Nathan Payne walks through a case where his client Carl owed $57,000 on a $220,000 home. Instead of letting the family lose everything, Payne secured a purchase contract that gave them time to pursue loan modification while keeping the option to stay. If they had to sell, the contract meant a quick transaction and the family kept their equity.
So if you've ever run into a situation where you think it's too late, it's never too late. And even if they're like, oh, and the attorney said, hey, I think it's too late. It's never too late. So Carl is one of my clients that I work with, still owes $57,000 on their property and it's worth like $220,000. They're going to walk away from zero. You don't let that go. You're going to say, hey, look, I'm not going to let this family walk away with zero. Like we're going to be able to buy this house and get them some money so they don't walk away with nothing. So what did we say to the sellers? We said, hey, look, We want you to stay in the house. We do, right? If they can stay, they don't have anywhere to go. That's, that's best case scenario for them. So we said, look, we're going to buy you some time to get a loan modification. And then eventually if they need to sell, they're going to reach back out to us, but we're prepared. We're ready. And we have the contract.
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