Hikers Beware!

If you or someone you know are in the unfortunate situation of losing your home to foreclosure, BEWARE!

You have probably all been touched by it. People you never thought would lose their homes to foreclosure are finding themselves in that horrible, horrible position. My own brother is one of them, so I know it’s widespread, and don’t think for a minute we’re through it yet.

I don’t care that the Federal Govt. has extended the $8,000 tax credit for first time home buyers and is now even offering up to $6,500 for repeat buyers -after all that’s what they do best -GIVE AWAY MONEY WE DON’T HAVE!

If you you look yourself in the mirror and tell the truth, these tax credits are quite possibly putting more under-qualified buyers in homes they very likely will get in trouble with later. And worse, these artificial blips in the housing numbers due to govt giveaways just prolong the agony of the recession. Look at Cash for Clunkers. Car sales fell flat the minute that giveaway ended.

But I digress. My Hikers Beware has to do with people walking away from their homes with foreclosure looming only to learn that the bank never followed through on the foreclosure action and they are still on title as the legal owner.

In otherwords they’re on the hook legally if it turns into a crack house or someone gets hurt on the property. If it’s in a subdivision or association, they’re still liable for maintenance fees and/or association dues. And they can’t qualify for other housing (senior subsidized rental housing, for example) while still an owner of the property they walked away from, and on and on.

I wish I knew how to advise you to get your name offthe title if you’ve found yourself in the unfortunate walkaway situation, but just be advised the problem exists and try your best to get your mortgage servicer to follow through on the foreclosure getting you off title!

That’s my Tip of the Day!

Aloha, “Mikie”
Mikie Likes It LLC
Michelle Kerr
(Principal Broker/Owner)

Phone: (808) 896-1943
eMail: Mike@MikeSells.com

my ‘Grassroots’ blog: GetOffYourButts.net