It Could Happen To You

Dated: 07/05/2014

Views: 756

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

4 Funky Odors In Your House Only Your Guests Can Smell

You could be noseblind. Here’s how to find and eliminate the funk you can’t smell. Stand in your kitchen and take a deep breath. Smell that? From last night’s fish to your son’s nasty

Read More

3709 High Crest Ct Crestwood KY 40014 Move In Ready

Offering easy living with all the comforts of luxury in this 5BR/4.5BA brick home in the Woods of Hillview. From the covered front porch, enter the two-story foyer with Palladium window and be

Read More

The Right Way To Pick A Gorgeous Color Scheme For Your Home

Picking a color for one room can be challenging enough. But picking a palette for your whole house?That feels daunting. Coordinate your colors too much, you’ll end up matchy matchy.’

Read More

Is 2018 The Year You Should Buy A Home

If buying your first home is among your New Year's resolutions for 2018, you might be viewing the current real estate landscape with equal parts hopeful wonder and anxious dread.As a first-time

Read More