Bill Bronchick is an expert real estate advisor who provides mentoring for dealing with foreclosure issues. Investors looking to make huge profits may use a number of options to deal with the homeowners.
Bill Bronchick provides Coaching to Invesors on Foreclosure Options
Bill Bronchick is an expert real estate advisor who provides mentoring for dealing with foreclosure issues. Investors looking to make huge profits may use a number of options to deal with the homeowners. Options like reinstatement of loan, repayment loan, loan modiification, forbearance agreement, special forbearance, deed-in-lieu, cash sale, short sale, refinance, and do nothing can be used by an investor. Bill Bronchick’s coaching classes explain all these options in details and the advantages of each option.
In reinstatement of loan, the lender is payed everything that is owned in one lump sum to include missed payments, any late fees associated with these payments, foreclosure fees, legal fees and the principal owed during the delinquency. A cure may involve the seller curing or deeding it to the investor "subject to" the exisiting loans, who will cure. There is a risk to the homeowner that the lender may accelerate the loan because of the due-on-sale, and the homeowner no longer owns the property and has no recourse of the investor doesn't pay the loans.
In a repayment loan, there is a written agreement between the lender and the seller. These plans require higher payments than the regular monthly mortgage amount for a period of time until the loan is brought up-to-date. In his coaching classes, Bill Bronchick explains that in forbearance agreement, the lender will allow the homeowner a period of time (3-6 months typically) of either low payments or no payments at all. Unless the loan term is extended (which happens rarely), the later payments generally will have to be higher than the original monthly mortgage payments until the loan is up-to-date.
Bill Bronchick, CEO of Legalwiz Publications, is a nationally known attorney, author, entrepreneur, and speaker. Mr. Bronchick has been practicing law and real estate since 1990, having been involved in over 1,000 transactions. He has trained countless people all over the United States to become financially successful, speaking to audiences of as many as 16,000 at "Get Motivated" events sharing the stage with names like Rudy Guliani, Steve Forbes, and Colin Powell.
His best selling book, ‘Flipping Properties' was named one of the ten best real estate books of the year by the Chicago Tribune. Bill Bronchick is also the co-founder and President of the Colorado Association of Real Estate Investors and the President and Chairman of the College of American Real Estate Investors.