Business Innovators Radio - Interview with Kevin Coffey & Christina Keller with A Brighter Future Discussing How to Prevent Your House From Going Into Foreclosure

Episode Date: June 10, 2024

Kevin and Christina, a couple of Colorado folks who know what it’s like when things get tough. Kevin grew up in North Denver, and Christina in Thornton. Life can throw some real curveballs, especially when it comes to keeping a roof over your head.But they also know the pain of uncertainty and loss. Kevin’s family faced the heartbreaking reality of foreclosure when he was younger. He watched as their home, filled with love and laughter, slipped away. Looking back, he wishes his family had been thrown a lifeline that offered choices. They’re not just another option; we’re a lifeline, a bridge to a brighter future by offering you choices. Choices like:Learn More: http://www.abrighter-future.comBe advised that A Brighter Future LLC. provides general information and resources for informational purposes only. We are not providing legal advice or investment advice, and nothing on our platform or in our communications should be construed as such. Our materials, including but not limited to articles, guides, and responses to inquiries, are not a substitute for professional legal or investment advice from qualified professionals licensed in your jurisdiction. If you require legal advice, investment advice, or representation, we strongly recommend consulting with licensed professionals who can provide tailored advice based on your specific circumstances. While we strive to ensure the accuracy of the information provided, laws, regulations, and market conditions vary and may change over time. Therefore, we cannot guarantee the completeness or accuracy of the information presented.Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-kevin-coffey-christina-keller-with-a-brighter-future-discussing-how-to-prevent-your-house-from-going-into-foreclosure

Welcome to influential entrepreneurs, bringing you interviews with elite business leaders and experts, sharing tips and strategies for elevating your business to the next level. Here's your host, Mike Saunders. Hello and welcome to this episode of influential entrepreneurs. This is Mike Saunders, the authority positioning coach, and today we have back with us Kevin Coffey and Christina Keller with a brighter future discussing how to prevent your house from going into foreclosure. Guys, welcome back to the program. Well, thank you, Mike. We're glad to be here. Thanks for having us.

You are welcome, and I know this is a passion of yours is to help homeowners in this predicament. And before we get into the details of what you can be doing or considering or maybe there's some things you didn't even know or options, let's talk a little bit about that prevention feature. I mean, it's really powerful to feel like maybe you don't need to be caught in that wave, you know, the crashing waves of it's just, it's just, it's just, it's just. in stone. I'm going to go into foreclosure and lose the house. Maybe there's some things you can be doing to prevent that. So yet it started with understanding what some of the different options could be. Yeah. And, you know, the reason I'm so passionate about this, and I definitely get into options because when I was younger, you know, we we had our house foreclose on. And it was very mostly a dent in my life. And so when I'm now blessed to help others, you know, it's, it's, it's, it's,

passionate because I know what they're going through and I went through it ourselves. But the seven ways, I got seven of them, by the way, Mike, you know, that can help people prevent foreclosure. You know, the first one is to go ahead and just Google, you know, Google Foreclosure Prevention programs. There's a lot you can learn on Google. And so that's the first one we would list. The second is communicate with lenders.

You know, a lot of times, don't be afraid to pick up the phone. You know, so many people are so afraid anymore because there's, you know, we'll just text them or just email them. You know, do the old-fashioned way and pick up the phone and go talk to somebody. And it's important to take notes of who you talk to and the date you talk to them and document everything that's said on the phone. But there's three options. You know, one one thing that I am hearing when you said those first two, number one, when you Google foreclosure prevention program, in Colorado, yes, you can get educated, but be prepared. I'm sure that there is a lot of information out there that even could be conflicting.

So be careful what you're getting into. But I really like that second one because too many times we feel like we're either it's no hope or I'm embarrassed. So I'm not going to communicate with the lender. I keep getting those lenders and I'm just going to stick my head in the sand, so to speak. So I think that's a powerful point that you're bringing up is a lot of times the lenders want, they don't want to go through the paperwork and the cost and all that. So communicating is a really key point that you're bringing up. Yeah, that's a great point you made.

So I think the first option they would have with the lender is just to refinance, talk about lowering the rate. You know, that's the one that's most commonly comes to people's mind. The second option that people aren't aware of is a loan modification where you lower the rate or they'll even do an extension of your terms. And sometimes it'll even change what kind of loan program that you're in. So that's the second one. It's called a loan modification.

And by the way, I won't go into a lot of details on these because we're going to offer a package that will have a lot more information for those people who need more information. And then the third one is a forbearance agreement, which is basically they'll allow the homeowner to pause or reduce their payments for a limited period of time. and so that would be kind of the options they would have with the lender. You know, I think that a lot of people have heard of, oh yeah, refinance. I've heard of that before, but like you were saying, loan modification forbearance, many people might not have even heard those phrases or know that there are opportunities. And if you can communicate with that lender, see if that's even an option. Talk with someone like yourself, like the package that you're talking about where you can kind of guide them through that process.

