I talked to a property preservation specialist earning $7.50 for grass cuts ordered by a Mortgage Order Mill (MOM). He was a roofer and he performed some grass cuts to make some extra money. Was he really making any money on the grass cuts at $7.50 a cut? You decide! He could not say NO and he was hurting himself and also hurting YOU.
The greed of the MOMs is killing the mortgage segment of the industry? Does HUD, VA, Fannie-Mae and Freddie-Mac know the actual fees paid to the property preservation specialist? No, they don’t and they don’t ask. Discounts are never discussed in the presence of officials from HUD, VA, Fannie-Mae and Freddie-Mac. That needs to change. The property preservation specialists need to grow a backbone. Report low fees to SOFI and we will report the fees to HUD, VA, Fannie-Mae and Freddie-Mac. Of course, I expect many of you to do nothing and that is your mistake.
Lawn & Landscape data shows that the average landscape owner salary was about $69,629. How does that compare with what you are earning cutting the grass on foreclosure properties? How many $7.50 grass cuts are needed to show a profit of $69,629 for the year?