Foreclosure and Bankruptcy Overview
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Foreclosure and Bankruptcy Overview

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Overview of the virtual bankruptcy assistant field.

Overview of the virtual bankruptcy assistant field.

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Foreclosure and Bankruptcy Overview Foreclosure and Bankruptcy Overview Presentation Transcript

  • Foreclosure Mediation Victoria Ring, Certified Paralegal Sponsored by 713Training.Com LLC
  • Overview The topics covered in this presentation are: Current Foreclosure Rates Current Bankruptcy Statistics Prospecting Methods Finding Work as a VBA Gathering Information Overview of Schedule I and J Closing the Deal Reaffirmation Agreement Mediation and Proposal Non-Compliance Issues Foreclosure Bankruptcy
  • Foreclosure Statistics April 112% Rise Over the First Quarter of 2007 2008 1 in 194 homes have been repossessed Foreclosures increased in 46 states and April 90 of the nation's 100 largest metro areas 2008 April Even “safe” areas had an increase; 2008 i.e., Connecticut saw a 300% increase The worst areas are the Southwest with April an average of 1 in every 54 homes. 2008
  • More Foreclosure Facts 2,934,626 foreclosure listings in the US. The top 5 foreclosure states are:  California - 303,777 foreclosure listings  Florida - 191,706 foreclosure listings  Ohio - 105,880 foreclosure listings  Texas - 79,683 foreclosure listings  Georgia - 52,210 foreclosure listings
  • Bankruptcy Statistics Sept Filings increased 28.6% over the 2008 same period one year ago Total of 88,663 filings in September; Sept an average of over 2,955 per day! 2008 Year Bankruptcy filings are higher in 2008 2008 than before the law changed in 2005 9,743 business filings in last 90 days; Sept an average of over 108 per day! 2008
  • What does this all mean? It means there is enough work out there to provide you with: • A secure, long-term career • The chance to escape financial problems others are experiencing • The ability to help people Your Foreclosure Mediator living on Main Street America • Knowledge in knowing you are making a difference in someone else’s life!
  • Prospecting for Foreclosure Clients Foreclosure ads are considered bogus Locating Legal newspapers list homeowners actual foreclosures who are Most people do not prospective answer phone clients for Too general of an your audience 80% foreclosure mediation services is 5% through your 10% local legal TV and 5% newspaper. Radio Direct Advertising Sales Legal Newspaper Newspaper Advertising
  • Finding Work as a VBA Skilled Virtual Bankruptcy Assistants are in high demand and can basically pick and choose different areas of law to work in. Debtor Creditor Divorce Foreclosure Bankruptcy covers a wide field Medical
  • Locating Bankruptcy Attorneys: http://www.nacba.org http://www.lawyers.com
  • Gathering Basic Information Amount of debts owed; both secure and unsecure Also monthly expenses like food, clothing, etc. General Asset and Financial Liability Statements Documentation Qualifying the Prospect Foreclosure Mediation The payment history of the is not the solution borrower is also deciding for every situation factors in mediation
  • Schedule I: Income
  • Schedule J: Expenses
  • The Borrower is Number 1 Mediating with the Financial Institution There are a variety of different ways to mediate with the lender and each situation will be unique and different. Two Examples Are: Various mediation techniques are 1. 2. Modifying the Forbearance and available terms of the reamoritization loan
  • Mediation in Bankruptcy Different Chapters that are filed in bankruptcy effect the mediation 7 13 11 Chapter 7 is a complete liquidation of 9 Chapter 13 allows the unsecured debts debtor up to Chapter 11 are five years to for debtors or pay arrearages For farmers businesses who owe more than $250,000
  • Closing the Deal Bringing Together in Harmony Negotiating with Lender Information Research and Strategic Planning
  • Reaffirmation Agreement • Attorney must supervise Compliance Filed in Court Debtor must comply with the terms of the Reaffirmation Reaffirmation The Reaffirmation Agreement or lender Agreement is filed in may be able to seize court and signed by Information The Reaffirmation the debtor(s) property immediately Agreement is negotiated between Debt, asset and attorneys for the liability information is lender and debtor gathered to determine what the debtor can afford. A Reaffirmation Agreement provides a built in protection for the lender if debtor does not comply.
  • CONTACT SPEAKER: Victoria Ring: http://www.713training.com