Palm Beach County Short Sales- Is Pressure Mounting For Homeowners Who Don't Pay Their Mortgage?
The biggest disconnect we believe in the short sale arena is the fact that the banks do not stop the foreclosure proceedings when you are trying to do a short sale. This creates so much stress on the homeowner, the buyer, the buyers' agents and the listing agent- always trying to get foreclosures postponed or slowed down.
Most often, the best process to follow is to hire a qualified and reputable attorney who will defend against your foreclosure.
We are seeing an increase of calls to collect payments, more aggressive conversations with homeowners and more negotiating being done with reps from the banks calling our sellers directly to offer deed in lieu(s) while we are in the process of doing a short sale.
Some sellers are surprised that they still get collection calls even after signing authorization forms giving us permission to talk to the lenders.
Of course we tell our sellers that these calls will happen. We have some sellers who just don't answer their phone anymore when the bank calls but we also have other sellers who want to continue a dialogue. I don't believe they really understand the scope of what they are engaging in when they have the conversations.
We have noticed an increase in the collection calls and an increase in trying to get the sellers to cancel their listings and do deed in lieu.
Remember that a deed in lieu is a foreclosure without going to court.
When you owe money to a bank and you do not pay your mortgage it is the bank's job to collect the money that you owe to them. You owe the money. So the bank is calling you to see what they can get out of you. When they start talking about how they are going to help you - keep in front of your mind- the bank is NOT there to help you. They are there to collect the payments you owe them.
You have to stay the course. There will be by the banks to persuade you off your course, there will be good intending friends and family members who will tell you a different path to go down. But the choice is only up to you. Whatever your choices are, you need to understand what those are, choose your path and then stay your course.