Facing Foreclosure in Indianapolis
Losing the American Dream
Buying a home is the 'American Dream' and a huge investment which is normally not taken lightly. I doubt many people who sign their loan documents and open the door to their new home, think 'well, if I can't make it, I'll just let the bank foreclose'. As a matter of fact, I haven't met one homeowner who thought they would be facing foreclosure when they moved into their new home.
Life happens, though and many today are finding themselves at the mercy of 'the next paycheck' or the lack of a paycheck. What I generally find when talking with people who are facing foreclosure are those who have waited too long; struggling to make ends meet, thinking next month will be the month they will get caught up. It's the true definition of a rat race.
Losing one's home is not just about finances, credit ratings or foreclosure. In the face of the overwhelming stress of day to day living lies a real fear - the inborn need for security has been grasped from the hands of those who are behind in their mortgage payments.
Waiting Too Long
Waiting for the bank to foreclose is like living with a time bomb - dreading 'the' day. My clients who choose to try a short sale on their home find being proactive about finding a solution to their circumstances is a better alternative than doing nothing. By continuing to do nothing, homeowners lose valuable time in the foreclosure process and subsequently, the short sale process.
The first thing you should do is contact your bank and see if you qualify for a loan modification. If not, ask if they will cooperate by selling the home by short sale. If so, contact an agent with experience in short sales. If your not sure what is the best option for you, contact your legal and financial advisers.
Inform yourself, so you can make the best decision for yourself.
Everyone should always consider their options before letting their home go to foreclosure.
Sad times indeed when we are discussing "short sales" vs foreclosure. thanks for emphasising the human aspect behind every "forced" sale. I think John Melancamp should re-release "Rain on the Scarecrow"
Called my old friend Schepman up to auction off the land
He said John it's just my job and I hope you understand
Hey calling it your job ol' hoss sure don't make it right
But if you want me to I'll say a prayer for your soul tonight
And grandma's on the front porch swing with a Bible in her hand
Sometimes I hear her singing "Take me to the Promised Land"
When you take away a man's dignity he can't
Work his fields and cows
- John Mellencamp
There'll be blood on the scarecrow Blood on the plow
Blood on the scarecrow Blood on the plow
Jeff - I see way too many homes listed as bank owned and the owner never tried to sell before the bank took the home back. many don't know they have options.
Steve - Being from Indiana - I'll second that motion! Sad song and so true! A man's dignity is often forgotten in the business of foreclosures and short sales.
.-= Paula´s last blog ..TAXING Times in Indianapolis – Property Taxes, That is! =-.
Whenever I hear about foreclosures, it makes me feel sad a bit. I know thats part of life but home is everything for everyone. When you're stressed, facing tough situations in life, reaching home relaxes you but foreclosures gives you stress by reaching home. Your home constantly reminds you of the situations surrounding you. I think Banks and Government should come up with a better reform and better policies, try to cut down the foreclosures in tough times for those who were seriously doing well with their scores but suddenly due to problems, had to delay their checks.
It's too easy to blame greedy home buyers who merely wanted to turn over a property quickly and make a bundle of money. The truth is that the blame lies with the lenders who approved 100%, sub prime loans. Facing foreclosure is a stressful, demeaning experience. Can't imagine anyone would willingly go through that.
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