It is my understanding that many people in foreclosure status would actually like to do anything they can to stop foreclosure sale. Most of these people have had their homes for many years and allowed themselves to be duped into refinancing homes that were free and clear.
They also refinanced homes that were at an affordable original purchase amount, but because they may have needed extra money for one thing or another, mortgage reps talked people into getting equity out of their homes to pay for whatever extra expenses they may have had.
Because of this, now these people are unable to pay the higher mortgages on their homes mostly because they were talked into a 2 year arm mortgage. This meant that after two years, the interest on the loan will increase according to the market rates and the mortgage would increase drastically.
This all started the domino effect of the foreclosure boom.
Selling the Home
One way to stop foreclosure sale is to actually sell the home. I was actually in this situation.
I purchased a home for someone who was losing it. I purchased it in April of 2005 with the intent that the previous owner would pay the current mortgage and repair her credit. After the year was up, she was supposed to buy the home back.
She paid the mortgage up until January of 2006 and then stopped making payments. I then had to take her to court, evict her (done in March 2005) and then pay the mortgage myself because I could not find a tenant.
By June 2006, I was no longer able to make the mortgage payments for this house as well as my own. Meanwhile, the finance company had began the foreclosure proceedings.
I then put the home up for sale in October after getting my foreclosure notice. Luckily, because I’ve been in real estate for years prior to this, I had a list of clients willing to buy the property.
In November 2006 I had the property sold. Because of this, I was able to stop foreclosure sale and pay off the bank what was owed to them in full and walk away with $50,000 profit.
Selling Your Home to Stop Foreclosure Sale | Foreclosure Black Book…
It is my understanding that many people in foreclosure status would actually like to do anything they can to stop foreclosure sale. Most of these people have had their homes for many years and allowed themselves to be duped into refinancing homes…
Selling Your Home to Stop Foreclosure Sale | Foreclosure Black Book…
It is my understanding that many people in foreclosure status would actually like to do anything they can to stop foreclosure sale. Most of these people have had their homes for many years and allowed themselves to be duped into refinancing homes that…
Thank you for the information. I have been trying to avoid foreclosure and this helps me greatly to put things in perspective
I’m not sure I agree with you. I have an acquaintence who is losing his million dollar home to the bank. Its a place he has owned for a dozen years. He got under water during the subprime mess. He could have pulled himself out but got so depressed, he could barely get out of bed. He used to say I want to save my house but he never did anything about it. Its really sad. If you know someone like this, be supportive. Send them to blank for tips.
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