CFPB legislation December 2014

[Billy Waddell]

Hey everyone! Being new to BP,..I thought I'd be consistent here as in all parts of my life and serve the members here first. For those doing Short Sales,..you need to be armed with the CFPB (Consumer Financial Protection Agency's) legislation from December 2014 that makes the process much smoother. One negative point from these new laws,..contracts have to be to the negotiator 37 BEFORE the trustee sale. I have read where others have violated the AD policy here and will yield to the SVP & Founder regarding my offer to post the page on my website where you can copy the CFPB legislation.

I have been involved with an initiative in my area to get in touch with homeowners shortly after their 2nd missed mortgage payment so they are not steered by their SERVICER that cares little about their family or home. By doing so,..we can help them with options beyond the HAMP loan mod program or the servicer's in-house programs - neither currently work.

The SIGTARP executive summary reports (Treasury Department) to Congress since January 2015 clearly validate a failed Default system due predominately by the non-vested Servicer. According to these Federal reports, 70% of loan modifications are turned down by servicers and of the 30% that make it to HAMP,..an estimated 1 of 3 fall-out. The re-defaulted homeowners don't go back into the Servicer's Loss Mitigation process, but rather straight to the Foreclosure one.

I certainly understand the "investor" presence here and helping homeowners may not give you an instant income stream to flip or long-term for buy-n-hold strategies,..but I have found God with bless your business by doing the right things and the referral seed is priceless.

Blessings ~

Billy