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Note investing is one of the most profitable and fulfilling investments in the market today. Being able to keep someone in their home and still make money, without distressing them, is a very satisfying feeling.

- Ron Happe

What's The story?

Most people don’t just stop paying their mortgage because they decide they no longer want to.  There is usually a story behind their default.  When investing in delinquent assets, we have a lot of room to come up with a plan where everyone wins!  At Main Street, our goal is to find out about their story and come up with a way to add a happy ending.

James

James and his wife purchased a home in Southern Ca.  After a divorce, James stayed in the home.  He is a county employee and his wages were cut when the county required furloughs a few years ago.  He could no longer make his mortgage payment. 

By the time his salary was back to normal, he was so far behind he didn’t think he had much of a choice but to wait for the second lien holder to foreclose. Lucky for James, Main Street was happy to work something out with him.  In February of 2014, James made a $5,000 payment to his arrears and has been paying $850/month ever since.  He is thrilled, and so are we!

Marie and Michael

Michael lost his job after being with the same employer for 20+ years.  Around the same time, his father was diagnosed with terminal cancer.  The financial burden on the family was too much for them to keep up with. 

By the time his salary was back to normal, he was so far behind he didn’t think he had much of a choice but to wait for the second lien holder to foreclose. Lucky for James, Main Street was happy to work something out with him.  In February of 2014, James made a $5,000 payment to his arrears and has been paying $850/month ever since.  

Ortiz Family

The Ortiz family modified their first mortgage in 2011.  It was their understanding that the second lien was rolled into their first loan and paid off as part of the modification.  They haven’t heard anything regarding their second mortgage in over 5 years!

We took over the servicing of the loan and have been working on getting in contact with them for several months.  We initiated foreclosure after a few months with no contact from the borrowers.

Last week we finally made contact with Mrs. Ortiz, however, we are not the only ones.  They have also been contacted by a company that is posing as foreclosure relief, asking them to send money immediately and the company will cancel the sale.  This company refuses to provide any documentation to the family prior to receiving a check.  Keep in mind that foreclosure information is publicly available.  This company was able to provide all the details to Mr. and Mrs. Ortiz about their loan – payment amount, etc.  

Lucky for the Ortiz family we caught them just in time.  We are now working with them on proving ownership and reviewing their financials to put them into a new payment plan that they can afford. 

They do not have a financial hardship, in fact never did.  They were just provided inaccurate information at the time of their modification and have been set back because of it.  We expect the Ortiz family to  stay in their house for a very long time!  

The Moore Family

Mrs. Moore is the owner of the property and is terminally ill.  She is currently living in the home, but we do not know how much longer she will be able to stay there.  She does not want to leave but is not able to make any type of payment at this time. 

Her children want to keep the house.  The property has been in the family for years and they are devastated at the thought of losing it to foreclosure or having to sell it.  Especially while their mother is so sick.

Many investors would lose sight of the fact that there is a family who really needs help during this difficult time.  Investors tend to focus solely on their investment and will do anything to get a quick return.  We are quite different than most in that aspect.  We want to help this family in any way possible. 

The children are currently deciding what path they want to take and we are working with them in hopes of guiding them to a solution that will work for everyone.  We are happy to give the family some time to figure out what they want to do and work with them on a solution that will ultimately benefit us all. 

The alternative is to foreclose, evict and then we are left with a decision on what to do with the property.  We are choosing to save on cost and time while putting the homeowners first.

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