April 2002 Archives



  • Posted by Kristen on April 26, 2002 at 11:12:39:

    The auction is scheduled for May 10th, and the bank gave me a date to vacate of approx. June 10. Then they said I had three days after May 10 to vacate if they are not high bidder, but if they are I have until the first week of June. (June 10) So, if I understand what they are telling me correctly, if the bank doesn't buy it I have three days to vacate, if they do I have one month form the auction date. I would like to know which date I should plan on being moved out by. Any clarification would be appreciated. : (1)


    • Posted by Ward-CA- on April 26, 2002 at 20:48:27:

      In Reply to: Time Line to vacate posted by Kristen on April 26, 2002 at 11:12:39:

      : The auction is scheduled for May 10th, and the bank gave me a date to vacate of approx. June 10. Then they said I had three days after May 10 to vacate if they are not high bidder, but if they are I have until the first week of June. (June 10) So, if I understand what they are telling me correctly, if the bank doesn't buy it I have three days to vacate, if they do I have one month form the auction date. I would like to know which date I should plan on being moved out by. Any clarification would be appreciated.

      =•=•=•=•=•=•=•=•=•=•=

      Kristen,

      The answer to your question is . . . “It Depends”. The lender will take title to the property if no outside bidder makes a bid higher than the lender’s. And that will happen only if the lender’s opening bid is higher than 80% of the perceived, fair market value of the property.

      Another factor to take into consideration is the state of your local real estate market at the time of the foreclosure sale. If it’s a Seller’s market then the market will be up, if it’s a Buyer’s market then the market will be blah—even the foreclosure market.

      So, now with the above info you should be able to predict whether or not you’ll be moving earlier or later.

      Hope this helps.



      : (0)


  • Posted by Chris W. on April 25, 2002 at 23:56:01:

    In researching a foreclosure at the County Recorder of Deeds office the property has two mortgages listed that do not show releases. The mortgage in foreclosure is the most recent. The other mortgage, earlier date so would be the first (?), is for $1,000 less than the second. It's questionable if the property is worth what both mortgages come to. So my question is - would a bank give a second mortgage for more than the first when the property value wouldn't justify it - and, I was told sometimes the release is sent to the mortgagee and they don't know they are supposed to record it - but most of all, how can one protect themselves in trying to research title when banks and attorneys involved in foreclosures refuse to give out any information at all? Am I expecting to be able to find out too much prior to the auction or do I just not know what I'm doing? Thanks for any advice! : (1)


    • Posted by Nick(Colorado) on April 26, 2002 at 11:39:42:

      In Reply to: County records posted by Chris W. on April 25, 2002 at 23:56:01:

      Chris:

      Sound like the property is upside down. If you wouldlike to purchase this property, wait until it is anREO. There are far too many lenders out there thatwill do financing above 100%. : (0)


  • Posted by HELP!!! on April 25, 2002 at 23:14:42:

    I lived in houston texas and are behind on my payments on my manufacture home. what are the collection procedures for repossesion and foreclosure. HELP!!!!!! : (2)


    • Posted by njdave on April 26, 2002 at 07:08:07:

      In Reply to: foreclosure or repossesion posted by HELP!!! on April 25, 2002 at 23:14:42:

      I can provide a 'foreclosure synopsis' if you provide your FAX #. Please visit the nonprofit's website, complete the confidential application, and it will be FAXed to you..

    • non profit resource
    : (1)

    • Posted by dan farkas on April 30, 2002 at 23:16:03:

      In Reply to: Re: foreclosure or repossesion posted by njdave on April 26, 2002 at 07:08:07:

      : I can provide a 'foreclosure synopsis' if you provide your FAX #. Please visit the nonprofit's website, complete the confidential application, and it will be FAXed to you..

      : (0)


  • Posted by pattimo on April 25, 2002 at 23:13:15:

    I have been waiting for trustee to send funds from sale of my home. Called county recorders office for any infomation they may have. They said that not enough transfer tax was paid when auction took place. Is that any type of loop hole to reverse the sale? : (1)


    • Posted by jr on May 11, 2002 at 22:39:29:

      In Reply to: Looking for Loop Hole posted by pattimo on April 25, 2002 at 23:13:15:

      Be a little more specific,and we'll see what we can do? : (0)


  • Posted by Marie on April 25, 2002 at 22:51:08:

    My husband and I just found out that our house was going to be sold on May 10th. We live in Kentucky, and the mortgage company says that we are behind on more payments than we actually are behind. It may take more than two weeks to find out what is going on. Is there anything that we can do to prevent the sale of our house. Also when we signed the papers for the house we signed them with being told that this was a VA loan. We contacted VA today to find out what was going on and VA informed us that our loan is not a VA loan, but VA inspected the house and we are paying a VA funding fee. Any information that anyone could provide us with would be welcomed. Thank You. : (1)


    • Posted by bill on April 29, 2002 at 22:29:55:

      In Reply to: Information about foreclosure posted by Marie on April 25, 2002 at 22:51:08:

      : (0)


  • Posted by Amy on April 25, 2002 at 15:56:18:

    Help please, we have already recieved our judgement letter, and the home is suppose to be up for sale the 1st of May, how much time do we have before we have to move?? We are in Washington State. : (2)


    • Posted by Ward-CA- on April 26, 2002 at 20:36:01:

      In Reply to: How much time do I have??? Washington State posted by Amy on April 25, 2002 at 15:56:18:

      : Help please, we have already recieved our judgement letter, and the home is suppose to be up for sale the 1st of May, how much time do we have before we have to move?? We are in Washington State. : (0)


    • Posted by ED on April 26, 2002 at 01:43:20:

      In Reply to: How much time do I have??? Washington State posted by Amy on April 25, 2002 at 15:56:18:

      : Help please, we have already recieved our judgement letter, and the home is suppose to be up for sale the 1st of May, how much time do we have before we have to move?? We are in Washington State.

      You are supposed to receive a notice on when you should vacate the property after the sale. In the case of a foreclosure sale / auction, the tenant / occupant has 20 days to vacate the property.

      : (0)


  • Posted by Charles on April 25, 2002 at 10:47:45:

    We have been issued a summons for the foreclosure of our house (located in Wisconsin). As far as I know, the 6 months "option" has been taken in conjunction with chapter 7. The mortgage company is not asking for a defeciency because of the chapter 7 ruling would prevent it. I am just wondering what to expect from here. A court appearance? If so at what point. I cannot tell if I am supposed to do anything with the summons or just sit and wait. We are not contesting anything.

    I donot need advice on "saving my home" etc, just some words on what happens next. We have a lawyer from the chapter 7 but expect that if we were to receive help from him it would mean more $$.

    Thanks for anything that can be shared!

    Charles : (1)


    • Posted by Reinstatement Services, Inc. on April 25, 2002 at 12:14:23:

      In Reply to: Foreclosure Timeline In Wisconsin posted by Charles on April 25, 2002 at 10:47:45:

      Hi Charles, don't worry, you're off the hook. We're not going to give you advice on "saving your home". If you read other posting, most are geared towards assisting distressed borrowers in "avoiding foreclosure". There is a difference.

      By exposing yourself to foreclosure, based on the information you've provided, you run the risk of tax implications related to "income" as well as significantly impugnable credibility should you ever find yourself in the position of needing an emergency loan or a job in the next several years. Since it appears that your credit is already seriously impaired...you're probably thinking that one more "assualt" will not much matter. That's where you've missed the boat.

      A workout with your lender that will assist you in proper disposition of the property will allow you to circumvent many of the negative ramifications associated with foreclosure.

      Finally, because your attorney is intimately familiar with your situation, perhaps a few bucks in his/her direction will in the long run be money well spent.

    • Default and Foreclosure Mediation
    : (0)

  • Posted by jr on April 25, 2002 at 09:47:57:

    Hello,I've gotten myself behind on my mortgage,my question is will lenders still accept a workout if a judgement has been obtained.I'm in florida.thanks : (2)


    • Posted by Reinstatement Services, Inc. on April 25, 2002 at 13:22:02:

      In Reply to: Workout posted by jr on April 25, 2002 at 09:47:57:

      Funny enough, lenders are still willing to entertain the idea of "steady cash flow" even after the foreclosure action has taken place, although it is not advisable that you wait that long [smile].

      Contact your lender with a plan that makes good business sense from the lender's perspective.

    • Default and Foreclsoure Mediation
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  • Posted by Ward-CA- on April 25, 2002 at 10:02:42:

    In Reply to: Workout posted by jr on April 25, 2002 at 09:47:57:

    : Hello,I've gotten myself behind on my mortgage,my question is will lenders still accept a workout if a judgement has been obtained.I'm in florida.thanks

    : (0)


  • Posted by Jun on April 25, 2002 at 03:24:31:

    I am looking for a learning materials on the subject of 'flipping properties' and I recently found the course with a few audio & video tapes is being sold through here on the 'los angeles Real investing club web site'. ( Have a look at 'Real Estate link' on the board )

    please advise me Anyone who already tried this course and is it worth more than $395 ????!!! What is good and bad about this course ? Although I have read a few other RE Investing books, I need to get more knowledge regarding the said subject.

    Jun.LA : (1)


    • Posted by Ward-CA- on April 25, 2002 at 10:00:27:

      In Reply to: A few audio & video tape worth about $395 ? posted by Jun on April 25, 2002 at 03:24:31:

      : I am looking for a learning materials on the subject of 'flipping properties' and I recently found the course with a few audio & video tapes is being sold through here on the 'los angeles Real investing club web site'. ( Have a look at 'Real Estate link' on the board )

      : please advise me Anyone who already tried this course and is it worth more than $395 ????!!! What is good and bad about this course ? Although I have read a few other RE Investing books, I need to get more knowledge regarding the said subject.

      : Jun.: LA

      =•=•=•=•=•=•=•=•=•=•=

      Jun.

      You might try the book first, “Flipping Properties” by Wm Bronchick. It’s for sale at Amazon.com for $13.27 plus shipping.



      : (0)


  • Posted by Kathy on April 25, 2002 at 00:18:40:

    Please help. This is very complicated. My Dad bought this house in January 2000. My husband and I lived with him and he passed away in June 2000. My husband and I continued to pay the mortgage until September 2001. We never notified the lender that my Dad had passed away because our credit is terrible and I was afraid they would not let us assume the mortgage. I was laid off from my job in Sept. 2001 after 20 years. My husband then lost his job in November 2001. He is presently working. I am receiving unemployment, but, have been looking. We were 3 months behind in our mortgage and now into the fourth. The mortgage company found out my Dad was deceased. I had to fax them his death certificate and power of attorney which I did. I kept in contact with the mortgage company and it is very frustrating. Every time I spoke to someone and had to call them back, I was told the person no longer worked there, the extension didn't exist, the telephone number was changed. We were served foreclosure papers on March 29, 2002. I was told they were trying to work out a forbearance agreement, but, it is so frustrating. They just keep giving me the run around and have never called me back. I spend hours every day trying to get them on the phone. The house is still in my Dad's name and so is he deed. Should I file for bankruptcy before they foreclose if I can't reach them regarding forbearance agreement? Can I and should I somehow get the deed changed. There is some equity in the house which my parents wanted me to have and I would hate to lose it. Please give me any advice you can. I live in Queens, NY. Thanks. : (2)


    • Posted by Kathy on April 26, 2002 at 13:45:22:

      In Reply to: Trouble dealing with lender posted by Kathy on April 25, 2002 at 00:18:40:

      Thanks for your reply. I have power of attorney. Can I do this myself at the Probate Court? I thought I would have to go to a lawyer and pay him money which I don't have. I just got a call from the mortgage company saying the forebearance agreement was approved. I have to Western Union them $3,000 on Monday. The agreement is probably way over our heads, but, I guess it will buy me some time. I'm just wondering if it would be better for me to try to sell it now or to do a chapter 13 bankruptcy since my credit is to bad anyway. Would I be able to keep the house under the bankruptcy with lower payments? Thanks again for your help. : (0)


    • Posted by Ward-CA- on April 25, 2002 at 10:28:06:

      In Reply to: Trouble dealing with lender posted by Kathy on April 25, 2002 at 00:18:40:

      : Please help. This is very complicated. My Dad bought this house in January 2000. My husband and I lived with him and he passed away in June 2000. My husband and I continued to pay the mortgage until September 2001. We never notified the lender that my Dad had passed away because our credit is terrible and I was afraid they would not let us assume the mortgage. I was laid off from my job in Sept. 2001 after 20 years. My husband then lost his job in November 2001. He is presently working. I am receiving unemployment, but, have been looking. We were 3 months behind in our mortgage and now into the fourth. The mortgage company found out my Dad was deceased. I had to fax them his death certificate and power of attorney which I did. I kept in contact with the mortgage company and it is very frustrating. Every time I spoke to someone and had to call them back, I was told the person no longer worked there, the extension didn't exist, the telephone number was changed. We were served foreclosure papers on March 29, 2002. I was told they were trying to work out a forbearance agreement, but, it is so frustrating. They just keep giving me the run around and have never called me back. I spend hours every day trying to get them on the phone. The house is still in my Dad's name and so is he deed. Should I file for bankruptcy before they foreclose if I can't reach them regarding forbearance agreement? Can I and should I somehow get the deed changed. There is some equity in the house which my parents wanted me to have and I would hate to lose it. Please give me any advice you can. I live in Queens, NY. Thanks.

      =•=•=•=•=•=•=•=•=•=•=

      Kathy,

      At this point you have no title record interest in the property. Therefore any bankruptcy filing in your name won’t impinge on the progress of this foreclosure since technically, you’re not on title.

      To get on title you’d have to go to your local probate court and get appointed as the administrator of your Dad’s estate and get a court order placing the property in your name as next in line according to NY’s intestate succession law. After that’s done and the property’s in your name then a bankruptcy filing in your name would stop the foreclosure.

      Good luck.



      : (0)


  • Posted by ORHome on April 24, 2002 at 19:43:04:

    I am trying to do a short sale.

    One of the things that the mortgage company has on its list of things I need to do (like 2 months bank statements, harship letter, etc...) is to get the account current.

    Have you found this to be negotiable? If I had the money to make it current I would be needing to sell the house.

    Hope you can help. I've learned a great deal from this forum :)

    ThanksJoel : (0)


  • Posted by Caroline on April 23, 2002 at 17:43:58:

    If anyone could send me a list I would be very greatfull : (0)


  • Posted by KARMINE on April 23, 2002 at 09:26:56:

    MY HUSBAND AND I FILED A CHAPTER 13 SEVERAL YEARS AGO. WE STILL HAD ABOUT 2 YEARS LEFT WHEN WE WENT BACK TO COURT AND HAD THE ARRERAGE ADDED TO IT AND INCREASED PAYMENTS TO THE WAGE EARNER OFFICE AND THEY WERE TO MAKE 2 PAYMENTS TO OUR LENDER. ONE WAS THE REGULAR MONTHLY PAYMENT AND THE OTHER WAS FOR PAST DUE. THE WAGE EARNER ENDED OCTOBER OF LAST YEAR AND AT THAT TIME WE FOUND OUT THAT THE WAGE EARNER OFFICE ONLY MADE ONE MONTHLY PAYMENT TO OUR LENDER AND SENT THE OTHER MONEYS THEY HAD TO OUR OTHER DEBTORS. NOW OUR LENDER IS FORCLOSING ON OUR HOUSE SINCE THIS WAS NOT PAID. WE TRIED A WORK OUT PLAN THAT THEY SAID WE COULD DO HOWEVER THEY WANTED $3,500.00 UP FRONT. WE DO NOT HAVE THIS KIND OF MONEY, I HAVE LOST MY JOB AND AM LOOKING. DON'T KNOW WHAT TO DO, NEED HELP FAST!!!!! : (3)


    • Posted by Reinstatement Services, Inc. on April 23, 2002 at 10:55:50:

      In Reply to: CHAPTER 13/FORECLOSURE posted by KARMINE on April 23, 2002 at 09:26:56:

      The truth is, based on the information you've provided, you can no longer afford the home.

      A $3,500 downpayment on a loan that sounds like it might be about 2 years past due is not bad at all.

      Realistically, Karmine, your lender can only do so much to assist you.

      So, you have a few options left. You could file bankruptcy again; you could find employment; you could sale or lease the property; or you can resign yourself to the inevitable.

    • Default and Foreclosure Mediation
    : (2)

    • Posted by KARMINE on April 23, 2002 at 11:46:33:

      In Reply to: Re: CHAPTER 13/FORECLOSURE posted by Reinstatement Services, Inc. on April 23, 2002 at 10:55:50:

      : The truth is, based on the information you've provided, you can no longer afford the home.

      : A $3,500 downpayment on a loan that sounds like it might be about 2 years past due is not bad at all.

      : Realistically, Karmine, your lender can only do so much to assist you.

      : So, you have a few options left. You could file bankruptcy again; you could find employment; you could sale or lease the property; or you can resign yourself to the inevitable.

      I AM LOOKING FOR EMPLOYMENT AND ACTUALLY AS FOR THE DOLLAR AMOUNT THEY TOLD ME THAT THIS IS ATTORNEY FEES AND LATE FEES. THIS IS NOT THE FIRST TIME I HAVE BEEN WITHOUT A JOB. THE HOUSE IS ONLY ABOUT 1 YEAR BEHIND. I STILL DON'T UNDERSTAND WHY I AM RESPONSABLE FOR AN ERROR THE COURT MADE. I WAS PAYING IN THE CORRECT AMOUNT THRU MY PAST EMPLOYER. I ALSO FOUND OUT THRU THE COURT THAT AFTER THE JUDGE RULED TO HAVE THE PAST DUE AMOUNT ADDED TO THE CHAPTER 13 AND TOLD THE BANK TO FILE A CLAIM FOR THEIR MONRY, THEY NEVER DID. IF THE JUDGE TOLD THEM TO HOW CAN THEY TAKE IT ON THEMSELVES NOT TO??? : (1)


      • Posted by Reinstatement Services, Inc. on April 23, 2002 at 13:05:27:

        In Reply to: Re: CHAPTER 13/FORECLOSURE posted by KARMINE on April 23, 2002 at 11:46:33:

        So your lender has agreed to modify your loan after a year or so of nonpayment. They've asked for legal fees to do this...and its still not enough.

