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Foreclosure Nightmare – Foreclosure Stories

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photo credit: Kevin Krejci

Wednesday night 3/9/11.  I’m watching TV, checking Facebook, Twitter, YouTube and playing Wii with my daughter, ya know…..the usual.  “Bing”.  The sound of an incoming email on my iPhone.  I’ve heard it hundreds thousands of times before, but this one sounded different.  My name is Stephen Garner.  I am a former business development manager for a national title insurance company in Phoenix Arizona.  I spent the last 10 years helping real estate professionals grow their business.

I finished my game of Mario Cart Wii with my daughter {1st place again!, yeah baby!, take that Daddy-O 367) and made my way to my iPhone.  I selected “mail” and watched as the messages came streaming in.  They all look the same, usually spam, someone trying to sell me something I probably don’t need. Then I see it.  Another comment on my blog.  I love comments on my blog, it means that my articles, are being read and even better, someone cared enough {or didn’t care enough} to leave a comment.  But there is one post I wrote a year ago that I wish I had no comments on at all: your-arizona-home-was-sold-at-auction-what-are-your-rights/ No comments on this article would most likely mean no one was searching Google surrounding information about it.  The IT in this case is foreclosure.

Foreclosure’s in our country are a severe problem, in Arizona they are an epidemic.  They are literally everywhere.  We see articles about them in magazines, local/national news etc but it doesn’t really hit home until you get a comment like this one from Carolee. {I asked and was granted Carolee’s blessing to publish her comment and subsequent email} Thank you Carolee, for sharing your story. Carolee wrote:

Our occupied Strawberry, AZ property is set for auction on March 16th, 2011. Though we’ve requested a postponement of sale date with Bank of America, they have been slow to process. Not a surprise since anything with this bank has been a nightmare during loan modification the last four months. We fully expect the auction to go through at this point and are curious how long we have to vacate the premises. Thank you.

I forwarded the comment to an attorney I know that specializes in this kind of situation.  He promptly replies:

They can stay till the new owner actually files a Forcible Entry and Detainer action and the court issues a writ of eviction and they have 5 days from there. All in about three weeks.

I then forwarded the information from the attorney to Carolee via email and went back to MarioCart.  10 minutes later, another “Bing”. It sounded just like the first one, was it another comment?  No, it was a personal reply from my email to Carolee.  I read it as my heart literally sank.  I found myself sitting, {although I don’t remember actually doing so} as I read her reply:

Thank you for the quick reply, Stephen.

We are unable to move until the first weekend of April and were worried as to what may happen to us once the property is auctioned next Wednesday. If I wasn’t disabled it wouldn’t be such a worry but physical limitations do impede any expediency of the actual move.

As much as we hate to lose our house in Strawberry, Bank of America in the loan modification process for almost five months has proved to us they have no intention of working with us. I have worked diligently with them only to be disappointed time after time. My doctor has advised me to stop and just let the place go. So we are.

Being in foreclosure, by no fault of our own, has been embarrassing and quite humbling. My heart goes out to others in our predicament. Once we move, I intend of writing up the months of interaction with Bank of America and send it in to the State Attorney General and to President Obama. I will not be silent about the treatment we have received by this unscrupulous lender.

Again, thank you for the information. You have put us at ease.

Best regards,

Read the rest of  Carolee’s Story

As I said before, it’s so easy to hear the numbers of foreclosures taking place and not think about the human side of such a horrible process.  I feel for those that have and the thousands that will unfortunately enter it through no fault of their own. Carolee said she was working on a loan modification for 5 months with her bank to no avail.  The Arizona Department of Financial Institutions offers some Foreclosure Help on their website.

I’m not an attorney and I don’t play one on TV. The professionals I have spoke with say you should contact your lender or servicer the moment you believe there will be a problem with paying your mortgage on time. Contacting your lender/servicer early will give you more time to seek professional advice.  There are options out there, most of them are better than a foreclosure.

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Hi I'm Stephen Garner, I'm just a guy in the title industry {in Phoenix} trying to change how real estate agents market themselves and their services. To that end, I teach my clients HOW TO leverage sales technologies like WordPress, Content, Video, Camtasia, Final Cut X, iMovie and indexable IDX solutions to convey value and help your ideal client find you online when they are most interested in learning about you and your services. I work for escrows. Hire me!

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