Hawaii Randy's Real Estate Opinions: October 2008

Mortgage Modification – Be Very Careful

With all of the folks in financial trouble and the numbers of home owners upside down (owe more on their mortgage can they can sell the home for), a new industry and many new scams are popping up.

Mortgage modification, renegotiation or restructuring is the new buzz.  Franchises are being sold, seminars are being held and spams are flying around the internet.  The next wave of prosecutions is probably a year or two away, once enough of the public are taken advantage of.  I am sure there are legitimate companies out there, but the public better beware.

If you are in a desperate situation and you need to either restructure your mortgage or go into a short sale or seek some other form of relief; be very, very careful.  There are charlatans are every corner.  Beside the "We Buy Homes" scammers there are several new groups popping up including "Mortgage Modification Services."   I am sure there are some professional organizations that are good at what they do.  There are many, many more scam artists looking to take money from you.

Yesterday I attended a seminar hosted by a local escrow office.  Once it began we quickly realized it was a sales pitch for a service.  The service actually operates out of state and claims to be utilizing attorneys.  Being out of state puts them out of reach of our state regulatory agencies.  The very same problem we run into with out of state lenders.  If they do something improper, you have very little recourse.

If you are in this situation and need legal advice seek a local attorney. 

If you need Hawaii real estate advice, give me a call or an e-mail.  If I can not help you, I can point you in the right direction.  What ever you do be careful and look for the appropriate professionals.



Randy L. Prothero, REALTOR®

Broker-in-Charge, ABR, AHWD, CRB, CRS, e-PRO, GRI, MRP, SFR

eXp Realty

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.  His luxury home listings sell faster and for more money.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

Comment balloon 35 commentsRandy Prothero • October 17 2008 12:22AM
Mortgage Modification – Be Very Careful
With all of the folks in financial trouble and the numbers of home owners upside down (owe more on their mortgage can they can sell the home for), a new industry and many new scams are popping up. Mortgage modification, renegotiation or… more
A Changing Market is No Excuse for Bad Behavior
When the market was hot, it seemed like people were crawling out of the woodwork to become real estate agents and loan officers. They had little to no training and no experience, yet they had a license. The market was hot, everyone was making… more
NO ALOHA for Congress or the Lending Industry
During the hot real estate market a few years ago banks, federal government and people committing fraud caused property values to artificially jump. Today the same banks and the same government are causing the those property values to drop all… more
Lenders Are Causing Property Values to Drop
Lenders are a major cause of property values dropping in many communities. I am not going to argue about their lending practices and the volume bad loans they issued. I think that is a given. The incompetent way lenders have dealt with… more
Some Lenders Need to Buy a Clue
I have watched lenders one by one drop like flies over the last few months. I see commercials telling consumers in trouble to contact their lender, because they want to help them. I honestly do not believe it. Have you ever tried to contact a… more
Kaneohe Real Estate Sales Activity for September 2008
The Kaneohe communities (zip code of 96744 and some connecting neighborhoods) have seen changes in the real estate market. Single Family homes sales have softened. Average sales prices of single family homes year to date are up slightly. In… more
Oahu (Honolulu County) - Residential Real Estate Sales for September…
The September 2008 numbers are in. Single Family Home Sales saw a major dip in the median price and sales volume from August and the same period last year. While prices had been fairly stable until September the challenges in the lending… more