Foreclosures are never easy on anyone. When times are tough, everything around can seem to collapse at the same time. Such is the story of Peter, living in the Rolling Valley West neighborhood of Burke, Virginia, who was forced into foreclosure with his home and didn’t know what to do.
How difficult is it to get out of a foreclosure? If one wishes to sell the house in such a time, how does one go about it?
What was the problem?
Peter is 50 years old and lived happily for many years with his wife Lynn. They were married for 20+ years, owned a business and had purchased two other houses in Virginia. Peter and Lynn, however had bought this house in the Burke Neighborhood together, about 10 years ago.
Peter had been diagnosed with prostate cancer in 2003, and was battling all odds to keep the disease at bay. In 2005, Lynn was diagnosed with leukemia and passed away unexpectedly within a year. Bereaving the death of his beloved wife, Peter still had to battle his own serious illness.
Realizing that he lost his healthcare benefits and was dropped from his insurance company, Peter had decided to start selling his properties to cover medical bills of $6,000 per week. The amounts continued to escalate until he was sitting on a mountain of $386,000 in medical expenses.
In the meanwhile, he was paying the mortgage towards this house for six years after her death. In this whole time frame, he missed two payments in the beginning of 2013. He attempted to catch up on missed payments by sending a check of $10,000 to cover both the payments. It was then when things turned for the worse. Bank of America stopped accepting payments towards the mortgage because they claimed the loan was in his wife’s name. This was grossly untrue.
What does one do when the home loan is in the name of a deceased spouse?
Bank of America called the insurer on his home and said that he hadn’t paid the mortgage. The insurance is included in the mortgage payment and Bank of America stopped paying his homeowners insurance. This led to the cancelation of the home insurance on not just this house, but the other two houses that he owned as well – leaving him in a very bad position.
He then received a foreclosure letter from Samuel White, a foreclosure attorney that represents Bank of America, attempting to collect all the back payments. He called and asked what he owed and they refused to give it to him, once again falsely saying he wasn’t on the loan. With little resources, dwindling assets, and laws that didn’t allow him many choices, he was forced to try to sell his home in foreclosure. Was there any way out? Could he possibly sell a home in foreclosure? He wondered.
How did it work out?
Peter heard about Express Homebuyers – how they could buy houses in 7 days – on a local radio station in Washington DC. and wanted to see what options he had. He filled out a form at night after business hours on June 5, 2013.
The next day Tom, our home buying specialist, called and the two spoke at length. After a ten minute phone conversation, Tom made him an offer that was acceptable to him. The next day, Tom went to meet him at his place. Tom thoroughly assessed his 5 bedroom, 3 bath, split level family home. It was a nicely kept home, except for work needed in the bathrooms. A contractor doing the work skipped out in the middle of the project. On that very same day, Tom verified the repairs and signed the sales agreement.
Now began the process of getting to settlement before Bank of America and Samuel White foreclosed on him. As part of the settlement process, the title company contacted Samuel White to get the total amount of what was owed – this is called a payoff. Samuel White once again refused to release this information. It was only through a contact that Express Homebuyers had, with a law firm friendly with Samuel White, that the title company was eventually able to get the payoff. Despite this unnecessary delay in the process Express Homebuyers was able to purchase the home less than 3 weeks after Peter filled out the get an offer form online.
Notifying the bank and helping our client through the process happens to be one of the many “extra” services that Express Homebuyers provides when you work with us. Do you have problem with selling your foreclosed home? Or do you know someone who is going through the stress of facing a foreclosure? We can help. Call us for an offer in 7 minutes to sell your house in 7 days.