HOPE for a homeowner....

I like to share the stories of clients of mine who are finding help during their time of need.  So many of us are hearing stories of sadness, families losing their home and a lack of help.  Here is a story that needs to be shared if for no other reason than to give hope to others in a difficult time.  I truly saw this situation as bleak and, before I spoke with my client, thought they were destined for foreclosure and that the forbearance was just the last step before the bank takes the house back.

I will call my clients Bob and Sharon.  Bob was successfully self employed for decades in a construction type job.  He was the family's sole income earner.  He had some serious health problems several years ago and could no longer work.  They have had medical expenses and a lack of income to deal with for many years.  Sharon was forced to go back to work as Bob can no longer provide any means of financial support.  First they had family to help make their house payments.  They tried for a loan modification and it dragged on forever, to the point where their family could no longer help them and they could not make their payments.  Highly distressed and at their wit's end, they went to their local congressman's office and asked for help.  His staffers gave them a contact at their bank.  They found a CARING and HELPFUL direct contact who now has them in a partial payment situation for 6 months that they are calling a forbearance.  But it sounds more like a temporary or pre-loan modification type plan where the bank can see if they can make the partial payments.  They plan to write to the CEO of their bank and look for a permananent solution.   Their advocate with the bank gives them hope on a regular basis that this is at least possible if they can just get their income up a little bit.  They are focused on that and there is HOPE.

I have heard success stories of letters written to the CEO or board of directors at the banks as well, after literally YEARS of waiting and multiple modification declines.

While many of these situations end in disaster, it is always a feeling of renewed faith for me and something happy to share with clients who are being dragged around and feel like their pain will never end.

Know that there are solutions.  They are not always fast and they can take some dedication but it is worth the effort if you are willing to do what it takes to stay in your home.  Get a second job.  Sell some stuff.  Write a letter to higher ups at the bank. Visit your local congressman's office.  KEEP calling and asking for help.  IF you can afford to make a payment on your home, there may be help available.  Talk with a good Realtor who discusses options and results with you, supports whatever decision you make but who also explains your situation in firm language.  There may come a time where you have to detach and move on.  Look for all of the possible answers and some dedicated guidance in a professional and GOOD LUCK!  There IS hope!