mitigation - Blog - REO Pro Network

Homeowners unaware of potential alternatives to foreclosure

Posted by Lisa Meszaros on February 10, 2011 at 7:19am

Several lenders, including Freddie Mac, report more than half of homeowners who lose their homes to foreclosure never answer their lenders' phone calls or letters. Instead, homeowners feel embarrassed about being in default, don't believe their lender can help, and erroneously assume that contacting their lender will cause them to lose their home more quickly.

In a press release announced earlier this week, The Short Sale Association of America (SSAA) shared results of a Freddie Mac survey that reported "6 in 10 homeowners in pre foreclosure aren't even aware of the programs and services available to help them prevent foreclosure."

The release urges real estate professionals to reach out to distressed homeowners, knowing it is highly unlikely they will seek out assistance on their own.

Note: lenders are still behind the times when it comes to investment properties. They claim to have loan modification and other options for investors, but typically that is not the case.

Loss Mitigation - Incentives for Short Sale Transaction.

Posted by Denise Stovall on September 26, 2009 at 4:14am

Is it a rumor or a fact? Short Sale transaction conditions have supported that lenders are stepping up to the plate and offering both their Delinquent Borrower/Homeowner and Realtors "Deals" to remendy a default/delinquent loan by a quick Short Sale transaction. Full borrower cooperation supported by experienced Real Estate service is the key to success. Incentives usually add up to dollars and cents for everyone involved; lender-borrower-realtor.Denise StovallNorthern CaliforniaSonoma County

Who’s Going to Five Star?

Posted by Mykel Martin on August 21, 2009 at 5:30pm

Hey, who’s going to Five Star? I responded to a post about a month ago that I thought I’d share with you if you’re going.

The Post:I will be attending the 5 Star conference this year in hopes to further the REO business for my company. Can anyone that has attended this in the past give me any pointers.My Reply:Just remember...when you go, you are there to get information - you are on a fact finding expedition. Collect more cards than you pass out; don't take brochures and the like. Remember, most of the AMs there are from out of the area. They are not going to pay extra to add your brochure to their luggage weight. Guess where your brochure is going? Correct! So you can see how important it is to collect their contact information instead, so that when you get back home, you can solicit them. Any thing you do hand out, be sure it has your phone number and email address on it. Additionally, once back home be on the look out for an excel spreadsheet that will come via email and include the contact information of each and every attendee of the conference.Hope this helps. Good Luck!

OK I'm Certified ...Now What?

Posted by CJ Oliver on August 18, 2009 at 3:51pm

I've chatted with a few of you about the new NAR Certification course in Loss Mitigation. I got mine today and here's the scoop. Not much. I'm tremendously glad that NAR is doing something to address the reo segment. Obviously it's not going away any time soon even if it does slow down and the banks do a 180 and start helping people modify. That being said though, this course doesn't merit much in the way of certification. (Shhhhh. don't tell anyone I said so since I will proudly display my certificate).The biggest problem as I see it is the fact that it seems to be a 101 course and I think it would be much more effective if it were expanded and then done in two parts. My class had about 30 people and it was about evenly divided between those who were actively involved in REO and those who thought it might be a good thing to try. It is a good thing to try but the class that explains what cash for keys and trashout is should not be the same class that tries (not very well) to explain the intricacies of a short sale or a comparison of data upload platforms.I'd really like to see a weightier Certification that a beginning/intermediate/advanced level would bring. I also think they focused on short sales too much and as we all know there are few hard fast rules for those. They made some very good points about liability though and emphasized why all the T's must be crossed and I's dotted. Who has taken this so far? What are your thoughts?

mitigation (4)

Homeowners unaware of potential alternatives to foreclosure

Loss Mitigation - Incentives for Short Sale Transaction.

Who’s Going to Five Star?

OK I'm Certified ...Now What?

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