I should date more. I've had a bunch of biz referred to me by gals I used to date. I should dump or be dumped on a more regular basis, it seems good for my business.
Though, bad for the heart.
The following is another example of what has been going on in Real Estate, especially in the past 2 years. An ex-girlfriend of mine referred a couple who were looking to refinance out of an adjustable rate that when instituted, increased their payment dramatically. Apparently, when this couple bought the home, the lender they were dealing with gave them a lower rate in what is called a 2/28 by the Mortgage Lending side of things. That product, quite simply, is a rate that is fixed for the first 2 years years at a lower rate than they would typically qualify for and adjusts (most times upward) thereafter. The idea, if you do it right from my end, is that person has a 2 year gap to get away from any credit issues from the past, pay their bills on time, and to be in a position to get into a more conventional mortgage that will not only save them money, but better help better define their economic situation by putting them in a better one.
None the less, their time was up, 2 years went by real fast. But the initial mortgage they were put into and chose as their own didn't kill them. They took out a second mortgage one year later and ago that is burning them at the financial stake. Turns out, it was an over-equity mortgage. Quite simply, that means they owe on their home more than it is worth. They are, how do ya say, yeah.....Mortgage Screwed!
So after doing some homework and having a little help from my friends...there was only one way I could help them. And that is, to refer them back to guys & gals who made them the second mortgage.
You see, that company is now in a tough spot. My guess is that company had no idea that the first mortgage they were lending behind had an adjustable rate. They probably never did their proper homework. My guess is that company thought they were safe in viewing a stable credit and job history, despite lending above and beyond what the collateral (the home) was worth. So, my solution was and is to guide the customers to call the holders of that mortgage and work with them to bring value and solutions to everyone involved. That solution is save their behinds by watching the behinds of the current mortgages they hold. Not often do I refer business away from me, yet when it is in the best interest of the consumer...that's the only ethical & human thing to do.
My now former clients owe $312,000 on a property currently not worth more than $300,000. Time to be creative by communicating. My guess is that the road they should travel is one not taken. That is the road of futility by proximity.
I need to date more,....more referrals, more drama, more chances to make good on what seems not so bad.
Trust who you know, not what you don't know.
.
"My guess is that company had no idea that the first mortgage they were lending behind had an adjustable rate."
Jason, why is this?
A very interesting and enlightening post, Jason.You probably should date more. But then, you are just likely to get more of these kinds of clients,right? :) But it is important for your future to get established and settle down and make a family. Assuming that it is your desire to do so.
As for the referring out of the client which likely would not have been your client in the first place because these kings of people usually only listen to fast talking charlies, not the real professional. That is how they got messed up in the first place.
Regretfully, they must always learn the hard way. Why is that? Why are people so easily swayed by the fast talkers and not the seasoned professional who would care about their well being? Sad and so unfortunate.
Jennifer - Welcome to Mortgage 'Freakin' America...no pun intended...
Rob- They never looked at the note and lended on product rather than principle. Make sense?
Not a bad idea Bruce, Aloha my friend!
William - I am not the fast talking, smooth walking, live if you die, pie in the sky, brother you want your sisters to know. I'm just a jive talking, soul-taking, cooking the bacon....dude with one heck of a realistic and sometimes construed bad attitude!
Um, no - why wouldn't they review it? ..but maybe you can fill me in next time I see you. (I think I may pop in Thursday....missed today).
THANKS for the 'dumbed down blog though for Title Guys..... I understood 99% of it" :^)
Seriously.
Lunch or an after work? Wanna 'do the bar', I'll pack an overnighter.
Night time...
...I'm good Tomorrow., not Friday. (so I need to know before I crash tonight).
Next week.... Thursday AND Friday are bad.
And of course we can push it out for 2 weeks......
Jason - think about when.
If it's tomorrow, I need to know within 10 minutes....
Otherwise, I'll talk to you tomorrow at First Choice....'worst case - call you'
OK Jason - I guess I outlasted you tonite. RARE.
Catch you on Thursday.
Jason I have a baby sitster your age.... she is looking or a mortgage - lol.... maybe we should talk.... she is single <wink>
I actually represent my ex-husband in all his real estate transactions.... that is really strange - because after being apart for 26 years he still calls me honey... too funny.
Lola - That is a fact. I have a feeling the truly strong will survive....and thrive.
Mr. Rob - You did outlast me, though I awake at strange hours. I'll talk to ya soon.
Thesa - No sense in not giving me the babysitter's digits...lol. He still call you honey? Some habits are hard to break I guess.
Jason,
Are you looking for a client to give a mortgage or a dating service:) Go get em'
Hey Jason,
It's good for business, but you may run into one of them, that will try to take care of business, be-careful :0)either way I am dealing with these,the same as you and it sucks, man we are alike, keep them girlz!! close ;0)
Tom Weiss
Jason
What a concept - marketing by dating!
Seriously, we are beginning to see a lot of the same situation here, and expect to see more as the year progresses.
Sandra
Tom - Ironically, just received an email that those 2/8 & 3/27 products may be on their way out. As far as the girls....nothing but trouble:-) Then again, so are the guys:-0
Sandra - LOL! The email I got this morning was sooooo ironic to this post.