Foreclosure simply allows a lender to take possession of a property in the event that the person who borrowed the money is unable to repay the loan. It allows the lender to recoup the value by evicting the previous owner and then re-selling the property to someone else. (Of course in today’s market, chances are they will NOT recoup the loss and simply have another REO to add to their already overflowing collection.) It is my personal experience that the banks DON’T want these homes back, however, the way they handle it (or lack thereof) makes us believe just the opposite! The banks have proven to be difficult to deal with and you may want to speak with a professional that can help you with your situation.
If you would like to discuss your options for foreclosure of explore the possibility of a short sale for your property, avoid foreclosure, and potentially save your credit rating, please complete the form below.