How do you help?

By
Real Estate Agent with Century 21 At The Shore Realty

I got a call yesterday from a woman who is completley disdraught over her situation, understandably so! She is a veteran of one of the recent world conflicts and is suffering from PTSD. Add to that a recent decision by her spouse to hit the road, she is left with a house, bills, 2 kids, and cannot work.

She called because her house is in foreclosure. She and her children are about to be turned out onto the streets! She is working with a lawyer in town who charges for every conversation he has with her. (I know that's his job, he is entitled to his compensation... That's another blog for another day!)

She called because someone suggested that she may find a private investor who would purchase her home from the bank, rent it back to her, and when she's able, sell it back to her at a reasonable profit. She has to have this all resolved by the end of the week!

It's very difficult to be in a situation where you would love to offer help, but there's just none available. Let's face it, her credit is not stellar, if it were she more than likely would not be in this situation.

So why am I blogging this? Just wondering what, if any advice other rainers may have to share with me, to offer the lady on the phone!


From Good Morning America: April 25, 2007

Share A new look at foreclosure pictures from the foreclosure listing service Realtytrac does not paint a pretty picture: 437,000 homes landed in foreclosure in the first quarter of this year.

There were 120,000 more foreclosures in the first three months of this year than there were during the same time period last year.

Comments (4)

Ronald Gillis
Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL
CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

Wow, no advise, but good luck, I hope it works out in the end!

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Sep 11, 2007 02:09 AM
Toni Hogan
ToniHogan.com - Houston, TX

Bruce, I can't offer any suggestions on what to do with her housing situation. But, for the PTSD she can get a free CD from my church, http://www.spiritualcombat.org/.

Sep 11, 2007 02:10 AM
Anonymous
Fred Miller

Hi Bruce, How much equity does she have in the home?  I work with an investment group that does exactlty what you have proposed.  Perhaps I can help direct you to someone who can assist.

 

 

Sep 11, 2007 02:29 AM
#3
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC
Interesting that you posted this on "911"  We see your heart in this.... so many have come to this end.  One way i'd do it if she were in Illinois is to find someone to rent out her home WITH her.... Can't you do the same thing there?  She'd have the income coming in to pay her mortgage.  Is she old enough for reverse mortgage??
Sep 20, 2007 02:30 AM