Facing Duplex Foreclosure? There’s Always Hope

Climber on the summit of a rock spire.I spoke with a duplex owner facing foreclosure the other day.

He’s in the last three months of his redemption period and time is running out.

I tried to reach him months ago to see if I could help him avoid foreclosure.

I didn’t hear from him.

I tried again recently, and he responded.

He confessed to being depressed and overwhelmed by the stress of near unbearable financial hardship. Totally understandable.

But when I suggested we do everything we could to keep him from foreclosure and all its consequences, he was resistant. Basically, with so little time left, he wondered why he should even try.

In Webster’s dictionary, the fifth definition of the word “try” is “to make an attempt at”.

In his case, an attempt to change his financial future, possible tax consequences, and long term credit damage caused by foreclosure.

I encouraged him to take a chance and simply try.

After all, whether it’s in real estate or life, we never know all we’re capable of until we attempt it.

Sometimes it’s infinitely more than we ever expected.

And if we fail, at least in this scenario, failure results in foreclosure; an outcome he expects anyway.

But if we succeed, he may be able to buy a property again in two years. With a foreclosure, he’s staring at seven.

Isn’t that worth an attempt?

I think so.

I hope he does too.