Realty World – Your Property Source

I got a chuckle out of this article in Sunday’s Sacramento Bee….

Because…..?  Again when it comes to real estate news, all you have to do is speak with any Real Estate Professional that is “active” in the business and you will most likely feel that you’ve heard these stories before.

For the last 18 months or so I have been working with Titanium Solutions as an HRC… ”Home Retention Consultant” .  What Titanium does is hire Real Estate Brokers and Agents to make contact with Homeowners who are behind on their mortgages.  

Our assignment is to get them back in contact with their Lender to either help them work out a “Short Sale” or a “loan modification”.   We get a small fee for making these contacts and in addition if the owners can not make further payments or they’ve elected to “walk away”, we’re then encouraged to take a “short sale” listing.  In the real estate business we call that “a lead”.

The Banks Don’t Want the House Back.

That’s the message we got in the HRC training we all had to go through.  I have noticed recently,  when speaking with homeowners,  that it seems while the “lenders” are pursuing modifications, they don’t seem to be really approving any permanently.

More than one homeowner told me that they had “sent all the paper work” in weeks ago and were somewhat stunned that I was at their door looking to get the same information they had already sent in.   One of them told me of being on a “trial modification” for almost 6 months.

On one occasion I went to a home that had been listed since last August and was in the middle of the “short sale process”.

I have also spoken to some friends regarding real estate and the subject of “loan modifications” has come up.  In those cases I heard the exact same thing.  Two of them had been on “trial modifications” for 4 – 6 months.  They get requests from the Lenders for some of the same paper work that they had already sent in.  It seems to be a “never ending process” according to my friends in this situation.

Loan Modificiation Bottom Line…..?

In my opinion, just hang in there and work with your Lender….  because..?  I believe  eventually..,  as the SacBee article states,  they will get it right.

However……As Dennis Miller might say on Saturday Night Live…    ”I could be wrong”….

Make it a Great Day

Ed Favinger – 916-203-1260 Mobile, favinger@rwnetwork.com

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Do You Know Anybody Who Has Benefited From Them…?

I don’t know of any either.  Let me know if you know someone who hired one of these companies and had some success.  We  in the business call them “Loan Mod” companies and they are every where.   You’ve probably heard some advertisements on radio or seen them in local media…

Did you know that they are also a “Muti-Level” marketing (MLM) business as well that almost anyone can get into..?   Yes… just like AMWAY or WEST COAST WELLNESS.  These are companies that have products to sell.  They also solicit “associates”… folks like you and me to invest in their business to distribute their products.  They also want you to recruit new “associates” and give you a piece of their action and so on down the line.

Well,  Multi-Level Marketing is also prevalent in the Loan Modification Business.  One such company is Certified Financial Protection Group LLC.  Here’s a copy of the Associate Program in a PDF.

I have a client that has not had success with this group and was solicited by a friend that signed up for the “Associate Program”..  The “associate” gets a piece of what ever they bring in and the more they bring in the more they get.

Moreover…..

In today’s Sacramento Bee there’s an OP-ED written by Kamala D. Harris, the District Attorney for the City and County of San Francisco and Kevin Stein the Associate Director of California Reinvestment Coaltion.  They provide some more information and some links to helpful counseling agencies.

My View: Extreme vigilance needed to combat loan scams

I’d like some feed back on this issue.

IN THE MEAN TIME…?  

MAKE IT A GREAT DAY….!