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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 46 July 2023 S P O N S O R E D C O N T E N T T hose who see foreclosure as a predatory practice likely base their perceptions on stories about rogue actors in the REO industry. But the National REO Brokers Association (NRBA) doesn't see the REO process as one that be- gins and ends with displacing homeowners. Far from it. Instead, the REO process starts with an opportunity to educate and assist struggling homeowners. It's an opportunity to save the American Dream for borrowers who may have encountered life difficulties. Should foreclosure become the only option, it's also a chance to grow owner-occupancies in blighted or deserted neighborhoods, as well as to compassionately assist displaced own- ers in finding new homes and getting them back on the path to future homeownership. We hear the stories about homeowners who may have been victimized by botched or nefarious default and foreclosure practices. But the public rarely gets to see the good that great REO professionals do. The go-to re- source for the industry's most successful REO brokers, NRBA is proud of the good works our members routinely do. That's why we'd like to share one of the many examples of our brokers doing what they do best: giving back to the community and helping homeowners stay in their homes. An Amazing Story About Great Brokers Doing Good T his email recently came to us from San Diego real estate broker John Costigan, who was marketing his services with fellow NRBA member Sandy Miller… "…We started to door knock on homes with recorded Notices of Default (NOD) a few months ago. Last Thursday, we knocked on a door in a senior, 55-plus community. The county records showed a NOD had been filed. An older woman answered the door and asked us to come inside. When we door knock, we never mention a NOD. I usually introduce myself and my col- league, then say 'We're real estate brokers look- ing to offer our services to your community and we're wondering if you have any real estate needs or questions we can help you with.' In this case, the owner told us she had tried to contact her bank but was having trouble reaching them. She showed us the NOD filed by her mortgage servicer. She said she'd had back surgery and had been in and out of the hospital for four years. Hearing this, we asked her if she had paid her property taxes. She thought she had, but wasn't sure. She was sitting in a wheelchair and we could tell moving was painful for her. She also had no cell phone and often couldn't get to her ringing landline before the call went to voicemail. So we offered to call the County Tax Assessor for her to verify that she had paid her taxes. The county told her that a reverse mort- gage lender had made her payments only in 2020 and 2023. She was upset to hear this. So we offered to help her find out what she needed to do to reinstate her loan. Next, we called the lender and were told to contact the servicer directly to get the amount due to reinstate the loan. Because it was already 4:30 pm PST, it was too late to call NRBA BROKERS ARE GOOD AT WHAT WE DO, AND BETTER AT DOING GOOD Here's one real life example that proves it's more than just a slogan.