Does the Bank Really Want Your House?

I read an interesting article on The Washington Post titled: Foreclosure Auctioneer's Lonely Task. There is a quote in the article I found particularly interesting: "Banks don't want your house; they want your money. They want to work with you so you can keep your house. With the market like it is, lenders don't want to foreclose on you."

If this were genuinely the case, why is there such an onslaught of REO homes nowadays? I think it's a genuine sentiment, but the current mortgage problems like this are occurring anyways, and people, particularly those at risk of foreclosure, need to understand this!

I cannot stress enough how important constant communication with your lender is when you are facing a risk of foreclosure. Banks are becoming more and more flexible with homeowners (finally), but the reality is that if there's ANY possibility of getting the note renegotiated, or getting the house sold before foreclosure, why WOULDN'T you try?

I serve the Chicago near north side real estate market including the beautiful neighborhood of Lincoln Park. Check out my Lincoln Park Condos site lincolnpark-realestate.com, and view Lincoln Park Real Estate Listings online!