It's An Emotional Rollercoaster! Lately I'm looking At "Short Sales" In A Whole New Light!
It's really heart breaking to speak with some of the homeowners that are facing a foreclosure or ... at best ... a "Short Sale".
Got a call from a young engaged couple, actually from the future husband ... the wife was too upset to talk! They had just been to see a lender to see about a refi of their existing mortgage to save their home. The stumbling block? Their home is worth about 60% of what they owe on it!
The future Mrs. Is just crushed, embarrassed, sad at losing her home, and an emotional bowl of noodles! Future Mr. called me at the suggestion of the lender they visited to ask about the option of selling their home on a "Short Sale".
What do you say to these young adults who tried to buy their piece of the American Dream at the wrong time?
I do my best to let them know that they did nothing wrong! They are upstanding credit worthy citizens! I want to let them know that this will be an uncomfortable and confusing time in their life as a homeowner and ... we can get through it!
When I meet with them I do my best to make sure they understand that the avalanche of emotion involved in making these choices can be overwhelming.
Exploring the "Short Sale" option is a viable solution to a problem; it's not a personal reflection on them! This is not a problem they created or that they are responsible for. This situation is the result of a "National Economic Tragedy" and, as homeowners, they are victims.
This all makes me really realize that we need to be available as professionals and ready to help these homeowners! These homeowners need a shining light at the end of the tunnel - not a train!
Lately ... I'm looking at "Short Sales" in a whole new light!