Earlier this week I received a call from a first-time home-buyer wanting to revisit the possibilities of a home purchase. This client had contacted me about 6 months ago and we had a general discussion about their personal circumstances....they were "credit challenged" then and still are now. While I recalled their names and the fact that we spoke I could not remember the specifics of their situation.
I have always been willing to provide information, guidance, recommendations to consumers about why they may not qualify for a mortgage and how they could get themselves on a "path to homeownership......that is, if they were willing to listen........ and willing to commit themselves to the effort. If they appear sincere in their efforts to improve/correct their circumstances then I am very willing to spend some of my "valuable time" (more later) in counselling them.
More often than not I hear this; "I appreciate what you have done and what you have shared, no one else has taken the time to explain what the problems are and/or what we have to do to prepare ourselves to qualify. Just...sorry but there's nothing that we can do." Although not all that many seem to act on on my recommendations, I do get that occasional call with the voice on the other end stating "Ron, this is so and so. I don't know if you remember me/us but we spoke XX months ago and you counselled us on what I/we need to do to improve or correct our circumstances. I/we have worked on this and think that maybe it's time to try to qualify again." For me this is a great feeling...to know that you may have had a "positive impact" on someone's life!
I subscribe to the concept that "Time Is Money" however, I don't let that override the level and quality of my services. At the end of the day....it's also about life and how you choose to navigate through it.....a golden rule comes to mind!
However, back to my story! In speaking with this client I learned that she was the victim of fraud/identity theft about 3 months ago which further serves to exacerbate her credit issues. Evidently she had been contacted by someone supposedly marketing a satellite/dish network system. As part of the "application process" she provided personal information as well as her bank debit card details. She received a couple follow on calls over the next few days asking one question or another. Nothing happened as far as the application process and she did not hear further from the representative.
In a period of 30 days or so afterward she learned that her bank account had been accessed and other credit transactions had been done in her name. She is still dealing with the circumstances. Her bank ended up issuing her a new debit card and eventually a new checking account.
In trying to collect the facts I asked her a few questions as follows: 1) Did you file a police report? Answer--No! 2) Did you contact the 3 major credit bureaus to report all of this and implement a consumer statement and fraud alert? Answer-----no! 3) Why didn't you do these things? Answer----I didn't know that is what I should have done! .....and the kicker question 4) Didn't your bank recommend or suggest to you that these actions should be taken? Answer---NO! WHOA! Well now I am thinking are these the facts? How could she go through all of this and the bank representative not provide this guidance? Believable....or.....Plausible?
I would like to believe that her bank had a standard procedure or policy in how they handle these type of circumstances with their clients. Do they?... or is it just that the bank representative was not professional, service oriented or just doesn't really care?
Regardless, I have pulled the credit report and will counsel her and provide recommendations for follow on actions in dealing with the fraud/identity theft as well as what can be done to put her and her husband on the path to homeownership. Will they accept my advice and focus their efforts on this path? Who knows? Will I have wasted my valuable time on dispensing my advice? Maybe..maybe not! But it doesn't matter....it is a part of trying to be professional and offering quality service along the way. Hopefully what goes around comes around .......and I will fell good about it!
Photo Courtesy: Web.WorldBank.org
Copyright 2008, Ron Withers, All Rights Reserved.
Ron Withers - Mortgage Professional (Sr. Loan Officer, LMB)
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I am glad somebody is helping that poor woman. She needs help to get back on her feet. I am surprised that her bank did not tell her what to do.