I just listened to yesterday’s BOA agent training webinar on their new process. I noticed a few times that the presenter emphasized the term “Debit Settlement”. The presenter said a few times that we are performing Debit Settlement. I found this to be a RED flag for the agent.
I would like to hear from others as to their thoughts on this.
Thanks
Paul Antonelli
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It's always been debt settlement. That's why I keep telling agents is that the problems with short sales is that agents are treating these as real estate transactions and getting frustrated that the banks don't play by the same rules we do. What's even worse is that the banks are dictating the real estate transaction rules.
And to answer the other part of your question, no I am not concerned that I am doing debt settlement no more than I am concerned that I am doing a real estate transaction. In my opinion, we don't need to be licensed to sell real estate or provide any service. Maybe it's the Libertarian in me!
Paul. Were thy saying debit or debt? I completely agree we are performing debt settlement with short sale. Even more so now that a hardship is not necessarily required.
DEBT, sorry . But they did say on the webinar that a Hardship is needed. My real concern is that in the years before yesterday it was considered "Facilitation". Now they are putting the Debt Settlement label on it and according to the OFR is a definite no no for real estate agents.
Ok I understand now. Good point. I have always called it debt settlement. It really is a clearer definition of what we do, in my opinion.