The Most shared Problems In Resolving a Foreclosure
The most shared problems in resolving a foreclosure are the homeowner’s inability to get non-conflicting information, and his ability to make timely decisions. His indecision is strengthened by information from numerous supplies including real estate investors, the lender, realtors, mortgage brokers, and bankruptcy attorneys. All of these individuals have a vested monetary interest in a specific resolution to the homeowner’s problem.
The real estate investor wants to buy the home and resell it or rent it. He does this to make a profit on his investment. Homeowners in foreclosure are not in a frame of mind that is conducive to logical thinking and they can make poor judgments especially if the information they get is not accurate. There is possible abuse by investors and a number of states have enacted regulations effecting how investors deal with foreclosure victims.
The lender’s representative can have as many as 500 foreclosure situations at one time. They are instructed to first do what is best for the lender and not to give legal advice to the homeowner. This method that the friendly person from the lender is working to get your home if it has equity in it, or get you to reinstate your loan so it comes off the lender’s list of delinquent loans.
Realtors® only make money if they sell your home, but if they can’t sell it quickly or in a timely manner, you will lose your home unless you have another solution. Promises that they have a buyer do not justify your signing an exclusive seller’s agreement. Sign only a buyer’s agent commission agreement for a specific person(s) when and if they bring you a buyer.
Mortgage brokers are quick to tell you they can get you refinanced, but if they are wrong, you could lose your home. Do not allow them to screen your calls if your sell your home yourself because you are paying for their advertising and they may transform your perspective buyers to mortgage clients for the buy of another home.
Bankruptcy attorneys only make money if your file for bankruptcy. The issue with filing a Chapter 13 bankruptcy is that while it will stop your foreclosure, it is only permanent and your home will be released from the proceeding and the lender will continue the foreclosure. However, you will have the bankruptcy on your credit report for 10 years versus seven years for a foreclosure.
So as you can see, each of these professionals has a motive that may or may not be the best solution for the homeowner’s specific problem. Who do you listen to? Unfortunately, it is often the best salesman that wins the attention of the homeowner. The solution is for the homeowner to quickly become informed about foreclosure to sort by the myriad of incoming information and to ask for legal advice from attorneys who manager foreclosure situations.