Snidley Whiplash

You know when you were a kid, and there was something new and scary, if you were lucky someone you trusted would pay you the kindness of leading you up the stairs to the slide, or over to a new group of kids playing hop scotch or through a tunnel at the fun house. Man, those were the days.

People need that to help deal with Snidley Whiplash. (the banks)

Nothing can prepare for the process of losing a home, and there's no one on the other end with a vested interest in the success of the loan modification process. Nobody cares what memories are stored there except maybe you. The decision to buy a house is usually really emotional, but nothing compared to the shell shocked feelings of contemplating its loss, giving up on the investment, a sterling credit rating, and knowing that you can no longer honor your promise.

My brother's rentals in Stockton, two half plexes, have lost approximately 70% of their value since 2008. He is on the 5th (FIFTH) loan modification request which has strung him along for a year. His conclusion is ... nobody is on the other end of the line.  They have been forced into short sale and impending foreclosure and are six months behind on interest-only payments, and their tenants are only paying rent half the time due to lost jobs and family emergencies.

My sister-by-choice, two years and five attempts at loan modifications and she is still being strung along. Thirty years in a job with great benefits, an ironworker spouse out of work for the last few years, begging for relief until they get squared away. It's looking good, they say: just a little more documentation and we're there, but when she provides it, they need something more. They are eighteen months behind on their payments, and with accrued interest and penalties can never catch up now.  Which of course is no surprise to the bank.

My friends. My colleagues. My husband's daughter. Now us.

So when this intensely personal experience found its way into our reality, we asked for a recommendation for a really great attorney. What we found was a husband/wife team of lawyers in Auburn who it turns out lend a pretty remarkable hand.

They work with real estate specialists for short sales in our area. They know their skills and have confidence in the referrals. After a free consultation where our situation was discussed, we discussed how they can assist in the process of short sale, should that be the decision. These attorneys have two options: either direct, meaning we pay them for representation and they work with the bank direct on our behalf; or indirect, meaning they work with a specialized agent who they trust to know the ins and outs of short sales and who will mediate with the bank on our behalf. The second option is free to the client; a fee share agreement is arranged with the real estate agent when the lender pays when the short sale closes.

The agent will market it, show it, do the paperwork, fuss with the bank, keep us informed, and help walk us through the stages. We are not naive: no amount of support will erase the difficulties ahead. But we are feeling a great sense of relief and gratitude for the help, which begins shortly.  We will relish the help.