A Debt Settlement Miracle – Part 2

If you are new to the blog, click HERE to start at the beginning of my story.
POST #31?
Per my conversation with Billy, I called on March 2nd to speak with his manager, Bucky.
While on hold to talk with Bucky, I knew this was the final moment. My last move. Everything I had done for the last 10 weeks had lead to this.
When Bucky got on the phone, I took a deep breath and for the umpteenth time told my story. He listened. Asked all the same questions Billy had asked. I kept my story straight. Explained where the money was coming from and why this was my best offer.
Bucky was very considerate and calm during the call and seemed to really hear what I was saying. He said he would talk to the VP who gets out of a meeting in 2 hours. I thanked him for his time and consideration on behalf of myself and my family. Every time I said those words, I really did get choked up. Even though the debt settlement process does require some manipulation and hard-nosed negotiation, there was a simple truth behind all of this:

I was doing all of this for my family.

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And that was it….my last effort. If Bucky declined my offer, there would be no other option than to scrounge up another $1300 and settle for $9800. Not sure where the dough would come from.
And then…..four hours later my phone rang.
Was this the call? Was this the “DAY”?
It was Billy. I could tell from his tone of voice that he had good news.

” I am happy to say that your offer has been accepted.

Did you hear me?

They said yes!”

I was ecstatic, a bit speechless. I thanked him for his tenacity and sympathy. We both acknowledged that in the past 2 days I accomplished more than I had in the last 2 months. True to form, Billy offered an honest piece of insight. He said he likes working in Recovery because he can really help people.
He really helped me. His willingness to let me speak to his supervisors and managers allowed me to get the deal I needed. Unlike so many reps, he got out of the way. Yes, he was patient and attentive, but his most important role was to NOT interfere with my personal momentum.
He kept me on the phone as we prepped the letter, then faxed it to me. When we got off the phone, I screamed for joy as loud as I could. I ran in to tell my wife! It was a beautiful embrace. We looked into each other’s eyes and she said, “You did it, baby!”
Nope, we did it.
If not for the love of my family, I never would have spent the hundreds of hours of time and energy to go through this debt settlement process.
Here are the final stats:

  • $141,655.56 worth of debt settled for $40,449.11.

  • 28% or 28 cents on the dollar.

This is the end of my deb settlement story, but not the end of my financial recovery story. There are still 3 things I need to do:

  • Loan mod on my 1st mortgage.

  • Settle or loan mod my 2nd mortgage.

  • Build personal wealth and financial security.

More to come…….
Stay tuned and stay afloat. Wealth and freedom are in your future.
Jonathan

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A Debt Settlement Miracle – Part 1

If you are new to the blog, click HERE to start at the beginning of my story.
POST #30?

Mafia spaghetti with seafood and tomato sauce

How do we create an airtight counter offer?  An offer they can’t refuse….not because of the threat of a bloody horse head or anything “silly” like that. More like an offer where the numbers make so much sense that they are realistically un-movable.
Here’s where we stood:

  • Their offer:            $9808

  • My current offer:  $7500

  • My goal:                $8600

After several conversations with my CRN coach, we came up with the silver bullet.
My current offer was $7500. If I deferred March’s car payment of $514, that would bring us to $8014 – payable today.  Then I make an additional payment 30 days from now by deferring my April car payment of $514. Total offer: $8528. I can’t go beyond that amount because:

  • I have already borrowed from EVERYONE I could.

  • I have deferred as many other bills as possible.

  • I can’t defer my mortgage because that would jeopardize the loan mod process.

  • If it weren’t for the loan mod potential, I would just declare bankruptcy and fore-go all of this effort.

NYC - Queens - LIC: 5 Pointz - Roadrunner and ...

There were so many aspects about this offer that made it genius – in fact it was super genius.
I can say this without bragging because I didn’t come up with it –  my CRN coach did. Obviously not her first rodeo. It was exactly this type of creative bargaining that can make or break a deal.
I called Billy in Recovery and made this counter offer. He was impressed by our creativity and resolve, though not AT ALL confident.
He went to the sup and very quickly came back with the same $9808.00 offer from yesterday.
I thanked him for his time and reiterated my intention for doing all of this was 3 fold:

  • To shield my family from anymore hardships.

  • Hold on to my house.

  • Offer a good faith settlement to the bank.

He was again sympathetic.  I asked him to bypass his sup and PLEASE talk to his manager. He agreed.
Two hours later, he called me back to say the manager had denied my offer.
It seemed like I had played my last card. What was left to do?
Then it hit me:

  • Maybe Billy’s compassion for me was a direct result of how I was telling the story.

