The Washington Post just posted an article titled: "Foreclosure Auctioneer's Lonely Task".  It's an interesting read, even if it's a bit theatrical.  There was a quote in there that I found particularly striking:

"Banks don't want your house; they want your money. They want to work with you so you can keep your house. With the market like it is, lenders don't want to foreclose on you."

    If this were genuinely the case, why is there such an onslaught of REO homes nowadays?  I think it's a genuine sentiment, but the current mortgage problems like this are occurring anyways, and people, particularly those at risk of foreclosure, need to understand this!

    I cannot stress enough how important constant communication with your lender is when you are facing a risk of foreclosure.  Banks are becoming more and more flexible with homeowners (finally), but the reality is that if there's ANY possibility of getting the note renegotiated, or getting the house sold before foreclosure, why WOULDN'T you try?

    Banks ARE negotiating on a case by case basis, and it's worth the attempt.  As the Washington Post article noted, the banks are likely to take a loss once they've foreclosed, so why not negotiate NOW to help minimize their loss AND avoid the credit damage and humiliation involved with being forcibly evicted from your home through foreclosure?

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
www.teambenya.com