Friday, May 10, 2013

My American Dream became a Nightmare! - Part 1

If you know of anything about characteristics of an entrepreneur, you know that past failure is almost always a part of their story. Very few, if any, have found success on the first try. What ultimately made them different is their tenacity to learn from those failures, get up, dust off, and keep on pressing!

It is with that mindset I will share my own personal real estate failures/nightmares in this 4 part series . What I will share with you is what I believe is what fueled my interest in real estate and my passion to assist/educate people throughout their real estate needs. *Keep in Mind - All of which happened prior to me becoming a Realtor!

My 1st Real Estate Nightmare

My 1st real estate nightmare was the result of me co-signing on a mortgage with family members many years ago. At the time, I was young and only considered that I would be helping my family. Going into it, they needed my credit and employment history to help get qualified for the mortgage. I was not supposed to have any financial obligation.

Things were fine for awhile until the family members I co-signed for notified me of a foreclosure notice. Turned out this had not been the first notice, nor the first time they fell behind. To my surprise, they ran into financial hardships several months prior and were fighting the battle of falling behind and playing catch up (not to mention the on-going septic tank issues. That was a costly nightmare within itself!). At the point I was notified, they did not see a way out and were considering their options. In the end, the property was sold via short-sale. 

The road to that conclusion consisted of:

1) Trying to negotiate with the bank. Modifications back then were almost unheard of.
2) Consulting attorneys about Chapter 13.
3) Seeking short sale assistance. The 1st "attorney" we went to took payment of about $750 (if I remember correctly) and didn't do one thing!

The effects on the parties involved were:

1) Damaged credit
2) Animosity and resentment
3) Damaged relationships

So when I PROACTIVELY contact homeowners who have received pre-foreclosure notices (which are public record) to offer my assistance, it is coming from a place of knowing what they are facing.
Stay tuned for PART 2 where I'll share my tips on avoiding a situation like this and what to do if you find yourself in this type of trouble. 

Do you have a real estate need? 
In the meantime, if you have a real estate need and need an agent that has been through the fire and walks the talk, I'm the one! Not local? No problem! Call me at (404) 857-2508 to see how I can assist.

Natasha Liburd Bazile is a Realtor with Coldwell Banker Atlanta and the Lead Home Stager with Heart of Decor in Georgia (virtual services available). She prides herself in being a guide to her clients and finds fulfillment in helping them achieve their goals.

Direct Phone: (404) 857-2508 Email - Facebook - Twitter - YouTube

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