Showing posts sorted by relevance for query predatory lending. Sort by date Show all posts
Showing posts sorted by relevance for query predatory lending. Sort by date Show all posts

April 20, 2009

WORD: Loan Sharking

And the WORD for Today is:

Loan Sharking—no longer a common expression even though the practice is alive and well. Loan sharking means to loan someone money at a rate or on loan terms which clearly takes advantage of the borrower. Many states had statutes in place which set a cap on how much could be charged by unscrupulous lenders as far back as twenty-thirty years ago. Many consumers began using their credit unions as well as traditional lenders and loan sharking declined. Then cam the 90’s and the hey day for mortgage brokers and sub-prime lending. The availability of loan via the internet expanded access to loans by borrowers who were credit challenged. Limited regulations and almost total lack of oversight regarding the day to day practices of mortgage brokers ushered in the return of loan sharking. Predatory Lending is the new name for a practice which has been around for centuries. *Borrowers Beware!


Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

February 17, 2009

WORD: Predatory Lending

The WORD for today is:

Predatory Lending—the intended victim is always the CONSUMER. The transaction requires only two participants to be successful, the mortgage broker who markets, initiates, processes, underwrites, and closes a loan transaction. The other necessary party to this transaction is an appraiser who is willing to inflate the appraisal sufficiently to cover the added costs dictated by the mortgage broker.

You may remember seeing this word in the February 14th post: here. You also saw it in the February 8th post: here.

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

February 8, 2009

From the Desk of..."Is the Sky Really Falling?"


Feels like the sky is falling …

Well, maybe that was a piece of the sky you just hit in the middle of the road. Just be glad you are a REALTOR… everyone knows real estate agents don’t have a retirement account to worry about so you haven’t lost anything with the market going crazy. Or have you? I suspect that upon closer examination you’ll discover that, in fact, you’ve lost a great deal. No, the sky isn’t really falling but a few stars are missing. Have you heard of Fannie, Freddie, AIG and Nehman? Life will be different, but different does NOT necessarily mean doomed.

My Sky is Fine

We’re happy for you. Jealous (and suspicious) but grudgingly happy. It’s true that real estate is a local market. Consequently, there are isolated pockets around the country which have not been hard hit with the broad economic issues and the housing meltdown. We all await a return to the time—only two years ago (seems like twenty)—when the sky was up there where the sky is suppose to be and not falling on our heads in chunks. If you’ll excuse me, I think that was another star I saw fall up ahead.

Had a CLOSING lately?

You know, those events where people sign papers at the end of a real estate transaction and everybody leaves the room happy, including two REALTORS with checks in their hot little hands. You haven’t? It’s probably because some tight-fisted lender changed the rules at the last minute and did not approve the buyer after all. Or maybe the buyer’s money from the 401-K which they had planned to use for a down payment just evaporated. E-V-A-P-O-R-A-T-E-D, I tell you. Or the retiree clients you were so excited to get because they actually have CASH are now too scared to move in case their dwindling retirement account keeps shrinking. Or maybe the last honest appraiser in your town came back with an honest valuation so far below the agreed purchase price that everybody freaked. (It could happen). Needless to say, CLOSINGS are becoming a reason to pop a cork and declare a special holiday.

What’s a REALTOR to do?

A good starting place would be to read the article “REALTORS at a Crossroads”. If you missed it, send a quick email to: HomeOwnershipMatters@gmail.com to request a copy.

This is an excellent time to critically analyze whether real estate sales (or real estate period) is what you need to embrace as a career, at this time. Taking stock is always appropriate. Making changes requires self-awareness, recognition of shifts in your personal needs, changes in market dynamics and the courage to create a new road map. The major difference between an enthusiastic adventure into the future and devastating fear is whether you walked---or got pushed. Let’s assume you wish to be the master of your fate. Read on. . .

Guidelines for becoming an EXPERT

If you’ve decided to make a change, then aim high. Do your research, know your competition, make a business plan. Yes, even you folks who have been in business since Jesus was a baby. Experts build on their natural skills and experience, plus education . I encourage you to plan too become the in leader in your chosen arena, in your area. There is no better time than now to use your down time to create a vision for a successful future.

Resources to get you there

You can do it; these will help.

  • dsnews.com (that’s default servicing news)—This is the trade magazine for lenders and servicers. (sign up for their FREE online newsletter)
  • NeighborWorks America—nti.org (that’s National Training Institute) You specifically need to take their 3 day loan servicing class.
  • Home Ownership Matters Training Institute—the source for this news article and (FIS) Foreclosure Intervention Specialist training and other specialized courses
  • National Consumer Law Center—resource for invaluable materials and classes related predatory lending, bankruptcy and other legal options to challenge foreclosure
  • Center for Responsible Lending—terrific resources on lawsuits and challenges to existing practices associated with lending which frequently increase the chances of default
  • “Your Real Estate Advisor”—a real estate resource which will help you to understand the terms, laws and forms which are most frequently used in the practice of real estate. This educational book is written in easy to understand language so you’ll be able to apply the valuable knowledge it provides. It is available at www.DovePublishingHouse.com.

The Sun Will Shine Again. . .

It always does. Life guarantees death and taxes. It creates for us unlimited possibilities wrapped up in opportunities. Even the exodus of agents from the business ushers in the opportunity for those remaining to work at differentiating themselves, excelling in their chosen arena and succeeding. The choice remains yours. The tools are available. Today’s consumers need real estate professionals who are experts at what they do. There is a great need for agents who have the ability to educate consumers about the various choices related to their home, especially if the borrower is in default. The ability to facilitate implementation of difficult transactions is, likewise, more urgently needed today than ever before.

