Myth Debunked: Why Banks Don’t Want to Take Your House

Welcome to The Foreclosure Fix Podcast, where our goal is to help one million homeowners successfully navigate foreclosure! This is our first episode, and we’re kicking it off with the first guest in our Foreclosure Fix family. 

Chris Seveney is here to talk about one of the myths surrounding foreclosure: that banks just want to take your house. As a commercial construction expert and the founder and manager of 7E Mortgage Loan Investment Fund, Chris helps homeowners faced with foreclosure find win-win resolutions that appease the lenders and help the homeowners keep their house. 

With a master's in real estate from Georgetown University, Chris brings a wealth of knowledge and experience to our conversation. 

In this episode, we discuss the possibility of finding hope even if a borrower is 18 months behind on their payments. Chris enlightens us on how a forbearance can give borrowers a fresh start by adding missed payments to the back of the loan, making it appear current on their credit report. We also explore the importance of communication, seeking assistance from family and friends, and the value of working with smaller lenders who pay attention to every loan and provide better understanding and communication.

But that's not all. In our exciting Bow Tie round, we dive into Chris's valuable advice for someone in foreclosure, what he is grateful for in his own life, and his wildest foreclosure story. From tips on navigating the loan process to understanding the significance of a workout plan, this episode is packed with insights that can make a difference.

So tune in as we unravel the secrets of foreclosure resolution with Chris Seveney on this engaging premiere episode of Foreclosure Fix.

Key takeaways: 

• Communication is key: When facing foreclosure, it is important for borrowers to communicate with their lender or servicer and seek assistance. This will help them understand their situation and navigate the overwhelming paperwork and options available to them.
• Seek help from family and friends: Going through foreclosure can be emotionally challenging, but it's important to reach out for support. Family and friends can provide guidance, advice, and even financial assistance during this difficult time.
• Smaller lenders offer better understanding and communication: Working with smaller lenders can be advantageous for borrowers. These lenders pay attention to every loan and provide better understanding and communication throughout the loan process. They are more accessible and can process paperwork and options quickly.
• Forbearance can provide a fresh start: For borrowers who have fallen behind on payments, a forbearance plan can be a viable option. It temporarily stops legal action and provides a 3 to 6-month window for the borrower to make up missed payments. This allows them to reset their financial situation and have a chance to catch up on their mortgage.
• Timelines vary depending on the lender: The timeline for loan modifications or forbearance plans can differ based on the size of the lender or servicer. Smaller lenders often have quicker processing times, while larger institutions may take longer. It is important for borrowers to understand their current financial position, seek assistance, and proactively communicate with the lender to explore the available options.

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