I hear this everyday around me : “How do I find a way to avoid foreclosure on my second home or homes :
I am a realtor in Palm Springs (mainly market for second and third home owners) and I hear number of realtors and clients owners like me who got carried away and bought properties maybe over the top seek for solutions.
When you are a Realtor in this market and when you have to face 3 or 4 mortgage payments every 4 weeks, you feel “the heat” and you want to avoid being in a position you see your clients getting in.
I called the banks and in fact there is no body to talk to (we know that) but I mean no program or department in place to talk to people that are still good for the money but KNOW that within a few it is there waiting for them the “missing the payment” or the other alternative they advise you to do is to sell that property (don’t we wish we could sell at what we bought it for !!!) but we know that in our market today selling would not solve the problem and it would have to be a short sale – eventually a foreclosure.
The banks transfer you to their collection department where in fact they are very rude and not very helpful people get to talk to you and the answer is always “CALL US AFTER YOU FAIL”.
Well I do not accept this, I would believe that banks do not want to see more foreclosures and that they would try to “help” and find a way to cut your monthly payments by maybe doubling on the length of the loan for example. But I am finding out that NOBODY is taking the problem at the bottom before it become a bad desease that you can not cure…YES there is a program with FHA if it is your primary residence…whey could’nt we have something put in place to help the owners of second homes keep their ownership and mainly keep the inventory down and prices up..and just in general HELP THE MARKET TO HOLD ITSELF!!!!
LEt me know ..I want to hear…