REOMAC® TECHNOLOGY AND WELLNESS EXPO WRAP-UP

Education & Training
– continued from page 9
quirements, hot topics, company changes,
and more. We look to continue working
with these entities on how best REOMAC®
can add value to their operations through
education. A big thank you to all servicers
and outsourcers who have participated in
REOMAC® events during 2011. We look
forward to expanding our relationships
with you in 2012. Thank you also to the
industry subject matter trainers that have
been involved throughout the year. And
last, but certainly not least, special thanks
to Equator® for continuing to be a partner
in providing training and certification on
their technology platform.
There is so much work behind the scenes
to make it all come together – on the part
of the committees involved, but also from
our management company and staff. I cannot
say thank you enough to Joseph Davis,
REOMAC® Executive Director, and the
REOMAC® team in Sacramento, California.
Here’s to another great year in 2012! I look
forward to seeing you all once again!
REOMAC ® update tm
Opinion – continued from page 38
borrowers of the burden of trying to make
mortgage payments they can’t afford, even
after a loan modification, and give them
a loan on a less expensive REO property?
And do so within six to nine months of
default, rather than allowing them to live
rent free for two years and longer? It would
take vacant properties and turn them into
occupied homes ... not by renters, but
owners who would take better care of their
properties than most renters ever would.
Although there would be losses incurred
by the lenders on the original loans, they
would be turning non-performing loans
into performing ones. And the losses
would be less than if these properties went
all the way through the foreclosure process,
incurring significant costs along the way,
and then were sold at deep discounts
because they are bank-owned properties.
The borrowers would be offered “cash-forkeys”
payments (relocation assistance) as
incentive to be able to move as is commonly
done for borrowers nearing the end of the
foreclosure process so that banks can gain
possession of these properties in a more
timely manner.
This program would be designed for nearly
every price category, including much of
the very top tier, or luxury market. I have
another proven disposition strategy for
high-end properties, as well, but that is a
subject I would like to share with lenders
directly.
This idea won’t resolve the entire housing
dilemma, but I feel confident that it is a
workable solution for a major part of it. It
is certainly worthy of consideration. After
all, what do we have to lose by empowering
the private sector to try bold new ideas that
will actually work, rather than expecting
the government to do what they have
proven incapable of doing?
Lynn Effinger is a veteran of the housing
and mortgage default servicing industries.
Today he is a consultant, motivational
speaker and author of the memoir, Believe
to Achieve – The Power of Perseverance,
now available at Amazon.com.
NOvEMbER / DEcEMbER 2011 39