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Why Lenders Don't Like Foreclosures
Why Lenders Don't Like Foreclosures
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Guest
Guest
Sep 14, 2019
2:10 AM
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Although it may be hard to believe, lenders don't like foreclosures, and the best way to stop foreclosure is to keep the lender informed as soon as you know you may not be able to make the payment.
In general, lenders are willing to work with the homeowners to avoid foreclosures - for several reasons:
o Foreclosures are expensive. Depending on what steps the homeowner takes and how long the court proceedings take, legal fees alone can cost thousands of dollars.
o Foreclosures very seldom manage to satisfy the outstanding debt. Foreclosures can happen through three main ways:
1. You sell your home and pay the lender back. Sometimes, this takes care of the amount owed. In the current real estate market however, the likelihood of making more than the cost of your mortgage is slim.
2. You sell your home through short sale, meaning that the proceeds won't cover the entire loan. The lender doesn't realize their predicted return on investment (ROI), and you still have remaining debt.
3. You sign the deed back to the lender. While this clears you of debt, this leaves the lender holding the property.
o Foreclosures leave the lender holding the property.
Article Source: http://EzineArticles.com/2120336
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Guest
Sep 14, 2019
2:14 AM
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