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Our great state of South Carolina just "stayed" the foreclosure process in the state. http://www.heraldonline.com/2011/05/03/3037103/sc-chief-justice-again-halts-states.html In the infinite wisdom of our elected officials, they have decided that homeowners in distress have not been given enough time to go through the myriad of opportunities available to them for "working out" their mortgage woes. While this is all in good, I have to admit, I just want things to get back to normal. Am I wrong to say that?
There are two camps we are dealing with here in our market - both are categorized as distressed. There is the group that have left their home because they have either a) been told by the bank to get out in preparation of the inevitable, or b) knew the inevitable would happen and found a secure place to live. Either way, the home sits vacant pending something happening. It most likely is listed for sale with a short sale contingency. It more than likely has not been professionally cleaned, landscaped or in away approached by a human touch in over 3 months. It sits like an open wound with all the other homes on the same street, in the same neighborhood, festering the same inevitable result. It is neglected and unprotected - in limbo land - while the state decides lets give these people more time to try to work it out.
Then there is the other group who, facing the same result, remains in the home, maintains their home and is truly doing everything they can to save their home. They want to stay in their home. Sure, they both lost their jobs and are living on a part-time income because the job market is in the double digits and its tough to find a job while the job they had with the same company for over 10 years had to cut-back their workforce. While the sincere desire is there, and it breaks my heart to say it, the numbers still don't add up. Is the bank to forgive a years worth of payments, or more? Is the bank the bad guy here when the home owner has the sincerest desire to make their payments but they just can't? It's a tough situation, truly it is. However, is giving the home owner more time really going to avoid the inevitable?
I hate saying it. I really do. But, I'm the kind of gal that rips the band-aide off rather than soaking it in baby oil and gently tugging it off. Quick is not always pain free - its just quick. Slow is not without its downfalls. Its excruciating! The anticipation, the stress, the heartache can be even more devastating. I truly believe it would be better to just get the inevitable over with - just foreclose or turn in that deed in lieu. The sooner we get this sick and festering inventory off the market the sooner America as a whole can recover.
Now I'm not saying a person should not have their due process. By all means, each and every homeowner in distress should, of course, have the time available to them to seek out and apply for each and every opportunity for them to try to salvage and save their home. I'm just saying if the writing is on the wall - read it with clear vision. And I know, the banks are as much at fault here too by not accepting the homeowners who have read the writing on the wall and offered a deed in lieu. Likewise, the short sale inventory is hefty and it takes time to gain interest in a short sale. If a homeowner has listed their home, there should be time allowed to attempt to sell it.
Call me impatient. I miss my neighborhood with 1 or two signs on the streets. I miss the days of manicured lawns and well cared for homes. I miss seeing homes that are loved. If its going to head to foreclosure, just foreclose it and lets get it sold and move on.
In my humble opinion,
Deanna Kastner, REALTOR, CNS
Specializing in REO & Short Sales; Founder of Fannie Stay program assisting distressed homeowners.
The Gaillard Group of ERA Tides Realty, 327 Folly Rd, Charleston SC 29412
843.300.1162 (O) 843.224.4531 (M) info@gaillardgroup.com
Professional REALTORS serving the entire Tri-County Area (Charleston, Berkeley & Dorchester Counties)
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