Truth, Education & Compassion are key!
We here at Helping A Million Homeowners are proud of the difference our Ambassadors are making in their communities. I recently had a conversation with one of our Southern California Ambassadors Shari Noriega and from that conversation came this letter. I was going to edit it but after reading it I felt that it deserved to be published in it’s entirety.
Thank you Shari Noriega for being so dedicated to the families you are helping, to educating yourself so that you can assist them with confidence knowing you are the most experienced agent to help them through their difficult times.
Helping A Million Homeowners Honors You For Who you Are and What you Are Doing!
Letter from Shari:
Although I’ve had my real estate license for going on 21 years, I have never seen a market like the one we’ve been in for the past several years. It was an opportunity to shape my practice into something really worthwhile that enabled me to help people and our economy because that is something I’ve always been passionate about. I had just won a victory over a long fight with the City of HB and the OCTA to stop a train from running through residential neighborhoods that could have had detrimental effects on property values and quality of life for many residents in the multi‐city “Go Local” initiative, so I was up for this housing challenge!
I first got started with short sales and loan modifications about 4 years ago before the market went wild. I was attending a real estate investing class and got an idea while sitting in class and the ideas just kept flowing and I was so energized that I could actually see what my business would/should look like if I’m going to make a difference.
Since I knew what I wanted, I began investing in my business by learning anything and everything I could about the default market and how to really help people in this situation by being able to guide and educate them through the process that would benefit them the most. Preventing foreclosure is really for everyone’s benefit and not just those going through it personally because of the far reaching effects it has on our Economy and Housing Markets. It is so interconnected to everything and has to be slowed down and stopped for a recovery to occur.
As I continued moving in this direction, it was as though doors were opening up for me and if an obstacle appeared, the solution would come from out of nowhere through another person, another class, a certification, an article, a process, a tip ‐ whatever I needed to solve a problem it was delivered and then more people would come to me as referrals for help. This was confirmation that I was on the right path and I continued implementing and tweaking until my business was on a strong foundation and systematized to help as many as I could! Having the right attitude toward this business is also very important. I am so aware of the Universal Laws at play and therefore focus on helping people first and when the job is done, the money comes. I’m proud that my business was always built on a contingency basis and I only get paid if I perform.
Too many people had it the other way around though and saw an opportunity to make fast money by charging upfront fees and did nothing. They were essentially robbing people of their money who were already down and losing the last chance they had to save their homes and driving our economy further down. Fortunately that run was short lived and those people are either out of business or are being investigated and rightfully so.
It has not been easy to hear the sad stories of my clients and to see what the stress is doing to them and their families, but I’m committed to helping them and this means I have to keep current on all the laws, ever changing processes, and education which is constant. I have found that people just want to be told the truth about what they’re facing and what their options are so staying educated and being able to educate them with compassion and empathy is critical to the entire success of a short sale or loan modification. I also have to know my own limits and when it’s time to refer them to another qualified professional or escalate to a higher level within the bank.
There is no question that a homeowner can do what I do on their own and the banks would prefer that, but I have also found that the homeowner is at a huge disadvantage when working with their lender directly because they don’t know how to talk to the bank or how to structure their financial package and that the bank has a fiduciary responsibility to their client who is not the homeowner but rather the investor holding the mortgage/note on the property. This is one reason why so many of them fail when they try to do it on their own or they employ the help of someone who is not qualified to help them. The bank wants one thing and that’s MONEY and the more the better. So, they look at how they can get the most out of the homeowner without it costing the bank too much. It’s not wrong, it’s just a fact and you need to know your enemy before going to battle so to speak.
Because of this, I’m developing a “Do It Yourself Loan Modification Program” as a way for a homeowner to be able to prepare a strong financial package for the bank and do it themselves. They will save thousands of dollars to not have someone else do the work for them but will have all the tools they need to get started. They can always come back to me for help and suggestions if necessary and I’ll be making it available soon.
One of my many successes was working with Carmen and Robert. They came to me after they lost all hope trying to work with their lender directly to modify their Pay Option ARM Loan that had just doubled their monthly payment. They couldn’t make this payment and were being flooded with marketing material from other agents and investors including my own marketing after receiving their Notice of Default. The difference was that they opened every letter I sent and kept them “just in case”! One day, they finally pulled out my letters and called me and rushed to my office to meet with me to explore their options. After months of working with their lender for a modification, Robert lost his job and had no way of paying a modified payment and the lender wasn’t responding anyway, but, the auction was 1 week away, so a short sale was the only option and we had to move FAST. Fast forward through the consultation…
I stacked my file, but I didn’t have an offer. No problem, Lee and Trent taught me how to use the Letter of Intent so that was my offer in the stack just so I could get the process started with the bank and postpone the sale date to buy some time. Within a short period f time, I received a call from an agent and we worked together to construct a solid offer that included a couple of Addendums to raise the price if necessary. Everything went so well it was unbelievable. HSBC initially wanted a Promissory Note from the seller for the full amount of the loan and a Deficiency Judgment for the forgiven debt, but I got them to let it go because after reviewing their loan documents, there were a lot of problems that HSBC would have to deal with and my clients were prepared to get an attorney involved if necessary to avoid foreclosure.
Because of the stress Carmen and Robert were living under, it was important to keep them informed of what was happening throughout the process and what to expect every step of the way – Good or Bad, and letting them know I was committed to helping them. This, in and of itself helped a bit and they too were committed to doing what needed to be done to help me help them.
Carmen and Robert are the sweetest couple and before contacting me they were having nightmares constantly thinking about the foreclosure and the only thing Carmen could eat that didn’t make her sick was a small plate of cucumbers and tomatoes and Robert developed Shingles – a very painful condition brought on by stress.
Once we got the short sale approval and the buyer removed contingencies, the burden was lifted and they were so relieved to finally have this behind them and be able to move on. We actually went out to breakfast to celebrate and for the first time in almost a year, Carmen was able to eat a regular meal and she laughed and cried! Today, they are getting back on track and plan to buy another home from me when the time is right. Earning my pay is nice, but knowing I was able to have such a positive impact on their life is what this is all about and it is so rewarding. I’m grateful for the opportunity that presented itself to me 4 years ago.
If anyone facing foreclosure needs my help or has questions, they can go to my website at www.CaHomesOnline.com and complete a questionnaire or contact me at (877) 841‐1031. The consultation is free and if I can’t help you, I’ll be honest about it.
Homeowner Warning: Whatever you do – DON’T wait to start some kind of dialogue with your lender and DON’T pay anyone an upfront fee before they’ve done their job and lastly, DON’T sign any legal documents before having someone review them.
Sincerely,
Shari Noriega