Are you prepared for the challenge?

Observations From the Desk of Mildred Wilkins,
President and Founder of Home Ownership Matters, LLC.

© Copyright 2008, Home Ownership Matters, LLC. All rights reserved.
(FIS) is a registered trademark of Home Ownership Matters, LLC.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

February 14, 2009

Your Real Estate Advisor: Avoiding Loan Sharks

Happy Valentine's Day, readers!!
Today, we bring you:

Avoiding Loan Sharks

Twenty five or thirty years ago, we called them loan sharks. Everyone knew exactly who “they” were and what practices were being described. Loan sharks have not only survived, but thrived because they serve a need. Then, as now, there were a substantial number of consumers who needed money for the everyday necessities, who could not qualify for a loan with reasonable terms from one of the traditional prime lenders. These prime lenders did not make loans to people unless they had unblemished credit, stable and substantial employment and a savings account. It was frequently stated (and frequently true) that you couldn’t qualify for a loan unless you didn’t need the money.

That was then and this is now. Now we have email, internet, and predatory lenders. The name is so fancy that most people don’t realize it’s the modern name for an old practice: loan sharking. The approach today is ultra modern, offering the ultimate in direct marketing and customer service. For an added touch, many add the spectra of religion, either by their name or the off-quoted “God wants us to prosper.” They conveniently drop the rest of that verse which states, “As our souls prosper.” We can sometimes identify who the modern day “loan sharks” are, but unfortunately, many times we cannot. Many of them have on business suits or business dresses. They all have business cards. Many of them have very nice offices. In a modern twist, the company name will sometimes be a subsidiary of a prime lender whose name you recognize and know has been in business for a long time. An increasingly large number of prime lenders have created sub-prime lending affiliates who participate in modern loan sharking a.k.a. predatory lending. They are very savvy business entities. They have attorneys and lobbyists; they contribute lots of money to political campaigns. They have survived and thrived at the expense of consumers who did not understand the loan terms they agreed to, frequently did not realize they stood to lose their home.

There are the direct victims; they took out the loan. At the least their finances are now more stretched than before; at the worst, they lose their house to foreclosure. There are thousands of these victims in any state. A much larger group of people are the indirect victims; they just happen to live in a neighborhood with increased foreclosure rates and resulting vacant houses. These indirect victims are left to deal with rate, roaches, and higher incidences of vandalism and violence. Most homeowners have experienced increased costs in their homeowner’s policies because of losses incurred by the insurance companies.

Increased numbers of foreclosures directly translate into lower property values for home in the immediate vicinity. Equity is eroding while frustration increases when homes stay on the market for extended periods of time.

Buyer BEWARE!
“We’re really in this thing together”

Copyright © 2009, HOM, LLC. All Rights Reserved.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

September 11, 2009

WORD: Disclosure Statement

And the WORD for Today Is:

Disclosure Statement – a term commonly used to refer to the document which explains loan terms as required by the Truth in Lending Act. Broadly, a disclosure statement may be any document used by one party to convey important information to another party. Most often, by signing the document, both parties are acknowledging the presenting and receipt of the information included within the disclosure. There is no proviso, most often, for understanding the disclosure. However, recent laws related to predatory lending, foreclosure consultants and mortgage brokers have begun to include language which states “the presenter must disclose and the borrower must understand” certain pertinent information. This information may include things such as fees being charged and rescission rights.

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

February 22, 2009

WORD: Disclose (and derivatives)

The WORDs for Today are:

Disclose—means to reveal or make known something of importance. In real estate there are many, many times when one party is required by legal practices, federal law, state statute or other legal requirement to provide information which is deemed important to other parties involved in the transaction. Failure to disclose completely and in a timely manner could be the basis of a lawsuit.

Disclosure—refers to the forms used to facilitate a required disclosure. Disclosure forms are generally created by the party who must disclose some information but some disclosure forms are created by an act of law (i.e. IRS forms, seller disclosure forms, W-2 forms). Most disclosure forms are not called disclosure forms, which may be a reason many consumers fail to appreciate their significance. Most disclosure forms require a signature from the person who receives the form as a way of documenting (acknowledgement) the receipt of certain important information. More simply stated, your signature says you were told. It is unfortunate you didn’t understand WHAT you were told or the long-term implications of that information. For an expansive list of disclosures related to real estate transactions, along with a pdf copy for your review AND an explanation of the form, log on to www.homeownershipmatters.com. Look for “Disclosures: Clear as Mud.” Good luck!

Disclosure Statement—
a term commonly used to refer to the document which explains loan terms as required by the Truth in Lending Act. Broadly, a disclosure statement may be any document used by one party to convey important information to another party. Most often, by signing the document both parties are acknowledging the presenting and receipt of the information included within the disclosure. There is no proviso, most often, for understanding the disclosure. However, recent laws related to predatory lending, foreclosure consultants and mortgage brokers have begun to include language which states “the presenter must disclose and the borrower must understand” certain pertinent information. This information may include things such as fees being charged and rescission rights.

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

January 23, 2009

Welcome!

Welcome to Home Ownership Matters’ Blog!

Why write this blog? Quite simply because the time is right. Because I understand where you’re coming from. I have been urged by many students in my training sessions to start a blog for several years. It seemed like a daunting task until I hired my current Marketing Assistant, Heather Meade. Her training and expertise has made this possible at a time when the housing crisis has made it more important than ever that consumers be given basic information to help them make informed choices about so many of the challenges associated with real estate today.
Who is Mildred Wilkins?

