Pam Marron Home Lending

Attention finally coming to Short Sellers and Underwater Homeowners…. and Immense Thanks to all who are helping!

You know when you finally get somewhere when you have been trying for a long time, and it finally happens? It is finally happening, and thanks to the staff at U.S. Congressman Gus Bilirakis’s office, I am going to Washington, D.C. to share targeted problems of short sellers and underwater homeowners with agencies and politicians that can help with solutions.

I am extremely grateful to so many who understand the plight of these folks who are not able to exit underwater homes without major damage to their credit and most often, without proper direction that is no shorter than 4-6 months.

 Since the inception of this challenge which was never meant to be a challenge, the stories from across the U.S. and right here in the Tampa Bay area have bothered me to my core, and the folks that are helping have been troubled as well.

I am grateful to so many who have helped, many on their own dime when I couldn’t afford their services in this fight.

Attorney Chae DuPont, with Morris and DuPont Law Firm, who taught me there is a way to qualify homeowners for a modification and short sale, who is brilliant at finding the best avenue for underwater homeowners that takes into account the WHOLE picture, including education and preparation for what happens after the fact. To attorney Julan Mustafa with Morris and DuPont, who has referred countless folks who he thought I could help when they weren’t in need of attorney services. To the” dynamic trio” staff at Morris and DuPont, who are pit bulls at getting to the final resolve for the clients, and who are an inspiration to me to keep going. And Jorge Fajardo, head of Loss Mitigation, a veteran mortgage professional, who can understand the mortgage technical aspects of incredibly complicated situations.

To Marilynn DeChant, owner of DeChant Public Relations, who introduced me to Shahra Anderson, Executive Director for Senator Bill Nelson, and who, along with much help from business partner Lia Gallegos, helped me quickly get together a White Paper that went via Ms. Anderson to the White House last year.  Ms. DeChant has continued to support this effort and arranged to meet with Greg Giordano at (now) Fl. State Representative Mike Fasano’s office and has been at meetings with U.S. Congressman Gus Bilirakis’s staff.    

To the staff of U.S. Congressman Gus Bilirakis, Elizabeth Hittos and Michael Ciminna, who have helped us with aspects of this problem since August of 2012, and have offered guidance to key people for this trip. To Michael Ciminna, thank you for your efforts to help our veterans and to Elizabeth Hittos, for your support of bi-partisan solutions on this underwater housing crisis affecting so many in Florida. And thank you to Senator Bill Nelson’s Executive Director, Shahra Anderson, for working with us on behalf of Senator Bill Nelson’s office, and for your bi-partisan efforts with the staff at US Congressman Gus Bilirakis‘s office.   

To Greg Giordano at Florida State Representative Mike Fasano’s office, who heard the plight of underwater homeowners and short sellers and who got Fl. Representative Mike Fasano on board with a plan to bring an expansive platform of help to these homeowners in the near future.

To realtors Roxanne Amato and Lorraine Seddon with Future Home Realty, who gathered important statistics on numbers of underwater homeowners affected in Florida starting in April of 2011. This was the beginning, as an eerie loss of buyers was the hunch of major problems coming.

To realtors Laura Bech/ At Home in Pasco and Diane Chisholm/Prudential Tropical Realty, who gave me my first clients who had past short sales and helped me learn what these folks were REALLY going through.

To realtor Christie Johnson, Remax New Dimensions, who I met thanks to Marilynn DeChant. Christie strongly sees the value of helping underwater homeowners who want to be current on their mortgage but proceed with a short sale. Christie Johnson referred me to Robin Furer, First National Title Services, who arranged a meeting with Laura Salemme, First National Title Services owner. Laura Salemme, very experienced in title but also a veteran mortgage professional, clearly saw the challenge of helping short sellers proceed while being current, and was willing to hire a person who would do nothing but meet this challenge. I am grateful to for looking forward to what this means…. to help these past short sellers get back on their feet and re-enter the housing market with credit intact. This is the title company I will recommend to all.

To Realtors Jim Chapman and Dan Stephenson with Prudential Tropical Realty, who saw the ”pinpoint” of credit problems I saw coming, saw WHY we had to correct it, saw the benefit it would provide to the real estate community and provided the first support.

