Has anyone bought a territory through Program 3648? They are a "nationwide initiative to help homeowners take advantage of the mortgage forgiveness and debt relief described in H.R.3648, The Mortgage Forgiveness Debt Relief Act of 2007, which has been extended through 2013." I actually spoke with an agent out of San Diego who bought a zip code last year and she has active listings and pending sales with them. With all of the shady companies I have looked into that want you to pay up front only to never deliver, this one acutally seems legit. I would be interested in hearing from an agent in another demographic area and how long it took to get listings, if any.
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Here are a couple of websites regarding loan mod and advance fees on companies that are not authorized to do business in California. Got some people out there don't realize that the FEDs will be going after them, if they don't follow California law.
There are a few companies advertising on craigslist.org for Realtors to join them. They want the Realtors to help them get clients for a loan mod (There is one company I know will give you the list for free). They have been in business for at least a year and are expanding pretty fast. Reason is because they have clients through referrals. They have been successful in handling loan mods for clients who qualified the screening. They do not take any money up front until they know the client is a good one to work with as well as able to close the transaction in favor of the client. The client can cancel at anytime for a full refund (Not sure, if there is a timeframe on this refund). If the client does not qualify for a loan mod, a short sale would be suggested. What a Realtor would get out of this, is $800 from the advance fee of $2695. Or a short sale listing, if the client is not able to meet the qualification. The company do help you with the short sale for a fee. They can close in 2 months. Kelly Williams Realty in my area is using them.
Do you have any info on what the cost is for this program?
Tom Worrall > Bonita Malone, GRI, SFR, CDPEMay 18, 2009 at 1:58pm
They actually have two different programs. One program provides leads and marketing materials to solicite homes in preforeclosure to get a short sale listing. It is around $600 per month. The second program gives you "hot" leads (families who they have already contacted and want to list their house as a short sale. This is around $700 per month. However, once you get established, they take their fee out at the closing over a few sales so you don't have to come up with this every month. The catch is, it could take 5-6 months to get your first listing. It is VERRRRY pricey. The only reason I am still trying to get more information is that I did speak to a SanDiego agent (very successful ReMax agent) and she is very happy with the program. She claims it works just as they described. But as we all know, what works in San Diego, might not work in the Midwest. I am not ready to take the plunge until I have gotten some more information from agents in other areas.
Replies
http://dre.ca.gov/cons_adv_fees_alert.html
and
http://dre.ca.gov/mlb_adv_fees_list.html
There are a few companies advertising on craigslist.org for Realtors to join them. They want the Realtors to help them get clients for a loan mod (There is one company I know will give you the list for free). They have been in business for at least a year and are expanding pretty fast. Reason is because they have clients through referrals. They have been successful in handling loan mods for clients who qualified the screening. They do not take any money up front until they know the client is a good one to work with as well as able to close the transaction in favor of the client. The client can cancel at anytime for a full refund (Not sure, if there is a timeframe on this refund). If the client does not qualify for a loan mod, a short sale would be suggested. What a Realtor would get out of this, is $800 from the advance fee of $2695. Or a short sale listing, if the client is not able to meet the qualification. The company do help you with the short sale for a fee. They can close in 2 months. Kelly Williams Realty in my area is using them.