Don't Listen to Suze Orman! Find Out Why...

Last Saturday, I sat down after a long day to watch some TV.  I clicked on the Suze Orman Show and this is where the disagreement began.  I ended up leaving the room screaming at the TV, "Don't Listen to Suze Orman!"  Watch the short video below, Don't Listen to Suzie Orman to see if you disagree as well. 

I am not a financial expert on all money matters, but I'd like to think I am the expert for Mortgage Planning when buying a home in Woodbridge,Virginia. And what is suggested to the caller sounds like mortgage fraud and more.....

Contact Markita Aldridge-Woods at (703) 929-2274 or via email for custom tailored mortgage solutions.

 

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Comment balloon 57 commentsMarkita Woods NMLS#196099 • July 15 2012 06:38AM

Comments

WOW! If she actually said Make your payment late, she should be off the air, if you can't make both payments you have no business moving up.  People need to remember that we (all of us) will have to make up that difference somehow on every shortsale.  Not saying shortsales are bad but there are reasons for some and just wanting a bigger or different home is NOT one of them.

Have A Great Day

Posted by Doris Freeman, Broker/Agent, Realtor, Madison-Gibson-Crockett (RE/MAX REALTY SOURCE) over 6 years ago

@ Doris of course I agree no way should she be advising people to make the payments late to get a bank to approve a short sale....scary this is the positon of a highly regarded financial advisor.

Posted by Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA (Fairway Independent Mortgage) over 6 years ago

Remember sensationalism sells advertising; otherwise 99% of them would be out of business!

Posted by Raymond E. Camp, Licensed Real Estate Salesperson Greater Rochester (Howard Hanna Real Estate Services) over 6 years ago

Love the video but I have heard and seen many do what Suzy suggested.

Posted by Charles Stallions Property Manager, Pensacola, Pace & Gulf Breeze Property Management (Charles Stallions Real Estate Services) over 6 years ago
I have never been a fan, especially when she started telling people to make your Realtor cut their commission. That is one of her ways to "save" money.
Posted by Cindy Edwards, CRS, GRI, PMN - Northeast Tennessee - 423-677-6677 (RE/MAX Checkmate) over 6 years ago

She is stepping out of her box in being professional advising this if that is the case. . .I wish you have a video of that.

Posted by Fernando Herboso - Broker for Maxus Realty Group, 301-246-0001 Serving Maryland, DC and Northern VA (Maxus Realty Group - Broker 301-246-0001) over 6 years ago

I did hear that last week and was truly appalled that Suze O. was giving that advice...what was she drinking to say that one...Markita you are right on here...I hope she clarifies this in future broadcasts because I do believe she got alot of people riled up!

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) over 6 years ago

Not good advise if you ask me... Thanks for sharing, it goes to show how much bad advise is given by the networks..

Posted by Diane Daley (Caron's Gateway Real Estate) over 6 years ago

She only has the least bit of listeners thanks to Oprah putting her on her show years ago. Same with Doctor Phil. I never trust anyone from a TV show without talking to a real advisor/realtor first.

Posted by Scott Seaton Jr. Bourbonnais Kankakee IL Home Inspector, The Home Inspector With a Heart! (SLS Home Inspections-Bradley Bourbonnais Kankakee Manteno) over 6 years ago

Ouch!...sounds also like it may have some fraud involved when trying to get a short sale...

sure... claim that you cannot afford the payments now because you have just bought and closed on a more expensive house.  Peachy.

A bank that has any brains will pull the tax records to see what else the person owns before they agree to a short sale or forgive any debt.

 

Bum advice for sure.

Eve in Orlando

Posted by Mike & Eve Alexander, Exclusively Representing ONLY Orlando Home Buyers (Buyers Broker of Florida ) over 6 years ago

The idea of short selling invites all sorts of commenting. I have dealt with many banks and remember clearly how it all got started. The banks did not know what to do and gave the worst possible advice..the sooner this stuff goes away the better for all in general..meanwhile.....?  thank you

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) over 6 years ago

Markita...

