Real Estate in West Orange
Marsha Bowen Washington
973-510-0014973-510-0014

Waiting Too Late to Avoid Foreclosure

I felt compelled to write this blog because a homeowner who reached out to me via a colleague a few weeks ago lost his home to a buyer at a sheriff sale last week.  It was sad because the homeowner was told by his attorney that he was working with his lender to get an approval on a short sale.   The homeowner had been working with the attorney for close to a year for a loan modification and was not informed until a sheriff sale was scheduled that his request for mortgage assistance was denied.  How does this happen?

To start, it’s important that the homeowners speak to their lenders to find out what’s going if several months have passed without written correspondence on their request for assistance.   If a homeowner does not sign a contract, then there was none.  All contracts submitted to the lender for a short sale have to be signed by the homeowner.   When you hire a real estate agent, make sure you understand how they will represent you in the short sale process.  A transaction agent is not going to represent you for the short sale contract negotiations.

Lastly, being foreclosed on and then evicted has to be the worst thing that can happen to a family.   If you want to see how it feels to be evicted from your home,  the movie  “99 Homes” is  a must see.  It’s a wake up call to distressed homeowners that don’t take the appropriate steps to avoid foreclosure.  Distressed homeowners that take action have an 80% chance to avoid foreclosure if they plan ahead.

Check out the trailer.

 

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About Marsha Bowen Washington

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Marsha Bowen Washington

Realtor/Sales Associate

marshabwashington@yahoo.com

973-510-0014973-510-0014 main

Coldwell Banker Residential Brokerage

2 E. Mt. Pleasant Avenue Livingston, NJ 07039

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5ChristinaPamplin

Marsha was highly professional and knowledgeable about the real estate market. She made me feel very confident that I was in good hands. When I began to feel nervous and stressed, she stepped in and assisted with following up with my lender and attorney to... (more)

5Yetta Armstrong

Marsha Bowen Washington is the real deal! She's knowledgeable, friendly, patient, committed, and caring. My real estate venture was very challenging and Marsha stuck with me throughout the whole process even though I extended my search outside of her... (more)

5vinagda

if Marsha had anyother skills besides real estate, my husband and I would use her in those areas as well. She has such calmness that the worst clamity, seems nothing when she is dealing with things. It was the most effortless journey and a pleasure working... (more)

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