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morsy asked:
When the contract with a mortgage company says the homeowner will be responsible for foreclosure costs, how much do those costs usually amount to?
When the contract with a mortgage company says the homeowner will be responsible for foreclosure costs, how much do those costs usually amount to?
Tags: Foreclosure, Home Foreclosures, Mortgage Company
April 22nd, 2007 |
April 22nd, 2007 at 2:41 pm
well if they cant afford to make there house payments I doubt they are gonna worry about paying the foreclosure cost but it will cost them there credit ,for a long long time
April 23rd, 2007 at 10:53 am
Well, I’m a loss mitigator and they say it costs the lender about 40,000 on average to take a home and resell it over time.
The costs vary but if I had to put a number on it… at default time about $800-$1,200 then if the foreclosure is filed another let’s say about the same. Then if they acquire the home. The realtor fees, maintenance fees, loss of income from the loan -that’s where the bulk of the $40,000 obviously comes in. Don’t forget there are unseen costs like the personnel used to listen to you tell them why you can’t make the payments.
You’ve only got a couple options and moving is the best idea early on when you realize something has changed and it’s not going to get better. By the way, don’t answer every call but do keep in touch- they won’t move to foreclose as fast if you stay in touch! even if you’ve got a motgage that’s over the value of the property now- don’t worry- just put it on the market and let the lender do an assisted short sale with the new buyer… it will be much better- see my web site if you want more specifics on why you should make a decision quickly, etc. Obviously, if you live in the Chicagoland area of Illinois you can call me -I might be able to help you get this done or at least help you since I’m a Real Estate Broker and a Loan Officer that does this as a community service to help people in these situations on a regular basis.