Stay In Your Clark County Home…The Foreclosure Can Wait!
I recognize the neighborhood instantly. A few houses down I negotiated a short sale just like this one. Well, perhaps this one is a little nicer. I knock on the door and am instantly invited in.
It was a routine interior value. Not a routine for the homeowners who seemed to be nervous as they should be.
While doing the interior value I learned they are filling for bankruptcy (chapter 13) and scheduled to meet an Attorney on Monday. After that they intend to let the house go, as it is due to foreclose at the end of the month. “So, did your Attorney say you should let the house foreclose? I mean, do you have tons of liens and judgments against this property?” I asked.
They have nothing but a 1st Lien and a 2nd Lien on the property. They also disclosed that they’ve been told by the girls at the attorney’s office that they should just let the house go!
When I asked about the Clark County foreclosure auction sale neither one of them give a date. Instead they re-call how they received something in the mail that said that if they don’t make a payment they are going to proceed with the Clark County foreclosure.
As I soak it all in, I instantly know that this poor couple needs some major guidance. For now, my main concern is why are they letting the house go? “How many payments have you missed?”
Their answer: “Three. We’re going to leave at the end of the month. We found a rental…”
It was obvious. These people had no CLUE! I asked if I could sit down with them for a moment and let them know a little bit about what they were really facing and when!
First, I told them that the bank has to give proper notice in order to foreclose on a property. In Washington State, it takes 3 defaults before the bank will finally post a notice on the door that warns the borrowers that if they don’t cure the back payments in 30 days, they will start the process of foreclosure. However, that does not mean they will foreclose in 30 days!!!!
What that means is that if the borrower is not able to cure the loan and make it current in the next 30 days, then another notice will be posted on their door saying that a foreclosure sale is scheduled and that date is approx. 90 days later! “Has anything been posted on your door yet?”
They both say no.
“Well then… I’m pretty confident you have at least 4 months before the house will foreclose, possibly longer”
They looked at each other as if they knew nothing about that.
“Why are you leaving the home so quick?”
“We found a rental, and we felt we should hurry and get a place before our credit get’s ruined and we can’t even rent….because of what this is going to do to our credit score.”
Wow! How many people are out there doing the same things?!
“Stay in your Clark County home,” I said. “The Clark County foreclosure can wait. The Clark County rental can wait. Stay in your house for as long as you can without making payments at the time you need it the most.”
They look at me completely puzzled.
“Stay in your house and take care of it. The bank actually appreciates you managing their property instead of abandoning it.”
“They do?”
“They really do.”
- To Be Continued…
Jennifer Hart
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Awesome. Thank you!