The Lender' S Representative Can Have As Many As 500 Foreclosure Cases At One Time

Category: Finance, Real Estate.

The most common problems in resolving a foreclosure are the homeowner's inability to get non- conflicting information, and his ability to make timely decisions. All of these individuals have a vested monetary interest in a specific resolution to the homeowner's problem.

His indecision is reinforced by information from numerous sources including real estate investors, realtors, the lender, mortgage brokers, and bankruptcy attorneys. The real estate investor wants to purchase the home and resell it or rent it. Homeowners in foreclosure are not in a frame of mind that is conducive to logical thinking and they can make poor judgments especially if the information they get is not accurate. He does this to make a profit on his investment. There is potential abuse by investors and a number of states have enacted regulations effecting how investors deal with foreclosure victims. They are instructed to first do what is best for the lender and not to give legal advice to the homeowner.

The lender's representative can have as many as 500 foreclosure cases at one time. This means that the friendly person from the lender is working to get your home if it has equity in it, or get you to reinstate your loan so it comes off the lender's list of delinquent loans. Promises that they have a buyer do not justify your signing an exclusive seller's agreement. Realtors� only make money if they sell your home, but if they can' t sell it quickly or in a timely manner, you will lose your home unless you have another solution. Sign only a buyer's agent commission agreement for a specific person( s) when and if they bring you a buyer. Do not allow them to screen your calls if your sell your home yourself because you are paying for their advertising and they may convert your perspective buyers to mortgage clients for the purchase of another home.

Mortgage brokers are quick to tell you they can get you refinanced, but if they are wrong, you could lose your home. Bankruptcy attorneys only make money if your file for bankruptcy. However, you will have the bankruptcy on your credit report for 10 years versus seven years for a foreclosure. The issue with filing a Chapter 13 bankruptcy is that while it will stop your foreclosure, it is only temporary and your home will be released from the proceeding and the lender will continue the foreclosure. So as you can see, each of these professionals has a motive that may or may not be the best solution for the homeowner's specific problem. Unfortunately, it is often the best salesman that wins the attention of the homeowner. Who do you listen to?

The solution is for the homeowner to quickly become informed about foreclosure to sort through the myriad of incoming information and to ask for legal advice from attorneys who handle foreclosure cases.