That's kind of now you're getting this glimmer of hope going, well, maybe there's some ways that we can prevent this. It's a great point. Now, here's another thing. I won't go to a lot of detail, but I'm glad you jogging my memory. A lot of these in these two last two programs, it kind of could be a setup to the homeowner, because if they go into a special program with the lender, and they end up being late on the payment, it automatically goes to foreclosure. So they have to be very careful of if they negotiate with the lender the terms of what the lender is offering them. And once again, they'll be in our package that we offer people at the end. It's the foreclosure rescue packet, but they need to be careful. So in other words, the lender is going, okay, we're going

to give you this one last chance. Here are the terms. And there is no deviation. So that's a great point that I would have not even thought of. And I don't know the process of anything, but that's great that you're bringing that up because if you enter into that, it's not just like another, oh, good, it bought me some time. I might be able to get back another 60 or 90 days late. Uh-uh. If you, if you're not going to follow that, there's some consequences. Exactly. You just know that's exactly right. Good. So what are some of those other options that you were mentioning? So we have a number three that we're going to talk about today. It's deed in lieu of foreclosure.

And that's where a homeowner voluntarily transfers ownership of the property to the lender. and in exchange, a lender releases the borrower from their mortgage applications. Once again, be careful because if they do a short sell or offer a lower payoff rate, there could be some coming back on the owner for the difference. So we'll talk a little bit more about that in some of the other options. That's a really good point because I think a lot of times people go, oh, good, you're going to transfer ownership, you've got it, wipe my hands clean, but what if some other things happen like it doesn't sell right away or it sells for less than value? There could be

some ramifications coming back to be aware of. Absolutely. And number four is chapter 13. Now, let's talk about this. So number one, we're not giving legal advice, but I will tell you this. filing chapter 13 is fairly easy they can go online and and file chapter 13 so why would chapter 13 apply to this well you can file chapter 13 is a is a form of bankruptcy yes sir okay and the reason why it's important to know is you can file a chapter 13 the day of your property going to foreclosure or the day before i should say and stop the foreclosure it buys you time and that can be done online, but of course, that buys time for them to either do some of the other options we have. But like I said, before they do that, they need to talk to an attorney.

We are not attorneys or giving legal advice, but it's an option for people. Yeah, you better have your legal advice in place and a plan of action for once it's filed to know, okay, now we're going to do this step, this step, this step. So you have a kind of a way forward. Yeah, it buys them time basically is what it does. So that may be an option. So then number five is maybe they just sell their home, Mr. Saunders. You know, a lot of people can just list and sell their home if their home's in good shape.

And that would be a great option. But here's a matter of the fact. A lot of homeowners are basically in a property. It's going to see more and more of this. They're going to owe more on the property than what they could sell it for after all the realtor fees and all the other fee. So what they're, what they don't realize is they can do a short sale, um, and avoid a foreclosure being on the record. So that could be an option if they're looking to sell at the other, uh, challenge that they may run into, uh, is the homeowner may be

facing is that they can't list their house because her house is in bad shape. So they know that, hey, if I list my house, the average person's not going to be able to get financing, you know, FHA or conventional financing. So they're in a rock and a hard spot. They're sitting there with a house that needs a ton of fix-up, some major repairs. And they know that they can't list in the average person buy it. So they're going to get investors come in and say, hey, Mike, I've got a deal for you. Sell me your house as is.

And that deal, though, is going to benefit the investor versus the homeowner. they're going to offer pennies on the dollar, right? Absolutely. Many times they will go away with very little or nothing at all. So one of the things that's in our package and that we're going to talk about is number six. It leads me right into number six. And it's our more money for you program.

And, you know, Christina are going to tell you the story at the end, but this dawned on me, how we could help homeowners substantially that are going to foreclosure or facing foreclosures. but here's what we came up with. We said, wouldn't it be a great idea if we could go to a homeowner and say, hey, listen, we'll make up the back payments for you. We'll buy your time and we'll renovate your home. So we'll put money in your home. We'll put it on the market.

This allows to sell it for a nice net profit for both the homeowner and us. We'll split the profits when we sell it. So in our program, you know, the owner, The homeowners, the homeowner is putting in no money. We're putting up all the money. And we're sharing some of the net profits. It's going to put a lot more money in their pocket than, like you mentioned, investor coming in and taking advantage of their hardship and saying, hey, here's three

bucks, see you later, or $3,000, see you later. Yeah. That's pretty, like you said, I mean, if you pitch that to a homeowner and said, now you just got to go out to all your friends and family and come up with X number of dollars and I'll do all this. No, you guys are putting up the money. and then when it sells, you've got it in writing to split the profit, whatever percent. That's a fair, that's a fair program.