I love your on-air personality. Maybe you should get your own show and continue to tell it like it is!

Posted by Richard Weisser, Richard Weisser Retired Real Estate Professional (Richard Weisser Realty) over 6 years ago

WOW!  Advising someone to do a strategic default?!!  Not only is that morally wrong but she is advising that they purposely hurt their own credit score....UNBELIEVABLE!!!

Posted by Pete Dufresne, Realtor, IMSD-Internet Marketing Specialist, CDPE (Keller Williams Realty) over 6 years ago

Maybe she had a few drinks before she gave that advice......

Posted by Anthony Jones Jr., CDPE Woodbridge, Lake Ridge, Dumfries Homes For Sa (RE/MAX Executives ) over 6 years ago

Comment number 1 is correct. She should be off the air. This is a big irresponsible thing to say. Maybe she should get her pay check late so the network can buy more stuff.

Posted by Charlie Ragonesi, Homes - Big Canoe, Jasper, North Georgia Pros (AllMountainRealty.com) over 6 years ago

No way.  That's not right.  Your old condo is no longer your primary residence (if you've bought the new home) and lenders will look at it differently when you attempt a short sale.  I'm with you this is bad advise from Suze Orman and I'd tell her to her face.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 6 years ago

No one should ever tell a homeowner to pay their mortgage late, or to stop paying it. Yes, depending on what she put on her new mortgage loan app, she could be committing loan fraud. That is known as a stategic short sale. And suppose the seller has to agree to a prommissory note, or has a judgment filed against them as a condition of that short sale approval? I never liked Suzie Orman to begin with. Her advice in this matter is wrong.

Posted by Jeff Pearl, Full Service Full Time Realtor (RE/MAX Distinctive / LIC in VA) over 6 years ago

Wow I am blown away. I don't watch her anymore, for me she is too opinionated, and clearly not always giving the best advice as in this case.

Love your presentation on video, girl you are a natural!

Posted by Corinne Guest, Barrington Home Buyer Advocate (Barrington Realty Company) over 6 years ago
Suze O. Is a nutcase, I stopped watching her a long time ago.
Posted by David Popoff, Realtor®,SRS, Green ~ Fairfield County, Ct (DMK Real Estate ) over 6 years ago

Can't believe anyone would suggest this. Totally agree with the first post. Thanks for posting.

Posted by Diana Foster, Realtor- Helping you find the perfect home!! (Braselton Real Estate Group, Inc.) over 6 years ago

This so called expert.... ?????  What makes her an expert anyway??? self proclaimed I imagine...  I don't think so!

Posted by Janis Borgueta, LIC RE Salesperson (Key Properties of the Hudson Valley ) over 6 years ago

-Raymond you are correct sensationalism does sell but this was just irresponsible in my humble opinion!

 

 

Posted by Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA (Fairway Independent Mortgage) over 6 years ago

I rarely have time to watch the show and now I am glad I don't anymore based on the comments. 

Thanks for watching the video Charles

Posted by Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA (Fairway Independent Mortgage) over 6 years ago
Markita: Unfortunately, my iPad won't let me access your video. It will have to wait. I haven't seen Suz Orman so I can't comment on her advice.
Posted by Evelyn Kennedy, Alameda, Real Estate, Alameda, CA (Alain Pinel Realtors) over 6 years ago

Cindy...wow I bet you did. There are better ways to save then to asking a Realtor to cut their commission.

Fernando I don't it that on tape(wish I did)  but Ginny saw it too on last week's show...terrible advice given by the networks to the public

Surely it is mortgage fraud so don't get your advice from on air personality but a real person!

Posted by Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA (Fairway Independent Mortgage) over 6 years ago

Richie you are correct all "sorts" of commenting abou short sales 

Thanks Richard Weisser for the kind words

Pete this is correct lower credit score and possibly more issues from the bank

@ Anthony more than a few, lol

CJ I know you would!

