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Established Contributor
TexMontana
Posts: 678
Registered: ‎05-29-2007

A tale from the "other side" !

You and I are debtors. That's why we are here ~ trying to figure out the best ways to maximize our FICOs. But now I have to share what I am going through, from the side of the debtee.
 
Last August, I sold a house to a seemingly nice couple that had terrible credit, mostly due to the 9/11 attack. He owned a small family motel here in town, and after 9/11 the business came to a grinding halt. He lost the business, as well as the 3000 square foot house they were building. So, yeah. I felt like helping them.
 
I allowed them to assume my mortgage, and had an attorney draw up a second mortgage that DH and I hold - at 6.5%, no less. Believe me. My attorney did a GREAT job protecting my investment. The buyer had his attorney read and approve it, and we closed on Aug. 31, 2006.
 
Yesterday I had to deliver my final foreclosure notice, and it really sucked. My stomach was flip-flopping and I thought I was going to vomit. Not because I feel sorry for them. The expectations were crystal clear from the get-go, and I let him go the last 6 going-on 7 months without paying me. But I'm just a decent person who thought these people could use some help. Now, I have to be a hard-@ss and deliver foreclosure notices. I called, emailed and wrote them  letters - just asking them to let me know what was going on and what I could do to help. Basically, he just blew me off until the letters got drowned in legalese.
 
He paid me some money - not enough to cover what he owes, and he still doesn't understand why I'm going forth with the foreclosure. Um, maybe the notice of sale from the county tax assessor? Maybe your lack of communication? Maybe your lack of money?
 
Last night he called, and frankly I didn't feel like talking to him so he left me a rude voicemail about what a jerk I'm being. Yeah. I sent him an email this morning just basically reiterating that I am done dealing with him. Again with the gastric flip-flops!
 
I'm really saddened to say that my urge to help those in need has been seriously diminished. No, I'm not Sister Teresa, but we should all help where we can.  But, you know - sometimes it just jumps up and bites you in the butt.
 
Thank you for letting me rant. Ahh. I think I'll go eat some good ol' chili for lunch!
 
 
" I like to live as a poor man, with a lot of money." - Pablo Picasso (who was a jerk.)
Established Contributor
trinigal
Posts: 578
Registered: ‎06-18-2007

Re: A tale from the "other side" !

that sucks! sorry you have to go through that. but he really seems to have been taking advantage of your kindness and that's wrong.  My argument is, he could not do it to the bank, why do it to you?  I don't see that you have any other recourse.
 
Enjoy the chili!
Valued Member
kotam
Posts: 44
Registered: ‎06-07-2007

Re: A tale from the "other side" !


TexMontana wrote:
You and I are debtors. That's why we are here ~ trying to figure out the best ways to maximize our FICOs. But now I have to share what I am going through, from the side of the debtee.
Last August, I sold a house to a seemingly nice couple that had terrible credit, mostly due to the 9/11 attack. He owned a small family motel here in town, and after 9/11 the business came to a grinding halt. He lost the business, as well as the 3000 square foot house they were building. So, yeah. I felt like helping them.
I allowed them to assume my mortgage, and had an attorney draw up a second mortgage that DH and I hold - at 6.5%, no less. Believe me. My attorney did a GREAT job protecting my investment. The buyer had his attorney read and approve it, and we closed on Aug. 31, 2006.
Yesterday I had to deliver my final foreclosure notice, and it really sucked. My stomach was flip-flopping and I thought I was going to vomit. Not because I feel sorry for them. The expectations were crystal clear from the get-go, and I let him go the last 6 going-on 7 months without paying me. But I'm just a decent person who thought these people could use some help. Now, I have to be a hard-@ss and deliver foreclosure notices. I called, emailed and wrote them letters - just asking them to let me know what was going on and what I could do to help. Basically, he just blew me off until the letters got drowned in legalese.
He paid me some money - not enough to cover what he owes, and he still doesn't understand why I'm going forth with the foreclosure. Um, maybe the notice of sale from the county tax assessor? Maybe your lack of communication? Maybe your lack of money?
Last night he called, and frankly I didn't feel like talking to him so he left me a rude voicemail about what a jerk I'm being. Yeah. I sent him an email this morning just basically reiterating that I am done dealing with him. Again with the gastric flip-flops!
I'm really saddened to say that my urge to help those in need has been seriously diminished. No, I'm not Sister Teresa, but we should all help where we can. But, you know - sometimes it just jumps up and bites you in the butt.
Thank you for letting me rant. Ahh. I think I'll go eat some good ol' chili for lunch!






Thanks for sharing. I know what it feels like to be in "his" shoes, but it appears that it is even worse in yours!

I guess my question is, as a creditor, would it have helped if he did stay in constant contact with you but still couldnt pay? Eventually you will have to foreclose regardless of whether he ignored you or stayed in contact with you. The fact that he did ignore you and now is calling you a jerk should make the foreclosure a bit more easier to deliver.

I cant imagine what you would be going through if he was polite and begged and pleaded with you not to foreclose, and to just give him one more chance.

Dont envy your position at all!

Peace
Established Contributor
TexMontana
Posts: 678
Registered: ‎05-29-2007

Re: A tale from the "other side" !

Thanks, everyone.
As to would I have worked with him? Definitely. Hey, I understand that sh*t happens. If he would have called me and said, "Hey - here's what's going on...Is it OK if....." undoubtedly I would have worked with him. I think most people want to meet their financial obligations - and who among us couldn't have used some help at one time or another? Just ignoring creditors, however, is no way to get them on your side. At least, it's no way to get me on your side. I'll keep you posted as to whay happens next!
" I like to live as a poor man, with a lot of money." - Pablo Picasso (who was a jerk.)
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007

Re: A tale from the "other side" !

The world of difference between you and the banks is that you were trying to help someone in need do better.
 
The banks set out with the intention of how can they maximize their profits by leading as many people as possible down the pathway to default.
 

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