While we would like to save every Family who is facing Power of Sale of Foreclosure or has been turned down by their bank…the harsh reality is we are not able to help everyone…while we do our best to help…sometimes things are out of our control.
I want to share a couple of scenarios where we were not able to help families who reached out to us. You might be asking why we are sharing unsuccessful stories…we think you will understand when you get to the end…
Scenario # 1… Rent to Own your Dream Home!
A family approached their Mortgage Agent to purchase the house of their dreams which became available in their neighbourhood. The couple had damaged Credit but had good jobs and Down Payment. The Mortgage agent told the family “sure…no problem…we can get you a mortgage’…the family was ecstatic and was sent away awaiting the call which would make their dream a reality…one day had passed…then the second day…on the third day they called and left a message…no return call…on the 6th day, the husband went to the Mortgage Agent’s office. The Agent said the bank has said “no”. The end of the story was the couple missed out on the Purchase…why…because the Mortgage Agent had pre-conceived notions on what the couple would do to achieve their dream and he acted according to what HE FELT was best for the family! The client called us directly…we never ever heard from their Mortgage Agent…we advised we could have made it happen for the Family but now it was too late…the property was SOLD!
If your Bank says NO give us a call…we CAN help!
Scenario # 2…Stop Power of Sale or Foreclosure
Another family was going suffering through a personal tragedy. In the last year, Mrs. X took sick with Cancer and was off work for an extended period of time. Unfortunately, it took 8 weeks to get benefits rolling at 60% of normal income. They had an increase in Medical Expenses and a significant drop in income. In life though, you have to do what you have to do to survive…and like most families in this situation…the clients had to make negative financial decisions where they paid for Medicine instead of paying their mortgage and other personal debts when due. The result in a year was this…Mrs. X had made significant stride towards recovery and was about to return to work…then the Notice came in the mail…Their Bank was “Not” renewing their mortgage due to many late payments over the past number of months…the family was devastated!
For 20 years they had been Triple A credit clients…never missed a payment…ever…and now after battling for her life…they now face the reality that the place they have called home for 15 years may be in jeopardy!
The next day they called around looking for help or advice from a variety of specialist…Their Realtor, banker and Lawyer. They were told the ONLY choice they had at his point was to sell their home. The Banker told them their Credit Rating was so bad their refinancing their mortgage was out of the question.
What would they tell their Kids? Their Neighbors? Their Friends?
They told them nothing and decided to bury their heads in the sand with hopes this would go away and the bank would change its mind about the non-renewal and the bank would not put their home of 15 years into Power of Sale or Foreclosure.
The Next letter was more threatening and in month 3…the family finally cane to grips with the Power of Sale or Foreclosure. They had to do something…they did not want to sell their home and lose all the equity they worked so hard to accumulate. But where do they turn? Who would help?
By the time the family came to us it was only a few days before the doors were to be locked. It was too late. We tried to get the Power of Sale/ Foreclosure proceeding stopped but the Bank’s Lawyer was not even returning calls or e-mails begging them to stop. I guess he Lawyer also wanted their pound of flesh from the client. They took the house and the family was removed from their home of 15 years with no place to go.
Had the Family or the professionals they turned to would have looked our way, they would still be enjoying their home.
Please…if you are facing Power of Sale or Foreclosure…give us a call…we can help you stay in your home, preserve your equity and get things back on track…Don’t wait…call today!