I met a Kansas City homeowner last year who needed help. Not only did she owe more money on her home than what it was worth, she couldn't keep paying the current mortgage.
As I sat down and heard her story and how it was affecting her kids, I couldn't help by digressing to similar stories I have heard from other Kansas City homeowners.
I suggested to the homeowner a short sale, but that meant giving up the home she has lived in for over 10 years.
The path the homeowner decided to travel was to negotiate a loan modification or to receive a forbearance. Since both of these options included keeping her home, the homeowner decided this would be the best path. Although I explained to the homeowner that I was quite sure the lender would not negotiate a loan modification or forbearance because of her inability to meet the monthly obligation, she still wanted to rely on hope.
Now fast forward to today. This homeowner has been denied a loan forbearance and a loan modification by the lender. Now she is a week from the foreclosure sale and she wants my help. In this particular homeowners situation, negotiating a short sale is to late.
The best scenario would have been to work all solutions at the same time. Now this homeowner does not have enough time to negotiate a short sale and she has decided that a foreclosure is her only option.
Although I referred her to an attorney who may have the ability to help her, this homeowner is stressed from working with the lender and being fed false promises.
If you or someone you know is in a similar situation, contact an experienced professional early. Waiting to long will decrease the number of options.
Did you know it is almost impossible for a lender to foreclose on a home in Kansas? Find out why . . .
Let us know what you think or add to our blog by writing a comment.
As I sat down and heard her story and how it was affecting her kids, I couldn't help by digressing to similar stories I have heard from other Kansas City homeowners.
I suggested to the homeowner a short sale, but that meant giving up the home she has lived in for over 10 years.
The path the homeowner decided to travel was to negotiate a loan modification or to receive a forbearance. Since both of these options included keeping her home, the homeowner decided this would be the best path. Although I explained to the homeowner that I was quite sure the lender would not negotiate a loan modification or forbearance because of her inability to meet the monthly obligation, she still wanted to rely on hope.
Now fast forward to today. This homeowner has been denied a loan forbearance and a loan modification by the lender. Now she is a week from the foreclosure sale and she wants my help. In this particular homeowners situation, negotiating a short sale is to late.
The best scenario would have been to work all solutions at the same time. Now this homeowner does not have enough time to negotiate a short sale and she has decided that a foreclosure is her only option.
Although I referred her to an attorney who may have the ability to help her, this homeowner is stressed from working with the lender and being fed false promises.
If you or someone you know is in a similar situation, contact an experienced professional early. Waiting to long will decrease the number of options.
Did you know it is almost impossible for a lender to foreclose on a home in Kansas? Find out why . . .
Let us know what you think or add to our blog by writing a comment.
Blog post written by the Dowell Taggart Team of RE/MAX Best Associates
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1 Comments
Consumer Lawyers of America, PA
ReplyDeleteHenry N. Portner Attorney at Law
Henry Portner has been practicing law for over 35 years. My knowledge and experience is both deep and diverse. Mr. Portner is licensed in six states, Florida, New Jersey Pennsylvania, Colorado, South Carolina and Georgia. Henry has practiced in a variety of areas, specializing in Real Estate Law and Commercial Litigation. Mr. Portner speaks on various issues such as negotiating liens and judgments on properties and has also been a guest lecturer and speaker at bar associations and served as a Junt Professor at Temple University.
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