Everybody from the 70’s remembers the 6 Million Dollar Man. He had a bionic arm, leg, eye and ear.  The best part was when he made a bad decision he had a team of experts to put him back together again.  How nice would it be to be the 6 Million Dollar Man in this housing crisis?  There would be no such thing as a bad decision and no lenders would be messing with you.  Let me use this as a segway to reality.

 

I want to tell you a real story from November of the $46,000 Dollar Man.  This is a real man who got himself into big financial trouble with his mortgage lenders.  He has a house that is worth approximately $250,000 less than what he owes to both his lenders.  He has tried to sell the property for the last six months with a local realtor.  His last contract just died and he is in somewhat of a quandary.  Where is his team to rescue him?  Oh, that was Steve Austin from the television program.  This is real life.

 

The young man being depicted in this article has no plan and has spent no time trying to educate himself.  He has spent five complete months attempting to consummate a Real Estate Short Sale with his lenders and his realtor and thus far has failed.  The realtor called us after the last contract died and asked our group to call their client to see if we could help him in any way.  I personally took the call and found the client to be very belligerent, angry and unwilling to invest a dime to help himself. 

 

Why am I calling him the $46,000 Man?  He is not famous or on television.  Actually, the $46,000 is exactly what we would have saved him from the start four months prior to our conversation if he would have reached out for some help.  We would have saved him borrowing 16K from family and credit cards to pay the mortgage that he clearly could not afford.  This is going to wreck him financially if he allows it to continue.  We would have also saved him a $30,000 note that his first trust lender was demanding as part of the solution.  The total adds up to $46,000. 

 

Now it gets better.  When we spoke in November the second contract on his property had just died and his realtor was fed up with him.  The $46,000 Man told me, yes but the lender doesn’t know that the contract has died.  He vowed to continue paying the mortgage and dissipating assets from whatever source he could manage until he completed his short sale.

 

I asked him how much time he had spent worrying and losing sleep over this issue with his mortgage problem.  He aggregated it over many months.  I asked him if he was willing to spent $249.00 and a solid 2.5 hours with a course as a start with the option to upgrade to a full service plan and get credit for the cost of the course.  I also told him the course had a 10 day money back guarantee.  I am sure you can figure out his answer.

 

I don’t want to talk up my own book, but I do want to give everyone an prime example of a person that has no plan and is really doing harm to himself.  The realtor is eventually going to drop him and he will find himself deeper in debt.  The message here is to “Work Smart and Not Hard”.  Educate yourself with Real Estate Short Sales.  The merit can be found on our blog at www.thenegotiatedsolution.com  Don’t be belligerent and be a fool.  Your realtor is there to help you but they don’t necessarily have the skill set beyond selling the property and they are not responsible for your financial welfare.  In addition, they didn’t sign up to be your physiologist either.  You are responsible for your own plan and it is your housing/mortgage problem.

 

Unlike the 6 Million Dollar Man from the television show, the $46,000 Man is going to end up wrecking himself financially and there will be no team of experts to put him back on the map if he stays on his current course.

 

The short sale, done properly, with a financial blueprint and a proper plan that includes credit strategy, the short sale, and loss mitigation, is the only free market solution where you can effectively level the playing field with your lenders and truly win.  The government programs, the loan modifications, and all the other hype sound great but it will not yield the same results.

 

Blogging from the front line of the housing crisis.

 

GHunter

Submitted on Sunday, January 11th, 2009 at 10:53 am