The Cookeville Foreclosure that Wasn't!
In addition to traditional real estate, I also work the foreclosure side of the business. It's not work that I particularly love, but somebody has to do it. It can be scary, frustrating, expensive, and sometimes....shocking.
Last week a new bank signed me on and gave me my first listing assignment. Thankfully I was sitting down in front of my computer when I opened the e-mail. The address was very familiar to me, because it was a house I'd just sold to a friend a few months earlier. I was absolutely stunned.
How could this be? If he was having trouble making the payments, surely he would have called me to list the house. I felt absolutely sick at my stomach when I picked up the phone to call.
Well, it turns out that my friend pays his mortgage automatically every month electronically. It came as big news to him that his house had been assigned to me as a foreclosure.
I soon had him on one line, and the mortgage originator standing in my office on another line to her corporate office. All payments were current.
My next phone call was to the asset manager at the foreclosure management company.
"Oh sure", he says, "We just bought a big bundle of loans from another company and there's been a mistake. It's no big deal, don't worry about it". (Apparently I wasn't the first phone call like this.)
NO BIG DEAL? I JUST HAD TO CALL SOMEONE I REALLY LIKE AND TELL HIM HIS HOUSE HAS BEEN ASSIGNED TO ME IN FORECLOSURE!!!
WOW. JUST WOW.
Can you even imagine the negative chain of events that could have transpired from here?
Comments(9)