reomasters (6)

I expected, like most others, that everyone would be announcing the success of the REOMasters Network charity fund raiser, "Club Tsunami" at the FiveStar Conference in Fort Worth.But since I haven't seen it posted elsewhere,REOMasters Network raised $27,000.00 for the Foreclosure Angel Foundation from the Club Tsunami event (City Streets Club, September 21st - Ft. Worth).Thank you to all who attended and/or participated. A great time was had by all and a very worthy charity organization was greatly served and supported.Please continue to stand with us as we gather the very best of REO agents, march forward and become a piece of the solution.There's much more to do, and none better to do it with, than YOU!Best of good fortune,Clay
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When the admnistration introduced regulations to stop the foreclosure bleeding that was affecting the health of our economy, the Making Home Affordable came to life. Under the Making Home Affordable the servicers that agreed participating will receive $1,000 up front and another $1,000 up to 3 years for every successful loan modification. On the borrowers side, they will receive a $1,000 per year up to 5 years that goes straight to their balance provided they are current. And the investor will receive $1,500 bonus while servicers will receive $500.The Making Home Affordable was amended on April, 2009 to address the short sale. Under the guidelines, servicers will receive $1,000 for a successful short sale or DIL (deed in lieu of foreclosure), borrowers are eligible up to $1,500 for relocation expenses and the Treasury will “share the cost of paying junior lien holders to release their claims, matching $1 for every $2 paid by the investors, up to a total contribution of $1,000 by Treasury”.Please note that while the modification side of the Making Affordable program will expire on June of 2010, the short sale side of it will expire on December of 2012. It seems that short sale will be in for a while and if that will impact the REO inventory is yet to be seen. What is your take?
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Club Tsunami at the Five Star Conference was a great success thanks to everyone's hard work. The REOMasters’ executive staff was awesome and most of our membership geared up to support the event. Even if you couldn't attend, the social networking, blogging, Twittering, et al contributed greatly to the success of the event and the visibility of the REOMasters Network.But Club Tsunami was a pit-stop . . . not the destination. There is great interest in our organization. I had dozens upon dozens upon dozens of people notice the REOMasters lapel pin and ask me about the organization. Everyone that asked was quite interested and intrigued with the whole concept. We are going to grow, and rapidly.Since we are all, most likely, "Type-A's" we need goals toward which to strive. Club Tsunami was certainly a good goal, and we did it together. But the ultimate goal remains to set a new standard of conduct and performance for REO agents, a standard that will be prized by the corporate client community. We want the client community to know that it is OK to expect and demand excellence from their REO Agents, and that there is no better choice than an REOMasters member.At the conference and networking events I heard lots of opinions. Some said REOs are going to grow . . . some said they are going to diminish. Whether they do either, the truth is that there will be REOs. No matter what, the pre-marketers and asset managers will be constantly looking for “quick-scan” ways of selecting agent resources that can be trusted to understand, execute and complete “tasks” on-time . . .with no surprises (thanks, Richard.)At Five Star, I sat through a presentation by a board member of a prestigious REO brokers association. What I heard him say was that REO “is all about making money.” Yikes!There are those that deliver excellence and are rewarded for it. That IS us! And there are those that seek the reward by delivering the minimum required to gain the reward. That is NOT us!We have an incredible membership, the best agents/brokers I have ever been privileged to meet. I truly mean that!As a group we can be what we will . . . as individuals we can only be what others allow.As a group . . . lets Rock!.The "bar" has been raised.Clay
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REOMasters Making a Difference at the Five Star Expo

REOMasters Making a Difference at the Five Star ExpoThe Five Star Default Servicing Conference and Expo officially kicks off September 20th, 2009 and runs through September 23rd. The event is being held at the Fort Worth Convention Center and Omni Hotel in Texas. Steve Forbes is the featured speaker at this huge event for the default servicing industry. The Five Star attendees have many opportunities to network with others in the industry and to sharpen their skills with the Five Star Academics and the Five Star Institute classes.

