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Poor Credit and Depreciation....Do I have to call you back?
My cell phone rang again today.   Another potential borrower looking to refinance off a piece of my direct mail.    I don't think I get more excited than when I hear "I got a piece of mail from you and I would like to refinance.   Can you help me?"   The excitement is one thing......REALITY IS ANOTHER!
In the last 6 months, I have talked to at least a hundred homeowners that are upside down on their house.   They owe $200,000 on a house worth $150,000.    It is so difficult to do, but I have to call back and break the bad news to the homeowner.   Most already knew before even calling me.   They have tried in the past, have been promised the world, and never heard back from the loan officer they were dealing with.    I understand why a loan officer wouldn't want to call back, but it is the least we can do for a homeowner.
 
My thought process is simple.   Homeowners need help, but more importantly, they need a bit of advice and a little education.   At the very least, I offer my potential borrowers a game plan as to what to do over the next 6 months to ... more

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