Post
by nikkei325i » Thu Feb 12, 2009 7:42 pm
I was taking yet another typical trip to Orlando, Florida, accompanying my parents on a business trip; however, this time I took with me a “souvenir” unlike any other that would remind me of my parents’ legal dispute that changed my outlook on the meaning of homeownership.
My initial reason for coming along with my parents was due to curiosity of knowing what kind of troubles my parents were dealing with in Orlando and how they were going to get out of it. I have always heard my parents talking about their vacation home, but never bothered to question them about it until that day. After attacking my parents with several questions, I learned that they were involved in a legal dispute with their property management company. This company had entered into an agreement with my parents, taking on the responsibility of renting, occupying, and paying off all necessary taxes and payments for the term of two years on our vacation home. In less than a year, however, the company defaulted, failing to carryout the agreed upon responsibilities. The case still continues to this day, as do my parents’ worries.
It was this legal dispute that jump-started my interest in property law. Seeing my father’s mental anguish since the beginning of this battle left me in a frustrated mental state, yet at the same time I understood why he acted that way. These tangible objects we call “homes” are the most expensive purchases we ever make in our lives; my father, like millions of others, contributes approximately one-third of his life working for his home. But I believe that a home has a deeper meaning to it; it describes the significance, unforgettable memories, and sentimental value that a person establishes in these objects. Most immigrants’ reason for traveling to this country is to obtain the “American Dream;” that is, the traditional social ideal where one has the opportunity and freedom to own their home. The perseverance, dedication, and time essential to purchasing a home is enormous, and one would do everything in their power to keep it.
When looking at my father’s position the picture becomes clearer then for why the uncertainty of possibly losing your home at any moment can be distressing. After analyzing my parents’ situation, and realizing some of the potential consequences they faced, I was determined to find out how I could aid in salvaging not only my parents,’ but others’ homes that are lost, or are at risk of being lost, due to uncontrollable and unforeseeable events. When I returned home, I immediately consulted my sister, who is in the mortgage business, about pursuing my desire. Luck was on my side as she had found and setup an internship for me with a property attorney. This attorney, due to the current economic situation, concentrates specifically on providing help to those individuals who are in danger of foreclosure. In my time working with the attorney, one specific client of hers caught my attention. I remember vividly how distressed this man sounded from the volatile tone of his words; most were soft and hesitant, and carefully reciprocated to every one of the attorney’s questions; others peaked to levels that gave off a clear sign of frustration. It reminded me of my father’s words and the expression on his face in Florida.
After their conversation the chance to expand on my curiosity became vacant, and it was here that my perspective on being a homeowner could really shine through. The attorney had turned the spotlight on me as she put me in control, by requesting that I propose a remedy. I began by analyzing her client’s problem: a man facing foreclosure on his home because of a sour marriage that resulted in a decline in his household income. Then I had to ask myself several questions: How severe is his situation? Is achieving a solution to his problem realistic? What are the factors preventing him from keeping his home? As I examined his financial statements I found that his expenses were moderate, and could be realistically solved. I followed up with him and took note of other factors affecting his circumstance such as support of four children, so childcare is essential. Moreover, he held a second job at night which showed that he was making an effort to cover his mortgage payment and also mentioned his efforts of rekindling of his marriage through counseling.
When formulating a method to resolve the client’s situation I wanted to create a solution that would not drastically shift his lifestyle away from his current one. The solution I came up with was playing-out-the-numbers as being the best bet to tackling the problem. By reviewing his financial statements and identifying expenses that I could reduce in targeted areas where amounts appeared overextended, while keeping in mind what his priorities I was able to create an effective measure for the client that would allow him to maintain his current lifestyle in a better position. Although the method alone was not enough to resolve the client’s problems, it played a significant role in assisting the attorney in formulating her own solution to getting her client on the right track.
It was during the internship that I was able to solidify my interest in studying the law, and to discover a facet of the law that, considering my own life experiences, proved so appealing. Although by working alongside the attorney I was able to gain a better understanding and become more involved in the legal process, my assistance was limited by how little I knew. To become a more effective advocate for troubled individuals such as my parents or the attorney’s client, I realized that law school is necessary.