Does the Lender Really Want Your House?
- The lender is in business to lend, NOT to own property and be a landlord.
- Bank-owned real estate is expensive with higher property insurance rates than yours.
- The bank (lender) is dimerited by the federal government for owning too much real estate compared to money loaned out.
- The bank owned real estate has outside liabilities.
- Other Foreclosure Costs for the Bank include:
- Realtor Costs
- Holding Costs
- Closing Costs
- Additional Attorney Fees
- Costs for not loaning out that money
- Cleaning costs
- Discount to sell it anyway!
I am your advocate, the homeowner’s advocate, and all I’ve done here is talk about the poor lender. The reason for this is to help you have power. You must know your opponent.
You have options, and as I said, the lender has options too. Yours and theirs go hand in hand. How it shakes out, depends on the variables of your situation.
Until next time, please consider what housing payment could you afford?
If your foreclosure sale date is less than 30 days away, please call right away, we can personally speak. The more time you have the better.