I am a foreclosure intervention and loss mitigation trainer, a speaker. I am a consumer advocate who also happens to write. Most importantly, I’m a person, just like you, who has had hopes and dreams and inspirations blow up in my face. I have grown and survived DESPITE those blow-ups. I have lived—therefore I teach.

Writing is our most basic and clearest form of communication. The internet, via such tools as this blog (and website; www.HomeOwnershipMatters.com) has made it possible to reach thousands of folks in real time. I invite you to share my real estate lessons. I love to tell my students; “I’ve already taken the class and paid the price for this lesson. You can listen and avoid having to take it yourself.” I have benefited in other areas of my life from listening to the folks who already did it the wrong way so I could avoid their pitfall. I had no such teachers in real estate, so I had to learn the hard way—MYSELF.

I’ve gone from being born Black and poor to uneducated parents in southern Alabama, to graduating with honors from college, to middle income with a position at Purdue University, to a stay-at-home mom, to a divorcee with two children. I did my 6 months on welfare.

I’ve done most of the wrong things related to home ownership—and survived to tell the story. I’ve purchased several homes. I’ve built a new home ---and walked away at closing leaving thousands in a deposit on the table. I’ve bought without an inspection—leading to disastrous problems being uncovered a few months later. I’ve gone through foreclosure—and ended up with the deficiency judgment to prove I was there. Miraculously, I had not filed bankruptcy until AFTER the judgment for the deficiency on the car ($8 K and the house $28 K were recorded). I filed bankruptcy, started over and rebuilt my credit. I’ve lost a child, gone into depression and destroyed my credit again.

Professionally, I worked as a full-time REALTOR for 10 years in Indianapolis; I’ve helped others to buy their dream home. As a Broker-Specialist for 2½ years for Fannie Mae I sold their foreclosed properties. I was required to participate in the forceful eviction process as a representative for Fannie Mae. I was in charge of clearing out the remains of homes abandoned by folks in desperation when time ran out and the sheriff’s sale was imminent. I’ve written a weekly newspaper column on real estate to address the common concerns and complaints of consumers who don’t know where to turn. I’ve received professional training on Loss Mitigation. I’ve spent hundreds of hours studying laws, regulations, guidelines, pending legislation—all relating to predatory lending, mortgage fraud, foreclosure, bankruptcy, fair housing, appropriate disclosure and other subjects which directly impact our housing issues.

What will be included in this blog?

Each day we will share with you information we consider relevant to home ownership. For the first month or so most of the entries will be related to today’s more urgent housing issues—all those components connected to struggling to make your mortgage payment. We will eventually move on to home maintenance, taxes, insurance, and all sorts of other things, so continue to log on. Read and share. You could be just the answer someone needed today.

Contents:

  • Today’s WORD—Will be an attempt to help you learn how to ‘talk bank’. Regular folks seldom know what the bank people are talking about. You hear the words, you may even know the words, but what the words MEAN is a whole other thing. It’s hard to communicate when you don’t know the lingo—Hence, Today’s WORD. Read it, learn it, share it.
  • Fast FACTS—It is a basic fact that when you are making decisions, not just when you are purchasing a home, but ALL decisions relating to your finances become housing decisions. For instance, filing for bankruptcy impacts your future housing options. We’ll share some pearls of wisdom related to housing. We’ll make a diligent effort to give you FACTS which are relevant for most of the country. We encourage you to hold them close; treat them like the pearls they are.
  • Myths and Misunderstandings—One of life’s cruel realities is that it does not matter how sincere you are—IF YOU ARE MISTAKEN. Too many folks across the country today honestly believed they could refinance out of a variable rate loan before the rate increased. They believed because they were ASSURED by a broker that they could. They believed that the broker was: working in their best interest and regulated by the banking industry. They were wrong on both counts and now they can’t afford the home they love. They misunderstood how brokers and banking work. They did not know the meaning of the word—prepayment penalty. We’ll shed some light on some common myths—clear up a few misunderstandings and prepare you to make better choices. Pass it on!
  • Articles from the desk of . . .—will be included about once each week. These articles are slanted toward real estate professionals and many have appeared in REALTOR magazines or Broker-Agent somewhere in the country. Taking a course on the subjects discussed is the best way to become more competent in dealing with today’s transactions but reading any or all of these articles will certainly have a positive impact on your business. There is an ARCHIVE of articles available, FREE, upon request. For the complete list, please e-mail Heather at homeownershipmatters@gmail.com.
  • Did You Know?—I didn’t think so. Well, anyway, I thought should share. There are tidbits—mere tidbits—of information which can dramatically change how we operate and therefore, dramatically change our outcomes. I am ecstatic when someone shares such a tidbit with me. Whether ordinary or extraordinary, if I didn’t know then I could not incorporate it into my life. Even if they say “Millie, every body knows that” I will happily say, “I didn’t, until now”. Knowledge is truly a powerful thing–I have always had an immense respect for knowledge. I revel in trying to attain more. I humbly share any I have. Embrace knowledge–whatever the source. Use it—Share it. Benefit from it.
  • “Your Real Estate Advisor”—will be resurrected and added to the mix within the next two months. That was the name of the real estate advice column I wrote in Indianapolis for 5 years back in the 90’s. (It is also the name of my second book). We’ll talk about EVERYTHING housing: buying, selling renovating, building, maintaining, remodeling, and losing. Don’t be selfish—share the info—with family, friends, maybe even somebody you don’t particularly like. Make them wonder.
  • Give me a “Q”—we’ll take a commonly asked question and provide an answer. Please keep in mind that the answer will be MY answer. By that I mean that what you will get is my opinion. That’s because it’s my blog. I expect you to have different opinions and encourage you to share those. Unlike the “FACTS” section we can have lots of answers to a single question. I am promising neither a rose garden nor THE answer. I promised you AN answer. You mustn’t yell at me. I’m sensitive.

