Overview of the virtual bankruptcy assistant field.

1. Foreclosure Mediation Victoria Ring, Certified Paralegal Sponsored by 713Training.Com LLC

2. Overview The topics covered in this presentation are: Foreclosure Bankruptcy Current Foreclosure Rates Prospecting Methods Gathering Information Closing the Deal Mediation and Proposal Current Bankruptcy Statistics Finding Work as a VBA Overview of Schedule I and J Reaffirmation Agreement Non-Compliance Issues

3. Foreclosure Statistics 112% Rise Over the First Quarter of 2007 1 in 194 homes have been repossessed April 2008 Foreclosures increased in 46 states and 90 of the nation's 100 largest metro areas April 2008 Even “safe” areas had an increase; i.e., Connecticut saw a 300% increase April 2008 The worst areas are the Southwest with an average of 1 in every 54 homes. April 2008

5. Bankruptcy Statistics Filings increased 28.6% over the same period one year ago Sept 2008 Total of 88,663 filings in September; an average of over 2,955 per day! Sept 2008 Bankruptcy filings are higher in 2008 than before the law changed in 2005 Year 2008 9,743 business filings in last 90 days; an average of over 108 per day! Sept 2008

7. Prospecting for Foreclosure Clients Locating homeowners who are prospective clients for your foreclosure mediation services is through your local legal newspaper. Legal Newspaper Newspaper Advertising Too general of an audience Most people do not answer phone Foreclosure ads are considered bogus Direct Sales TV and Radio Advertising Legal newspapers list actual foreclosures 5% 10% 80% 5%

8. Finding Work as a VBA Debtor Creditor Foreclosure Medical Divorce Bankruptcy covers a wide field Skilled Virtual Bankruptcy Assistants are in high demand and can basically pick and choose different areas of law to work in.

9. Locating Bankruptcy Attorneys: http://www.nacba.org http://www.lawyers.com

10. Gathering Basic Information The payment history of the borrower is also deciding factors in mediation Foreclosure Mediation is not the solution for every situation Amount of debts owed; both secure and unsecure Also monthly expenses like food, clothing, etc. Qualifying the Prospect General Financial Statements Asset and Liability Documentation

11. Schedule I: Income

12. Schedule J: Expenses

13. The Borrower is Number 1 Various mediation techniques are available Two Examples Are: 2. Forbearance and reamoritization Mediating with the Financial Institution There are a variety of different ways to mediate with the lender and each situation will be unique and different. 1. Modifying the terms of the loan

14. Mediation in Bankruptcy Different Chapters that are filed in bankruptcy effect the mediation For farmers Chapter 11 are for debtors or businesses who owe more than $250,000 Chapter 13 allows the debtor up to five years to pay arrearages Chapter 7 is a complete liquidation of unsecured debts 7 13 11 9

15. Closing the Deal Bringing Together in Harmony Negotiating with Lender Research and Strategic Planning Information

17. CONTACT SPEAKER: Victoria Ring: http://www.713training.com