Latest News

Banks do and do not do HAFA short sales…huh?

Mark and Doug from the Real Estate News Channel report on a presentation by a Wells Fargo big cheese, where he explains why HAFA short sales are (and are not) done by Wells Fargo. They explain the program and why the very same bank will do it for some homeowners and not for others.

Check it out at www.renewschannel.com
To be taken directly to the video, director your browser to http://www.renewschannel.com/?p=229

Tuesday, November 16th, 2010 Latest News No Comments

How are attorneys advising your clients in distress? They could be wrong!

On this morning’s Real Estate News Channel Update, Doug and Mark cover a very interesting topic, as it relates to attorneys.  Many attorneys are recommending bankruptcy as a way to avoid foreclosure and it is simply not the right way way to advise a client.  We strongly recommend that you have your client speak to an attorney, but we also recommend that you interview the attorney first and be sure they know what they are talking about and have experience in real estate.  For more information and just one of the many reasons why, check out today’s Real Estate News Channel Update:

Friday, October 29th, 2010 Latest News No Comments

realtor.org reports home prices stabilizing while values continue to fall…huh?

On the very same day realtor.org reported that home prices were stabilizing, they reported that home values have decreased…how is that possible?

Check out todays Real Estate News Channel Update for more and a great “Tip of the Day” for Realtors.  If you like what you see subscribe to their show.  They launch one a day.

http://renewschannel.com/?p=144#comment-6

In the Update, they discuss where someone can go to view where their state lines up as far as unemployment and foreclosures are concerned.  To see where your state ranks in foreclosures and unemployment, direct your browser to:

http://money.cnn.com/news/storysupplement/economy/gapmap/

Thursday, October 28th, 2010 Latest News No Comments

This gets uglier by the minute…Chase now involved in the shenanigans!

The latest serviced to join the friends in low places is….drum roll please….CHASE! On Sunday, Reuters reported that Old Republic Title Insurance reported it was holding off on insuring homes foreclosed upon by JP Morgan Chase.

http://www.reuters.com/article/idUSN0327991020101003

This comes on the heels of GMAC and it’s subsidiaries claiming they have committed some ethics “no-nos”, as has the grand-daddy of them all; Bank of America. All three have stopped foreclosure proceedings in 23 states and are bracing for a serious legal brow-beating. For more information, see the links below. Get your duct tape out first and then ask yourself this question: Do I think it is it just these three companies who have acted unethically? We think not…

http://www.reuters.com/article/idUSTRE68S5KY20101002

http://www.reuters.com/article/idUSN0116467620101001

http://www.reuters.com/article/idUSTRE6904I920101001

Plenty more information to follow…stay tuned.

Monday, October 4th, 2010 Latest News 1 Comment

New bill requiring lenders to “hurry up” their short sale approvals introduced in congress

Representatives Robert Andrews (D-NJ) and Thomas Rooney (R-FL) have introduced H.R. 6133; a bill that would require lenders and servicers to speed up the short sale approval process.  On September 15, H.R. 6133 was referred to the House Committee on Financial Services, but we have the feeling it will not get any play until after the break…if at all…

Our feeling is that this program, if put into law, will go about as smoothly as: HASP, HAFA, PIP, EESA, TARP, HAP, HARP, ARRA, FSP, HFST, HAMP, TSLF, MHAP, PDCF, AMLF, CPFF and HforH, because government is just plan not able to fix this problems.  We continue to assert that it is only the real estate population as a whole who is going to fix the challenges we face.  Would we like to speed up the short sale process, absolutely.  What do you think?  We’ll be over her NOT holding our breath.

For more information on the bill and to follow it through the process, direct your browser to http://www.opencongress.org/bill/111-h6133/show .

For more insight and opinion on H.R. 6133, direct your browser to the following:

http://nationalmortgageprofessional.com/news20526/new-legislation-introduced-quicken-short-sale-time-frame

http://manufactured-home-loans.com/blog/?p=8607

http://rapidrealestatesolutions.wordpress.com/2010/09/22/nar-supports-bill-in-congress-proposing-short-sale-speed-up%E2%80%A6when-will-everyone-learn/

Our feeling is that this program, if put into law, will go about as smoothly as: HASP, HAFA, PIP, EESA, TARP, HAP, HARP, ARRA, FSP, HFST, HAMP, TSLF, MHAP, PDCF, AMLF, CPFF and HforH, because government is just plan not able to fix this problems.  We continue to assert that it is only the real estate population as a whole who is going to fix the challenges we face.  Would we like to speed up the short sale process, absolutely.  What do you think?  We’ll be over her NOT holding our breath.

Trent from CSSP

trent.whatcott@cwyholdings.com

Wednesday, September 22nd, 2010 Latest News No Comments

Reaching Homeowners in Financial Distress-Web Workshop back by popular demand

Homeowners across the country are facing the darkest financial days of their lives at this very moment and are unsure of where to turn for real options and real answers to some excruciatingly difficult questions.

