We Buy Houses!

Once you have gone through foreclosure, your moving date is inevitable, right?

Not so fast. A growing trend around the country is for the bank to foreclosure but not take possession of the property.  Banks are now walking away from homes they own and taking no steps to evict the former owners.  This means people can keep living there, basically rent free until the bank shows up to claim their property.  When the house is worth less than the cost of foreclosing, banks basically have little or no value to return to their investors.  They may not complete the foreclosure.

Having access to a free house sounds like a great deal, but “free” does not mean “trouble free.” You do not get a formal notice from the bank that says “We give up, the house is yours.”  Rather, they just walk away, leaving you in a state of uncertainly as to if and when they will take over the property.  In the future the lender may restart the foreclosure; unless the homeowners have been squirreling away mortgage payments in the interim, they may have to go through the process again and ultimately be evicted.  If the bank sells the loan to a collection agency, suddenly, you may be harassed for the money.

With a lien on the house, you won’t be able to sell it, so you can’t really move on. With the title still in your name, the city can hold you responsible for the taxes, as well as code violations and upkeep – even if you move out.  The city could take the house or hold you liable for violations.

What should you do if the bank walks away?  You may temporarily not have to pay rent, but your goal is to resolve the situation. These days, even some lawyers are scratching their heads about how to resolve the legal issues that result from bank walkaways. Your options?  Here are a few:

• Stay there, but try to put your mortgage payments in an escrow account.  You can use this as sign of good faith if the bank later tries to foreclose and you want to retain the home.  In the worse case, you will have some money built up to get you settled elsewhere.
• Regardless of whether you want to stay or go, stay in touch with bank of loan servicer to get an inkling of what is happening.
• Keep trying to work with the bank to see if you can get a loan modification or short sale.  Make sure you put communication in writing and note the date and name of anyone you speak to, preferably in the presence of a witness.
• Think about bankruptcy, which will stop the foreclosure.
• Get help from a HUD approved housing counselor or from a lawyer.  Even if you no longer want the property, you need help bringing the situation to a close.

If you find yourself heading for foreclosure, the time to act is now.  There is free help available to help you ponder your options, especially if you would like to stay in the home.  

Express Homebuyers can buy your house for cash.  Check our list of frequently asked questions to see how this can help you, and then call 877-804-3252 to get started.

“You can prevent foreclosure” is the manta of most people who want to help troubled families. Yet, many people at risk of losing their homes do not seek help until it is too late.  Why is this?

The Consumer Credit Counseling Service (CCCS) of Greater Atlanta attributes this reluctance to get help to fear or confusion, which leads to inaction at the very point when they still have time to get help. What are some of these common fears?

If I let the mortgage company know I am having trouble, they will foreclosure more quickly.

Wrong!  Letting your mortgage company know that there is a problem is the first step to getting help.  If the bank sees you are taking steps to catch up, they may be more willing to help you.

If my bank has already turned me down for a loan modification, there is no point in contacting a counseling agency.

Wrong!  If you were turned down, here might have been a processing error or your lender might not have been willing to comply with the terms of the Making Home Affordable program.  Your income might not have proved sufficient or your paperwork may not have been completed correctly.  A counselor could check this out for you and find other alternatives.

Other people will judge me for seeking help.

Wrong.  Well, some people will always judge, but in these times, many people need help.  If you seek help when you need it, you may avoid foreclosure and serve as an example to others.

I can’t get help till I’m down to my last dime.

Wrong!  If you have more resources, you have more options.  It’s best to seek help as soon as you know you’re headed for trouble,

My situation is hopeless.

Many people facing foreclosure feel like this.  Even if your home cannot be saved from foreclosure, a housing counselor can help you get your finances together so you can move on.

I will have to pay a large upfront fee.

Wrong!  Some companies do charge fees, but many are scams.  There are plenty of non-profit housing agencies out here who will help you at no charge.

Unfortunately, not all homes can be saved.  However, early contact with a housing counselor could help you evaluate your situation.  Sometimes, moving on can be the best choice, but even that should not be done out of fear.

Need an area housing counselor?  Looking for a stress free alternative?    The DC-area HUD-approved counselors can help you.

Express Homebuyers can buy your home for cash.  Check our list of frequently asked questions to see how this can help you, and then call 877-804-3252 to get started.

If you are at risk of foreclosure, that tap you hear on your door between December 19 and January 3 could be Santa or holiday guests, but it won’t be Fannie Mae or Freddie Mac personnel.  Both agencies are halting foreclosures until the New Year.  The two week break will allow families to celebrate the holidays without fear of eviction.  New York-based Citigroup is even more generous and will halt all foreclosures and evictions for 30 days until mid-January – a gift to over 4,000 borrowers.

If you could get that knock on the door soon, Express Homebuyers offers an alternative.  We will buy your home and guarantee completion of the process within a couple weeks.  We tell you up front what we will pay; if you agree, you are on the way to a quick resolution.  We even offer you a $2,500 upfront advance you can use to begin your fresh start.  Call us at 1-877-804-5252 or check out our Express Homebuyers website for more details.