This time, the home is located in my small gated golf course community of 20 homes. It is so sad to know that a whole family has been displaced during the holidays and no one said anything to us. We didn't even see a moving truck. Too sad . . .
Another home is also slated for short sale in the neighborhood and yet another family will have to make new adjustments, and if that short sale does not go through, it will go through foreclosure. So sad to see this.
Consumers current with their loans have contacted me and told me that their banks are encouraging short sale or foreclosure even when their payments are current. I see the reasons for the bank to do that, but don't forget that there are also other possibilities like:
1. Loan modification (very unlikely without a really knowledgable person on your side);
2. Deed in lieu of foreclosure;
3. Sell it via lease option; or
4. Rent it.
If there is another method, please let me know.
Whichever route you plan to take will have tradeoffs, so you should consider each possibility very carefully. However, the first step is to decide if you want to 1) keep the house and keep struggling, 2) lose the house and cut back or 3) do nothing.
Sometimes doing nothing is doing something. What do you think? I would like to hear from you what your experiences have been and maybe one of my investors will pick up the house? Anything is possible when you are open to possibilities.
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