Amtrust Doesn't Quite Understand This Business
December 17, 2010 / /
http://kevinandfred.com/power-hour/santa/
Our Friends at Amtrust don’t quite understand the short sale or the banking business. They like losing money.
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About the Authors
Kevin Kauffman & Fred Weaver
Kevin and Fred the founders of Group 46:10. Over the last 10 years Kevin and Fred, and their team have closed tens of millions in real estate all over the country and have created some of the best training for agents in the market. Kevin and Fred are also highly sought after teachers whose work has helped agents all over the country build their own next level real estate business.
hey guys, this is the 3rd time that I am not able to watch the video on your sight. I have had to go to youtube….just an fyi.
Thanks Santa!
Thanks Jim…
The host has been acting funny.. I assure you the Ninja is working on it
Great video! I’m glad you shared one that didn’t make it. I worked for two servicers and I know exactly what you are discussing here…a mindset by those in a position to make decisions that is totally off point and ignorant. They don’t understand why it is more beneficial to do the short sale than let it go to foreclosure. They are still thinking like banksters. Oh, the stories I could tell you!
Keep up the good work!
All I can say is there’s a reason these banks failed. Sad, but true. Therefore, in the holiday spirit, I did some venting and created a video I think you and your “peeps” will enjoy. Warning, not unlike your show today, it is “R” rated. I’ve named it: “We are Foreclosing Your Home”. Enjoy
http://www.xtranormal.com/watch/8115931/
The obstacle appears to be that the homeowner doesn’t have a vaid hardship and tell me why the homeonwener should be forgiven on the debt they owe without a VALID financial hardship???
It seems that qualifying a homeowner for a valid hardship is imperative before lisitng the property & spending valuable time trying to negotiate with the servicer. It doesn’t seem to reason that the investor is making a poor decision regarding hardship. I do understand your thoughts on selling short rather than foreclosure however, the servicer may go after the homeowner for the deficiency and the servicer makes the decision to pursue a stategic defaulter. I welcome your thoughts.
Lori,
As my good friends Kevin and Fred might put it, when the homeowner stops paying the mortgage, it is the bank’s hardship. So, for any bank in the business of making money the next step is loss mitigation…and EVERYBODY here at SSPH knows that a short sale is a savings over foreclosure.
You can trust me on this one Lori. I have zero years experience in the banking industry, and zero years experience in the real estate industry, but I’ve seen more than 300 short sale power hour videos. That makes me an expert (in my own mind at least).
I don’t agree with you line of thought here, Lori. If the servicer didn’t think there was a true hardship and the clients financials proved it then the bank could ask for a note. But in this case Fred says there is a true hardship and the borrower is unable to make the payments. The issue is the bank doesn’t like the idea that the client got himself into a pickle. Too bad, so did the bank, but they were seized by the Feds and allowed to continue business under a different name, right? Not considering a short sale when the alternative will cost the bank much more is insane.
I’m not sure of the law in AZ but I think they do have laws regarding deficencies so if this buyer can prove a true hardship the bank may not be able to come after him for a deficiency after a foreclosure either.
Santa loves ass!
Lori, If the servicer goes after the homeowner for a deficiency the homeowner declares BK. Why not? thier credit is already f-ed. And the bank still gets NOTHING, ZERO,CRAP.
Who wins then?
Nobody