        So far as not understanding why you are responsible...Its YOUR loan. Not the court's. Your lender didn't bring this third party into the scenario...YOU did. You'll have to deal with the mess.

        Your lender is not the enemy, Karmine. Poor planning and lack of attention to the details got you into this.

        You have a situation with your loan and obtaining $3500 to save your home. You can choose to spend your time going round and round on whether the court dropped the ball or whether the lender should have stepped up to the plate in a more timely fashion. However, both contemplations are irrelevant. You owe the money.

        Even so, your lender has agreed to assist you in getting the loan back on track and you are balking, stalling, and looking to cast blame.

        Its time to do the grown up thing and face the facts. You can't afford the house. You don't have a job. And, I AM LOOKING isn't good enough.

        So you're left with the alternatives outlined in the prior communication [possibly with the exception of bankruptcy]. Rest assured, if you don't get moving in a positive and productive manner [like enlisting the services of a realtor] YOU will end up losing even LARGER than you currently imagine.

      • Default and Foreclosure Mediation
      : (0)

  • Posted by Karen on April 23, 2002 at 01:34:01:

    Our house is going into foreclosure. The mtg. company is sending us a work out plan. Can someone tell me what this is and how long the process takes?

    We were close to foreclosure last year but we managed to reinstate the loan. Do you think they will go for the workout plan this time or do you think we look like a bad risk?

    If we look like a bad risk [which is my gut reaction] and they won't accept it, what else can we do?

    Thank you in advance : (1)


    • Posted by Karen on April 30, 2002 at 23:23:00:

      In Reply to: Work out plan? posted by Karen on April 23, 2002 at 01:34:01:

      : Our house is going into foreclosure. The mtg. company is sending us a work out plan. Can someone tell me what this is and how long the process takes?

      : We were close to foreclosure last year but we managed to reinstate the loan. Do you think they will go for the workout plan this time or do you think we look like a bad risk?

      : If we look like a bad risk [which is my gut reaction] and they won't accept it, what else can we do?

      : Thank you in advance

      : (0)


  • Posted by Kaylene on April 22, 2002 at 09:49:32:

    I have just gotten information on tax sales - and am wondering if there is someone out there that has done this and been successful. I just need to know how to get started, I have some funds available, but the laws are so different from county to county it seems like you have to absorbe so much information before you get started - is there an easy way to get started slowly while you continue to learn more.Kaylene : (1)


    • Posted by cecilia gonzalez on April 24, 2002 at 18:04:33:

      In Reply to: Investing in tax lien certificates posted by Kaylene on April 22, 2002 at 09:49:32:

      : I have just gotten information on tax sales - and am wondering if there is someone out there that has done this and been successful. I just need to know how to get started, I have some funds available, but the laws are so different from county to county it seems like you have to absorbe so much information before you get started - is there an easy way to get started slowly while you continue to learn more.: Kaylene

      : (0)


  • Posted by rich on April 21, 2002 at 23:07:42:

    a house i bought at auction is still ocuppied by the old owner. served him 3 day notice, what now?

    PS I'm in CA : (1)


    • Posted by Jim V on April 23, 2002 at 00:52:14:

      In Reply to: eviction of old owner posted by rich on April 21, 2002 at 23:07:42:

      If they haven't responded to your three day notice, it's eviction time.

      It's usually better to attempt to talk to the previous owner, find out their plans, offer cash for keys if appropriate. If they are planning on moving, explain that you are proceeding with an eviction, but will drop it as soon as they are out. If they do not appear cooperative, I'd use an attorney for the eviction. Less stressful for you, it will be done correctly and shouldn't cost more than $500.

      Always proceed under the assumption that the owners will not be leaving. You can always stop an eviction, but you do not want to start the clock running AFTER the previous owners did not move out as promised. : (0)


  • Posted by johnboy473 on April 21, 2002 at 21:32:48:

    If on buys a forclosure property,are they directly hurting anyone in the process?Do you literally take possession of someone elses property while they are still living there? : (2)


    • Posted by Jim V on April 23, 2002 at 00:44:03:

      In Reply to: buying forclosures posted by johnboy473 on April 21, 2002 at 21:32:48:

      There are three main stages to the foreclosure process. Pre-foreclosure, where the loan is in default. The auction, when the property is sold at public auction to the highest bidder. Post foreclosure, where properties are commonly called REO.

      In the preforeclosure stage, the homeowner has all rights to sell or encumber the property, if you purchase from the owner and want to make sure you are doing the "right" thing, just make sure it is fair to everyone. Investors take advantage of distressed homeowners all the time, it doesn't mean you have to do it. It is possible to come to an agreement that helps the homeowner and allows for an investor to make a profit. Ward (who posts here) has stated he thinks a 50/50 split of the net equity with the homeowner is a fair agreement. I would tend to agree. It resolves the homeowners problem and allows you to stay in business.At the auction, there are only two results, either the lender will own the property or a third party bidder will. Not much question of doing the right thing there. Just follow the legal procedures and there is no ethical dilemma.Post foreclosure the bank is normally who investors would deal with. Again, no ethical question, any price you can get them to agree to is fine.

      With that said, yes, you sometimes will own a property that the previous owner is still living in. If you've followed the rules, you haven't done anything to harm them, it's often just that they have made bad choices. Your investment decisions shouldn't be affected by their bad choices. : (0)


  • Posted by Jewel on April 20, 2002 at 16:11:07:

    While looking into loan options to possibly purchase a home, the loan specialist told me that my husband and I were in CAVERS. A home that we had for 11 years was foreclosed due to a combination of things that went wrong. I got seriously ill and had to leave my job of 25 years and the lender we had was involved in predatory loan practices, they posted our payments late,among other things. We still have the evidence to prove it. Now, we are on our feet and in a much better financial posture. How do we get out of CAVERS or at least clean up the report? : (1)


    • Posted by trel on April 21, 2002 at 16:46:16:

      In Reply to: CAVERS posted by Jewel on April 20, 2002 at 16:11:07:

      How much could rent be for the cave? Just curious,does it get cable or do you need satellite?

      (only kidding) :-)

      Never heard the term Cavers as it applies to loans or credit. Only as used relating to outdoor recreational activities.

      You clean up your credit first, by getting a copy of your report from each of the top 3 credit reporting bureaus, which are; Equifax, Experian and Trans Union (in some regions, TU farms out to other smaller bureaus).

      Find the derogatory items and work to change themby paying the amounts due, challenging the amountsdue, proving that these items have been paid, etc.

      Challenge everything you can... and be relentless about it. Repeat the process over and over. Your report will get a little cleaner with each pass. : (0)


  • Posted by Coz Ward on April 19, 2002 at 20:46:33:

    I hope someone can answer this question for me:About how long does a foreclosure appear on your credit report, and if the sale of property does not cover the total balance, am I responsible for the difference? Please help!!! : (1)


    • Posted by Ward-CA- on April 20, 2002 at 20:13:05:

      In Reply to: question on foreclosure posted by Coz Ward on April 19, 2002 at 20:46:33:

      : I hope someone can answer this question for me:: About how long does a foreclosure appear on your credit report, and if the sale of property does not cover the total balance, am I responsible for the difference? Please help!!!

      =========================

      The consensus is that a foreclosue will stick to your credit report for 7 or more years.

      If after a foreclosure against a property and the final disposition of that property does not fully pay off a secured creditor, then many states will allow such a lender to go after the borrower for the deficiency owed.

      To know for sure if that rule applies to foreclosures in your state just click on the link below. : (0)


  • Posted by Jun on April 19, 2002 at 17:54:08:

    Anyone know about Real estate Investing club around LA & Orange county CA for beginner ?Please post here phone number, Name of the club etc....

    Thanks....Jun.LA CA

    : (1)


    • Posted by Jim V on April 19, 2002 at 18:33:25:

      In Reply to: Real estate Investig Club around Los Angeles & Orange county posted by Jun on April 19, 2002 at 17:54:08:

      There is a link to the Los Angeles club under "Real Estate Links" on the left side of the discussion board page.

      : (0)


  • Posted by Jack on April 19, 2002 at 14:13:35:

    Is there a way to decipher the map codes and other coded info on the list of property being auctioned. For example is there a county map online that I can examine to locate the property that is listed on auction list? Here is the website if you would like to look at it to get a better handle on what I am talking about. It takes a few second to load, since it is a .pdf file

    http://www.erie.gov/rem-county.pdf

    Thanks! : (1)


    • Posted by Naelena on April 20, 2002 at 15:16:18:

      In Reply to: I have a list of property being auctioned... posted by Jack on April 19, 2002 at 14:13:35:

      If anyone out there has an answer to this question please email me. I am also looking for this information and need it before May 6, 2002

      Thank you : (0)


  • Posted by Jason on April 19, 2002 at 08:31:28:

    There is going to be an auction in my town soon and I am wondering if there is a way of purchasing one of the homes on the list before the auction is held. : (2)


    • Posted by Ward-CA- on April 21, 2002 at 14:36:28:

      In Reply to: Buying home before auction takes place posted by Jason on April 19, 2002 at 08:31:28:

      : There is going to be an auction in my town soon and I am wondering if there is a way of purchasing one of the homes on the list before the auction is held.

      =•=•=•=•=•=•=•=•=•=•=

      Jason,

      In CA you can often buy a home that is in foreclosure from the property owner—before the trustee’s sale is held. Of course, before you needlessly spend hours of time with owner, you’d want to check the property’s title at the county recorder’s office to see what liens there are against it. Then you’d need to call the tax collector’s office to determine the unpaid property taxes against it.

      Finally you’d need to determine the property’s current fair market value (FMV). To determine the owner’s gross equity you’d subtract from the FMV the balance of all liens you discovered at the recorder’s office and the unpaid property taxes.

      To determine the foreclosure owner’s net equity you’d go on to subtract all the existing encumbrances, all the back payments and penalties, cosmetic improvements required, repairs needed, re-sale expenses (commissions, transactional expenses, buyer’s points) and the recurring monthly PITI payments during your 4 to 5 month turnaround.

      Make sure your contract paperwork with the owner complies with CA’s Civil Code Section 1695 and that you don’t take “unconscionable advantage” of the owner in foreclosure.

      : (0)


    • Posted by ulysses.j.jamerson on April 19, 2002 at 11:00:51:

      In Reply to: Buying home before auction takes place posted by Jason on April 19, 2002 at 08:31:28:

      : There is going to be an auction in my town soon and I am wondering if there is a way of purchasing one of the homes on the list before the auction is held.

      : (0)


  • Posted by Jessica on April 19, 2002 at 00:07:30:

    I have just taken a course on Quit Claims and I am interested in becoming a real estate investor. My initial goal is to flip the properties to other investors via Quit Claim. How much equity are investors looking for? What kind of houses or properties should I be focusing on? Where are the best places to find investors? Jessica : (1)


    • Posted by Ward-CA- on April 20, 2002 at 20:22:33:

      In Reply to: New Investor Quit Claim posted by Jessica on April 19, 2002 at 00:07:30:

      : I have just taken a course on Quit Claims and I am interested in becoming a real estate investor. My initial goal is to flip the properties to other investors via Quit Claim. How much equity are investors looking for? What kind of houses or properties should I be focusing on? Where are the best places to find investors? : Jessica

      ======================

      Jessica,

      You've piqued my interest. What course on Quitclaim Deeds did you take? Who taught it and where and for how much?

      I find it hard to believe someone would put together a course on the topic of quitclaim deeds, but there are probably even more specialized classes out there.

      1. Investors are usually for at least a net equity of $20K.

      2. You should be focusing on pre-foreclosures, fixer-uppers, or other distressed properties in the entry level strata of single family homes.

      3. A very good place to find real estate investor’s is at a local real estate investment club.

    • Unique one-on-one foreclosure training is best.
    : (0)

  • Posted by wendy on April 18, 2002 at 22:58:05:

    We have a second mortgage on our property thru Beneficial. If we let our house "go" and it is foreclosed on, what do we owe Beneficial? Our 1st loan is a VA loan. We've only missed April's payment and are planning on making May's, but we are moving out of state and the market here is awful. Also, we have it listed with a realtor until October. What happens if we go through foreclosure? : (0)


  • Posted by DLAP726 on April 18, 2002 at 19:43:30:

    I have a second mortgage that was held by the previous homebuyer as a downpayment. We have had a disagreement and he is demanding the whole amount upfront. He has had a lein on the property from the date of the original purchase.

    He is threatening to foreclose, if he does can anyone tell me if he can take my home? It is a very small mortgage.

    Help ... confused.. : (1)


    • Posted by njdave on April 19, 2002 at 08:11:51:

      In Reply to: 2nd Mortgage Foreclosure - Help! posted by DLAP726 on April 18, 2002 at 19:43:30:

      The mortgage should be able to speak for itself and answer any questions you may have. Though we are not lawyers (and you may be well advised to seek legal representation), we'll look at it for you.

      Visit this nonprofit Site, and either 1) complete te appliction for help, or simply FAX a copy of the mortgage (with cover letter). Or, email me privately.

    • non profit resource
    : (0)

  • Posted by Kristen on April 18, 2002 at 13:11:06:

    I received a notice in the mail yesterday about the foreclosure on my house and property. However the announcement was in the paper last week and it stated that the auction is May 15. The mortage company said I had until June 10 to move. These dates don't make sense. If the auction is May 15, won't the new owner be in shortly after that, not after June 10? How long do I actually have to leave? May 15 or June 10? Any clarification would be appreciated. : (3)


    • Posted by Miranda on April 20, 2002 at 19:08:35:

      In Reply to: Difference in Dates posted by Kristen on April 18, 2002 at 13:11:06:

      I was just curious what city &state you are in?

      : (1)


      • Posted by Kristen on April 23, 2002 at 12:51:32:

        In Reply to: Re: Difference in Dates posted by Miranda on April 20, 2002 at 19:08:35:

        New York State: Chautauqua County

        : (0)


    • Posted by Jim V on April 18, 2002 at 19:27:59:

      In Reply to: Difference in Dates posted by Kristen on April 18, 2002 at 13:11:06:

      The lender cannot make you leave a property they do not own. Assuming the lender is the high bidder at the auction on May 15th, they might have to wait for certification of the sale or it might just take them a while to get a recorded deed in their possession.

      Once they have confirmed ownership of the property, then they will begin eviction. If they are anticipating June 10th, it will probably be pretty close to that date. : (0)


  • Posted by Wendy on April 18, 2002 at 00:04:59:

    My husband and I are moving to another state. Our home has been for sale for 6months already. The market value in our town is horrible! We owe $136k onthe 1st and 15k on the 2nd. We haven't been able to pay the 2nd on time and are a month behind, the first is somewhat current (we didn't pay april), but we plan on paying for may. We also plan on leaving in May. There isn't much opportunity to rent here-not enough to cover mtg anyway. What happens if we let it go? Can we ever buy another house? We have it listed with a realtor what happens if they sell it during foreclosure proceedings? What happens if they don't receive enough to pay 1st and 2nd mtg? Do they garnish our taxes or wages? So many jobs check your credit history that it's almost impossible to find a decent job because our credit is going downhill. ANy suggestions???? : (4)


    • Posted by Reinstatement Services, Inc. on April 18, 2002 at 11:44:41:

      In Reply to: Foreclosure posted by Wendy on April 18, 2002 at 00:04:59:

      Funny thing about foreclosure...just when you think you've been rid of the problem [forced sale] other things occur as a direct result.

      Other things might include a deficiency judgement, tax implications related to 'income/gains', long term credit impairment and related nuances [i.e, high interest rates if you manage to secure another loan], and, as you mentioned, future "job marketability".

      You are wise to consider the possible impact prior to deciding your course of action.

      You might consider petitioning your lender for short sale approval. This might make it easier for you to divest yourself of the property without exposure to the long term financial risk mentioned.

    • Default and Foreclosure Mediation
    : (3)

    • Posted by Sean Wagle on April 19, 2002 at 01:34:36:

      In Reply to: Foreclosure WILL affect you for years to come posted by Reinstatement Services, Inc. on April 18, 2002 at 11:44:41:

      Can't someone with terrible credit always no-qual? (25% down, loan with no questions asked).

      Maybe someone who went through foreclosure isn't likely to make enough spare income to sock away 25% down for the future. But if you get rid of the big house payment (well, that's gonna happen anyway) and share an apartment with somebody for a few years, who knows? : (2)


      • Posted by Janice Clark on April 21, 2002 at 14:04:06:

        In Reply to: What about no-qual? posted by Sean Wagle on April 19, 2002 at 01:34:36:

        : Can't someone with terrible credit always no-qual? (25% down, loan with no questions asked).

        : Maybe someone who went through foreclosure isn't likely to make enough spare income to sock away 25% down for the future. But if you get rid of the big house payment (well, that's gonna happen anyway) and share an apartment with somebody for a few years, who knows?

        : (0)


      • Posted by Jim V on April 19, 2002 at 11:31:02:

        In Reply to: What about no-qual? posted by Sean Wagle on April 19, 2002 at 01:34:36:

        Sean,

        I believe the statement was made that higher interest rates are one of the potential impacts. You are correct that no-quals can be done, but with a fairly recent foreclosure and possible BK, a person would probably be looking at more like 35% down. A fully documented loan package with the borrower having re-established their credit for two years after the problem can actually have fairly low down payment requirements. Interest rates will still be a little higher though.

        Jim V : (0)


  • Posted by Mike on April 17, 2002 at 15:13:20:

    What is the recourse against a homeowners association that maliciously post a Condo property for forclosure without any notice?

    Thanks

    Mike : (1)


    • Posted by Jim V on April 17, 2002 at 18:11:54:

      In Reply to: Posting without notice by homeowners Assoc.(what is recourse?) posted by Mike on April 17, 2002 at 15:13:20:

      The foreclosure process usually requires publication of an impending foreclosure sale in a local newspaper and posting of the impending foreclosure sale. Posting will usually be at the entrance to the property with an additional notice posted at the county courthouse. That is part of the notification so the homeowner and/or other interested parties do not miss it.

