A few weeks ago, we had some guy come to our regular office meeting to do a presentation about something. He trotted out a list of the top 10 surnames of new home buyers in California. One of my colleagues made a wry comment that that list of names probably looks a lot like the list of surnames of the folks who are presently losing their houses to foreclosure.I am getting ready to go to that "invitation only" REO seminar in Las Vegas next week (I didn't get invited, but I asked if I could go, and they said sure, no problem). I thought I'd prepare a little packet of info for any asset managers I might stumble upon while there, and for this packet, I thought it would be interesting to include the Top 10 Surnames on the NOD list of the primary counties where I work. I'll share them here with you:Top 10 Surnames - May 2008, Notices of DefaultSanta Cruz County----------------------------------------LopezRamirezJimenezGonzalezSantosSanchezRiveraMartinezHernandezGerbodeSan Benito County----------------------------------------GarciaRochaMartinezLopezTorresRamirezHernandezGonzalezGomezEspinozaMonterey County----------------------------------------RamirezGarciaSanchezMendozaHernandezRodriguezMartinezGonzalezRiosPerezNow why did I go through the trouble to compile this list? Because I'm fluent in Spanish. I think that in this market, in this particular market segment, the ability to speak the primary (and in many cases, sole) language of the people you're dealing with is an important skill to have. I hope the asset managers I come across will think so as well!
I am in Riverside county and can tell you the same surnames are also common for the NOD's in my county. I am wondering if these people are victims of predatory lending? And actually never had the income that helped get them the loan in the first place. Stated income for loans was pretty common place a few years back, more of a frenzy, everyone had stated income with no money down and seconds with interest only are now P & I and causing those people to run. I send out letters trying to help them with Short Sales, most are "return to sender" with no forwarding address. Maybe help from RE agents that are fluent in Spanish could make a differance? Or Asset Management Co.? Certainly a strong possibility.
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I am in Riverside county and can tell you the same surnames are also common for the NOD's in my county. I am wondering if these people are victims of predatory lending? And actually never had the income that helped get them the loan in the first place. Stated income for loans was pretty common place a few years back, more of a frenzy, everyone had stated income with no money down and seconds with interest only are now P & I and causing those people to run. I send out letters trying to help them with Short Sales, most are "return to sender" with no forwarding address. Maybe help from RE agents that are fluent in Spanish could make a differance? Or Asset Management Co.? Certainly a strong possibility.