For Sale By Owner
As I drive up and down the neighbordhood I see red signs with big white letters. You’ve seen them as well around where you live, the words say “For Sale By Owner”.
But the real question is, who is the true owner selling the house?
Many may not know but some banks can take over a home fairly easily. Foreclosure does not come into effect overnight so banks know when they are about to acquire a house back from the consumer. Banks will put the house on the market as soon as they have taken full possession of it. It is all about money when it comes to banks, that is their main product without money banks would not exist.
In 2008 we saw extradordinary amounts of home repossessions than in previous years. 2009 will bring even more because of job layoffs that happened last year and this year. People who cannot keep up with their mortgage payments were losing their homes to banks.
The mortgage crisis in every neighborhood didn’t stop with mortgage payments but it also included Home Owners Associations taking homes away as well. That’s right there have been cased where couples have lost their home because they did not pay their (HOA) Home Owners Associations that many new homes have built into the contract. HOA’s work separately from the bank and they have a certian amount of legal power. If you pay dues to one you should make sure you know what they strictly enforce. More importantly, make sure to always pay yoru HOA dues and you should be fine. But if it was up to me, i’d pay my mortgage before i’d pay HOA dues. Be on the safe side and pay all your bills, build up an emergency fund and give yourself room to breathe financially.