What do banks really want when they foreclose?
February 16th, 2016
A common misconception that people have when they get a foreclosure notice in the mail is that the bank wants to take their house. In many situations, mortgage companies and banks file a foreclosure to solve a problem, not to take back a property that they then have to find a way to sell. Banks and mortgage companies are not in business to take people's homes. Banks and mortgage companies simply want to be paid back the money that was loaned where the house was pledged as collateral. Foreclosure can often set the stage to allow parties to start communicating and working toward a resolution that benefits all parties. You might be able afford to start making your mortgage payment again now but maybe you couldn't for a few months before because of a lost job or medical issues. Foreclosure can be used to negotiate a modification of the loan that brings it completely current and sometimes results in a lower mortgage payment than you had before the foreclosure complaint was filed. Don't look at a foreclosure complaint as the end. It might be the mortgage company's (not so polite) way of saying "let's try to work this out." If you've been served with a foreclosure notice, don't delay. Call us and let us help you today!