REO Inspiration Story: Choosing Character over Keys
Abney says the gentleman had at least $60,000 in equity in his home and all of the funding he needed to pay his monthly mortgage. Not realizing his wife, who was emotionally unstable after the loss of a relative, had fallen into a significant depression, the homeowner was unaware his monthly mortgage was not being paid.
The wife, Abney says, was removing funding from the couple's account each month that was similar to the amount due on their mortgage. She also was intercepting all of the notices of foreclosure, which left her husband in the dark about the risk of losing his home. What's worse, Abney says, is the husband could easily have made the payments,but he didn't know what was happening.
Abney didn't step in until after the Sheriff's sale. After the completed foreclosure, she showed up at the door to leave her card and a notice informing the couple about the option of completing a cash-for-keys.
The card fell on the ground in the carport when the wife opened the door, but luckily, the homeowner found it laying on the ground as he was arriving home. He called Abney thinking it was all a big mistake, only to learn his home was already deep into the foreclosure process.
"He did know she was ill," Abney said. "He didn't know she was that ill." And, unfortunately, it was too late to save his home after months of non-payment. The gentleman, who had no idea this was occurring, worked with his attorney to stop the process, but it was too late.
Abney says what the man did next inspires her the most. "He is coping with it, and the coping he is doing is very positive," she says. The homeowner never blamed his wife, but realized that her illness was more severe than he had initially suspected. Rather than focus on the home, Abney says the owner is now focused on getting his wife better, renting a townhome in the interim and realizing that--despite the unfairness of the situation--it really was just a home.
"He is upbeat about her progress," Abney says. "She has hope for the future. He never once blamed his wife."
In the end, the REO veteran says it's not a story about a cash-for-keys, but a story about someone, who had every reason to be angry and took the high road instead.
"The man exhibited a great deal of character," Abney remembers. "He did not blow up and make outrageous threats. He is definitely a good, prudent level-headed businessman."