Realtors are key to providing them with options and a way to begin the process of getting out of the situation. First, however, we’ve got to be able to get their attention, amongst all of the other internal and external noise going on around them.

Join us on Friday, August 13th at 1:00pm pacific for a web workshop on this topic.  To Register, please direct your browser to:
https://www2.gotomeeting.com/register/485864987

In this session, Trent Whatcott, Partner and Chief Marketing Office of Complete Short Sale Processors will discuss the mindset of the homeowner in financial distress, based on ethnographic research conducted by Complete Short Sale Processors. He will discuss how the findings can be immediately employed by realtors to effectively market to individuals facing financial challenges, in order to help the homeowner remove themselves from their current situation and move to more firm financial footing.

About Trent Whatcott
Trent holds a Marketing degree from the University of North Texas, with an emphasis on Marketing Research and Consumer Behavior. Ethnographic research, the observation of how individuals behave in certain circumstances, is his favorite area of focus.

Trent has worked with numerous Brokers and Realtors, various organizations within publishing, such as Harcourt, McGraw-Hill, The Thomson Corporation and Cengage Learning, as well as Southwest Airlines in the past, where he applied his marketing research skills to enable these individuals and organizations to more effectively reach various market segments.

When Trent is not marketing, he enjoys spending time with his family, partially completing home improvement projects, being a really slow cyclist, a golf chop, a tennis hack and discovering the beauty of the Mojave desert!

Trent and his wife have four children and live in Las Vegas, NV.

Friday, July 30th, 2010 Latest News No Comments

Reaching Homeowners in Financial Distress-DON’T MISS THIS ONLINE WORKSHOP

Reaching Homeowners in Financial Distress

Many homeowners across the country are facing the darkest financial days of their lives at this very moment and are unsure of where to turn for real options and real answers to some excruciatingly difficult questions.Realtors are key to providing them with options and a way to begin the process of getting out of the situation. First, however, we’ve got to be able to get their attention, amongst all of the other internal and external noise going on around them. We will discuss strategies and tactics that can implemented immediately in order to differentiate yourself from the competition.

Join us on Friday, July 30th at 10:00am pacific for a web workshop on this topic.

In this session, Trent Whatcott, Partner and Chief Marketing Office of Complete Short Sale Processors will discuss the mindset of the homeowner in financial distress, based on ethnographic research conducted by Complete Short Sale Processors. He will discuss how the findings can be immediately employed by realtors to effectively market to individuals facing financial challenges, in order to help the homeowner remove themselves from their current situation and move to more firm financial footing.

CLICK HERE TO REGISTER and join us for this informational workshop! SEATING IS LIMITED!

About Trent Whatcott
Trent holds a Marketing degree from the University of North Texas, with an emphasis on Marketing Research and Consumer Behavior. Ethnographic research, the observation of how individuals behave in certain circumstances, is his favorite area of focus.

Trent has worked with numerous Brokers and Realtors, various organizations within publishing, such as Harcourt, McGraw-Hill, The Thomson Corporation and Cengage Learning, as well as Southwest Airlines in the past, where he applied his marketing research skills to enable these individuals and organizations to more effectively reach various market segments.

When Trent is not marketing, he enjoys spending time with his family, partially completing home improvement projects, being a really slow cyclist, a golf chop and a tennis hack and discovering the beauty of the Mojave desert!  Trent and his wife have four children and live in Las Vegas, NV.

Thursday, July 29th, 2010 Latest News No Comments

Dang we humans are a resilient bunch!

In a previous life I was a cyclist. I had a resting heart rate in the 50s, about 6 percent body fat and was skinny as a rail…man that was a long time ago! This little thing called responsibility entered through the front door and time and energy went out the back!

I still love the sport and follow it as closely as time will allow…especially in July. Thank goodness I have won my wife over and she loves it as much as I do!

Yesterday on the Tour de France, the riders climbed the Col de Tourmalet. For those of you not following “the Tour”, Col de Tourmalet is the highest road in the central Pyrenees mountains….translation…most people would sell their firstborn before attempting to climb it. As I was watching and looking in the eyes of the two leaders; Alberto Contador from Spain and Andy Schleck from Luxembourg, one word came to mind, “resilience.”

I then thought of the “Cols de Tourmalet” I have faced and overcome in my life and I thought of how resilient I must be. I have climbed some pretty steep mountains in my life and I have overcome, or am in the process of overcoming them all. I then thought of my 11-year-old son who is autistic, epileptic and has slight mental retardation (no, that word does not offend me…). I thought of the challenges he’s faced and overcome…or is in the process of overcoming. I thought of my other kids who face the challenge of being a sibling to such a child and the challenges they have overcome. I thought of my awesome wife, who has struggled more than any woman has a right to as a result of our son’s limitations and, though the climb has been the toughest for her, she gets up every morning and climbs this “Col” with Andy Schleck’s style and Alberto Contador’s grace.

