# Tough times for all.



## thanohano44 (Aug 5, 2012)

Yesterday I went to do an initial securing on a property in my neighborhood. I looked at the docs and noticed the address looked familiar. I arrived at the home and noticed that it belonged to one of my competitors. This fellow runs a pretty good size operation with 5-6 crews and they do such a good job. It's sad. The property was still occupied by them, so I just did my pictures and left. This is the 2nd REO/PPO contractors home I have been to this week. What a humbling experience.


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## BPWY (Apr 12, 2012)

damn

That sucks.


I hate CFKs. You never know what story you'll hear.

The most recent was that the guy's wife died last yr and his retirement/pension/social insecurity wasn't enough to make the house payments and living expenses.


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## APlusPPGroup (Apr 14, 2012)

So sorry to hear that, Troy. We've had to send vendors out to clean other vendors' properties out. It's never a good experience and it brings reality home in a BIG way.

Linda


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## Guest (Jul 25, 2011)

Has this business slowed down that much, were these particular people just that overextended, or were they totally dependent on nationals for business?


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## thanohano44 (Aug 5, 2012)

BPWY said:


> damn
> 
> That sucks.
> 
> ...


Ouch! So nobody on the banking side offered him a rewrite or mod? That's unacceptable. A friend of my sister just went through a divorce. Her mortgage went from 1300 down to around $480. Or that's what she said. I don't see how that's possible.


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## Guest (Jul 25, 2011)

thanohano44 said:


> Ouch! So nobody on the banking side offered him a rewrite or mod? That's unacceptable. A friend of my sister just went through a divorce. Her mortgage went from 1300 down to around $480. Or that's what she said. I don't see how that's possible.



Maybe the house was 2/3 paid for or something?


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## thanohano44 (Aug 5, 2012)

a1propertyclean said:


> So sorry to hear that, Troy. We've had to send vendors out to clean other vendors' properties out. It's never a good experience and it brings reality home in a BIG way.
> 
> Linda


A couple years ago I had to do a friends house. He had to file BK. Lost his motorsports store. That reminded me that it could happen to anyone of us.


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## thanohano44 (Aug 5, 2012)

Doubleoh7 said:


> Maybe the house was 2/3 paid for or something?


Well from what I was told. 
1) she makes $11 an hour
2) single mom. 
3) divorced and income cut in more than half. 
4) she had put $40k down on purchase. 
5) had excellent credit. 

The math doesn't add up. Unless she filed BK and reaffirmed the mortgage. She now rents a room out to her boyfriend for $500 a month. And another room to her friend for $500. And pays ahead.


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## thanohano44 (Aug 5, 2012)

Curb Appeal REO said:


> Has this business slowed down that much, were these particular people just that overextended, or were they totally dependent on nationals for business?


I didn't ask. These were FHA loans and the properties were still occupied. I just took photos and reported it occupied. 

It could be that they're just walking away and going rent something bigger and better for less.


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## Guest (Jul 25, 2011)

thanohano44 said:


> Well from what I was told.
> 1) she makes $11 an hour
> 2) single mom.
> 3) divorced and income cut in more than half.
> ...


In NJ she could put her kids through college for nothing!! :clap:
Is that the case in AZ??


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## Guest (Jul 25, 2011)

Curb Appeal REO said:


> Has this business slowed down that much, were these particular people just that overextended, or were they totally dependent on nationals for business?


I see it alot with the bigger crews around here. They overextend way to much and when times get lean they have nothing but tons of debt. Pretty much the way everyone in this country has gotten. We all want the best house, cars, toys and loans were so easy to get just keep borrowing.


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## Guest (Jul 26, 2011)

jkfox624 said:


> I see it alot with the bigger crews around here. They overextend way to much and when times get lean they have nothing but tons of debt. Pretty much the way everyone in this country has gotten. We all want the best house, cars, toys and loans were so easy to get just keep borrowing.



I would be quite comfortable in a 400 square foot shack on 5 acres and have it paid off! Now THAT is living!!!!


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## Guest (Jul 26, 2011)

15 years ago......nothing to make $150k a year or more.
10 years ago......nothing to make $100k a year or more.
05 years ago......nothing to make $75k a year or more. 
Today ..............nothing to make $?? a year. It seems talking to most that are still "in the business" that the take home is not a heck of a lot more than $30-$35k a year. Tough tough times and its going to get worse IMO. 

