While going through my database last night I came across some homeowners who recently lost their home to foreclosure. Frustration immediately hits me and I question why did they not try to sell the home before this happened? How can I let people know there is a more dignified solution to a mortgage crisis than walking away and ultimately a foreclosure? But when you have your mortgage lender breathing down your neck, I have to understand sometimes it just seems easier to just walk away.
But that is a temporary solution. Depending upon the type of mortgage a homeowner has, that balance on the mortgage may follow you. The home is no longer yours but the note you promised to pay still is. And the foreclosure is a public record so this can show up on job applications or disqualify you from a security clearance if applying for a government job later in life. Of course, I am neither a tax accountant nor an attorney so check these matters out for yourself and the laws of your particular state.
When loan modifications fail (and they fail quite often) take advantage of programs offered, particularly a short sale. Why would you not? You can even quite possibly get PAID to sell your home. Yep, another program from the government pays homeowners up to $3000 for a successful short sale. Not all homeowners will qualify but that is really just the icing on the cake. Even without this “move money” the benefits of a short sale far outweigh any other option when facing a mortgage crisis.
Now how do I let more homeowners know about the options available? I guess I will just keep trying to spread the word one homeowner at a time.
Short sales are not for the faint of heart. But if you have a servant’s heart and truly want to help people as a real estate agent, this is your niche.
I started my training on short sales in the beginning of 2009 and spend pretty much all of my education budget and time learning about short sales. As a real estate professional, I wanted to find a way to help our community while we are all going through this economic tough time. A group of us starting brainstorming in the latter part of 2008 and starting researching short sales. This group started out as 6. There are 2 of us left. As I stated, short sales are not for all real estate agents. It takes a certain skill set, a lot of patience, and tenaciousness.
Since that brainstorming time of 2008, Karen Stephens and I formed the Memphis Short Sale Team (www.MemphisShortSaleTeam.com) We realized quickly this type of transaction takes more than just one agent to keep everything on track. Karen handles the marketing of the home and I handle the paperwork and negotiating with the banks. And some days it’s not fun to be me. I know from the beginning that my goal of getting my client’s home sold and out from a mortgage they can’t afford to make is adversarial to the bank’s representative I have to deal with. But I do like to win, so NO is not an option in my world.
In our town, the Memphis and midsouth area, the latest mortgage crisis is not a class thing, it’s a job thing for so many. And until jobs become more abundant there will be more homeowners who are being crushed underneath the weight of their mortgage. And that is where we can help. Don’t just walk away from your mortgage….let us try to sale your home and give you a dignified exit.