FORECLOSURE PREVENTION INSTITUTE, LLC

     My experience with foreclosures began in the early 80's when I lost a very simple real estate transaction due to a foreclosure. I was mystified and embarrassed to realize that I was a real estate agent with 10 years experience in the industry and I knew nothing about foreclosure. Like most people I thought I knew something about it, but in reality I knew very little and what surprised me the most was my peers were equally ignorant.

     So began my quest for knowledge and understanding. There was very little written material, most of what was available was vague generalities without substance, the "mid-night gurus" were offering
snake oil and hyping half told stories and devoid of truth.

     My foreclosure education took place down at the courthouse steps, using my own money, taking my own risks.... and it was an expensive education during my learning curve. Seeing a need and a willingness to be compensated for my education, I wrote a book in 1994 entitled "Insider's Guide to Foreclosure" as a reference for my subscribers to the Foreclosure List that I published weekly in Kent County Michigan. Now is the time to update this book and re-title it to Insider's Guide
to Foreclosure and Loss Mitigation.

     Today there is a mortgage crisis, a meltdown not seen since the mid 80's with the S&L crisis, there is no end in sight, it could become much worse, however, this too will pass. Years ago most foreclosures were the result of divorces, health and loss of employment. Today, in my opinion, this crisis can be laid at the feet of investors' greed. The primary cause of foreclosures today is Mortgage Fraud (fueled by investor greed), Adjustable Rate Mortgages (ARM's) and general economic conditions. Our mission at the Foreclosure Prevention Institute LLC, is to provide you with the knowledge and information that will empower you with the ability to save your home or at least
minimize the financial and credit damage that a foreclosure can cause.

During this current mortgage crisis you have lost 2 options that were typically available:

1. Re-finance out of foreclosure. A few years ago there were lenders who would re-finance if the situation was correct.  Today, there are only "hard money" lenders requiring 40 -50% equity and charging high interest rates.

2. The inability to sell your house. The real estate market is slow, qualified buyers are few and the cost of selling probably exceeds whatever equity you have in the property.

Where are you in the foreclosure process? What do you want to do? To help you, here is a basic outline of the time line of the foreclosure process. It has 3 main parts:

1. Pre-foreclosure (Delinquency in mortgage payments)
2. Legal process
3. Redemption period

Pre-foreclosure legal redemption
X ___30 - 90___X 4 – 6 weeks X (Sheriff Sale) ____Redemption Period____X
Begins ends

For the purposes of this book all of my illustrations and examples are based on the foreclosure laws in the State of Michigan. For those of you in other states, all you need to do is adjust the time line
according to your State laws. The one thing all foreclosures have in common is the 30 – 60 – 90 day delinquencies and the "Demand Letter" from the lender that will start the foreclosure process.

Your options to successfully save your home are the best prior to the demand letter, it's also the least expensive for you. The first section of this book will deal with the foreclosure process, you need
to understand the process to be able to understand your options. The second section will address the Loss Mitigation process and how to save your home. The third section will discuss the Short Sale and a
technique that I have used, it can best be described as "when all else fails". The fourth section will be a step by step process to save your home by loss mitigating. Foreclosure Prevention Institute LLC was founded to provide information for homeowners to help them save their home.

As an additional service to you, because there is no standard when it comes to forms needed when dealing with your lender, I am willing to discuss and share with you the specific forms needed when it comes to your lender. Call my office 800-826-1929 or fax 616-241-5180. If you feel you need coaching or someone to act on your behalf that is available as well with 1st Loss Mitigation of Michigan LLC. Just call to make arrangements.

Sincerely,

David W. Brigle

Dreamlighters' Foreclosure Prevention Institute, LLC

Read more about the In's and Out's of Loss Mitigation at our blogs:

http://jrcaldwell.bravejournal.com and http://www.loanmodification-shortsaleinfo.com and

http://grandrapidshomeplace.com/real-estate/ for niche news

View the two free videos on the Foreclosure Process

Video 1

Video 2

Need a loan modification?

Click here for a Prequalification

Loan Mod Application!

To Join Our Team at Foreclosure Prevention Institute
Click This Link

1st Loss Mitigation of Michigan, LLC

Search Engine Submitter

Next Page or Home

All Content provided by Janet Caldwell Updated June 23, 2009