TuscanSpud
BEV Boeck, Broker Associate, SW Idaho Real Estate

Project Lifeline was introduced Tuesday to give homeowner/borrowers who are approaching a foreclosure, a breather of sorts, so that they can “work out” the business of keeping their homes.   Ironic that a few weeks ago, it was the “Mortgage Meltdown,” and here we are a short time later with, the “Foreclosure Crisis,” and our very own “Foreclosure Freeze” by the government.

[If you have received a Notice of Default, have missed some payments, or even are just having a real struggle making your payments, please read this article carefully.]  Most in this situation, even with yesterday’s “breather,” will still do nothing or believe there’s still plenty of time for this personal crisis to work itself out.  Often this is simply because we don’t know what we don’t know, and if we don’t know what to ask…well, you get the picture, right? 

If nothing else, please consult with someone you trust, (and I must tell you that I notice many in the real estate licensee community, i.e., real estate agents/brokers are getting smart on the foreclosure crisis really fast, so you might try one of us) so that you do not waste precious days that you have to possibly save your home, get out of foreclosure, or both.  What I notice more than not in my increasingly frequent meetings and “mini-seminars” with homeowners who are struggling in the foreclosure information quick-sand (often labeled “help”), is the notion that lenders DESIRE to foreclose on and “take back” properties.  Not so. 

Another concept that you can start driving over like a speed-bump in a rental-car, is the notion that there is nothing you can really do to stop it (the foreclosure).  Also, not so.  Many homeowners who could be negotiating with the bank while concurrently placing their homes on the market, are completely unaware that they might need to consider this, and are just as unaware as to “how-to” work through this whole process.   

The “learning-burden” is certainly not just on homeowners in distress; it is on all of us, and one underutilized group that e should really tap in to is Realtors®, for the fundamentals of foreclosures in a given state.  Just by the nature of our licensing and continuing education requirements, specific to each state, even moderately experienced agents should be able to help in a big way.  In fact, let’s get the Spud-ball rollin’ right now: fellow real estate licensees, I urge you to start posting/webinarring/chatting/teaching the REAL basics, and let folks know the shocking truth; there are truly helpful steps to take to work oneself out of a foreclosure, and some of these long-held paradigms just need to die. Instead of an “anti-foreclosure” program, how about a PRO-Absorption program on the part of, particularly, real estate licensees across the country?