2013 Real Estate Business Development Rally In Oakland
The NAHREP Bay Area events normally bring an interesting crowd and even more importantly education and dialogue. The 2013 Real Estate Business Development Rally in Oakland focused on a number of topics important to real estate consumers including trends in the real estate market, short sale changes, limited inventory, tax strategies, and political changes necessary to bring more aid to real estate homeowners and buyers.
Although the event contained several solid panels, the session about the Homeowner’s Bill of Rights proved to be one of the most informative and educational. Much of the success of this session can be attributed to the two panelists Stan Wieg (Legislative Advocate for C.A.R.) and Fabian Casarez (Broker/Homeowner Advocate).
One of the highlighted topics involved the ongoing loan modification situation for homeowners. The fact remains that many people are “under qualified” (such as those with little or no income) or “over qualified” with too much income. Along those same lines, the panel discussed that about 1.35 million homeowners who received modifications that about 35 to 45 percent won’t qualify to be re-qualified in the next year.
Loan Modifications Re-Default Rate Stands At 85 Percent
In that same realm, the re-default rate for loan modifications stands at about 85 percent (within five years) which represents a number that most of the banks have reported. Homeowners should keep in mind a couple things when attempting to obtain a loan modification. The bank gets two things from you: 1- Your money (even for a trial modification) they collect more of your money. 2- Your Information. And we all know how valuable information can be, especially financial information.
We will offer more info from the NAHREP event in a separate post.