Do you know if you still own your home?

This is the second time this month when I discovered that a distressed homeowner had no knowledge they were not the owners of their own home. Last week, I received a call from a couple who was referred to me for pre-foreclosure coaching. For the last 9 months, this nice young couple had been making minimum payments on their mortgage while diligently working with their mortgage servicer (in contact twice daily) believing that they were making headway on obtaining a loan modification. In frustration of never getting the same person in loss mitigation to commit to affordable payment terms for these distressed homeowners, this couple called me to help them with advising and guiding them through the modification process. Also, having no idea of the foreclosure timelines, options and strategies for possibly keeping their home, my business partner and I scheduled a meeting with this couple.

Before we met with these clients for the first time, I pulled a deed to their property showing their bank owning the property! When these new clients contacted their bank, the bank did not have any records to show the property was owned by the bank. The bank representative did further state to my clients, their lack of accurate records did not necessarily mean their records were inaccurate because of their huge backlog. Is it too late for these people?

The moral of the situation, do you know distressed homeowners that are seeking help and do not know where to turn before it is too late? Work with experts who have experience, knowledge and a plan that can help you before it is too late!