Of course you worked your tail off. 6-7 days a week. 18 hours a day. Run the tires off the vehicle.


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## BPWY (Apr 12, 2012)

thanohano44 said:


> Ouch! So nobody on the banking side offered him a rewrite or mod? That's unacceptable. A friend of my sister just went through a divorce. Her mortgage went from 1300 down to around $480. Or that's what she said. I don't see how that's possible.





Altisource.



Its a common story I hear, no communication from the banks.


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## david (Apr 11, 2012)

hear what i was told from a major bank after contacting them myself in person,i asked this question directly to bank manager,if your bank could save millions a year dont you think they would,she said i dont want to touch that question with a ten foot pole,and was told they'd always go with nationals instead of local vendors because they did'nt want to hassle with finding different vendors in every state and area and maybe some jobs not getting done,so they'd rather keep taking it up the arse getting greased then save money and have better work done,america today,now we know why government and banks are going broke.


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## Guest (Jul 27, 2011)

D&j this is the standard "form letter " reply that anyone would have gotten the last 10years. We used to work direct in SC & GA for Bank of America (in the good days) and better communication and ultimately better pay. 

The main reason for not using direct vendors now? Liability. That was from the CEO himself. They not dumb as some might think!


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## david (Apr 11, 2012)

i see what your saying,its almost to the point where i have to think about giving up,its not getting better at all,i hope other vendors are fairing better then i am,work is sporadic and pay keeps gettin slower


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## Guest (Jul 27, 2011)

*Initial Cut Request*

I just received an Initial Cut request for a property that I 1st visited back in March. They want it done for $50 bucks. It's nearly an hour away plus $6.50 in tolls.

Let's see, that would be approximately $43 in fuel + $6.50 in tolls for a total of $49.50. This doesn't include wages for a minimum of 3 hours.

Oh yeah, I'm all over that.......lol....Idiots:no:


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## Guest (Jul 27, 2011)

DreamWeaver said:


> I just received an Initial Cut request for a property that I 1st visited back in March. They want it done for $50 bucks. It's nearly an hour away plus $6.50 in tolls.
> 
> Let's see, that would be approximately $43 in fuel + $6.50 in tolls for a total of $49.50. This doesn't include wages for a minimum of 3 hours.
> 
> Oh yeah, I'm all over that.......lol....Idiots:no:





The long and short of it all is that thousands upon thousands of houses will deteriorate and be worth even less.


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## david (Apr 11, 2012)

dreamweaver you have to be joking please tel me u dont work for fieldassets,i'd like to see these people that works in a/c all day go do this work then they'd have a better understanding but plain fact is they dont care long as their rapin someone to keep getting rich.


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## Guest (Jul 27, 2011)

DreamWeaver said:


> I just received an Initial Cut request for a property that I 1st visited back in March. They want it done for $50 bucks. It's nearly an hour away plus $6.50 in tolls.
> 
> Let's see, that would be approximately $43 in fuel + $6.50 in tolls for a total of $49.50. This doesn't include wages for a minimum of 3 hours.
> 
> Oh yeah, I'm all over that.......lol....Idiots:no:



What did it cost to go see the property initially? Maybe you should just send them a check for $20 for any property they are interested in taking care of for them? I think you'd come out ahead.


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## Guest (Jul 27, 2011)

d+jhomeservices said:


> dreamweaver you have to be joking please tel me u dont work for fieldassets,i'd like to see these people that works in a/c all day go do this work then they'd have a better understanding but plain fact is they dont care long as their rapin someone to keep getting rich.



It is the American way. I bet they also lament the fact that only about 50% of the population pays federal income tax.


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## david (Apr 11, 2012)

double it would'nt surprise me if some dont work illegal aliens especially in texasnothing more then working for a temporary agency,all you can do is keep trying but have to draw the line somewhere


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## BPWY (Apr 12, 2012)

d+jhomeservices said:


> i see what your saying,its almost to the point where i have to think about giving up,its not getting better at all,i hope other vendors are fairing better then i am,work is sporadic and pay keeps gettin slower






I know where you are at.


I spent about 2/3s of 2010 wondering how the best way would be to throw in the towel.


