Foreclosures are those times when a house is sold at auction, and it’s become available for rent. Some banks will call or email you to find out if your house is in foreclosure. This is usually done through your bank or mortgage company, but I’ve found that sometimes I’ll just call, and then I’ll wait for the phone to ring.
While in a home foreclosure situation, you can be a pretty resourceful person. You can call the lender directly, and then try to get your home sold at a lower price than you were originally offered. At minimum you could try to negotiate with the lender to lower your mortgage payments, negotiate with your bank to get your mortgage payment lowered, and maybe even try to negotiate with a title company or appraisal company to get your home appraised.
I’ve found that many times I’m the one who has to take care of all these steps. Call the lender, try to get your loan closed at a lower rate, negotiate with your bank to lower your mortgage payments, and maybe even try to negotiate with a title company or appraisal company to get your home appraised. You might want to call your lender and ask them if they can talk to you about a lower mortgage payment.
It’s best to go straight to the lender and ask them to lower your rate. For most people this will be a 50-50 split in favor of your lender. Some lenders might only be willing to lower a few percent as a courtesy. However, if that lower rate is really worth it, then you’d be better off saving that extra $15 or so and putting your house on the market.
And if you do go to your lender and ask for a lower rate, be sure to tell them that you are making a down payment of 50% and are going to have to pay all of the monthly maintenance payments, not to mention the property taxes. Also tell them that you are making the house available to some of your neighbors who are interested in turning it around. And remember to tell them that you have two children, and no, you don’t want your home to go into foreclosure.
I am a mortgage broker who specializes in assisting homeowners. I work with people who are facing foreclosure, and then I work with people who are moving out of their homes. I have a lot of experience helping folks with foreclosures, and I have also worked with a lot of people who are buying and selling their homes. So I know how to talk to lenders and prospective buyers. But I also know how to talk to and listen to your neighbors.
I’ve been talking to people who have had foreclosure issues for a long time, and I know how to help them navigate their next steps. I always encourage people to get a second opinion from an independent professional.
If you are buying your home, the first thing you need to do is ask yourself a question that you haven’t asked yourself before. Is your house worth what you are paying for it? Does the home you’re looking at have the security or value you need? Do you have the time and money to pay off your mortgage? If you answered “no” to any of these questions, you obviously aren’t making an educated decision.
If you’re on a property that is a lot more expensive than your own, you should ask for help. If you’re not, then you might be able to get a loan, but you will probably have to pay back the money. In our case it could be for a short amount of time.