  • Maybe if I spoke directly with the manager he would “get it” too?

Lucky for me, Billy agreed to make that happen.
Stay tuned. Stay afloat. Wealth and freedom are in your future.
Jonathan

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Debt Settlement – The Gory Details

POST # 1
You are about to read a very personal story about me.
I am a happily married, 40 year-old father of two precious little kids. I live in Los Angeles, California and my name is Jonathan Grossman.  This sounds like an introduction to an AA meeting.  In some ways it is!
Back in 2004, I was making a great living as a TV composer and enjoying the high life with my wife. By 2006, we had our first child and I was unemployed, living off savings and hoping things would turn around. By 2009, I had 2 kids, went through all of my savings and managed to accumulate $130,000 in debt. Things were not getting better and I had to make a move.
This story is a lot of things. First off, it’s true. But even more than that, it is a brutal examination of the American economy from the point of view of the consumer. In many ways, I am the typical Hollywood story combined with the typical real estate boom home buyer. I was irresponsible and wreck-less and the financial climate was my gracious enabler.
This story will tell the tale of how I got myself into this financial mess, and I how I chose to get myself out of it.  For the record, I take 100% responsibility for creating all of this debt. I am not for a second blaming anyone but myself!
The story has a horrific beginning, but a great ending. Without further delay, here are some details.
In July 2009 this is where I stood:

→$104,000 in unsecured personal lines of credit

→$26,000 in credit card debt

  • Owned, or rather “owed”, my home which was fully financed at $880,000 and it was underwater.

→If I sold it, I wouldn’t even be able to pay off my mortgage.

  • Monthly bills:                 $18,000
  • Monthly net income:    $12,500

→Monthly deficit:  $6,500

  • I was drawing from my personal lines of credit to help pay the bills each month.
  • I was drawing from those very same lines of credit to make the minimum payments on them each month.
  • I had 2-3 more months before the credit ran out…MAXIMUM DEBT VELOCITY.

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HERE WERE MY FEARS!

  • Foreclose on my house.
  • Feel humiliated with my family and friends.
  • Declare bankruptcy.
  • Look into the sweet little eyes of my 4 year old son and explain why we have to move from our home, leave pre-school, make new friends.
  • Admit to my wife that I had let the family down.
  • Admit to myself that I was a failure.

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HOW DID I LET IT GET THIS BAD?

NYC: National Debt Clock

I’ll tell you.

  • I didn’t save enough for a rainy day.
  • I kept hoping things would turn around.
  • I ignored the obvious downward spiral.
  • Once I started to fall into the pit, I passed the threshold of caring.

I LET MYSELF GO DEEPER BY SAYING “I AM ALREADY $100,000 IN DEBT. WHAT’S ANOTHER $5,000 AT THIS POINT?”
Here’s my story of how I got into $130,000 in debt and how I am getting myself out of it. I am not yet done by the way.

BIG DISCLAIMER!!!!

Let me be clear up front.  I am not a debt settlement counselor. I do not work for any of the debt settlement companies. I do not profess to be an expert or in any way imply that you are guaranteed to have the same results I am having.
Things that can or will happen if you choose Debt Settlement include:

  • A lot of HARD WORK.
  • A lot of time, focus and resilience.
  • Rhino skin and tenacity.
  • You MIGHT be threatened with law suits.
  • You will have creditors calling you all the time.
  • Your credit will suffer.
  • You MIGHT have to pay taxes on the amount of debt that the bank forgives.

It is NOT easy. As I just said, you need rhino skin and tenacity. But, if you are willing to do your homework, you may find that debt settlement is the right road for you.
I did A LOT of research and ended up using a debt settlement company that was extraordinary. I will wholeheartedly recommend them because I believe they are fair, supremely skilled and a true consumer advocate. My intention is to give back to the very company that gave me so much.

Here’s the deal about this blog:

  • Take what is useful.
  • Toss what isn’t.
  • Call my recommended company if you are inclined…..BUT…..do your research. Call a dozen of them.
  • You may discover what I discovered.
  • There are only a few debt settlement companies that are really there to help.

The one I used, Consumer Recovery Network, was incredible for me. I imagine they could help you as well. Throughout this blog you will notice that I keep mentioning Consumer Recovery Network (CRN). They are the only company that I have worked with and therefore the only company with which I have first-hand experience.
As I said, I highly recommend them. Definitely call them to see if they can help you the way they helped me.

But please, please, please. DO YOUR RESEARCH!
So here it goes…..my debt settlement story.
Stay tuned, stay afloat. WEALTH AND FREEDOM ARE IN YOUR FUTURE!

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