BOUNTIFUL Utah – I recently received a question from William. “I am behind on my payments and thinking of just letting my home go into foreclosure. What does that do to the neighborhood?” he asked.
Here is my answer to his question. It does hurt the neighborhood. But, it also hurts you.
Most banks do not do a good job and processing and handling foreclosures. They take 12-18 months to foreclosure on a house and then sell it.
In the meantime they do little to maintain the home. I estimate that half of all the properties I have seen in foreclosure have never even been checked on by the lender.
It has gotten so bad that one homeowner even started up a website to report on these banks. The website is called Lender Offender.
Check it out here: www.LenderOffender.com.
Here is an example of one of the homes on the site.
The home was probably posted by one of the neighbors. Here is what they said about it on the site:
“Sheriff sold 4/25/09 to IndyMac Bank. Neighbors have now given up mowing the property. People have either been squating or visiting the house through open doors.
IndyMac refuses to talk to neighbors and refers us to Elkhart County who says IndyMac owns property outright. County will mow and fine at least once, but won’t keep mowing.
Property not up for sale. Thanks for being such a horrible and unresponsive neighbor IndyMac. Shame on you. ”
In my opinion these banks are not being responsible with these properties. The biggest problem is that Uncle Sam usually takes the fall for any loss.
Uncle Sam does this by guaranteeing them against loss on many mortgages. Or in other cases, Uncle Sam has already bought the defaulted loan from the bank.
The homes eventually sell for a discount after the foreclosure. No home buyer is going to pay market value for a home that needs repairs!
This gives the banks little incentive to check on these properties. Fortunately you can help.
Stay in your home until it sells. Keep it looking good and everything in good order.
Then, put it up for sale as a short sale. That will help protect the property values in your neighborhood.
Thinking about a short sale? I can help you short sale your property and never pay the bank another dime. Send me an e-mail at utahhomesaver@gmail.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call Dave at 801-651-0707.
Thinking about a loan modification? Our Utah Home Saver Loan Modification Kit has the instructions you will need to get a loan modification approved with your bank. This is a FREE for you, all you have to do is call or email us today.
Thank you for taking a few minutes of your busy day to read this, Dave Forsberg.
Dave is a Realtor with Prudential Utah Real Estate - Bountiful.
Phone: 801.651.0707 Email: utahhomesaver@gmail.com
Dave Forsberg and The Utah Home Saver Team specialize in helping Davis County, Utah Homeowners short sale and never pay the bank another dime. Bountiful Loan Modification Help, Bountiful Short Sales. Bountiful Short Sale Realtor. Bountiful Realtors. Bountiful Realty. Bountiful Realtor. North Salt Lake Short Sales. Woods Cross Short Sale Realtor. Centerville Short Sales. Farmington Short Sale Realtor. Fruit Heights Short Sales. Kaysville Short Sales Realtor. Layton Short Sales. Layton Short Sales Realtors. Syracuse Short Sales. Clearfield Short Sales Realtor. Davis County Utah Realtor. Stop Foreclosure. Stop Utah Foreclosure. Avoid Foreclosure. Avoid Utah Foreclosure. Foreclosure Alternatives. Utah Foreclosure Alternatives. Bountiful Homes for Sale. Bountiful Houses for Sale.utahhomesaver@gmail.com
