People are hurting in this economy. Many good folks who did nothing wrong are caught in the undertow of the recession and can't find a soft spot to land. Upon occasion, I run into people in those circumstance. If they had been born at any other time in history, they wouldn't face foreclosure. They'd have equity, probably their job, and even if they were in a pinch they could sell and realize respectable proceeds. But not in this day and age.
The worst part of owning distressed property is not financial. It is emotional. Most people that face bankruptcy or foreclosure know where their next meal is coming from. But they don't know what the next mail delivery will bring or who will be calling them the next time a phone rings. Add to that the fact that in Westchester, even modest homes have high prices compared to most of the country, and the hole they stand in seems deeper.
Today, I explained to a new client what I always say to anyone facing foreclosure:
I will get this done for you. I promise you my very best, and frankly that is pretty good. I will not let you down. I have done this sort of thing over 50 times. I like your chances.
And with that, my brand new client burst into tears. In a sea of collection calls, nasty letters, a failed loan modification and 2 years of financial setbacks, someone they were referred to by their lender out of the CDPE directory told them that they finally had an ally.
Ronnie, my admin, had to run and get some tissues, and Mr Seller did what he could to comfort his wife. But the whole thing was cathartic.
And maybe I sound cocky, I don't know. All I do know is that we have a track record, I have an awesome team, great lawyers, and a support staff on the admin side that cares as much as I do. I put my good name on the line when I make promises in the face of the unknown, but thus far we've been pretty fortunate. The last short sale application that failed and ended in foreclosure was 2007 (and the bank took a six figure bath). The rest closed.
My clients left the office out a few tears and also having shed some worries as well. For the first time, they had a plan. And a team. And professional help. All my best. Typically, my best gets the job done, and I am not afraid to reassure my clients. Some people need to hear it.