Sunday, October 6, 2013

Putting Your Butt and Home on the Line: A True Story of Taking on a Corporate Giant

Putting Your Butt and Home on the Line:
A True Story of Taking on a Corporate Giant


While it isn’t usually a person’s plan to experience a financial downturn and find one’s way into financial struggle, the way the real estate loan modification or refinancing programs have been set up in the U.S. has potential to drive one into financial and mental mayhem. A “What doesn’t kill you makes you stronger,” philosophy seemed to be an advantage in my experience.

In May of 2007 I applied for a loan modification with the bank and was informed I would have to be delinquent over 45 days in my payments in order to even begin the process. So I stopped making payments.

As a realtor I learned first-hand what many of my clients experience when dealing with this process. It is not a pretty picture. Once I entered the refi program in July, several months passed as I endured the frustration of lost paper work, misunderstandings and misinformation, resending the same information multiple times, new unexpected “but we told you” documents to be added to the procedure and rarely the same person to communicate with through all of this.

Finally in December 2007, at the eleventh hour, with foreclosure eminent, I was informed that my effort to refinance the loan had been denied, which gave me only four short weeks to face foreclosure and vacate the property. Shocked and dismayed are minor descriptions of my reaction.

Dusting myself off, I rallied to create not one but two short sale offers to provide a way to satisfy the outstanding loan. One offer to purchase was never acknowledged by the bank; a second was finally recognized, although not accepted.

Read more - case was won in court and is now a landmark decision in foreclosures: http://www.naturalhealthproviderpages.com/articles/articles/articles/truse-story.html



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