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Banks arent foreclosing.....I get to keep my house!

By
Real Estate Agent with keller williams vip properties

So there is a freeze on foreclosures in SOME states.  One major lender has frozen them in all 50 states.  Does that mean my foreclosure will be halted, and the bank is NEVER going to take my home?  NO IT DOES NOT!  What is happening can be a good thing for families, IF YOU TAKE THIS TIME TO MAKE A PLAN.  Please do not sit, wait and watch.  If you are behind on the payment, SAVE MONEY!   Save everything you can!  If you were doing a modification, BE REAL PERSISTENT, AND DO NOT GET FRUSTRATED and if the best alternative for you is a short sale, GET STARTED NOW!

I do know this, there will still be properties that slip through cracks and get foreclosed on during this "freeze."  I also know when the freeze is lifted THOUSAND UPON THOUSANDS of properties will be rushed to sale.  Lastly if you are behind in your payment, the time frame of the foreclosure process is NOT halted.  Your timeline will continue, just the actual sale will be on hold IF your timeline is up while the freeze is on.

Posted by

 No matter what you are going through in life it is a temporary condition and it truly is a great life.  God Bless

Elgin Walker

Comments (4)

Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Good point to clarify. People think that are out of the woods. But... not so much.

Oct 15, 2010 06:32 AM
Pam Dunn
RE/MAX Premier Choice - Crossville, TN
Relocation Specialist

THis foreclosure freeze is very scary. What on earth is going to happen when the glut of homes hits the market??

Oct 15, 2010 06:35 AM
Donna & Larry Johnson
Keller Williams Real Estate - West Chester, PA
Chester & Delaware County

They will get to everyone sooner or later. I just think it is going to take ever longer. This may be a good chance for some to keep there home.

Oct 15, 2010 06:37 AM
Victor Zuniga
Berkshire Hathaway Home Services California Properties - San Diego, CA

That's the good news. I'm really hoping that this review process makes banks institute a more transparent and consistent methods. It would be nice for them to follow a stated procedure rather than the erratic one they seem to use now.

Oct 15, 2010 07:33 AM