Lately, it has been all over the news about the amount of foreclosure’s throughout the United State’s. According to reports,foreclosed homes are up 57%. That figure is staggering. Keep in mind, it is not 57% of all homes being foreclosed on, it is 57% up from the normal amount of 3%.
Not good, but not as bad as the media would make it out to be. If you are in trouble with your mortgage, Call your lender ASAP. Don’t wait for the letters to start arriving at your door. Many times, once a home is foreclosed on when the Realtor goes in to see the home and get it on the market, in the kitchen drawer sits all the letters from the bank.
Open those letters.
Call your bank.
They don’t want your home. Many times they are able to adjust your interest rate or hold off the forclosure. But, you must open the letter, read it and call them.
The HUD website is a good resource to find out more tips to avoid foreclosure.
One other caution, BEWARE of ANYONE who offers to pay your back payments and PAY off your debt. You have probably seen signs driving around Ann Arbor, “we buy your home for cash.” Sounds good, huh?
Due to the amount of homeowners in trouble, the scam artists are out in full force.
They may call you up, knock on your door with a pile of papers and have you sign documents that will give THEM the deed to your home. They look professional, act professional and seem like the “answers to your prayers”. They are not. They are wolves in sheeps clothing.
I had a lady call me a few weeks ago, because this had happened to her. She signed papers she did not understand, looking for relief, she gave her home away. They didn’t make the mortgage payments like they had promised.
Call your lender, should this happen to you. There is also a hotline number to call 1–800–4FRAUD8.
Here is a video to show you what to be aware of:
***The past two weeks, several of my buyer agents have been writing offers on foreclosed homes throughout Washtenaw County, they are competing with other offers in most every situation. The foreclosed homes are going quickly. If you need a list of foreclosed homes in Ann Arbor or Washtenaw County contact the Missy Caulk Team at 734–821–0757. ***
Next post… What is a “short sale” and how can this help me avoid foreclosure.