RealTown's RealTalk

John,

When I first met you, I knew you were raising the bar for our industry. Helping others with loan mitigation is one of many examples of what you do. Thanks John, keep it up.

I, too, have attempted to help others mitigate their mortgage - to no avail. Hours on the phone with one wrong person after another and finally the dreaded transfer to the dead zone (disconnect), and then start the process all over again.

This broken feedback loop is proliferated by mortgage/servicing companies and their lack of training, employee knowledge, or special handling departments where the caller can be directed. I don't blame those who answer the lenders' phones as they truly have no idea how to handle mortgage modification inquiries.

One blogger I'm a fervent reader of is Martin Andelman. His site, Mandelman Matters, will rile you up and awaken your knowledge. Read this one titled, "I Finally Figured It Out… It's The Banks". It will answer many questions.

On May 6, 2009 John E Cleek, Ph.D., e-PRO, wrote…

As usual Rossi you hit the nail on the head. Many banks are willing to do loan modifications but all they are doing is making matters worse, and likewise there are many who will refinance provided the borrower meets the credit score and income minimums, but again they may only increase the pain for the borrowers in the future.

There are not many who will willingly mitigate the loan to make it possible for the owner to stay in their home.

So, we are left with Short Sales and Foreclosure. Nearly everyone involved is a loser when real modification is not accomplished. Not that I don't need the income, but I have made it clear in our community that I will work for free to help local home owners make their case for loan mitigation. I do it primarily because when my neighbors suffers and I fail to do what I can to relieve their suffering I become responsible in part. I also know that the more people I help when they need help, the more people will be clalling me later to help them in buy or sell, and the more people they will refer to me because I was a friend when the sincerely needed a friend.

Nothing wrong in getting paid for doing good but I will not let that be a barrier to helping those who need my help.

John

John E Cleek, Ph.D., e-PRO,

Certified Short-Sale Professional

Realtor� and Marketing Consultant

The CrownPlatinum Team

Crown Realty of Kansas

Miami County - Linn County - Johnson County

1005 W. Amity � Louisburg, KS 66053

Licensed in Kansas and Missouri

johncleek@crownplatinum.com

www.crownplatinum.com

http://www.louisburgks.net/

Pho: 913-709-4423 � Fax: 913-837-2549

Finding the RIGHT REALTOR . . . Priceless!

On May 6, 2009, at 12:57 PM, Rossi wrote:

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Peter G. Miller asks, "Why do they want to pay a fee? There is no charge for a HUD counselor.

Having been allowed to volunteer at a local HUD counseling agency, I can assure you these people have the best of intentions, but they are seriously overworked and understaffed, and generally speaking, you can count on an approved loan mod to take longer than if done by the owner themselves. I know we as Realtors® are supposed to tell people not to pay for loan mod services, but knowing what I know, I would just as soon walk people through what has to be done and the paperwork most banks will need at minimum, help them in getting correct phone numbers, etc., etc. Of course, not everyone has the means or ability to communicate effectively and tirelessly with the bank to get their modification done, and this is where I actually feel a loan modification company can benefit them.

The problem is I haven't found a company I can in good conscience recommend. I've gotten a few phone calls from companies, and when I ask about upfront costs and guarantee of return of funds if a modification cannot be accomplished, I am assured they return funds and I can find the info on their websites stating this. So far this hasn't panned out. I'm looking for transparency, which I'm not finding.

I'm in John's camp. I'll just help out how I can. I won't do the loan mod. I don't feel that's the best way to serve clients - as in "Jack of all trades. Master of none." But if people are really motivated, I can at least set them on the right path.

Michele Fieldson, GRI, e-PRO, CSP

Realty Benefit

562-508-1411

Michele@MicheleFieldson.com

www.MicheleFieldson.com

Peace of Mind ... One Move at a Time