Working in the REO-side of the real estate business has its not-so-grand moments. But, luckily, good fortune has a way of making some of the most helpless cases turn into fond memories for agents and homeowners alike.
Craig Laube, president of American Foreclosures, knows of one such example.
Laube remembers a time when a single-mother, who was supporting herself through school, fell on hard times and ended up with two mortgages in pre-foreclosure. The mom had one home for her family and another property that was held as an investment.
Being a kind soul, the homeowner let several struggling relatives move into her investment property. Shortly thereafter, she found herself struggling with two mortgages and with renters who could no longer afford their payments. The investment property was quickly slated for sheriff’s auction, prompting Laube’s group to step in.

“The sheriff was sympathetic, but had already postponed her sale once already,” Laube’s staff member remembers. “He wouldn’t postpone it again without a letter from an attorney who was out of town and unreachable.”
Being that it was Friday afternoon and no attorneys were around, the homeowner’s chances seemed bleak. But with Laube’s help, another attorney was quickly lined up to handle the letter and an extension was granted. Shortly thereafter, Laube’s office managed to push the second home through a short sale, saving the single mom from foreclosure. But despite their successes, the homeowner’s worries persisted.
Her extended family moved into her primary residence as she struggled to make payments. To generate the funding needed to save the home, the single mom sold a diamond ring and dropped off the check to prevent a sheriff’s auction. With her payment short 52-cents, the lender rejected the payment—leaving the homeowner wondering if she could save her own home in time for Christmas.
Craig Laube stepped in once again to save the day. Laube contacted the lender directly and managed to push through the remaining payment to save the home from auction. Not only is the homeowner still in her residence, she now has a definite plan for staying there.
“She was so worried that the family wouldn’t be able to spend the holidays there, all due to miscommunication and nonsense,” Laube’s office remembers. “She was able to borrow enough money to cover her payments until she finishes school and she has a guaranteed job with a great salary waiting for her as soon as she’s through.”