The latest on Chuck.

He called this afternoon about 4:30. He was calling from a pay phone even though he had received the phone card and debit card I sent him. He said that his house has been in foreclosure since April 9. I don’t know if he has a 60 or 90 day foreclosure process. He kind of eluded my question, so I’m still not sure how much longer he has in his place. He did say that he was just contacted today from I think was a capital investment company that was offering him a ‘short sale.’ Evidently this is a situation where a capital investment company buys distressed properties from mortgage holders that have no other options. The usual practice is to offer the owner just enough to pay off the amount for what is owed to the bank with really nothing left for any equity that they may have in the house. The only ‘advantage’ is that the foreclosure is not noted on a person’s credit rating.

Just after Chuck called I received a call from a bank that had loaned us the money for my LASIK surgery two years ago. So, while I was not interested in any refinancing offers that they were calling about I was able to ask them so very poignant questions about Chuck’s situation.

He did affirm that he knows he does have options, but I’m not sure what he’s going to do. I don’t think he knows yet. I told him about the offers of the trailers by Peter and Karen, and Ben and Illa. I don’t know what he’s going to do about a mailing address if he loses the house.

I guess it’s a wait and see.

Jim