Came to my door!

[paintinrosesred]

We have filled C7 and are in foreclosure. Last weekend two people knocked on my door and I answered it. My children ran to the door thinking it was the neighbor. The man said "we wanted to talk to you about your house being in foreclosure" right in front of my children.

I was in complete SHOCK. I stepped out onto the porch and shut the door so my kids couldn't hear and told him "do not say THAT word in front of my children" and then he said "we can help you" and I said "we don't need your help" and shut the door.

I'm still in shock that these people have the nerve to knock on your door and confront you like that. Like we are "stupid" or something or don't know that we have options. TRUST me we know what our options are and we know that we are doing the right thing. HOW dare they!

My daughter watched the Kit Kidredge (about the great depression) movie recently and got really freaked out when the bank came and took the neighbor's house away. It really hit home and so we have been careful for the kids to not know exactly what is happening. We will of course explain when they are old enough to understand.

But the nerve of these people to come to your door. I'm still so angry.

PS... 341 next week! Wish us luck!

[liz417]

Wow!! Were these people "representitives" from your mortgage company??!!?? Gee, you read on this board how some people live in their home for up to a year before the bank comes in...I guess it just depends on your state...I agree, they shouldn't have said anything in front of the children. Good Luck and hang in there

[Flamingo]

The scammers and rip off artists are out there and they glean your information from public records or buying lists of properties in the foreclosure process from various sources so your foreclosure information is out there. You did the right thing.

[liz417]

The scammers and rip off artists are out there and they glean your information from public records or buying lists of properties in the foreclosure process from various sources so your foreclosure information is out there. You did the right thing.

Yes, I guess you are right Flamingo my mailbox has been overflowing with "offers to help me"...

[Trixie007]

Wow! What a horrifying experience! Hang in there - wishing you the best at your 341!

[broken64]

That is so terrible. I sware if some people had a brain they would be dangerous, in front of your children nonetheless. Good for you standing up for yourself. We are all behind you united bk front lol. Hopefully that will be the last you will see of those creeps. Good luck on your 341

[paintinrosesred]

Thanks! We aren't so worried about the 341 as we are worried that everything will go smoothly to discharge.
I can't believe it's legal for those people to exist. If we didn't know any better we might think they could help us and then we give them money (if we had any) and the result would still be the same. We are confident that we are making the right decision but unfortunately they pray on people that don't know enough. That's why this forum is so important!

[Bell30656]

Actually some of those people are trying to make the situation into a win/win/win situation. They offer you an amount below what you owe the bank. You offer it to your bank as a short sale. Sometimes the bank takes it. Then the bank wins by not having to foreclose, the buyer wins by getting a deal on the property, you win by not having a negative account with the lender.

It's becoming a business trying to get into houses just before foreclosure.

[Help!]

That's really sickening. Imagine the people in foreclosure who aren't as savvy (e.g., the elderly) being taken advantage of. These reverse mortgages they're shoving down peoples throats should be illegal, too. I'm sorry this happened to you and can relate to your concern about what the kids see and hear. That was the worst part about the whole BK process, breaking down into tears and having my kids ask me what was wrong. It's horrible.

[jeb]

Actually some of those people are trying to make the situation into a win/win/win situation. They offer you an amount below what you owe the bank. You offer it to your bank as a short sale. Sometimes the bank takes it. Then the bank wins by not having to foreclose, the buyer wins by getting a deal on the property, you win by not having a negative account with the lender.

It's becoming a business trying to get into houses just before foreclosure.

Bell, you are correct - IF done properly it can be a win/win/win. But whenever money is involved, the slime come out from under their rock and take advantage of people. - jb

[SobStory]

I'm horrified. Slimeballs. I would have asked for their cards, try to determine who they are. Then I would write some very serious complaints. Figure out where they live. Then knock on their door. Tell them "Your husband is trying to take my house and put me and the kids on the street."
Let's see how they like an unsolicited visit.
MOST of the time, it's a scam.

[Bell30656]

These people aren't trying to put anyone out on the street. There are times that they can actually allow people to stay in their houses longer than if they went through foreclosure. They read the newspaper and find people whose homes are to be sold at the next county courthouse steps auction. In my state it is the first Tuesday of the month.

Some of the people doing it really haven't figured out how to approach the homeowner. My neighbor's house and mine were both listed in the foreclosure notices for the same month. I was moving and filing bankruptcy anyway so I wasn't interested. My neighbors entered into an agreement that the buyer bought the home on a short sale approved by the Bank of America, then they were given 60 days and $2000 on a Cash for Keys deal. It really worked for them.

Someone can only take advantage of you if you have something to lose. In most of these instances the people in the homes are going to lose them to a foreclosure sale in a matter of days anyway. It's just a question of whether the bank gets it back on the foreclosure, someone you don't know buys it on the courthouse steps or someone that approaches you buys it.

[Tromploi]

So sorry for you. I posted in another thread that AmEx served my 14 y/o yesterday. Is that even legal? We were gone, and he was here and outside when they drove up. So he got served. My kids know NOTHING about the BK. Some nerve.

[paintinrosesred]

I can not believe that they served papers to your child. That is completely uncalled for. I'm so sorry that happened! WRONG.

[jeb]

There are times that they can actually allow people to stay in their houses longer than if they went through foreclosure.

As Bell mentioned above, there are some definite advantages to doing a short sale instead of letting the home go in a foreclosure.

If done right -

you may be able to get 6-8 months free rent out of the deal.

you may walk away with some cash - as above - even thought the lenders normally will not let that happen.

you do not show a foreclosure on your credit report.

you have no tax problems to deal with. (1099, etc.)

you may be able to stay in the home and rent, lease option or rent to own. (This gets a little more complicated.)

And, if you live in a state like FL that requires the seller to disclose all defects to the property, you may be able to force the lender to take the short sale deal offered - which can be as little as 40 cents on the dollar.

The way you were approached was certainly not right under any circumstances and probably would not fall into the "Do it right" group but the process can help a lot of people end up in a better place than they would have otherwise. - jb