BiggerPockets

Chase: Phone Number Changes (Contact Information Changes)

Sunday, April 10

Chase, one of the mega Goliaths in the mortgage servicing industry is about to start a major renovation on their phone systems. In a conversation the other day with a representative in the Executive Office it was divulged to one of our negotiators that there were going to be some major changes in the phone system taking place over the next couple of weeks. Often as technology changes it is important to try to accomplish two major things, increase your Average Speed of Answer (ASA) and try to get people to where they are trying to get to.

 

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Fed Cuts Interest Rate To 0.25%

Thursday, December 18

The Federal Reserve Cut Rates on Tuesday to an unprecedented level and this will hold sometime to come. What does this mean to the average consumer. Those with adjustable rate mortgages, credit cards, home equity lines of credit and business loans will enjoy a decrease in the interest they are paying on their accounts. Is it going to be enough? Many speculate that if this doesn't work the Fed will have few other alternatives. In fact to make matters worse, John Silvia, chief economist at Wachovia, said he thinks the Fed set a range for the rate rather than give a specific number as portraying that it has difficulties controlling the rate in the market when rates are this low. The rate may even fall below Zero at times! Anything to keep the economy going the Fed is going to try. In the long run though this hurts the value of the Dollar and in many cases as the ones that usually follow when the Fed drops the rate at which is lends money, it floods the market and our dollar looses value. Our dollar had made a great run on the Euro but with Tuesdays drop and insecurity with what rate the Fed is lending at it's off to the races with the dollar left behind again. Gas prices will most likely see an increase over all as our dollar becomes further devalued. Property prices will also continue to drop as the credit markets continue through their deep freeze. We are seeing in most cases that our clients have no other choice than to sell their properties for what they can. Many times at a loss. We have had great success getting them a release of lien in many cases but still many find themselves upside down and continuing to seeking their life savings into properties that will not be anywhere close to the value they were during the peak of the last market bubble. It's tough that we have to face it but at least we have the experience the is making the difference and helping out hundreds of homeowners getting out of these tough situations.

The Mortgage Meltdown

Wednesday, December 17

Scott Pelley reports on the mortgage crisis that's far from over, with a second wave of expected defaults on the way that could deepen the bottom of the U.S. recession. Short Sales are becoming the next big bomb to blow up in peoples hands that have little to no experience. We do the short sale processing for the top real estate firms in the United States and have great success helping the homeowner get out of the property minimizing the impact on their credit. While a foreclosure credit impact is more around an estimated 250 points a short sale credit impact will only affect around an estimated 50-80 points. Did you know that the average real estate agent has little to NO experience completing the short sale process? We work for over 350+ agents processing the entire application for the short sale for both the homeowner and the agent. We do our short sale processing Free of charge and only get paid from the proceeds of the sale. We are partnering and taking a portion of the agents commission that is already being earned so it is at no cost the homeowner. That's right, NO COST TO THE HOMEOWNER. All fees are covered in the transaction by the lender or multiple lenders that currently holds the mortgage liens against the property. Call us today for your FREE Consultation. No Commitment Required. We can work with your agent or our own! Contact us at 888-945-5553 option 1 for customer service.

Location...Location...Location...

Thursday, December 11

Most of you might think from the blog title that this is going to be a conversation about how the homes location is really what gets a property sold. Well that is another post for another time.

This post is about Mortgage Companies and how they are broken up into multiple locations and sometimes (most of the time) the right hand doesn't know what the left hand is doing. Sound Familiar? If you deal with any mortgage companies then it should. In this case we are going to be talking about short sale processing and today's adventure but this story can really apply to, loan modifications, foreclosure postponements, forbearance plans, short refinances and just about any foreclosure assistance programs that you can put your mind around.

We started processing a short sale with Washington Mutual (WaMu -- More Like WaBoooo), where as always we submitted a complete package with the HUD statement found directly in the middle of the entire 70+ Page packet, which somehow went missing. We submitted it, submitted, and submitted, finally to be confirmed on 11-20. Now at that point in time we followed up on 11-21 where we were told that the items had been received and that the account would be assigned to a negotiator in 1 weeks time. There was a sale date at this point in time (12-3) and we were advised to relax that by that point in time it would make it into the "openers" hands. Well we call the 25th. Still no opener. We were told again not to worry about it. Ofcoarse witht he long weekend at hand and an expected drop of the ball on Washington Mutuals part we requested a postponement of sale. Denied. We would need to call back 12-2 to get it postponed. So we did. On 12-2 we contacted the lender as advised at 9 A.M. PDT and was told but a wonderful agent that there was not issue she would put a rush to get the account assigned to an "opener" and they would postpone the sale date as a BPO was set to be ordered. She states, " Call back in a few hours just to make sure it got done." A little strange of a request but we complied and called back in the early afternoon.

