Distressed real estate has become a big business. Many people are looking to capitalize on people who are uneducated. Be careful when seeking help. If you are delinquent or behind on your mortgage, read this quick article before you do anything.
Real Estate Brokers
Many real estate brokers promise to get you a short sale when they cannot and do not have the ability to do so. There are many real estate brokers out there who CAN help you with this. In fact, a real estate broker with a bank relationship can make your life much much easier. The problem, is that many real estate brokers who do not have these relationships are making the same promises. They figure, once they get you to agree, the bank will come on board.
The truth is that it’s much more complicated than this. If a real estate broker approaches you about a short sale, hear them out, they really may be able to help you. Make them prove themselves; ask for how long have they had the bank relationship, how can they get you approved, how many have they done in the past. Additionally, ask for references and for a letter from the bank. The broker who can actually help you will have answers to all these questions.
Attorneys are the ones making the most money as a result of much of the delinquencies. Attorneys are collecting fees to “keep you in your home”, but what is the true expense? If you are considering “fighting” the bank for your home, make sure you know what you should expect the outcome to be. An attorney will likely not lie or deceive you. However, you need to make sure you understand what they plan to do to keep you in your home.
I’ve seen many homeowners “stay in their home” by fighting it with an attorney. However, out of all the ones who have tried this, 100% have failed to retain ownership of the home, and most of them hurt themselves even more. Fighting an eviction costs several thousand dollars, which you will have to pay your attorney up front.
If you fight them, the bank will not pay you relocation expenses. So now you’ve spent thousands on your attorney and lost thousands from the bank. Then the trial comes. Find out from the attorney what your options are with a trial. Do they expect you to declare bankruptcy to delay the process? Most of the time there is very little you can do delay other than declaring bankruptcy, doing that costs you more money and destroys your credit even further.
The final step is eviction which stays on your record. Fighting an eviction costs thousands of dollars up front and even more money to file a bankruptcy. And then you still get evicted? I thought your attorney said they were going to get your house back? No, they said they would try and there is a chance to get the house back, but they only promised to keep you in your home longer.
CAPropertyFinder.com has many bank connections. We work with banks on a regular basis. While we may not be able to save your home or keep you in your home, we are often able to come up with an acceptable solution for both parties. Contact Us today if you have any questions about someone who has approached you or if there is any way we can help.
Powered by Facebook Comments