Many in the default servicing industry are preparing for the next wave or waves of foreclosures to hit the market. In many areas of the country like here in San Diego this will be a welcoming event. That’s right, welcoming. In many price ranges and in many areas of San Diego County California the inventory has had buyers looking at some pretty slim pickings. Many of the first time homebuyers trying to take advantage of the 8,000 first time home buyer tax credit are left in backup offer position to the cash offers. These first time home buyers also come in second place to offers with conventional loans with lots of buyer money in the deal. Some of the reasons for this are that the asset managers and banks like to accept the cash offers and large downs because they have less of a chance of falling out of escrow due to loans falling apart and appraisals not coming in at loan value. A symptom of the market.Foreclosure moratoriums are being lifted in some areas of the country. California for instance has the California Mortgage Foreclosure Prevention Act that was signed by the Governor on February 20, 2009. The California Foreclosure Prevention Act modifies the foreclosure process to provide additional time for borrowers to work out loan modifications while providing an exemption for mortgage loan servicers that have implemented a comprehensive loan modification program. Civil Code Section 2923.52 requires an additional 90 day period beyond the period already provided before a Notice of Sale can be given in order to allow all parties to pursue a loan modification to prevent foreclosure of loans meeting certain criteria identified in that section. A mortgage loan servicer who has implemented a comprehensive loan modification program may file an application for exemption from the provisions of Civil Code Section 2923.52. Approval of this application provides the mortgage loan servicer an exemption from the additional 90-day period before filing the Notice of Sale when foreclosing on real property as designated by this Section.This next wave of foreclosures as it’s called by many in the default servicing industry has been described by some in the know as a Tidal Wave or Tsunami. Many are wondering what effect it will have on the fragile real estate markets throughout the United States. I welcome the wave and the faster we get through this stagnant inventory the better off the whole real estate and economic environment will be. This elephant in the room, the massive foreclosures that are not being put on the market has to be dealt with. Let’s push through and push on and get through this and on to the next real estate market. I’ll take and sell as many assets as I can to help with the situation. So any asset managers or banks that need an REO Listing Agent in San Diego County California call me – Dawn Lewis 619-981-3917. I joined REOMasters Network to not only be associated with some of the best REO Agents and Brokers in the industry but to network with them to offer the best of solutions for asset managers and banks.REOMasters is sponsoring the biggest Charity Event at the 2009 Five Star in Fort Worth. I was very surprised to see that it wasn’t on the Five Star Conference Schedule. The event is called Club Tsunami – The World’s Largest REO Networking Party and Charity Event. All of the profits from the proceeds of the Tsunami Party go to Foreclosure Angel Foundation. Make sure you read about the Foreclosure Angel Foundation and the difference they are making in the lives of families losing their homes. Your ticket purchase will have a direct impact on helping families stay in their homes. This event is sponsored by REO Masters and is a must make event. It will be a NIGHT TO REMEMBER. Make sure you put this event in your BlackBerry and DON’T MISS IT.

When: Monday, September 21st, 2009Where: City Streets Night Club (22,000 sq/ft) 3 blocks from the Five Star Convention)Who: This event is open to agents, brokers, lenders, asset managers and other attendees of the Five Star conference.Time: 8:00 PM to 2:00 AM (All night Long!)To GET TO THE PARTY take the Club Tsunami busses from the Fort Worth Convention Center, Main Street entrance. Busses will travel back and forth from 8:00 PM to 1:00 AMAdmission: $75.00 Advance Registration ($100.00 at the door)Must bring ticket to event. No ticket. No entry.REOMasters™ Network – Get Your Tickets by Calling(866) 446-2977 x 202Register here!
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Foreclosure Angel Foundation: Who Cares?

There is a group of REO professionals who do care! And they are pulling together to benefit the Foreclosure Angel Foundation. This foundation came to life from an unselfish act to help a neighbor and we want to be the foundation's next neighbor.There will be a series of coaching sessions that will culminate in the largest REO network party: Club Tsunami. The sale from the tickets will go 100% to the Foreclosure Angel Foundation. And it gets even better. The coaching sessions are free and if you missed any, you can download them. Come join the party!Be a pice of the solution!
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After reading a message Regina posted about nfsti's training and education I quickly went to their website www.nfsti.com to check it out. I wondered how they were any different than the other companies and how they're website compared to others. I'd browsed through it when I noticed their instructors and coaches are actual AM's and people in the industry who are experienced and up to date on the times. I was impressed to see the amount of advise and resources they offer. It's nice to see they're not like a lot of these other companies that are obviously a get rich quick scheme. I became a member over a month ago and love it. They offer REO courses you really should check out.Last week there was a conference call talking about they're 3 different levels of marketing and how nfsti and REOMasters Network are teaming up to provide some positive and productive marketing resources, tools and support for both AM's and REO Agents (both seasoned and new). I heard Jesse ask some great questions about their marketing plan along with a bunch of other agents looking for advice on how to get in with AM's - the good and bad, which helped to answer alot of questions I've had as an agent breaking into the REO industry. Their marketing strategy makes sense for both sides of the industry, REO Agents as well as AM's which is awesome. My opinion - it encourages us all to work together more as a team instead of people maintaining the gimme gimme attitudes. I'm hoping to be able to sign up for the Executive level and go through the REO 2-day courses. It is costly for someone like me who is breaking into the REO's but it's definetly worth it and will pay off throughout my business. As soon as I can invest in it I will. I'm looking forward to working my business as it grows while teaming up with great companies like REOPRO, nfsti and REOMasters.Check it out and let me know what you all think!
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