subject: Looking At Your Walk-Away Program Options: Is Buying Notes From The Bank Legal? [print this page] Looking At Your Walk-Away Program Options: Is Buying Notes From The Bank Legal?
When you are faced with the imminent possibility of a foreclosure, you have to carefully evaluate your options. You cannot simply sulk and surrender to whatever negative consequences you will have to suffer due to the foreclosure of your property. You can take a look at your options at being able to save yourself from the bad credit record that you will have to endure in the years to come. While you have to accept the fact that you are going to lose your home, you have to take the necessary steps in order to ensure that you walk-away from your current financial condition with the dignity that you deserve and with as little damage as possible. As you check out the walk-away programs that are available for you, you might ask "is buying notes from the bank legal?"
These walk-away programs are not scams. Yes, they can very well undertake to purchase your mortgage notes from your bank so that you can clear out your obligations. There was a time when the only other option you can take in place of facing a foreclosure is a short sale. In a short sale, you and your bank agree to sell your property at less than what you have left on your loan balance. In such a sale, you do not necessarily free yourself from any obligations. The bank could disagree with the proposal of a short sale. Or, you might not even find a buyer for your property even at a discount. A walk-away program offers a better foreclosure solution in that when your walk-away company agrees to take over your mortgage for you, you can actually walk-away and start your life all over again, no ifs, no buts.
So, is buying notes from the bank legal? Definitely. These walk-away companies negotiate directly with your bank's legal department to fulfill the necessary legal obligations that are required by law. There are important documentation that needs to be accomplished. You will be asked to submit a list of requirements to your walk-away company so they can prepare for their negotiations with your bank. You do not have to worry about these legalities. When the walk-away company agrees to take on your property, it takes over on your behalf. There is no reason for the bank not to agree with their offer especially as it is their best chance of getting the most out of your property.
