Just like marriage vows, mortgage holders need help along the way with arbitration, negotiation, remediation, modification and sometimes divorce or closure...sometimes the mortgage holder will also 'stick it out' to the final end to no avail. Tell me are mortgages like marriage vows?
So frustrating to me to try to help someone along in this process and not have the homeowners heed any advice as the bank gives them the 30 day notice to vacate the property. I can look back over time when I offered a home for sale at a fair price and 3 weeks later someone talks to the homeowner and said it was way under priced. I get a call to raise the price by $60,000 from the seller - argument ensued & the price went up. It sat for 6 months with no showings. Hmm, the homeowner could not admit he was wrong. One offer prior to this price increase which would have been an acceptable offer but the owners refuse it.
Now we are down this twisted and dangerous marriage/mortgage road of difficult times and unresolved monetary issues...i stay the course because I knew I could get the homeowners out if they would just allow me to. Also, I had a personal connection with one of the homeowners and felt an obligation. However, just like a divorce when one party does not want it and hangs on...this is the path they chose to take.
No counseling whether legal or financial to understand the economic strains this brought upon their lives were they open to. So the local bank tells them if they get a co-signer on the mortgage or get 'room mates' and can make up the past payments and stay current the homeowners will not be foreclosed on. Isn't this just a bad mortgage vow heading down to divorce? The bank sees it coming but is enabling and prolonging the inevitable. So just like marriage vows some mortgages just don't make the long term payoff...tell me are mortgages like marriage vows?
If you live in Rhode Island and have questions about the short sale process, please give me a call.