Thursday, October 4, 2007

PSA

On Scrapdawgs, people periodically post PSA's about something that happens in their lives that bear repeating.
My PSA is for those folks who are starting the slide towards not being able to make their mortgage payments. I am counseling more and more people who are in imminent danger of losing their homes to foreclosure.

Don't, I repeat don't ignore the mortgage company, call them, talk to them, try to get them to commit to a program to help you be current again. Then call a local agency like mine or call 1-888-995-HOPE. We will do our best to work with you, but if you haven't been in contact with your lender it is much harder. When this all started to heat up in my office, we thought it would be with our traditional clientele, the low to moderate income borrower. It cuts across all income levels. I hate telling people with $300,000.00 houses which are upper middle class in our community that their only option is selling their home before the sheriff sells it on the courthouse steps.

The blame for this spreads across everyone involved in these transactions. The fall out from it is going to hurt all of us.

2 comments:

Jobear said...

Hi Lynette:
This is JoEtta, I'm trying to figure out this blog stuff and trying to set up mine without any luck so far. Toni gave me your blog so thought I'd check it out. I agree with you on the mortgage thing, remember back 20 years ago when we went through this? The lending part was next to nothing so I did foreclosures and forbearances and mod's for about a year. It was so hard to have people walking in day after day handing me their keys with tears in their eyes because they were in their dream house in Alaska but the oil companies pulled out and they lost their jobs. Hang in there, I know it's hard to handle, just keep coaching them to do the right thing.

Donna said...

Good advice Lynette!