The Credit Counselor told me to choose foreclosure said the Would be Seller

Reblogger Gabe Sanders
Real Estate Agent with Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales 3090099

When it comes to getting advice on some of the most important life and financial decisions that one can make, be very careful about who you choose and what they are telling you as it may just be poor advice:

Original content by Sally K. & David L. Hanson 57026-90 Broker

Oh golly gee whiz....we consulted with a....oh surprise...divorcing couple about selling their property.  It was under water through no fault of their own...a nice property but just not commanding the mortgage balance upside down houseowed.  Both had excellent jobs and retirement accounts that dividing the deficiency would have paid off the mortgage and each would be free to go on their way and begin a new life as a single person.  They did not qualify for a short sale....and thus our advice at the request of their attorneys.

    Seek the highest and best...which one member of the couple determined was a credit counselor....sounds logical....and adviccredit counselinge you probably pay for always seems like the best thing to do.

    The "Counselor" told the homeowner by all means...choose foreclosure....Pardon me ?  What kind of advice is that ?  Welll.....credit score was not great so what if it got worse....no down payment now..therefore no immediate threat of not being able to buy another home.

   We knew the credit score and finances....within a year with some effort she could get on top of both situations...begin to re-build her life...and the one really HUGE to our minds...detail that the credit counselor "forgot"...there is no guaranty that the lender....since either could afford the payment...will not pursue the deficiency. The deficiency can include the difference between what the ultimately foreclosed property nets the lender and what was house on moneyowed ...Holy Moley....that is a chunk of change...and a foreclosure that will take a while to recover from as well !

    Credit counselors don't need "credentials" ...licenses...just the ability to charge for their finforeclosureancial advice....Yicks !

    Choose foreclosure...what a choice !  Wait until....you go to get a loan...you wish you could buy but cannot...interest rates for anything increase....call the "Credit Counselor" and ask the best way to cope with all this additional debt.   So now.....besides ruining credit and adding foreclosure....keep looking over your shoulder to see if the lender is pursuing the deficiency...Golllly !

     You can't save everyone from their choices of "highest and best"....all you can do ....and we feel MUST do is give them ALL the information they need to make the best possible decison.  IF these are the kind of Realtors you feel you want to represent you...Call the Hansons...we are honored to be of service.

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
4,558,297
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

This is a good selection for a reblog. There will never be a shortage of bad advice.

Nov 27, 2016 04:19 AM #1
Rainmaker
3,958,949
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for reblogging the post. I missed reading the original one.

Nov 27, 2016 04:41 AM #2
Rainmaker
2,733,734
Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce - Short Sale

Tank you Gabe Sanders if just one homeowner is saved from a devasting decison, this blog will have done its job !

Nov 27, 2016 05:00 AM #3
Rainmaker
3,554,274
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

What an idiot.  That advice hurt a lot of people during the last fiasco and in fact many people let their hoes go back to the bank and made the glut of foreclosures worse and values drop more than they needed to.

Many of them also paid dearly in higher costs because of the bad advice!!!

Nov 27, 2016 04:08 PM #4
Ambassador
3,632,821
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

This is hard to fathom. That will ding their credit for years to come. 

Nov 27, 2016 07:04 PM #5
Rainmaker
4,204,312
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thank you for stopping by and taking the time to read my re-blog.

Dec 08, 2016 08:37 AM #6
Rainmaker
4,204,312
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks. Your comments are always appreciated!

Dec 08, 2016 08:38 AM #7
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Rainmaker
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Gabe Sanders

Stuart Florida Real Estate
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