Note to Realtors: Do YOU Need a Loan Modification?
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During the past year, I have been speaking with so many of the Realtors and brokers who have personally felt the ravaging effects of the real estate crisis.
Frustrated by hard pressed attempts to remain active in the real estate industry, so many of our clients and customers focused on different means to combat the financial chaos they faced. Related businesses and ideas to reorganize credit card and family debt, loan modifications and foreclosure related services were brought in to create new streams of revenue while sales continued to slump. All the while, our brokers and agents continued to service their local neighborhoods and customers with these new ideas, trying to help these families in distress.
To paraphrase a well known proverb, “Realtor, heal thyself:……………………" This passage suggests that our colleagues, brokers and agents must begin this process of self recovery and take a good and hard look at their homes, loans and loan modifications. We have the tools, guidelines and procedures in place to process loan workouts and in fact we are talking with clients and answering their questions daily. However, many of our brokers have stubbornly refused to look at their own homes and loan modification needs during these troubled times and needlessly suffer the pangs and heartache of foreclosure notices without attending to these issues.
Whether you are a professional in the real estate industry, a civil service employee or private company worker or even a “physician”, you must recognize that loan workouts are a solution for you and your family. A step towards facing these credit issues and seeking a consultation with an attorney, in an economy like this, is a great step forward for you and your family.
Begin the process and “heal thyself” by confronting the issues because loan modifications may also be possible for you and your family.
