Realtor Pens Down Foreclosure Experience In Book

Posted on September 5, 2008
Filed Under Repo Homes |

Realtor Peter Richmond of Mill Valley has penned down his experience with foreclosures in a new book. He makes his living out of selling houses. He saw in this an opportunity to capture his experiences to help those facing foreclosure to keep their houses.

64-year-old Richmond has been in the lending industry for nearly quarter of a century. Then he shifted his focus to real estate. He has captured invaluable experiences in a recent volume named “Save your House from Foreclosures!” The paperback edition runs into 78 pages and offers very useful advice to those house owners who are on the verge of foreclosures.

Putting it neatly Richmond says that although he has dabbled with real estate and primarily sold properties, still he felt it his moral duty to the community to help families continue to stay in the houses that are their homes within practical limits. His wife Jane has teamed up with him in this laudable venture.

Richmond says that the first enemy to fight off is fear and a sense of shame. One has to come out of the shell of a feeling of disgrace and be more proactive with lenders. The basic idea is never to give up. The viable targets should be reducing the loss, modifying loans and engaging in short sales. All these avenues are discussed in detail. Richmond goes on to add that there is no denying that some are going to lose their houses. But that should not prevent one from thinking that many can try to use legal and ethical tools to prevent foreclosures.

Richmond had previously written another book “The Unofficial Guide to Flipping Properties.” He said banks are open to loan modifications but the problem is finding the right official of the bank who will be of help. Hence the borrower has to go on knocking on the doors of the banks and be persistent. The wall has to be broken down.

Richmond also maintains direct ties with those lenders he had worked with for their REO properties. These units account for nearly 30% of the sales transactions carried out this year till now.

The executive officer of Marin Association of Realtors, Edward Segal, has not thumbed through Richmond’s book as yet but says he does not know if any other similar book is available in the market dealing with foreclosures.

In Marin foreclosures have doubled in one year and defaults are continuing to increase. Yet experts opine that this is the worst of the worst.