Nedy Blanchard GRI, CDPE, SFR, Broker

September 26, 2011

My phone rings, it’s they guy that has cut my lawn for the past five years. He is a lay back kind of guy but today he sounds stressed and off kilter. He asks me if I can look up the public records for his house online. I know he is in foreclosure but he’s been telling me that an attorney is helping him, he doesn’t want to short sale. A few months back I asked him what exactly this attorney was doing for him and he said that he was working on a loan modification with the bank; he mentioned something about trying to get the principal reduced. Today I asked him how much he paid this attorney; he said that over a $1,000.

When the call comes in I am in front of my computer so in no time I access the online public records section for the County and find the final judgment on his house. It was recorded back in June indicating that the foreclosure auction would take place October 6^th. I confirmed this to him, apparently, and according to him, he had no knowledge of this letter. He found out about it because an agent showed up at his door steps and said to him that he better be out by the 6^th or the Sheriff will come and remove him. As far as I know, the attorney for the bank usually sends the letter to the homeowner. My guy said he has never received this letter.

Then there is the lady I met when canvassing the neighborhood. I spoke with her over the phone a few times and she said that she was working with an attorney to help her modify her loan. She wanted to delay the short sale until she found out if the bank would modify the loan because she wants to stay. She also said that she was committed to paying this attorney $500 a month for 6 months but in one of my follow up calls she complained that no one at the attorney’s office is returning her calls to give her an update on her loan modification.

A month or two later I’m following up again but she is not returning my calls. So I go online and find out that a final judgment of foreclosure has been issued on her house and the auction date is close. I ask myself why are these poor souls paying all this money and not getting what they want.

There is another seller, he too paid the attorney $3,000 and said that nothing came out of that. At least he is being pro-active and has opted to short sale his house.

Are some of these professionals taking advantage of the homeowner knowing full well that the reduction in principal is not going to happen? Perhaps to some it is just a way of playing the system and it’s just one way to stay longer without paying. It could be that they are in denial and truly believe that the bank is going to make it work after months or years of not sending a mortgage payment.

I recommend researching, asking questions and asking for references as well before committing yourself to an agreement to make sure you understand beforehand what exactly you are going to get in exchange for the retainer paid so there are no surprises.

Check out this wonderful gulf access canal home on the east end of the island for only $480K

www.youtube.com/agentnedy

This is a foreclosure and there are not very many on the island so don't miss on this opportunity.

Use this wonderful home as a winter home, vacation home or investment. During the high season many pay $3K to 3,500 a month for a house. This can easily pay for taxes and other expenses.

Don't hesitate to call me should you need more information. 239-313-0710 or nedyb@comcast.net