Desperate Homeowners, Meet the Millers

Short Sales 101

Base Photos Licensed from iStockPhoto

David and Wendy Miller own a beautiful four bedroom home in the suburbs where they’re raising their two young children. They have a large wooded yard for summer fun, backyard barbecues, and where their dog, Jake, loves to chase squirrels.

The Millers have lived on Cypress Drive for seven years and have become close friends with the neighbors around them. The children take turns playing at each other’s houses, and the adults frequently get together on the weekends for neighborhood cookouts. While the Millers have the same everyday stresses as the typical American household, they are a genuinely happy family.

Then a bomb drops out of the clear blue sky. David gets called into his boss’s office and is told the company has to lay off several employees due to the weakening economy, and he is one of them. David is completely shocked. He’s worked for this company for 10 long years and has given it his all. And now to be let go with just two weeks’ notice? How will he tell Wendy? Just the thought makes him sick to his stomach.

As a Business Analyst for a large corporation, David earned $60,000 a year plus full benefits. Wendy works as a Marketing Manager in the hospitality industry and brings home about $50,000 a year. Losing more than half the household income will put a huge financial strain on the Millers.

David shuffles through the door at the end of a devastating day and breaks the bad news to Wendy. After the initial shock and panic, they quickly formulate a plan to keep their heads above water. David has a couple weeks’ notice and then he’ll be eligible for unemployment. In the mean time, he’ll hit the pavement hard looking for a new job. They’ll cut out most of their discretionary spending, and hopefully there won’t be too much down time between jobs.

Unfortunately, it seems like no one is hiring. Days turn into weeks and weeks turn into months and David is still without work. Something has got to give. The credit cards are now maxed out, and the bills that are being paid are being paid late.

Another month passes. The Miller’s hard earned savings is gone, and the mortgage is looming. As hard as they try, they just cannot make their money stretch far enough to cover the house payment this month. Same with the next month.

David and Wendy are horrified that they might lose their home to foreclosure. What will their neighbors, friends and families think? They are honest, responsible adults and have never had problems managing money or paying their bills on time. Their pride is hurt, they are terribly embarrassed, and don’t know where to turn.

This scenario is quite common. Most of the homeowners we help are good people who have just had bad things happen in their lives. We encourage homeowners across the United States to get educated on the options available should they become financially distressed. Short Sales are a great tool, providing relief to all parties.

Just remember to choose a REALTOR® with a proven Short Sale track record to negotiate on your behalf. Making the right choice can mean the world of difference to your financial future.

David and Wendy Miller own a beautiful four bedroom home in the suburbs where they’re raising their two young children. They have a large wooded yard for summer fun, backyard barbecues, and where their dog, Jake, loves to chase squirrels.

The Millers have lived on Cypress Drive for seven years and have become close friends with the neighbors around them. The children take turns playing at each other’s houses, and the adults frequently get together on the weekends for neighborhood cookouts. While the Millers have the same everyday stresses as the typical American household, they are a genuinely happy family.

Then a bomb drops out of the clear blue sky. David gets called into his boss’s office and is told the company has to lay off several employees due to the weakening economy, and he is one of them. David is completely shocked. He’s worked for this company for 10 long years and has given it his all. And now to be let go with just two weeks’ notice? How will he tell Wendy? Just the thought makes him sick to his stomach.

As a Business Analyst for a large corporation, David earned $60,000 a year plus full benefits. Wendy works as a Marketing Manager in the hospitality industry and brings home about $50,000 a year. Losing more than half the household income will put a huge financial strain on the Millers.

David shuffles through the door at the end of a devastating day and breaks the bad news to Wendy. After the initial shock and panic, they quickly formulate a plan to keep their heads above water. David has a couple weeks’ notice and then he’ll be eligible for unemployment. In the mean time, he’ll hit the pavement hard looking for a new job. They’ll cut out most of their discretionary spending, and hopefully there won’t be too much down time between jobs.

Unfortunately, it seems like no one is hiring. Days turn into weeks and weeks turn into months and David is still without work. Something has got to give. The credit cards are now maxed out, and the bills that are being paid are being paid late.

Another month passes. The Miller’s hard earned savings is gone, and the mortgage is looming. As hard as they try, they just cannot make their money stretch far enough to cover the house payment this month. Same with the next month.

David and Wendy are horrified that they might lose their home to foreclosure. What will their neighbors, friends and families think? They are honest, responsible adults and have never had problems managing money or paying their bills on time. Their pride is hurt, they are terribly embarrassed, and don’t know where to turn.

This scenario is quite common. Most of the homeowners we help are good people who have just had bad things happen in their lives. We encourage homeowners across the United States to get educated on the options available should they become financially distressed. Short Sales are a great tool, providing relief to all parties.

Just remember to choose a REALTOR® with a proven Short Sale track record to negotiate on your behalf. Making the right choice can mean the world of difference to your financial future.

Tom Branch, Broker, CDPE, SFR

Based on “Avoiding Foreclosure – The Field Guide to Short Sales”, Copyright 2010 – Tom & Gina Branch

About Tom Branch

Tom Branch has written 597 posts in this blog.


Have you ever just met someone, but felt you like you'd known him for years? That's what most people experience with Tom. He has a knack for making folks feel right at home. After 21 years in the Air Force, loyalty and honesty are the foundation of everything Tom does. In addition to being a Texas Real Estate Broker, Tom is a Certified Distressed Property Expert (CDPE) and a Short Sales & Foreclosure Resource (SFR).

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