Facilitating Foreclosure - Fredericksburg VA House Buyers: If you owe the bank $150,000 on your mortgage and you are currently in foreclosure, why would the lender accept a $120,000 payoff if you can sell the house for that much? There’s a pretty simple reason and you will understand why when you know what they must do if they follow all the way through with the foreclosure.

Foreclosure is very unsettling and can even be emotionally disturbing to those it’s happening to. From your perspective you are losing something that has become a very big part of your life. It’s where you are raising your children, your neighbors are your friends, the school and local church are your most frequently visited places and the drive to and from work is familiar and daily. You don’t want to lose it and move. You may not have a choice though.

If you think about it from the lender’s perspective, there is really no way they can let you stay if you can’t make the payments. They have a responsibility to their investors when they lend you money. The financial backers in the bank industry have entrusted their money to the bank. The loan officers must make sure that they loan money to those who are likely to repay it. When that doesn’t happen, the bank has to take the property back and sell it or somehow find a way to replace the money they put out for you to buy the house.

When they foreclose it costs them time and money to facilitate the process, file the paperwork with the county in places where that’s necessary, send official notices, and in the end, hold an auction to recoup at least part of their loan. The bank is not in the real estate investment business, necessarily, so they aren’t at all interested in holding your house as part of their portfolio. They would have to maintain the property, keep up the cleanup and make sure that vandalism and vagrancy isn’t happening on the property. It’s much easier for them to sell the house to the highest bidder and take it off their books.

A short sale may not net them the exact amount that is owed, but if they need to follow through with a foreclosure they could end up with considerably less than what is owed as proceeds of the auction. Losing a few thousand dollars off the owed mortgage amount might even get them more than if they continue on with the process and auction it off.

We are looking for all types of single and multi-family homes. Your home does not have to be in perfect condition. With your property, we structure several options, and let you choose the one that best suits your needs. We take the financial burden of having to pay monthly mortgage payments off your back and we’ll take care of any rehab or maintenance, regardless of how minor or serious. If you have a home to sell in Northern Virgina, we can help, we buy houses!