You may be in the middle of foreclosure and think that everyone is against you. Number 1 on your list is the mortgage company. You can’t believe how they won’t work with you.
After awhile you start to think that the only thing the mortgage company wants is your home. You say to yourself, “Boy, my mortgage company is going to make a nice amount on this house after I am gone.”
That is the furthest thing from the truth. Although the representatives at your mortgage company may not be the nicest people to deal with, their company really does not want to have to take your home. Let me explain why:
Your mortgage company is in the business of lending money not managing or selling houses.
While they may be good at lending money, most stink at managing or selling homes.
When a foreclosure is finalized and they have to take possession of the house, they have to find out how to sell it.
Because they are not in the real estate market, they want the home sold as quickly as possible. The longer it remains empty, the more likely it is that someone will vandalize it.
In today’s market it is taking an awful long time to sell homes. The longer the mortgage company has the home, the more money they are losing on it.
Buyers know that this is a buyer’s market. When an interested buyer finds out that a mortgage company owns the home, they will offer far less for that home than they would for other similar homes in the neighborhood which are up for sale.
Frequently the mortgage company will agree to sell it for far less than they could have just to get it off their hands. They even will agree to a sale price for far less than you still owe on your mortgage.
With every foreclosure that is finalized there are two losers – you and the mortgage company.
Can you see why the mortgage company wants you to keep your home just as much as you do?
Much Success,
Mark Elkins
