December 16th, 2014
Watch the training replay for December 16th, 2014.
Audio Stream Only
Click the “Play” button below to play this week’s audio:
Download the conference audio: Click Here
Next Max ROI with Non-Performing Notes Workshop:
Thursday and Friday, January 22-23rd, 9-5pm
Location: Hilton Garden Inn, 17240 Bernardo Center Drive, San Diego, CA 92128
Co-Invest Group Members Only “Workouts Wednesday”
Wednesday, January 21st, 1-6pm PST
Please RSVP ASAP to let us know if you can make it.
NIS Live 2015 – February 26-28th in San Diego
If you haven’t yet registered, please do so ASAP as the VIP seats are almost sold out:
If you haven’t yet booked your hotel room, the discounted rate expires soon – please book your rooms as soon as possible.
Upcoming Call Schedule:
January 6th is the next call.
Today: Guest Speaker: Paige Hill
Concentrates on Note Servicing
Over 30 years
“Do you send out any type of demand letters on our behalf?
“Could you give us a breakdown for what all is included for the boarding piece and what is included for that fee?”
Q: “On the phone calls… you said you made some phone calls. Does that just happen right at the start when you board the loans or does that happen on a monthly basis?”
Strongly worded letter lets them know they are going to be calling
Q: “Do you have a web interface that your clients can log on and see the status of their loan once they become performing or non-performing?”
Each user gets their own login through their website portal. They can log in and see their portfolio.
“For any loans that you are service that are escrow loans, will we also be able to see …..
Not from the lender’s view
Q: “How would I know if anything is sitting in suspense? Is there anything in your interface that will allow me to see that?”
A: When our office receives payment
Q: “If a borrower files a chapter 13, do you set up 2 different accounts …
No, we set up a charge for the arrearages and bring the account current.
The reason the impound and reserve is not shown is RESPA deems those funds the borrower’s funds.
Q: “If there are monies sitting in suspense because there is an overage in the account…
Q: “In our NC note that we talked about, we talked about doing a deed and lieu with the borrower along with power of attorney. The borrower gave us power of attorney for the property without deed in lieu. Are we able to rent that out?”
A: “You can rent out the property without the deed in lieu. There is a conflict of interest
There is a grey area there and you’re opening yourself up to a class action suit.
Saprina: This is not legal advice but you could…
You have a limited power of attorney for a real estate transaction.
You could put a for sale sign in the yard and work out a short sale with the first.