Don’t let a bank ruin your house.

Observing the flooding from hurricanes leaves everyone with a sickening feeling.  We understand the rising waters will ruin homes and require replacing most if not all of their belongings.  There is a shared sadness felt across the country, especially when considering many homeowners are not insured to cover the damages to their properties.  Thankfully there is an abundance of effort to help those in need and some government support which can be offered during natural disasters.

At EcoLiving Property, we see another kind of disaster and it affects families and houses just the same.  According to Realty Trac there are over 600,000 homes in some stage of foreclosure in the United States today.  There are so many reasons good, hard-working Americans begin struggling to make their mortgage payments.  Unfortunately job loss, medical problems, separations and so many other problems can become the financial constraint.

During the foreclosure process a bank will not be patient with a borrower on a human level, they don’t care to understand what the circumstances are.  Banks rely on a set of rules and numbers, they eventually will evict homeowners no matter how much equity they may have in the house.

What follows is the “natural disaster” to the house.  A once loved home can sit vacant for months or even years before it is processed by the bank to either resell or put onto an auction.  Over time all the regular upkeep a homeowner would do goes undone and begins to eat away at a house.  Wood rot sets in, sediment develops in pipes, termites can go undetected and moisture grows to mold.  A vacant house can even draw vandalism and lower property values in the whole neighborhood.  The longer it sits, the more damage is done.

Below are photos of a home we recently viewed.  It is a split level family home in a cul-de-sac in a nicely kept suburban area.  It was clear the property had sat vacant for too long and will likely stay on the market for much longer.  In this case, like many others, the bank wants a certain price and won’t take any less.  It is lower than retail price but can’t be financed through a traditional loan due to needed repairs, eliminating most retail buyers.  And the cost of the necessary repairs makes the bank’s asking price too high for investors.  Unfortunately houses like this will sit and deteriorate further.

Mold in basement

Mold on kitchen cabinets

As residential redevelopers and real estate agents we see a lot of houses in horrendous conditions.  It’s always a curiosity to wonder if there was something we could have done to help, if we could have been of assistance to the homeowner during a difficult time?

We buy houses quickly with cash and can help prevent the damage a foreclosure can do to credit.  Buying houses this way even prevents the damage a bank will cause by allowing a house to sit vacant following a foreclosure.  If you or someone you know is struggling with making mortgage payments, don’t worry you’re not alone.  We want to help you and lessen the impact of the disaster in your life.