I met with some nice people Sunday afternoon. They were foreclosed on about 2 weeks ago. The problem? They were never once late on their mortgage payment!
What? They made their mortgage payments on time every month? YES, they did...
The thing is, they fell upon some hard times a few months back and missed paying their property taxes. The lender decided to pay their taxes for them, and instate an escrow account.
The problem this time? The home owners didn't get the notice that they were to pay an escrow until the bank already noted them as 6 months behind on the escrow. Can they do that? I had never heard of this before. They didn't even know they were being foreclosed on until their March mortgage payment was sent back to them. Yes, it was sent back! The bank didn't even want to cash it.
That was the end of March and the foreclosure went through 6 weeks later. Yes, that fast!
The story will have a happy ending. The lender is wanting to work with them and help them with a loan modification to let them buy back their property.
However, there are many people where this is not possible. In order for this to work, they must show documented income. Many people can't do that. Many people are doing odd jobs here and there just to make ends meat and some people are self employeed. Those types of jobs would not work for this program.
These people were so glad I was able to get them in touch with the right people to talk with.
Funny twist, the husband was a Realtor... Many of us pretend to know how things work, but do you really?
Don't let a foreclosure get you down, especially if you know it was wrong. Many banks are working with people to help resolve their mistakes. Granted, some people are being foreclosed on for a good reason. Others just slipped up and deserve a second chance... if they qualify.
**Are You Packed Yet?**
Donna Harris, REALTOR®
RE/MAX Austin Skyline
www.DonnaHomes.com
Donna@DonnaHomes.com
Austin, TX and the surrounding areas of Lakeway, Bee Cave, Westlake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Whether you're buying or selling, I'll be with you through the entire process.
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