At this point in time we are fairly pleased as we are under the assumption that sale date was being postponed. We called just to double check the foreclosure postponement has been completed. BUZZZ, WRONG. In fact at that time the agent we spoke to states that there were no notes from the previous conversation and the continues to advise that he would need to put us on hold. Now to the title of this post. We had been speaking to the Jacksonville, FL office at this point in time along now with this second agent who just put us on hold. The phone line begin to ring and, "Thank you for reaching Washington Mutual, Can I have your account number please?" We'll perplexed at this time I ask on a whim, "What location am I speaking to?". "Chatsworth California" She responds. At this time the previous representative from Florida where the file was being processed had transfered me without notice back into the Q.

Now, by the graces of our bad luck the California Location for WaMu states that they can not work the file any longer as another department has already started working on it. Rediculous. So the idea is that if one department started working on it and there is a sale date for the next date no other department can handle it! Well after pushing and pulling and speaking to 3-4 representatives we get advised that at this time to postpone we would need to send in again, the purchase agreement, the HUD, and a formal and FINAL approval letter. I ask," I have a pre-approval letter that was sent in will that be acceptable". "NO" comes from the other end. At the this part of the evening they wanted us to come up with a full approval letter. So at this time it's gone past 5 P.M. PDT and what started off as a done deal ended up as a dead deal.

Here at Absolute Consultant Group, it's not done, till it done. With remote access I get up this morning at 5:30 P.M. PDT and call on the WaMU file. Attempt to get ahold of the Jacksonville office. And I did. I got the ball rolling and had the agents we had spoken to following up on the e-mails that were supposed to be sent out. 4-5 Managers later, we get a call from the "opener" stating that the sale date has been stopped and the that the appraisal company would be calling us shortly. This battle is far from over but it is important to note that you must ALWAYS know who you are talking to. The average homeowner would have given up a long time ago...We're glad when we can be of assistance.

Best of luck to everyone and if you need someone to help process your short sales...Let us know.

Beyond the Entrepreneur - Becoming a Business Owner

Wednesday, December 10

Two fantastic sources for entrepreneurs are The E-Myth Revisited¹ by Michael Gerber and Rich Dad's Cashflow Quadrant² by Robert Kiyosaki. Gerber's book is accurately sub-titled: Why Most Small Businesses Don't Work and What to Do About It. He examines the small business and the entrepreneur, and his results are intuitive but important.

As Gerber says, "The technical work of a business—and a business that does that technical work—are two totally different things!" Take the general contractor as an example: Building a house requires a far different skillset than advertising a business and keeping the books. That's not to say the contractor shouldn't go into business for himself, but rather that he must put on his businessman's hat when he's working on his business. The same is true for any profession. Kiyosaki goes further by dividing the enterpreneur from the business owner. He believes that while being one's own boss may seem preferable to being someone else's employee, still better is to have no boss, but rather to own the business and be able to go on vacation without the business suffering. When the self-employed electrician gets sick, his business stops. When he wants a vacation, he doesn't get paid time off. He is the business, rather than the business owner. The "Business Owner or Self-Employed" quiz that Kiyosaki offers is just one question: Can you walk away from your business for six months, and come back to have it running as well as, if not better than, before? If not, you're technically just an employee of your own business. The freedom that comes from working for yourself is just the first step towards true financial freedom. If that's as much your dream as it is mine, I hope we can help each other along the way.

Actions Speak Louder Than Words

Wednesday, December 03

Make a Great Impression with the Right Body Language

Practicing scripts is a wonderful way to perfect what you say to clients. It's also important to study how you look when you deliver your speech. Body language can account for up to 90% of the impression you make in a conversation, and it can enhance or undermine the point you're trying to make.

Here's one way to find out whether your gestures are telling customers you are desperate or self-confident. Set up a video camera and practice your pitch to your spouse, siblings, or co-workers in a role-play scenario. Talk to them just as you would a new client. Then watch the tape and see what your body language is telling people. Here are some key things to look for:

Do objections make you frown or lose your train of thought? Frowning indicates defeat or anger, and is obviously negative. Smile as you counter the objection with a positive comment. Mirroring the other person's body language could possibly win them over subconsciously. Imitate the way they posture themselves, and your non-verbal communication says, "I like you, you're just like me."

Do you nod your head when asking for a commitment? Nodding the head signifies approval. This is a technique that's often used in the restaurant business. When the server nods her head "yes" while reciting the dessert menu, your response is more likely to be, "Why sure, I'll take one of those!"

Do you make appropriate eye contact, without staring down your client? An intense stare makes people uncomfortable, and can even make them feel you're a little off balance. On the other hand, if you avoid eye contact, the person you are speaking to will probably think you're lying. Be attentive and smile. This tells them you're a winner!

What is your posture saying? It's important to look relaxed, but don't overdo it. Slumped shoulders give a negative impression; on the other hand, leaning back and clasping your hands behind your head tells people you are quite full of yourself. If the bottom half of your body is covered by your desk when a new client is sitting across from you, they're missing half of your body language. So the way you position yourself in your chair is very important. Relax and lean slightly forward with one shoulder as you tilt your head just a bit. This shows you are captivated by what they have to say.

In business, we often have to remain positive even in a negative situation. Being attentive to your own body language can make an incredible difference in how others perceive you. This is one area where practice really does make perfect. Rest assured, if you're not practicing, your competition probably is.

Stay tuned for more Business Boosters with tips for improving your business!