Has anyone signed up with America buys Foreclosures? If so, was it worth it? Any results?

Asked by Michelle Huffman, Kill Devil Hills, NC Thu Apr 2, 2009

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7
Jack, , Reno, NV
Sat Oct 2, 2010
We have a Countrywide Loan that was assumed by BA. We have been in the "home modification" process with BA for almost 12 months. BA has done nothing but try to have us default. We have been given false info, there was a series of documents that were sold as modifications(which were not), there have been many charges added to what we owe. There has been no help. We are struggling. Our house has lost 50% of value. We have lost $150K of equity in our home. We are under water at this point. The Obama Home Retention Program is a farce. The Feds have no ability to force the banks to work with people. The banks keep adding charges until they can force you into foreclosure. It is very sad. I have seen many neighbors go under. We are holding on but it is very hard. I am handicapped but I work to keep the house. I hope someone will make the banks more accountable for their actions. JG Reno
0 votes
robert Beard, Agent, Carson, CA
Sat Jul 11, 2009
I signed up with ABF in October 2008 and went through the training within days! Got my certifications for the all the ABF modules and also with e-signs Settleware. Have been paying my monthly fee for Settleware yet have not heard a word from ABF. I was under the impression that they were ready to start sending out listings at the end of November 2008, then the end of December 2008. Called mid December and it all was postponed till mid January. I even cancelled a trip with my wife to visit her family in Bahia, Brasil because of that call.

Now it's July and it makes you wonder for a company the wants all the line of communication be the back bone with every transaction being posted on their platform. Yet never let those who have believe in them since the beginning a word of update why they are still not in business.
0 votes
Mike, , Hesperia, CA
Wed May 6, 2009
Yes, I have signed up with ABF. It's founders are high-ranking EXIT executives, and Settleware is a stand alone vendor.
My gut feeling is that ABF's biggest problem is its lack of disclosure. There would be a whole lot less negative buzz about this startup if they would simply make regular updates via the internet. I spent fifteen minutes on the phone yesterday with ABF and I am convinced that this thing is going to happen. It is a massive work-in-progress and is just taking longer to get online than was anticipated. Release of listings should begin by the middle of June. My guess is by this time next year those who had a chance to get on board and didn't are going to be very sorry.
There is an article about ABF in the May 2009 issue of Live OC Magazine, for those who want to learn more. Or, they welcome drop ins at their new, larger offices in Irvine.
The opinions and information presented in this post are mine alone and in no way am I a spokesperson for ABF. Hope I've been of help.
0 votes
Bjmtexas, , Dallas, TX
Mon Apr 27, 2009
here is more interesting conversation - and research...it should answer most questions
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Vicki Smith, , Las Vegas, NV
Thu Apr 23, 2009
I have been quietly listening for some time regarding ABF and have several concerns that I think need to be addressed. I have been doing research on ABF for a couple of months. I have been reading the forums on the net and doing my own search for answers. Some of the things I have found out are that the address that is listed with the State of California for the corporation is a very small space above a touristy strip mall just off of the Pacific coast highway near Newport Beach CA. I was able to see with Google Earth. It is not a very impressive location for a nationwide asset management company. It also appears that ABF’s parent company is Settleware. If you read the FAQ's on the company web page it is all about the e-signing software which is a product of Settleware. After finding out that ABF was owned by Settleware, I was a little unsettled (sorry I couldn’t help myself). My gut feeling is they are trying a new way to sell their product, which would explain why they keep reiterating that it can be used for all of your business and that you must purchase the product to do business with ABF. The training is also all about the e-signing software and apparently has little or nothing to do with selling REO's according to someone who has been through the training. ABF may very well be making an attempt to get into the asset management business, but what do they bring to the table? They do not appear to be having much success as they have continually pushed back the date of their first listing release.
Everyone keeps talking about the business model, what I want to know is who are the principles putting this company together? What are their credentials with asset management? That is the first thing I want to know about anyone I do business with. When I opened my own brokerage, the most important thing I had to offer was my experience and knowledge of the business. I have not heard one thing about the experience, knowledge or for that matter the identity of who is operating this company or anyone in management. Here in Las Vegas you have to know the right people to get into the REO business. I want to know that the management of this company is a known entity in asset management, with a track record and good reputation.
Another concern I have is an asset management company that would take anyone with the ability to pay for software training and software without regard to their qualifications or experience (and no training regarding REO policies or procedures) seems to me to be setting itself up for some really unhappy banks. If the management of this company doesn't include people with years of experience in asset management and banking who can be checked out and verified, then I can’t see what the value of this business is. I can go purchase much less expensive soft ware for electronic signatures. If I could just get one agent to verify results, which at the present apparently do not exist as not one agent has stepped forward with news of any listings, in fact an agent who was signed up with ABF several months ago and was singing their praises last month is now beginning to doubt if they are real and has been talking about the old deals they offered like 5 free zip codes, that were taken away, what is that all about?
As for Megan, I have read her posts and answers to questions as well as her non-answers to questions. Megan you have not always been kind to people who question you and have accused them of being malicious. I have nothing against you or your company; I am just an agent here in Las Vegas who is looking for answers. I would love to sign up with your company if I was confident that it could work, but I need more information before I part with my money. I think you could really silence the naysayers with more information. I am really not trying to be difficult; I am just a business woman who is asking for answers to business questions.
With that said, here are my questions for you:
1. Could you please post the names and background of the key managers of the company as that would make real estate agents lot less skeptical? Most legitimate companies have an “About Us” page.
2. Why does your website have a link to First American Home Warranty? It doesn’t work.
3. Does First American know you have them on your website? I asked one of the VP’s here in Las Vegas about your company and he had never heard of you.
4. Why are so many of the links on the website not working?
5. Why are your contracts with the banks confidential? National Default Services lists all of the banks on their website, as do other asset management companies.
I and many other agents out there thank you for your help.
0 votes
Eydie Fernan…, Agent, Mesa, AZ
Thu Apr 2, 2009
I just began looking into this company. I found a great site where lots of other realtors have expressed both positive comments as well as issues that concern them about ABF.

Here's that link: http://reopro.ning.com/forum/topics/american-buys-foreclosur…

Hope this helps. At this point, I think I'll wait before I sign up.

Good Luck!
Eydie ~ Az REALTOR
http://www.TheSiteForAzHomes.com
0 votes
Jessica Sull…, Agent, Queen Creek, AZ
Thu Apr 2, 2009
I would love the answer to this as well, it's rather expensive....
0 votes
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