I sat with an older couple last month who sadly informed me that they were losing their home. They were both recently divorced and tried to make it on one income, but after time it caught up with them. As I sat with them, I asked many questions trying to help them get caught up with the payments. We called the mortgage company together, but they were too far behind to catch up.
After a lengthy discussion, we all agreed that the best outcome was for them to allow me to take over the payments and keep them in their home. They could not afford to move and start over and they didn’t mind paying rent.
I often ask myself, “If someone is behind on payments, why don’t they just put the house up for sale?” When I asked them this, they answered, “We don’t want to move.” I assured them that as long as they were able to meet the rental payments, I would keep them in their home. Because I did not have to buy the house at auction, I was able to keep the rent low enough for them to afford.
This couple was in their late 70’s and they did not want the pain and inconvenience of moving out and starting over. I explained to them that if I had not sat with them that day, the bank would have taken over and they would have been forced to move or worst, an investor like myself would have bought the home at an auction and likely would have had to charge more for rent.
This particular financial agreement is just one of many that I have entered into in order to help others stay in their home. Not always is it a happy ending, but in this case it was.
If you know someone who is behind on mortgage payments, please have them contact me. It must be a win win for both parties and many times it’s a great way to keep someone from losing their home that they love.