We Buy Houses
Today, "We Buy Houses" signs dot the horizons of communities across the nation. The majority of these signs belong to private real estate investors or investment groups looking for cheap houses and distressed properties.
At Simon Volkov, we buy houses that are average or above average. Why? Because there are few resources available for homeowners with houses priced $300,000 above median or who carry mortgage notes higher than $500,000. There are a significant number of people who bought overpriced houses using subprime loans. Today, these people are facing foreclosure because their mortgage payment went up and their property value went down
Many of these homeowners need to sell their house quick to stop foreclosure. Others are current on their mortgage note, but are on the brink of bankruptcy. More than 2 million people filed for bankruptcy protection last year alone. Around 50-percent of those people filed bankruptcy in an effort to save their home.
The problem with bankruptcy is it only provides a temporary fix to a long-term problem. When homeowners file bankruptcy to avoid foreclosure, they must submit a repayment plan to repay delinquent debts. Generally, debtors are given between three and five years to satisfy their Chapter 13 payments.
In addition to paying their regular monthly bills, the debtor must pay additional monies toward their repayment plan. The repayment plan places most people on a very short financial leash. Just one emergency or financial setback could cause the debtor to fail out of bankruptcy.
When a homeowner fails out of bankruptcy, their lender can petition the court seeking dismissal. If the judge agrees, the debtor loses protection from the court and the lender can commence with foreclosure.
To make matters worse, foreclosure can commence where it left off when the debtor filed for bankruptcy protection. In some instances, homeowners can be evicted from their home in a matter of days. Unfortunately, I have seen many people lose their homes because they did not understand the ramifications of bankruptcy.
I have also seen many people lose their homes because they were in denial and erroneously believed the magic fairy was going to wave her wand and make their problems disappear. Denial, fear, anxiety and procrastination cause more people to fall into foreclosure than lack of money.
If you are delinquent on your mortgage loan, you must contact your lender immediately. Ignoring them will make the problem worse and cause you to fall further behind. If your lender has already sent you pre-foreclosure or foreclosure documents, I might be able to help. But, you can't sit on your hands any longer.
Instead, provide information about your house by filling out the "We Buy Houses" form. I'm particularly interested in Southern California properties, but I will be happy to take a look at real estate located within the continental United States.
Published on February 21, 2009 at 03:49 AM | Comments: 1
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