Where do I start…there is no eloquent entree into losing your home…
I say “losing” your home, but actually in today’s economy that might not be an accurate statement… you may have realized that “keeping” your home is what is standing in your way of financial and emotional recovery for you and your family.
Kris and I have lived through that horrifying reality. Realizing that the odds are stacked against you and there is no way to continue on without making great changes in life…and a significant one like having your home not be “your home” any longer is huge.
As our housing market continues a downward trend we take note that unemployment continues to rise. The mix of these two elements have done serious damage to consumer confidence.
My husband and I work closely with families everyday that desire to sell their home.
I’m reaching out to anyone that is stuck…yes, stuck. Over the past several months we have been introduced to a new “seller”.
Some families have been in their home for over a year without making mortgage payments… imagine that…and the bank doesn’t seem to care. You know, realizing your going to have to move sometime.
Well, let us help you work through that “stuck” spot.
I won’t mention any names here, but just last week we met with a wonderful couple that had not made a payment for 19 months. They were attempting a loan modification, it was denied, they moved onto getting an attorney to challenge the actual loan. That cost them $4000, no luck on finding anything was done incorrectly with the loan.
The call we received from “Mr. Smith” was frantic…his wife returned home from taking their children to school only to find a Trustee sale date posted on the front door!
Now, please don’t be offended as you read on…but…19 months of NO payments and you are shocked that there is a Trustee Sale Date?
I can only imagine the mental drain living in a “borrowed” home on “borrowed” time. Kris and I were able to get the property listed for Short Sale and the Trustee Date postponed. But with such a late start on entering the market, with a pending sale date, the lender may foreclose.
That is now a huge concern to “Mr. and Mrs Smith” because they have a hefty second lien on the home. If the home is foreclosed, that lien holder can pursue a judgement against them…and that lien never goes away!
All an unfortunate scenario, especially with the timing of the new law that passed July 15th. Senate Bill 458 that stops a second lien holder from pursuing any judgement when the home is sold at Short Sale.
So, if your “Stuck” and just don’t know what to do or when to do it…please call a real estate agent that specializes in short sales.
Don’t get “Stuck” with a foreclosure, it may not seem like it right now, but things will get better for you financially and you will be able to purchase again…when you’re ready.