This past week I have had some rather interesting conversations with homeowners who just a few short months ago were fighting with their banks tooth and nail over re-financing and/or re-structuring their mortgages. Fighting to save their homes.
They're banks are finally making offers. Hopefully it is not too late.
One homeowner after the lack of being able to get anywhere with the bank and refusing to do a short sale contacted an attorney. The attorney filed a lawsuit against the bank. Seems after reviewing all the paperwork, letters etc. the bank had sent to this homeowner the attorney surmised the bank was in default. They had not offered to negotiate nor offered to do a loan re modification. Now the Federal Government has gotten wind of the lawsuit and has red flagged the bank. The bank is all of a sudden calling the homeowner and offering sweet deals. Deals that they refused to offer before.
The other homeowner after months of the bank refusing to negotiate with her moved out of her home believing her only choice was to go into foreclosure. 4 months have passed since that day when she uprooted her family. A few days ago the bank contacted her. They want to 'save her' from foreclosure. They will forgive her 2nd and reduce her first. She is a Federal employee. She could lose her job if she were to default on a federally backed loan product. No big deal when the bank refused to negotiate but a big deal now.
You would think these homeowners would be thrilled that their banks are finally willing to negotiate. They are not. They are angry. Angry that they had to go through hell first. Angry about all those months of feeling helpless, of feeling they were going to lose or did lose something they were trying so hard to save.
Yes these banks are finally making offers but sadly these homeowners are no longer happy in their homes. These banks who took so long to communicate with these homeowners have now made a home that once was 'home sweet home' a very sad home. These homeowners will never have the same warm and fuzzies about this home that they once had. The joy of owning this home is no longer there.
I know banks were inundated with requests for loan modifications, short sales and foreclosures. I know that many borrowers just walked away without even trying to save their homes. I know. But for those who did try so desperately to save their home, the bank, in its slowness to be human has turned these homes into nothing more than 4 walls and a roof.
Hopefully with time these homeowners, and many more like them, can forgive and forget and begin the journey of making 'home sweet home' memories.
After all the bank is finally making an offer. Hopefully it is not too late.
Hopefully.
About the Author-Martha Brown is a Certified Residential Specialist (CRS) whose passion is homes in the Annapolis MD area and surrounding communities. Her goal is to help her clients understand the real estate market and to then be able to make sound real estate decisions. Martha is a 3rd generation Annapolitan who writes about her experiences in and out of the real estate market. Her passion has carried over to her granddaughter, Nichole, who is her partner in business. Between the two of them they offer a wide and full range of real estate services that cover 4 counties bordering Annapolis MD. Martha has been in the real estate business for 17 years of which all have been associated with Long & Foster Real Estate, Inc., the largest independently owned real estate company in the Mid Atlantic.
Martha can be reached at 800-735-5122 X5011 or Martha@TheRealEstate-Lady.com
To search for homes for sale in the Annapolis Md area or to see Martha's listings visit:
www.TheRealEstate-Lady.com
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Martha, it's all a huge case of too little, too late.