Would you buy a foreclosure that belongs to someone you know

amother

Milk

Today at 1:21 pm

amother Birch wrote:

Ok.
But what about the scenarios where someone buys a house KNOWING they can't afford the mortgage. Knowing they will fall behind. Knowing they will likely go into foreclosure unless a nes happens.
Should the community swoop in and help in those cases?

Im hearing more and more people approaching foreclosure. Especially now. People bought insane mortgages, (6k a month) hoping to get raises or better jobs. Then the job market is doing more poorly so they can't get the raises they were hoping.

Do we think it's the community's responsibility to help people out of foreclosure if they bought unrealistically.

Maybe it should be the community's responsibility to collect so everyone can buy a house in the first place.

It probably isn’t the community’s responsibility to help people out of foreclosure.

But the least we can do is to not profit off their pain and not take away a family’s home.

I would never want to live with the guilt of taking away someone’s home. Yes, I think a Jewish foreclosed home should rather go to a non-Jew.

amother

↑ OP ↓

Today at 1:45 pm

amother Carnation wrote:

My relative buys houses at foreclosure auctions and resells them for parnassah.
He will not buy a house that is owned by a yid without speaking to them first. He usually calls them to find out what the situation is. Often they know about it and planned on bidding for their own house (and it would be terrible if a yid would bid against them). Sometimes they didn’t even know anything and sometimes they already worked it out with the bank and it’s a mistake that the house is on the list and it really shouldn’t have gone to the auction.
Sometimes he even helps people get their houses back and they give him money to bid for them.
So it’s complicated to buy someone’s house whom you know and I would tell you to stay far away.
Houses where the owner died and there are no next of kin or something very similar is what seems to be the safest bid.
I know from my relative that there hasn’t been much to bid on lately.

Thanks. Spoke to them directly to see if there is what to do to help. Its sorted - BH

amother

↑ OP

Today at 1:49 pm

B'Syata D'Shmya wrote:

I think this is one of those posts that OP stops when she gets an answer that validates what she wants to do.

It matters not what other people think and honestly, OP didnt cause the situation nor the problem that brought the house to foreclose.
We do have a mitzvah to help a Jewish family before they fall, so I would involve Daas Torah before proceeding.

Really?
Do you work?
Because I do. And I have kids. Not on Imamother all day. Dont judge

amother

Firethorn

Today at 7:44 pm

OP I hope it’s not our house😭😢

My DH and I worked years and live very frugally. We piled up every dollar we could for a down payment. DH made a decent income and With my job we bh made enough to cover mortgage and all basic expenses.
A year after Covid, (3 months after we moved into our home) the business my DH worked at for 13 years decided to shut its doors and we’ve been struggling ever since. Our income has never been the same and DH has been through many jobs but no new job is going to pay what he made at a place he worked at for over a decade.

Bh we got approved for HAF which was a covid program and they paid a big chunk of our balance. We are in constant contact with the bank and mortgage company and they are bh trying to work out a plan. They keep giving us a plan and a deadline by when we need to pay and we just can’t catch our tails.

TYH our home isn’t in foreclosure or pre foreclosure but it’s on my mind. We are relying on hashem and we know he has a plan. Selling at the moment isn’t an option and I know hashem will come through.

If another Jew would buy our home through an auction I’d have to work very hard on my middos to forgive them.

Even though legally you can do whatever you want, it’s your money but maybe try to put yourself in someone else’s shoes before making a purchase like this.

No, we’re not asking friends, family, or neighbors to band together and help us save our home, it’s not their responsibility. We are doing our hishtadlut and we have one father and that’s who will come through for us.

chestnut

Today at 8:24 pm

amother Razzmatazz wrote:

I am the one that posted this why am I rude for suggesting that people and yourself help the family out? aren't we here on earth to help others? unless I am mistaken . . ...

How do you know OP's financial situation to decide if she can afford to rent out this house??