      Most states have a default period where a lien can be reinstated or paid prior to any posting, that is the best time to resolve the problem. : (0)


  • Posted by Em on April 17, 2002 at 09:53:26:

    There is an auction taking place in the City I live in, next month. They are auctioning off property that is In Rem. I'm not exactly sure what that means. The list of property that they give has the dollar amount for each year of liens that are on the property. It gives the name of the last owner and address where they live. In some cases there are two addresses given, I'm not sure which one is the address for the foreclosure. It also gives some confusing legal jargon about the farmlot - section - town - range. How do these auctions work? Do they start the bidding at what the lien amount is? If somebody could explain this I would appreciate it. Thanks : (1)


    • Posted by Jim V on April 17, 2002 at 18:19:40:

      In Reply to: In Rem Foreclosure Auction posted by Em on April 17, 2002 at 09:53:26:

      "In Rem" is an action against property rather than an action against a person.

      It is probably a good idea for you to research the specifics on the auction locally before considering bidding. Attempting to provide answers with the information you have provided would probably give you very wrong answers. Auctions are not the place to make mistakes, mistakes are very expensive. : (0)


  • Posted by Laurie on April 17, 2002 at 09:22:37:

    My home is being auctioned shortly and I was wondering if there is a site that you can advertise a forclosed home for sale where the buyers would be experianced enough to close the deal before the auction? I have some equity in the home but I just want out. Any help would be appreciated. : (2)


    • Posted by Nick(Colorado) on April 17, 2002 at 11:38:29:

      In Reply to: May 3rd auction posted by Laurie on April 17, 2002 at 09:22:37:

      Laurie:

      Most realestate sales are local, and best handledvia the local the MLS. There are some national foreclosure listing boards (mostly for REOs) that one could also use. I would suggest that you use a local newspaper, MLS, oranswer a local "we by homes for cash" advertisement. If you are in Colorado, you can contact me. : (1)


      • Posted by Laurie on April 17, 2002 at 15:09:35:

        In Reply to: Re: May 3rd auction posted by Nick(Colorado) on April 17, 2002 at 11:38:29:

        My home is in upstate NY. : (0)


  • Posted by Tim on April 16, 2002 at 14:49:01:

    I posted yesterday--compromise sale denied--yet I don't even have an offer for my house-but was trying to work something out with the VA in advance to try to see what $$ I could try to sell my house. I am ready to turn in the deed---what do I do? Tell me what I need to do to start the deed in lieu of foreclosure process. : (3)


    • Posted by Reinstatement Services, Inc. on April 16, 2002 at 16:34:57:

      In Reply to: deed in lieu-va mortgage posted by Tim on April 16, 2002 at 14:49:01:

      Tim, you'll have to obtain approval from your lender for a deed-in-lieu to be valid and carry the protections you desire.

      However, if your lender did not extend short sale approval then it will probably be difficult to get them to accept a deed-in-lieu as an alternative since you haven't convinced them of 'hardship'.

      Remember...there's got to be some MOTIVATOR that will make your lender think that their investment is in jeopardy and that they stand to lose more proceeding with foreclosure than not.

      So far, you haven't met your burden of proof that the lender will lose big by not allowing you a workout.

      You will have a difficult time overcoming this hurdle if you cannot concretely demonstrate trouble either existing or definitely on the horizon.

    • Default and Foreclosure Mediation
    : (2)

    • Posted by Tim on April 16, 2002 at 17:51:52:

      In Reply to: Contact your lender posted by Reinstatement Services, Inc. on April 16, 2002 at 16:34:57:

      : Tim, you'll have to obtain approval from your lender for a deed-in-lieu to be valid and carry the protections you desire.

      : However, if your lender did not extend short sale approval then it will probably be difficult to get them to accept a deed-in-lieu as an alternative since you haven't convinced them of 'hardship'.

      : Remember...there's got to be some MOTIVATOR that will make your lender think that their investment is in jeopardy and that they stand to lose more proceeding with foreclosure than not.

      : So far, you haven't met your burden of proof that the lender will lose big by not allowing you a workout.

      : You will have a difficult time overcoming this hurdle if you cannot concretely demonstrate trouble either existing or definitely on the horizon.

      Are you saying that I should stop paying my mortgage? Is that the "motivator"? : (1)


      • Posted by Reinstatement Services, Inc. on April 16, 2002 at 18:27:06:

        In Reply to: Re: Contact your lender posted by Tim on April 16, 2002 at 17:51:52:

        : Are you saying that I should stop paying my mortgage? Is that the "motivator"?____________________________________

        Tim, what I am saying is that from your lender's point of view, THEY have no problem.

        You're still working. You're still able to meet your mortgage debt. You're still paying the loan. And, based on the reported rejection of a compromised sale your lender believes that even if they do foreclose they'll still reap enough to cover the money you owe...either from you directly, or insurance, or from the sale of the property.

        Either way you slice it the situation doesn't translate into much of a problem for your lender. So you won't get their attention.

        If, however, the cash flow is extinguished OR the money stops coming in and the property value plummets then the lender begins to understand: PROBLEM.

        That's when a shift towards 'loss mitigation' occurs.

        Based on the information you've provided, my friend, you do not have a problem. YOU'VE got an inconvenience. Unfortunately, lender's don't care about or react to those.

        Its a personal problem and will remain so only to the extent that it changes the dynamics of monthly earnings from your lenders perspective.

        Maybe, being a landlord for a time isn't such a bad thing.

      • Default and Foreclosure Mediation
      : (0)

  • Posted by pete on April 16, 2002 at 07:36:48:

    will a bank allow you to buy a note that is currently in foreclosure? : (0)


  • Posted by Leigh on April 16, 2002 at 05:57:09:

    Hello. I had my house in CT foreclosed on in Sept 2001.Can someone tell me what happens next? I have had no contact from the mortgage company regarding the house itself. They never announced the foreclosure in the paper or put up any signs, etc. I have driven by and there is someone doing some major repairs and renovations on the house now. The house wasnt in the best of shape, but the neighborhood was great. I feel like I am waiting for the bomb to drop. Is there a statue of limitations where they can come after us for any deficiency judgements after the house is sold ? Do they ever send us any paperwork as far as for the IRS ? We got a letter stating they were selling things left in the home and that any extra funds would be sent to us. Of course I dont expect anything from this, as it wasn't worth much. How about back taxes we owed to the city. Is there a time limit they can come after us for that ? I am now divorced. How long is this forecloure going to haunt me on my credit ?Thanks for your help : (0)


  • Posted by Tim on April 15, 2002 at 19:36:22:

    I contacted the the VA with regards to a short sell. My house has been on the market for over a year now and hasn't sold. I've lowered the price 10,000 less that the purchase price to no avail. My employer has had 2 lay-off's within the past year and more are probably but not confirmed in sight. I sent the VA the information they requested concerning a short sell but they called me today and rejected my plea based on the fact I am still employed and they would not consider a short sell because I had not convinced them of a hardship. I would like to move on with my life. I divorced about 5 years ago and no longer have a need for a house of this size. I had a post on this board earlier concerning a short sell. Well that has proved ineffective. So how does a deed in lieu of foreclosure work for someone in a situation such as I. I'm not interested in being a landlord so renting the property is not an option. Any suggestions? Thanks alot folks!!!!!!that's all : (1)


    • Posted by Reinstatement Services, Inc. on April 15, 2002 at 20:09:38:

      In Reply to: VA Turned down compromise sale posted by Tim on April 15, 2002 at 19:36:22:

      Tim, you haven't convinced THE LENDER that you need their help and, unfortunately, possibility and conjecture is not going to do the job.

      Most people do not respond to situations unless and until something adverse happens to pull them in. The same holds true for your lender.

      Unfortunately, as long as the loan is being paid and as long as there are means available to continue to meet the monthly payment there is no 'problem'.

      To be successful in off-loading your burden you will have to convince your lender that it is in THEIR best interest to bring resolution now.

      I would not rule out the possibility of a short sale just yet...it doessn't sound like you've made a direct pitch to your lender.

      Also, you might consider reducing the listing price another $10-15k, which will still work out better than the possible deficit you will face if foreclosure occurs.

    • Defautl and Foreclosure Mediation
    : (0)

  • Posted by Helen on April 15, 2002 at 17:59:50:

    My husband and I live in North Carolina. We want to surrender our home. We can no longer make the payments and we are upside down in the mortgage. Once we sign over the deed how long do we have before we have to get out of the house? And can they come after us if the house doesn't sell for what the loan is? : (2)


    • Posted by TheShortSalePro on April 16, 2002 at 06:45:19:

      In Reply to: Surrendering Deed posted by Helen on April 15, 2002 at 17:59:50:

      Based upon what you've said, you would need your lender's permsion for a SHORT SALE. If your circumstances indicate that a short sale is possible, we can help you to market and sell your home, even if you owe more than it's worth. For more information, email me.

      TheShortSalePro : (0)


    • Posted by Reinstatement Services, Inc. on April 15, 2002 at 20:40:53:

      In Reply to: Surrendering Deed posted by Helen on April 15, 2002 at 17:59:50:

      for the proposed workout to carry the validity and protections that you'll want.

      Also, you might consider a short sale, which will also accomplish your goal.

      Keep in mind that North Carolina processes foreclosures rather rapidly and does allow for deficiency judgement should the proceeds from sale not cover the amount of the debt.

    • Default and Foreclosure Mediation
    : (0)

  • Posted by Jon on April 15, 2002 at 17:12:03:

    My mother has recently passed away. Upon her passing my two sisters and myself have inherited her property. Because there was no will the three of us have inherited all properties equally. None of us could afford to pay on the outstanding debt on the home so the bank will be foreclosing on the property. My concern is 1) We had the land and home appraised and it was worth no more and perhaps less than the outstanding debt. The realtor suggested allowing the bank to seize the property because this would be the easiest and perhaps most cost efficient of our choices. Is this true? Because these wheels have already been put into motion is there any concerns both siblings and myself need to be aware about such as a hit to our credit or fees? 2) Will the bank be able to sue us for the remainder of the outstanding debt owed if it is not covered through the sales of the home. 3) What should we be prepared for and expect to happen over the next few months as this takes it's course. Our legal representation has not helped us in answering many of our questions and often does not return phone calls if at all.

    Help!!

    Thank you,Jon : (1)


    • Posted by Jim V on April 18, 2002 at 00:14:57:

      In Reply to: Foreclosure of an inherited property. posted by Jon on April 15, 2002 at 17:12:03:

      As long as none of the children were signatories on the loan, there are no credit impacts.

      One possible ramification would be if there are other assets in the estate that a lender could decide to pursue. If the estate doesn't have significant assets, there is no problem with letting the lender take the security for their loan.

      My only concern is where you state that the three of you have inherited all properties equally. If the estate included multiple properties, it's going to be a tough road to figure you just want the high equity ones, you'll let the lender take the no-equity property.

      Without specific information, can't really say what the likely outcome would be. : (0)


  • Posted by Jon on April 15, 2002 at 17:11:29:

    My mother has recently passed away. Upon her passing my two sisters and myself have inherited her property. Because there was no will the three of us have inherited all properties equally. None of us could afford to pay on the outstanding debt on the home so the bank will be foreclosing on the property. My concern is 1) We had the land and home appraised and it was worth no more and perhaps less than the outstanding debt. The realtor suggested allowing the bank to seize the property because this would be the easiest and perhaps most cost efficient of our choices. Is this true? Because these wheels have already been put into motion is there any concerns both siblings and myself need to be aware about such as a hit to our credit or fees? 2) Will the bank be able to sue us for the remainder of the outstanding debt owed if it is not covered through the sales of the home. 3) What should we be prepared for and expect to happen over the next few months as this takes it's course. Our legal representation has not helped us in answering many of our questions and often does not return phone calls if at all.

    Help!!

    Thank you,Jon : (0)


  • Posted by Brandi on April 15, 2002 at 15:23:13:

    We have a FHA 1st mortgage, and a separate co. 2nd Mortgage. We have been through Ch 7 Bankruptcy under 2 years ago. No reaffirmation was signed for 1st mortgage, but we had to sign one on the second mortgage. Due to circumstances (Moving to dif. State and being "upside down" on payoff) we want to surrender our home.My first question, is it true that the first mortgage cannot come after us for any difference since we were discharged from a chapter 7 previously with no reaffirmation?Also, is it probable that the 2nd Mortgage ($15,000.00) will try to sue, and if so what is the likelyhood that we could negotiate a settlement (ex. $5000.00). When we are ready to move out, would it be a good idea to contact the 1st Mortgage Co. by certified letter that the house is vacant and that we surrender it. Will that release us from liability for Insurance and etc.?

    Any information about this situation would be greatly appreciated! Thank You! : (2)


    • Posted by J. Pasquini on April 16, 2002 at 10:30:35:

      In Reply to: Voluntary Forclosure Q's posted by Brandi on April 15, 2002 at 15:23:13:

      There are ways to sell your property still...even if it is upside down or has other problems. It doesn't involve a short sale, or deeding the property back to the bank so there are no tax, credit, or deficiency consequences. There is one realty company on the outskirts of Los Angeles that has done over 350 of these transactions with the blessing of their corporate legal department so that testifies to the safety and legality of the method. The transaction method is what I generically call an Equitable Trust Conveyance. It was developed by North American Realty Service as the PACTrust or NEHTrust, and there are companies that have copied them calling it other things. I have a website set up for sellers at http://gmx2.com where you could get more information. North American's site can be found at http://www.landtrust.net. : (1)


      • Posted by wilhemina e smith on May 03, 2002 at 11:49:22:

        In Reply to: You may be able to avoid all of this... posted by J. Pasquini on April 16, 2002 at 10:30:35:

        : There are ways to sell your property still...even if it is upside down or has other problems. It doesn't involve a short sale, or deeding the property back to the bank so there are no tax, credit, or deficiency consequences. There is one realty company on the outskirts of Los Angeles that has done over 350 of these transactions with the blessing of their corporate legal department so that testifies to the safety and legality of the method. The transaction method is what I generically call an Equitable Trust Conveyance. It was developed by North American Realty Service as the PACTrust or NEHTrust, and there are companies that have copied them calling it other things. I have a website set up for sellers at http://gmx2.com where you could get more information. North American's site can be found at http://www.landtrust.net.

        : (0)


  • Posted by Gayle on April 15, 2002 at 15:20:41:

    I'm in a real jam. My husband suddenly is talking about walking out on me. In September we took out a 2nd mortgage to pay off bills. I cannot afford the house if he leaves. Mortgage payments are current right now. With the 2nd mortgage I don't believe we will get what is owed by 1st and 2nd mortgage. Should I just let it go into foreclosure. Other than my credit what effects can take place. Will there be a lawsuit and will my wages be garnished!! I have just complete cancer treatment and am so tired. Don't know if I can get through this... : (0)


  • Posted by Gayle on April 15, 2002 at 15:19:29:

    I'm in a real jam. My husband suddenly is talking about walking out on me. In September we took out a 2nd mortgage to pay off bills. I cannot afford the house if he leaves. Mortgage payments are current right now. With the 2nd mortgage I don't believe we will get what is owed by 1st and 2nd mortgage. Should I just let it go into foreclosure. Other than my credit what effects can take place. Will there be a lawsuit and will my wages be garnished!! I have just complete cancer treatment and am so tired. Don't know if I can get through this... : (2)


    • Posted by Reinstatement Services, Inc. on April 15, 2002 at 15:35:17:

      In Reply to: Scared posted by Gayle on April 15, 2002 at 15:19:29:

      Gayle, I sense that you're a planner. I like that.

      If possible, avoid foreclosure at all costs. No good can come from it.

      Perhaps selling the property or leasing it with the option to buy would be ideal given the uncertainty of whether your husband will continue to be a primary contributor. A deed-in-lieu might also be a workable alternative.

      You might also consider a roommate if you are in a position to make some earnings towards the monthly payment and if you are interested in retaining the property.

      Finally, prioritize your fight with the most energy obviously being directed towards regaining your health. In the big scheme of things, it's REALLY what's important.



    • Default and Foreclosure Mediation
    : (1)

    • Posted by Tina on April 19, 2002 at 18:44:36:

      In Reply to: I see Courageous posted by Reinstatement Services, Inc. on April 15, 2002 at 15:35:17:

      There are ways that your husband (or ex-husband) can be legally ordered to pay the mortgage for as long as you want to live in the house, especially if there are minor children involved. Normally what happens then is that when the youngest child leaves home for college, the house is sold & the proceeds divided, but not always 50/50.

      It isn't common but it does happen, I would think that his walking out on you right after your cancer treatment plus leaving you with a fat second mortgage (which he probably got while he was already thinking about leaving) might influence the judge. But you need an aggressive attorney who will do more than go through the motions. Ask your women friends who've been divorced in your area, and good luck. : (0)


  • Posted by Jacob on April 15, 2002 at 13:57:47:

    If a NOD and trustees sale is scheduled and the default is cured, is it necessary for the foreclosing company to file a recission and if so, how much time do they have? : (2)


    • Posted by Jacob on April 15, 2002 at 15:27:50:

      In Reply to: RECISSIONS posted by Jacob on April 15, 2002 at 13:57:47:

      Heres a little more information...I got a notice of trustees sale, I cured the monetary amount due, then surprisingly enough, I got a letter hand delivered from the attorney at the foreclosure company indicating that since the insurance had been cancelled that the mortgage holder had acquired because I had not complied with the insurance recommendations, (i had not received any notification of this prior to this letter form the attorney), that insdicated I was still under default and the trustees sale would still be held at the same time and date unless the insurance companies recommendations had been complied with. At that point I, (and as agreed on the deed of trust), secured insurance myself through my insurance agent and delivered to the foreclosure company a binder or evidence of insurance for the property. I did this on the afternoon of the day prior to the scheduled trustees sale. I was told by the attorney that they needed to confirm coverage etc. through my insurance agent. They called him the following morning at 10:00 AM and he informed them that coverage had been bound, they asked whether I had paid cash or check and made some indication to him that they were concerned if the check would clear the bank. (They had no reason to think it wouldn't). So at this point, I have no idea if a sale was held or not. Seems to me like they were hellbent on doing it but if so, I feel that they are opening themselves up for a large lawsuit, since I did everthing they had asked as well as was in compliance with the deed of trust. : (0)


    • Posted by Reinstatement Services, Inc. on April 15, 2002 at 14:22:11:

      In Reply to: RECISSIONS posted by Jacob on April 15, 2002 at 13:57:47:

      If the sale has not taken place then the foreclosing lender can cancel the foreclosure activity by placing a phone call to the agent they've hired to process the action. The agent's files would then be updated to reflect a 'canceled' status.

