Facing foreclosure? Learn about your rights, options

Realtor’s CD simplifies foreclosure process

Every day we are inundated with news about the bad economy, the declining real estate market and the seemingly ever-increasing foreclosure crisis.

The problem is, many people facing foreclosure don’t realize that they have options for correcting their delinquent loans, possibly saving their homes, or at the very least saving their credit. They don’t know what to do, or who to turn to for advice.

“People are desperate for information. … Unfortunately, a lot of people walk away from their homes without knowing they have rights,” said Dale Smith, CEO of the Western Wayne Oakland County Association of Realtors.

“It’s tough right now. There are quite a few people out there in trouble,” said Realtor John Hohenstern of Real Estate One in Troy. “Now, we’re able to do a lot of things we couldn’t do before — lenders are being more lenient, they have to be. People need to know that they might be able to save their home, or maybe sell it and not ruin their credit.”

To that end, local Realtor and real estate educator Will Weaver, also of REO in Troy, has created a CD titled “What Every Homeowner Needs to Know About Foreclosures and Short Sales” in hopes of educating the public on the ins and outs of the foreclosure process, and in turn, arming homeowners with the knowledge they need to hopefully stave off foreclosure.

“I did a seminar for homeowners and it seemed as if light bulbs were going on in their minds. I was surprised at the lack of knowledge, or lack of information, homeowners have, so I thought I’d put it onto a CD to help them help themselves,” said Weaver, who has been giving live presentations on the topic for more than five years in Michigan and across the U.S.

“Will has done quite a few seminars here (for the WWOCAR) that are primarily designed for Realtors to give them the knowledge to help the public,” said Smith. “Will has the capability of bringing the information down to the level of a novice — he doesn’t use a lot of technical jargon. … This (CD) is just excellent information for someone who’s in a situation where they feel they are in a corner and don’t know what to do.”

The CD not only covers the five options — reinstatement of mortgage, loan modification, forbearance, deed in lieu of foreclosure and short sale — available for those facing foreclosure, but also gives homeowners a comprehensive list of the documents needed to accomplish these options, as well as advice on dealing with lenders.

“I want to give people the knowledge that they can avoid a foreclosure on their own, and it’s actually quite simple: The key is to know the facts and how to implement that knowledge,” Weaver said. “I hope they take away an understanding that the lender doesn’t want to foreclose, that the foreclosure process is the enemy, not the lender — they’re just following a system.”

While the system may be frustrating, Weaver, who also has written numerous articles for real estate publications on the topic, said it’s important that homeowners stay calm and not give up — “climb the ladder, work the system and do whatever you have to do to save your home.”

On the CD, Weaver has compiled the knowledge he has gained “through intensive training on real estate laws, and homeowners’ options and rights” in a simple, easy-to-understand format that he hopes homeowners will utilize to their advantage. 

“It’s going to get worse before it gets better, and anybody that’s not knowledgeable about the foreclosure process, and that would be a majority of homeowners, should listen to this — it has a lot of good advice,” Hohenstern said.

In light of the foreclosure crisis and the public’s lack of knowledge on the subject, Weaver said giving the seminars has recently become his sole focus.

“In the last year and a half, I’ve done about 150 seminars with over 40,000 people,” Weaver said.  “If there’s anybody out there that wants to put on a seminar for homeowners that can provide a location, I’d be more than happy to do it  — for free.

“I am reminded of a great quote by President Lincoln: ‘I am a firm believer in people. If given the truth, they can be depended on to meet any national crisis. The great point is to bring them the real facts,’” said Weaver, who said the CD is in “no way a promotion of my company or myself.”

“I believe that, No.1, this CD will give homeowners the information they need to help themselves, and No. 2, by helping themselves, along with Realtors helping other homeowners, it could stabilize the market. In turn, I believe if we can stabilize the housing market, it can help stabilize the economy.”

For more information, contact Weaver via www.willshortsale.com.