When they call they tell me things, some tell me everything. I guess that is good becasue it makes my job easier. Yet it causes me some concern. It isn’t a good idea to call a total stranger and tell him or her that you would do anything to keep your home.
I worry becasue they are vulnerable to all types of scams and they are calling total strangers and giving them a lot of information. They are telling people that they are desperate. If they talk to the wrong person they could become a victim.
There are equity stripping schemes where people promise to help by lending the desperate home owners money.
It is common for home owners to wait so long before they get any kind of help that they don’t have many if any options. They call me a few weeks before their redemption period is over. They are desperate.
Recently one of my sellers had some tenants that found out she was behind on her payments. They took advantage of the situation with a super low ball offer. We did get the offer up to a reasonable place but it was an extra tough one to negotiate becasue the seller had weakened her negotiating position by telling the buyers things she should not have.
It is important to get help and the only way to get it is to talk to someone, but please be careful when choosing who to talk to. The very first call should go to the lender and that call should be placed before the first late payment.
The picture is of the landmark center in downtown St. Paul.