Foreclosure Fun.

By
Real Estate Broker/Owner with Wendy Smith Real Estate

Right.  There is nothing fun or funny about foreclosure. 

Foreclosure, for most people, is an incredibly stressful and confusing experience.  There is nothing amusing about being behind in mortgage payments.  Foreclosure is typically precipitated by a life crisis such as job loss, divorce, or illness.

Once the Notice of Default has been filed, the homeowner is besieged by tons of mail, phone calls and strangers at their door.  Foreclosure is big business.  Attorneys, mortgage brokers, Realtors and investors can seem like sharks circling for the attack. 

So how does a homeowner protect himself from the sleaze bags that prey on the vulnerabilities of their neighbors? 

5 Tips to Help You Help Yourself

•1.                  Ask for a license - Realtors, mortgage brokers and attorneys are all licensed by the State - that means there is at least some accountability.  All those flyers & business cards you received from unlicensed "investors" should be thrown away.

•2.                  Ask questions - foreclosure is probably new to you, you are not expected to know all the nuances to the foreclosure process.  There is nothing shameful or embarrassing about seeking a better understanding of what is happening.

•3.                  Get it in writing - whatever promise or bail out solution is presented to you, insist that it be in print.  A wise old attorney once told me "if it ain't in writing, it ain't so".   That is so true, think about it.

•4.                  Sleep on it - avoid making impulse decisions.  Your best strategy is to be pro-active, not reactive.   Use logic, not emotions when reviewing your options.

•5.                  Make a decision - once you have listened to solutions, learned your options, make a decision and see it through.  Doing nothing is a surefire way to lose your home on the courthouse steps.

The first step is to Take Action; pick up the phone and call a professional.

 

Posted by

Counting Blessings & Serving My Community,

Wendy Smith

 

 
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Rainmaker
118,340
DDR Realty
DDR Realty - Newburgh, NY
Orange County NY
As an agent there also is nothing fun about a being involved in a transaction when the property is in foreclosure either.
Sep 14, 2007 08:01 AM #1
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Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros
I have been involved in a coupl eof foreclosures and probably will not deal with them, It is way too stressful. But your point about using a realtor is right on the money. People think foreclosure =great deal and that is not always the case.
Sep 14, 2007 08:35 AM #2
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Wendy Smith

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