A Story About Homeowners, A Miscommunication and Triumph Through Short Sale
Lian S. of Lakewood Ohio almost lost their home to foreclosure because of a miscommunication.
Lian and her husband had just had triplets who were born extremely premature. “I was on bed rest months before they were born and they had to remain in the hospital for four months afterwards.
Despite the difficulties, they were still making their payments. “We had never been late on our mortgage since purchasing the house. Then I called my lender to push back our payment date a week or two to better align with our earning schedule,” she said.
The bank went even further, offering them a trial loan modification to help lessen their payments. “We were placed in the trial program while they processed our application for the program,” said Lian.
Unfortunately, a mix up with the paperwork at the bank caused some issues. Even though the loan modification department was processing their application, all the collections department knew was that they were making payments for less than they owed. “We were getting collections calls, but our bank told us to ignore them.”
Then, the worst-case scenario happened. After months of processing, the bank told them that they didn’t qualify for the loan modification and that they would have to come up with the $12,000 they missed on their original payments.
“We couldn’t come up with the money,” she said. “At that point, we realized that even though we loved this house, we’ll unfortunately need to move out.”
They had done their research and knew that a short sale was probably their best option. They sought out an agent who was knowledgeable about short sales. The agent, a CDPE®, got the foreclosure proceedings halted immediately. “She was an expert in the field of short sales and knew all the ins and outs,” said Lian.
The agent sold the house and Lian and her husband feel grateful. “We try and look at the positives,” she said. “We got out of the shadow of the bank and foreclosure, and we have three healthy children. Beyond this, we just let the negative roll off of our backs.”
Lian’s story is just one of many. I have a report entitled “From Foreclosure to Freedom” which tells other stories of real homeowners who faced foreclosure and found relief. Download the report, read the stories, and then contact me for a free, confidential consultation.
Teresa Ryan Broker/Owner, CDPE Ryan Hill Realty 15 W. Jefferson Ave. Naperville, IL 60540 630-276-7575 [email protected] www.RHRRescue.com