Basically, here is the list of the people that are generally chasing the borrower(s). The lender(s) are looking for repayment their loaned monies and or for the borrower(s) to give back the property.
Attorneys looking to represent the borrower(s) in the foreclosure action lawsuit (the borrower(s) have no money to pay an attorney nor any real defenses to the lawsuit), or encourage you to file bankruptcy (you have no money to pay the attorney and it will cost you more per month than you are paying now), and or to buy your property for a short sale price?
The “We Buy Homes or We Help You Guys”, these are the investors that want to buy or have an option to buy, subject to getting a successful short sale from the lender(s).
The Loss Prevention Mitigation people who are looking for a fee to reinstate the borrower(s) and keep them in the home knowing that 8 of 10 will not qualify and of the 2 that do qualify, 8 of those 10 fall back down again within 12 months and will be back. If the Loss Prevention Mitigation does not work, they will also try to buy as a short sale.
The Real Estate Agents will also be contacting the borrower(s) to list the property for sale as a pre- foreclosure that may well bring more traffic for buying as short sale. There may also be some “nosey neighbors”, “Looky Lou’s”, or bill collectors. These are all the players calling, visiting and or writing the borrower(s).
So, there you have it. Now you know and can stop living in fear and hiding. If the borrower(s) call back some of these mailings, they can get a better comfort level for the players and see if any may indeed be able to truly assist in the best interests of the borrower(s).
Listed below are some of the various options that are available. As time goes on and as the borrower(s) tend to procrastinate, many choices will expire and no longer be available as options. Please remember that if the borrower(s) does nothing, the damage report will grow very large.
Major credit damage and large judgments will follow you for years to come affecting all that the borrower(s) does. The borrower(s) will pay for it in ways that they never knew counted. Although at this time in your life you maybe very angry, confused and really do not care.
Trust me, that will all change and have a very different meaning in the years to come and you may want to try it again and the time and money involved to “undo it” will be a monumental task. Please give it serious thought, review the many options listed below and ask questions.
Be proactive and even the best of the worst choices will get you through this season of life with the least amount of humility and future damages. For understanding, the terms foreclosure and pre-foreclosure are used as the same. The property is either in a state of being foreclosed on till the public sale, or the lender(s) has taken it back and is now a REO property. Options listed below are not in any particular order.
Disclosure. So the reader is not in anyway mislead, the information that is presented herein is designed to be more of an informational guide as to how many of these certain situations generally work. The writer is not an attorney, real estate agent, banker, accountant, foreclosure or credit counselor or any other type of licensed individual representing the areas as described herein.
This information works in most all areas but has not been researched to determine which areas or situations that it may not work in or may have to be altered. The reader should in all cases seek applicable legal advise and research their own situation before engaging any of the information printed here within. Reader hereby agrees to hold the writer of this information harmless for any and all usage of the here within which may cause an adverse effect on any current and or future situation the reader may try to resolve or become involved in.
To learn more about the foreclosure revelations, please visit our website or contact us for more in depth information.
Clint Cohen is a renowned national expert and guru mastering in investing and creative real estate solutions. Clint is also a national award winning builder, remodeler and developer with over forty years of success.
Clint has authored several books and has created exclusive paperwork for all his business. www.truthofrealestate.com
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