What do I do Now?
At least that is the question being asked of us by many real estate agents here in Arizona. It is not all bad news. Our firm has been discussing the effects of licensing on short sale negotiators for the last three years. There were no new licensing laws passed. It just took time for enough bad players to get the attention of the powers to be to choose to enforce those rules. MARS, at the end of the day, is easy to work with and most real estate agents have figured out how to work with it and get themselves into compliance and we help with that. So what do I do now?
We suggest, no different than you were before. Keep selling homes. Keep helping homeowners that find themselves in a position today where they can no longer afford their home or it no longer makes sense and owe more than their home is worth. All we ask is before you list that home, before you take a contract on a short sale, before you consider counseling a potential seller on a short sale that you consider having that distressed homeowner seek legal and tax counsel first. Don’t jeopardize all that you have worked for in this regulator environment.
It has been said that our tactic was to scare real estate agents into sending us the business. That we were just telling agents they are doing it wrong so that they sent their clients to us. From our point of view, not at all. For the last three years we thought we were helping real estate agents avoid problems and pitfalls. We thought we were helping real estate agents to be successful. It was never our intent to scare or judge. We are not the police.
How does Thomson Law work to help you, the real estate agent, help your clients? We help by taking the bulk of liability off of the real estate agent so that they can do what they are licensed to do and do best and the attorney can do what he / she are licensed to do. Together we can be successful. Thomson Law has been retained in over 1,000 short sales. We are not new to this and have been here from the beginning with you.
We want your referrals!
Yes, without your referrals, Thomson Law’s Mortgage Mediation Group would not exist. Why? We don’t advertise. The fact is, the real estate agent is the best referral source. You know your market. You know your client and a Short Sale cannot happen without you.
We also want to earn your business. From giving of our time at seminars, as accredited DRE approved instructors we teach Short Sale and MARS compliance classes with CE credits for very little cost. We do pro bono assistance for clients that are being taken advantage of in foreclosure because it is not always about the money. We are here for you.
What will we not do?
Well, we will not pick your pocket. Thomson Law does not demand a share of your commission. Thomson Law does not charge the buyer for our services. Thomson Law is not hiring real estate agents so we can demand referral fees. Thomson Law has not set up a separate real estate company in order to pick your pocket. Thomson Law represents the seller. We are not a forensic audit company looking to sue lenders for frivolous law suits. We DO NOT sue Real Estate Agents. There are lawyers out there that are taking up the cause of going after agents when the seller is sued by their lender post short sale. We are here for the Agent as well as the seller. We will defend that seller in that deficiency action but we do not sue Agents.
So what does Thomson Law do?
In addition to helping the homeowner understand their legal and tax risks in the context of a short sale or foreclosure, the Mortgage Mediation Practice Group is focused on assisting real estate agents in keeping in compliance and managing their risk during a short sale.
1) Short Sale Consultation. For $150 your client will get the legal consultation they need to make informed decisions. We have both Legal and Tax as part of our practice and can discuss both topics with them. Tax is a separate consult as it depends on the results of the Legal consult. You are going to be aware of that consultation. With client authorization we are going to keep you informed of the result.
2) Liability Review. For $1,500 Thomson Law is going to review all of your clients loan documents for their current loan(s), review the chain of title to ensure the history of refinances etc, review all case and statutory law as it applies to the specific circumstances of your client, we are going to PUT IT IN WRITING! That is right, we are one of the few firms that will stand behind our consultation and put our Legal Opinion in writing so that the client and you have something to rely upon down the road. We are going to be available for each and every step in the short sale including review of the offer, if requested, review of the Short Sale Approvals (Agreement Notices), sit down with client as often as necessary to discuss, update our written legal opinion along the way so that it is dynamic to the transaction, review final approvals, issue the MARS disclosure of old terms v new terms so that the agent is in compliance with MARS and lastly stay with the client till they exit the home even if the home ends up in foreclosure due to a failure of the lender to approve an adequate short sale. All of that for just $1,500.
3) Short Sale Negotiation. Sometimes the real estate agent and or client desires the firm to have a much greater involvement in the transaction. The client has something great to lose. The client has extreme deficiency risk. The client is attempting to buy a new home prior to default. Strategic Default. Etc. For $2,750 for a single lien and $3,500 for multiple lien negations we are going to do all that we do for $1,500 in the Review plus ALL interaction with the Lender necessary to effect the negotiation. We will not charge any additional fees to your client, buyer or Agents. The client does not have to pay all upfront. Most clients make payments as we all know that the transaction will take some time.
Let us earn your business. The market is going to see some dramatic changes over the next few months. With ever increasing regulation and a market that will not stand still for even a moment we must work together to help our homeowners to weather the storm.
How do I refer clients to Thomson Law?
Simply have the client call our main number 602-774-3757 or 1-800-664-1220. We have a highly trained staff that answers that call and will, on our dime, get all of the necessary information from the client so that their consultation is more productive and informative. They will be scheduled with Neil, Gretchen or Kevin at the earliest convenience to the client. When your client sits down for their consultations we will already have the information necessary to move straight to the answers. We will not waste your client’s money or their time. When that client schedules that consultation, you are going to get an email informing you of the time of that consult. We highly encourage our referring agents to come to the first few consults, with client permission, so that you can see firsthand what we do and say.
Thank you to those agents that have been loyal to us over the last few years. We are grateful for your trust. For those that have yet to work with us. Let us earn your business.
Kevin W. Hardin, CMB, CMC, CMPS
Director, Mortgage Mediation Group
Thomson Law, PLC
Counselors At Law
2701 E. Camelback Rd, Suite 150
Phoenix, AZ 85016
www.MortgageMediationGroup.com
khardin@ThomsonLawPLC.com
602-774-3757
If you have any questions please call our firm at the number above. The Mortgage Mediation Group is a practice group of the Law Firm of Thomson Law, PLC. This group is focused on assisting homeowners facing a point today or in the future when they can no longer afford their mortgage or it no longer is feasible to pay AND owe more than their home is worth. Solutions can range from Mortgage Liability Review, Short Sale Review and Negotiation, Loan Modification, Lien Settlement, Foreclosure Defense, Deficiency Defense, Deed in Lieu and Bankruptcy (Chapter 7, 13, Lien Strip and Mortgage Cramdown).
