I can't find the right words to explain how bad I need to get to Southern California today. Our first live program for PSC is this Thursday. We are doing a full two day seminar to a sold out audience. I haven't had the chance to see the entire course material yet. The great news is that my associates feel like I have nothing to worry about and that Jacob will be doing the majority of the presenting anyway. The truth is and you can certainly verify this from your own experience that whenever you are presenting something for the first time, your going to get nervous. What do I do? What do I say? What if i blow it? What if my zipper is down? you know all the usual stuff. To be honest I am going to So Cal tonight and I look forward to the challenge ahead. I think by the first time I get to Pleasanton I will be more than ready. If anyone has any cures for being nervous let me know. I can tell you that whole 'Picture the entire Audience Naked' thing is a complete myth.
-Christopher Rockey
Monday, July 13, 2009
Friday, July 10, 2009
PSC 6 Day Countdown
Our kick off day is next Thursday July 16Th in Ontario. Our PSC is a two day course with an endorsed designation. The entire team is working round the clock to add the finishing touches. I came home to Sacramento to get that horrible trashy looking crack in my tooth fixed but turns out my Dentist doesn't accept my new Assert Link insurance. It looks like i will be doing seminars looking like Loyd Christmas. Jacob Swodeck is currently the only other Full Time trainer. Lucky for his artistic capabilities because there is no chance I could make our Power Point presentation look as nice as it's going to. The earlier article I wrote today was about that interview, the truth is I am relationship building with Freddie Mac to get the most up to date information in the Short Sale industry. Although PSC will not recognize my AAGG designation the next 120 days will be a time in my life I will never forget. I wish great success to all Real Estate professionals that are thirsty for the standardization process that I will be teaching through partnerfirst.org
-Christopher Rockey
Loan Modification Facts and Myths
According to the center for responsible lending there is a foreclosure in the US every thirteen seconds (while there are no moratoriums respectively) Net Net over Short Sale over Short Refinance the Loan Modification makes more sense to the lender / Investor. So why aren't more lenders doing them, first name one that's not? They all are but they literally have thousands of requests per liquidation manager or Loss Mitigator. I had the opportunity to interview a high ranking trainer with Freddie Mac today. She told with out a doubt Freddie Mac is not doing any principal reductions on Loan Modification. She did say they would consider Ballooning or Forbearing a portion of the principal. When I asked her (I didn't ask if i could quote her so she can remain anonymous) what one quote Freddie Mac wants the public to know what would it be, her response "Our number one priority is to do whatever we can to help the consumer avoid foreclosure. We are huge advocates of the presidents plan and the Making Homes Affordable Program, we know there is a problem, we get that, we are a huge advocate of being part of the solution."
A study by the Federal Reserve in Boston finds that since the housing downturn began, only a small fraction of mortgages have been renegotiated to prevent foreclosure, some 3% of seriously delinquent loans. But this isn't because these loans have been securitized and sold off to investors; banks have modified a similar number of loans still on their books. The evidence says it's just not worth it for the banks to do it: Nearly half of all modified mortgages fail anyway, and a significant portion of delinquent borrowers "self cured" and started repaying within a year. Again Loan Modification makes most sense to the lender, not always the consumer. At one point early this year the center for responsible lending stated a 9 out of 10 failure rate for Loan Modifications that were negotiated. Again, I believer that's because the lender was able to convince the homeowner to take a Loan Modification that was in the interest of the lender not necessarily the consumer. Loan Modification just like a Short Sale is a negotiation. Never accept the lenders first offer even if they come back and tell you they will have to re submit for approval and that could take another six months.
-Christopher Rockey
A study by the Federal Reserve in Boston finds that since the housing downturn began, only a small fraction of mortgages have been renegotiated to prevent foreclosure, some 3% of seriously delinquent loans. But this isn't because these loans have been securitized and sold off to investors; banks have modified a similar number of loans still on their books. The evidence says it's just not worth it for the banks to do it: Nearly half of all modified mortgages fail anyway, and a significant portion of delinquent borrowers "self cured" and started repaying within a year. Again Loan Modification makes most sense to the lender, not always the consumer. At one point early this year the center for responsible lending stated a 9 out of 10 failure rate for Loan Modifications that were negotiated. Again, I believer that's because the lender was able to convince the homeowner to take a Loan Modification that was in the interest of the lender not necessarily the consumer. Loan Modification just like a Short Sale is a negotiation. Never accept the lenders first offer even if they come back and tell you they will have to re submit for approval and that could take another six months.
-Christopher Rockey
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