Posted by SDM on July 19, 2002 at 20:20:36:
I deal with these people on a daily basis and sometimes there is nothing you can say that will deter them from filing or thinking they can keep the home. We have helped a good many, the others you just wish them good luck and tell them to call if they change their mind. Are you making an offer over the phone? You need to find out what they want to do first. Then try to figure out a solution. Many want to refi which 95% of the time is not going to happen. If they are in default, lenders will stay away. If they have talked with an attorney, they will tell them they can save the home if they file. Well, sometimes. If they can’t afford the current mortgage plus the repayment of the arrears, the judge is going to rule in favor of the lender. Usually the best thing for the homeowner is to sell, if they have equity, put some money in their pocket and move on with their life. You can assist them buy finding a buyer for the house and paying off the mortgage and fees while putting money in their pockets as well as yours.