Enjoy the blog. It is intended to educate while keeping your attention. The words are all mine. Heather is responsible for everything else. You may reach her by commenting on this blog, or e-mailing homeownershipmatters@gmail.com

December 7, 2009

HOM Proud to Announce a New Class of (FIS) Graduates

NEWS RELEASE
FOR IMMEDIATE RELEASE – December 7, 2009

Contact: Mildred Wilkins at 1 (866) 507-5105
mildredwilkins@HomeOwnershipMatters.com
Christie Bevington (402) 323-6506

Home Ownership Matters announces 1st Foreclosure Intervention Specialists (FIS) class graduates in Nebraska

Indianapolis, IN. December 7, 2009—HOM President and Founder Mildred Wilkins joins Christie Bevington of the Nebraska REALTORS® Association in announcing graduates of (FIS) the foreclosure certification program offered for the first time in the state of Nebraska. Sixteen licensees completed the certification program on November 10, 2009 in Omaha, Nebraska. The Foreclosure Intervention Specialist Program (FIS) has additionally been approved by Real Estate Commissions in Kansas, Colorado, Ohio, Oklahoma and Indiana. The program will be launched in South Carolina in March 2010 and has been offered in Florida without CE credit to attendees from a number of states. NAR provided funding for this critical training in Nebraska and is also providing funding for the training in South Carolina.

This certification program was developed by Mildred Wilkins, president of HOM, LLC headquartered in Indianapolis, Indiana. The program provides 30 hours of material in a classroom setting designed to prepare attendees to become knowledgeable about the options available to consumers who are in default on their home loans. Included in the course are components which address the foreclosure process, ethics, fair housing, the short sale process as well as options for keeping the home. Real estate professionals need a broad knowledge base to make appropriate recommendations when a default has occurred. (FIS) training provides that broad base.

The practice of real estate has evolved rapidly as foreclosures have increased dramatically, creating a need for a new field of knowledge. Foreclosure is frequently avoidable, but unfortunately, consumers have limited opportunities to learn what options are available. Nor is there a way for consumers to identify professionals who have the ability to help them.

The Foreclosure Intervention Specialist (FIS) certification will set apart those agents who have taken extensive training to be prepared to handle the challenges associated with transactions when the consumer owes more than the property is worth on the open market. The training can alter the outcome of mortgage default when a consumer chooses an agent who is an (FIS) specialist. The completion of this program will also help licensees avoid liability while helping them to work more effectively to avert foreclosure.

Ms. Wilkins is a former Fannie Mae Broker-Specialist who sold foreclosed properties for their disposition department out of Dallas, Texas. She has received loss mitigation training from NeighborWorks America, Fannie Mae and HUD. Since founding HOM in 2002, her work has been featured in the New York Times and BusinessWeek, she has also appeared on MSNBC and NPR. In addition, foreclosure related articles she has written have been published in REALTOR magazines around the country.

Wilkins has been a faculty member for Graduate REALTOR Institute (GRI) since 2004. She is also a member of the faculty of NeighborWorks America as a trainer in Foreclosure Intervention. She is regularly a speaker or trainer at numerous state/regional conferences on foreclosure intervention, predatory lending, loss mitigation and/or mortgage fraud. She is widely recognized as a leading expert on these subjects. HOM has been certified as a continuing education provider for real estate professionals in Colorado, Nebraska, Kansas, Ohio Indiana, Kentucky, Tennessee, Oklahoma, Iowa and Alabama. Wilkins is an approved instructor for attorneys in Indiana and Ohio.

The next (FIS) training is scheduled in Florida the week of Feb 22-26. Combine education and vacation. Or register for the course in Charleston, South Carolina scheduled to begin March 15th. To schedule an (FIS) training series in your area, contact Mildred directly.

www.HomeOwnershipMatters.com for registration/more information.

Email: mildredwilkins@homeownershipmatters.com

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

(FIS) is a Trademark of Home Ownership Matters, LLC.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

June 5, 2009

From the Desk Of..."Mama Said"


“There’d be days like this...”

They try to warn us and still we are surprised. After all, they’re old and tired and out of the loop. How could they possibly have known? Perhaps they ‘remember’ more than we have yet to learn.

REALTORS...“Invisible” Casualties

They are not documented in the statistics, these self-employed (independent contractors) who call themselves REALTORS. They cannot draw unemployment nor is there a plan to cover their non-existent medical insurance premiums. They don’t garner a lot of sympathy in a lot of circles either. And to add injury to insult, they are sometimes blamed for participating in creating the crisis which has engulfed them as well. On a regular basis they call or email me wanting some advice on what can be done to save their personal residence. With increasing regularity attendees in short sale classes were motivated to attend by a need to save their own home. It is a sign of the times.

How Did We End Up Here?

I went on record as early as 2002 stating we were likely to dance dangerously close to a repeat of 1929 if we did not immediately halt the outlandish predatory lending, the crazy new construction financing and the whole speculative silliness on our coasts. After selling real estate for several years and keeping a close eye on the escalating foreclosures moving through the pipelines at Fannie Mae, I could see where we were headed.

