COVID
SELLER
SCRIPTS
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Contract Disclaimer
Any sample contracts contained in this guide are for example only. They should not merely be duplicated without considering
specifics and details of your particular situation. They are not intended to cover each and every real estate transaction or situation.
Real estate contracts are important documents, so you should consult an attorney in your state before making any contractual
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Use of testimonials and personal examples herein are for exemplary purposes only. Specific discussions of earnings are not an
indication that the reader will experience the same results. Background, education, experience all play into one’s ability to
generate profits. As such results will vary.
Introduction - Positioning
“Mr. Seller, I’m sorry to hear that you lost your job due to COVID
and you’re going through a financial hardship. I’d like to discuss
with you some different options in regards to your property and
help you find the right solution for you. How does that sound…? In
order to find the best solution for your situation, I need to know 2
things…1. How much equity you have in your home and 2. If your
preference is to keep the property or if you’d prefer to not keep the
property. I want you to know it doesn’t matter to me. I’m just here
to give you options and offer any help I can and then you can
decide what’s best for you.”
Step 1. How Much Time?
“Regardless if you decide to keep your property or not,
before going any further, let’s make sure I’m aware of
the time frame to procure a solution…
How many payments have you missed?
Has the bank sent you a notice of default or a
foreclosure auction notice?”
Step 2. How Much Equity?
“Next, let’s discuss your equity. This is the difference between the as-is
market value that your home will sell for and what you owe to your
lender. After looking over similar homes that sold recently, I’m
estimating the as-is value to be $________. Do you know how much
you owe on your loan? $____________[answer]. We’ll need to follow
up later to get the exact amount. This is actually easy. You just need to
call your lender and ask for a payoff. They will email you the exact
amount including any missed payments, fees or penalties. So if the as-is
value is $___________ and you owe $____________, you’re equity is
$__________ or _____%. We’ll discuss some different options in a
minute…”
Step 3. Keep or NOT Keep?
“Finally, the last thing to consider before reviewing your
options is if your preference is to keep the property or if
you would prefer to NOT keep the property. Before
answering…know that I will give you options for both
but the solution very much depends on what you want
to do with the property. So initially…what do you want
to do…keep it or not keep it?”
Step 4. Review Different Options
“Based on your current equity in the property and your
desire to KEEP/NOT Keep the property, let me review
with you some different options and solutions and then
you’ll be able to decide what’s best for you…”
NOT Keep It – 10% Equity or More
“Since you have enough equity, you could hire a real estate agent
and sell it on the open market. This usually takes longer, would
require showings and possibly fixing some things and after
paying commissions, it will cost you about 6% but it will get you
the highest price. I have the best agent who can help you. The
other option is to sell it quickly, as-is for cash to an investor like
me. With this option, you don’t wait, you don’t have to fix
anything and you don’t pay commissions. In fact, I’ll pay all the
closing fees. My cash offer is $____.”
NOT Keep It – No Equity
“Since you don’t enough equity in the home to sell it and pay off the
loan, there are 2 possible solutions. Solution #1. is called ‘subject-
to,’ which means an investor like me would take over your existing
loan and handle all of the responsibilities of the property. You get to
walk away and never have to worry about it again. Solution #2 is to
negotiate a ‘short sale’ with the lender where they will agree to sell
the property at a discount. This is a lot of work and a long and
tedious process with no guarantee whereas, subject-2 accomplishes
the same thing but is much easier and faster.”
Keep It – At Least 20% Equity
“Since you have at least 20% in equity, another option other
than forbearance is to refinance. Depending on your credit,
income and situation, you may be able to get a lower rate,
pull out equity, or consolidate debts, all of which may
provide financial relief right now for you. I work with an
amazing lender who can help you but to be honest
refinances are more difficult right now with COVID so make
sure you are aware of the increased loan requirements.”
Keep It – Less Than 20% Equity
“Since you want to keep the property but don’t have
any equity to refinance, the only real solution is to see if
you qualify for the COVID mortgage forbearance. If you
qualify, you may be able to defer payments for up to 1
year until you get back on your feet financially. I have a
cheat sheet that goes over all of steps and
requirements. Let’s take a look and see if you qualify…
Jerry Norton’s COVID Pre-Foreclosure Mind Map
4-Step Process To Help Homeowners in Pre-Foreclosure
Step 1: HOW MUCH TIME? Step 2: HOW MUCH EQUITY? Step 3: KEEP OR NOT KEEP?
- “Have you received a notice of - “How much do you owe on your - “Would you prefer to keep the
default from the bank?” loan with the bank? property or would you rather not
- “When Is the auction scheduled?” - [CMV – Payoff = Equity] keep it?”
Step 4: REVIEW OPTIONS
- “Based on your equity and what you want to do with the property, let’s review your different options.”
NOT KEEP PROPERTY KEEP PROPERTY
At Least 20% Equity At Least 20% Equity
- Subject-To - Refinance
- Sell - Forbearance
At Least 10% Equity At Least 10% Equity
- Subject-To - Forbearance
- Sell
No Equity No Equity
- Subject-To - Forbearance
- Short Sale
COVID MORTGAGE FORBEARANCE CHEAT SHEET
The CARES ACT passed on March 27, 2020 provides mortgage relief to homeowners and renters that
have been directly or indirectly affected by COVID. This cheat sheet will guide you through the
process…
Least You Need to Know…
• Lender cannot foreclose or initiate foreclosure until 60 days after March 18, 2020.
• Forbearance only applies to federally owned or federally backed loans (HUD, Mac, Fannie Mae,
FHA, VA, USDA).
• Must call and request forbearance from loan servicer (not automatic).
• Don’t have to prove hardship and only need to explain that you have a “pandemic-related
financial hardship.”
• Can receive forbearance for 180 days and then request extension for another 180 days.
• Payments are NOT forgiven or erased (must be paid back later). Options include paying all of
your missed payments at one time, spread out over a period of months, or added as additional
payments or a lump sum at the end of the mortgage.
4 Steps to Receive Mortgage Forbearance:
1. Find out who services your loan (look at mortgage statement for contact info).
2. Find out if your loan is federally owned or federally backed.
3. Call your loan servicer and request COVID mortgage forbearance. Questions to ask include:
• What options are available to help temporarily reduce or suspend my payments?
• Are there forbearance, loan modification, or other options applicable to my situation?
• Can you waive late fees on my mortgage account?
4. Ask servicer to provide written documentation that confirms the details of the forbearance
agreement and terms.
5 Tips After Receiving A Forbearance Agreement:
1. Keep written documentation on hand (in case of errors later)
2. Pay attention to your monthly mortgage statement (monitor for errors)
3. Stop or change auto-payments for your mortgage
4. Keep an eye on your credit (monitor for errors)
5. If income restored before end of forbearance, contact servicer and resume payments
Protection for Renters:
• The CARES Act provides for a suspension on evictions if landlord has a federally backed mortgage
or multi-family mortgage.
• Landlord cannot evict tenant for nonpayment of rent for 120 days beginning on March 27, 2020.
After the 120-day period is up, the landlord cannot require the tenant to vacate after providing a
thirty-day notice to vacate.
• If the property isn’t covered by the CARES Act, you still may qualify for additional relief. Many
states have suspended evictions and foreclosures due to the COVID pandemic. Check with your
state to find out.
For More Details about COVID Mortgage Forbearance visit:
[Link]