Posted by Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA (Fairway Independent Mortgage) over 6 years ago

LOL - I'm still chuckling at the idea that Suze O. thinks anyone can 'force' the banks to do anything.  OK now I stopped chuckling because really, nothing about this is funny.

Posted by Joetta Fort, Independent Broker, Homes Denver to Boulder (The DiGiorgio Group) over 6 years ago

Jeff you are correct.

Corrine THANKS!

David I will be tuning out from here on out!

Janis - Oprah, one appearance on the show and bingo!

 

Posted by Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA (Fairway Independent Mortgage) over 6 years ago

Wow, this is just wrong! I want to go watch her show myself as well... Will try to find it on line.

I disagree with her as well.

Tatyana

Posted by Tatyana Makarov, Your Greater Hartford Area Realtor (Coldwell Banker Residential Brokerage) over 6 years ago

Tatayna it was last Saturday's show. And it was a caller from Chicago, with two kids that owned a condo and wanted to move up.

Posted by Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA (Fairway Independent Mortgage) over 6 years ago

well I already didn't like her.  You just added one more thing to my list as to why.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) over 6 years ago

Markita, I have never listened to Suzie Orman's advice because I don't think there's been anything she's said that I've agreed with. I agree with you that this borders on fraud. First, she's not an attorney and shouldn't be telling a homeowner to pay late, or to stop paying their mortgage payments altogether. There are no guarantees a lender will approve a short sale! You are right, that the move up buyers could rent their condo first. Great video! Thanks for your post today,

Posted by Pamela Seley, Residential Real Estate Agent serving SW RivCo CA (West Coast Realty Division) over 6 years ago

Suze Orman and others of her ilk are in SHOW BUSINESS.  They need to be sensational to stay in business and sell advertising time.  I've seen her a few times and some of her advice is right on, but other times it sounds good, but simply doesn't seem to work in the real world of family finances. 

To your point, anyone who recommends that a homeowner not make their payment in accordance with their mortgage contract is simply put wrong and providing advice that could not only cost the homeowner money in late fees but have a severe impact on their credit rating as well.

And to force the "Bank" to do anything, well good luck with that.

Primary residences are not investments, they are shelter for you and your family and should be purchased with safety and family needs in mind.  NOT AS AN INVESTMENT TOOL, want investments by stock, bonds, metals, etc.

If you can't afford it don't buy it.  Seems simple enough.

Posted by David A. Weaver, 24 years helping folks finance their dreams. (Peoples Bank & Trust Co.) over 6 years ago

Markita, I've been saying for years that she's a lunatic. The only thing she seems to be good at is making a name for herself.

Posted by Eric Michael, Metro Detroit Real Estate Professional 734.564.1519 (Remerica Integrity, Realtors®, Northville, MI) over 6 years ago

So someone going LIVE On tv to advice a strategic default. Stupid woman.

Posted by Erica Ramus, MRE, Schuylkill County PA Real Estate (Erica Ramus - Ramus Realty Group - Pottsville, PA ) over 6 years ago

Hi Markita,

Congrats on the feature!

I love your energy with your videos.

Keep with the good work!

Posted by What Not To Renovate - Milan B., We provide tips & trends on home renos & designs over 6 years ago

If someone knows the secret to forcing the banks to do what you want, please let me know! I have a couple REO's that need lowered in price.

Posted by Dale Samples, REALTOR -Homes for Sale Charleston, West Virgini (304.741.4705 • www.dalesamples.com ) over 6 years ago

Thank you for your  post pay your mortgage late hmmmm forced to give you a short sale hmmmm The bank is not forced to do anything at all....  interesting thought here force the bank to give you a short sale. How many that are responding to this post think you can force the bank to do anything???? My vote is NOPE NOT HAPPENING  and your vote is what??? Have a blessed day talk to you soon

Posted by Laura Filip, What can we do for you today? (Laura Filip Broker , Opening doors for All Seasons of Life ) over 6 years ago

Hi Markita,

What a great post, thanks for sharing this, wasn't aware that this type of mis-information is going out to consumers. 

