Frances Flynn Thorsen

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Excellent article ... love the treatment of two real estate agents doing an excellent job to maximize their presence on Twitter. Mary is a WONDERFUL addition to Inman News! Congratulations. Frances Flynn Thorsen Extreme Value Strategist Socialebb Strategies and Solutions

Jillayne, Good point about legal help. Bankruptcy is another legitimate option and only expert legal review can determine if this is an avenue worth exploring. I cannot even imagine a real estate agent attempting to do loan modification work prior to an attorney review and discussions with a HUD Certification Counselor. Loan mod programs and predatory marketing programs for distressed homeowners are the hot button training programs du jour in the real estate industry.

This article leaves me at a crossroads of sadness, confusion, and total outrage. Bernice Ross tackles the issue of loan modifications from an agent-centric standpoint and totally ignores the core issues of home retention. There is not a single mention of HUD Certified Counselors in Dr. Ross' article. HUD Certified Counselors are an integral part of the home retention process and legitimate loan modification services. They are employed by government agencies and nonprofits throughout the country. They work for companies offering loan modification services at no cost to the consumer. Most consumers seeking loan modifications are doing so in an attempt to KEEP their homes. Most are owner/occupants who intend to continue occupying the property. They need better rates and terms on their mortgage notes to be able to do that. A loan modification is a better solution than a short sale for homeowners who want to KEEP their homes. This is not rocket science. "Finding the right loan mod company" focuses on commercial entities that pay referral fees to real estate brokerages to help distressed homeowners. That is the entire focus of this article. It boils down to a single word: GREED. (1) Will the loan mod company pay the agent? (2) How much will the loan mod company pay the agent? (3) Does the loan mod company have a REALTOR affiliate program? There is nothing in this piece that addresses core consumer issues. (1) How does the loan mod company measure success? Does it count the number of solutions it achieves, or does it qualify the number of SUSTAINABLE solutions? There is no mention in the article of the distinctions between short-term, quick fixes for that four-figure payoff, and long-term, sustainable solutions for consumers. (2) How many HUD Certified Counselors are on staff? (3) What other services are available to consumers to help restructure their financial lives and move forward with a plan for a successful long-term outcome? Is Bernice Ross really suggesting that homeowners submit to a preliminary online qualifier and accept those results before surrendering their homes to the short sale hawks? It is no wonder that real estate agents are persona non grata at Foreclosure Fairs. Arizona government and nonprofit execs tell me that real estate professionals who attend foreclosure events in this state are limited to those who are trolling for short sale listings and loan-mod-for-money clients. They are shown the door. Consumers attending these fairs receive help for FREE! It is very sad to see the word REALTOR appear in a consumer attorney's Powerpoint devoted to predators and scam artists. Is it any wonder the real estate industry finds itself the subject of legal scorn and ridicule when so many in its ranks continue to beat this agent-centric drum? I suggest REALTORS add state Attorney General offices to their list of state authorities when they are checking loan modification companies and regulations attached to those efforts. AG offices nationwide are watching the loan mod industry unfold and that might be a better first step in due diligence than a local REALTOR association. My sources tell me there are storms brewing ... E&O umbrellas may not be enough for many loan-mod-for-money schemers! Frances Flynn Thorsen Socialebb Strategies and Solutions