General

Surprising Story About Foreclosures

A very interesting thing happened to me yesterday.

My title representative keeps track of the foreclosure status on all my clients who are currently not paying their mortgages. He checks on 16 homes for me every week and told me yesterday he is tired of checking EVERY WEEK because, “Nothing ever changes, Erik.  There has been no filing of foreclosure on any of them, some for over 2 years now!” I asked him if that is the case for his other Realtors and he said, “yes.”

Why aren’t banks foreclosing?

“Are they just inundated?” I asked. “Maybe,” he said, ”or maybe they just want to work it out in another way, like a short sale or something else.”

There is no way to know what all the banks are thinking. But on a case by case basis, you can find out if you ask the RIGHT QUESTIONS to the RIGHT PERSON at the bank.

I got a real shock last night

So imagine my surprise when, just hours after this conversation, while watching the national news, a report came up saying “foreclosures are up!” Well, I know that to be untrue! Maybe there are more homes this year than last year that aren’t paying their mortgages.

But the media makes it sound like banks are taking away people’s homes even MORE now than before.

I know that the banks are not aggressively pursuing foreclosure. I am not a reporter. I am on the ground, every day, with my finger on the pulse of this market. So I thought I’d put my experience out there in case you are scared like I was when I negotiated with my bank.

INFORMATION IS POWER!

If you are in an emergency and need to talk now, please call me at 310-754-8144. I’ll do all I possibly can!