As real estate professionals and licensees, we have an obligation to help educate, inform and empower consumers in a manner that serves and protects their interests. We hold a public trust that must be protected, so thank you for sharing the correct information from a lending standpoint.

Keep up the great work, love your videos, off the chain!

Posted by Sonya Mays, MBA, Broker/Owner, Greater Milwaukee (Midwest Executive Realty) over 6 years ago

Dale-good luck with getting your price reductions on those REOs. Since banks are usually focused on the numbers and statistical/quantitative data, they tend to look for updated BPOs, monthly inspection reports and showing feedback as supporting documents to consider for price reductions.  Sometimes if you've had a low offer on the table, it might also help the decision makers when rolling out a new marketing plan and pricing strategy.

In addition, be sure to point out if the property is being maintained, grass cut, interior cleaned out, or if any additional damage/vandalism has occurred that would directly impact the value. You can't force them to lower the price, but present as much supporting materials and objective data as possible to help them make an informed, favorable decision. Best of luck!  

Posted by Sonya Mays, MBA, Broker/Owner, Greater Milwaukee (Midwest Executive Realty) over 6 years ago

Suze Orman makes her money talking about your money, where is the success in that except being the biggest snake oil salesman out there. I have never agreed with her or her financial ideas.

Posted by Matthew O'Hare over 6 years ago

I've seen many other "financial advisors" offer the same advice.  Right or wrong, it seems to be the way the game is played these days.

Posted by Charlie Dresen, Steamboat Springs, CO e-Pro (Steamboat Sotheby's International Realty) over 6 years ago
Question #1. Is it more likely to get a short sale approval if you stop paying or if you are totally current? Question #2. Will you be able to get a mortgage on your move up home after a short sale on your condo? If not, wouldn't you want to get your move up home before trying to short sale your condo? Doris#1. You are putting your personal moral judgment into what you think is a legitimate reason for a short sale. The bank will decide based what's in their best interest, not on what some people think is what's right and what's wrong in a moral sense.
Posted by Tim Maitski, Truth, Excellence and a Good Deal (Atlanta Communities Real Estate Brokerage) over 6 years ago

I have heard her say things before that were outrageous.  But she is on TV!  She must know what she is doing!

Yeah, right...

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) over 6 years ago

WHAT?!? 

She's an idiot.  I applaud you for calling her out.  You don't tell people to pay their mortgage late and that "forces" the banks to take the short sale.  NO IT DOESN'T.  OMIGOSH I hope no one listens to her.

I had a buyer call me about representation and she started telling me that Suze Orman was her best friend -- not literally.  But, she listens to Suze Orman's every moronic word when it comes to real estate buying . . . is what the caller told me.  I said, "Well, if you want me to represent you then you have to listen to me and not Suze Orman.  Suze Orman has NEVER sold a home in Portland Metro before, she has NEVER represented a buyer in a real estate transaction in the Portland Metro area, she has NEVER read our contracts, she doens't know our inventory and she's not licensed in our State . . . I told the caller, I am, I have, I do . . . I closed the deal with this buyer in April, Suze Orman did not!  :-)

Posted by Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive) over 6 years ago

Suze is your typical TV talking head. She gets my blood pressure up and this advice is wrong on so many fronts. Thanks for calling her out Markita. The lady is just plain irresponsible.

Posted by Greg Miller, Florida Home Loans - Conventional,FHA,USDA,VA (Ruoff Home Mortgage ) over 6 years ago

I think Suze has a lot of good advice, but she seems off base on this one!  I hope you write her a letter and try to set her straight.  I would hate for someone to follow this advice.

