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MinniePearl: where did you see the homekeepers of America? I do not recall that in the Call Curtis story, but I read it on line did not watch the actual story. I do believe JW is partnering with this company. What do you know about it?
Minniepearl - on the BPO - I understand it's "Broker Pricing Opinion" and I believe/heard many were completed about 6/11, but I also heard some were not able to be done without 'drive-by appraisal' and some BPO values were being objected to (JW thought they were too high or something). I also heard BofA/CW agreed to sell - and I assume the sales price will be somehow based on the BPO values.
I don't know what to think about all this exactly -- it's kind of a 'long shot' type thing it seems - and at the same time, it seems a program that could be win-win. The basic idea is similar to what the government is trying with the PPIP (not sure I have the name right but Public Private Investment Program??) where the government is supporting, facilitating, cooperating?? with private investors to purchase and service in trouble mortgages (and avoid foreclosure), purchasing at less than loan values, etc, etc, to entice the investors. Seems the same/similar idea as JW program.
I'll try to check the Channel 13 news - but my understanding is JW is a financial purchase and NOT a real estate transaction. Loans are purchased among lenders --ALL THE TIME-- and in better times the loans are purchased at say 102% of loan value (because the buyer will make money on future interest), but 'bad loans' can be purchased for 25-50 cents on dollar of loan value as the lender wants to get rid of them maybe because they are loans that will likely become a loss anyway (through foreclosure, etc). Anyway, still crossing fingers - LOL - that's all I can do.
Hmmm sounds fishy to me. I was asked by a friend to check this place out. Since I deal with large purchases of bulk REO tapes. He explained to me about the pools and buckets that are compiled to 35-40 mill bundles and have an offer at 40 cents on the dollar of the BPO. This is an investors gold mine, top it off add in a few performing notes in there, that would be a dream come true. all of the investors would be flocking in. Sorry folks this is turning out to be a nightmare for alot of people. It just doesnt work that way. Most bulk reo tapes are sold between 50-60 cents on the dollar + 3% in fees of BPO. Some lower, if the specifics of the LOI (Letter of Intent) want fixer uppers. Because you just cant throw in a property from Orange County and 1 from Citrus Heights in the same pool. Dont work that way, you have to categorize and be more specific. I am feeling terribly sorry for the people that has been duped. If Im wrong great for everyone, but I have been in this line of business for a very long time and this, I smell a fish.
my2centz - maybe you could give JW Financial a call and talk with them on behalf of your friend? One difference -->may<-- be that you mention REO's (foreclosed, empty properties, correct?) and the JW ones are existing loans - not sure, just saying. Anyway, if you can talk the talk with JW Financial maybe you could find out what they say they are doing and whether it's different from what you are thinking or not. Would likely only take you a few minutes to sum it up since you're in that field and it's an 800 number, so a free call. Just saying. And it would be great to have your feedback after you hear what they have to say.....
We'll to be perfectly honest i have only heard rumors through conversations around town. I don't want to say anything that may not be true, however if a company is changing names this is a problem. And i beleive that these companies need to be investigated so other families get let down if this does not pan out. New Leaf, JW, and now Home Keepers of America????? I agree something smells fishy!!!
This is starting to make sense, if companies are ordered to defrain and desist, then they just go and open another business doing the same but under a different name! New Leaf, JW Financial Solutions, and now Home Keepers of America, wow! Has anyone spoke to the department of real estate about this? I havn't seen any comments from the people who are in this program, if they had taken the steps to talk to someone over at the department of real estate?
Learning 101 thanks for sharing
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Channel 13
