The Banks Don't Understand What They Don't Understand
November 24, 2010 / /
http://kevinandfred.com/power-hour/special-guest/
Fred is joined by John Newman today to discuss a meeting with the banks at Keller Williams Mastermind
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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.
Well guys another insightful episode.
My personal experience – it took me 13 months of hell to get my loan modified. It was a daily battle which included collection calls twice a day for those 13 months. The left hand never knew what the right hand was doing. During that time – my credit suffered miserably – becuase even though I was making a monthly mortgage payment (less that the original payment but the amount my lender set up) My lender religiously reported a NON PAYMENT to the credit bureau. So I had 13 months of Mortgage Lates!! Every credit card I had raised my rates, reduced my available credit or cancelled me.
What I find so encouraging is that you guys, that are leaders in this field and successful, deal with the same things I deal with as a very small short sale processing company for a few local agents.
Even though this is a tough gig and there are days I feel like I must be missing something, I am given renewed confidence by seeing it’s not just me … it’s the lenders & investors.
Mr Newman puts it perfectly!!
One of the agents I work for always says this “They don’t know what they don’t know” – such truth in that statement.
I also appreciate looking at it realistically – this will not get easier, there will be no overnight quick fix – we may see some improvements here and there but this will never be easy.
Occassionally I get that negotiator that lectures me on why our client should have never bought a house they can’t afford!!! They just don’t get it!!!
As usual, Thanks so much guys for sharing! Your words have such impact for those of us working so hard in this biz!!
Thank you SO much for watching AND contributing with your thoughts… Thats what makes this so great and fun to do…
Tune in tomorrow & Friday =)
K & F, do you guys track the # of people that call you to short sale that have attempted loan mod and the time it took them only to find out they “don’t qualify”? Just curious, I’m going to look back at my notes and track that stat. I know that so far loan mod has worked for ZERO people that I have spoken to. It’s like you said, they are so frustrated with the process and the duration only to be turned down that they are very happy to talk to us and understanding of what we go through for them. They are the most loyal, referring clients we can have!
Jim
We don’t currently track that Jim but I’d say it’s pretty close to Zero…and those that do get one usually don’t accept the terms OR don’t pay on them past 6 months.
Let us know what you find and we’ll do a follow up episode on that.
I’m sure there are a lot of real estate agents out there like myself going thru this process…the root canal of the banking industry. We seem to have an above average understanding of what it takes to purchase a home but are frustrated with the realities of dealing with the lenders in attempting to keep it. I am working on a loan mod and the loss mitigator has been very pleasant to deal with much like the smiling dentist in my root canal reference holding a high powered drill inflicting unnecessary pain & suffering. I like the suggestion that was brought up in a previous SSPH that recommends that the banks use the credit score to replace the applications, tax forms, P& L’s etc required to come up with the same conclusion. Look forward to more on this in future episodes…Great job you guys!
Thank you Carl. We appreciate you watching and contributing.