“After the assignment has been completed and submitted, check back with the homeowner in one to two weeks. More often than not, the homeowners you contact will not be able to recover financially. For whatever reason, it doesn”t matter. We are not to pass judgment. We are out there to stop the foreclosure. If they cannot make the payment, they will be moving, one way or another. Let”s help them do this the easier way.
- Step one: Ask them what happened and then LISTEN. Find out how much money is coming in vs. expenses. If they are upside down, they cannot recover.
- Step two: Explain the ramifications of foreclosure i.e. eviction; credit scores being affected 300-400 points; deficiency judgment being filed for balance OWED, which in most cases will be twice what the home is worth; loss of dignity.
- Step three: Explain the benefits of a short sale i.e. buying the homeowner some time; getting them some relocation assistance; saving their credit (in most cases a short sale will ding your credit less than 100 points); the bank accepts an offer short of what is owed and calls it paid in full meaning, THEY WALK AWAY FREE AND CLEAR. It”s a no-brainer!
THIS IS FROM THE BANK SERVICER! - Step four: explain that they have their choice of realtor in the event they decide to list and sell the property. HOWEVER, it is IMPERATIVE that they hire an agent that knows the short sale process inside and out. YOU are that realtor! AND WE will negotiate the short sale in-house to guarantee success and efficiency.
We must counsel these people to remove the emotion from the process. They need to realize, in light of the current economic crisis, this needs to be a business decision. As long as they have all of the facts about all of the possible scenarios, they will be able to make an educated business decision.”
I thought it was amazing that they know all along that loan modifications don’t work and are basically asking us to make sure we stay in touch with the people we help to ensure they do a short sale.
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