A perspective client was interviewing me, and as I carefully listened to their story, they said they believed that they were a lost cause. The loan modification process had failed them, they had received all the foreclosure forms, starting with a notice to accelerate, then the Notice of Default. They believed in a few days the Notice of Trustee Sale would arrive. Was a HAFA short sale even an option?
Immediately Saint Jude came to mind. Where was their Hail Mary Pass that would land them safely in the end zone? Was there any chance they could save their home. What could I tell them and not create a false sense of hope. How could I explain that all the rules are “fluid”. All I could do was direct them to things to read, from points of authority. I believe my clients need to have the same information I have. Here is a report written by a few State Assembly Committees, nothing I have read more clearly shows the current situation (Click Here) and why it is fluid. There may even be a glimpse at what meaningful change if any is on the way.
All I could do was point to facts, yet none of the currently known facts pointed to a clear path, in fact they clouded the issue. In the Wall Street Journal March 5-6 2011, (the weekend edition) there is a story that says States Attorney Generals and other Government Regulators presented a 27 page document to the largest US Banks, last week, (keeping the document secret – why?) addressing proposed changes in mortgage collection practices.
I want to be able to tell my clients the foreclosure – short sale process has been fixed and all the rules will be followed, but the reality is the situation is still very fluid. One fact revealed in the WSJ article is the time taken to foreclose has grown. Two years ago the average time was 319 days and now the average is 519 days. This means more lost payments to investors including Fannie Mae and Freddie Mac who the Government is backing. So the argument is easily supported that this is falling on the TAX PAYER. Congress has to know this!
At this point I would love to throw that Hail Mary Pass and have it result in house saving success for all of my clients, who want to stay in their homes. But because I don’t even have the ball to throw, I say read and become informed. Then cover all the bases, say a prayer, prayers are free, and no one even needs to know you try to reach out to St. Jude, or any one else you think can help, I believe nothing is a lost cause. We all have to keep trying, and be as helpful as possible to our fellow-man. If you have a question , call me. I will give you the best answers I can to difficult situations, short sales are not easy.
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George Kenner, Broker Associate Keller Williams Realty, Ca. Lic. 01229951
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