Consumer Fraud Alert!
Transcription
Consumer Fraud Alert!
ADVERTISING SUPPLEMENT Southland Regional Association of Realtors® Low-Cost, High-Service Provider Don’t be fooled by misleading claims — SRAR remains the lowcost, high-service provider with dues that are substantially lower than all of our neighboring associations. Plus, other associations cannot compete with SRAR’s wide array of membership services and benefits that are second to none, including: essential business tools, free training and education, technology tools, like free websites, free IDX and mobile IDX, and discounts on a host of products. Here are just a few examples of the dozens of benefits SRAR offers its members: Wendy Silver-Hale 2012 SRAR President Bank Settlement Details to Unfold Over 6-9 Months By Wendy Silver-Hale, President, and David Walker Southland Regional Association of Realtors® The landmark settlement between 49 state attorneys general, the federal government and five major home loan servicers is a three-year program that is intended to help the most people within the first year, but details of exactly how the program will help this targeted group of home owners most likely will not be fully unveiled for another six to nine months. California will receive the lion’s share of the estimated $25 billion settlement — capturing nearly half that commitment — yet the funds will be doled out first to the hardest hit communities, then to others who qualify for assistance. Some reports urge owners to contact their loan servicer right away, while others insist that a call now is pointless because servicers will do the contacting once ground rules are fully developed. Indeed, calls to some servicers yielded few answers and a sense that many of the folks on the other end of the phone, though well intended, are waiting, just like consumers, for guidance on how to proceed. In a situation with so many questions and uncertainties, here’s a quick summary of what we do know to date: • Because of the complexity of the mortgage www.NationalMortgageSettlement.com California Attorney General — www.oag.ca.gov Listingbook is a FREE member benefit at SRAR, which allows you to set up client accounts. As a result, your client can search for listing data which allows you to manage and keep updated on your clients’ every need. Participating Mortgage Servicers • Ally/GMAC — 800-766-4622 • Bank of America/Countrywide — 877-488-7814 • Citibank — 866-272-4749 • JPMorgan Chase/WaMu — 866-372-6901 • Wells Fargo/Wachovia — 800-288-3212 market and this agreement, borrowers will not immediately know if they are eligible for relief. According to the California Attorney General, over the next six to nine months, the settlement administrator, attorneys general and the mortgage servicers will work to identify homeowners and customers. Realtors Property Resource is a FREE member benefit at SRAR. RPR is an online real estate library that provides members with valuable data on every property in the United States – create custom reports to provide to clients Immobel is a FREE business-to-business platform where you can share real estate listings with other professional organizations worldwide directly from your website. Plus, have your website translated into 13 different languages. Point2 Agent is FREE listing syndication, which advertises your listings to over 300+ public websites. Just enter your listing once into SRAR’s CRISNet MLS and your listing will automatically be syndicated — for Free. Freddie Mac are not impacted by this settlement. To learn if a loan is owned by either entity you The Fannie Mae Short Sale Assistance Desk gives SRAR members FREE may call 1-888-995-4673 or visit the following direct access to professionals who can assist in handling post-offer short sale issues that may relate to servicer responsiveness, the existence of a second lien, or issues websites: involving mortgage insurance. www.fanniemae.com/loanlookup www.freddiemac.com/mymortgage For a full list of all benefits and services, click on the “Membership Tab” at www.SRAR.com. These sites also include links to Haven’t paid your dues yet? information about While the deadline has passed for paying annual dues to the Southland Regional existing mortgage Association of Realtors, you can still bring your membership current. Just contact and foreclosure the membership department at 818-947-2201. Dues can be paid via snail mail, programs that may FAX or online at www.SRAR.com by clicking on the “pay dues” button. help these owners. And, like our neighboring associations, SRAR welcomes new members and may • The settlement waive application fees. is supposed to provide assistance for homeowners needing loan modifications now, including first and second lien principal reduction. State attorneys Learn the fundamentals of commercial real estate financial analysis for general hope the settlement’s requirement for investment sales opportunities at a free seminar offered as a member benprincipal reduction will show lenders that prin- efit of the Southland Regional Association of Realtors. cipal reduction is one effective tool in combating The Wednesday, March 14, member benefit promotion will be offered from 10 a.m. to foreclosure and that it will not lead to widespread noon in the SRAR auditorium, located at 7232 Balboa Blvd., Van Nuys, just north of defaults by borrowers who really can afford to pay. Sherman Way. A required RSVP must be emailed to [email protected]. • Some borrowers who are current, but unBrendan Erickson, vice presidentof REI Wise, will highlight the REI Wise derwater, will be able to refinance at today’s historically low interest rates. Servicers will have to global software platform that has 10,000 current users and is the platform provide up to $3 billion in refinancing relief naof choice in over 3,000 commerical real estate offices. Attendees will take tionwide, a pittance compared to the need. away: • For borrowers who lost their home to fore• A better understanding of financial analysis and how to walk the walk closure between Jan. 1, 2008, and Dec. 31, 2011, and talk the talk of investment cycles and valuation snapshots • The GRM a settlement administrator designated by the atand who uses it • The CAP rate, its functions, benefits and downfall • The DCR and torneys general will send claim forms to persons who uses it • Cash on cash • The internal rate of return. eligible for cash restitution. The entire program, including discussion andQ&A sessions, highlights the benefits • For loan modifications and refinance op- to attendees who use the REI Wise toolbox in pursuit of professional understanding and tions, borrowers may be contacted directly by one financial success. of the five participating mortgage servicers. The National Mortgage Settlement website, provides links to each of the mortgage servicers, some of whom already offer instructions on how to proceed or how to schedule one-on-one inter- views. The web address is listed on this page. Calls to some servicers yielded … a sense that many of the folks on the other end of the phone … are waiting, just like consumers, for guidance on how to proceed eligible for the immediate cash payments, principal reductions and refinancing. They say that those who are eligible will receive letters. • The settlement targets a relatively thin slice of existing home owners or those who have already lost their homes and were victims of abusive practices. Loans owned by Fannie Mae or Consumer Fraud Alert! Scammers are already at work trying to capitalize on the national mortgage settlement to access home owners’ personal information — and their money. State attorneys general have received reports of scammers calling borrowers claiming to represent one of the major banks involved in the settlement and offering a cash payment to consumers if they simply provide one crucial piece of information — the routing number to access their bank account. Don't do it! Here are several ways for home owners to identify scams, especially those claiming to represent a major bank: • If they ask an owner for the name of the loan servicer, they may be a scammer. A legitimate caller from the loan servicer would already have that info. • Same goes for an owner’s personal information. The caller should already have pertinent information. Owners should never provide personal information — especially not bank account numbers and social security numbers — to an unsolicited caller. • Does the caller offer to speed an owner’s settlement relief for a fee? If “yes, they are definitely a scammer! Neither the banks nor the attorneys general will charge a fee to speed a settlement. If an owner wants to confirm that the caller is legitimate, ask for their contact information, confirm the bank’s hotline number, then call them back. If it’s a scam, they most likely will not want owners to check on them and may not provide contact information. Fundamentals of Commercial R.E. Financial Analysis The Southland Regional Association of Realtors® is one of the largest local trade associations in the nation with more than 9,000 members serving the San Fernando and Santa Clarita Valleys. Wendy Silver-Hale, SRAR 2012 President, [email protected] c/o The Voice FOR Real Estate in the San Fernando and Santa Clarita Valleys www.SRAR.com | Real Estate Questions? E-mail
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