Why can't people, who strive to make their payment, get a little help?

By
Real Estate Broker with RE/MAX Professionals.

 Do you have to give up your good credit to refinance your Home?

Two clients; going to two separate financial experts; the same answer.

Client A;

  • A fulltime schoolteacher with a master's degree...
  • Bought home for $189,000, four years ago...
  • Now appraises for $110,000...

Financial advisor says they can't be of assistance unless they miss a payment.  There are not any assistance programs for people with 700+ credit scores and good paying jobs.

Client B;

  • A divorced mother and fulltime real estate agent...
  • Bought home for $275,000, five years ago, with ex husband
  • Got 100% of the house and equity four years ago
  • House appraised at the time of the divorce for $340,000
  • Now apraises for $195,000

Financial advisor says she can't get assistance unless she misses a payment.  Being an independent contractor with a roller-coaster income she seeks help from her parents on slow months and pays them back on good months.  Her credit is good but banks are leery of her income history.

Why do people, who strive to make their payments, get screwed no respect or help?  

 

This post was authored  by Paul Henderson. ©2012, All Rights Reserved, This content may not be reproduced or reprinted (Except for ActiveRain Re-blogging) without express written permission of Paul HendersonRE/MAX Professionals, Tacoma, WA.

 

 

Posted by

and courtesy of 

Paul Henderson, Residential Real Estate Broker

Realtor ® ABR, BPOR, CRS, GRI, CDPE

RE/MAX Professionals

As a Residential Broker and Relocation Specialist, I sell homes in or around JBLM, DuPont, Tacoma, Gig Harbor and Hartstene Pointe in Washington State.
Please visit my website at http://www.phenderson.net to search for homes and information 

(all information is believed to be accurate but is not guaranteed or warranted in any way)


Referrals are always welcomed and appreciated, Thank-you!

(As a member of the NWMLS, this blog post is intended to comply with NWMLS rules as pertaining to blogging.)

 

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Comments 3 New Comment

Rainmaker
276,790
Kathryn Maguire
Serving Chesapeake, Norfolk, VA Beach
GreatNorfolkHomes.com (757) 560-0881

Aa very good question that we have all asked.  However, I have negotiated short sales for people who have not missed payments but had documented financial hardships. It was not easy!

August 08, 2012 08:26 AM
Ambassador
2,030,449
Todd Clark
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494
Keller Williams Realty

I've wondered that for a very long time. There is a reason you have to be careful in divorce, but telling someone to miss a payment is just wrong.

August 08, 2012 01:14 PM
Ambassador
741,965
Hannah Williams
Re/Max Eastern inc.

That is the way of the world Paul It seems you have to be down and out to get help . When you are down and out you may get swindled too !

August 08, 2012 01:59 PM
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1,068,284

Paul Henderson

I always put my clients first in any transaction!
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