How can a Titanium assignment and an empty promise can hurt your client?

Please help me understand this, I am a little upset about this since I put a lot of time, money and effort on this listing.

I have a listing since November started at $290,000 so client could break even, they purchase this property new 5 years ago and put 10% down payment, had a loan mod early in 2009, but fell behind again and have not make payment since Sept. They were serve by the sheriff with NOD, I have lowered the price every 15 days since first week of November and listing was at $225,000 when the NOD was served. I talk to lender and they told me that foreclosure is schedule for March. I lower the price to $200,000 talk to sellers and they wanted to sell right away.

Finally got several showings at $200,000 and some agents requested disc and disclaimers with serious interest.

Last night the sellers received a visit from a friendly HRC who told the sellers not to short sale the house, because the Wells Fargo wants to help them keep their home and had already approve a loan modification and that they have to call "warm" line on Tuesday since the banks were close Sunday and today because of the holidays.

Because of this visit my clients cancelled the listing today because they are sure the bank is going to give them a loan modification and help them save their home, that is why they sent a rep to meet with them and give them the good news.

Yes as I said before I am upset for the wasted time, effort and money, but I am also concern about my clients house, I might be wrong but they might be too late for the loan mod, and the husband is unemployed, when I did the financial sheet for them before they were in a red $1300 a month. I have never seen a bank taking that much of hit on a loan modification. I hope things workout for them, but I am afraid of the worst since I know the foreclosure process already started and the house will be up for auction in the next couple of weeks.

I admire the good intentions of the HRC, but don't you think that he/she should know the house is listed, they are already talking to a professional and getting advise, the HRC only knows that there is a letter from the bank, and that he/she has an assignment to do a warm transfer, etc, I think common sense is that the HRC are sent because home owner has not been in contact with the bank, and now the HRC is a walking collector, that is why we have to tell them the Miranda disclosure. If the property is listed as a short sale then the listing agent has permission to talk to the bank and most likely has been in communication with the bank.

I really don't blame the HRC too much, the biggest problem is that the banks have too many departments and too much red tape and those departments are not communicating with each other creating chaos among home owners, agents and buyers.

I am sorry for this very negative and frustrating post, but I needed to vent, and I would like to see your point of view.

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Comments

Pam Eikleberry February 16, 2010 at 4:28am

Have you contacted your area manager? Titanium does not promote those kinds of shenanigans and at all!

Honestly, I would ask for the card of the Titanium Rep that visited your clients and report them to the local Board of Realtors. It is an ethical breach to interfere with another agent's client relationship. I DO blame the HRC. Titanium assignments are specific as to the business hours of the banking centers. There is a reason we are supposed to do a warm transfer and not plant false hopes and leave!
Richard Lawler February 15, 2010 at 6:41pm

When I come across an assignment that is listed I will do my contacts liked TS training showed us. I document the listing right away! Sometimes when they are listed they pull the assignment.
No HRC should give the Homeowners any hope for the loan mod especially when they do not have any income!
Sorry to hear that this has happened to you. The last thing we all need is to loose money trying to help Homeowers because as we all know some Short Sales listing cost us a lot with sometimes small rewards.
John Accornero February 15, 2010 at 6:04pm

As an HRC, We merely are supposed to write in our reports if the house is listed and help the bank determine the homeowner's intentions. Most of the time the mission includes a phone call to the bank service center. The homeowner can decline if they choose to. I think we also have to remember that no matter what role we play, we must act in the best interest of our homeowner. We are supposed to be very objective people. We ar jsut info collectors really. Our training does include various types of workouts that the homeowner can persue.
Jose Rivas (DGRA) CDPE, SFR February 15, 2010 at 5:17pm

Thanks Jesse I think I will contact my Regional Manager and will let everyone know.
Jose Rivas (DGRA) CDPE, SFR February 15, 2010 at 5:17pm

I am an HRC too, and I do several of these assignments every month. That is why I think I have a good understanding of what is going on. what the HRC is supposed to do and what he/she doesn't know and its just assuming. And I am concern about the possible outcome.
Jesus (Jesse) Gonzalez February 15, 2010 at 5:03pm

Hi Jose,

It really sounds like you got a HRC that didn't know what they were supposed to do. Johnny hit this nail on the head, it's not the HRC's place to discourage or encourage anything more than for the homeowner to call their servicer. As a HRC myself, I know....beyond a shadow of a doubt, I do what the listing assignment says and nothing more or nothing less.

I hate to hear this and if I were in your shoes, I would be calling this HRC's Regional Manager.
Johnny Huang February 15, 2010 at 4:12pm

The HRC shouldn't be talking about listing or encouraging to cancel any listing. They are there only to encourage the warm transfer and/or collecting documents. Without knowing too much about the HRC assignment instruction, there was a recent email from corporate to the HRC's not to talk about listing the house AND not to use any Business Cards that isn't Titanium Solution. They are on TS Business, not their own.

Sorry to hear, hoefully things work out for you and try to get the clients calling the bnk frequently, but explain your concerns with loan mods and their unsuccessful ratios with unemployment situations.

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