      If the sale has taken place then paperwork would have to be generated in order to 'set aside' the foreclosure action.

    • Default and Foreclosure Mediation
    : (0)

  • Posted by Kristen on April 15, 2002 at 09:57:34:

    I received a foreclosure notice via a phone call on Friday April 12. I am only four months behind on the mortgage. I tried to pay half of what I was behind which was $1500.00. They mailed the payment back to me and said that they need $3000.00. They said I have until Mid May or at the latest June to move. The house needs a lot of work, and it is easier for them to take it from me, rather then me fix it. Should I just short sale it and pay off the difference? If I do this, can they take possessions from me, like my car and horses? Then after the difference in paid, I could buy something like a mobile home and pay cash and not have any debt. Any advice would be appreciated, as soon as possible because according to the phone call I have about three weeks to move. This is happening in NY. : (6)


    • Posted by Reinstatement Services, Inc. on April 15, 2002 at 12:13:31:

      In Reply to: Short Sale posted by Kristen on April 15, 2002 at 09:57:34:

      If you are really interested in retaining the property and can afford the monthly payment then there most definitely are remedies available that will help you to get the loan back on track.

      If, however, you cannot afford the home then other more drastic remedies such as a short sale or a deed-in-lieu will accomplish your goal but will require your lender's approval prior to becoming valid.

      Your reasoning and your approach to the situation is commendable and appreciated. Contact us if you need help.

    • Default and Foreclosure Mediation
    : (5)

    • Posted by Kristen on April 15, 2002 at 12:57:24:

      In Reply to: A Workout is always better posted by Reinstatement Services, Inc. on April 15, 2002 at 12:13:31:

      I can afford the monthy payment now, but the property and the house have drastically decreased in value due to repairs that need to be made. The property value can easily increase again after minimal repairs, which I plan on doing, but the house is another story. The house would require repairs that are more than double to the entire value of the parcel. I really don't think I want the house & property anymore, and I would rather cut the losses and start new. After I clean up the appearance of the property, I could list it "as is" and sell it then I would be responsible for the difference between the mortgage and selling price which would not be too difficult to tackle. The property would probably sell fast because of the location. The house is probably not worth saving due to repairs, so basically it would sell based on the property value alone, with maybe a minimal amount alotted for the house. If I go this route, I just want to ensure that they can't come after my material possessions, I.E. car, horses, etc. Is this a logical solution to the problem, deeming that the details in hand point to an expensive repair bill to bring the house up to par? : (4)


      • Posted by Reinstatement Services, Inc. on April 15, 2002 at 14:28:51:

        In Reply to: Re: A Workout is always better posted by Kristen on April 15, 2002 at 12:57:24:

        Sounds very logical and will make for a great BACK-UP plan.

        Most logical, however, would involve petitioning your lender for 'short-sale' approval. If granted, you wouldn't have to worry about paying off a deficit.

      • Default and Foreclosure Mediation
      : (3)

      • Posted by Kristen on April 15, 2002 at 14:42:02:

        In Reply to: Re: A Workout is always better posted by Reinstatement Services, Inc. on April 15, 2002 at 14:28:51:

        Thank you for the advice.

        : (2)


        • Posted by pete on April 16, 2002 at 07:35:40:

          In Reply to: Re: A Workout is always better posted by Kristen on April 15, 2002 at 14:42:02:

          : what part of ny are you in i might be abe to help you : (1)


          • Posted by Kristen on April 17, 2002 at 08:18:07:

            In Reply to: Re: A Workout is always better posted by pete on April 16, 2002 at 07:35:40:

            I am in Chautauqua County.

            : (0)


  • Posted by Seeking Knowledge on April 14, 2002 at 12:34:49:

    Homeowner in Maryland. Chapter 13 was filed in June 2001. Included arrears on home. Defaulted on mortgage payments after that due to Sept 11 tragedy leading to decrease in earnings. In February of 2002, attorney worked out a consent with Lenders attorney doubling payments for 6 monyhs. This was not proposed to me prior to being consented to by attorney. I had no knowledge until I recieved papers filed stating those were the consent terms. These terms are un affordable. Recieved notice that terms of consent were defaulted upon and x amount of dollars due by April 22, or automatic stay is lifted and Lender will preceed to forclose. Do I have any options? Is it to late to enlist the help of qualified reinstatement professionals? If it is beyond repair, how lond does the entire process typically take from start to move out date?Seeking experianced knowledge.Thanks in MD : (2)


    • Posted by Reinstatement Services, Inc. on April 15, 2002 at 15:09:58:

      In Reply to: A bit complex! Seeking knowledge! posted by Seeking Knowledge on April 14, 2002 at 12:34:49:

      A workout with your lender is still doable. Of course, timing is key.

      So long as the organization you are considering is truly professional and has a stellar reputation for producing results, it will definitely work to your advantage to have third party representation.

      Since there is no uniform standard in processing foreclosure you will find that the time frame varies from state to state, lender to lender, and loan to loan.

      Generally speaking, in Maryland, look for the process to be a fairly rapid one with 4 months being a reasonable average.



    • Default and Foreclosure Mediation
    : (1)

    • Posted by Seeking Knowledge on April 15, 2002 at 19:19:58:

      In Reply to: Certainly workable posted by Reinstatement Services, Inc. on April 15, 2002 at 15:09:58:

      Thank You so much for the info. I was just talking with my husband about your services last night after I looked at your site. He was pleased to know there is an option. Thanks! : (0)


  • Posted by pattimo on April 13, 2002 at 21:31:16:

    my home had a trustee notice of sale since july 00 - (my ignorance - working with bank each month since then, but house was sold) can you tell me how much the trustee can charge me? thxpm : (1)


    • Posted by Reinstatement Services, Inc. on April 15, 2002 at 14:41:35:

      In Reply to: trustee and how much they can charge posted by pattimo on April 13, 2002 at 21:31:16:

      in determining how much you are/were being charged to process the foreclosure action.

      Unfortunately, no uniform fees have been established for foreclosure processing. As such, it is commonplace to find that the fees range in varying degrees across the nation.

      A review of Foreclosure Codes/Legislation for your state will provide you with a framework for determining the legalities of foreclosure costs.

      However, don't expect to walk away with any definitive $ value...intead, prepare yourself for a lot of "reasonable" and "subject to" jargon.

    • Defautl and Foreclosure Mediation
    : (0)

  • Posted by susie on April 13, 2002 at 21:00:25:



    I suscribed to a foreclosure website, that gives listings and contacts, I'm not sure what I should exactly I should say when I call, I don't know the proper lingo : (0)


  • Posted by Patti Mo on April 13, 2002 at 18:28:46:

    my house was sold at auction for abt $50K more than the principal owed. the mortgage holder is telling me i am absolutely not entitled to any funds. i am in calif. is this correct?

    thxpm : (1)


    • Posted by Ward-CA- on April 13, 2002 at 19:29:10:

      In Reply to: proceeds frm foreclosure sale posted by Patti Mo on April 13, 2002 at 18:28:46:

      : my house was sold at auction for abt $50K more than the principal owed. the mortgage holder is telling me i am absolutely not entitled to any funds. i am in calif. is this correct?

      : thx: pm

      =•=•=•=•=•=•=•=•=•=•=

      Patti,

      You are entitled to whatever is left of the $50K overbid, after all other lienholders that are junior to the foreclosing lien, have been paid off.

      Hope this helps.

    • Unique, state-specific foreclosure training
    : (0)

  • Posted by Jacob on April 13, 2002 at 13:59:49:

    I recently became behind in my payments and the foreclosure was set for a trustees sale. I cured the monetary and brought the note current. Much to my surprise, I was hand delivered a letter from an attorneyindicating that due to insurance recommendations that had not been complied with that they would proceed withthe trustees sale on the same date as originally givenand published. Then when I secured insurance through myinsurance agent, (the lender was providing the insurance)and there were no recommendations, the foreclosure companyphoned my insurance agent wanting to know if I had paid cash or check for the insurance, how long was thepolicy for, etc. This all seemed odd and rather unusual.I'd appreciate any comments and factual laws pertainingto this. thanks` : (1)


    • Posted by trel on April 15, 2002 at 15:53:50:

      In Reply to: Default for other than money past due posted by Jacob on April 13, 2002 at 13:59:49:

      Hi Jacob,

      I have read you subsequent post.

      Yes, foreclosure actions can be initiated for non-monetary reasons. Usually for improper upkeep,abandonment, lack of insurance, etc.

      Personally, I think it's wrong for the attorney to inquire as to your method of payment on the insurance binder. Looks like he was trying to figure out whether or not you were going to pull a fast one... by getting a binder, but not actually paying for the coverage. Either way, that's pretty disgusting behavior on his part, and your insurance agent shouldn't have to respondto that type of questioning. If you hired an attorney to investigate what payment method I use to pay my bills... I'd sue you and the attorney.

      What I'm more curious about, is how a lender can pursue foreclosure action for one reason, then continue that action for a completely different and somewhat unrelated issue.

      trel

      : (0)


  • Posted by susie on April 13, 2002 at 02:07:58:

    I am interested in investing in foreclosure property , how do I get started, I am young 22 and have managed to save about 15thousand dollars, now I desperately want to invest, HELP : (1)


    • Posted by Ward-CA- on April 13, 2002 at 14:38:50:

      In Reply to: investing posted by susie on April 13, 2002 at 02:07:58:

      : I am interested in investing in foreclosure property , how do I get started, I am young 22 and have managed to save about 15thousand dollars, now I desperately want to invest, HELP

      =•=•=•=•=•=•=•=•=•=•=

      Susie,

      I’d be as methodical about investing your money as you must have been in saving it in the first place. You have shown great self-discipline. So I know you have it in you to use that same self-discipline in finding a good deal, rather than wasting it all on a frivolous or capricious purchase. Now is not the time to step out of character.

      Fifteen thousand dollars will allow you to buy a property from an owner who is currently in foreclosure. But you need to recognize a good deal from a lousy one. And that boils down to knowing two things: (1) how much net equity the current owner has in a her defaulted house or condo and (2) how good are your prospects in quickly reselling that property, given its location and the tempo the real estate market in that area right now.

      The easiest way to find local properties that are currently in foreclosure is to subscribe to a local foreclosure notice service. Visit the foreclosure auctions and ask around about such a service and do the same down at the county recorder’s office.

      If you live in a small metropolitan area such a foreclosure service might be non-existent. That would be especially fortuitous because it would greatly limit the number of competitors in your area. All you’d have to do is become skilled at searching the record title of properties at your local recorder’s office.

      Go to your local library and check out the following books:

      A. “Flipping Properties” by Wm. Bronchick and Robert Dahlstrom

      B. Any current real estate books (last 5 years or so) written by Richard Irwin.

      C. Any books on the topic of foreclosure that are specifically tailored to your state’s laws and procedure.

      Hope this helps. : (0)


  • Posted by Teresa on April 12, 2002 at 15:33:11:

    Thanks njdave for your response. It was helpful. We received payoff from lawyer. You're right loan was not yet approved. They are now four days before the sale. Husband is in active chapter 13 already. (Bank was dismissed in October). He can payoff remaninder of amount due in bankruptcy, but it will not be discharged in time for the sale in order for him to refile another chapter 13. Reinstatement fees total $34,000. They have about $15,000. Lawyer says she cannot negotiate. Bank says there is nothing they can do. What do they do now, 4 days before sale? Is it too late to sell? Do they ask bank for deed in lieu of foreclosure? Don't know what to tell them. They are sitting with some money, that no one wants to take. Any suggestions? : (1)


    • Posted by Reinstatement Services, Inc. on April 12, 2002 at 18:34:03:

      In Reply to: 4 days before foreclosure sale posted by Teresa on April 12, 2002 at 15:33:11:

      Based on the information provided I'm sure we can make a workout happen. It's what we do every day and we're VERY good at it [98% success rate].

      Give us a call 661.263-1186. It certainly won't hurt anything and the consult is free. : (0)


  • Posted by CHAD on April 12, 2002 at 14:18:22:

    DOES ANYONE KNOW WHAT HAPPENS WHEN YOU CONVERT TO CHAPTER 7 IS IT REAL DIFFICULT AND DO YOU LOSE YOUR HOME ETC. : (0)


  • Posted by shannon on April 12, 2002 at 13:25:15:

    I am trying to get started buying pre-foreclosures, I know that doing a property search is very important, but I am not sure of everything that is in included in that, I know back taxes and deeds at the court house, what else do I needto check?

    Thank you for your help,Shannon : (0)


  • Posted by shannon on April 12, 2002 at 12:58:53:

    I am trying to get started buying pre-foreclosures, I know that doing a property search is very important, but I am not sure of everything that is in included in that, I know back taxes and deeds at the court house, what else do I needto check?

    Thank you for your help,Shannon : (3)


    • Posted by David on April 12, 2002 at 23:22:49:

      In Reply to: Title searchs posted by shannon on April 12, 2002 at 12:58:53:

      : I am trying to get started buying pre-foreclosures, I know that doing a property search is very important, but I am not sure of everything that is in included in that, I know back taxes and deeds at the court house, what else do I needto check?

      : Thank you for your help,: Shannon

      Watch out for heirs to the property.Protect yourself with property insurance.If there is an heir that cannot be detected the insurace will cover you.It will pay the heir off. : (1)


      • Posted by Ward-CA- on April 13, 2002 at 13:51:45:

        In Reply to: Re: Title searchs posted by David on April 12, 2002 at 23:22:49:

        : I am trying to get started buying pre-foreclosures, I know that doing a property search is very important, but I am not sure of everything that is in included in that, I know back taxes and deeds at the court house, what else do I needto check?

        : Thank you for your help,: Shannon

        =•=•=•=•=•=•=•=•=•=•=

        Shannon,

        1. First you need to know the current fair market value of the property.

        2. Next you need to know who the current owners are and all the open liens, both voluntary and involuntary, there are against the title to the property.

        Subtract from the value in #1 the balance of all liens and all delinquent payments in #2.

        Now you have the gross equity in the property. From that figure subtract what you think it’s going to cost you to put the property into marketable shape and then subtract your costs of sale (ads, commissions, buyer’s points, and transactional expenses) and you’ll have arrived at the net equity in the property.

        Now all you have to do is determine how much of it you’re willing to split with the defaulting homeowner. And of the amount you’re going to give the homeowner how much will be cash and how much in the form of an owner carryback promissory note and trust deed secured by the subject property?

        Finally figure out the interest rate and payoff term of the carryback lien. I’d suggest a rate of 8% to 10% per annum and synchronize the full payoff whenever you refinance or resell the property or in 18 months, whichever happens the soonest.

        Hope this helps. : (0)


    • Posted by avid on April 12, 2002 at 23:14:51:

      In Reply to: Title searchs posted by shannon on April 12, 2002 at 12:58:53:

      : I am trying to get started buying pre-foreclosures, I know that doing a property search is very important, but I am not sure of everything that is in included in that, I know back taxes and deeds at the court house, what else do I needto check?

      : Thank you for your help,: Shannon

      : (0)


  • Posted by patti magistrale on April 12, 2002 at 04:50:10:

    I have been a renter in a home for 5 months in Phx AZ and have paid my rent on time. No lease or contract. Come to find out{only by notices put on the door] the house is in forecloser. I was wondering if we have to move out in a certain amount of time,the auction date was set for April 4th. How can I find out who owns the home? Why are we the bad guys in this story ? Having to be pushed out cause she decieved or just didn't tell us ? She sure was able to take our money! : (1)


    • Posted by Ward-CA- on April 13, 2002 at 15:31:01:

      In Reply to: renters rights when owner is foreclosing posted by patti magistrale on April 12, 2002 at 04:50:10:

      : I have been a renter in a home for 5 months in Phx AZ and have paid my rent on time. No lease or contract. Come to find out{only by notices put on the door] the house is in forecloser. I was wondering if we have to move out in a certain amount of time,the auction date was set for April 4th. How can I find out who owns the home? Why are we the bad guys in this story ? Having to be pushed out cause she decieved or just didn't tell us ? She sure was able to take our money!

      =•=•=•=•=•=•=•=•=•=•=

      Patti,

      Who said you were the bad guys?? You state that the sale was set for April 4th. Have you called the trustee that’s listed on the notice that was on your front door, asking them if the property actually sold that day? If it wasn’t you should ask when it was postponed to.

      If the sale took place you don’t have to do anything until you’re served with a formal notice to vacate.

      Personally I don’t think the defaulting owner did anything wrong to you. She was entitled to your rent money while she owned the unit, and afterwards the winning bidder is entitled to it. So in either case you would owe rent to someone.

