Minnesota Short Sale Homes
Ron did a more detailed article of the mn short sale homes process
I just got back from an all day 9-5 seminar put on by Curtis Brooks with the majority day with Steve Dillon. Both great.
This Steve Dillon guy really knows his stuff. He is as great dynamic speaker, Steve knows his details very well about short sales. They talked about their short sale program “Secrets of the Short Sale”. He said 9lbs. of paper. A few books, and I can only imagine how much info were in those books. They have a seminar (bootcamp) coming up soon, and they had a special if you get the book and seminar at the same time.
This is the event I just got back from
http://www.mnreia.com/public/calendar/special_events/ShortSales/index.html
From MNREIA
“Steve Dillon is an ex-loss mitigator who worked in the banking industry for several large lending institutions. Steve negotiated over 8,000 short sales while in the banking profession. He left loss mitigation to do real estate and has been helping hundreds of real estate investors negotiate bigger profits on short sales for several years now.”
Wow 8000, they think it may even be 10,000, they were trying to be conservative, that’s amazing. No doubt this guy knows his stuff. Fannie Mae, Freddie Mac, VA loans, FHA loans. He tought us what to say to customer service, what to say to loss mitigators.
This was the date and time:
| Date: | Saturday, May 10, 2008 |
| Time: | 9:00am - 5:00pm |
If you want to go to events like this in the future you should get a membership at MNREIA
http://mnreia.usinternet.com/login_sub_select.cfm?PageID=16
He taught about how to decide between a deficiency judgment or a partial release with a promissory note. He talked about how a lot of the questions you’ll get from a customer service rep, like PMI, BPO, type of loan, etc. What I liked about him as a teacher is most of his years were spent as a loss mitigator for the banks, now he is on the investors side and teaches you how it works from the inside.
Steve talked about PMI insurance claims, claim curtailments. Steve spoke about many reasons a lender has to negotiate a short sale with a buyer instead of going through the foreclosure process. He spoke about deficiency judgments for the difference of what’s owed with the lender and what it sold for. He briefly touched upon how at the sheriff sale the lenders are bidding less than what’s owing on the property, which increases the deficiency judgment for the owner of the property. Minnesota has some laws that help home owners in deficiency situations. A couple of other hot topics were 1099’s from lenders. Tax Relief on owner occupied properties, that new 2007 legislation. I would definately recommend these two guy, they are very smart.
There are so many changing and hot topics in the foreclosure and short sale business right now. Banks and loss mitigators are swamped and this will be a very busy business for the next 2-3 years. If you want to go to one of their bootcamps, please go to MNREIA.com and ask about it. Other seminar and books are available at www.RonOrr.com
If you have questions about real estate at anytime please email me ron@minnesotainvestors.com
Do you have a house in MN for sale?
Please do me a favor and tell just 3 friends today, to subscribe to this daily blog feed by going here:
http://www.minnesotainvestors.com/blog/feed/
