I looked in Webster's for a definition of "foreclosure" and it left me a little empty and puzzled. It just didn't do it for me. It lacked any emotion.
Foreclosure; take away the right to redeem (a mortgage)
Usually when I see the word "foreclosure" in print it stirs up much more powerful emotions than Webster's did.
Try these situations;
From the individual(s) or family viewpoint;
A foreclosure of one's home has to be a very powerful and traumatic experience. It is usually accompanied with other life altering situations such as loss of job, illness, divorce, or death. This can be a truly brutal experience, not soon forgotten, if ever. Even if a foreclosure is really the fault of the borrowers, where they purchased a home that they couldn't afford, it's still very sad.
From the vantage point of an investor;
This is different. It's not someones home, it's a house, it's real estate. The investor purchased the house in an attempt to generate additional cash flow, increase net worth, or maybe to sell for a profit. This was a business decision. No one likes to see someone fail with their investments, but I gotta tell you it's not generating the same level of pain for me.
The Bank, Mortgage Co., Financial institution;
Strictly business! A decision gone bad where the security will be come a REO (real estate owned). This is a failed business investment, just another day at the office. The goal now will be to liquidate the asset to minimize the loss. This now all sounds so impersonal, probably because it is.
Well that's 3, so where's the 1/2?
As a REO, it's a guaranteed sale! That's right that house has to be sold. At whatever price, it's a goner! The financial institution has no desire to retain ownership. It wants to make it liquid.
This is part of what's going on in our market today and I was looking for a happy ending, but I couldn't find one.
WELL, MAYBE SOMEONE WILL GET A GOOD BUY AND MAKE IT A HOME AGAIN! WE CAN ONLY HOPE.
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