      By the way, I’d advise you to start using a written rental contract between you and your future landlords. It will save you from needless misunderstandings and afford you a lot more protection than having none. : (0)


  • Posted by Ja'Nean on April 12, 2002 at 03:14:25:

    I'm just looking for some forclosure lists in Oregon. I need federal and state. : (0)


  • Posted by Chris on April 12, 2002 at 02:52:19:

    I'm looking to buy,need some help!!!! : (2)


    • Posted by Armin on April 12, 2002 at 15:51:58:

      In Reply to: forclosure listing in eastern PA posted by Chris on April 12, 2002 at 02:52:19:

      : : Email me and I can give you some properties that are listed.I am working NY.Armin : (1)


      • Posted by Armin on April 12, 2002 at 15:53:09:

        In Reply to: Re: forclosure listing in eastern PA posted by Armin on April 12, 2002 at 15:51:58:

        : : : : Email me and I can give you some properties that are listed.: I am working NY.: Arminearthsfineat@mountaincable.net

        : (0)


  • Posted by Kathy on April 11, 2002 at 22:14:11:

    Thanks for the responses on my last post. I talked to the collections dept. of my lender and they are not willing to work with me. What I'd like to know is can I still put my house on the market to sell even if the bank starts foreclosure proceedings? Any reply will be appreciated. : (5)


    • Posted by njdave on April 12, 2002 at 07:23:07:

      In Reply to: Foreclosure Question posted by Kathy on April 11, 2002 at 22:14:11:

      If the underlying cause for the default has been rsolved, and you want to avoid foreclosure, there may be other options to consider, besides selling that would enable you to save the home.

      Check out the nonprofit resource site for some ideas. There is even a link to a top notch, results oriented, professional reinstatement service.

    • non profit resource site
    : (0)

  • Posted by Reinstatement Services, Inc. on April 11, 2002 at 23:45:28:

    In Reply to: Foreclosure Question posted by Kathy on April 11, 2002 at 22:14:11:

    Yes, you can.

    But before you do... if you are really interested in retaining your property you shouldn't be so quick to 'throw in the towel' just because you received a no from a department that is not really geared to give you a yes in the first place.

    Try your lender again, Kathy, only this time ask for loss mitigation.

  • Default and Foreclcosure Mediation : (3)

    • Posted by LINDA on April 14, 2002 at 16:22:38:

      In Reply to: Re: Foreclosure Question posted by Reinstatement Services, Inc. on April 11, 2002 at 23:45:28:

      I SIGNED A VA LOAN WITH MY EX- AND HE HAS LEFT AND I CAN NOT AFFORD TO KEEP THE HOUSE AND AM THREE PAYMENTS BEHIND AND WANT TO KNOW WHAT WILL HAPPEN TO ME IF I LET THEM FORECLOSE ON MY HOME. THERE IS NO WAY I CAN AFFORD TO KEEP THE HOUSE. HE QUIT DEED CLAIMED THE HOUSE TO ME ON THE DIVORCE SETTLEMENT. I KNOW THIS WILL HURT MY CREDIT RATING BUT WHAT ELSE?





      : (2)


      • Posted by Jessica on April 19, 2002 at 00:14:16:

        In Reply to: Re: Foreclosure Question posted by LINDA on April 14, 2002 at 16:22:38:

        Linda,Have you considered Quit Claiming the house to an investor?



        : I SIGNED A VA LOAN WITH MY EX- AND HE HAS LEFT AND I CAN NOT AFFORD TO KEEP THE HOUSE AND AM THREE PAYMENTS BEHIND AND WANT TO KNOW WHAT WILL HAPPEN TO ME IF I LET THEM FORECLOSE ON MY HOME. THERE IS NO WAY I CAN AFFORD TO KEEP THE HOUSE. HE QUIT DEED CLAIMED THE HOUSE TO ME ON THE DIVORCE SETTLEMENT. I KNOW THIS WILL HURT MY CREDIT RATING BUT WHAT ELSE?

        : (0)


      • Posted by reinstatement Services, Inc. on April 15, 2002 at 15:00:16:

        In Reply to: Re: Foreclosure Question posted by LINDA on April 14, 2002 at 16:22:38:

      • Default and Foreclosure Mediation
      : (0)

  • Posted by Saiful on April 11, 2002 at 21:52:42:

    I would like to buy a apt in Manhattan. First time buyer : (0)


  • Posted by Shirley Varela on April 11, 2002 at 11:11:49:

    I need a list of foreclosures in NY. Mainly in the NYC area. Thank you! : (3)


    • Posted by sandro f sime on July 10, 2002 at 17:38:31:

      In Reply to: Foreclosure List in NY- Please help! posted by Shirley Varela on April 11, 2002 at 11:11:49:

      : I need a list of foreclosures in NY. Mainly in the NYC area. Thank you!

      : (0)


    • Posted by Abdul Asad on April 15, 2002 at 16:54:54:

      In Reply to: Foreclosure List in NY- Please help! posted by Shirley Varela on April 11, 2002 at 11:11:49:

      I need a list of foreclosures in Brooklyn,NY. Thank you. : (0)


    • Posted by Janelly Marmol on April 14, 2002 at 18:16:11:

      In Reply to: Foreclosure List in NY- Please help! posted by Shirley Varela on April 11, 2002 at 11:11:49:

      I need a listing of foreclosures in NYC area. Thank you!

      : (0)


  • Posted by michele macek on April 10, 2002 at 23:50:03:

    Im a realastate investor looking for a partner for help.Giving a amount of ownership for callateral.reach me at 330-527-0710 for more talk : (0)


  • Posted by SHERRY on April 10, 2002 at 22:29:48:

    MY HOME WILL BE SOLD BY THE SHERIFF ON 05/06, I DIDN'T WANT TO LOSE THE HOME BECAUSE I PRAYED FOR THIS HOME AND I WORK TWO JOBS TO GET HEFTY DOWN PYMNT TO PAY FOR THIS HOME , TO MAKE A LONG STORY SHORT , I ASKED MY SO CALLED ATTORENY QUESTION ABOUT CHAPTER 7 VERSUS CHAPTER 13, I AM VERY FAR BEHIND ON MY MORTGAGE PAYMNTS ,I WANTED TO WORK WITH MY MORTGAGE COMPANY ON A PLAN BUT THEY WANTED 2 PMNTS UP FRONT , THEN A 12 MONTH PLAN CURRNT +700.00 A MONTH .THE CHAPTER 13 WILL LAST FOR 5 YEAR THAT HOW FAR I STRETCHED IT ,I ASKED HIM IF I WAS TO FILE A CHAPTER 7 WOULD I BE ABLE TO KEEP MY HOME ,AND DISCHARGE JUST WHAT I AM BEHIND HE ADVISED ME KNOW I HAVE TO GIVE THE HOUSE BACK IS THAT TRUE , HE ALSO STATED THAT IF THE CHAPTER 13 WAS EVER TO MUCH FOR ME AND I FILED A CHAPTER 7 I WOULD HAVE TO GIVE THE HOUSE UP , IS THIS TRUE OR DID HE JUST WANT MY BUISNESS , PLEASE HELP I SIGNED FILING PAPERS , BUT NOT ANY ATTORNEY PAPERS , SOMEONE PLEASE HELP. : (5)


    • Posted by Jim V on April 11, 2002 at 01:12:06:

      In Reply to: FILED CHAPTER 13 TODAY, FEEL LIKE I WAS JUICED posted by SHERRY on April 10, 2002 at 22:29:48:

      Your "so-called" attorney appears to have provided accurate information to you. : (0)


    • Posted by Reinstatement Services, Inc. on April 11, 2002 at 00:43:23:

      In Reply to: FILED CHAPTER 13 TODAY, FEEL LIKE I WAS JUICED posted by SHERRY on April 10, 2002 at 22:29:48:

      First off, if you utilized the service of a professional to file bankruptcy then you HAVE hired someone to work for you on your behalf... whether you have something in writing or not. You would have had to supply the information necessary for the filing to have taken place. You'll be hard pressed to prove that you didn't know you were hiring outside services should this ever become an issue. My advice...cut out the dumb act.

      Second, you didn't want to work with your lender...you wanted resolve without expending any effort. Life doesn't work that way. The fact that your lender was willing to take ONLY two months up front and put you on a repayment plan given the fact that you yourself say you are VERY far behind in meeting your obligation is a BLESSING that you have mocked.

      Third, the fact that you even inquired about 'discharging' what was behind and still keeping the house is very telling.

      Bottom line, there are many workouts available that will assist homeowners in avoiding foreclosure. Most require some degree of commitment and inconvenience on the burdened homeowner's part if a workout is to be met with success.

      Bottom line, it's time to take some real responsibility...which typically requires SOME degree of sacrifice.

      If the scheming and conniving doesn't stop, your home will be sold.

    • Default and Foreclosure Mediation
    : (3)

    • Posted by sherry on April 12, 2002 at 18:36:40:

      In Reply to: Not Sure What You Mean By Juiced but... posted by Reinstatement Services, Inc. on April 11, 2002 at 00:43:23:

      : First off, if you utilized the service of a professional to file bankruptcy then you HAVE hired someone to work for you on your behalf... whether you have something in writing or not. You would have had to supply the information necessary for the filing to have taken place. You'll be hard pressed to prove that you didn't know you were hiring outside services should this ever become an issue. My advice...cut out the dumb act.

      : Second, you didn't want to work with your lender...you wanted resolve without expending any effort. Life doesn't work that way. The fact that your lender was willing to take ONLY two months up front and put you on a repayment plan given the fact that you yourself say you are VERY far behind in meeting your obligation is a BLESSING that you have mocked.

      : Third, the fact that you even inquired about 'discharging' what was behind and still keeping the house is very telling.

      : Bottom line, there are many workouts available that will assist homeowners in avoiding foreclosure. Most require some degree of commitment and inconvenience on the burdened homeowner's part if a workout is to be met with success.

      : Bottom line, it's time to take some real responsibility...which typically requires SOME degree of sacrifice.

      : If the scheming and conniving doesn't stop, your home will be sold. FIRST OF ALL, YOUR COMPANY IS ONE OF THE COMPANY THAT I SENT INFO, TWO ABOUT 2 WEEKS AGO, THEY HAVEN'T EMAIL ME BACK, OR CALLED OR ANYTHING SO BEFORE YOU DESIDE TO GIVE INFO, MAYBE YOUR COMPANY SHOULD FOLLOW UP, SINCE YOU ARE PUTTING HYPERLINKS ON THE BOTTOM OF YOUR EMAILS AFTER YOUR COMMENT, NEGATIVE COMMIMENTS,PLEASE DON'T REPLY TO ANY OF MY POSTINT AGAIN THANK YOU. : (2)


      • Posted by Ben (NJ) on May 31, 2002 at 10:09:05:

        In Reply to: Re: Not Sure What You Mean By Juiced but... posted by sherry on April 12, 2002 at 18:36:40:

        Sounds like a porn site!



        : : First off, if you utilized the service of a professional to file bankruptcy then you HAVE hired someone to work for you on your behalf... whether you have something in writing or not. You would have had to supply the information necessary for the filing to have taken place. You'll be hard pressed to prove that you didn't know you were hiring outside services should this ever become an issue. My advice...cut out the dumb act.

        : : Second, you didn't want to work with your lender...you wanted resolve without expending any effort. Life doesn't work that way. The fact that your lender was willing to take ONLY two months up front and put you on a repayment plan given the fact that you yourself say you are VERY far behind in meeting your obligation is a BLESSING that you have mocked.

        : : Third, the fact that you even inquired about 'discharging' what was behind and still keeping the house is very telling.

        : : Bottom line, there are many workouts available that will assist homeowners in avoiding foreclosure. Most require some degree of commitment and inconvenience on the burdened homeowner's part if a workout is to be met with success.

        : : Bottom line, it's time to take some real responsibility...which typically requires SOME degree of sacrifice.

        : : If the scheming and conniving doesn't stop, your home will be sold. : FIRST OF ALL, YOUR COMPANY IS ONE OF THE COMPANY THAT I SENT INFO, TWO ABOUT 2 WEEKS AGO, THEY HAVEN'T EMAIL ME BACK, OR CALLED OR ANYTHING SO BEFORE YOU DESIDE TO GIVE INFO, MAYBE YOUR COMPANY SHOULD FOLLOW UP, SINCE YOU ARE PUTTING HYPERLINKS ON THE BOTTOM OF YOUR EMAILS AFTER YOUR COMMENT, NEGATIVE COMMIMENTS,PLEASE DON'T REPLY TO ANY OF MY POSTINT AGAIN THANK YOU.

        : (0)


      • Posted by Reinstatement Services, Inc. on April 12, 2002 at 19:52:19:

        In Reply to: Re: Not Sure What You Mean By Juiced but... posted by sherry on April 12, 2002 at 18:36:40:

        Your reaction doesn't surprise me, Sherry.

        I'm sorry you took the comments as being negative rather than constructive. They were FACTUALLY based and predicated on the information YOU disclosed. And I stand by them. I was hoping that the comments would provide you with an opportunity to do some self examination and in it hopefully see what some of us saw in your posting. I can see that didn't happen.

        Please understand this: Reinstatement Services, Inc. is not in the business of providing "feel good" responses. Our sole purpose for participating in this and similar forums is to point distressed homeowners in the direction of viable alternatives to foreclosure...whether that translates into hiring our service OR going it alone. In fact [and as an aside], in terms of seeking resolution, our position to homeowners has ALWAYS been try what's free first and work your way out.

        Furthermore, and this might shock you, we don't just accept as clients everybody who wants to throw money our way. Our work is more important than that. Consequently dozens are turned away on a daily basis.

        Maintaining our reputation for SUPERIOR work and ASTONISHING results is FAR MORE IMPORTANT than the $500 or $1000 we might receive from any one client that we know we can't help...or secure a better deal for than has already been offered.

        On Sunday, March 31st, you submitted an on-line inquiry to RSI regarding your situation. The email address you provided us for follow-up response at that time was hotkittee6969@hotmail.com.[I can forward a faxed copy of the inquiry you submitted if you so desire]. Two separate email responses were sent out directed toward the address you provided. Both bounced back to us as undeliverable. I've noticed in this forum you are using hotkittee6969@aol.com. and hotkittee6969@yahoo.com. Could it be that you might have entered the email you provided us in error? Or, perhaps, that that email address is no longer valid?

        Either way, we're not in the habit of 'chasing down' prospective clients. You either want our help or not. Anyway, shouldn't the burden be on YOU to actively and aggressively explore possible avenues of assistance when you become aware of them? After all, this is YOUR home...not ours.

        So where do we go from here?

        So far as future replies to your postings from RSI is concerned, I wouldn't worry too much about that. May 6th is just around the corner and if you don't begin to focus your effort and work wisely... all of this will be a moot point anyway.

        In closing we, even now, wish you the best in this endeavor, Sherry. Seriously rethink accepting the offer your lender has already extended. It really is something worth considering.

        k-------

      • Default and Foreclosure Mediation
      : (0)

  • Posted by Kelly on April 10, 2002 at 14:28:56:

    When is the property of 3828 S 57th Court, Cicero, IL 60804 going into forclosure? : (1)


    • Posted by Bob H on April 10, 2002 at 20:53:01:

      In Reply to: Homes going into forclosure posted by Kelly on April 10, 2002 at 14:28:56:

      About 4 months after the owner quits making the payments. ;-) : (0)


  • Posted by jeffrey stayduhar on April 10, 2002 at 08:55:09:

    Please send me a list of foreclosures in the u.s. : (3)


    • Posted by ulysses.j.jamerson on April 19, 2002 at 11:04:19:

      In Reply to: foreclosures posted by jeffrey stayduhar on April 10, 2002 at 08:55:09:

      : Please send me a list of foreclosures in the u.s.

      : (0)


    • Posted by ulysses.j.jamerson on April 19, 2002 at 11:04:18:

      In Reply to: foreclosures posted by jeffrey stayduhar on April 10, 2002 at 08:55:09:

      : Please send me a list of foreclosures in the u.s.

      : (0)


    • Posted by Ward-CA- on April 10, 2002 at 21:20:23:

      In Reply to: foreclosures posted by jeffrey stayduhar on April 10, 2002 at 08:55:09:

      : Please send me a list of foreclosures in the u.s.

      =============

      I don't think there is such a thing as a list of all pending foreclosures in the U.S. If it did exist it would be a humongous publication. : (0)


  • Posted by Nancy on April 10, 2002 at 08:52:23:

    I had a home foreclosed in Jan.2001 which the mortgage company took possession via Writ of Possession rather than sale at a sheriff's sale. The house remains empty. In March of this year, I contacted the mortgage company's attorney who told me that I am 'still the present owner of the property since the mortgage company decided not to settle with the sheriff, due to no equity in the house.' I have been to the county courthouse, reviewed all records and the deed still remains in my name. The county tax office still lists me as the owner also. If I am still the 'owner' and am responsible for back taxes, etc. I'd like to move back into the house. The locks on the door have been rekeyed but my key still fits. I was wondering if there is any way I can find out if the mortgage company (who also went bankrupt and sold all their loans to a service company) has abandoned the property? The house was on the market via a real estate company last year for approximately 3-4 weeks but was not sold. I called the real estate company regarding the property. I was told that it was not actively on the market and was taken off due to 'probably the owner changed their mind'.Nothing has been changed in the house except for the locks and the gas meter was taken from it and capped.Can someone help me? I've tried to talk with a few real estate attorney, but no one has replied to me at this time.All I want to find out is if the mortgage company has abandoned the property or if I shall seek a title search on it (which is another process I need to know how to go about).Thank you for your time and advice. : (4)


    • Posted by JD on April 12, 2002 at 17:36:43:

      In Reply to: Abandoned Property posted by Nancy on April 10, 2002 at 08:52:23:

      I would just move back into the house. Buy the property tax lien (in the name of a freind or corporation) if the counties sell them in your State.

      : I had a home foreclosed in Jan.2001 which the mortgage company took possession via Writ of Possession rather than sale at a sheriff's sale. The house remains empty. In March of this year, I contacted the mortgage company's attorney who told me that I am 'still the present owner of the property since the mortgage company decided not to settle with the sheriff, due to no equity in the house.' I have been to the county courthouse, reviewed all records and the deed still remains in my name. The county tax office still lists me as the owner also. : If I am still the 'owner' and am responsible for back taxes, etc. I'd like to move back into the house. The locks on the door have been rekeyed but my key still fits. : I was wondering if there is any way I can find out if the mortgage company (who also went bankrupt and sold all their loans to a service company) has abandoned the property? The house was on the market via a real estate company last year for approximately 3-4 weeks but was not sold. I called the real estate company regarding the property. I was told that it was not actively on the market and was taken off due to 'probably the owner changed their mind'.: Nothing has been changed in the house except for the locks and the gas meter was taken from it and capped.: Can someone help me? I've tried to talk with a few real estate attorney, but no one has replied to me at this time.: All I want to find out is if the mortgage company has abandoned the property or if I shall seek a title search on it (which is another process I need to know how to go about).: Thank you for your time and advice.

