Why don't lenders ....?

By
Real Estate Broker/Owner with The Short Sales Group, LLC

So, I was just wondering why lenders seem like they don't was to wise up and listen to what is happening on the streets.  I think is would be a lot easier of the loss mitigators learned to actually mitigate the losses instead of fighting with you as if it was a title fight.  I am just testing the waters of my first post.  Chime in and give your opinion.

 

Jason

The Short Sales Group 

Comments (8)

Charlotte Home Loans Your Charlotte Mortgage Lender
Charlotte, NC

As a group, most large lenders and servicers are in shock. They are still trying to figure out how to stop the bleeding. No matter which way they go, they are losing money and this creates panic. Panic breeds more panic, and of course the media feeds the frenzy.

Then one day... people wake up and realize the hype is worse than reality. They stop listening to the news media and its doomsday spin. The lenders will find level heads and come up with something that will work. They will realize that they will take the short term hits, but in doing the right thing now they can protect themselves long term.

For now we are just waiting for everyone to wake up. (Either that, or I am in a dream land myself.)

Ed Nailor - Charlotte Home Loans

Feb 20, 2008 09:10 AM
Charlotte Home Loans Your Charlotte Mortgage Lender
Charlotte, NC
Oh.. and welcome to the Rain! Good first post!
Feb 20, 2008 09:12 AM
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"
Jason,  I think the lenders will get better. It might take a few to several months.  Learning curve!  Wendy
Feb 20, 2008 09:53 AM
Mark Horan
Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL
"The Resident Chef" - Resident Team Realty LLC &
Jason- Most loss mitigators  are just talking heads. They don't make the decisions.
Feb 27, 2008 04:18 PM
Hanh Brown
Canton, MI

Hi Jason

I visited your site.  It is a nice site.  How come when I navigate throughout the site, it looks like it takes me to the same page.

Hanh

Mar 21, 2008 11:57 PM
Lynn Pineda
eXp Realty - Boca Raton, FL
Real Estate Promises delivered in SE Florida

Jason, welcome to AR.  You're right as to why do some of the lenders fight? Don't they realize that we're on their side to find a resolution for all parties involved avoiding foreclosure.

I couldn't help but find it interesting that you are from my neck of the woods - I grew up in Union Lake Michigan living there about 18 years of my live - went to Walled Lake Central High School - oh so long ago.  Always nice to hear from my home town.

Mar 24, 2008 11:55 AM
Sidney Jimenez
Keller Williams - Miramar, FL
CDPE, Short Sale Expert, 954-665-9449,

JASON-Most Loss Mitigation departments are filled with all new personnel. It will take then a bit of time to get this straighten out. It will also take some time for most agents to get their act together also. Most agents seem to wait for the lender to decide if the offer is good enough. Agents need to get pro-active on the "selling" of the home again. The are many agents just throwing any offer at the lenders and I think they are having a hard time finding true value, Jason, you should tackle these negotiations like the Loss Mitigator is on his first day od work and you need to take them by the hand and walk them through the pricing, market conditions and even the property conditions to establish the market to them. If they're in Idaho they'll have no knowledge as to your local market. A big help is to meet the person doing the BPO and giving him all the information you have as to the market and your pricing strategy. This will reinforce your argument is the BPO goes back with similar information. If does no good to scream and yell if the BPO comes back higher than the market. They will believe the BPO before you.

Don't wait to see what they decide--show them how they should decide.

Apr 30, 2008 03:57 PM
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Jason, welcome to AR!  You are gonna love it here in the rain!  You can learn as much as you can absorb...

Oct 25, 2008 01:10 AM