We spoke with a seller who is very upside down with their mortgage and has already had some reduction in income with a pending divorce which is only going to become more drastic when the divorce is final. "It goes against my moral fiber..." he sobbed. He has sold everything he owns, borrowed money from family members (almost ironically that was going to be used for the down payment on a house.) and done all he can do to try and remain in the house and not "short the bank."
Many people were raised all wrong to be irreponsible and the thought of not paying a bill on time...or at all..of getting any consideration for a short sale is more than they can bear. They have worked hard, made timely payments, made home improvements....put sweat equity....a piece of their heart...a part of their soul in what is often, their largest asset. He wants to try a loan modification....he just "can't do that to the bank who lent me money and expected payment in return....they trusted me." Yes...and you trusted them not to lend you more than the house was worth....more than you could pay when the rate adjusted....and they have no conscience about that. But then "they" are corporate America....not the man who worked hard all his life, paid his bills, was and still is a credit to society....and now his choices are limited.
We will try and help him with a loan modification if it's possible...for whatever reason...when a realtor talks to a lender...the answers are faster...the terms more easily undertstood. We will do all we can to help him maintain his dignity during a difficult period in his life....it's what realtors do...it's not always about the money or the listing...it is a people business...and we can be the people who help people and are paid in the gratitude we get, the way we feel when the job is done and the burden lifted from the seller...it's what we do, it's what we should all do, whenever it can be done.
