Home Retention Options for island residents.

A year ago I helped to produce three seminars entitled "Short Sales Demystified". I was working in the short sale space and was looking to provide assistance to local homeowners who may have been in trouble with their mortgages and in risk of foreclosure. I held the sessions hoping to find homeowners in distress. Out of 30 attendees to the events, 29 of them turned out to be buyers. My takeaway was that the subject of foreclosure was too private and people did not want to come out in public and discuss.

Well, that led to the next seven seminars which focused more on buyers. With the impetus of the Home Buyer's tax credit at play, the seminars I produced in January and March were entitled, Home Ownership 101. While i provided a broad spectrum of information about home ownership with the assistance of Wells Fargo Home Mortgage, Title Guaranty Escrow and 101 Financial, the attendance was relatively small.

I've spent most of this year cultivating my knowledge and understanding of short sales. Along the way I've learned a lot about foreclosure rights, what happens after the bank forecloses, what actually is needed to modify a loan and stay in a home, and what some of the drivers are for the banks and their servicers in this current housing market fiasco. In fact, these days when a buyer shows up on Kauai, finds a nice property that is a traditional (not short) sale, writes an offer and goes into escrow, THAT is the exception. Mostly we have short sales and REOs. It's about 40-50 percent of the market.

After a recent meeting with some Realtors in California, I was encouraged to start assisting my clients with loan modifications as well. If nothing else, when I consult with a family that is having challenges with their home, its rewarding to explain the full suite of options to someone, especially when I realize most folks would prefer to keep their home, if mainly for personal and emotional reasons. From a business point of view it's still challenging to understand why someone who lives in a $400,000 home and owes $650,000 wants to stay there and work something out with the bank. Yes, the bank do provide loan modifications but you will never see a modification at less than 100% LTV.

At any rate, I'm reaching out once again to our Kauai Community with a series of Home Retention Seminars to help familes understand the full range of options from loan modification to short sale, deed-in-lieu, foreclosure, etc. My goal is to provide wholesome education to the community so people can make an informed decision. If it turns out that my information and services is of value, then perhaps I will earn a short sale listing. I do not push it. People need to make the choice best for them. If you know anyone on my island who could use my expertise, let them know about the first event listed below. You can register for the event Home Retention 101 Online