Last night I picked up the phone around 10, because I am a workaholic. I started listening to a distressed voice tell me a story about how she is trying to save her Mom’s house from foreclosure. She told me there was a house fire, and insurance issues, now the house is in foreclosure, and going to auction tomorrow. I said “let me look into this and I’ll call you in a few.” I brought the tax records up and the other foreclosure information I have access to. Yes it did show the house was going to auction this Friday, aka today. I then looked at the $200k loan on the property and the default amount of $45,000. Then did some quick math to see this person has not made a payment on their note for over 3 years. I called the distressed Daughter back, and broke this news to her, that the fire your mom had in September did not cause the property to go into foreclosure. I said I am so sorry, and this is quite normal for family to hide secrets like this, there is definitely much more going on here. She thanked me, for verifying her suspicions.
The mind gets extremely irrational under stress for most people, and the most basic behaviors arise. Especially when the security of your home is involved. This is a heart breaking story on many levels for this family, and this is also a very real situation as a Real Estate Broker, you must be prepared to deal with.