Today the CDPE course focused on the similarities between the 1980’s S & L crisis and our current housing mess. We also starting going into the nuts and bolts of how to really start helping homeowner who are in distress. This included learning about organizations like Hope Now and others that help homeowner negotiate with lenders. Here are a couple brief points that stood out in today’s class
• Over 50% of loans that are modified go back into foreclosure in a year.
• Most Americans only have a 9% to 12% monthly monetary cushion to live on. That’s less then $400 a month for most families!
• 274 lenders have gone out of business since the credit crisis first hit.
• We reviewed the differences between a foreclosure and a short sale on homeowners credit as well as the long-term impact on people lives. We actually received a detailed breakdown of the differences (email me if you want a copy!)
• Finally, we started taking about pricing strategy and reviewing some bank forms. This will make up the majority of the next three sessions.
This is really turning out to be a must have class for any Realtors who is planning on working with distressed homeowners. Although I’ve successfully closed many short sales over the last couple of years this course is really demulsifying a lot of the misconceived information that is out in the market place.
See you in a few days!
Chuck
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