9:45 am – 10:30 am
How to Help Homeowners While Closing Business
Panelists:
Eli Tene, President, I Short Sale, Inc.
Frances Flynn Thorsen, Managing Editor, RealTown.com
Heidi Mueller, Broker Associate, Prudential California Realty
Tom Geller, Author, Save My Home: Ten Steps to AvoidING Foreclosure
Heidi: Homes have gone from being an investment to being shelter, if someone gets a workout, how long will it be before the value of their house recovers?
Back of envelope math: If have a $200,000 loan, and my interest rates goes up 2%, you are going to pay about 50% more.
Q: How many people are actually getting workouts?
Tom: Average cost of foreclosure for the bank is $40,000. When bankers make a decision about doing a workout, they would have to lose about $40,000 to do a workout.
Are you really seeing rate modifications of 3%?
Audience: I agree with Countrywide, I as a taxpayer do not want to pay for someone else's stupid decision.
Fran: We are playing an interesting kind of blame game. Some talking about what is going to happen to real estate agents who introduced buyers to lenders who's loans have gone bad?
Back on live notes...
Trainers looking for 30,000 Realtors to become loss mitigation professionals
What is the financial incentive for Realtors to get involved in preventing a
Costs lender $1,500 per month to carry a property going through foreclosure process, before any write down
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