Episode #92: What Housing Recovery? The Real Deal on Short Sales & NPL’s with Karl Falk

Summary: Are you enjoying the podcast?  Make sure to leave a review on iTunes. Every comment is appreciated. The BUZZ sounds off on illegitimate vendors, highlighting information brought to our attention by Fred Glick.  Beware and be aware. Karl Falk, CEO of Summit Mitigation joins us on this episode... You need to understand the fundamentals of the market to be able to get an idea of what is going to happen in the future.  We talk Non-performing loans (NPL's) pre-foreclosure, (37% of all loans = $14million loans) the bulk of which were originated between 2004 and 2008… these were the Ninja loans where you have a pulse you get a loan situation.  These loans are at a high risk level and are still impacting the real estate market today.  These loans are at high interest rates and did not re-fi with historically low interest rates.  This reflects, people still under water by more than 25% on their loans. We discuss the opportunities for agents and brokers servicing short sales, foreclosures, and npl's.  The whole we have to dig out of is far deeper than initially thought. Karl, named as one of Colorado’s Top 5 Most Influential Young Professionals (by ColoradoBiz Magazine, 2012), also awarded as a “Rising Star under 40, 2013″ by the Colorado Springs Buisness Journal; is the founder of Summit Mitigation Services. He is the creative mind and visionary behind Summit Mitigation Services the nations leader in Non-Performing Loan (NPL) Negotiations, Education and Technology. All of which have placed Summit Mitigation Services, LLC on the cutting edge of the real estate NPL industry. Having insight from corporate America and overseen and consulted on thousands of complex real estate transactions over the last several years Karl brings unorthodox insight into a sometimes complacent and stagnant NPL market. His team is sought out by some of the top Hedge/Equity Funds and Real Estate Agents in the nation to construct and handle their short sale transactions. Karl’s company SMS is known as the “go-to-company” for real estate short sale, deed-in-lieu, loan modification negotiations and deal structuring. Karl is an Eagle Scout, a graduate of the United States Air Force Academy and Football Alum, has held Top Secret clearances for the US government, and has been honored in the oval office by the president of the United States. Karl is a loving husband and father of three, as well as a man of integrity who is often accused of being the “nice guy” who has an unprecedented passion for helping individuals succeed.