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) over 6 years ago
Just had an agent in the Atlanta area tell my clients relocating to Houston(where I am), the same thing. They asked what I thought and I said what most of you said...intentionally doing something like that sounds like mortgage fraud to me and you might want to start looking for a different Realtor! The Agent wouldn't even discuss with them the option to lease their home out and said it would be a waste of time. They have never missed or been late on a payment, ever, something they are very proud of. Interesting that some agents(not AR agents i am sure) are giving advise like this, no regard for there future or credit, or the fact that it is just wrong! I am not farmiliar with the market there in atlanta but i cant imagine not even exploring their options! I told them to get a 2nd or 3rd opinion. If anyone in the Atlanta area sees this private message me. Maybe there is a referral here....
Posted by Tiffany Sniezek, Tiffany Sniezek 713-594-9639 RE/MAX Woodlands TX (RE/MAX The Woodlands & Spring, TX 713-594-9639 direct,) over 6 years ago

It just proves that not everyone knows everything!  Just because someone is on television and writes books does not mean they are correct about everything 100% of the time!

Posted by Sidney Kutchuk - Realty Works Temecula Kutchuk - Realty Works Temecula, Realty Works Temecula (Realty Works Temecula) over 6 years ago
Many financial planners I know say that Ms. Orman is benefiting from a good publicist rather than solid information.
Posted by Michelle Carr-Crowe Just Call 408-252-8900 Top 1%!, Family Helping Families Buy & Sell Homes 40+ Years (Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty) over 6 years ago

Hi Markita,

Good for you! What kind of advice is she giving out? If a licensed professional was giving out this type of advice I am sure they would be brought up before a review board on ethics violatoins. I guess in the world of TV all rules are suspended...

-Brent

p.s. Loved the video post

Posted by Brent & Deb Wells, Prosper TX (LivingWell Properties) over 6 years ago

Oops...I have egg on my face!!!  I thought she was a comic and that her show was a satirical salute to what not to do!!

I never realized that any person with at least a kindergarten education would believe any drivel that drooled down her lip.

My bad!!

Posted by Mike McCann - Nebraska Farm Land Broker, Farm Land For Sale 308-627-3700 or 800-241-3940 (Mike McCann - Broker, Farmland Broker-Auctioneer Serving Rural Nebraska) over 6 years ago

I agree with you.  I turned her off quite a few years ago.  Just because Oprah endorced her doesn't mean she has the answers.  Oprah has made stars out of Dr. Oz, Dr. Phil but in the case of Suze Orman she's wrong.  Everyone makes mistakes, even Oprah.

Posted by Chris and Dick Dovorany, Broker/Associate at Premiere Plus Realty ( Homes for Sale in Naples, Bonita Springs and Estero, Florida) over 6 years ago

Markita, I agree with Richard #13 - you should have your own show! Your personality comes through on this video (way better than Suze's, might I add) and lets potential clients know who you really are. Well done, especially because I've never been a fan of hers either. Congrats on the feature!

Posted by Mary Elizabeth Allen over 6 years ago

Very interesting comments, and the reaction that you received from the AR community, Suze has helped a lot of families her website has the testimonials.To judge if Suze incorrectly adviced this phone in person I would have to listen to the interview.

Posted by Lorraine or Loretta Kratz, Certified Negotiation Consultants (Crescent Moon Realty, Inc. & Land N Sea Auctions.) over 6 years ago

Suze is pretty outrageous in my opinion, and thaks for calling her out.  Too bad she probably will not see your post and the comments.  Unbelievable to tell someone that and I hae spoken with people who were going to do that against my best advice.  Don't Do It!

Posted by Mary Stewart, Wilsonville and Surrounding Portland Metro Areas (HomeTrust Real Estate, LLC, Homes for Everyone) over 6 years ago

Suze is in need of some serious help....and not just financial...in our opinion.

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) about 5 years ago

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