September 22nd, 2006 8:49 pm
Is This a Scam? Goals for This Blog
Reading through the initial feedback I received, many people think that I am making this up. They think I’m just blogging about facing foreclosure to get traffic, exposure, leads, whatever.
You may also be thinking:
- Why would I share my financial details with the world and risk being embarrassed, criticized, made fun of or taken advantage of? Don’t people in distress normally want to hide and save face?
- Why would I talk about “shady loans“?
- Am I really facing foreclosure on all these houses?
- How can I be so calm talking about my distress?
I was amazed that people mistake my honesty for a scam.
However, I understand how that may be. I went from being embarrassed and distressed about my situation to being confident about overcoming it, learning from it and sharing it publicly. Maybe it’s my new-found confidence that made people suspect it to be a scam.
Nevertheless, I still feel down about the whole situation and feel sorry for making bad moves this year that caused me to get over-extended. But, instead of crying about it I decided that I will be writing about it…
My goals for IamFacingForeclosure.com:
[Updated September 29th, 2006]
1. I want to Sell My Properties Fast to Avoid Foreclosure and Bankruptcy.
When I realized I am facing foreclosure on 6 properties and must sell quickly - I started marketing everywhere. Keeping track of all the details and keeping everyone on the same page was hard. So, I started this blog to A) list the properties for sale, B) and organize all the pertinent information, and C) display changes/updates on the status
It was embarrassing at first to tell everyone that I’m in trouble. But then I figured, I will have the best chance to move my properties quick if people understand that the time is running out!
I also share my financial details to show publicly that I’m really in trouble. Banks want to see evidence of distress before they offer options like loan-modification, payment plans, or allowing a short sale.
2. Share what NOT to do in Real Estate as a Home Buyer or Investor
By telling my story honestly and in detail I have the best chance to help others learn from my mistakes. The lessons I’m learning are costly and painful. I don’t want people re-inventing the wheel like I did. Whether you’re looking to buy a house to live in or you are a beginner real estate investor. Learn from me!
3. Help other People Who are Facing Foreclosure.
It is ironic that I started my real estate investing business by buying houses from MOTIVATED sellers - and now I am a motivated seller MYSELF. Knowing first-hand what it’s like to face foreclosure I now have more of a heart for the distressed person. I know the feelings of denial, desperation, helplessness and intense financial pressure.
As I find solutions for myself, I will be discussing how to stop the foreclosure process, loan work-out solutions and options, forbearance, loan modification, short sale, when (and if) to file bankruptcy, rebuilding credit, etc.
I want to use my negative experience to help others.
4. Expose Shady Loans and Real Estate Practices. It is very easy for investors and borrowers to get into shady practices. Maybe I am over-reacting and it’s not a big deal. But maybe “gray area” type of stuff is going too far. Expose Bad Real Estate Investing Education.
This is not my primary intent. Though, of I can make a little money in the process via donations, advertising and referrals, that would be great.
Bottom line, why this is not a scam:
A) When I first launched this blog on September 5th, 2006 - I sent an email to everybody in my address book - friends, family, real estate contacts, associates, past clients and co-workers. In the email I shared the situation and provided a link to this blog. Why would I lie to EVERYBODY I know?
B) You can check all the facts. Drive by the houses. Call the lenders and verify. Check the public record next month for Notices of Default. It’s all legit!
What do you think?