The Federal Reserve Bank Of New York recently stated that over the next two years the U.S. could see another 3.6 million foreclosures. With this in mind, it’s important for homeowners to know that there are things they can do to help delay or stop a foreclosure on their home.
Home owners who occupy the home as their primary residence are given more consideration by their lender. The bank simply does not want to take homes back and have them on their books as an REO. (Real Estate Owned) But, when a borrower is behind on payments, the only real remedy a lender has is foreclosure. Yet, in my personal experience, helping homeowners who are facing foreclosure, I’ve found that lenders are willing to work with sincere homeowners who want to keep their home.
The bank does not want to foreclose if it can be convinced that it’s in their best interest not to. After all, we’re talking about real estate investing here. From the perspective of the lender, your mortgage is an investment. For the lender it’s purely an investment decision. If the lender can be convinced that their best choice is to work with a borrower, they will delay a foreclosure proceeding for as long as it takes, as long as they feel that progress is being made.
Read the rest of the article at Realty Biz News
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