Special offer

So Unfortunate...So Common

By
Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

This over 4,000 sf living and 6,000 sf total direct Intracoastal house built in 2002 is scheduled for foreclosure today at the Volusia County courthouse. We notice it from the publication, which is required by law.

Checked MLS, the house has never been on the market. Judgment amount is $1,014,000. Riverfrornt Estate - Jon ZolsyWonderful area of very expensive estate homes on large half-acre lots. The home has a pool and a deck for the boat.

I called a few investors and they showed some degree of interest. I called the owners and spoke to a lady. I asked her why it has never been on the market. She said they were doing loan modification, and they till the last minute naively believed that they could really get it. And when they were told “no” it was too late.

I am trying to explain to the lady, that we can try to go to the Lenders attorneys and postpone the foreclosure sale, if we have a valid contract on our hands. I am telling them that I have a buyer… but the lady keeps repeating that it is too late, and that I need to talk to her husband, who is not there. And that they are not in Daytona and not even in Florida…

I called later, but they did not answer. Left a message explaining that this is a chance for them to avoid foreclosure… they already are OK with the loss… no answer.

So unfortunate…so common. You are trying to give them a hand, and they prefer to drown.

Go figure

Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Leslie - strategic default to walk away from a $2 Mil home? I do not think tis was the case. But we never know

Jul 27, 2010 05:46 PM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

I'm with Leslie * they were fooled once with attempt at loan modification and don't want to be fooled again.  You did the best you could and made the call and they are making a bad decision worse.

Jul 27, 2010 08:35 PM
Tony & Darcy Cannon
Aubrey and Associates Realty - Layton, UT
The C Team

Jon, that is too bad that they didn't have a back up plan in place.  We just put a home under contract that was scheduled to by auctioned next week.  Most banks will work with a good offer, you just need to have a backup plan in case things don't work out with the loan modification.  That is a great looking estate!

Jul 27, 2010 11:09 PM
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS
So many people don't do anything until it's too late, and by then, they are mentally done. It's tragic.
Jul 27, 2010 11:41 PM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

What a shame, I agree some folks do go straight to the banks to try and modify but it rarely works. It is better to call an agent experienced in short sales and go that route. Such a shame, most don't kow.

I am sure they have grieved  the entire process and are not just ready to move on.

 

Jul 28, 2010 12:21 AM
Judy Chapman
Referral Network of Illinois LLC - Chicago, IL

I am always telling homeowners who have just received foreclosure papers that they have a year or more to sell their homes as Short Sales, but they're like those proverbial monkeys ... hear no evil, see no evil, speak no evil. You did the best you could. Can't help people who don't want to be helped.

Jul 28, 2010 12:23 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Jon, there are so many people in denial that it's just amazing.  And as for loan modifications, only a small percentage will ever get it and hold on to their homes for a long period of time.

Jul 28, 2010 01:47 AM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Wallace - they are adamant about "nothing can be done now" and they simply do not hear me or believe that something could still be done

Jul 28, 2010 02:23 AM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Tony & Darcy - I so far have seen only one case of successful loan modification, and a lot of cases that ended in foreclosure, when they refused a short sale

Jul 28, 2010 02:27 AM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Carol - "mentaly done" very exact description. What could htey lose if they would rush and work with me and we wold have tried to stop the foreclosure? If it did not work, well, it forecloses. If it works, they at least get some time on their hands... and they do not even answer

Jul 28, 2010 02:37 AM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Missy - they should have been naive to rely so heavily o loan modification

Jul 28, 2010 02:38 AM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Judy - and they will tell everybody that they couldn't do  anything. It just did not register with them, they did not hear me, kept saying "too late"

Jul 28, 2010 02:41 AM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Gabe - this is true. And it is sad

Jul 28, 2010 02:43 AM
Mike Saunders
Retired - Athens, GA

Jon - I see so many who, having tried one thing that fails, refuse to consider other options. They just don't want to risk being let down again and have shut themselves off. Whether short sale, foreclosure or "organic" transaction. we need to do what we can to keep options open. But sometimes, no matter how well we present it, they have shut themselves down to other options.

Jul 28, 2010 02:51 AM
Jon Budish
Resident Realty - Fort Collins, CO

When I talk to homeowners that need to short sell their home, I try to give them a pep talk. I attempt to help them see the short sale as the glass half full option, and a way to begin rebuilding their future, instead of simply another low point in their lives.

Jul 28, 2010 03:19 AM
Anonymous
Consumer
I agree that this is unfortunate. But, please see this from the homedebtor’s position. She did not ask for your help. She would lose her property even with your help. She apparently lives somewhere else, so it’s not her home. She has just been through months of BS from the lender asking for documents multiple times and delaying and promising something that did not happen. The reality of the lifestyle loss and financial loss may make her want to hide from anyone who knows about it. She is probably angry with her lender. Switching from foreclosure to short sale might save a 50 point hit to an already trashed FICO score. Big deal. She told you her decision; leave her alone.
Jul 28, 2010 07:57 AM
#17
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Dear Customer,

I guess there is a lot of that behind. However, I would understand if she did not mind a foreclosure, and wouldn't opt for a short sale. I was under the impression that she pictured it as a done deal where nothing could help, and did not hear me. I am not going to argue about the score, but short sale would not scar her credit report as much as foreclosure. She would have to deal with late payments affecting their score, but short sale is not an adversarial record for Credit Bereaus. In this case what is even more sad is that the judgement amount is less than what the today's value of the proeprty is. It is most probably could sell for $1.2 Mil in thhis market, and their mortgage balance was $900K, so there was room to work with...

Jul 28, 2010 08:27 AM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Mike - I guess there is more psychological rather than business, and it is understandable.

Jul 28, 2010 08:28 AM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Jon - and that's right. We tend to see today, and not tomorrow. What makes no difference today will make a difference tomorrow

Jul 28, 2010 08:30 AM
I Pike
Ormond Beach, FL

Jon, this is sad when people shut the door and do not want to hear. They are tired, and got used to the idea of foreclosure.

Jul 30, 2010 07:59 AM