Do you know someone who was foreclosed on?

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Permalink Reply by conniej on July 10, 2008 at 4:11pm

A friend of mine went through the process. He took a really bad loan (one of those adjusting ARMs) on a home he couldn't afford, and when he lost his job he couldn't afford the payments. He tried a short sale, but the bank wouldn't cooperate, so in the end he had to walk away from his home. It was tough for him and his family, but it is happening all across the country as far as I can tell.

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Permalink Reply by HUD Foreclosed on July 11, 2008 at 1:06pm

Hi Connie,

We feel for the guy. Do you know if he tried to find another home buyer who would be willing to buy the home from the bank? Sometimes "Average Joe" investors can help get distressed home owners out from under their loan by paying off the mortgage and becoming a landlord. It happens all the time, but sometimes home owners themselves don't know they have that option.

It would be great if we saw more distressed property owners on the Network, too. We'd like nothing better than to hear about how a distressed member got in contact with an investor through the Network, which resulted in acquisition for the investor and a lot less stress for the distressed home owner. That's the primary reason we created the Network, but we're glad to see all kinds of Real Estate networking going on.

All that being said, if you know any other individuals who are in foreclosure, or who are looking to "cut a deal" with an investor, please send them our way. If all else fails, distressed home owners will find a sympathetic ear among the masses and have a place to vent about, or come to terms with, their foreclosure experience. There's nothing in this world quite as beneficial for the mind as closure when it comes to personal tragedies.

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Permalink Reply by Wendy Smith on July 22, 2008 at 6:00pm

I see it everyday. People in trouble with their homes - sometimes I can negotiate with the lenders to help homeowners save their home. All too often though, folks are forced to put their home on the market.
It's sad. Foreclosure threatens everyone from small condos to beach front homes - there are no boundaries.

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