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FORECLOSURE QUESTIONS - Don't wait until it is too late... seek help immediately

By
Real Estate Agent with Re/Max Bayshore

I received a call this evening from a woman who unfortunately had lost her home to foreclosure over a year ago.  She was referred to me and emailed me to ask if there was any way she could put in an offer to buy her home back.  She said her daughter was willing to buy the home and rent it back to her. 

This particular home had already gone to sheriff's sale and was a bank owned property.   I did a little research and discovered that the home was in fact under contract and the inspections were scheduled for the next day.  It looks as though the sale will go through and she will lose the home.

Stories similar to this are more and more common as more and more families lose their homes.  In this case the woman claimed she had made several attempts to write and offer and the listing agent was not cooperative.  I certainly have no reason to think that either party would not be up front with me but there is obviously a communication problem and this brings me to the point of my story.

If you or someone you know is facing foreclosure it is absolutely vital that they speak to a REALTOR who is an EXPERT in foreclosure or an attorney.  I am certain I could have helped this woman's daughter purchase the home had I been contacted just a week earlier.  The rules are changing almost daily so if you have a question please contact your lender first.  If you are not happy with what you are told call back or ask for a supervisor.   Don't give up!

As always, feel free to contact me at 231-218-5199 or email me at Jules@JulesYates.com if you have any questions.  You can also visit my website http://www.TraverseCityShortsales.com for foreclosure information.

 

Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

I am amazed at how many people become shut-ins when they get behind on their payments and then get the notice of default in the mail. This is the last thing you should do, contact your bank, most of the time they really do want to help especially if you think you can catch up. But, if you don't call your agent and your tax preparer and work out your options on selling your home.

Mar 21, 2010 02:37 AM