Business Innovators Radio - Interview with Kevin Coffey & Christina Keller with A Brighter Future Discussing Understanding The Foreclosure Process

Episode Date: June 13, 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-understanding-the-foreclosure-process

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. Today we have back with us, Kevin Coffey and Christina Keller with a brighter future and we'll be talking about the foreclosure process. guys welcome back to the program. Hey, thanks, Mike. Thanks, Mike.

It's good to be back. So I know this is just a gut-wrenching, scary topic, you know, foreclosure and then the process of it, you know, we're kind of going a little bit deeper here like, okay, once it's looming, what happens each step along the way to be aware of. And I would venture to say that in some cases, that big, you know, ugly giant of a problem, once you kind of understand a little bit more or see what's going on, it kind of. it kind of gives you a little clarity to go, okay, now maybe we can tackle it this way or that way. So get us started with what is that process leading up to a foreclosure sale? Well, I think that, you know, the process is important and it's real passionate, especially for me, because when I was younger, our family lost our home, you know, the memories that we had in that home. We didn't know options like we give people today.

We made nothing. We walked away. My parents walked away and made me. nothing. So I understand the fear, the embarrassment, the emotional scars, and, you know, close in that chapter and moving on. So I want both Chrissy and I are very passionate about this, but I'm glad that we're talking about the process because if people know the process, maybe they can avoid going into that foreclosure. And so the process really starts, like when the homeowner falls behind on their mortgage payments. And typically that's 120 days,

which is four months. That's when the process actually starts. Now, is that literally four, like, is it the first day of the fourth month? So I've missed three payments and then the first day of the fourth month is when it happens? Or is it a full four months? It varies by lender. It depends on everyone's situation,

but it's typically around the four month mark. Okay. So, and when this happens, by the way, the lender files a notice of election or what's known and a demand. So what happens? They file a notice of election. They file a demand with the public trustee who then records a notice with the county clerks and reporters office.

The bad news is when that happens, a couple things happen. It's the property typically is sold between 110 to 125 days after this is filed. And the auction, by the way, is usually held at the courthouse. and is sold to the highest bidder, including the lender. You know, sometimes here's what blows my mind is, you know, the lender is sometimes the highest bidder. Well, here's what happens, Mike, and the homeowner doesn't know this. Whether the property sold back to the lender or an investor, if it's sold for less than what the mortgage balance was, the lender can file a deficiency judgment and go after the homeowner for the difference.

And a lot of homeowners are not aware of this. Yeah, they thought it was bad enough. I couldn't make my payment and I lost my house. And now we're heaping more trouble on top of trouble. Yeah. So I don't see more and more of that happening. Unfortunately, I think in Colorado is, you know, property values are slowing down. Interrates are going up.

So that we're going to see more and more of that, unfortunately, probably happening. The other bad news is, you know, once a property is listed for closure, it's published in the local paper, county websites, real estate sites, auction websites, etc. So, you know, the embarrassment now of the people they know. And then, of course, the homeowners we get a lot of calls, letters, door knockers, and, you know, it's just, it's a very stressful emotional situation. Well, let's think about and unpack a few of those things, because I think a lot of times people feel like I'm suffering in silence and I can't make the payment, which means if you can't make the house payment, what other payments are you not making as well? Right.

I mean, maybe you're behind on the car payment. Maybe you're behind on credit cards. So it's not just the one thing. It's this internal just gut wrenching time for them, but maybe they feel like, oh, well, it's just, you know, the cross out to bear and it's just a tough time. But now, like you said, all of a sudden it's going public. And by law, it has to be published in specific places, like a local newspaper. Maybe it's not, you know, the big major one, but maybe, you know, maybe your friends and family are reading the Arvada Press or the whatever newspaper. And wherever it has to be published, now all of a sudden, it's the cat's out of the bag. And that adds to the embarrassment. It really does. But there's good news. You know, that's why we do what we do.