My ex-husband and I purchased our first home in 1979 at 16% interest (with excellent credit I’ll have you know) so I had some familiarity with the housing drama of the mid-70’s and into the 80’s. But that was a housing crisis; this is a full-blown economic crisis. That was regional, this is international. I am only 58 and while I could see the tip of a nasty iceberg, I could not see, nor truly imagine, how much of the iceberg was underwater. (No pun intended). A housing problem which is restricted to one industry, or one region or demographic group, cannot create the kind of havoc which we are experiencing as an economic tsunami. The economic crisis which is crippling our country, and the world, will not improve dramatically in the short term; so it behooves all of us to “adjust as necessary”.

Life’s Lessons

The purpose of lessons is to get us prepared for the test. However, as adults, all too often we act as though we have forgotten that tests are a part of life, show up when and where you least expect them and are administered whether you are prepared or not. Welcome to the classroom for the test on “Living Large” or it might be called “Analysis of the Aftermath of an Unattended Bubble”.

I Was at a Crossroad

After a particularly difficult period following my divorce in the fall of 1991, I eventually emerged from an extended fog where I had felt overwhelmed and unable to cope. I had been summarily thrown off the “middle-class, stay-at-home mom, PTO president, Girl Scout leader” train into a new life as a divorcee. The house had been lost to foreclosure and the beautiful Celebrity station wagon (the ultimate status symbol) had been towed away during dinner. I was left to raise two wonderful children, sans child support.

Early Preparation Comes in Handy

In the wee hours of the morning I had a life altering revelation. I called Mama at 6 a.m. (she was already up) to tell her my great news. With a new sense of feeling empowered and ready to take on the world, I happily reported, “I am so glad that I was born poor and Black, in the south.” Her concerned reply was “Girl, are you alright?” I was better than alright, I was ecstatic. I had suddenly realized that I had within me the capacity to over-come things much more challenging and with a lot less maturity and preparation. I was healthy, college-educated (a testament to perseverance) with marketable skills as an interior designer and seamstress. I could figure it out.

Personal Inventory

A long held personal commitment to never giving up took that option off the table. Going home (back to Alabama) was also not an acceptable option for me, even though I strongly encourage others to consider it. What marketable skills could produce enough income to support us in the new apartment? I dabbled with interior design; I could expand it. As an excellent seamstress with strong referrals, I sought and was successful in getting my name added to the list of recommended seamstresses at a bridal shop and 3 home decorations shops. Mildred’s Speciality Fashions had been my hobby; it now became my dominant source of income (you see there was a downturn in the economy, and folks who previously would have called DECORATING DEN now called me instead). I also decided to supplement that income with house cleaning (a day job) which allowed me to continue to be available to the children and work into the night on the design and sewing. I let all my customers know that I needed more work and requested referrals. I expanded my cake decorating hobby and created a business card for that as well.

Long term planning

My income was sufficient as long as I worked 16-18 hours a day, 7 days a week. I needed to plan to cover college costs so I decided to plan for and become a REALTOR. (I know, better hours right?) January 1993 I joined the F.C. Tucker Company full-time, continued to work my evening gigs for 2 years and moved to six figures within 6 years at an average sales price of $150,000. In Indiana. The plan worked, I evolved, my needs and my life shifted and I founded HOM in 2002 because I saw this coming.

Are you where you need to be?

The most important question should not be whether or not you can survive. You CAN if you CHOOSE to do so. The deeper question is whether it is time for you to make a move...

a. Within the real estate industry
b. Into a fresh industry
c. Step back and expand a hobby or long held dream

Silver Linings in Unexpected Places

What looks and feels like a crisis can frequently be the catalyst which moves us to a long overdue change. Take some time and reflect on what is really important to you...family, friends, leisure time, personal development, spiritual growth or something I failed to include. Is there a chance that the upheaval in your real estate career is providing an opportunity to re-align yourself more closely with deeper values? Is this a chance to shed some undesirable aspect of your present life? Are you enjoying managing your rentals? Are you really seeing any gain from them? Could a smaller house, or even an apartment, relieve some pressure and make you life more pleasant? Have you really considered how you want the next stage of your real estate career to go, or are you foolishly grabbing any straw you see floating—hoping it will turn into a lifejacket?

Methinks the REALTOR needs a doctor

As a real estate professional it’s time you had a check-up. I would recommend you be tested for:

  • Financial stability (or lack thereof)
  • Emotional duress and mental stability
  • Viable game plan
  • Analysis of both short and long term goals
  • Prognosis for longevity

There are not a lot of clinics which offer the services you need but I can offer you some helpful reading which can be found on this blog, specifically these two entries:
I feel pretty confident you’ll find some other entries which are helpful as well.

You would also benefit immensely from attendance at a “Buying TIME” and “Short Sale: Not Your typical Transaction” class. Both could be scheduled locally, by your real estate board. It is no small thing that funding for these courses might be provided by NAR as part of their Foreclosure Intervention and Prevention Response program. Talk to your local board today about scheduling one, or both, of these classes.

