I’m currently working with a homeowner in distress. In the last six months both jobs have been lost, savings depleted and hopes dashed. Eight years of home ownership is now 4 months behind with foreclosure the next step, only days away.
Denial, desperation and frustration are the emotions this homeowner has already experienced. Apathy has now set in.
“I really don’t care at this point. It would be easier if they just took the house.”
A mortgage broker I know put me in contact with this homeowner. He’s known the homeowner for years and years and he wanted the homeowner to work with someone he could trust. Problem is any deal I can put together is too thin for investors. So I turned to Countrywide Home Loans who holds the note.
Turns out they cannot authorize a short sale until the home has been on the market 90 days because this was a FHA underwritten loan. But we are only 9 days away from foreclosure proceedings.
Listed the house, I did. Got written authorization to negotiate with Countrywide, I did. Patience, creative thought and cooperation from Countrywide, I need.
I do not know if this will end in foreclosure, deed in lieu of foreclosure, short sale or subject-to transference. All I know is that I pledged fiduciary duty to this homeowner and this homeowner is gonna get my best. Because I can look into the eyes and see the emotions I previously mentioned. And rather than get on the moral high horse I’d rather have compassion and help in any way I can.
It’s easy to look at the housing crisis many are experiencing on a macro level. I do it all the time. It’s easy because it doesn’t involve an emotional investment. But people are not numbers.