We got a call from a seller who had not made a mortgage payment in 2 years...not a typo...years not months...I thought she may been mistaken but after talking with her attorney...that indeed was the case.The foreclosure bus was about to pull up to her home momentarily and the home was to go to a Sheriff's sale. The seller said she was unaware of Short Sales and didn't realize there was any alternative to foreclosure. Now...most likely there is not.
As soon as you find yourself in a position of not being able to pay your mortgage....CALL US wherever you are in the country and we will find you a knowledgable expert. We have referred people from California to New York as well as other parts of the midwest.
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Fear can be a paralyzing factor...regardless of your circumstances, we will help you make decisions from a position of strength...for your credit, your future, your life.
The key is as you point out communicate and be pro active. If you do so you may avoid the whole mess. But going 2 years wasn't bad either. Shows you how backed up these folks are
Isn't it amazing that some people have not heard of short sales. I am always surprised when I get a call that is late in the process. I have one listed now that is over full price but went to sheriffs sale in July. Yikes...working hard to get er done.
Education is the key here Missy..righ your are...2 years...never heard of that Charlie..and that the Sheriff has not galloped up to the door by now is amazing in this part of the world.
Education is the key here Missy..right your are...2 years...never heard of that Charlie..and that the Sheriff has not galloped up to the door by now is amazing in this part of the world.
Sally & David - Some of these banks don't even send foreclosure notices or late notices for two years! I've had examples....
It certainly does pay to at least know all the facts and options available
your friend in Charlottesville Virginia!
Gee Wendy...that's a first for us to have a lender ignore the seller for that long...and you are right Charles...options are important and the longer you wait, the fewer you have !
Sally and David: My very first question (my being a loan officer) is where in the heck was their personal loan officer while all this was happening????
I try very hard to maintain contact with my past customers through a variety of communications. Often these communications simply offer timely financial information. I feel it's my responsibility to provide them that information and to educate them to the best of my ability. If this customer you speak of was that unaware ... surely their L.O. was not providing anything of this nature for their benefit. Obviously, some of the responsibility is the customer's as well. As much as short sales, foreclosures, and financial topics are reported on in every facet of the media ... well ... this home owner must have had their head stuck in the sand! Still, as a business person ... I don't understand the abandonment of a customer in this way. Besides just being poor business practice, it's just not right.
Gene
Loan officers have played no part in any short sale we have ever been involved in...not there any more..out of business...
Yes, two years is a long time! Have many that have been in their homes over a year. You are so right, don't wait for the knock on the door! Get help now while there is time to work this out. Great post.
Thank you my sunny friends from the south...this is the longest we have seen...denial is not a tool to save you from foreclosure...blog on !
Sally and David: I didn't mean to imply that the loan officer would somehow still be a part of the short sale itself, but just meant that somewhere along that two year stretch of non-payments (mentioned in this particular case) that you would have thought their loan officer would have most likely still been available (and in business) ... and chimed in in some manner to assist or service their client's needs ... even if that was just advising them or educating them through a communication of some type. I know the drop-out rate has been high for those within my industry, but every single (prior) lender involved in all your short sales is gone? That's depressing and scarey.
If that is truly the case. it's hard to refute that there is a direct correlation between the abilities and expertise of the loan officer and the subsequent abilities of the buyer to remain in their home. Have a bad or un-educated L.O. ... and you're dead in the water. The importance of those statistics are amazing and provide all the more reason for a buyer to do their homework and make the right choice regarding a lender from the start.
Best of luck to you both ...
Gene
Too many people think that next week or next month will be better and that they'll be able to catch up. Rarely does it work that way.
Got that right Russel...in our experience, rarely is never...wishful thinking never turned upside down, right side up.
It is very sad that we cannot get the work out to enough people to let them know what their options are until it is too late. The biggest challenge we have is not enough exposure in the age of instant information. So many people still do not know the definition of a short sale. The second biggest challenge is when they are in denial. The third is the lack of competence on the lender's behalf. Oh, well, who said it was going to be easy?
Unfortunately Nancy....I agreee...and yet another problem is lack of competence on the realtor who agreed to list it far beyond the appraised price and helped fuel the foreclosure bus.