Don’t get me wrong…I still LOVE real estate…but feel so badly for so many folks in the throws of the pain our market is causing right now.
I have a client who is the poster child for the Phoenix market right now. He lost his job after 11 years…the company closed it’s doors. His wife has recently been diagnosed with a serious form of cancer. His mom recently passed away..and he can not longer afford his house payment.
I had him go speak to an attorney about his options which are really foreclosure, short sale or loan modification. He has been trying for over six months to get a the lender to agree to a loan modification…and now that is no longer a possibility as he has no income. He had made his “trial” payments for three months but they are no longer interested in talking to him since he has no job. So…they opted to try a short sale.
We listed the home and got a buyer within 30 days and submitted the package to the lender for approval. It has been over three months and the lender is still telling us that they are waiting for approval from the mortgage insurance company. Well…today we learned the potential buyer decided to not proceed with the purchase.
Of course at this point we do not really want the lender to know this…as we want to get an approval so we can get this on the market and sold again. But this is really stressful to this poor family.
The good side? They have not made a payment for several months. Helpful when you are not employed. The bad side…the uncertainty surrounding their situation.
It is not particularly “healing” when you have this kind of stress…and his wife needs some calm and resolution to their situation.
I am torn…I really want to help them get out of their house…but part of me is glad the deal fell through as they still have a place to live for a few more months.
This is just one example of the hundreds of people who are going through hard times right now. My pledge is to just help guide each of them toward the end goal that is best for them. That…and to try to make sure they are not scammed by one of the dozens of “loan modification” type companies who are taking people’s money but failing to help at all. THEY ARE EVERYWHERE…and very sneaky about how they separate the homeowner from his money. But that is a post for another day!