What happens when life throws you a curveball that threatens your home, your finances, and your future? This week, join your host Corwyn J. Melette as he dives deep into the story of survival, perseverance, and success with this week's guest, Mike Russell, founder of Hope 4 Hardship and Certified Distressed Property Expert. Mike shares his raw experience of corporate and personal bankruptcy, foreclosure, and family disputes, and reveals the critical steps to take before crisis hits. Whether you're navigating the aftermath of COVID-related payment struggles or just looking for a financial safety net, this two-part episode offers invaluable, tangible advice on controlling your reaction and securing your future. Key Takeaways: 2:35 Mike Russell’s Background: Mike shares his 30-year journey in real estate, including his personal experience with foreclosure, divorce, and multiple bankruptcies, which led him to start his non-profit. 7:26 Control Your Reaction: The pivotal lesson: you have no control over how entities react, but you have control over how you react to their reaction. Mike admits his failure to do this led him to bury his head in the sand and ignore creditors. 9:45 You Are in Sales Mode with the Bank: Mike outlines the need to put together an "outstanding application for assistance" to convince the lender you are a "viable bet" to resume normal payments. 12:03 The Partial Claim Mortgage (FHA Loans): Mike details the "gold standard" retention option where HUD pays the arrearage and holds it as a 0% interest, silent second mortgage, allowing the consumer to keep their original, low-interest loan terms. 14:49 Hardship Must Be Proven Over: Mike emphasizes that to be considered for assistance, you must not only prove hardship but, more importantly, prove that the financial hardship is over and your income is sufficient. 17:58 The Frivolous Spending Warning: Mike stresses that if bank statements show frivolous spending (like trips while claiming hardship), the bank will not deem the applicant responsible, and the assistance application will likely be denied. Tune in next week for Part 2 as Corwyn J. Melette and Mike Russell continue the conversation, diving deeper into specific strategies and how to effectively navigate the retention and non-retention options offered by lenders. Mike will walk you step-by-step through the legal timeline and pitfalls of foreclosure. Connect with Mike: Contact Number: (508) 728-6465 Website: Help4hardship.org Email Address: Mike@hope4hardship.org Linkedin: https://www.linkedin.com/in/mike-russell-3395baa/ Connect with Corwyn: Contact Number: 843-619-3005 Instagram: https://www.instagram.com/exitstrategiesradioshow/ FB Page: https://www.facebook.com/exitstrategiessc/ Youtube: https://www.youtube.com/channel/UCxoSuynJd5c4qQ_eDXLJaZA Website: https://www.exitstrategiesradioshow.com Linkedin: https://www.linkedin.com/in/cmelette/ Shoutout to our Sponsor: Country Boy Homes Do you remember your grandma's front porch? You know that spot where stories were told, kisses were stolen, and sweet tea was always being sipped. Now imagine giving your family a place to make those same memories, but in a brand new, energy-efficient, and home that was built just for you. At Country Boy Homes, we help folks just like you find that forever feeling. Whether it's your first home, your next home, or your, we're done with rent forever, like, seriously home, we specialize in affordable, durable, manufactured, and modular homes, the kind that make room for muddy boots, big dreams, and second helpings. Come see what coming home really feels like. Call 843-574-8979 today. Country Boy Homes, Built to Last, Priced for You.
