TAG | sellmyhouse.com
22
Loan Mod Hurts Your Credit Score
No comments · Posted by admin in Bank Owned, Foreclosure, Home Sales Stats, REO, Short Sales
According to a recent AP report , HAMP (Home Affordable Modification Program) has revealled that your credit score will probably be lowered soon after you apply for help.
For borrowers who are making their payments on time but are on the verge of default, the Obama administration’s loan modification program can reduce their credit score as much as 100 points. That makes it harder to get a loan and can present a problem when applying for a new job.
Housing counselors say it’s unfair, especially because the news often comes as a surprise to homeowners.
“Why should people’s credit be hurt even worse when they’re trying to do the right thing?” said Eileen Anderson, senior vice president at Community Development Corp. of Long Island, a housing counseling group in New York.
And many homeowners are angry that a program designed to help carries such a penalty, said Kathy Conley, a housing counselor with GreenPath Inc., a nonprofit group in Farmington Hills, Mich.
“It’s a feeling of being duped,” she said.
The Treasury Department guidelines require that mortgage companies notify credit bureaus of the loan modification process.
Worse yet, we have heard multiple cases where homeowners are not getting their trial loan modifications made permanent. So not only are you struggling to stay current on your payment while taking a beating on your credit, there is no real way to know of the bank will actually allow you to continue on the new payment plan. Many times you are just paying a lower monthly payment over 40 years. Trust us, you arent paying less over time if this is the case.
Staff Writer
16
Pulling Credit to Get a Short Sale Approved?
1 Comment · Posted by admin in Foreclosure, Short Sales
I was reading this blog from Pete Goodman who was discussing yet one more of those things we just have to shake our heads out.
Basically, Bank of America explained to him that they were going to pull the sellers credit to see if they had stopped paying their other creditors before agreeing to a short sale. If they are current on their other bills then they will make them sign a promissary note or come out of pocket with more cash.
Are you kidding me? Have they completley given up on the idea of protecting their shareholders? How does punishing the seller, who already has been thru 3 kinds of death from the stress of losing their house to this point, help them keep their losses down when the seller finally gets fed up with their antics, shuts off the heat and throws in the towell?
It is very hard to have simpathy for these large banks when we see every single day the outright garbage they put middle america thru. I guess they arent thankful that it was middle america that bailed them out when they almost went broke in the first place.
Unreal! Looking forward to the day we get interviewed about this whole thing on CNBC! Oh the stories we have to share huh!
Jason Roberts,CEO
housing market · Realtors · sell my house · sellmyhouse.com · stop foreclosure
12
Is it responsible to recommend short sale properties to our buyers who want to qualify for the tax credit?
2 Comments · Posted by admin in Short Sales
How can we recommend a short sale property to a buyer who specifically wants to qualify for the tax credit? We have time to meet the criteria of signed contract date, but the closing date is completely out of our control. And that creates a real challenge for Realtors knowing that these short sales can take 6 months or longer to close.
Thoughts?
2
An Outright Assualt on the Realtor Profession.
1 Comment · Posted by admin in Bank Owned, FSBO, Foreclosure, Home Sales Stats, Lead Generation, REO, Short Sales
We always try to stay on top of the news, trends, etc here at www.sellmyhouse.com. In doing our daily research of the goings on in the market we came across the following blog written from somebody who clearly thinks that Realtors are the absolute scum of the world and we created the entire Economic collapse.
Enjoy:
Please chime in!
www.SellMyHouse.com Staff Writter
Bank Owned · Foreclosures · Freddie Mac · Home Prices · housing market · sell my house · sellmyhouse.com · short sale
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www.BuilderLeasePurchase.com is being redesigned and will launch in March along with the marketing campaign to expand in markets where we currently have a Realtor Partner. The new site will expand from builders to rehab investors and single family sellers.
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Realtor Questions Answered:
“What is the difference between a Realtor Partner and a basic Realtor Affiliate?”
An Affiliate is a Realtor who just gets leads from SMH but does not actively market the company via sign riders or participate in the company’s expanded marketing programs such as our fsbo business, lease sites, investor networks, or other marketing systems. The Affiliate program will be phased out over the next few years.Under the Realtor Partner Program we end up building our entire business around the Realtor. They have direct access to all of our brands, partnerships, and services. In 2010, we have begun the process of hiring marketing reps in Realtor Partner markets to expand lead volume in all facets of our business.
“Do you offer personal websites for your Realtors?”
It’s in the planning stage. In the future we plan to offer a these customized sites that will have built in blogs, news, etc fed from sellmyhouse.com with the goal of improving the SEO rankings in each market while creating a marketing platform for each of our Realtors.
“What is the average lead volume you generate for your Realtors?”There are many factors to consider including size of the market, market conditions, etc. However, the primary factor in our lead volume stats comes down to marketing efforts. We are a referral based company so it makes sense that we would concentrate our marketing dollars in markets where our Realtors are also actively marketing the brand as well. The best way to explain it is simply in our Realtor Partner markets where they add our sign riders to our listings or participate in our FSBO marketing program, our corporate offices allocate marketing resources to expand lead volume in these markets. The www.SellMyHouse.com Realtor Affiliate Program is primarily a by-product of our national internet presence. Lead volume expands dramatically in Partner markets where we do direct marketing campaigns.
Have a great week!
The SellMyHouse.com Team
Realtor Partners · Realtors · sell my house · sellmyhouse.com · SEO
