REO - Real Estate Owned
It is a common misconception that foreclosure ends with eviction. Unfortunately, it’s not that simple. Foreclosure doesn’t just displace your life and family. It can have long-lasting effects on your credit and ability to rent or buy a home for years to come. Bank loans can be difficult and time consuming to secure as is, but for a person who has experienced foreclosure—however unavoidable—securing a loan in the future can be near impossible.
Consider this truth: banks don’t want to own homes. They simply want to get paid. If you don’t stop foreclosure, your home will revert to the lender who is responsible for putting your home up for auction—typically for the balance remaining on the loan. But if the lender fails to attract a bid, the home becomes a real estate foreclosure or real estate owned (REO). Foreclosed homes are often worth less than the balance owned on the home and are likely to sell at less than the actual market value. Plus, while the home sits dormant waiting to be sold, the bank loses more money. If you think this sounds like a lose-lose situation you’re probably right.
Consider this truth: banks don’t want to own homes. They simply want to get paid.
But ignoring the problem won’t help you either. If foreclosure seems imminent, you’re likely suffering from the aggravated stress of limitless phone calls and letters threatening to take your home. Getting paid is your lender’s job. It’s not in their best interest to ignore a lapse in payment. Knowing this you may want to ask yourself, “What’s in my best interest?” Avoiding foreclosure is not easy for anyone. The amount of information on the Internet can be overwhelming and at times contradictory. Turn to us for the reliable, complete information you need to make the best decision.
There is a solution that’s right for you. Avoid foreclosure. You can sell your home quickly and get the money you need to stop the bank calls and harassment. The solution is in your hands. We want to help you get back on track—your future deserves it. To stop foreclosure before your property becomes real estate owned fill out our simple form and speak with one our network of professionals today. We look forward to speaking with you.