I am listening right now to a 2 audio tape cassette titled How to Argue and Win Every Time: At Home, At Work, In Court, everywhere, every day.   The inside jacket said if you enjoy listening to this, you may also be interested in You can negotiate anything by Herb Cohen, You’ve got to be believed to be heard, by Bert Decker, and Selling You, by Napolean Hill.    This is actually very good, it tells you how to capture people’s attention.   It tells you what to say and what not to say to be heard.  He focuses on how to get listened to.  One quote I like is “To be liked one must be respected, to be respected one must be believed, to be believed one must be believable….” It’s a longer quote then this.  He talks a lot about smiling and telling the truth, is known for speaking at different events.

It talks a lot about arguing in relationships, and sometimes losing.   He talks about following the pain. He says healthy relationships will have anger. He even talks about following the pain for yourself.  Detect it, but later on deal with it, examine it.  He talks about how to talk to children.  There is a segment on arguing at work, and understanding the corporate game.  What do we want from the boss, what can we say to get a raise, how can he/she implement our ideas, how can we get respect.  Your releationship with your employer, how does it work. He talks a lot about the difference from people and corporations, and recognizing the differences.  He talks about arguing for a raise, and how it could benefit everyone.

This tape set was different than what I thought, and I would recommend it.

www.RonOrr.com

Why do lenders do loan modifications?

The easy answer is it can be a win-win situation for the borrower and the lender.  Homeowners get to keep their homes and lenders save on their own investments and will prevent additional costs that would be accumulated by legal and maintenance of foreclosed properties. These can also be referred to as Home loan mortgage modifications. Let’s go over some of the things that we know about mortgage modifications:
The mortgage balance after a loan modification could exceed 100% LTV, or it may exceed original loan amount.
Fees accumulated through the service of the loan modification are not supposed to be paid through the modified mortgage.
The modified loans these days must have fixed rates.
The lender will want the modified loan to be in the first lien position.
Monthly payments must be affordable for the borrower.
You must fully reinstated mortgage modifications.
Interest rates are often reduced, or the loan term extended
The lender may decide to re-amortize the total unpaid amount due over the remaining term of the loan
They are likely to add the arrearage to the mortgage balance

There are some basic qualifications:

Lenders often require a minimum of 2 late payments, at least 61 days, and/or 3 full payments due. However, it is not impossible for a mortgagor or borrower to be persistent and possibly change a lender’s mind as long as the requirements below are met. In today’s environment with the help of the government you are likely to get a lender to be more flexible even if you aren’t behind like this.
It has been said that the origination date must be at least 12 months before application of loan modification.
The property with the mortgage should be the borrower’s primary residence.
You must have the ability to repay this debt.

Here are some benefits:

Borrower Benefits:

1.Often it can save the borrower’s home from foreclosure

2.It can be a much faster, and more simple process than refinance

3.Can be more affordable and less fees than a refinance

4.Payments are more affordable for the borrower

5.Terms are changed towards borrower(s)’ benefits or ability to pay (such as a change in a lower interest rate)

6.Often it can save the borrower’s credit

Here are some Lender Benefits:

1. The lender will have a borrower still making mortgage payments which looks good on their balance sheets.

2. This could save lenders thousands on foreclosures

3. The lender would have fewer delinquencies, or mortgage defaults in their portfolio.

Here are some reasons why you may want a professional loan modification person handle it for you.  I have heard from some people that due to the banks having too many loans to work on, the lender is more likely to work closely or give higher priority to someone that is a broker or a professional as it’s more efficient for the lender.   You can save time and money by getting your one chance to do it right with someone that knows what they are doing.  An expert knows how to negotiate on your behalf and what questions to ask the lender and which to expect.  Based on knowledge and experience the experts and expedite or speed up the process.   Many borrowers don’t want to have to be stressed out or worry about these things, so let a professional handle this.

Email me ron@minnesotainvestors.com and I’ll put you in touch with someone that does these for a living.

If you feel that a short sale would be better for you please visit our Minnesota Short Sale Homes article

www.RonOrr.com

I am listening to the 2 cassette audio set named: Guide to Investing: What the rich invest in, that the poor and middle class do not!

This is a very important tape to listen to, I have listened to almost everything that Robert Kiyosaki has come out with.  Some of the important topics that are discussed are different entity types such as C corporation, S Corporation, Sole proprietorship, LLC, LLP, and which one is best for most people based on asset protection and tax advantages and disadvantages as well as flexibility.  There is a lot talked about what a liability is (something that takes money out of your pocket) vs. what an asset is (something that puts money into your pocket) , where someone’s own home is often thought of as an asset, but it takes money out of your pocket, therefore should reflect that on your balance sheet.  One of the most important concepts you can learn from this audio is the different types of money such as passive income, earned income, etc and how it’s taxed.  It’s explained that most of the big and easiest money you make can be taxed at a much lower rate than the hard earned money at a high tax bracket.

You will get to hear the story of Robert Kiyosaki from how he started in Nylon wallets, to how he has learned lessons in life about money and business. You will get to see how he evolved into real estate based on the lessons.   It’s said you should focus on building your own business instead of getting a second job, and the reason is that the second job is earned income at a higher tax rate, where as with your business you can get taxed differently.  The tape talks about how much you can learn from starting your own business.  The second tape gets into opening a public company and going public and getting others to invest you in you.  It talks about working on a business concept based on demand what is needed in the future.  They talk about raising money when you try to make your company go public.  They talk a lot about how it’s now the information age and how to take advantage of that and use it to your advantage.  There is talk about joining a network marketing company when you decide to start your own company. There is talk about how the rich have their assets working for them, and a lot of talk about control of assets.  I would recommend listening to this tape set.

www.RonOrr.com

This is a good video with Tony Robbins on the Today show in the morning talking about getting through a slump and the current economy.  He has a few good stories in this video, I have watched it a couple of times, it’s only 5 minutes and 39 seconds.  The segment is named Turbulent Times America’s Crisis of Confidence.   Matt asks him about looking for the bright side, seeing the glass as half full.  Tony refers to where he was during 9/11.   Tony talks about us needing to get ready for tough times, and how most of us aren’t use to this kind of economy and how we have to learn to ride it out.

www.RonOrr.com

Tony Robbins teaches how to change your state of mind.  I have seen him in person and understand how he does it, and has it triggered, it works much better in person than on audio, but either way it works pretty well.  He talks about Andre Agassi and other popular clients of his.  He talks about depression and how people act.  Tony talks some about his previous relationships he has had.   Tony says he thinks the depth of life is missing for most people because they are communicating through technolgies, etc.  Tony talks about some of the people he has met, including world leaders, he talks some about Mike Tyson and conversations he’s had.  This is a 12:32 time elapsed video.  Tony talks a lot about how to look at your life, and also about failures.

www.RonOrr.com