I just realized it’s been a couple weeks since I posted. Lots of things going on, but I’ll write about that later.
As I do about once a week about 8 months out of the year, I was riding around the yard on my lawn tractor the other day (I discovered that pushing a mower over my acre lot is just too much). Gives me lots of time to think and reflect, especially since I cannot hear my cell phone ringing…
Once in a while I get frustrated because it takes me about 2 1/2 to 3 hours to cut, edge and trim if I am going to do it right. Maybe I just don’t have the patience anymore. Anyway, as I was wallowing in self pity, it occurred to me that a lot of people in our area have lost their homes and would love to be out cutting their grass, planting flowers, opening their pools and all those other fun spring-time activities.
The talking heads say that foreclosures are down, but more people are losing their homes. Huh?
Seems like loan modifications are so yesterday and that the remedy of choice is now either a deed-in-lieu of foreclosure or a short sale. Even Fannie Mae is “rewarding” borrowers who do a deed-in-lieu or short sale instead of forcing a foreclosure by potentially allowing them to finance a home sooner that previously possible. While a borrower with a foreclosure history may have to wait 4 years until they are eligible for a new loan, a borrower who has a deed-in-lieu with extenuating circumstances may only be punished for 2 years.
Overall a good idea, I think, as these borrowers had to give up their homes due to job loss, divorce, death of a spouse, and other reasons. They didn’t just wake up one day and decide to not pay their mortgage for no reason…
Hopefully some investors I work with and I can help these folks. By helping them find a suitable rent-to-own property, giving them a little guidance, and maybe even getting the clients into a credit restoration program, we can help these borrowers heal their financial wounds. Especially for families with children, this can provide a somewhat normal home and a place to settle into.
If you know someone in this situation, give them my number or email address. I may not be able to help everyone, but I will certainly try. I even have Realtors who will assist with a short sale if necessary.
Times are tough and life is hard. We all need to help each other!
Any questions or comments? Contact me at scott@nwiloanguy.com.
Scott
Your Indiana source for FHA loans, USDA loans, and FHA 203(k) loans.