Are Banks in a Hurry to Sell Foreclosed Homes?

What a great question. When you get your home loan from a bank like Bank of America, they most likely legally sell it to another financial institution, that financial institution say, Bank B, packages the interim mortgageBanks Selling Foreclosures back security which in turn is sold to Investor C. If you are unable to make your mortgage payment and think that you might be threatened with a foreclosure, you might want to think again, why? The longer a bank can hold off on a foreclosure sale, the longer it can keep any loss off it’s books. That way, the bank creates the illusion that it’s finances are healthier than they are.

The timing of foreclosure action may have nothing to do with how many payments that you have missed, it might have everything to do with how the bank is trying to make it’s books look. Facing a housing foreclosure problem? Give us a call today.

 

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