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WRONG Information.......who can you trust?

By Missy Caulk

Real Estate Broker/Owner with Missy Caulk TEAM

May 14, 2009 05:51 AM

Yesterday I posted on Shaun Donovan, Secretary of HUD announcing that our buyers could get the 8000.00 to use as a Bridge Loan. I read the prepared speech.

NAR announced this at the MidYear.

This information is WRONG!!

I got the information on NAR's web site

We got an email from MAR (Michigan Association of Realtors) announcing it.

Then my own Broker sent it out.

Gee.............

I feel like who can you trust, if it is NOT your own trade associations?

Please accept my apologies for posting false information.

Read Jeff Belongers post to get the truth.

The letter off the HUD site is down too.

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Elaine Reese, REALTOR® in central Ohio

Real Living HER, Powell Ohio - Powell, OH

I retweeted you and was going to do a blog but was busy so didn't get it done. Thank goodness. You would think the HUD guy would know what's what. It did sound like a good idea, though.

May 14, 2009 08:25 AM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

I just checked with the news services and papers and there's nothing, nothing. Nothing on the HUD web site either. No news releases about it either.

What's going on?? Are they perhaps waiting for an edict from Obama declaring the bridge loan legal? Perhaps there will be emergency rule change and eliminate the need for publication in the Feceral Register and comment period. Or, can all of that be done by edict too.

STOP ME!!!

If they're backtracking on this totally, the public needs to know.

May 14, 2009 08:27 AM

Fran Gatti

RE/MAX Integrity - Medford, OR

Managing Principal Broker - RE/MAX Integrity

I reblogged your post. I hate to have egg on my face, but there it is...raw or scrambled, take your pick.

May 14, 2009 10:29 AM

Diane Aurit

LKN Realty, LLC - Mooresville, NC

Lake Norman Real Estate

That was crazy, wasn't it? I really stopped by to thank you for the birthday wishes! Jeff's post truly is a great resource for us to point to in an effort to clarify yesterday's fiasco!

May 14, 2009 10:42 AM

Katerina Gasset

The Gasset Group & Get It Done For Me Virtual Services - Provo, UT

Amplify Your Real Estate & Life Dreams!

Missy- Thanks to Jeff for saving the day. It is too bad the info was wrong.

May 14, 2009 02:53 PM

Jon Zolsky, Daytona Beach, FL

Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL

Buy Daytona condos for heavenly good prices

Missy,

thank you for that and for the link to Jeff. I would have bought into that and never susoect anything. So, it is great you corrected.

May 14, 2009 04:49 PM

Steve Shatsky

Dallas, TX

Hi Missy... It's "DEWEY DEFEATS TRUMAN" all over again! Sadly, sometimes the communication gets fouled up, I guess. Thanks for the link to Jeff!

May 14, 2009 07:52 PM

TeamCHI - Complete Home Inspections, Inc.

Complete Home Inspections, Inc. - Brentwood, TN

Home Inspectons - Nashville, TN area - 615.661.029

And you expect that the media is going to print a retraction? I would not hold my breath. If they do, it will be buried some where in the obituary column that most folks don't read anyway...

Your building consultant for life in Nashville, TN

May 14, 2009 09:14 PM

Bill Gassett

RE/MAX Executive Realty - Hopkinton, MA

Metrowest Massachusetts Real Estate

It is crazy that these guys can not get their act together. From what I have read the majority of lenders don't even have the ability to do a bridge loan.

May 15, 2009 12:06 AM

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Missy, a lot of the loan officers around here were sending out incorrect emails as late as yesterday afternoon. Oops!

May 15, 2009 01:31 AM

Jeff Belonger

Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ

The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Missy... love the new signature.... and who do I trust? The hamburglar.

Seriously, I just needed some Friday morning humor. It's tough and even the gov't has things confused or sometimes aren't sure or that they are clear or not on specific issues. They speak in politician voice at times... or as a lawyer would in regards to law documents. And thank you for the link love.

jeff belonger

May 15, 2009 01:49 AM

Midori Miller

Talk 2 Midori, LLC - Daytona Beach, FL

Online Marketing For Real Estate Professionals

Hi Missy-someone in my office told me this and I did not believe it for one minute...who can we trust? Really!

