A couple came into my office on Saturday needing my notary services on paperwork to retire their double wide mobile home title. In case you don't know the significance of performing that task, here in our county, that process incorporates the mobile home into the property as real estate instead of "manufactured housing". It helps in several ways, one of which is combining the tax bills so that the owner only receives one bill instead of one bill on the land and another on the home. It may also help in obtaining mortgages on the property.
I tried not to pry in that couple's business, but I felt that I needed to ask them if they were facing "having to downsize". In other words, I wanted to know if they were in over their heads with their payment. They responded that they were "current... right now," and said that they may be contacting me to list their home after they finished the detitling process. I told them that I would much rather them work with our in-house mortgage company on refinancing at a lower interest rate (if their credit was sufficient).
Oh that Realtors would educate their local public about trying to KEEP their homes rather than walking away from them. These mortgage companies DO NOT WANT FORECLOSURES! With all of the negative hype lately about predatory lenders, etc., most mortgage companies will work with these homeowners to negotiate. Sure, there are slack homeowners out there who simply want something for nothing and want the lenders to do all the work. HOWEVER, the majority of homeowners out there are hard working folks who simply want the security of their own home.
IF YOU ARE FACING FORECLOSURE PLEASE, PLEASE, PLEASE find yourself a Realtor who is willing to help you negotiate with your mortgage company. What do you have to lose? Remember, nothing comes easy and it may take some work, but with a little effort and a Realtor by your side advising and helping you along, you can make it through this tough time without losing your investment. This blog was longer than I wanted, but I am passionate about folks keeping their homes!