My mind then moved to all of the people I have had the pleasure of becoming acquainted with in Real Estate. Some of these people are at what seems like the end of the line. Many of them are late on all of their lines of credit, have no savings and are in the process of losing their home. I met with one just today who, not too many moons ago, woke up one morning to find that all of his vehicles had been repossessed overnight and he would have nothing left when the bank showed up to take possession of his home.

What I have learned from these experiences is that nothing, with the exception of death, is ever permanent. We humans always bounce back if we keep climbing. It may take months or years, but we ALWAYS bounce back. For Realtors, the beautiful thing is that you get to help people out of the darkest times of their life and put them on the road that leads to economic recovery. What an honor!

Trent from CSSP

Friday, July 23rd, 2010 Latest News No Comments

$128,000 to modify a loan? Huh?!

That’s right…$128 large.  Here’s some math.  The program from TARP that was to help homeowners modify their loan, has to date helped 390,000 homeowners.  On its own merit, that sounds excellent!  What a talking point!  Here’s another number $50,000,000,000 (fifty billion dollars, if I were to spell it out on a check) is the budget for this little corner of the TARP blanket.  Take $50 billion and divide it by 390,000 and you arrive at $128,000.

So, some folks got a little cranky about it this week and the news is forever recorded in yesterday’s Business Day section of the New York Times.  http://www.nytimes.com/2010/07/22/business/22tarp.html?scp=1&sq=program%20to%20help%20prevent%20foreclosures%20falls%20short&st=cse

Neil Barofsky, the special inspector general for TARP was most critical, calling the program “one of the greatest failures” by the Treasury Department, because it lacked clear goals.  (Seriously, that many pages and we couldn’t get our goals clear?!)  Elizabeth Warren, Chairwoman of the Congressional Oversight Panel and Richard Hillman, managing director of financial markets and community investment at the Government Accountability Office (!) echoed the criticism as well.

What it all boils down to is this:  People are living in homes they cannot afford to live in.  It really doesn’t matter at this point whose fault it is.  We can figure that out later.  In the aggregate our country is $4 trillion dollars upside down in our homes and something has to be done.  The government has come up with north of 15 programs, which have helped only a handful of homeowners.  The government cannot force these programs upon banks and investors (and they won’t even participate in their own programs (!)

The only “Hope for Homeowners”, in most cases, is to look the situation square in the face and determine what is going to help them have a better life five years down the road and bring the most permanent feeling of peace of any of the options before them.  In almost every case, a Realtor is the only person who can provide that peace.  A Realtor is the only person with the tools to sell the home quickly, help the homeowner find a nice rental for the next couple of years and work with a company like Complete Short Sale Processors www.completeshortsaleprocessors.com (shameless plug) to process a short sale transaction.  Of course, we always recommend that a homeowner contact a Real Estate Attorney to go over their options and help provide legal counsel.  (we provide one at no charge in most states-another shameless plug…)

Our services do not cost any out of pocket expense to the buyer, seller or either realtor…ever.  If you are a Realtor and finding cleints and providing them with relief is of interest to you, send me a message, so I can learn more of your current situation.

Trent from CSSP

marketing@completeshortsaleprocessors.com

Thursday, July 22nd, 2010 Latest News 1 Comment

US Housing Market is $4 Trillion upside down!

I’m 38. (A very young looking 38, I might add.)  I don’t really know if that is old or young.  It used to be old, like when my Dad was 38, but now that I’ve arrived at this juncture, it doesn’t feel too far down the highway from 28…or 18 for that matter.

I do know that I am old enough to remember a time when the word “Trillion” (in dollars) didn’t really mean anything.  Saying a trillion was like saying a bajillion or a gazillion…it was just a word.  Fast forward to now…  According to Bloomberg, the US Housing Market is $4 Trillion dollars upside down….that’s $4,000,000,000,000…12 zeros! with a big fat four in front of them.  13 digits!  That’s four million million.

Besides admitting my age, here’s another detail about me…I hate numbers…every last one (or 4 trillion) of them!  So, I am at the point where I either need to reach for some Advil or just provide a link to Bloomberg and leave the financials up to the experts.  The following article goes into way more detail than I could ever hope (or want) to  http://www.bloomberg.com/news/2010-07-16/housing-bubble-leaves-4-trillion-hangover-chart-of-the-day.htm

Our buddies at ThinkBigWorkSmall, Frank and Brian, discussed this article today on their “Daily” as well.  Check it out at the link below.  If you are not a subscriber to their Daily, we highly recommend these guys.  They provide good information with a heavy dose of some much needed comic relief.  You can sign up for their Daily on their site, or just send me a message (marketing@completeshortsaleprocessors.com) and I’ll sign you up for our syndicated version.  Here’s the link to today’s:

http://www.thinkbigworksmall.com/mypage/archive/4863/51741

Yours in Success,

Trent from CSSP

Tuesday, July 20th, 2010 Latest News No Comments