[quote=sdrealtor]I’ll answer what the draw is. The draw is that they are a very large segment of the market for the last few years and the foreseeable future. The draw is they are complex and most agents cant handle them. The draw is they are complex and I love a challenge. the draw is that many of the short sellers are good people not the slimy deadbeats you profess they are who want, need and deserve good representation. The draw is when I meet someone who doesnt I can tell them to go $&T* themselves. The draw is that I saw all of this coming exactly as it has come down, built a company and processes to handle them as efficiently and effectively as anyone in SoCal. The draw is reaping the rewards for being right.[/quote]
Dear sdrealtor,
I guess I find myself “sufficiently challenged” with my primary occupation so as not to be compelled to throw additional deadbeats’ intractable issues into my path. It’s not particularly the “complexity” of their “issues” that is daunting to me. It’s the psychic “wearing down” due to the same thing happening to the same people repeatedly. It comes to the point where you gotta ask yourself, “Why??” And having to repeatedly charge the batteries in the hi-intensity flashlight that has been chained to my right ankle for far too long was wearing on me, (also that “tickler” on my left ankle became a bit of a problem, lol). Maybe someday you’ll be in my “place” and understand where I’m coming from, sdr. I have to commend you for your “energy” and being able to discern the few “deserving ones” from a never-ending supply of “losers.” Congratulations for having the “processes” in place and the “stamina” to deal with this “lot.” You will definitely earn your commissions with double or triple the work!
When a “$275K” house around the corner from me ended up selling for $590K in early 2006, I was “embroiled 24/7” in a long-running court trial and “asleep at the switch.” When it later came up as an “NOD” on my Westlaw acct in early 2007, I wasn’t really paying attention as to how it got there, but noticed the high opening bid for the “steps” (had a lot on my plate at the time). Later, upon further “investigation,” I discovered the family who had purchased the property consisted of a “gardener” and “Hotel Del housekeeping professional” (and their two children). Upon perusing their purchase-money trust deeds and discovering it was financed 100%, I had to ask myself, “How did this happen??” Yeah, I felt sorry for the family . . . for the children especially. They were subsequently foreclosed upon and this property later sold as an REO for $290K.
It didn’t really dawn on me how big a part local (bilingual) “mortgage brokers” played in these sad tales until I was approached by a few acquaintances who had recently refied “cash-out” and within months could no longer make their payments and wanted help from me with HAMP/Deed in Lieu, etc. After examining their loan docs, not only did I find their terms and charges to be “usurious,” they had signed up for alienation clauses and prepayment penalties. One even signed up with her “mortgage broker” to participate in a phony “investment scheme” designed to take ALL her “cash-out” proceeds shortly after receiving them for a phony “investment scheme” promising her monthly income at 12% interest as a condition of receiving her loans. Her promised “dividends” stopped after 4 mos (4th mo was partial div) after she received a “sob-story” letter to all the “investors.” These “mortgage brokers” (licenses now expired/non-renewed/suspended/revoked) managed to swindle the total of the “cash-out” of 26 (that we [and the US Atty] knows of) of their local borrowers/”investors.” Due to their recent “felony pleas,” these “mortgage brokers” who were NOT suspended/revoked by the DRE can’t renew their licenses.
Piggs, the “secondary victims” in this “fraud” were Countrywide (now BofA) and World Savings. Are we hearing “violins” in the background, here??
Unfortunately, in CA, there is nothing on the books to prevent “usury.”
Having seen it, done it and lived it, SURE, I feel compassion for these “victims.” But, in CA, historically, there has been only ONE WAY OUT of a “dilemma” such as this and it’s called F-O-R-E-C-L-O-S-U-R-E. The law is very straightforward. Embarked on timely and done properly, the 144 days to the perfection/recording of a Trustee’s Deed is the fastest, cheapest and quickest way to putting the whole debacle behind them for a beneficiary AND CA property owner. It’s MUCH cheaper and faster than a “short” sale and ultimately best for everyone (incl the defaulting trustors, IMO).