      : (0)


    • Posted by Ward-CA- on April 10, 2002 at 21:16:35:

      In Reply to: Abandoned Property posted by Nancy on April 10, 2002 at 08:52:23:

      : I had a home foreclosed in Jan.2001 which the mortgage company took possession via Writ of Possession rather than sale at a sheriff's sale. The house remains empty. In March of this year, I contacted the mortgage company's attorney who told me that I am 'still the present owner of the property since the mortgage company decided not to settle with the sheriff, due to no equity in the house.' I have been to the county courthouse, reviewed all records and the deed still remains in my name. The county tax office still lists me as the owner also. : If I am still the 'owner' and am responsible for back taxes, etc. I'd like to move back into the house. The locks on the door have been rekeyed but my key still fits. : I was wondering if there is any way I can find out if the mortgage company (who also went bankrupt and sold all their loans to a service company) has abandoned the property? The house was on the market via a real estate company last year for approximately 3-4 weeks but was not sold. I called the real estate company regarding the property. I was told that it was not actively on the market and was taken off due to 'probably the owner changed their mind'.: Nothing has been changed in the house except for the locks and the gas meter was taken from it and capped.: Can someone help me? I've tried to talk with a few real estate attorney, but no one has replied to me at this time.: All I want to find out is if the mortgage company has abandoned the property or if I shall seek a title search on it (which is another process I need to know how to go about).: Thank you for your time and advice.

      =•=•=•=•=•=•=•=•=•=•=

      Nancy, I don’t think you’re going to find anything in writing that your bankrupt lender has abandoned the property. So don’t fret about it.

      If I were you and really wanted to re-occupy the property I’d just do it. I’d go out to the property and take off the present locks and install my own, using the same brand so yours fit into the same holes as their locks. Then I set up a payment plan for the delinquent property taxes. I’d pay the gas bill to get the meter reinstalled and check on the water bill, the electric service, trash and sewer accounts.

      If anyone, even relatives, inquired about the turnabout I’d just tell them that you’ve cured your differences with the lender and everything is back to normal.

      The only fly in the ointment is that the loan is going to quietly remain on the property. But you may be able to live there free for years—except for your utilities and taxes. Wouldn’t that be wonderful!

      Good luck.

      : (2)


      • Posted by Nancy on April 12, 2002 at 14:04:03:

        In Reply to: Re-acquiring possession posted by Ward-CA- on April 10, 2002 at 21:16:35:

        : : I had a home foreclosed in Jan.2001 which the mortgage company took possession via Writ of Possession rather than sale at a sheriff's sale. The house remains empty. In March of this year, I contacted the mortgage company's attorney who told me that I am 'still the present owner of the property since the mortgage company decided not to settle with the sheriff, due to no equity in the house.' I have been to the county courthouse, reviewed all records and the deed still remains in my name. The county tax office still lists me as the owner also. : : If I am still the 'owner' and am responsible for back taxes, etc. I'd like to move back into the house. The locks on the door have been rekeyed but my key still fits. : : I was wondering if there is any way I can find out if the mortgage company (who also went bankrupt and sold all their loans to a service company) has abandoned the property? The house was on the market via a real estate company last year for approximately 3-4 weeks but was not sold. I called the real estate company regarding the property. I was told that it was not actively on the market and was taken off due to 'probably the owner changed their mind'.: : Nothing has been changed in the house except for the locks and the gas meter was taken from it and capped.: : Can someone help me? I've tried to talk with a few real estate attorney, but no one has replied to me at this time.: : All I want to find out is if the mortgage company has abandoned the property or if I shall seek a title search on it (which is another process I need to know how to go about).: : Thank you for your time and advice.

        : =•=•=•=•=•=•=•=•=•=•=

        : Nancy, I don’t think you’re going to find anything in writing that your bankrupt lender has abandoned the property. So don’t fret about it.

        : If I were you and really wanted to re-occupy the property I’d just do it. I’d go out to the property and take off the present locks and install my own, using the same brand so yours fit into the same holes as their locks. Then I set up a payment plan for the delinquent property taxes. I’d pay the gas bill to get the meter reinstalled and check on the water bill, the electric service, trash and sewer accounts.

        : If anyone, even relatives, inquired about the turnabout I’d just tell them that you’ve cured your differences with the lender and everything is back to normal.

        : The only fly in the ointment is that the loan is going to quietly remain on the property. But you may be able to live there free for years—except for your utilities and taxes. Wouldn’t that be wonderful!

        : Good luck.

        Thank you so much Ward. Today, things are falling into place for me. I got into the house,and the utilities will all be turned on by Monday at the latest. I've already talked with the tax office.

        Now, would anyone like to come help me do spring cleaning???? :-) (I'll cook and bake for you!).Thanks again.Nancy

        : (1)


        • Posted by Amanda on April 14, 2002 at 00:44:27:

          In Reply to: Re: Re-acquiring possession posted by Nancy on April 12, 2002 at 14:04:03:

          WOW! What an absolutely amazing situation!

          Amanda (who unfortunately isn't have such good fortune}

          : (0)


  • Posted by Kathy on April 10, 2002 at 07:05:42:

    Sticky situation so I'll try to condense it. I really need some advice ASAP. I just filed divorce from my husband. He's been out of work for one year. Our mortgage payments are currently 3 months behind. I'm sure the bank is getting ready to foreclose. My husband is going to file bankruptcy because he is in debt with credit card co. and such. I don't want to file, but from what a lawyer told us, I would be responsible for the mortgage since my name is on the mortgage. I can't afford to pay for the house. I want to try to sell the house even if it goes to foreclosure. Is that a possibility. My lawyer told me to do nothing. Said he didn't think there would be a deficet if the bank sells it. I don't know if I should take that chance if I could try and sell it. Does anyone out here have any answers for me? Would greatly appreciate it. Thanks! : (9)


    • Posted by Kathy on April 11, 2002 at 22:11:55:

      In Reply to: Sale during Foreclosure posted by Kathy on April 10, 2002 at 07:05:42:

      I talked to the collections dept. of my lender and they are not willing to work with me. What I'd like to know is, can I still put my house on the market to sell even if the bank starts foreclosure proceedings? Any reply will be appreciated. : (1)


      • Posted by Sean Wagle on April 14, 2002 at 01:06:04:

        In Reply to: Re: Sale during Foreclosure posted by Kathy on April 11, 2002 at 22:11:55:

        But unless you can sell cheap, it will take just as long as normal to market it through traditional real estate channels. (And many real estate sales people are skittish about listing foreclosure property. They just don't understand foreclosure very well, or are afraid they won't have time to market it properly.)

        You'll probably find a buyer faster talking to the numerous pre-forclosure buzzards (ooops!) who come knocking. : (0)


    • Posted by Reinstatement Services, Inc. on April 10, 2002 at 17:14:17:

      In Reply to: Sale during Foreclosure posted by Kathy on April 10, 2002 at 07:05:42:

      The priority should definitely be to avoid foreclosure. That means listing the property for sale OR securing and alternative to foreclosure that might be available through your lender.

      Also, keep in mind that although the possibility exists that you might not face a deficiency judgement, exposure to tax implications related to 'income' should an auction not produce enough to cover the deficit is a very real probability.

    • Default and Foreclosure Mediation
    : (0)

  • Posted by njdave on April 10, 2002 at 07:32:20:

    In Reply to: Sale during Foreclosure posted by Kathy on April 10, 2002 at 07:05:42:

    There are many factors to consider, but I've historically recommended that a preforeclosure sale is better than simply 'dumping the problem into the laps' of your lender....

    If, in the future, you ever have need for credit, how you addressed your problems during times of crises will be considered.

    You should consider selling the property, even if you owe more than it's worth. It's also best to divest yourself all jointly owned real estate prior to the finalization of divorce.

  • nonprofit resource : (4)

    • Posted by Kathy on April 11, 2002 at 22:05:13:

      In Reply to: Re: proactive better than inactive posted by njdave on April 10, 2002 at 07:32:20:

      I spoke to the collections dept. of my lender and they are not willing to work with me. I'd like to find out if I can still put the house on the market even if the bank starts the foreclosure proceedings?

      If any one can give me answers, would greatly appreciate it. : (0)


  • Posted by chad on April 10, 2002 at 00:41:33:

    I AM LOOKING AT PURCHASING AN INVESTMENT PROPERTY IN THE BELLEFONTAINE AREA, HOWEVER, WITH ALL OF THE REALATORS HOVERING, IT'S HARD TO FIND ANYTHING, COULD SOMEONE PLEASE HELP : (1)


    • Posted by Jim Adams on May 07, 2002 at 22:14:51:

      In Reply to: ANY FORCLOSURES IN BELLEFONTAINE, OHIO posted by chad on April 10, 2002 at 00:41:33:

      : I AM LOOKING AT PURCHASING AN INVESTMENT PROPERTY IN THE BELLEFONTAINE AREA, HOWEVER, WITH ALL OF THE REALATORS HOVERING, IT'S HARD TO FIND ANYTHING, COULD SOMEONE PLEASE HELP

      : (0)


  • Posted by Ron H. on April 09, 2002 at 13:53:18:

    I would like to know what I need to do to get a forclosure listing in Hawaii. : (1)


    • Posted by matt lee on April 09, 2002 at 20:36:11:

      In Reply to: Getting a foreclosure listing in Hawaii posted by Ron H. on April 09, 2002 at 13:53:18:

      : I would like to know what I need to do to get a forclosure listing in Hawaii.

      : (0)


  • Posted by pete on April 09, 2002 at 00:25:14:

    Im a real estate investor fix and flipping in new york dutchess county area Im looking for a hard money lender in the area for fix up coasts the lender can put a lien on property I have money to purchase properties for cash no i have 5 deals goinga t once any help will be appreciated : (2)


    • Posted by Jim V on April 09, 2002 at 04:10:24:

      In Reply to: hard money posted by pete on April 09, 2002 at 00:25:14:

      Mail NJDave, he posts here.I know he has a line on hard money in NJ, perhaps they extend into NY. Probably worth a shot. : (0)


  • Posted by Michele on April 08, 2002 at 22:15:10:

    I have never sent a late payment during the four years of doing business with fairbanks. For the last two years I have been harrassed with letters from them claiming that I had no mortgage insurance. I use the term harassed because I've answered the letters with proof of insurance, and I do mean proof!! copy of policy, copies of receipts. After this I still continued to receive letters threatening to forclose. Is it true that there is a on going class action suit against this company? If so do you have any info. on it? : (3)


    • Posted by trel on April 10, 2002 at 20:06:52:

      In Reply to: fairbanks posted by Michele on April 08, 2002 at 22:15:10:

      Michelle:

      I don't know if a class action suit is in progress. Perhaps you can find out at this site:

      http://www.conti-fairbanks.com

      It's dedicated to those who have/had problems with Fairbanks. It seems lots of people are struggling with similar issues from their association with this lender.

      If you anticipate future problems, start reading everything you can about them. Keep doing a good job maintaining good records. Start researching who the Pres. is, corporate address (so you can send certified letters to his/her office), etc.

      Remain proactive and protect yourself.

      NJDave:

      Glad to hear you were able to successfully resolve another client's dilemma.

      This morning, a customer called to cancel her account. She complained that we didn't have enough properties in her area. We explained that that's why we asked her to do a search first, to determine this BEFORE she joined the service.

      Ten minutes later, another customer called to cancel. He was a member for six weeks. He was calling to cancel because he's about to close on a property he found in our service. He'll be saving about 18% on a nice Long Island property.

      We can't win 'em all... but it sure feels good when we're successful.

      If the message in your post is that you can perhaps get through to someone who will respond to your problem with Fairbanks... sure, it's reasonable to assume you can. Even if eventually.

      I only take exception to the title of the post, "in all fairness to fairbanks."

      You are a seasoned and skilled professional... and even you had a tough time initially. Think about Michelle... a mere consumer... why should she have to have your skills to accomplish the same?

      Fairness to Fairbanks, would be if they called you back and apologized for missing your first 5 calls from filled mailboxes. It would be them reaching out to the customer to try to assist. Any demonstration or gesture would do... even making sure there are enough on staff to handle a reasonable number of phone calls daily.

      Fairness would be someone with a brain at Fairbanks who could tell Michelle that they've received her documents and are looking into the matter.

      Fairness would be that company's representatives treating their customers like human beings no matter what the nature of the problem.

      I assume you took whatever action was necessary to get under their skin and force them to respond to your demands. We can't expect ordinary citizens to have this knowledge to transact regular commerce with their lenders. Nor should they have to.

      I'm not upset with you... just these damn consumer-abusive lenders.

      Thanks for letting me vent.

      trel



      : (1)


      • Posted by njdave on April 11, 2002 at 16:31:22:

        In Reply to: Michelle / NJDave posted by trel on April 10, 2002 at 20:06:52:

        Though they are almost impossible to deal with, you shouldn't get discouraged and throw in the towel. They want you to get discouraged, and quit. That makes their job easier...

        Put up a fight.

        If you act reasonably, and document what you do, it'll be easier to make your case down the road. : (0)


    • Posted by njdave on April 10, 2002 at 08:03:37:

      In Reply to: fairbanks posted by Michele on April 08, 2002 at 22:15:10:

      Just thought I'd relate an experience with Fairbanks.

      Our nonprofit, troubled loan counseling organization (SPOCH) has a Client whose mortgage loan was originated by The Associates. A 74 year old widowed homeowner whose home had considerable equity.

      Her income barely met her expenses...the loan fell into default. The loan was sold, resold, assigned several times, and is now owned by Fairbanks in what are the final stages of foreclosure.

      Three separate loan counselors called in response to my certified letter (requesting a forbearance).They left voice messages asking that I return their call, but my attempts to get thru to them (even on direct lines) resulted in filled to capacity voice mail boxes, and abrupt disconnections.

      As I was preparing to send them a FAX, I received a call from another Fairbanks representative.

      I was prepared, and was able to negotiate an affordable forbearance and reinstatement plan. The terms were articulated in writing (whatever isn't written is rotten) and by day's end we were very close to a terrific workout (reduced interest, reduced payment, etc.) based on the Borrower's ability to pay.

      I'm not going to divulge the content of my initial, certified letter to Fairbanks... but it got the desired result. : (0)


  • Posted by Kelli on April 08, 2002 at 20:04:49:

    My family was evicted on Jan. 23 of this year. Long story but we knew it was coming but was not sure how long till it happened. When the sheriff came to change the locks he told us we could get anything that was out in the yard as long as we didn't go in the house. We have ALOT of stuff!! We were there everyday moving stuff. Then one day there was a No Trespassing sign so then what? Now it’s gone and I want my stuff back like. $2000.00 worth a structural steel my husband needs to finish a job, gas grill, Ect. I live in Utah but I can't find any code or law giving me the exact details on this. I can’t really afford to get a lawyer but would like to know the truth so the bank does not tell me a bunch of lies. Any help would be appreciated! : (1)


    • Posted by Jim V on April 09, 2002 at 04:05:49:

      In Reply to: Personal Property after eviction? posted by Kelli on April 08, 2002 at 20:04:49:

      Personal property is not included in a foreclosure action. It remains the personal property of the person who was living in the residence.

      The problem, as I see it, is you state the eviction occurred Jan. 23rd. It's April. If the lender took the property back, and there were personal possessions in the property, they most likely would have put the possessions in storage. After 30 days, there would be an auction of the personal property, anything not sold would be disposed of. You would be entitled to any proceeds of the sale, minus costs of storage and auction.

      Utah law may be very different, but that isn't an uncommon timeframe. : (0)


  • Posted by breeze on April 08, 2002 at 14:35:17:

    i live in alabama and have been notified i will be forclosed on a mobile home (property not included). what happens when it is sold to the highest bidder? do i have to pay the difference of what is owed in full, make payments or will they garnish my paycheck or checking account?Please advise - It is a horrible feeling knowing my employer of 17 years will know of this! : (1)


    • Posted by Kristen on April 15, 2002 at 14:32:01:

      In Reply to: Help! Garnishment?? posted by breeze on April 08, 2002 at 14:35:17:

      My understanding of your situation is that whatever the home sells for is subtracted from your mortgage. After that, you are responsible for the difference between the mortgage amount less the amount the mobile sold for, and the fees that were incurred during selling also are added. I.E. autioneer fees. I don't know how it works where you are, but here (NY) they will take you to court for the difference unless you pay the difference. I am pretty sure when you claim bankruptcy you don't loose your home, but they take the total amount you make a month, minus living expenses (car insurance, food, gas) and lump it into one bill. (The utilities, taxes, loan payment). Then they automatically take this out of your paycheck. You are liable for the full difference amount. When it is sold, the mobile will be moved off of your property, but if it is sold for less than you owe, I think that they can come after the property also, to make up the difference. I have beeen doing research on the internet, and I have found out many options. search for "foreclosure options" : (0)


  • Posted by kelvin walter on April 08, 2002 at 14:21:46:

    iam am looking to buy a forecloser in freeport[west]or [south]if anyones knows of anything please contact me! : (9)


    • Posted by Yvonne R. Hinton on June 17, 2002 at 11:47:40:

      In Reply to: buying foreclosers posted by kelvin walter on April 08, 2002 at 14:21:46:

      : iam am looking to buy a forecloser in freeport[west]or [south]if anyones knows of anything please contact me!

      : (0)


    • Posted by Yvonne on June 17, 2002 at 11:46:34:

      In Reply to: buying foreclosers posted by kelvin walter on April 08, 2002 at 14:21:46:

      : iam am looking to buy a forecloser in freeport[west]or [south]if anyones knows of anything please contact me!

