Dealing with the Lender

Betty Moir (Keller Williams Realty River Cities Specialists) — Thu, 14 Aug 2008 23:02:37 -0700

Holy Mother of Pearl....none of this makes much sense. I have been swimming with the sharks (or maybe it's jellyfish), trying to help out a homeowner or two about to go under. Mind you they have done their best to stay afloat by making house payments on credit cards and worse and as a last resort call me to help with negotiations with their lender. Maybe a modificaton or a forebearance, a recast from a 15 year to a 30, anything to get thru the storm. But "NO" no such thing as common sense or help that might actually help. Here's the logical??? process to go thru for naught. Make calls to the loss mitigation dept. (2 or 3 times weekly to get thru the gatekeeper) Who finally refers you to the "work out team" so I outline the scenerio. Ask for advice or direction. "I'm sorry we can't talk to you until you are 2 months behind in payments." Ask for clarification, "Let me understand this, if they will default on their payments for 2 months then you can talk with me?" (do you understand the non-logic in what you just told me?) "Yes, that is the policy" Every 2 or 3 days try again, re-introduce my self, wait while they look up the authorization to talk with a 3rd party. Sometimes they will find the note stating they have the required document, sometimes I must send again and wait the required 10 days for any new info to be uploaded to the file. Go thru the same process for several weeks, resend lost authorization letter, introduce myself to the newest member of the "work out team". Finally... "We can help" and I get passed on to the newly formed "Hope Team" (I make the mistake of actually feeling hopeful). Once again outline the scenerio. Ask for advice or direction. "I'm sorry we can't talk with you until you are at least 3 months behind in payments." Are you kidding me?? It's hopeless.

Buying shoes

Betty Moir (Keller Williams Realty River Cities Specialists) — Fri, 25 Jul 2008 22:17:22 -0700

Wow, this market is a great time to purchase a home or two!! The prices are phenomenal and the interest rates are still hovering just above 6%. My first home was at 13% so I'm one of those who think single digits are still the bomb. If I had the money right now I'd be dangerous...Normal girls buy shoes (actually I have my share of those too...) I buy houses! I'm telling ya that if you don't think it's a great time to buy then how are you going to be able to sell the dream to a customer? This is the perfect time to build your own portfolio too. I say forgo the Mercedes, Rolex's and Prada's and get yourself a strip mall!! Anyhoo, that's my goal. I have plenty of little residential rentals, but can't wait for the day I get to turn them into little commercial pieces. Yeah, it's a little tight right now but don't dwell on that...tomorrow is another opportunity to help someone else achieve the American Dream! What a privilege to work in this industry. We actually have the opportunity to change lives, how cool is that? I love the feeling I get when I can make that match and watch the magic happen. Very gratifying and fulfilling. Till next time,

Blessings,

Betty

Betty's Blog

Dealing with the Lender

Buying shoes