I thought I have seen everything until today. I met a Johnson County couple last week through a loss mitigation consultant assignment. A loss mitigation assignment is an request from a lender or bank to help in the communication process. This couple had not made a mortgage payment on their Olathe home for over 7 months. Due to health reasons and a job loss their ability to get on track soon is doubtful because they owed over 7 months in payments. After a brief consultation with the homeowner, I gathered the needed information to present a loan modification to the lender, which I presented to the lender last week. This past Monday I received a loan modification acceptance from the lender and I headed over to the homeowner’s home to let them know that the lender accepted the loan modification. The homeowner would be able to keep their home and not pay the $6,000 to get the home out of default.
When I got to the home I noticed that the homeowner looked like they had deserted the home. I rang the door bell a few times and received no response. After making a few attempts to contact the home owner at the home. I headed to my car to get the homeowner’s phone number to call them about the exciting news. When the homeowner answered they said they would be right over in a few minutes. About 15 minutes later the homeowner arrived and gave me some startling news.
Over the weekend the homeowner explained that they signed over their rights to the home to an investor. The investor said that he would pay the deficient balance to the lender than sell the home to a buyer as a lease purchase. After discussing this for a few minutes I asked them if the investor was one of 5 investors. They said yes. I informed them what the investor was really doing and how it would affect them. I showed them past court proceedings of this particular lender and gave them references of other homeowners that he had swindled their assets. In a couple cases the deals fell through with the investor, he kept 12 months worth of mortgage payments, never paid the back mortgage and left the homeowners to handle the unpaid mortgage at a latter date with a renter who was not paying rent in a home that had been torn up.
This homeowner thought they had no other option and felt they were backed in a corner. They decided to take the wrong path. If you or someone you know is having problems paying their mortgage, contact the Loss Mitigation Department of the Dowell Taggart Team. We are here to help.
Have a great Thanksgiving Holiday!
Dowell Taggart Team