      : (0)


    • Posted by Yvonne on June 17, 2002 at 11:46:34:

      In Reply to: buying foreclosers posted by kelvin walter on April 08, 2002 at 14:21:46:

      : iam am looking to buy a forecloser in freeport[west]or [south]if anyones knows of anything please contact me!

      : (0)


    • Posted by arfeen on June 06, 2002 at 11:53:11:

      In Reply to: buying foreclosers posted by kelvin walter on April 08, 2002 at 14:21:46:

      : iam am looking to buy a fore closer home in NJ about 10 to 20 miles from Wayne please contact me.

      : (0)


    • Posted by mrary on May 14, 2002 at 18:48:02:

      In Reply to: buying foreclosers posted by kelvin walter on April 08, 2002 at 14:21:46:

      : iam am looking to buy a forecloser in freeport[west]or [south]if anyones knows of anything please contact me!

      : (4)


      • Posted by cornell on June 02, 2002 at 15:05:27:

        In Reply to: Re: buying foreclosers posted by mrary on May 14, 2002 at 18:48:02:

        : : iam am looking to buy a forecloser in freeport[west]or [south]if anyones knows of anything please contact me!

        : (3)


        • Posted by gibney on July 28, 2002 at 13:57:46:

          In Reply to: Re: buying foreclosers posted by cornell on June 02, 2002 at 15:05:27:

          iminterestedinhomesinorlando,fl.areaplease contact me!

          : (0)


        • Posted by gibney on July 28, 2002 at 13:53:05:

          In Reply to: Re: buying foreclosers posted by cornell on June 02, 2002 at 15:05:27:

          : : : iam am looking to buy a forecloser in freeport[west]or [south]if anyones knows of anything please contact me!

          : (0)


        • Posted by gibney on July 28, 2002 at 13:53:05:

          In Reply to: Re: buying foreclosers posted by cornell on June 02, 2002 at 15:05:27:

          : : : iam am looking to buy a forecloser in freeport[west]or [south]if anyones knows of anything please contact me!

          : (0)


  • Posted by Teresa on April 08, 2002 at 13:24:23:

    My sister's home is in foreclosure in Louisiana. Scheduled for April 18th. They complied with bank and timely submitted papers for workout. The bank said HUD said "no" to workout. Don't know what this means. In the meantime, lender no longer can communicate with my sister. (All communications must go through lawyer) She was able to get a lender to pre-approve her for refinancing, however she has requested a payoff balance from the lawyer because this is needed by the refinancing lender. The lawyer sent them a letter breaking down reinstatement fees, but not addressing principal balance of payoff. This took 10 days. Now lawyer is saying it will take another 7-10 days to obtain payoff balance from lender. What recourse do they have? They don't know what to do. They have already gone through a bankruptcy, so that is not an option. The lender is ready to go forward with the loan but needs the payoff for underwriting purposes. The lender's attorney is stalling, probably because they want the house (There is some equity, even after the loan is paid off) They don't know what to do and they are running out of time. Any help or suggestions would be appreciated. : (1)


    • Posted by njdave on April 08, 2002 at 19:30:01:

      In Reply to: Home in Foreclosure options posted by Teresa on April 08, 2002 at 13:24:23:

      If you need the payoff for underwriting purposes... then it sounds like the loan application hasn't been approved.

      Since you indicate a previous bankruptcy... those papers should have a loan balance as of a particular date. With that, plus a reinstatement fugure... you can arrive at a guestimate... at least enough for 'underwriting purposes...' Guess high, allowng for foreclosure costs.

      Unless you have a key property in a redevelopment area... I don't agree with you that the Lender's lawyer is stalling because they want your house.... in 99.9% of the time, it's just business as usual.



      : (0)


  • Posted by George Trainer on April 08, 2002 at 13:20:16:

    I'm a little confused on how this short sale willn't hurt my credit.Being transfered as soon as the house sells.The home is being sold for $175,000, 1st mortage $130,000 and 2nd mortage owns $50,000, the realtor is getting his 6%. The second mortage company is telling me that they can do a short sell. Question is what will they do with the diffence of $20,000, is there another loan taken out,are do they just take the lost, and what will this do to my credit standing. : (1)


    • Posted by TheShortSalePro on April 08, 2002 at 17:25:53:

      In Reply to: short sale posted by George Trainer on April 08, 2002 at 13:20:16:

      It depends on the deal that you've struck with your second mortgagee. Whatever the deal, make sure that you have it in writing, and signed by an empowered representative.

      If they agree to 'forgive' the $20,000, they'll issue you a 1099. The forgiven debt may be treated as income, and as such, taxable. There are a lot of variables to consider. Make sure you have competent real estate, legal and accounting advice.

      : (0)


  • Posted by sinclair st james on April 08, 2002 at 09:51:41:

    Hi,I am currently working on a deal where the owner have agreed to quit claim the property to me. The loan of course is still in her name. What I plan on doing is wholesaling the property to another investor. Their is enough equity in the home for a win-win situation. Besides providing the quit-claim deed and a sales contract to the "new buyer" what else would I be responsible for providing prior to and at the closing. Should I provide my own closing attorney in this case, or allow the "new buyer"/investor to provide the attorney? The home will be foreclosed on soon. I have performed one "assign to", but have never been armed with a quit-claim deed. I believe this takes the old owner out of the deal or does she still need to attend the closing. Can someone please help me in figuring out the best strategy.

    Thanks in Advance

    Sinclair : (3)


    • Posted by Tee on May 02, 2002 at 22:16:07:

      In Reply to: Pre-foreclosure Deal and Quit Claim Deed in Georgia posted by sinclair st james on April 08, 2002 at 09:51:41:

      : Hi,: I am currently working on a deal where an investor wants me to quit claim my house to him so that he can take over the mortgage payments and move some one in my house.

      I have built a new house and I just want to get out from under the mortgage. There is no equity in the house so I could not sale it through a real estate agent.

      What does the quit claim deed mean in the state of Georgia. He has two years to sell my house. The mortgage will remain in my name so I'm confused on the purpose of the quit claim deed. Please Help ! Help! Help!

      Thanking you in advance!!!Tee : (0)


    • Posted by S.D. on April 14, 2002 at 11:02:23:

      In Reply to: Pre-foreclosure Deal and Quit Claim Deed in Georgia posted by sinclair st james on April 08, 2002 at 09:51:41:

      Also, I might be interest in purchasing that property from you. Let me know. : (0)


    • Posted by S.D. on April 14, 2002 at 11:00:11:

      In Reply to: Pre-foreclosure Deal and Quit Claim Deed in Georgia posted by sinclair st james on April 08, 2002 at 09:51:41:

      Sinclair,

      Once you have the quit claim, it takes the current owner out of the loop. They will not need to be present for the closing where you flip the property to an investor. Make sure your quit claim in proper legal form and is witnessed by a notary as well as 2 additional witnesses. However there are risks. I would structure the deal so the current owner provides you with the quit claim on the same day, just before your closing with the investor. Then you can have the closing attorney file your quit clam and the new deed to your investor. If you try to file your quit claim prior to the closing, the closing attorney will not be able to verify title. I would pass title to the investor by Limited Warranty Deed or another quit claim not a General Warranty Deed this limits you liability should a title problem result in the future. Also get the current owner to provide an affidavid stating that they are the current owner and have not passed title to anyone else. Owners in pre-foreclosure are hard-up for money. They get approached by many pre-foreclosure investors. It is possible for someone to provide quit claims to multiple parties taking a few thousand bucks with each transaction. It's fraud, but could happen. email me if you need more information. : (0)


  • Posted by Ella Nadeau on April 08, 2002 at 09:35:37:

    Has the website changed or moved? We are relocating back to Connecticut and are interested in finding out foreclosures in the Middlesex County area? When I get into the website it states it may have changed? Thanks for any information you can provide. : (0)


  • Posted by Henry on April 07, 2002 at 20:09:44:

    I received a letter from my mortgage company stating that they had referred my account to an attorney to begin foreclosure proceedings. After a month of not hearing from the attorney, I contacted them by phone to find out the reinstatement amount, which they provided for me by phone. I asked them whether the amount quoted to me included the payment due on March 1st and they answered "yes". On February 22, I hand-delivered the amount quoted to me, and asked them to verify that the amount I paid included the payment due March 1. Again the answer was "yes". About March 5th, the mortgage company began calling me saying that they didn't receive the March 1st payment. Neither the mortgage company or the attorney has provided me with a written accounting of the actual reinstatement amount, what disbursements were made, and to whom, even though they both said(in telephone conversations) that they would. Is it proper, or legal, for them to send me nothing in writing other than the first letter mentioned above? Am I entitled to a written accounting, some sort of written notification that my mortgage is officially reinstated, etc? Am I not entitled to know that the fees they charged me were valid and not trumped up? : (1)


    • Posted by Reinstatment Services, Inc. on April 07, 2002 at 22:10:14:

      In Reply to: Mortgage Reinstatement Mess posted by Henry on April 07, 2002 at 20:09:44:

      Submit your 'breakdown of reinstatement figure' request in writing to the attorney's office. It should take not more than 5 days for them to respond.

    • Defautl and Foreclosure Mediation
    : (0)

  • Posted by Tom on April 07, 2002 at 17:51:53:

    I have been renting a condo in Long Beach from its owner for several years, and just learned (inadvertently) that his lender has begun the foreclosure process. I haven't heard anything at all from my landlord about this, and have no idea how far the process has gone at this point. Any advice, suggestions or insight on the process & how it will affect me will be greatly appreciated. : (2)


    • Posted by Tom on April 07, 2002 at 17:54:08:

      In Reply to: Advice for a tenant? posted by Tom on April 07, 2002 at 17:51:53:

      PS -- I should clarify: that's Long Beach, California.

      : I have been renting a condo in Long Beach from its owner for several years, and just learned (inadvertently) that his lender has begun the foreclosure process. I haven't heard anything at all from my landlord about this, and have no idea how far the process has gone at this point. Any advice, suggestions or insight on the process & how it will affect me will be greatly appreciated.

      : (1)


      • Posted by S.D. on April 14, 2002 at 11:10:30:

        In Reply to: Re: Advice for a tenant? -- PS posted by Tom on April 07, 2002 at 17:54:08:

        I'm in Georgia so I don't know alot about California tenant law, however I understand that it is very liberal and Tenants have strong rights. I would check with an attorney on your best action, or even goto the local book store for a book on being a landlord. This will tell you about the eviction process in California.

        Most likely the lender or third party purchaser at the sale will want you out after the foreclosure. However with proper action by you, so that you don't forego any of your rights as a tenant, you might be able to live their for several months, rent free, before they are legally able to evict. You might also attend the foreclosure sale to see who purchases the property and make a deal with them. I bet you will not hear from your landlord, he has been taking your rent for the past several months and not paying the mortgage. : (0)


  • Posted by Gordon Fyfe on April 06, 2002 at 11:04:35:

    I'm trying to locate a paper that lists up to date info on foreclosure properties in Los Angeles andSan Bernardino counties. Some years ago I subscribedto Journal of Commerce & Review (I think that was thename) but can't find any phone listing for that name.

    I would appreciate it if someone could supply me withone or even 2 sources of weekly listings.

    Thanks,

    Gordon : (1)


    • Posted by Jim V on April 07, 2002 at 01:59:10:

      In Reply to: Newspapers listings foreclosures posted by Gordon Fyfe on April 06, 2002 at 11:04:35:

      These aren't newspapers, but perhaps they'll work:

      http://www.countyrecordsresearch.comhttp://www.redloc.comhttp://www.retran.net (LA only) : (0)


  • Posted by Patric on April 05, 2002 at 15:46:32:

    Hi all old hands,

    The priority of a lien (such as mortgage) is usuallybased on the order of recorded. However, the realestate tax or special assesssment is always the firstlien. How about IRS or mechanic's lien? Is IRS liensenior to the first mortgage? I know IRS lien is ageneral lien. It should go with a person not a property. Especailly on sheriff's sale the next ownershould not be responsible for the IRS lien on the previous owner. But I am just not very sure aboutthat. Any response or comments are appreciated.

    Pat : (3)


    • Posted by Bob H on April 06, 2002 at 18:48:57:

      In Reply to: Is IRS lien senior or junior compared to the first mortgate lien? posted by Patric on April 05, 2002 at 15:46:32:

      Lien priority for an IRS lien is determined just as any other lien - by date of recording.

      The IRS has a 120 redemption period following a foreclosure, even in states where no other redemption rights exist.

      They also have a right to levy and seize property . : (0)


    • Posted by njdave on April 06, 2002 at 17:47:41:

      In Reply to: Is IRS lien senior or junior compared to the first mortgate lien? posted by Patric on April 05, 2002 at 15:46:32:

      Although every scenario is unique, if you treat a FED IRS lien as you would a dangerous, venomous snake.... you can work around it. : (0)


  • Posted by Tonya on April 05, 2002 at 14:36:58:

    I am looking for information on how to find the names of people who are about to be foreclosed on. Is there a list for preforeclosures and foreclosures? How can I find each? Thanks. : (3)


    • Posted by Michael Schaffer on July 05, 2002 at 13:32:16:

      In Reply to: preforeclosure list for Maryland posted by Tonya on April 05, 2002 at 14:36:58:

      : I am looking for information on how to find the names of people who are about to be foreclosed on. Is there a list for preforeclosures and foreclosures? How can I find each? Thanks.

      : (0)


    • Posted by Jo Edwards on April 27, 2002 at 21:31:29:

      In Reply to: preforeclosure list for Maryland posted by Tonya on April 05, 2002 at 14:36:58:

      : I am looking for information on how to find the names of people who are about to be foreclosed on. Is there a list for preforeclosures and foreclosures? How can I find each? Thanks.

      : (0)


    • Posted by Jo Edwards on April 27, 2002 at 21:31:29:

      In Reply to: preforeclosure list for Maryland posted by Tonya on April 05, 2002 at 14:36:58:

      : I am looking for information on how to find the names of people who are about to be foreclosed on. Is there a list for preforeclosures and foreclosures? How can I find each? Thanks.

      : (0)


  • Posted by CCampbell on April 05, 2002 at 14:14:52:

    Who or what programs can help me avoid foreclosure in the state of North Carolina. What can I do and how much time do I have? I heard there may be different programs to help me how do i find out who they are and what steps to take to save my home. : (1)


    • Posted by Karyn on April 15, 2002 at 14:38:07:

      In Reply to: Please help in North Carolina still need answers. posted by CCampbell on April 05, 2002 at 14:14:52:

      From my experiences, I would go to a search engine (google, yahoo, etc.) and search for "foreclosure options NC". This might help.I got 3,450 results when I searched. : (0)


  • Posted by Tom on April 05, 2002 at 12:13:58:

    In ohio a purchaser at foreclosure auction must put up10%. Balance in 30 days. You have 30 days to do a titlesearch to determine if you can recieve a clear title.If not you can file a motion with the court to vacate the sale. My question is what type of problems would causethis. The court will examine any problems and determine if it canbe fixed. Most property's I've looked at have had a titlesearch done for plaintiff filing. Any examples andconsequences would be appreciated. TIA TOM : (0)


  • Posted by Ed on April 05, 2002 at 10:50:31:

    If a property is in foreclosure (State of Florida) because of real estate taxes and the owner quit claims the property to me and I pay the taxes does this mean that I am now responsible for the mortgage? Do I really own the property.

    Also any good resources on the net for purchasing forclosure properties. : (3)


    • Posted by njdave on April 06, 2002 at 10:03:24:

      In Reply to: Foreclosure Questions posted by Ed on April 05, 2002 at 10:50:31:

      If the owner of the property quit claims his interest to you, your ownership of theproperty is subject to the mortgage(s), property taxes, and may be shared with other owners.

      : (2)


      • Posted by Joe Reyes on April 06, 2002 at 15:09:59:

        In Reply to: Re: Foreclosure Questions posted by njdave on April 06, 2002 at 10:03:24:

        Can I as an individual and holder of a second trust deed note, forclose on this property?

        : (1)


        • Posted by njdave on April 06, 2002 at 17:54:23:

          In Reply to: Re: Foreclosure Questions posted by Joe Reyes on April 06, 2002 at 15:09:59:

          This isn't legal advice, but if the property is in jeopardy of tax foreclosure you, as a lienholder could 1) pay the taxes to protect your position, and 2) initiate foreclosure proceedings if the Homeowner failed to live up to any of the conditions and/or terms of the Note.

          Before paying taxes or laying out a nickel on a foreclosure, it's best to make sure that there is sufficient equity to justify the expense. : (0)


  • Posted by Dee on April 05, 2002 at 10:44:58:

    I would like to know who is resouseable for them while in a lease option the buyer or seller : (1)


    • Posted by Jim V on April 07, 2002 at 00:07:01:

      In Reply to: tax's & assoc. fee's posted by Dee on April 05, 2002 at 10:44:58:

      Depending on what contracts were used and how they were written at the time of the option, either party could be responsible for those costs.

      The contract should specify. : (0)


  • Posted by daniel tr on April 04, 2002 at 22:16:18:

    hi how could i get the list of the houses that were owned by the banks after they put on auction put no one interested in?

    thank you : (1)


    • Posted by Guy Barbaro on April 05, 2002 at 09:23:11:

      In Reply to: info about real estate own by bank posted by daniel tr on April 04, 2002 at 22:16:18:

      : hi : how could i get the list of the houses that were owned by the banks after they put on auction put no one interested in?

