It Could Happen To You

Dated: 07/05/2014

Views: 753

It was a bright Saturday morning and Bill and his family were up and ready to start their day off with breakfast when the doorbell rang. Bill went to the door and answered it. the Sheriff stood there with a piece of paper in his hand and gave it to Bill and said, "You have 21 days to vacate the premises." Bill looked at him and asked if the officer had the wrong address, then if this was a joke, and finally why did we have to vacate? The officer went on to explain that the this house was being auctioned on the next Tuesday in a foreclosure case because they did not pay their payments. Bill and his family had never been late with a single payment and could not understand how this could happen. They paid their payment to the owners every month for the home they were purchasing from him. The officer suggested they seek legal counsel.
So now for the rest of the story. Bill and his family had moved to the area 3 years earlier and did not have established credit due to some issues in the family past. They sought out and found someone to Lease/Purchase to them without using someone to help them obtain their new home. They worked out a deal with the owners that they would give $5000 in cash and pay $1100 per month for 3 years so the Bill's family could get credit established in order to secure a regular loan for the balance of the home price. Sometime during the first 2 years the owner lost their job and could not find another one. The owners instead of paying the mortgage on the property Bill's family lived in used the money to make ends meet for his family, never telling Bill that there was a problem. After a few months the house went in to foreclosure and the owners did nothing, but collect money from Bill and his family.
The Dodd/Frank act went into effect on the 1st of January 2014 to help protect from this kind of thing happening, and it still goes on every day.
Seek professional help when looking to purchase a home.
Find homes in Louisville at
Blog author image

Rick Hogue

As the team leader for our group, my responsibility is to all of our clients to insure they are treated with respect and all of their needs are met. In addition I am the listing agent for the team hel....

Want to Advertise on this Site?

Latest Blog Posts

Jan 12 2018 48567 1

Why Your Home May Not Be Selling, Even in a Seller's Market!Price and condition make a big difference, but other factors can also slow your home sale. Houses are selling quickly, so you think

Read More

Listing Of The Week 1021 Charles St

Listing of the week: 1021 Charles St. - Louisville, KY.Welcome to 1021 Charles St! Located in the Germantown market!Germantown is a neighborhood located just three miles from downtown Louisville,

Read More

How To Clean Up Your Credit Score

t's easy to fall in love with the idea of buying a home. You've got it all planned out: a three-bedroom home in your favorite neighborhood with a manicured lawn and—why not?—a nice pool,

Read More

You Only Think Its True 10 Myths Costing You Time And Money

You can’t swing a tool belt without hitting a website or TV network offering tips on taking care of your digs. Save money by watering your lawn at night! No, water it in the morning! No, dig it up

Read More