Yeah, I think we're the only program I know of that really does a fair split and puts everything in writing. That's a key point, you know, if anybody's going to verbally give you a program, make sure everything's in writing. You know, if they're saying something, they may do something differently. So as you people will find out if they Google my name. I've been around a long time grew up here in Colorado. My reputation means more than the money I can earn. So everything we do is in writing Christine and I. So our reputation means a lot to us.

And do you find this came to my mind, do you find in this industry where some investors or companies that are looking to help people in foreclosure tend to be way out of state? You know, call 1-800, whatever. or we're in California and nothing horribly wrong with that other than the fact that wouldn't it make people feel better that Kevin and Christina are down the road and they'll come to my house and I can shake it their hand. Yeah, I think that's huge.

You know, they will never meet the family. They'll never understand the hardship. So, you know, we're here and we like building long-term relationships. We want them to tell their story to their friends down the road. So yeah, I mean, that's a great point you made. And then we've covered six points and you said there's seven. What is point number seven? Well, number seven is what a lot of people do and they do nothing and their home goes into foreclosure and they don't make any money.

And then they have a foreclosure on their credit report. And a lot of people in this today's world, you know, it's a crazy world. They're they're so stressed out. They're scared. They're embarrassed. So they do nothing. and doing nothing, they often say a problem gets bigger if you don't do nothing about the problem, right? They just kick the can down the road.

That can gets larger, larger and larger. And so they actually, they don't have anybody to turn to, and they don't have anybody offers help or lending hand. And that's what we're offering them. Yeah. We have a great example of that, Mike, where we could have made a substantial difference in some people's lives. we were at an auction where a house in North Glen was sold for $285,000. After the repairs, the home's value increased to $487,000. That was resulting in a $2,000 profit.

With our program, we could have shared the net profits with the homeowner instead of them walking away with nothing. And that could have created a brighter future for that family. Yeah. And it's like the old saying, you just don't know what you don't know. And like you guys just mentioned, this is one of a kind program out there. Not many investors are willing to knock on your door and say, I'll take all the risk. I'll put money in the property. And I'll hope that it sells or sells at a higher amount.

All the risk is on you guys. But in that example there, I wonder how much money it would have taken to put in the 285 to get it up to the value of 487, probably a chunk of change, you know, I mean, probably $30,000 to put into there. But the homeowner doesn't even have the money to keep the payments current, much less 30 or 40. You guys are coming in doing repairs and then here we go. Now the homeowner is walking away with money. Well, just not a substantial. When we did the numbers, the homeowner walks away with $30,000 to $40,000.

That's at least $30 to $40. So that's not a little bit of money. Yeah. we have example after example of people were, that was the cases where, you know, homeowners would have walked with nothing yet. They're walking with 30, 40, some of them even $70,000. That's making a difference in people's life. That's what we call a brighter future.

Well, because you have to think about what's next. You know, when the pain of this foreclosure process, however it pans out, when that kind of is done, where are they going to go? They need to go somewhere to live. So you need some money for first and last month's rent because maybe if you're in that predicate, you can't just automatically easily go out and buy another house. So maybe you're looking at renting for a few years until some credit improves. So you need some money.

You can't just walk away with a buck or two. So having those kind of figures that you're mentioning, that allows you to pay off some bills, catch your car payment up because maybe they were behind on other things to. Put some money in the bank and then go rent your next. place and kind of go, okay, rest start giving me that brighter future. That's really amazing. Well, yeah, you know, I look back and I've actually carried notes on first mortgages. And the situation was they didn't have good credit, but they had for whatever reason, you know, 20% to put down on the property. And I think people can find private investors

that will lend the money into their credits good to where they get normal financing. but they probably can get plenty of investors, including our own money and some of the clients that we have that would actually lend that money for two or three years if there's a nice down payment. Those people are out there. That financing programs are out there for people that have large down payments. Yep, exactly. So let's talk a little bit about some of the points that we have not covered yet. where we've covered how to prevent your house from going into foreclosure, the seven steps,

some of the benefits of your program there. What do we want to wrap up with? And then how can people learn more? Well, Mike, we weren't able to discuss many of the details of our strategies. But if they'd like to receive our foreclosure rescue packet, they can call or text us at 720-779-5-3-50. Or if they just want more information about our company, they can visit our website at a brighter hyphen, that's the middle dash, future.com, or they could click the link below. Excellent. Well, guys, it's been a real pleasure. Learning more about what you do, some of the behind the scenes of what's the thought processes that go into what people are dealing with. And then you're hard and passion of being able to serve people with some of these unique programs that not many investors out there, percent of the time would not be willing to put up their money, their effort, and their time

to wait for all of that to pan out to then give some money back to the homeowner. So I think this is a spectacular program that you're working with. Thank you so much for coming back on. It's been a real pleasure talking with you. Thanks for having us, Mr. Saunders. Thanks for having us. You've been listening to Influential Entrepreneurs with Mike Saunders. To learn more about the resources mentioned on today's show or listen to past episode, visit www.

www. www. www. Influential Entrepreneurs Radio.