know, if the homeowner is getting behind in payments, they're facing a foreclosure situation, we will actually get to them our foreclosure rescue packet, and we're going to talk to the end how they can get that. But in this packet, there's many options for the homeowners, but one of the, to stop foreclosures, but one of the programs that I'm sure they're not aware of is our more money for you program, which in this packet explains how we get the homeowners current on their mortgage payments. We put money in their home to restore it so it can be sold at the highest value. We then split some of the profits with the homeowners. And keep in mind, we're putting up all the money and the homeowners shares in some of the profits, which is a home run for the homeowner and a homeowner

and a home run for us. Everybody wins. Yeah. Yeah, I mean, it should, there should be a benefit. to everyone. You know, if you guys are going to come in and save the, the homeowner in the process and put some money back in their their bank account, there should be a profit that everyone is sharing. One of the things that makes me, or a question that comes to mind is, why is it important not to get foreclosure on? Because I know one of the options is like just throw your hands up and just let the bank take it, but then, as you just mentioned, maybe there's ramifications beyond that. Like you get a letter a couple months later that says, oh, well, we couldn't sell it for what we thought. So now you owe even more. So we know that that foreclosure, once it's finalized, is not a good thing. But what are some of the

points that people need to understand about why is it important not to go to that foreclosure sale and actually have it go through? Well, it's such an important question that we have another podcast on just that topic. But in general terms, you know, nobody wants to lend money to you, lenders, anybody who's, you know, going to get a car. There's a, there's a lot of obstacles that the homeowner's going to be faced with. Maybe renting will be difficult in their next chapter. Yeah. Yeah. So, you know, there's, there's so many different reasons. Like I said, we have a whole podcast on that. Um, that will talk about that. And then, you know, another thing I forgot to mention is inside of our our packet that we can get to people, the foreclosure rescue packet, we have a nice flow chart that

goes into much more detail of this, you know, the process, the foreclosure process. We're getting it in just general terms, but there's a lot of technical things that go behind the scenes here that we can get in the hands of the homeowner. Yeah. And I think that timeline that we've been talking about here, the process, the timeline, that's important to remember because once you hit that point where the lender is filing and all the things behind the scenes and publishing this and that. And that all of a sudden, I would venture to say that that sale that's looming, it's going to be escalated pretty quick and things move fast. So like you've said before, you know, stay in communication with your lender when you're getting behind. But once this timeline is now active,

it's going to clip along pretty quick, right? And you don't want to get behind that ape so that you now can't have any options to, to consider. I agree. And you, you know, as we talked on our last work, broad or podcast, is people are embarrassed and they're afraid to pick up the phone to call people like Christina and I because, you know, they don't want to feel stupid or they don't know the right questions or they're embarrassed. And I'm here to tell you the nicety about myself is I went through it. So I understand what they're going through. And Christina, you know, she didn't grow up with a lot of money as well.

And so we know that bad things happen to good people. And, you know, life's on to throw you some curballs. but we're going to try to get them to hit that ball out of the park and, you know, write a new chapter, put this behind them, and then hopefully put enough money in their pocket where they can possibly get into a new home right away with private financing. So there's so many options, Mike, and so many ways we can help people. You know, hence to name the company a brighter future. You know, we want to help create a brighter future for people. That's what I did with my other company, as you know, a 30-year-old company. helping people with their finances and we have a great reputation in the community. In fact, that company has donated over 350,000 to churches and schools here in Colorado. I'm all about creating a better world and so is Christina. So this is kind of why we're in this game because we help the homeowners and we can also make money as well. We both win.

Both people walk away from the table saying, you know what? We're glad we met each other because we took a situation and we changed it. you know, I think that's such a huge point that most of the time if someone is heard of, oh, we can help with foreclosure. It basically is sign this piece of paper so that I own your house. Here's a buck or two and leave in a week or a day or whatever the time frame is. And then the investor, they've got the whole house. They then do what they do.

And then the homeowner, they're just out looking for some new place. what your program does is it cares for and gives value. Really, it keeps preserved self-esteem. You know, they walk away, you know, from the house without going through the foreclosure. They've got money in their pocket. They can then make that next step. And in reality, that could help blend a little bit of their personal embarrassment because if, you know, their friends and family did know that there are some money troubles coming in.

But now, oh, hey, yeah, we got all caught up on our house car credit cards and we went into this new, nice new place we got the first and last month's rent. Kind of builds that self-esteem back up, doesn't it? You know, it does. You know, a lot of people just need a second chance. You know, they need someone like Christine and I to give them a positive spin on life. You know, we've both been, as all of us, and went through challenges. But, man, if you have somebody to help you get through hard times, you know, I have a good friend who started to high school, at-risk high school.

and to see that the second chance that this gentleman's giving kids that go on and they're productive people. They create a better world. We're doing the same thing with people that we're helping. You know, we're saying, hey, there's a brighter future. You know, we've been through there.