May 15, 2009 02:15 AM

Ken Cook

Content, coding, marketing, host. - Marietta, GA

Content Marketer/Creator

Thank you for posting Missy. I started clanging the "NO NO NO" bell as soon as I saw the associated agents blasting out the bad info every 3 seconds on Twitter :) I have rarely trusted any financial information published by NAR. I know sometimes they really like to take credit for creating the mortgage banking industry (lol) but ...

Thesa - as Vice President of a fairly successful HUD lender (we're still in business!) and tied in with that group of people I'm going to trump your loan officers and clang the no no bell again. There may be some local organizations which offer this but no HUD lenders and it's not even in the discussion or policy decision stage. We'll wait until the backpedaling stops and then see what actually holds water.

May 15, 2009 02:29 AM

Gerry Suarez Jr.

New American Funding NMLS 6606 - Orlando, FL

FL Mortgage Guru

Who can you trust Missy? I think you know that now.

Not to toot any horns but Jeff got it right even if it wasn't first. There are a number of us lenders on AR that try to pool our resources and experience to keep the info posted here accurate. When in doubt on subject matter like this, refer to your trusted lenders on AR. We will give you the truth, but be ready for news you might not want to hear!

There are still a number of other sites reporting the tax credit/DPA thing as a green light go project. I, for one, have little doubt Donovan isn't working on something to clean the egg off his face, but for now we have nothing new.

When we get something new, count on your lending leaders here on AR to get the facts to you. That's what we are here for.

Gerry Suarez, Jr.

Your FHA Loan Pro!

May 15, 2009 03:00 AM

Larry Brewer - Benchmark Realty llc

Benchmark Realty LLc - Nashville, TN

missy - I for one don't really trust anything that the current government says to be the whole truth. So far they have done a masterful job of misleading the public with great speeches to mask questionable policies.

May 15, 2009 03:01 AM

Marzena Melby

Coldwell Banker Burnet Realty - Richfield, MN

Realtor, Twin Cities Minnesota Real Estate

Hi Missy,

I the government is confused, how can we keep things straight? Thanks for the heads up.

May 15, 2009 03:22 AM

Steve Mattison

Canyon de Chelly National Mo, AZ

Vietnam Veteran

Integrity is admitting when you are wrong and you have shown incredible integrity once again Missy!

May 15, 2009 03:39 AM

Thesa Chambers

West + Main - Bend, OR

Principal Broker - Licensed in Oregon

Jeff - next time ignore my comments please - I did not go into the lengthy answer of what my loan contacts said because it really does not matter - it is not a valid way for us to use those funds right now - but it has been and continues to be talked about - there are several issues that many of our "trusted officials" are trying to put together.... and obviously there is something to this or it would not be blasted around the country.... My point was simply this.... lending has been for my clients anyway - SUBJECT TO CHANGE - and this too is subject to chance...

May 15, 2009 03:48 AM

Missy Caulk

Missy Caulk TEAM - Ann Arbor, MI

Savvy Realtor - Ann Arbor Real Estate

Here is the email I got from my lender:

$8000 tax credit to be used for downpayment....HOLD ON!!

I have seen this all over the internet, and we have no information from a lending standpoint on how
this is going to be implemented. I spoke to the office of housing at HUD, and a mortgagee letter
outlining the new process was released for about an hour, yesterday, and then it was pulled back.
It said that the money was going to be given as a loan through non-profit and state agencies,
the problem and question for even the office of housing was, where are THEY getting the money,
so just hang on to your hat, cause they are still working out the bugs on this one, it is going to be
great for the economy and homebuying, so if you thought we were all crazy busy now, just wait.

Yes it is still on the NAR site, I check this AM, and no retraction from MAR.

I posted on it on agentgenius this AM.

Ken, thanks for your call.

May 15, 2009 04:00 AM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

I think the problem was is the information was changing every 5 minutes and as soon as we got excited about an announcement, by the time we told everyone there was a new announcement saying "Oh sorry"