Recently we helped save the homeowner in the 1200 block of Evarts st in Washington Dc from facing Foreclosure. If you know anything about DC (The District of Columbia) real estate then you can Imagine what this home owner went though.  Her situation was, She had always thought that she had a reverse mortgage and had completely stop paying her mortgage for about 6 year Can you image that ? 6 years of behind mortgage payments but the homeowner had kept up with her taxes and insurance.  This was not her 1st time facing foreclosure, one time she was just asked to pay a $$ dollar amount and the foreclosure was stopped.  When we were called to help out,  the owner had thought she only owed about 200k come to find out that they really owned the bank 500k.  We are talking about owners who had this home for over 30 years and at onetime the home was free and clear.  The mortgage was brought and sold many of times from different mortgage servicer’s leaving the home owner to question the amount that she actually owed on her home.  Because the home was sitting in one of the hottest area in Dc “Brookland” she still had some equity left because houses that where being renovated was being sold up to 800k.  Time was running out on the homeowner and because she owe to much money on the home we could not buy this property for cash so she wasn’t able to sell it to an investor because the numbers just wouldn’t work for an investor .  We actually had to help the homeowner file for bankruptcy to save her home.  She listed the home and got a contract on it from a traditional buyer and was able to sell the property as is with no repairs.

Along story short the homeowners husband had taken out an equity loan to pay off the his first wife because the home use to be the couples first home. That’s where all the extra debt came from, we were able to get the bankruptcy case withdrawn and the homeowner sold the home and instead of letting the bank take back the home they were able to walk away with money in their pocket.

Everyone situation is different but if you ever need help with a Pre-foreclosure  please don’t hesitate to give us a call. We were not able to buy this home but we are in business to help others out and that’s the bottom line. Weather it be helping new home owners purchase a home that we have just renovated or home owners who are facing divorce, foreclosure, probate issues.  CALL THE HOUSE BUYING NETWORK IF YOU NEED TO SELL YOUR HOME FAST, or need a cash buyer in dc md or va 202-641-6882

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