To Gunther Flaig, builder/developer in Tampa Bay, Florida, who recognized that correcting this problem could affect the ability of new homeowners to come back into the real estate market. Many homeowners coming into model homes cite they’d love to buy a new home but can’t due to constraints of selling an underwater home. Gunther saw that paying attention to this and helping these homeowners  to keep their credit intact can help these folks prepare themselves for a new purchase after a short sale.

To the clients that worked so hard with me to get approved for another home when they met the REAL guidelines of a mortgage purchase after a short sale. You know who you are, and I am grateful that you allowed me to get involved to learn how to help. That’s the only way. I know these folks are humiliated by press that slanders them as a “strategic defaulter” when they were given no choice but to be delinquent by their lenders. Most of these clients will not go public with problems they are encountering, comparing it to a divorce: they thought they were done and then I make them relive the bad experience again. Thank you for facing this and getting through it.

To Ken Harney with the Washington Post, who “gets it” and has enlightened me to all sides with his thought provoking articles.

To Terry Clemens, Executive Director of the National Consumer Reporting Association, who encouraged me to keep up the fight last year before the election when I became angry that the problem was ignored because of the election.  Much was going on to help behind the scenes. Terry Clemens and Renee Erickson, another NCRA board member and with Acranet, Inc., invited me as a speaker to the NCRA Conference in Dec. 2012 where I met many credit agencies facing the same problems I was having. This conference is also where I met Tom Oscherwitz with the Consumer Financial Protection Bureau, and was able to present the serious credit error of a foreclosure on short sale credit that is stalling past short sellers from re-entering the housing market. Because of Mr. Clemens, along with Mr. Oscherwitz and with the help of Avantus Credit, we have been able to see problems in back end code on the Fannie Mae and Freddie Mac automated underwriting systems.  

To Frank Pallotta, Managing Partner with Loan Value Group, LLC, (developers of the Responsible Homeowner Reward program), who is now working with Arizona and many other Hardest Hit Funds states to help eligible underwater consumers with the benefits of the HARP 2.0 program when additional lender overlays prevent an approval. This is an important program that every state that has underwater homeowners needs to seriously consider. Frank Pallotta also provided me a path at the beginning and shared contacts that could help at high levels. Locating those who truly see the plight and can help was critical.

To Joe Gendelman, Fl. Regional Director for National Credit Federation, who patiently figured out a way to get creditors to correct the erroneous error of the foreclosure code when the loan closed as a short sale. He is also regional director for Business Credit Ally which helps business owners separate their personal credit from their business. Small business owners are fearful of what delinquent mortgage credit will do to the growth of their business.

To those of you with select lenders who are doing the right thing and not requiring underwater homeowners to be delinquent while they proceed with a short sale. You know who you are. I cannot name you, but wish I could.

To those of you at the U.S. Treasury: you have helped more than you know… to listen, intervene and direct to the proper resources when homeowners and I have been at the highest frustration. You have helped with FHFA, Fannie Mae and Freddie Mac connections.

To the present housing department at the White House: keep pushing The Plan to Help Homeowners Refinance rolled out by President Obama in March of 2012 that can help many of the 16 million underwater homeowners that do not have a Fannie Mae or Freddie Mac loan and cannot take advantage of HARP 2.0. It was your fact sheet that showed us how a shorter term mortgage could get underwater homeowners back into a positive equity position.     

Grateful to all, Pam Marron

March 9, 2013 by · 1 Comment

About Pam

Since 1985 as a loan originator, highly experienced with automated loan approvals on DU, LP, and with USDA GUS systems, thorough knowledge and use of FHA loans including 203K rehab, conventional loans including USDA, Homepath and rehab, and VA loans. After 27 years, I STILL love this business!


One Response to “Attention finally coming to Short Sellers and Underwater Homeowners…. and Immense Thanks to all who are helping!”
  1. Greg Giordano says:

    Pam, thank you for including me and Rep Fasano in your list of acknowledgements. It is humbling to see the extensive list of people who have been working with you on this extremely important issue. I wish you the best as you travel to Washington to advocate for those you represent. Keep up the great work!

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