subject: Real Estate Foreclosure Bad Guys: A Day in the Life of a Real Estate Foreclosure Specialist [print this page] Real Estate Foreclosure Bad Guys: A Day in the Life of a Real Estate Foreclosure Specialist
Throwing a person out of their home is definitely one of the "black hat" jobs in real estate. Even though those people who work in the foreclosure field are not the ones who have made the bad choices, missed payments, or caused the bad luck that prevents people from sending their check, foreclosure specialists are still regarded as the bad guys. Unfortunately, the typical day for a foreclosure specialist is filled with bargaining, tears, threats and sadness.
How Foreclosure Begins
Here is how it all starts. When homeowners default on their mortgage, they are no longer able to make their monthly payments and haven't made an effort to for a while. At this point, the bank with the home loan contacts a foreclosure specialist in the area and hands over the case. It is now up to the foreclosure specialist to complete the transaction. First, an analysis must be completed on the property in question. Next, the homeowner is contacted and given a choice of two options. The homeowner can accept a "cash for key" incentive, which means the homeowner will have an option to vacate the property within two weeks in exchange for a cash alternative. The other alternative is that the local sheriff will come to evicting the former owners.
I've experienced the gamut of the human race during a foreclosure. I've see 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've 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 part can be the fact that you know there are children losing the only home they have ever known. My partner Victor Jackson and have had guns pulled on us, threats to blow up my office and too many other bad experiences to speak of.
You Can't Take it With You
On occasion, former homeowners who are defiant and refuse the cash for keys offer will trash the house in retaliation and take everything bolted down and not. When we, the foreclosure specialists, check the house on the agreed eviction day, we find that they have taken everything that is not bolted down: water heaters, light fixtures, stoves and refrigerators. They will even go as far as filling up the toilet half with bricks and rocks and the other half with Urine and Feces. If that isn't enough to see after lunch, 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 prevent this situation is education and communication. All parties, Banks and homeowners must be willing to communicate in a respectful manner. It is essential to focus on educating the home owning public, and especially minority homeowners and those who live in the inner city about the harsh reality of not paying a mortgage or the alternative there after. This is what will ultimately make the most difference in our economy. Education and communication is essential to turning around the lives of those otherwise destined to foreclosure.