We're given that second chance. There's hope. Not all people in the world are bad. You know, the news reports only the bad people. Well, how about all the good people like Christina and myself and maybe even these people down the road that will play it forward and do what we did and they help another homeowner distress when they get on their feet financially. I mean, isn't that really what it should be about?

It should be. And I think I would like to ask you something you just touched on really briefly and they continued on. But like building relationships and friendships, talk a little bit about that approach that you guys are focused on. Well, you know, with all of our clients on the financial planning firm, You know, they are our extended family and clients. You know, I grew up with old-fashioned values, you know, putting clients' needs before your own.

And, you know, that's what I was raised. And that's what we've done. And we want to create long-term friendships. We want our story to be told of how we change somebody's life. I mean, that's, as I get older, that's really what it's about. You know, people aren't going to remember the money in our bank account when we died. They're going to remember the things we did for them. to help create a better life for them.

I think the biggest thing when this dawn on us, how powerful our program is, is, you know, we were sitting in an auction at one time, Christina and I, and we were just kind of checking things out. So, you know, if there's a market for this, are people really losing their homes and walking away from nothing? And as we research it, there's a lot of people.

They just, for whatever reason, I can't explain it. They just walk away from a house with a lot of equity or they were able to, you know, we would have been able to get their mortgages current. And anyway, it's created a better situation. But you want to share the experience that we shared back in the Northland auction? Yeah. We were recently at a foreclosure auction where a house in Northland sold for $285,000 at the auction. The repairs to the home increased the value of that home to $487,000, resulting in a $2,000

profit. And with our program, the homeowner could have shared in those net profits versus just walking away with nothing. That could have created a brighter future for that family. And also, you know, it gives them a stepping stone for their next chapter in life. So they're not, you know, walking away with nothing. And the point is that those numbers might sound really, really big. And the homeowner might go, oh, I wish I could have done that, but they couldn't, you know, because they are having trouble paying just the mortgage payment, much less putting in tens of thousands of dollars to fix it up and then having the time to sell and do all that paperwork. So it's that was not available to them. But if you guys could have come in and made

that available now everybody is winning. And if it's a fair situation for both, everyone ends. And you're high five in the end. You stay in touch and and you just never know where those friendships lead. I think that is such a special approach that you guys. you're taking. You're not some 1-800 number from nine states away. You're down the road. You're hometown people. You can go meet with them at their house at Starbucks or wherever the case is and really develop that rapport and relationship. Absolutely. It's a good point. I don't know if I mentioned it, but both of us are natives of Colorado. So we both have big families. We know a lot of people. And like I mentioned, if I getting in this podcast, you know, our reputation

means much more than us than, you know, making money. And so, you know, we're local people, like you said. We're not out of town as we're not going to see them in a grocery store, you know, and try to run from them. I think that's important. And everything we do, I think another point is they should always put things in writing. You know, we put all of the agreements in writing. A lot of these investors, they say one thing, and then they'll actually put something else in writing.

So when a homeowner does business with us, they know what to expect. You know, you said something. I want to just even put a pin in that. Someone may say something, but then put it in writing and it's different. So don't just, you know, have the warm and fuzzies with the person and shake hands and,

oh, good, you're going to do this, this, this, and this. And then they glance at the piece of paper sign and go, oh, they put on the paper what they said. Double check it, verify it. You know, like Ronald Reagan said, trust, but verify. And you need to look at that paper. and you need to read it and maybe have another set of eyes look at that paper and go, okay, does this make sense?

And they're going to do this and this and this and make sure it's what they told you because the worst thing in the world is to get someone telling you something you want to hear, put the piece of paper in front of you and kind of distract you a little bit and say, sign this and then boom, that's different. So I think that's a huge aha. I agree. Well, guys,

I think that this has been really, really powerful to hear your process and your passion. So if someone is interested in reaching out and connecting with you to see what you could potentially do to help them through their trouble time, what's the best way someone can connect with you all? Yeah, if they want more information about just the foreclosure process or if they like to receive our foreclosure rescue packet, they can call our text us at 720-779-5350. or if they just want to learn more about our company, they can visit our website at a brighter hyphen future. That's the middle dash.com or they can click the link below. Well, guys, thank you so much for coming back on. It's been really a pleasure talking with you and I appreciate you coming.

Hey, thank you, Mike. I appreciate it. Thanks for my dog. Thank you. 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 episodes, visit www. www. influential entrepreneursradio.com.