At some time in life, many of us were told we have no business complaining about things in life that we don't know about, don't participate in, or don't help to make better.I'm paraphrasing a few examples here ...Obama has said it - "I can't do it alone. I need your help."My former CEO said it "Bring me a problem, and bring me a solution."My former boss said "Great point - you are in charge of fixing it."My REO Masters Co-Founder Scott MacLaine said it "This is an organization where members don't join and expect success to happen, but have a hand in making a difference."I'm down with this philosophy (i.e. in agreement) because it just makes sense. It's practical. But I'll let you in on a secret - The other day I did happen to fall off my high horse and complain. It all started in court, where I'm spending way too much time lately.In my role as an REO Broker, I am frequently asked to appear in court as a witness for the bank at unlawful detainer hearings. A few weeks ago, the defendant actually showed up. This couple pleaded to the judge about saving their home, doing a loan modification, whatever it took, they were committed. The judge had to explain, as delicately as he could, that it was too late and that the bank filed to gain possession of their property. He granted the couple 2 weeks to vacate. Within the two weeks, the couple managed to get a relative to get qualified to buy the house. The bank agreed to go into escrow, knowing full well the relative was purchasing the home to enable the former defaulted borrowers to stay in the house. If escrow closes, the occupants essentially will have been awarded the mother of all loan modifications since the new purchase price and interest rate are well below what they were when the couple purchased the home at its peak. And the big bonus - the occupants have not paid their mortgage for about a year!Since the bank is the decision-maker, I happily facilitated all this. And then scratched my head and said ... What the ??? How do I get a deal like that???OK forget about me - what about all the other people in need? What about my client who suffered a rare disease resulting in a bone marrow transplant and a short sale because there was no loan modification that could help?I don't begrudge the couple fighting for their home. I don't know them. Maybe they are great people and this is Karma coming around to help. I may never know. But I am pretty certain that in this unprecedented real estate climate, the stories, the backgrounds, and the behavior behind those who have lost their homes are as diverse as one can imagine.Can we really blame government or banking institutions for helping those less deserving, or foregoing those in real need? Maybe not if:1) Policies are helping to solve the problem at large on a high level.or2) I'm not part of the solution.Enter the Foreclosure Angel Foundation. This is not my idea so if am insinuating that I am part of the solution, well, let me disclose that I'm merely outsourcing my contribution to the solution by supporting Marilyn Mock, founder of the Foreclosure Angel Foundation. This is an amazing lady who has started a foundation to help the neediest of those in foreclosure. You may have heard the expression "Think Globally, Act Locally." That's how Marilyn got started. She saw a problem and jumped right in. Never complained to anyone on behalf of the victim, never complained about the cruelty of the world, just took decisive action.I first saw her on Oprah (my wife made me watch it) and then when the founders of REO Masters announced the organization's support for Marilyn and the Foreclosure Angel Foundation, I was thrilled. The support will kick off with a fundraising event at the Five-Star Conference in Dallas later this month.Complaining feels good. But being part of the solution feels even better.
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I just finished the prep for this week's REO Master's Network Teleconference. I have to say that it's hard to out-perform someone like Richard Hartel who has over 2 decades of asset management experience, but I think we are going to come close this week.I was listening to all of the REOPRO, Twitter, and ActiveRain users and members over the last couple of weeks when we started receiving feedback from the first call that I was on. Much like many of you, I was also trying to assimilate in my mind what the heck was going on between NFSTI and REOM - but the truth of the matter is that for as many little details that we're still sorting through (mostly future projects and marketing plans for our Network), there are 100 amazing things happening that are making me smile from ear-to-ear. That's why I've been able to just persevere and move forward with 100% conviction.The call this week is at a different time (1 PM PST Thursday July 9). Please call in even if you called in the last couple of weeks (instructions are at the REOM website). We have a new guest, Lauren Galey. She is a loan modification and loan acceleration expert and will be adding that component to our REO Mastery Weekend training. She divulges a lot of great FREE information during this call including:A free downloadable eBook about getting updated on Loan Modification as a RealtorHow to Apply with a reputable Loan Mod company and get referral business (she will also tell you how to get registered and avoid the $150 application fees that usually go along with this business).How to get the "Mortgage Mess Cleanup Kit" for FREEScott McLaine, the CEO of REO Masters Network, is really reaching out to the cream-of-crop right now (as you'll see from the call, he's really wearing his thoughts and plans on his sleeve). Also, I just received word that I am going to be able to give each attendee at the REO Mastery Weekend a copy of a hot-off-the-press publication called, "The Big Four Manual". This book teaches you how to become an approved REO agent with the Big Four Servicers (Bank of America, Wells Fargo, Chase, and Citi) and their outsourcers. At this time this book is ONLY for our State and Executive members and will be for sale later in the month with the original author for a fee (which I don't know how much that will be). I'm reading it right now and it's short, sweet, and awesome!Hope to see (hear) you there~Sincerely,Dan WatermanCEONFSTIREO Masters Network
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For the past 3 years my life has consisted of one thing - researching REO. Every aspect of REO that is. When you have thousands of members and clients that depend on your company for results it can be a daunting thing. Especially when the government makes over 20 changes to the TARP program within 9 months!The past 3 weeks have been dedicated to the development of our new levels of training (2 and 3) which are going to be geared towards the REO Masters Network directors. The way that this network is being designed resembles an undergraduate and graduate program. With the REOM being the "graduate" program I had to step it up a little bit with content. So, with that end in mind I began with a "State of the Market" initial presentation, ended with a "Future Projections" summary and then sandwiched some cutting-edge REO stuff in between. I should have given myself 3 MONTHS!I can say that I've learned a lot, which is always a great thing. I was kind of waiting-out the whole government involvement of real estate until the dust settled so as not to fry any of my mental circuitry. I watched from September 08 through March of 09 as colleagues were trying to decipher the realities of the real estate market, TARP, the Financial Stability Plan, "Making Home Affordable", HOPE NOW, and the mergers of banks left and right. In my little universe I was telling myself the whole time, "just keep track of everything, but don't try to figure it out yet". Whew! Glad I made that decision and stuck with it.Fellow professionals I'm here to say that this market is absolutely, undoubtedly one of the craziest markets in American history. Go watch some of the real estate market videos on YouTube of Mark Zandi of Moody's or Glenn Beck (whatever your personal opinion may be, these guys toss out some pretty indisputable stats).Oh, and if you have a couple of minutes, check out the Wall Street Journal's take on the history of the meltdown (there are 3 parts, but I'm only embedding part 1):OK, back to the think tank.Sincerely,Dan Waterman
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