Friday, 22 Aug 2008
How Damon Dash and Other Celebrities Can Avoid Foreclosure

www.DonnaSpeaks.com

We get daily reminders of how real the mortgage crisis in America really is – from staggering statistics reported by economic experts to television commercials persuading us to consolidate debt and file for bankruptcy. But what if you didn’t have to look at these things to know that millions of people – including celebrities - were just one mortgage payment away from being homeless? Would you know what to do if you found yourself in this situation?

Anywhere from 2–3 missed mortgage payments can start foreclosure proceedings and before you know it, you are fighting to keep the place you call home. If you’re willing to hang in there for the long haul and make a few lifestyle changes, selling and abandonment aren’t your only options. If you truly want to save your home, you’ll have to act fast and maybe even hire a trusted and reputable professional to assist you with the process.

Prioritize Your Debts: Your mortgage payment must be your top priority. If you fall short of your payment a few hundred dollars every month, get a part-time job to supplement your income. Stop making payments on unsecured debts such as credit cards and personal loans. Take that money and apply it to your mortgage. Yes, paying late will cause you to accrue late fees and hurt your credit, but the consequences aren’t as severe as when you get behind on your mortgage.

Don’t Ignore Your Lender: As soon as you know you can’t make your payment, call your lender immediately. Being proactive helps to build a stronger case in the event that you do have to get a professional involved. Respond to every letter you receive and always respond by the deadline. Your lender is going to call you at least twice a day, so answer the phone and be polite.

Show Good Faith: The lenders don’t want your home – they want their money. With that said, don’t allow them to force you into a payment arrangement that you can’t keep. Know upfront exactly how much you can pay toward your arrears and negotiate the late fees. Be sure to get these terms in writing and do your part by not breaching the agreement.

Restructure Your Loan: If you’ve had a permanent change in your financial situation and ability to pay, then you need a permanent strategy to avoid being in this situation again. This restructuring is known as a loan modification in the lending industry. Ask for it by name. This can be done in many ways, but typically involves taking your delinquent payments and moving them to the “back end” of your loan, thus increasing the original loan amount. You may also inquire about an interest rate reduction or a forbearance, which allows you to skip a couple of payments all together.

Unfortunately, there are companies out there who are taking advantage of desperate homeowners. Always do thorough research before employing someone and entrusting them with your money. Steer clear of any offers that seem too good to be true and don’t sign anything until you’ve read it and understand it in its entirety.


About the Author:

Donna L. Johnson is a public speaker and foreclosure survivor. For more information on how she can help you or someone you know, visit www.DonnaSpeaks.com or email info@donnaljohnson.com.

Copyright ® 2008 by Donna L. Johnson

Reproduction of any portion of this article is permitted if credit is given to Donna L. Johnson. Inclusion in publications for sale is only permitted with prior written permission.

Wednesday, 12 Aug 2008
Life After The Big Idea

www.DonnaSpeaks.com

I must start off by thanking the entire team at The Big Idea. A huge shout out to Talent Producer Michelle (yes – she and I are on a first name basis now!) and of course, Donny Deutsch. His brilliance and candor has helped me in more ways than you could imagine.

When I told my family that the show had called and I would be participating, once the dust settled, my 14 year old daughter turned to me and asked, “So what’s next?” I hadn’t even had time to fully embrace this moment and she had the nerve to ask what I was going to do next. Although her question caught me completely off guard (just as Donny did when he asked what my brand stand for), I was proud of her thought process and commended her accordingly. Her question was proof that she’s not only listening to what I say, but she’s paying attention to what I do (I’m becoming a better parent by fussing less and leading by example more – a trait that every good manager displays).

What am I going to do next? I’m going to harness this opportunity and use it to my advantage. I’m going to take the tools the power council provided and put them into action. I’m talking about execution. Did you think I could just sit her and tout on my website that I was on The Big Idea and checks would magically appear in the mail? Not! And for those of you who would opt to take that route, your lives would be back to normal after your 15 minutes of fame.

What is the desired outcome of my relentless perseverance and execution? Nothing other than to become a better person than I was the day before and to share my experiences - both good and bad - with everyone who can relate to my story. Why? To make their paths a bit easier to navigate while following their roadmaps to success.

That’s my personal brand: Representing what you can overcome and become by serving others with passion, authenticity, and gratitude.