Would you buy a foreclosure that belongs to someone you know

amother

↑ NeonOrange

Yesterday at 8:21 am

OP, I would not consider it.
If it is in your community, even if you pay top dollar for the house, you "stole" it from them.
If the neighbors purchase it as a group (what are the chances?) and then these former homeowners don't pay rent, you're terrible people for evicting them.
It's a no-win for you.
I know it sounds tempting but it cannot bring any good into your lives.
Hatzlocha finding your right home soon!

amother

↑ Chambray

Yesterday at 8:28 am

I wrote no earlier.
Our rav told us not to but houses at auction they anyone lives in. (My community, a yid, or otherwise)
He said better not to have on your cheshbon you kicked someone out of their home.

↑ Raizle

Yesterday at 8:31 am

I have a question. And this is not a judgement, im just wondering if there is something I don't know about how it works.
How do people get to the point of foreclosure? If you are having trouble paying your mortgage wouldn't the sensible thing to do be to sell your house before the bank takes it from you? Pay down the mortgage and you get to keep the rest as opposed to foreclosure.
Can someone explain it to me?

amother

Ivory

Yesterday at 8:34 am

Raizle wrote:

Wondering this as well….

amother

Brass

Yesterday at 8:39 am

Short answer is no.

You would have to contact a lawyer and understand how foreclosure auctions work. They likely are planning on buying it back at auction, or have someone lined up to do that for them.
Most properties in high value neighborhoods go for market value-so there’s no “bargain “ at auction.

amother

↑ Carnation ↓

Yesterday at 8:42 am

Raizle wrote:

If a person does not pay their mortgage for 3 months, they get a letter from the bank stating that the house is going into foreclosure.
It doesn’t happen right away but eventually the banks give in a list of properties to be listed at the next sherrifs sale.
I’ve heard that even if you can’t make the mortgage payment for the month, you should still be in touch with the bank so they know what’s going on.
Having zero contact with them and not making payments will put your house into foreclosure.
I would imagine that a person gets into a situation where they have absolutely no idea how they will ever make payments so they don’t contact the bank because they don’t even know how they could pay.
Taking a mortgage is a serious commitment.

amother

NeonBlue

Yesterday at 8:42 am

Raizle wrote:

Sometimes people owe more than the house is worth. If they took out all the equity in additional mortgages

amother

Emerald

Yesterday at 9:01 am

Bid away
You will LIKELY not win it anyway. If you’re claiming it’s in a frum popular place now
It’ll end up going for way higher than anticipated with chances of you not winning it anyway and some other developer will .

amother

Feverfew

Yesterday at 9:13 am

amother Emerald wrote:

That may be the best option, as the developer may give back a beautiful ready apartment to the people that lost the house. And make his money from the other parts. Let's daven that these people don't lose their home and that they should have a yeshua very quickly without causing any other yid to cause another one harm.

amother

Yolk

Yesterday at 9:18 am

Had this scenario. I called the county and they confirmed that it was definitely on auction, what the problem was, no way the owners could buy it back etc. Morning of the auction that house wasn't listed. The owners had cleared it up. So don't get your hopes up. (And the owners immediately sold for market value)

amother

Aconite

Yesterday at 9:38 am

amother OP wrote:

I see a house going to auction very soon. I know the people pretty well and honestly shocked it is going to Auction. They have a lot of family in the neighborhood which makes it more surprising to me.

I feel bad to bid.
On the other hand it's a once in a lifetime opportunity to live in that area which has gone up so much in price. Finding anything in that location is hard now.

It's tempting.
Yet id feel horrible knowing I 'took' their house.

On the other hand, once on auction, someone will put a bid. And it might be non jews.

I wish they could be helped. I don't know the situation.

So hard. For them. And for deciding what is right.

Any insight to offer?

Never. I wouldn't want to have on my conscience that I hurt an already hurting family. It would be like adding salt to their wounds.

I don't like the argument that someone else may do it, hence it justifies doing it. To me, not hurting another yid is a cardinal rule. That's the essence of our Torah. So if something comes about via the route of hurting someone else, to me that's a test to withstand and not a route to take. If Hashem wants me to have something, I truly believe He will send it to me in a different way, in a way that is fully aligned with the Torah.

amother

Bubblegum

Yesterday at 9:42 am

OP how do you plan on buying it? In almost all auctions you pay with cash. I’m assuming you don’t have hundreds of thousands of dollars sitting in your account, because otherwise you can buy in that area the conventional way..

mizle10 ↓

Yesterday at 10:06 am

Raizle wrote:

A) desperate people don't always do rational things
B) you only stand to gain by selling if you have any equity in the house