Your buyers may be drawn to distressed properties. After all, “the No. 1 reason to buy a foreclosure is the potential for a good bargain,” Read more
In early 2011, you may remember there was a lull in foreclosure activity – a lull that was prompted by nationwide scrutiny into lenders’ home-seizure practices. Read more
A short sale is when a bank agrees to accept less than the total amount owed on a mortgage to avoid having to foreclose on the property. Read more
by Brandon Brittingham
A short sale is when a bank agrees to accept less than the total amount owed on a mortgage to avoid having to foreclose on the property. This is not a new practice; banks have been doing short sales for years. Only recently, due to the current state of the housing market and economy, has this process become a part of the public consciousness. Read more
Question: Mike in New York lost his job about three years ago and fell eight months behind on his mortgage payment. He got another job and is trying to catch everything up. He sends full payments along with partial ones to make up for the amount that he’s behind, but the bank has been returning those. Now they are starting the foreclosure process. What should he do?
Answer: I would call them back and have this conversation: You have been trying to work this out and do not want to go through the modification process. You simply want to catch it up. You don’t have the $12,000 you need today. Read more