Everyone needs to try harder;

Thanks for sharing this Bill. I don't usually have the mind set that I am necessarily helping someone, but I guess this could be a life saver literally. Sad!

Bill,
Thank you for sharing these news with us; it just shows how there are so many people who are in very bad situations, with the banks foreclosing on their homes, and having nowhere to go....

I will try harder!

Bill,

Good post about the sad reality of our economy. You are so right, as we certainly can offer someone solutions to their situation other than just foreclosure. If we get to the seller fast enough, we as RE Investors can often help them actually save and in fact improve their credit score by gaining control of their property, leaving the original loan in place (if the terms, interest rate, or balance due work for us), catching up what they owe in back payments, and putting our tenant in there who will continue to make timely monthly payments.

This whole method allows a distressed motivated seller to move on both literally and maybe physically (to a better area or job??) all the while their credit is actually improving with timely monthly payments on their old house loan. Banks these days don't actually care whose name is on the check for a mortgage; many times they are just grateful that a check arrives and clears period. They certainly don't want or need any more REO; hence the coming second wave or what is frequently referred to as the shadow inventory of distressed properties.

To everyone's continued success.

--Walter

WOW what a sad ending to a bad situation. A few months ago I heard of a story simular on the East coast. My heart breaks when I hear about these stories. Thanks for sharing your story. I never quite thought of it that way before. It makes me think ALOT differently now. I will definately !!

Keep reaching for the stars
Donna

I love the comments that were put in this thread.
It is amazing what an impact that we can have on property owners out there.
That is one thing that I really respect Dean for is the fact that he believes so much in helping other people as we are doing our business.
Having the mindset that we can make money, and be a positive influence, and provide a helpful service to people and communities will help you to take this business to the next level. I always tell people that if you try to "retire off of one deal" then someone out there will be taken advantage of. Make good money lots of times and make more money through efficiency and that is the formula to become financially free. I believe that if you put out good energy, look to always help others, and do good things for your communities, good things will come back to you. Keep up the great work and thanks again for putting all of our heads on straight, and reminding us of what’s really important out there.

Happy Investing!

Matt W.

That terrible... for one to drive them self to that point. Im not saying the guy was wrong and i would feel the same if something was taken away from me which i was working towards my entire life for... there is options and OP its amazing to hear that you feel like you could have stopped it... Its about the money but it sometimes go above and beyond the money.

Hi Everyone there are so many people who need us at this time in there lives and we can be a big help.We all need to get out there and find them and let them find us.This poor soul could very well be alive if he knew there was a better way, what alost, Jim

It's impossible for us as investors to always know what is going on in the personal lives of both buyers and sellers that we may be dealing with. As investors it would be difficult for us to spot people who are going through tough times, that is why we need to make sure that no matter who we are dealing with, we need to make sure that we treat everybody out there fairly. Everything that we can do to take emotion out of our investing decision making process, and just stick to the numbers will help out as we move forward. Always look to be helping people out there and good things will come back. Again, that is one of the many things that I admire about Deans way of thinking.
Happy Investing.

Matt W.

I don't think we all realize how important it is for us to succeed. It's not just about the money.

Its very difficult for the average homeowner to get help when they do not know the ins and outs of how things are actually working these days. On top of that when a homeowner gets a cust service rep/ clerk / admin person on the line that has been instructed to handle the calls a particular way and they are not empowered to take care of the situation, it becomes extremely frustrating. I saw a story here in Calif that I will share. I myself have been living on the edge and am weathering the storm. Luckily I have been studying REI for a few years. What would really help me is if I could have a break thru and get a deal. The worst thing that could happen would be that I would loose my pets. The best outcome would be to be a success in REI. Just pray please and I will keep on keepin on. In the meantime let us remember this family and keep it in mind as we go about helping people. Please listen to homeowners carefully and share info to help. DO NOT MAKE IT YOUR PRIORITY to think of yourself and what you will get out of it. Our money comes from people and if you help enough other people to get what they want then you will get what you want. I have been personally bombarded by a bunch of rude and crude investors that really did not give a damn about me.

California Man Commits Suicide Before Foreclosure

A Wells Fargo branch in New York is shown in this April 19, 2011 photo. (Jin Lee/Bloomberg via Getty Images)

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By LYNEKA LITTLE
May 22, 2012
"The engine is smoking like a chimney," Norman Rousseau told his wife after working on an RV that was expected to be home for the couple after they were evicted from their house in Newbury Park, Calif.
Those would be the last words Oriane Rousseau heard from her husband, who shot himself May 15, days before the couple were scheduled to be evicted after a long battle over their mortgage held by Wells Fargo.
"I lost my husband and it hurts me like hell," Oriane Rousseau, the wife of Norman, told CBS's Los Angeles affiliate. "I don't want this to happen to anybody. This is horrible. I lost my husband. I lose my pets, I lose my house, I lose my furniture, everything...for nothing."
In a statement to ABC News, a spokesperson for Wells Fargo, which acquired the Rousseau loan from a lender it bought out, wrote, "Our thoughts are with the friends and family of Mr. Rousseau at this difficult time. The eviction has been postponed and we will continue to work with Mrs. Rousseau. Despite current reports, we tried repeatedly to find affordable options for the family."
The 53-year-old, who battled different ailments, would pick up odd jobs but was struggling financially. His wife, Oriane, was working part-time jobs. The couple's troubles began after they were solicited to refinance their mortgage and became locked into an alleged predatory loan for the home, which they purchased in 2000, according to their attorney Chris Gardas.
The couple alleges there was a dispute with the bank over one payment and say they received harassing calls over the issue.
The couple later began a loan modification process, according to Gardas. "The details of the new loan were misrepresented and the couple became locked into a loan with a higher interest rate and were charged thousands in origination fees," according an amended lawsuit filed by the couple.
You can view the California court case here.
Wells Fargo is also one of five big banks that agreed to pay a $25 billion settlement over allegations of mortgage fraud. The bank filed a response to the Rousseau suit, denying the allegations and asking for a dismissal, plus more fees -- this time for the bank's attorneys.
The suit claims the bank told the couple not to make payments during the loan modification process. Then they were denied the modification. And, while facing foreclosure, the couple claims they were not given enough time to make the mortgage current, according to Gardas.
Over the last year, the family has spent thousands on legal fees and consultation, says Gardas.
In the last few months, Rousseau was said to be under incredible stress.
"There were times where I knew there was something off," said Gardas. "He was continuing to look for work and, on the night before, his spirit seemed a whole lot better."
"He located a motor home and he was going to pick it up," he continued. "They were resolved they would live in the motor home and the family wouldn't live on the street. I was supposed to talk to him later that night but I didn't get a call from him. "
Rousseau, who never took off his wedding band, would give his wife the ring while working on the truck to avoid losing it.
The next day, under a blanket, Rousseau shot himself in the head.