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

January 18, 2010

Press Release: HOM Announces Loan Modification Specialist (LMS) Certification in Las Vegas

NEWS RELEASE
FOR IMMEDIATE RELEASE – January 15, 2010

Contact: Mildred Wilkins at 1 (866) 507-5105 mildredwilkins@HomeOwnershipMatters.com


Home Ownership Matters Training Institute
Offers Loan Modification Specialist Certification in Las Vegas
Indianapolis, IN, January 15, 2010—National speaker and foreclosure intervention trainer Mildred Wilkins is pleased to announce that the (LMS), Loan Modification Specialist certification program for real estate professionals seeking to help borrowers modify their home mortgage loan will be offered in Las Vegas, Nevada March 11-13, 2010. The program has previously been offered only in Florida. Nevada has the dubious honor of being one of the hardest hit states with borrowers losing their homes to foreclosure. Many are seeking the help they need to avoid it.

With a number of loan modification businesses already in operation in the state, it makes sense to offer high quality training to those looking to provide consumers with an option when they face the challenge of trying to cope with the overwhelming task of preparing to deal with the lender’s shop. Professional training coupled with certification from a nationally recognized trainer and former Fannie Mae Broker-Specialist could give you the edge you need in the development of your business.

As the national news continues to report; the Administrations’ modification program implemented last spring has failed woefully in reaching even a fraction of the borrowers who qualify for help. There are some clear cut reasons why that is true, and those reasons will be discussed with clarity during this course.

Wilkins has been a foreclosure prevention trainer for several years, and has offered a 5 day training (FIS) Foreclosure Intervention Specialist certification for REALTORS® since 2005. The (LMS) certification program was developed in 2009 to meet the need for professionals who understand the process and are familiar with the ‘bank game’ to specifically focus on ONLY loan modification business development. Consumers deserve skilled representation to have at least a fighting chance at getting a modification when one is warranted. The program is designed for experienced professionals, whether attorneys, loan officers or real estate agents who already understand the mortgage process and are familiar with typical closing documents. (LMS) training will provide attendees with the tools to provide a high level of professional service while avoiding many of the pitfalls in this rapidly expanding arena.

The housing crisis has increased dramatically creating a need for a new field of knowledge—a new type of expert. Foreclosure is frequently avoidable but unfortunately consumers have limited opportunities to learn what options are available. Nor is there a way for consumers to identify professionals who have the ability to help them rather than perpetuate yet another injustice. (LMS) addresses that need by empowering real estate professionals to be prepared to handle borrowers in default with increased knowledge and the tools to be effective in working with lender shops to effect a successful modification or other retention option.

Ms. Wilkins sold foreclosed properties for Fannie Mae’s disposition department out of Dallas, Texas for 2 ½ years. She has received loss mitigation training from NeighborWorks America, Fannie Mae and HUD and Legal Services. Since founding HOM in 2002, she has been quoted in the New York Times, BusinessWeek and the Huffington Post. She has appeared on MSNBC and NPR. In addition, foreclosure related articles she has written have been published in BAS and REALTOR® magazines around the country.

Wilkins has taught for Graduate REALTOR Institute (GRI). She is also a member of the faculty of NeighborWorks America as a trainer in Foreclosure Intervention. She is regularly a speaker or trainer at numerous state/regional conferences on foreclosure intervention, predatory lending, loss mitigation and/or mortgage fraud. She is widely recognized as a leading expert on these subjects. HOM has been certified as a continuing education provider for real estate professionals in Colorado, Nebraska, Kansas, Ohio, Indiana, Kentucky, Tennessee, Oklahoma, Iowa and Alabama. Wilkins is an approved instructor for attorneys in Indiana and Ohio.

Today’s challenges require more expanded knowledge than ever before. Get the edge you need! Register today!

www.HomeOwnershipMatters.com for registration/information.
Email: MildredWilkins@HomeOwnershipMatters.com

February 21, 2009

Your Real Estate Advisor: Buyer Beware

Buyer Beware!
Be Careful—Don’t Borrow Trouble
  1. Regular Banks and Credit Unions are your safest bet to avoid predatory lending practices. Federal regulations prohibit them from charging excessive fees, etc.
  2. Choose reputable lenders, established in your city or state. Reputation is a powerful deterrent to unscrupulous practices.
  3. If you have decided to use a mortgage broker, do so with care. Be sure you know how much you are borrowing to pay the broker fees, points, and closing costs, and/or other junk fees.
  4. Insist that you get a “Good Faith Estimate” of all the costs associated with the loan within 3 days. It’s the law! Do you understand all the costs? Are they reasonable?
  5. Remember: all real estate transactions that require a loan (purchase) will result in a lien being placed against your home.
  6. Comparison shop at least two or three lenders. Use the “Good Faith Estimate” to determine who is really offering you the best deal. Rate is not the best way to tell. What are the actual costs of the loan? What are you paying in up-front prepaid finance charges? Is there a prepayment penalty?
  7. Avoid single premium insurance. It is seldom a good idea.
  8. Beware if the loan includes “yield spread premium.” This is actually an additional payment to the broker for getting you to accept a high cost loan.
  9. Our economy is fragile. Fixed rate payments which include taxes and insurance will offer you the most stability in your housing budget. Be extremely cautious in considering a variable rate or a 2-1 buydown product. You are only delaying higher payments.
  10. Review all the documents before you go the actual closing. Ask questions until you understand what you are signing.
  11. Consider having an attorney (cost is very reasonable) to review your closing documents and/or attend closing with you for any real estate transaction: purchases, building, second mortgages, lines of equity, or refinancing.
  12. Lastly, study the Disclosures section of the HOM website (www.homeownershipmatters.com), to help understand what the documents you sign at closing actually mean, and what rights you surrender when you sign them.
Copyright © 2009, HOM, LLC. All Rights Reserved.
“Your Real Estate Advisor” the column, by Mildred Wilkins