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## Guest (Jul 27, 2011)

thanohano44 said:


> Ouch! So nobody on the banking side offered him a rewrite or mod? That's unacceptable. A friend of my sister just went through a divorce. Her mortgage went from 1300 down to around $480. Or that's what she said. I don't see how that's possible.


Mods aren't exatly what you think. Alot of these mods end up as foreclosures months later. The banks are screwing alot of people. I want to route for the banks( BOA's headquarters are 10 mins away) but its hard when the common man is getting raped.


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## thanohano44 (Aug 5, 2012)

JarrattProp said:


> Mods aren't exatly what you think. Alot of these mods end up as foreclosures months later. The banks are screwing alot of people. I want to route for the banks( BOA's headquarters are 10 mins away) but its hard when the common man is getting raped.


So you're in north Carolina? I worked for Citigroup 10 years in loss mitigation in management. A mod is what it is.


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## Guest (Jul 27, 2011)

Doubleoh7 said:


> The long and short of it all is that thousands upon thousands of houses will deteriorate and be worth even less.


Excellent summary of the whole sordid affair. :sad:


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## thanohano44 (Aug 5, 2012)

Curb Appeal REO said:


> Excellent summary of the whole sordid affair. :sad:


CPI and pmi should cover them


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## Guest (Jul 28, 2011)

thanohano44 said:


> So you're in north Carolina? I worked for Citigroup 10 years in loss mitigation in management. A mod is what it is.


Yes. Charlotte. Whats happening is that these banks are 'losing' the paper work for the mods. They are then stating that the total amount is due. Alot of people dont have the back pay to catch up. I too came from the banking industry(BOA).


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## Guest (Jul 28, 2011)

JarrattProp said:


> Yes. Charlotte. Whats happening is that these banks are 'losing' the paper work for the mods. They are then stating that the total amount is due. Alot of people dont have the back pay to catch up. I too came from the banking industry(BOA).


Jarratt,

R u from the old boa days and first Preston? We handled all boa in SC and GA in 2005-2007. Good times then. Took boa execs on many field trips.


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## Guest (Jul 28, 2011)

FremontREO said:


> Jarratt,
> 
> R u from the old boa days and first Preston? We handled all boa in SC and GA in 2005-2007. Good times then. Took boa execs on many field trips.


I'm old school, however was in VA those years.


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## thanohano44 (Aug 5, 2012)

JarrattProp said:


> Yes. Charlotte. Whats happening is that these banks are 'losing' the paper work for the mods. They are then stating that the total amount is due. Alot of people dont have the back pay to catch up. I too came from the banking industry(BOA).


I would fly out to Ft Mill SC a lot for work. I love your city!! Was so close to taking a position with B of A. But I got offered but decided to Focus on my business. The problem with the reps are that they are so over worked and they're hiring anybody to fill a desk that people aren't trained well.


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## Guest (Jul 28, 2011)

thanohano44 said:


> I would fly out to Ft Mill SC a lot for work. I love your city!! Was so close to taking a position with B of A. But I got offered but decided to Focus on my business. The problem with the reps are that they are so over worked and they're hiring anybody to fill a desk that people aren't trained well.


So true. This sub- prime is what got a lot of banks in trouble(pure greed). BOA was purely A paper before the Countrywide purchase. In VA we had the mortgage division and if you were not 700 plus you werent getting a loan. I still know people in that division and they are overloaded. Unlimited OT. Thats how problems start.


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## Guest (Jul 29, 2011)

d+jhomeservices said:


> dreamweaver you have to be joking please tel me u dont work for fieldassets,i'd like to see these people that works in a/c all day go do this work then they'd have a better understanding but plain fact is they dont care long as their rapin someone to keep getting rich.


Nope, not field assets. I only took the inital order to test rive the company and see if I could bid for repairs. 

These were the same idiots that wanted me to do an initial secure on another house. I told them I culd but it couldn'tbe done for 3 days. They said that was unsatisfactory. I said ok, re-assign.... They said they would. Nearly a month later they asked me again if I could do it. So much for the urgency previously....lol... I said sure, this is now my price. They asked me if I could justify my increase in price. I said NO, that is my price. They said they would reassign. I'm waiting to get the request again.:no:


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