PANTA FAMILY


Thursday, June 14, 2007

There Was This Guy Banging On The Door… Inquiring About Lis Pendens Foreclosure Action On His Home

Bobby had already determined that he and the boys could not stay in the home and crank the mortgage payment. He had four Realtors in to give a Comparative Market Analysis on the home giving some idea of a probable sales price. It didn’t take long to figure out that Bobby was upside down in his home. With the Monthly Option ARM with negative amortization that Bobby and his then wife had taken out when they purchased the home. The original mortgage amount had increased 15% of the original balance. It was always the intent to pay the mortgage down, but with the divorce and other expenses of a single wage earner in the home, that didn’t happen. He had a mortgage balance with catch up penalties, late charges and such that was approximately $30,000 above the net sale price of the Realtor’s estimates. Three of the Realtors were pretty close but the other was obviously dreaming and apparently trying to “buy” a listing with a kited price. Bobby had been checking the neighborhood activity during the divorce proceeding. Bobby was to get some court ordered child support but has yet to see any money. He wanted to keep the boys on a regular schedule without too much disruption of their normal activities and was able to keep them both in little league and in an after school karate/kick boxing program. The karate school picked the boys up after school then Bobby was able to pick them up after class. Being a self-employed outside salesman gave him the flexibility to work around the boys schedule.

Bobby had already determined that he and the boys could not stay in the home and crank the mortgage payment. He had four Realtors in to give a Comparative Market Analysis on the home giving some idea of a probable sales price. It didn’t take long to figure out that Bobby was upside down in his home. With the Monthly Option ARM with negative amortization that Bobby and his then wife had taken out when they purchased the home. The original mortgage amount had increased 15% of the original balance. It was always the intent to pay the mortgage down, but with the divorce and other expenses of a single wage earner in the home, that didn’t happen. He had a mortgage balance with catch up penalties, late charges and such that was approximately $30,000 above the net sale price of the Realtor’s estimates. Three of the Realtors were pretty close but the other was obviously dreaming and apparently trying to “buy” a listing with a kited price. Bobby had been checking the neighborhood activity during the divorce proceeding. Bobby was to get some court ordered child support but has yet to see any money. He wanted to keep the boys on a regular schedule without too much disruption of their normal activities and was able to keep them both in little league and in an after school karate/kick boxing program. The karate school picked the boys up after school then Bobby was able to pick them up after class. Being a self-employed outside salesman gave him the flexibility to work around the boys schedule.

Bobby straightened the guy’s shirt out and smoothed it out the best he could. He invited the bloke in. He said his name was Frederick. Bobby asked him, “Look what were you saying before I was interrupted?” Frederick explained the plan that simply he’d try to save Bobby’s home or would negotiate with the mortgage lender to accept less than what was owed on a “short sale”. He further explained that Bobby would need to quit claim the deed over so that he could position himself to negotiate and get paid. All the while the home would be sold to a buyer at slightly below market and for Bobby’s trouble he would get nothing but would obtain an agreement from the lender not to sue for a deficiency judgement and would avoid a foreclosure proceeding. Bobby thought about it for a minute and asked, “Well why couldn’t I do that for myself?” He received a blank stare back from Frederick then he responded, “Well I’m a better negotiator.” Bobby grabbed Frederick by the arm and showed him the door. Bobby gave Frederick some parting words “Look I’m sure you’re a good negotiator but you’re not as motivated as I am going to be and I’m certainly not going to quit claim my house over to you.” “So see ya and don’t bother coming back!”

Bobby was not operating in a vacuum. He had been researching the sale prospects ever since he had interviewed the Realtors for comparative market studies. One of the Realtors, Ralph had touched on the “short sale” aspects of selling the home and had indicated that he had successfully negotiated three “short sale” situations to gain a sale on a reduced basis and free up the owner from any further obligation. Bobby had been reviewing some horror stories written up in the local paper about persons or companies extracting up front fees from homeowners in the process of a foreclosure and it turned out to be an out and out rip off. Other “investors” got the homeowner to sign a quit claim deed over and then would get the homeowner to move out to do some sort of “creative financing”. In some cases the “investor” would rent the property out and garner three or four months of rent plus deposits and security and ride it all the way into foreclosure with the homeowner and the tenant getting ripped off. A few “investors” would negotiate a “short sale” with the lender and would then flip it to a new buyer.

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