If you have been following NoteSchool, you are aware we have a ton of case studies showing how investors are making extraordinary returns on their investments. The risk and profit ratios are certainly an important aspect of the note business, but it is not the only one. Behind all of the numbers are people that will be affected by the outcome.
As note investors, we have a great opportunity to help people stay in their homes, purchase homes or allow people to start over by giving them the ability to gracefully walk away from their debt obligations. Those aspects are important and were illustrated perfectly in two separate emails I received from two of our NoteSchool Members.
David sent me an email explaining how he helped a struggling young man. This person was delinquent on a loan where he owed much more than the house was now worth. He was suffering some mental issues but really wanted to stay in his home rather than moving in with his parents. David tried the best he could to restructure the loan, but the young man simply didn’t make enough money. David released the young man of his debt obligation through a deed in lieu of foreclosure.
The young man was thankful for the effort and the respectful way that he was treated. Later, David received a letter from the man who stated that he had moved back in with his parents, was now receiving proper medication and was able to get a new job. He thanked David for allowing him to move on with his life. They stay in touch with each other.
I also received a letter from Huan this week. He started his letter by saying, “yesterday was a good day”. He proceeded to explain that he drove several hours to talk with the tenants of a delinquent borrowers property. Although Huan had a different idea about what to do with the property, the tenants were so nice and had such a compelling story, that Huan threw his ideas out and converted these tenants to happy homeowners. Homeowners that could stay in place; right next to their loved ones.
Huan said, “After all, when I started my company, I had vowed trying to help keep families in their home as much as possible”.