You Can't Help them All... But some you can!

By
Real Estate Agent with Regent Property Group 0480809

I met with some nice people Sunday afternoon.  They were foreclosed on about 2 weeks ago.  The problem?  They were never once late on their mortgage payment!

What?  They made their mortgage payments on time every month?  YES, they did...

The thing is, they fell upon some hard times a few months back and missed paying their property taxes.  The lender decided to pay their taxes for them, and instate an escrow account. 

The problem this time?  The home owners didn't get the notice that they were to pay an escrow until the bank already noted them as 6 months behind on the escrow.  Can they do that?  I had never heard of this before.  They didn't even know they were being foreclosed on until their March mortgage payment was sent back to them.  Yes, it was sent back!  The bank didn't even want to cash it.

That was the end of March and the foreclosure went through 6 weeks later. Yes, that fast!

The story will have a happy ending. The lender is wanting to work with them and help them with a loan modification to let them buy back their property.

However, there are many people where this is not possible. In order for this to work, they must show documented income. Many people can't do that. Many people are doing odd jobs here and there just to make ends meat and some people are self employeed. Those types of jobs would not work for this program. 

These people were so glad I was able to get them in touch with the right people to talk with. 

Funny twist, the husband was a Realtor...  Many of us pretend to know how things work, but do you really?

Don't let a foreclosure get you down, especially if you know it was wrong. Many banks are working with people to help resolve their mistakes.  Granted, some people are being foreclosed on for a good reason.  Others just slipped up and deserve a second chance... if they qualify.

**Are You Packed Yet?**

Donna Harris, REALTOR®
RE/MAX Austin Skyline
www.DonnaHomes.com
Donna@DonnaHomes.com

Austin, TX and the surrounding areas of Lakeway, Bee Cave, Westlake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Whether you're buying or selling, I'll be with you through the entire process.  

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Topic:
Lending / Financial
Location:
Texas Travis County Austin
Groups:
All Thing's Texas
Austin Metro Area
Realtors®
Realtors Needing the services of the Lending Powers
RE/MAX Active Rain Bloggers
Tags:
foreclosure
loan approval
loan modification
bank
escrow account
austin tx real estate
austin tx realtor
lakeway real estate
bee cave real estate

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Rainmaker
1,359,427
Donna Harris
Realtor, CDPE & ASP - Hill Country Lakeway Austin
Regent Property Group

Gary, But the actual taxes were paid, so it's still just an escrow account.

Angelia, Thanks.

Barbara, I wonder if it'll be more common to go so quickly.

May 19, 2009 06:42 AM
Ambassador
2,272,002
Patricia Kennedy
For Your Home in the Capital
Evers & Company Real Estate, Inc.

Whew!  Donna!  This is a really scary story!  I'm glad it's working out for them.  Geeze the banks are stupid about this stuff!

May 19, 2009 07:59 AM
Rainmaker
1,359,427
Donna Harris
Realtor, CDPE & ASP - Hill Country Lakeway Austin
Regent Property Group

Pat, Stupid isn't quite the word I was thinking!!

May 19, 2009 02:59 PM
Rainmaker
1,359,427
Donna Harris
Realtor, CDPE & ASP - Hill Country Lakeway Austin
Regent Property Group

Joseph, Sorry, you got lost up there in between one of my replies. And yes, the banks need t learn better manners!

May 19, 2009 09:44 PM
Rainmaker
995,711
Karen Anne Stone
Fort Worth Real Estate
New Home Hunters of Fort Worth and Tarrant County

Donna:  It is just amazing how things like this can happen... and that the sellers can truly be unaware of it.  I have heard of this happening more often than I care to.  Poof... your home is gone, and you had no clue it was happening.

May 24, 2009 12:08 AM
Anonymous
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Rainmaker
1,359,427

Donna Harris

Realtor, CDPE & ASP - Hill Country Lakeway Austin
Are you Packed for Austin? I can help!!
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Additional Information

This blog is to help educate Buyers, Sellers and even other Realtors across the country.  Each market is different and the way Real Estate is done is different.  Austin Real Estate is completely different than Dallas, California and Florida and everywhere else in between.  Some times there will be other things besides real estate as I like to rant and rave as much as the next!!  Come back often!

Donna Harris, REALTOR® with RE/MAX
Donna Harris, REALTOR® with RE/MAX
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