Getting Help
December 14, 2008 | By Kelley Koehler | Filed Under Market Discussion
One of my clients just sent me an address of a property that looked interesting. I did a little research, and discovered it is a bank-owned home, looks like a light fix-up, in a decent Central neighborhood.
I looked at the history of the home, and the owner didn’t try to sell it before the foreclosure. It looks like they just let it go.
The thing is, they had two mortgages on it – fairly small ones, actually. The first lien could easily have been satisfied at a sale, the second one would have been partially covered. Did the owner just give up?
It’s not the first time I’ve seen that. In fact, a friend of mine recently lost her home to foreclosure. I had no idea she was even in trouble, she didn’t try to sell it, didn’t try to renegotiate, didn’t talk to anyone about it, nothing. Just, poof, one day she moved out and the house was the bank’s.
Look – poo happens. But you don’t have to take it lying down. You do, however, have to talk to people and figure out your options – talk to your lender, talk to your agent, go talk to the free county housing resource folks. There’s help out there, but you can’t go get it unless you tell someone you’ve got a problem.
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What I’ve discovered in situations like this is that they actually go in a state of denial. They don’t think it’s happening to them. I’ve known this to happen to a few couples. By the time they seek help it’s just a tad to late.
This is so sad