That's right... There have been court-ordered freezes issued on foreclosures within all 50 states. This has been sparked by claims of forged and potentially flawed documents among the nation’s largest lending institutions that did not have the processes in place to handle the overwhelming volume of foreclosures.
What does this mean to us?
1. It means that, depending on who your mortgage is with, if you are behind on your payments you will not go to foreclosure (not right now anyhow)... Call me to see if your bank has put a freeze on your foreclosure.
2. REO's (real estate owned by the bank) may not be as readily available if the banks are now scrambling to do quality assurance and make sure their REO's were legitimately acquired.
3. Banks will be very uninterested in acquiring any more real estate than they have already! So, that means that if you are behind on your mortgage now is an EXCELLENT time to do a short sale. The process - we list your house, we get an offer, we take it to the bank, and ask them to accept the offer even if it is lower than what is owed on the loan. You are much more likely to get an approval now! Imagine – walking away from that home that you owe WAY more on than you can sell it for…
If you or anyone you know might be falling behind on your mortgage call us today! Don’t wait – we can help you!!!!
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