There is a lot of cash in the market - which normally comes from investors. So, if investors are in the market why aren't you?
This investor spent $550K to get a $35K/year income. Most people only need 1 or two of those to be able to retire and pursue other interests. Have you done it yet? Are you ready to start? What's stopping you?
Up front fees have always been a problem. Once you pay the fee, how do you get ANYONE to do what they have promised?
When I work with contractors, they are legally bound to take 10% of the contract price for the job or $1,000, whichever is less. If a contractor asks for anything more, I run to the hills.
As a Realtor, I can charge a per hour consulting fee but if I become a partner with the Seller and take the risk of the house not selling, I charge a percentage of the sale and I only get paid if and when the property sells.
This week I got a call from a client. He had been contacted by a loan modification company that promised him a loan modification at a super low rate. In order to get him the loan modification, that would save him almost $100,000 over the life of the loan all he needed to do was to send them $3,500.
Did you know that up front fees for loan modification is ILLEGAL in California?
When people are desperate they do crazy things.
Did you know that there was a survey of people that play the lottery and that a fair percentage of them are folks that are at the end of their rope and throwing money at the lottery hoping for a miracle.
Throwing money at a loan modification company is just like throwing money at the lottery. Your odds of winning are super low and most people lose their investment and possibly the house.
There are ways of getting a loan modification that doesn't require an up front fee. And, at the same time, the odds of getting a loan modification are extremely low.
I know things are tough, I know you are desperate but please, throwing money at the problem won't fix it and will probably make things worse.
