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Lee Honish (Short Sale Genius) Education & Training

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Lee Honish
location_on San Marcos, CA — Short Sale Genius
Get to Know Lee Honish

I have spent the past 2 decades working in the Asset Management and Loss Mitigation side of the Real Estate and Mortgage Industries.  I started in 1986 with Invescor managing REO properties.  Since then I have worked for Beneficial of California as an REO Liquidator managing assets and went on to work for Homecomings/GMAC (both pre merge and post merge) as an asset/property manager. 

After GMAC, I took some time to work in the retail side of the business selling real estate and originating loans.  I got the itch to go back to the bank in early 2000 and got a contract position with IndyMac Bank where I have worked in asset management in the home contruction division and finally ending up as the head of loss mitigation for the HELOC division.  I was at that position until October 2007 when my contract expired.

In the HELOC division, for 2007 I averaged $0.53 on the $1.00.  What that means is, as a second position lien in most cases, I would average collecting/recovering $53,000 on an original note of $100,000.  This may seem like I lost the bank a lot of money, but the industry standard for second position liens is $0.25 on the $1.00.  This means I was able to collect or recover double the national average.

The greatest acomplishment as head of loss mitigation in my mind is that I was able to negotiate some sort of deal with 95% of the short sales that came accross my desk.  That means that only 1 in 20 deals would go all the way to foreclosure sale.  I believe a deal can be made on every file.

Certifications

If you read my bio above, you will know that I may be able to teach you a thing or two about how the banks think and act with regards to short sales.  I did not renew my contract with the bank and since October have been teaching agent the tricks that THE BEST AGENTS have used to 'get over' on the bank. 

I teach agents how to use these simple yet incredibly effective techniques to double, triple and even quadruple their close ratio.  When I was still working for the bank, I began working with a Real Estate Broker to create a system that would allow an agent to market for short sales and close more than 82% of those listings.  We have tested the system and have over 1,800 agents that have implemented this same system across the U.S.

One way I am helping agents is through free seminars which I am presenting around the U.S.  To date I have presented to over 35,000 agents in California, Florida, Nevada, Arizona, Washington, Oregon, Idaho, Utah, Texas, Colorado, Ohio, Michigan, Kentucky, Georgia, New York, New Jersey, Massachusetts and Nevada.  Some upcoming events can be seen here - http://TheShortSaleGenius.com and new events are added weekly.  If you want to see an online webinar, go here - http://Secrets2ShortSales.com.

My team at Short Sale Genius helps agents through the step by step training manual on how to 'really' do a short sale (not just the agent disclosures and legalities, but the nuts and bolts of dealing with the bank), unlimited email communication for those tough questions that come up, twice monthly coaching calls and marketing strategies and materials.

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As Former Chief Loss Mitigator in IndyMac Bank's HELOC Division (10/2007), I have 'switched teams' & train agents to close more short sales. I have been in Asset Management/Loss Mitigation for 20yrs.