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

January 5, 2010

Press Release: HOM Announces (FIS) Course in South Carolina


NEWS RELEASE
FOR IMMEDIATE RELEASE – January 5, 2010

Contact: Mildred Wilkins at (866) 507-5105
Lora Able at (843) 760-9400 x125

Home Ownership Matters announces 1st Foreclosure Intervention Specialists (FIS) course offering in South Carolina

Indianapolis, IN, January 5, 2010—HOM President and Founder Mildred Wilkins joins Lora Able, Director of Education, Charleston-Trident Association of REALTORS®, in announcing that (FIS), a comprehensive foreclosure certification program, will be offered for the first time in the state of South Carolina. Registration was officially announced during a live webcast with Ms. Wilkins on December 15th. More than 27 REALTORS® have already registered; capacity is set at 75. The Foreclosure Intervention Specialist Program (FIS) has additionally been approved for CE credit by Real Estate Commissions in Colorado, Kansas, Ohio, Oklahoma, Nebraska and Indiana. The program has been offered in Florida without CE credit to attendees from a number of states. NAR provided funding for this critical training.

This certification program was developed in 2005 by Mildred Wilkins, president of HOM, LLC headquartered in Indianapolis, Indiana. The program provides 30 hours of material in a classroom setting designed to prepare attendees to become knowledgeable about the options available to consumers who are in default on their home loans. Included in the course are components which address the foreclosure process, ethics, fair housing, the short sale process as well as options for keeping the home. Real estate professionals need a broad knowledge base to make appropriate recommendations when a default has occurred. (FIS) training provides that broad base.

The practice of real estate has evolved rapidly as foreclosures have increased dramatically, creating a need for a new field of knowledge. Foreclosure is frequently avoidable but unfortunately consumers have limited opportunities to learn what options are available. Nor is there a way for consumers to identify professionals who have the ability to help them. (FIS) addresses that need by empowering REALTORS® to be prepared to handle borrowers in default with increased knowledge and professionalism.

The Foreclosure Intervention Specialist (FIS) certification will set apart those agents who have taken extensive training to be prepared to handle the challenges associated with transactions when the consumer owes more than the property is worth on the open market. The training can alter the outcome of mortgage default when a consumer chooses an agent who is an (FIS) specialist. The completion of this program will also help licensees avoid liability while helping them to work more effectively to avert foreclosure.

Ms. Wilkins is a former Fannie Mae Broker-Specialist who sold foreclosed properties for their disposition department out of Dallas, Texas. She has received loss mitigation training from NeighborWorks America, Fannie Mae and HUD. Since founding HOM in 2002, she has been quoted in the New York Times, BusinessWeek and the Huffington Post. She has appeared on MSNBC and NPR. In addition, foreclosure related articles she has written have been published in BAS and REALTOR® magazines around the country.

Wilkins has taught for Graduate REALTOR® Institute (GRI). She is also a member of the faculty of NeighborWorks America as a trainer in Foreclosure Intervention. She is regularly a speaker or trainer at numerous state/regional conferences on foreclosure intervention, predatory lending, loss mitigation and/or mortgage fraud. She is widely recognized as a leading expert on these subjects. HOM has been certified as a continuing education provider for real estate professionals in Colorado, Nebraska, Ohio, Indiana, Kentucky, Tennessee, Oklahoma, Iowa and Alabama. Wilkins is an approved instructor for attorneys in Indiana and Ohio.

Today’s challenges require more expanded knowledge than ever before. The next (FIS) training is scheduled in Florida the week of Feb 22-26. Combine education and vacation. Get the edge you need!

Or register for the course in Charleston, South Carolina scheduled to begin March 15th. Education directors who are interested in auditing the first 3 days or scheduling an (FIS) training series in your area may contact Mildred directly. Funds from NAR’s FPR grants could make this certification a viable option for your membership. Call today!

www.HomeOwnershipMatters.com for registration/information.
Email: MildredWilkins@HomeOwnershipMatters.com

April 1, 2010

Press Release: HOM Announces (FIS) Foreclosure Intervention Specialist Training Underway in Charleston

Home Ownership Matters announces (FIS) Foreclosure
Intervention Specialist training underway in Charleston
Indianapolis, IN–April 1, 2010 — HOM President and Founder Mildred Wilkins is pleased to announce the overwhelming positive response from attendees of (FIS) the foreclosure certification program being offered for the first time in the state of South Carolina. Approximately sixty licensees began the 5 day certification program on March 15th, 2010 in Charleston. The Foreclosure Intervention Specialist Program (FIS) has additionally been approved by Real Estate Commissions in Colorado, Ohio, Oklahoma, Nebraska, Kansas and Indiana. It is expected that the program will be launched in Pennsylvania in early summer and has been offered in Florida without CE credit to attendees from a number of states. NAR provided funding for this critical training through their Foreclosure Prevention and Response (FPR) grant.

This certification program was developed by Mildred Wilkins, president of HOM, LLC headquartered in Indianapolis, Indiana. The program provides 30 hours of material in a classroom setting designed to prepare attendees to become knowledgeable about the options available to consumers who are in default on their home loans. Included in the course are components which address the foreclosure process, ethics, fair housing, the short sale process as well as options for keeping the home. Real estate professionals need a broad knowledge base to make appropriate recommendations when a default has occurred. (FIS) training provides that broad base. The practice of real estate has evolved rapidly as foreclosures have increased dramatically creating a need for a new field of knowledge. Foreclosure is frequently avoidable but unfortunately consumers have limited opportunities to learn what options are available. Nor has there been a way for consumers to identify professionals who have the ability to help them. Within the last two years professionals have sought to differentiate themselves with a short sale certification for this reason.

