HELP! I'm Facing Foreclosure!

I really enjoy Jaclyn's post.  After exchange viewpoints with her, she inspired me so much brain storming that gives a birth this article "Talker with lips, Doer with LPs."  Before I put it into a real one from a draft, I would like to share your guys the exchanges.  I will appreciate any feedback to perfect my thoughts.

In my college and graduate shcool, my professors advised me: "ET, you are too sharp.  That will hurt not only others but yourself.  Don't be so shinny and hide yourself a little bit to protect yourself."   If I am too sharp as a knife to hurt anyone's feeling, please accept my apology.  I am just here farting my brain with no intention to harm anything. 

1.

Great posting!

How come you know the pride is the most damaging factor a pre-foreclosure home owner should avoid?  Have you been in that situation as I did in 1989? 

When you are talking about experience, it seems a "catch 22" is here.  Suppose a home owner takes your advice, how a junior young agent can survive?

Well, your post is good, but there are something missing.  Could you tell us more about it on your experience on a real dynamic interaction, except contacting the lender and follow their rules?  I believe you can do better if you are willing to share your learning from a "software" real estate.

2.

Thans Ed!

I know pride is the biggest factors causing them to prolong seeking help, often times too late to rectify their pre-foreclosure situation directly from prospective clients. Just as I survey each prospective client on how they obtain information on my services as a real estate professional, I survey them on this as well. Simply, by asking them the question "WHY."

To answer your question regarding actual foreclosure, I have not ever been in the situation. However, I've seen what it can do to people and it's not pleasurable. I've had colleagues who've experienced a foreclosure, but never reached out to anyone to get help. Sure, they knew they could work on the situation themselves to help resolve the foreclosure, but they just couldn't overcome the pain they were feeling to do so.

In regards to your other question on a "young agent," I represent the young agent, according to the NAR data of Realtors in the country. :) Do a search on "Short Sales" here in AR to obtain additional info regarding how to begin within the field of short sales.

3.

Thank you, Jaclyn:

It sounds like there are not so much experience your peers have.  I went through a foreclosure when I was trying to obtain my Cali RE licence in 1989-90. 

At that time period, nobody including my broker could give me any help.  Because they don't have a practical personal experience.  All they know is from books.  Don't blame them since they really don't know nothing about REO practice even they can show the words "REO specialist" on their business cards.

Now, I have been watching and working on so many foreclosures.  I have my keen eyes to see those relief plans consumer organizations have established.  Yes, they are B.B smokes.  They are trying to artificially change the cause of market forces by political powers.  Sorry, I have to say: all they know is from books, too.  Don't blame them since Cali Governor and Treasury Secretary are so funny to present such a "freeze" loan program. 

All of programs are focusing on one side of a coin.  Passively asking a help or cooperation from the lenders.  Gee! how about the other side?   Sorry, they are all good sharp boys from Ivy MBA schools, not street-wise sharks.

For an example, one of my neighbors had his home foreclosed on Nov. 6, 2007.   It is too late for me to work on when I knew it.  There is only 3 days left for me actively and positively "attack" from the other side.  [in fact, there is one business day since it is a weekend.]  They owe a bank $82K that is the minimun bid amount on auction block.  The real market value is lower than $60K. 

If they let me know earlier and give me at least 2 weeks to work on.  It is very possible for them to stay at their home now.  They may be able to owe a new loan of less than $40k and pay 50% less of monthly payments.  It is a very possible practical goal for me to reach.  

BTW, you guys may ask what's in it for me since you know I am very selfish and good at return calculations?   Ooh! you are smart to ask!  Let me tell you, it won't make me feel guilty to my pre-set investment goal: 200% return in a year.

How can I do it?  That' what I mean the other side of a coin: know the "sofeware" real estate well enough to set your own rules to play with a lender shark, not to follow theirs. 

If I go out to help the general public with less funds those organizations have, believe me I won't talk about those public or private useless plans that are at the mercy of those greedy lenders.  I won't do lip service to give advice and comfort only.
 

Trust me I will use my expertise and the rational market forces to only provide real good, solid and practical stuffs to the weak publics.