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I'm back again....

By Kenneth Young

Services for Real Estate Pros with Uni International LLC

March 29, 2010 06:27 PM

It's been awhile since I was last here on RAIN... But I missed you guys (that includes gals, it's a Michigan thing)....

Ok, so in my absence I have been flying around the country, mostly in Michigan. (Home state). Being a consultant is great, except you have to go where the money is....

In the meantime, we've created a new service, which is Loan Mods.... ok, look, I needed to feel good about myself and decided to help those that can not help themselves. I've read what some on Active Rain expressed about Loan mods, one person here explains alot about them, but uses her time to promote Attorney's, so she is nothing more than a "Attorney Refarral service". Then there are some here that promote some designation as "Foreclosure Specialist"... it drives me nuts. My thinking is, why not just help people aviod foreclosure with some kind of solution to their problem.

I didn't come up with this idea. An associate that I know, came to me, stating that she works for a company that takes advantage of people in distress. As she told me the deal with this company, it came to me that why not just help those that need it and make sure that their dignity isn't damaged. I mean if you put together the paperwork correctly, they should qualify with a gov't program. And if they don't, why not just contact their lender and buy their note to save their credit and make sure that they are not foreclosed on???

Am I wrong here? I don't think so, for those that can do, for those that can not, help. I have always been big on lending a hand up, just not real big on giving a hand out.

So, for those that I know, check out our website, your opinions and comments really mean something to me, let me know how you feel about this...

TIDEWATERHOMESAVERS.COM

Of course if you would, give me your website and info, so I can post it on our website. And thanks in advance....

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Endre Barath, Jr.

Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA

Realtor - Los Angeles Home Sales 310.486.1002

Kenneth interesting post, how do you decide who you help? How much money do you have? It seems Loan modification reaches more people in need or am I missing something here?

Mar 29, 2010 06:31 PM

Kenneth Young

Uni International LLC - Virginia Beach, VA

Endre,

Excellent questions, I've been MIA from RAIN for some time working on this. It is more to stop foreclosures and allow people to stay in their homes until their financial situation is stablized. We will put forth our efforts to help all those in need and evaluate each situation one case at a time. Maybe this should shed some light on what is up: Home Affordable Modification Program (HAMP) has encountered a series of unforeseen roadblaocks. It's designed to head off foreclosures by lowering borrower' monthly payments through a series of voluntary concessions from lenders. Guidelines call for cutting mortgage rates to as little as 2% for five years, with the difference subsidized by the government, and extending the loan's term to 40 years.

Ok, that is what is suppose to happen, but if the paperwork is not done correctly, the mod will be denied and you can not go back for a second try to get it right. So before that happens, we will ensure that we get it right the first time. You asked how much do we have. I have been consulting with a group that has bought a bank with a national charter, they have the funds to finance our request. They understand that this is more for the long haul than short term profits. On our part, we will service their loans, which of course will save them money, so it is kind of a win, win, win for everyone involved. OF course we are not the gov't, we do not have access to unlimited funds, but I have been given the go ahead on about 100 million to start.

Hope that answers your questions, if you have more, please ask. Truthfully, I have spent about 18 hours a day, with three days off in the last 2 months working out this operation. I've looked at just about all the downsides and upsides to get it right.

Mar 29, 2010 06:49 PM

Randy Ostrander

Lake and Lodge Realty LLC - Big Rapids, MI

Real Estate Broker, Serving Big Rapids and West Central MI

Loan mods make way more sense than just letting go. SOmetimes they are a great tool in keeping the owner in their home. Thanks Kenneth

Mar 29, 2010 07:06 PM

Randy,

Lived in Michigan for years, love your area. Our goal is to make sure that no one moves from their home. I'll do everything I can for our clients, saving one home at at time. Btw, you're up late like us...

Mar 29, 2010 07:20 PM

Kevin Dunlap

Trident Investments Group - Las Vegas, NV

In Las Vegas the Division of Mortgage Lending has passed a rule stating that you have to be certified in order to do a loan modification. This helps with the bogus people out there taking advantage of people, including attorneys. Many attorneys have gotten in trouble by this, btw.

As long as a solution works for all parties involved then go for it. Make sure it does not violate any laws like buying someones note on a short sale and then keeping the people in the home. This could be construed as loan fraud since the original owner is benefiting financially by the short sale.

Mar 29, 2010 07:41 PM

Craig Richardson

National Realty - McLean, VA

Kenneth, welcome back! We've all missed you.

Mar 30, 2010 01:03 AM

Kevin, I'll make sure that we're covered legally in the short sale. Thanks for your suggestion.

Craig - Thanks, it's good to be back. Feels like coming home after a long vacation.

Mar 30, 2010 03:14 AM

Sharon Harris

Keller Williams Keystone Realty - Hanover, PA

Realtor

Welcome back to the rain .. Loan mod get a bad wrap. Glad you feel the need to help the ones who reach out to you,

Apr 01, 2010 09:52 AM

Norma J. Elkins

Elite Realty Group - Morristown, TN

Realtor - Elkins Home Selling Team

I have never heard anyone say anything good about loan modification --- seems like no one I know can get it to work for them! I will check out your site! Thanks!

Apr 01, 2010 10:58 PM

Thanks Sharon and Norma. It's good to be back. And I agree, what should be an opportunity for those in trouble and being fed upon by sharks.

Having said that, after dealing with banks concerning the buying of their assets (loans), both performing and non-performing, I started taking a look at loan mods and how they work. Because if you can make a non-performing note into a performing one, or as I see it saving it from becoming a non-performing note then that's better for everyone.

So, for our clients, and I do not to refi's or loans, just the loan mods; if we can not get you into a program to help you out, we'll buy the note from the lender. That way, WE can control the note and make sure that the home owner is not forced out into the street.

Apr 02, 2010 05:32 AM

Evelyn Johnston

Friends & Neighbors Real Estate - Elkhart, IN

The People You Know, Like and Trust!

I don't know you Kenneth, so I have no past history to weigh your words with. But it sounds like a good thing. I hope you have the ability to help a bunch of people in their darkest hour. Everyone should be able to restablize themselves in 5 years!

Apr 04, 2010 12:37 PM

I'm back again....

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Kenneth Young

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