Cashing In on the Foreclosure Boom

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Well, all I can say is back when I was unemployed during the boom nobody could give me the time of day. Now that I'm needed again, well, I'm making up for a severe drought in income and in activity. Those individuals who are REO professionals, are not needed during boom times, but they do a service for all when everything is going bust. We convert non-paying assets to paying ones. We take the “busted” American Dream of one family and convert it to the American Dream of another. I wasn't bitter when I was unemployed, and saw loan brokers making $50,000 per month. Now that things have reversed, allow me the same courtesy.

Is anyone mentioning that this conference costs attendees $795 in addition to the $250 per night hotel cost? I have worked for several banks in the foreclosure and REO departments. Agents who list REO properties are not “taking” the American Dream from someome. Someone became over-extended on their home loan through some means or another. Many took out lines of credit or opted to take an ARM loan. Banks don't just take someone's home. The foreclosure process can take 6-12 months. Most foreclosures are left is deplorable shape by people who had no pride in their home and are sellable at fractions of their loan values. I'm thankful that the REO agents were willing to list and sell these proerties so that the bank took less of a loss than otherwise would have been. Do agents earn a living selling homes? Yep. Whether that home is an REO home or not. Some agents sell a lot of properties allowing them a very comfortable lifestyle. And they work an swful lot of hours to do that. Most of the agents I used works 70-80 hours a week. Out of curiosity, these “journalists” from Washington……what hotel were they staying at? Palm Springs is pretty spendy. It must be nice to be flown to Palm SPrings and put up at a hotel while the company is paying for it? You earn a huge salary interview women in bikini's sitting by the pool. And you must make A LOT of moeny to recognize that someone's sunglasses are genuine Dior and not a knock off. I want your job!!

Sounds like a reporter that is cashing in on REO seminars too!

I attended this conference. By far the majority of these Realtors were trying to find a client to make a living and avoid their own financial callapse. They were trying to learn and understand a very complex real estate environment. I heard these “reporters” outside of my hotel room discussing the “angle” they were going to take to get the ansers they wanted for their article. They misquoted most of the agents, as is NYT tradition. The attendees are perfroming their “job”. They have found a service that is making money, how unAmerican. What is not thought out is that the sale of a home, however disappointing or tragic, creates 10 jobs; lenders, title agents, appraisers, plumbers, HVAC, lawn crews, drywallers, painters etc. These are all jobs just like a real estate agents job involved in the REO industry, just at different positons in the transaction. Jump on them also NYT for wanting to make a living!

Where was the reporter On Saturday and Monday and Tuesday when everyone at the convention was in all day classes getting educated and brainstorming on how to help the country get out of this mess and start the recovery process? What he saw was one day out 4, the one day that was meant to be fun inbetween 3 long days of classes back to back. I left that conference exhausted on Tuesday from being in classes all day long, trying to learn as much as I could.

Reporters should be required to learn about their articles and gather statistics before writing about them. Shame on the editor for even allowing this story be written. REOMAC is one of the longest and strongest organization who have helped many agents and banks succeed through education in the REO industry. REO is a term but by no means should it deflect the fact that we are still talking real estate. It is very unfortunate that people must be foreclosed on but let's not forget the fact that they were willing signors of Deeds and Notes where it clearly states they must pay their mortgage or suffer to pay a penalty should they default – and sometimes the penalty includes foreclosures. These agents are not the same agents who coerced these buyers to sign such documents. The article also fails to mention the trillions of money lost by banks because in the current market these properties are selling for much less than what the buyers owed. Not to mention that the agents are also getting paid a reduced commission than the traditional real estate agent who handles regular retail real estate and they work twice as hard as retail agents. It also doesn't mention the amount of money it costs these agents to sponsor such golf events or dinners. Why did the reporter not interview the agents who would actually educate him and tell him how unsafe it is being an REO agent – especially when a property is in a gang ridden area where you have to knock on the door of the property and be welcomed by a 12 gauge shotgun. I am definite that if other agents were quoted he would've found out that they also put out thousands of dollars to maintain a foreclosure and pay for liens and code violations that were incurred by the previous mortgagor. Who's cashing in now?

As an Asset Manager, I have worked with hundreds of agents. The REO professional works more hours than you could count. Most of them are doing paperwork until 2 or 3 am, just to provide the bank what is needed to satisfy their guidelines. REO agents must put up their own funds for trash outs, repairs, etc. Some of them even pay a fee to be reimbursed. Commissions are constantly reduced and more staff is required to handle all the paperwork that is needed. This reporter spent the day looking to trash an organization and industry that is made up of professionals, trying to do what is best for this country and its citizens. Where was that reporter when an agent went into a home that had dead animals because the occupants just decided to leave them? Where was that reporter when an agent had to go into a home that was covered in feces or garbage and flees so thick you could not see the floors. REOMAC put on a conference with incredible education. They are always trying to educate the industry with best practices. This reporter did not report on the incredible education that was provided by highly respected panelists. Or report on the amount of money donated by the conference attendees to “No Paws Left Behind” so animals left by uncaring homeowners could be saved. How come the “reporter” did not interview the staff of the hotel so they could tell him that they were finally working a full week so they could put food on their tables and make their mortgage payments. It is unfortunate that given the choice of being a journalist that reports the news, or taking a sleezy position so he could sell newspapers, he chose to take the low road.

As an Asset Manager, I have worked with hundreds of agents. The REO professional works more hours than you could count. Most of them are doing paperwork until 2 or 3 am, just to provide the bank what is needed to satisfy their guidelines. REO agents must put up their own funds for trash outs, repairs, etc. Some of them even pay a fee to be reimbursed. Commissions are constantly reduced and more staff is required to handle all the paperwork that is needed. This reporter spent the day looking to trash an organization and industry that is made up of professionals, trying to do what is best for this country and its citizens. Where was that reporter when an agent went into a home that had dead animals because the occupants just decided to leave them? Where was that reporter when an agent had to go into a home that was covered in feces or garbage and flees so thick you could not see the floors. REOMAC put on a conference with incredible education. They are always trying to educate the industry with best practices. This reporter did not report on the incredible education that was provided by highly respected panelists. Or report on the amount of money donated by the conference attendees to “No Paws Left Behind” so animals left by uncaring homeowners could be saved. How come the “reporter” did not interview the staff of the hotel so they could tell him that they were finally working a full week so they could put food on their tables and make their mortgage payments. It is unfortunate that given the choice of being a journalist that reports the news, or taking a sleezy position so he could sell newspapers, he chose to take the low road.