The Foreclosure Intervention Specialist (FIS) certification will set apart those agents who have taken extensive training to be prepared to handle the challenges associated with transactions when the consumer owes more than the property is worth on the open market. The training can alter the outcome of mortgage default when a consumer chooses an agent who is an (FIS) specialist. (FIS) is the oldest certification (offered first in 2005) and the most comprehensive of the programs available to agents. The completion of this program will also help licensees avoid liability while helping them to work more effectively to avert foreclosure for their clients.

Ms. Wilkins is a former Fannie Mae Broker-Specialist who sold foreclosed properties for their disposition department out of Dallas, Texas. She has received loss mitigation training from NeighborWorks America, Fannie Mae and HUD. Since founding HOM in 2002, her work has been featured in the New York Times and BusinessWeek, she has also appeared on MSNBC and NPR. In addition, foreclosure related articles she has written have been published in REALTOR magazines around the country.

Wilkins has been a faculty member for Graduate REALTOR Institute (GRI). She is also a former member of the faculty of NeighborWorks America as a trainer in Foreclosure Intervention. She is regularly a speaker or trainer at numerous state/regional conferences on foreclosure intervention, predatory lending, loss mitigation and/or mortgage fraud. She is widely recognized as a leading expert on these subjects. HOM has been certified as a continuing education provider for real estate professionals in Colorado, Nebraska, Kansas, Ohio Indiana, Kentucky, Tennessee, Oklahoma, Iowa, South Carolina and Alabama. Wilkins is an approved instructor for attorneys in Indiana and Ohio.

This (FIS) training session is scheduled for completion May 19 and 20. Registration is restricted to current enrollees. To schedule an (FIS) training series in your area, contact Mildred directly (866) 507-5105.

Copyright © 2009, Home Ownership Matters, LLC. All Rights Reserved.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

September 8, 2009

Press Release: HOM has new Intros for Consumers and REALTORS


NEWS RELEASE
FOR IMMEDIATE RELEASE – September 9, 2009

Contact: Mildred Wilkins at (866) 507-5105
MildredWilkins@HomeOwnershipMatters.com
Home Ownership Matters announces a new educational tool

HOM Intros
Indianapolis, IN. September 9, 2009—HOM President and Founder Mildred Wilkins is pleased to announce an expansion in efforts to provide educational resources which address the current challenges faced by both consumers and real estate professionals across the country. Despite the best efforts of the administration, foreclosures continue to increase. There exists an urgent need for today’s borrower who is in default to know what options are available and who can help to implement them. HOM Intros will help to meet that need

HOM Intros are short, clear, concise and FREE. They can be viewed in 8-10 minutes and are readily available via your home computer. They are designed to be INTRODUCTIONS to a wide range of subjects associated with dealing with housing concerns in these challenging times. HOM Intros provide snippets of information so that you have the basics. We also include a list of resources which will help you to do the research you need to do to better understand and address your personal situation. Sometimes all a person needs is a starting place.

The information needed by consumers has changed as foreclosures have increased. The magnitude of the problem has created a need for new ways to disseminate information. Foreclosure is frequently avoidable but unfortunately consumers have limited opportunities to learn what options are available. HOM Intros will be widely available and best of all they are FREE. Audio will be available for a selected number of the Intros within the next 30 days.

HOM Intros are available on the HOM website or directly from the HOM blog, http://HomeOwnershipMatters.blogspot.com. For a list of current titles, click here. The list will continue to be updated weekly with the expectation that more than 75 topics will be addressed within the next few months. Check back if you don’t see the topic you were searching for yet. Or, email Heather at meade.heather@gmail.com to request the subject be addressed in a future Intro.

HOM Intros—another way we’re fighting the foreclosure battle.

Ms. Wilkins is a former Fannie Mae Broker-Specialist who sold foreclosed properties for Fannie for 2½ years. She has received loss mitigation training from NeighborWorks America, Fannie Mae and HUD. Since founding HOM in 2002, her work has been featured in the New York Times and BusinessWeek, she has appeared on MSNBC and NPR as well as being featured in many newspaper articles across the country.

Wilkins has been a faculty member for Graduate REALTOR Institute (GRI) since 2004. She is also a member of the faculty of NeighborWorks America as a trainer in Foreclosure Intervention. She is regularly a speaker or trainer at numerous state/regional conferences on foreclosure intervention, predatory lending, loss mitigation and/or mortgage fraud. She is widely recognized as a leading expert on these subjects. HOM has been certified as a continuing education provider for real estate professionals in Colorado, Nebraska, Kansas, Ohio Indiana, Kentucky, Tennessee and Alabama.

If you are interested in hosting the HOM Intros on your website, give us a call to discuss this option as a way to reach a larger audience.

For (FIS) or other training offered by HOM, check upcoming events on the website, www.HomeOwnershipMatters.com. for details.

Interested in foreclosure training for your city/state?
Contact Mildred Wilkins at (866) 507-5105.

You can also view the latest press release from HOM at:http://www.homeownershipmatters.com/pdfs/Sep9_PressRelease.pdf but please be advised that it is a PDF file and you will need Adobe Reader to view it, please visithttp://www.homeownershipmatters.com/ to find the link to download Adobe Reader if you do not already have it.

Look for the latest Intros from HOM—The first one will be posted tomorrow at 8:00am!


Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)