Educate yourself in the Foreclosure Process
Posted Dec 18, 2007 @ 12:19 am, Viewed by 257 Visitors, Read 263 Times.First of All - ALL States have different Foreclosure Proceedings. The foreclosure process for a homeowner in Nevada is certainly different then the foreclosure process in Illinois and I highly suggest that you read and understand the foreclosure process for Illinois. My conversation with a representative from this particular lender that I had certainly should make you aware of at least the basic process.
In fact, the conversation and the information relayed to me by this representative was distorted and it made me realize just how much poor information there is out there. This particular representative made statements that were false and it's no wonder why so many Americans are dazed and confused with their current mortgages because this representative did not even know the foreclosure process for Illinois. I'm not going to blame this representative but I will blame the company for hiring people to make phone calls when they have failed to properly educate their representatives to not make statements that are purely false.
Here are the main highlights of the conversation:
- Lender Represtative: The loan is in default so the home will be sold within 30 days.
- There is a thirty day redemption period
Make sure you read the link about the foreclosure process in Illinois. I start doing some research so I take a look at the loan documents for this particular person and find out that the original loan was taken care of by American Home Mortgage which is now Bankrupt.
Well, that's convenient. I take a look at this person's FICO scores and income and I'm sincerely scratching my head on why this person got the loan that they did so I make a phone call to somebody I know that owns a Mortgage company. Same answer, they should have gotten a lower rate but they were sold/pushed to a loan that had a high yield rate premium.
In other words, instead of getting the best loan that they were qualified for, they received a loan that paid the lender more. If you are a homeowner facing foreclosure, I highly suggest the following:
- Make sure you read the foreclosure process in Illinois or your state from an Independent source.
- Contact a Real Estate Attorney that understands the foreclosure process.
- Educate yourself on the process and at least learn the basics!
Paul Francis, ABR,CRS
Coldwell Banker Premier
Las Vegas Real Estate
10120 S. Eastern Ave
Henderson, NV 89052
702.592.3058
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SVRPaul
Interesting thoughts and it really has nothing to do with a loan officer getting paid for doing a good job on a loan. The truth is though that some people were put into loans that paid the company more even though it was not in their customers best interest. I did not set out to write a post about loan officers and what they should get paid and I did veer off of the main point that this particular person was being told the wrong things concerning the foreclosure process. So you are right concerning the point that I have no right to to judge what this person should have qualified for but I can suspect that there were better loan products out there during this time. As far as what loan officers should get paid, I don't think there is anything in the post that suggests what they should and should not get paid for doing a loan.
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Paul Francis, ABR,CRS of Coldwell Banker Premier specializes in the Master Planned communities of Las Vegas including Summerlin Real Estate, Lake Las Vegas and Green Valley Real Estate. Read More
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But i bet that "yield premium" you speak of was still less than HALF what the realtor made on the transaction. Should the Agent have given up half his/her commission? The industry is so competitive it's almost impossible to "push" a borrower into a certain loan. Everyone and their brother is in the business and offering a better deal. I guarantee there were circumstances that dictated a higher rate. Who is anyone to judge who did not see the full application and 3 credit scores to see EXACTLY what that borrower qualified for. AND who is anyone to judge what yield premium is fair. Again if the Agent can make 3%, can the loan officer???