The view from the other side of the foreclosure door.
Walking up to a person’s home to evict them is never an easy job. Even though those of us in the foreclosure field are not the ones who have made the bad choices, or caused the bad luck, leading to this terrible moment, we are still regarded as the bad guys. It is definitely one of those cases when just by being the messenger, you take the brunt of emotions the people you are dealing with are feeling. The typical day for a foreclosure specialist is filled with bargaining, tears, threats and sadness.
Here is how it all starts. Homeowners have defaulted on their mortgage, they are no longer able to make their monthly payments and haven’t for a while. The bank with the home loan contacts a foreclosure specialist in the area and hands over the case. The ball is in our court. We must now run an analysis on the property in question. Next, we contact the homeowner and give a choice of two options. The homeowner can take us up on a cash for key incentive, meaning they have an offer like two weeks to be out of the home in exchange for $1000. The alternative is that we will bring the local sheriff to assist with evicting the former owners.
I’ve experiences the gamut of the human race in this field. I’ve seen a range of emotions pass the faces of those who are losing their homes. There are the ones who appear strong, who hold it in and regard you impassively as you deliver the spirit-breaking news. Yet, so many of those I face with the news will break before my eyes. I seen tears from men you wouldn’t think were capable of crying. One of my worst experiences was evicting a family during the Christmas season, while their Christmas tree was still up, lights and all. The worst can be the fact that you know there are children losing the only home they have ever known.
You Can’t Take it With You
On occasion, former homeowners refuse the cash for key offer, but take everything else. When we, the foreclosure specialists, check the house on the pre-set eviction day, we find that they have taken everything that is not bolted down: water heaters, light fixtures, stoves and refrigerators. To show even more anger they will knock holes in the walls and turn water on to warp the floors. There have even been cases where upset individuals left a gift of feces in the middle of the living room floor. The only thing I can do is photograph the evidence and send it to the bank.
Foreclosure is unpleasant for all concerned. Even those of us who work in the industry are just trying to survive the economic downturn, like everyone else. The U.S. housing market has been on a downward spiral for quite a while and it has taken many casualties with it. The only honest answer to this situation is education and participation by all. It is essential to focus on educating the home owning public, and especially minority homeowners and those who live in the inner city. This is what will ultimately make the most difference in our economy. Education is essential to turning around the lives of those otherwise destined to foreclosure. Participation of all parties; Real estate Brokers, lenders, mortgage brokers; non-profits, title companies, attorneys, escrows, many others in the business sector will move this issue on.
The real estate foreclosure specialist is not the bad guy, we are just working to feed our family.