Pixel Tracker

Thursday, January 24 , 2019, 2:00 am | Fair 42º


Elaine Abercrombie: Change Can Come Suddenly and Without Warning

Even under dire circumstances, a Realtor can help you through the crisis

During this holiday season I am so thankful, as I am every day, for how fortunate I am.

Yesterday morning I received a call from a very confused and dazed client. Todd (not his real name) explained that his wife had just left him and that now he had received a Notice of Default on his home. As his two boys played outside in the yard, we discussed his options.

With the Notice of Default’s sale date already past, we had to act fast. Todd contacted an attorney for advice and found he could file bankruptcy and stay in the house about a year, but this action would damage his credit for at least 10 years.

Another option was to do nothing and let the bank foreclose, affecting his credit for seven to 10 years.

The bad news was that it was the holiday season and the bank could foreclose now according to the Notice of Default letter.

Another option was to list the property and request that the bank cooperate with a short sale. Why would the bank be willing to do this? Two reasons: It costs the institution more money to foreclose and having the home occupied during this time period is better for everyone involved. The bank doesn’t have to worry about vandalism and the owner has a place to stay until the process is finished.

Some short sales close quickly while others may take more than a year. The timeframe usually depends on the bank and the amount of staff it has dedicated to the short sale process.

If something like this happens to someone you know and love, call a knowledgeable REALTOR who will be happy to explain the options.

This market is creating many renters who were once homeowners. The hope is to become a homeowner again as soon as possible for most.

Elaine Abercrombie, a broker with Abercrombie Fine Homes, is past president of the Santa Barbara Association of Realtors. She can be contacted at .(JavaScript must be enabled to view this email address) or at 805.450.0086.

Support Noozhawk Today

You are an important ally in our mission to deliver clear, objective, high-quality professional news reporting for Santa Barbara, Goleta and the rest of Santa Barbara County. Join the Hawks Club today to help keep Noozhawk soaring.

We offer four membership levels: $5 a month, $10 a month, $25 a month or $1 a week. Payments can be made using a credit card, Apple Pay or Google Pay, or click here for information on recurring credit-card payments and a mailing address for checks.

Thank you for your vital support.

Become a Noozhawk Supporter

First name
Last name
Select your monthly membership
Or choose an annual membership

Payment Information

Membership Subscription

You are enrolling in . Thank you for joining the Hawks Club.

Payment Method

Pay by Credit Card:

Mastercard, Visa, American Express, Discover
One click only, please!

Pay with Apple Pay or Google Pay:

Noozhawk partners with Stripe to provide secure invoicing and payments processing.
You may cancel your membership at any time by sending an email to .(JavaScript must be enabled to view this email address).

  • Ask
  • Vote
  • Investigate
  • Answer

Noozhawk Asks: What’s Your Question?

Welcome to Noozhawk Asks, a new feature in which you ask the questions, you help decide what Noozhawk investigates, and you work with us to find the answers.

Here’s how it works: You share your questions with us in the nearby box. In some cases, we may work with you to find the answers. In others, we may ask you to vote on your top choices to help us narrow the scope. And we’ll be regularly asking you for your feedback on a specific issue or topic.

We also expect to work together with the reader who asked the winning questions to find the answer together. Noozhawk’s objective is to come at questions from a place of curiosity and openness, and we believe a transparent collaboration is the key to achieve it.

The results of our investigation will be published here in this Noozhawk Asks section. Once or twice a month, we plan to do a review of what was asked and answered.

Thanks for asking!

Click Here to Get Started >

Reader Comments

Noozhawk is no longer accepting reader comments on our articles. Click here for the announcement. Readers are instead invited to submit letters to the editor by emailing them to [email protected]. Please provide your full name and community, as well as contact information for verification purposes only.