens 4 Mortgage Mortgages are the most common lien we deal with Tax Both Federal and Property tax delinquencies can result in a lien on the property Mechanic s If someone has work done on their home and does not pay the professional, the pro has an option of placing a lien on their property for payment Child Support Sometimes liens against a person can pass through to property that they own

5 Date Is The Only Thing That Matters Lien position is determined by the date it was filed 5 JANUARY FEBRUARY MARCH Mortgage BOA Mechanic s Joe the plumber HELOC Wells Fargo

6 Buyer Foreclosure Date Is The Only Thing That Matters Lien position is determined by the date it was filed 6 JANUARY FEBRUARY MARCH Mortgage BOA Mechanic s Joe the plumber HELOC Wells Fargo

7 7 Foreclosure Buyer JANUARY FEBRUARY MARCH Mortgage BOA Mechanic s Joe the plumber HELOC Wells Fargo

8 8 Texas Foreclosures

9 IMPORTANT DATES 9 Feb January December June Texas Tuesday Posting Notice To Cure Dodd-Frank Foreclosure occurs the first Tuesday of every month. 21 days before Texas Tuesday A 20 day Notice To Cure is sent 20 days before A Lender must wait 180 days before starting foreclosure Period. posting

10 What Should You See 10 Minimum Latest Mortgage Statement Real Need- Sub2 Reinstatement Quote Real Need- Cash Payoff Quote

11 11 What Do They Owe?

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13 What s On The Statement? 13 Total Due Payment UPB Unpaid Adv. Escrow Bal. $16, $ $86,443 $1, $4,384.22

14 How Much Of The Arrears Affects The UPB? 14 Total Due $16, UPB $86,443 A: All Of It B: Some Of It C: None Of It

15 What Makes A Payment? 15 P PRINCIPAL T TAXES PITI I INTEREST I INSURANCE

16 P I T I!16 PRINCIPAL INTEREST TAXES INSURANCE $500 $500 $500 $500 = $2000 $500 $500 $500 $500 = $4000 $500 $500 $500 $500 = $6000 $500 $500 $500 $500 = $8000 $2000 $2000 $2000 $2000 = $8000

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18 How Much Of The Arrears Affects The UPB? 18 A: All Of It Total Due $16, UPB $86,443 B: Some Of It C: None Of It

19 Reinstatement

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21 What Makes A Reinstatement? 21 P PRINCIPAL T TAXES FEES PITI I INTEREST I INSURANCE

22 Payoff

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24 What Makes A Payoff? 24 P PRINCIPAL T TAXES FEES PITI I INTEREST I INSURANCE

25 25 How can you stop foreclosure?

26 Ways To Stop Foreclosure (FC) 26 Bankruptcy Loan Mod Payoff Reinstatement Probate BK will ruin their credit but stop the FC Dodd-Frank prohibits FC Funds must be received by the Friday before Funds must be received by the Friday before A property in probate may not be foreclosed on

27 Free Leads 27

28 Appointment Of Substitute Trustee 28 Deed Of Trust Public filing States original loan balance Trustee is who will handle the foreclosure

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31 31 Negotiation Tips

32 32 Head Heart Gut

33 Head 33 Needs all the details You can never give a Head person too much information/detail Works based on logic Does this make sense for *their* situation? Loves numbers They want the bottom line and don t want to waste time

34 Things Head People Say 34 Keep steering the convo back to the numbers Quickly disinterested when you start using emotional language I really need to think this over actually isn t a big head person thing

35 Heart 35 Makes emotional decisions They need to like you Visualization is huge Paint a picture of what their life will look like by selling to you Loves to imagine the house as animate This house is perfectly fine to live in but she needs some love, and that s what I do

36 Things Heart People Say 36 Talks about memories in the home Probably has mentioned their family several times I really need to think this over.surprisingly is a heart person phrase (usually)

37 Gut 37 Makes quick decisions They need to feel like they like you First impression is huge Regardless of their decision factor, always put your best foot forward Will reach a Leeroy Jenkins moment if you play your cards right The gut person often presents as a head or heart. Feed that center hard enough and they ll pull the trigger

38 Things Gut People Say 38 Changes subjects a lot Starts off interested in numbers, but quickly glazes over Is interested That you can appeal to the heart, but loses interest in the stories Typically very outgoing/friendly/confident

39 39 The Sleazy Salesman The Sleazy Car Salesman Feeling is nothing more than a mismatch of decision centers (i.e. Pitching Heart to a Head or Head to a Heart ) 66% Chance you re wrong

40 Head Jerk Head Boring Heart Sleazy Gag Heart Idiot Jerk Gut Gut

41 Who do you think most often hits foreclosure?

42 42 Replay and Slides available for a limited time at