      : thank you

      : (0)


  • Posted by young on April 04, 2002 at 19:00:17:

    Today I went to an auction for the first time. One thing I didn't understand was that they started with $500 and somebody won the bid with lower amount than the upset price(someone behind my back said) I thought they would start with the upset price and the amount is added up upon that...today I was very confused about how much the total amount he's going to pay. .Any comment will be appreciated : (2)


    • Posted by young on April 04, 2002 at 19:01:18:

      In Reply to: auction posted by young on April 04, 2002 at 19:00:17:

      : Today I went to an auction for the first time. One thing I didn't understand was that they started with $500 and somebody won the bid with lower amount than the upset price(someone behind my back said) I thought they would start with the upset price and the amount is added up upon that...today I was very confused about how much the total amount he's going to pay. .: Any comment will be appreciated

      : (0)


    • Posted by young on April 04, 2002 at 19:01:08:

      In Reply to: auction posted by young on April 04, 2002 at 19:00:17:

      : Today I went to an auction for the first time. One thing I didn't understand was that they started with $500 and somebody won the bid with lower amount than the upset price(someone behind my back said) I thought they would start with the upset price and the amount is added up upon that...today I was very confused about how much the total amount he's going to pay. .: Any comment will be appreciated

      : (0)


  • Posted by TAMARA on April 04, 2002 at 18:16:43:

    I NEED ADVICE ON WHAT TO DO. WE HAVE A HOUSE THAT NEEDS ROOF AND PLUMBING WORK BEFORE WE CAN EVEN THINK OF SELLING. WHAT WILL HAPPEN TO THE IST LOAN(VA) AND A SECOND HOME IMPROVMENT LOAN ON THE HOUSE. WE FILED CHAPTER 13 THREE YEARS AGO DUE TO A DEATH, SHOULD WE CHANGE IT TO CHAPTER 7 AND LET THE HOUSE GO WE HAVE FOUR KIDS SO WE CANT WAIT AROUND AND JUST SEE WHAT HAPPENS. DOES ANYONE KNOW THE LAW IN TEXAS. I CAN FEEL IT ALL BECOMING A HUGE MESS AND OUR CREDIT IS ALREADY MESSED UP. THANKS : (3)


    • Posted by Tamara on April 08, 2002 at 21:35:59:

      In Reply to: FORECLOSURE IN TX posted by TAMARA on April 04, 2002 at 18:16:43:

      : I NEED ADVICE ON WHAT TO DO. WE HAVE A HOUSE THAT NEEDS ROOF AND PLUMBING WORK BEFORE WE CAN EVEN THINK OF SELLING. WHAT WILL HAPPEN TO THE IST LOAN(VA) AND A SECOND HOME IMPROVMENT LOAN ON THE HOUSE. WE FILED CHAPTER 13 THREE YEARS AGO DUE TO A DEATH, SHOULD WE CHANGE IT TO CHAPTER 7 AND LET THE HOUSE GO WE HAVE FOUR KIDS SO WE CANT WAIT AROUND AND JUST SEE WHAT HAPPENS. DOES ANYONE KNOW THE LAW IN TEXAS. I CAN FEEL IT ALL BECOMING A HUGE MESS AND OUR CREDIT IS ALREADY MESSED UP. THANKS

      : (0)


  • Posted by Todd on April 04, 2002 at 17:01:46:

    I am interested in tax lien auctions. What happens if I buy a lien and the property owner does not pay his taxes, penalty, and interest in the alloted time? I understand that I can forclose on the property. Does this mean I own the property outright? Am I responsible for the unpaid amount of the mortgage? Thanks for your help. : (4)


    • Posted by heath einmo on May 06, 2002 at 22:11:24:

      In Reply to: tax liens posted by Todd on April 04, 2002 at 17:01:46:

      : I am interested in tax lien auctions. What happens if I buy a lien and the property owner does not pay his taxes, penalty, and interest in the alloted time? I understand that I can forclose on the property. Does this mean I own the property outright? Am I responsible for the unpaid amount of the mortgage? Thanks for your help.

      : (0)


    • Posted by S.D. on April 14, 2002 at 11:16:18:

      In Reply to: tax liens posted by Todd on April 04, 2002 at 17:01:46:

      I would suggest that you purchase the book "The 16% solution" by Moskwiz. It covers tax sale in detail and has a summary section for each state.

      : (0)


    • Posted by trel on April 05, 2002 at 10:40:06:

      In Reply to: tax liens posted by Todd on April 04, 2002 at 17:01:46:

      If a property owner doesn't pay his/her property taxes, the county will sell/auction a tax deed or certificate (depending on the state).

      This tax deed/certificate will take priority overall other liens/judgments associated with the property.

      You must abide by all state/county laws or regulations regarding foreclosing the tax instrument... which can include lengthy redemptionperiods, etc.

      When able... and if you foreclose the tax deed successfully, you would own the property outright and not be responsible for the existing mortgage. : (1)


      • Posted by heath einmo on May 06, 2002 at 22:13:15:

        In Reply to: Re: tax liens posted by trel on April 05, 2002 at 10:40:06:

        : If a property owner doesn't pay his/her property : taxes, the county will sell/auction a tax deed : or certificate (depending on the state).

        : This tax deed/certificate will take priority over: all other liens/judgments associated with the : property.

        : You must abide by all state/county laws or : regulations regarding foreclosing the tax : instrument... which can include lengthy redemption: periods, etc.

        : When able... and if you foreclose the tax deed : successfully, you would own the property outright : and not be responsible for the existing mortgage.

        : (0)


  • Posted by Todd on April 04, 2002 at 16:52:30:

    I am interested in tax lien auctions. What happens if I buy a lien and the property owner does not pay his taxes, penalty, and interest in the alloted time? I understand that I can forclose on the property. Does this mean I own the property outright? Am I responsible for the unpaid amount of the mortgage? Thanks for your help. : (1)


    • Posted by Patric on April 05, 2002 at 16:00:22:

      In Reply to: tax liens posted by Todd on April 04, 2002 at 16:52:30:

      You are not responsible for any other outstandinglien. Since property tax is always the firstlien. Good luck!

      Patric

      : I am interested in tax lien auctions. What happens if I buy a lien and the property owner does not pay his taxes, penalty, and interest in the alloted time? I understand that I can forclose on the property. Does this mean I own the property outright? Am I responsible for the unpaid amount of the mortgage? Thanks for your help.

      : (0)


  • Posted by Eileen on April 04, 2002 at 15:56:42:

    To Rick Davis, Maybe you can look into a lease option from a private party. Another thing you can do is call other Mobile Home lenders and have prospected buyer obtain a new loan through a new company. Sounds as if your Mobile Home bank will not refinance, but there are other banks that will loan on a new loan. I am a mobile home owner, and found this to be the case for me. Email me with any other questions-I may be able to help you with. What state do you reside???? : (0)


  • Posted by Mary W. Sharp on April 04, 2002 at 15:41:00:

    There are three types of foreclosures:1) Judicial Foreclosures - where the courts are involved2) power of sale foreclsoure, mortgagee has right to sell without the courts3) Strict Foreclosure: Property reverts back to the mortgagee without the courts.

    Which of these are types of foreclosures used in TN. : (1)


    • Posted by njve on April 06, 2002 at 17:58:01:

      In Reply to: TYPES OF FORECLOSURES USED IN TN posted by Mary W. Sharp on April 04, 2002 at 15:41:00:

      Tennessee is a nonjudicial, foreclosure state. The most commonly used security instrument is a Deed of Trust. : (0)


  • Posted by Judith on April 04, 2002 at 15:24:18:

    I have a house in Hawaii that is being foreclosed. It is being sold at a non-judicial auction. There are 2 liens on the house: 1 by the federal government and another by a private company. Who gets paid first? The liens and then the mortgage company? And what happens if the house isn't sold for the amount that is owed? Do I need to pay the difference? : (1)


    • Posted by Patric on April 05, 2002 at 15:55:21:

      In Reply to: Foreclousure: Liens -- Who gets paid first? posted by Judith on April 04, 2002 at 15:24:18:

      Who gets pay first depends on who recorded thelien first. You may still be liable for the difference.

      : I have a house in Hawaii that is being foreclosed. It is being sold at a non-judicial auction. There are 2 liens on the house: 1 by the federal government and another by a private company. Who gets paid first? The liens and then the mortgage company? And what happens if the house isn't sold for the amount that is owed? Do I need to pay the difference?

      : (0)


  • Posted by Marc on April 04, 2002 at 14:08:52:

    Anyone have any resources for short term financing for sheriff's sale foreclosures. Someone mentioned a company near Sacramento called Bid Finance. I can't seem to locate any information on this company.

    Any ideas? : (1)


    • Posted by S.D. on April 14, 2002 at 11:20:30:

      In Reply to: Auction Financing posted by Marc on April 04, 2002 at 14:08:52:

      Good Luck.

      I don't think there is any company that will loan you money to purchase property at the auction. Reason being that you will not acquire title until sometime after the sale and therefore the lenders security interest can not attach at the time they loan you the money. It would basically be an unsecured loan. : (0)


  • Posted by Jack on April 04, 2002 at 14:05:31:

    I have noticed that a few of you have been looking for financing or trying to sell your properties but are having a hard time. I deal in this field and some of the things you might try is a simultaneous closing to either sell your property or to by a property or if you own a note you can sell it. This can help you get money you need. I know this works for people because this is what I do for a living. So don't give up on finding funding someone out there will help you.JackJack@GlobalCapitalFunding.com : (0)


  • Posted by Caren on April 04, 2002 at 12:15:29:

    This is an example. I don't profess to understand the market yet. For instance:

    1) Check at county recorder's office for title.

    2) Call tax assessor to see if there are any taxes owed on the property

    etc...anything else? : (2)


    • Posted by Shawn Gaut on April 07, 2002 at 09:59:15:

      In Reply to: Quick checklist for foreclosed property investors? posted by Caren on April 04, 2002 at 12:15:29:

      : This is an example. I don't profess to understand the market yet. For instance:

      : 1) Check at county recorder's office for title.

      : 2) Call tax assessor to see if there are any taxes owed on the property

      : etc...anything else?

      : (1)


      • Posted by caren on April 08, 2002 at 09:18:45:

        In Reply to: Re: Quick checklist for foreclosed property investors? posted by Shawn Gaut on April 07, 2002 at 09:59:15:

        Shawn,

        I didn't see any reply. You posted one but all it had was my original posting. : (0)


  • Posted by chris W on April 04, 2002 at 11:25:39:

    If it's just the terminology that is the difference between the Sheriff's sale and Trustee's Sale, is that the same answer for what a Special Commissioner's Saleis? : (0)


  • Posted by PJ on April 04, 2002 at 09:40:54:

    Is it legal to move a deck that I built on the house myself if the house is foreclosed on? : (1)


    • Posted by Jim V on April 07, 2002 at 00:01:51:

      In Reply to: Possessions posted by PJ on April 04, 2002 at 09:40:54:

      Fixtures are things attached to the property. A fridge is personal property, it just needs to be unplugged, so an owner can take it. Things built-in or attached, like decks or ceiling fans, become part of the property and legally should be left with the property. : (0)


  • Posted by DETROIT on April 04, 2002 at 03:09:05:

    Am looking for a pre-foreclosure list for wayne county in Michigan. Thank you in advance for your help. : (0)


  • Posted by C Campbell on April 03, 2002 at 22:15:15:

    what are the steps and time frame of forclosure in the state of North Carolina. Is there anything I can do to stop it it I previouly filed bankrupt? I need help. I want to keep my home : (2)


    • Posted by Reinstatement Services, Inc. on April 04, 2002 at 11:49:43:

      In Reply to: Help needed in the state of North Carolina posted by C Campbell on April 03, 2002 at 22:15:15:

      NC has a very rapid foreclosure process. HUD maximum time frame for resolution is currently 4.3 months.

      There are many programs established to help homeowners with distressed loans to avoid foreclosure. The type of intervention your loan will qualify for is dependent upon many variables which include lender guidelines, legislative mandates, and account history to name a few.

      The most efficient plan always includes starting with the least costly means of securing a remedy and working your way out. Bankruptcy should be utilized only as a last resort.

      : (1)


      • Posted by C Campbell on April 05, 2002 at 14:00:32:

        In Reply to: Re: Help needed in the state of North Carolina posted by Reinstatement Services, Inc. on April 04, 2002 at 11:49:43:

        : NC has a very rapid foreclosure process. HUD maximum time frame for resolution is currently 4.3 months.

        : There are many programs established to help homeowners with distressed loans to avoid foreclosure. The type of intervention your loan will qualify for is dependent upon many variables which include lender guidelines, legislative mandates, and account history to name a few.

        : The most efficient plan always includes starting with the least costly means of securing a remedy and working your way out. Bankruptcy should be utilized only as a last resort.



        : (0)


  • Posted by Candice Bond on April 03, 2002 at 19:39:37:

    I am looking for the laws concerning short sales. I had a home that due to loss of employment went into foreclosure proceedings....I sold the home through a realtor and the shortsale was verbally agreed upon...the termite inspection, title insurance, etc went forward....at the last minute the mortgage company sold the home to another lender...and posted an eviction notice on our door...we were told that prior to them selling the home they needed to give us another 30 days notice...which they never did...how do I find this information...and is this true?..Also in order to have obtained a shortsale...is there a law or rule that is gone by concerning how long a person must be behind in their payments before a lender will even consider a shortsale....this took place in Orange County, Calfornia...1997 Thank You : (1)


    • Posted by Jim V on April 06, 2002 at 23:58:30:

      In Reply to: California Short Sale posted by Candice Bond on April 03, 2002 at 19:39:37:

      A short sale is really nothing more than a sale of property from one private party to another where the lender ends up with a loan not fully paid off or "short". There is no law regarding when or whether a lender will accept a short sale.

      The lender cannot sell the home to another lender nor can they evict you. Those things can only happen after the foreclosure is complete.

      It is possible that the lender sold the loan to another lender, that happens all the time but it doesn't change the basic procedures. : (0)


  • Posted by Jackie on April 03, 2002 at 17:47:28:

    Does anyone know of any good mapping software? I'm looking for something that can map the quickest route for a group of addresses when we go out looking at foreclosures. : (2)


    • Posted by trel on April 03, 2002 at 20:48:46:

      In Reply to: Mapping Software posted by Jackie on April 03, 2002 at 17:47:28:

      (nt) : (1)


      • Posted by trel on April 04, 2002 at 10:10:30:

        In Reply to: Have you checked AAA? (nt) posted by trel on April 03, 2002 at 20:48:46:

        I was only kidding about the AAA trip map.

        I had this vision of you packing up the station wagon with the kids and inlaws, as if you were going on a Chevy Chase styled vacation, while on the hunt for bargain properties.

        Thomas Brothers and DeLorme make great local area and county maps, usually in handy book format.

        Don't know if something like MapQuest suits your needs, but you can check them out along with otheron line mapping programs.

        Finally, I'm sure your local office supply mega-store has a low-cost "my maps" type of product you could easily use.

        trel

        : (0)


  • Posted by Teresa on April 03, 2002 at 14:41:00:

    Our home is being foreclosed on and just by chance I called the county clerk's office in Oklahoma City to find out the status. She said that it was going up for sale the next day, March 26. I received a confirmation of sheriff's sale hearing letter on March 27 stating that the confirmation hearing would be April 12. If I can get the funds by that time, can I pay the mortgage and any liens on the property and keep it? Any advice about what I can do to save my home would be appreciated. : (3)


    • Posted by ERK on April 03, 2002 at 22:53:31:

      In Reply to: Stopping confirmation of sheriff's sale in Oklahoma? posted by Teresa on April 03, 2002 at 14:41:00:

      :teresa-my wife and i went through the same thing last july(in OKC),a chapter 13 filing will cancell the sale ONLY if filed before confirmation--Good luck,eric

      : (0)


    • Posted by ERK on April 03, 2002 at 22:49:40:

      In Reply to: Stopping confirmation of sheriff's sale in Oklahoma? posted by Teresa on April 03, 2002 at 14:41:00:

      : Our home is being foreclosed on and just by chance I called the county clerk's office in Oklahoma City to find out the status. She said that it was going up for sale the next day, March 26. I received a confirmation of sheriff's sale hearing letter on March 27 stating that the confirmation hearing would be April 12. If I can get the funds by that time, can I pay the mortgage and any liens on the property and keep it? Any advice about what I can do to save my home would be appreciated.

      : (0)


    • Posted by Reinstatement Services, Inc. on April 03, 2002 at 14:56:50:

      In Reply to: Stopping confirmation of sheriff's sale in Oklahoma? posted by Teresa on April 03, 2002 at 14:41:00:

      We have experienced great success in post foreclosure mediation.

      Ideally, if your state sponsors a mandatory redemption period, then your chance of having the foreclosure action set aside increases dramatically. If there is not a mandatory redemption period in place, you stand about an 85% chance of recision occuring utilizing our service with no third party involvement.

      Whether you chose to contract a mediator to facilitate the effort or whether you go it alone, an agreement with your lender will be necessary to make regaining your home a reality.

      : Our home is being foreclosed on and just by chance I called the county clerk's office in Oklahoma City to find out the status. She said that it was going up for sale the next day, March 26. I received a confirmation of sheriff's sale hearing letter on March 27 stating that the confirmation hearing would be April 12. If I can get the funds by that time, can I pay the mortgage and any liens on the property and keep it? Any advice about what I can do to save my home would be appreciated.

      : (0)


  • Posted by Laurie on April 03, 2002 at 14:08:23:

    Can anyone tell me if you can quitclaim your house (in Mississippi) back to the bank if they deny your deed in lieu of foreclosure? Is it as simple as just filing a quitclaim with the county & moving out? : (1)


    • Posted by Bob H on April 04, 2002 at 00:58:38:

      In Reply to: Quitclaim posted by Laurie on April 03, 2002 at 14:08:23:

      : Can anyone tell me if you can quitclaim your house (in Mississippi) back to the bank if they deny your deed in lieu of foreclosure? Is it as simple as just filing a quitclaim with the county & moving out?

      *************************************************One of the necessary elements for a Deed to be valid is acceptance. You can record a quit claim to property back to your lender, but they can record a statement of non-acceptance, and that will effectively make your QC null and void.

      Many homeowners tried this tactic back in the '80's, thinking it would eliminate a foreclosure and/or a possible deficiency balance against them, only to learn later (sometimes years later) that the QC did nothing to insulate them from the effects of the foreclosure.

      Your better option would be to try and sell the property. Talk to your lender about a short sale if you owe more than the property is worth. : (0)


  • Posted by Jennifer on April 03, 2002 at 12:39:35:

    Can someone please tell me the difference between a Notice of Trustees sale and a Sheriff’s sale? Do the same things apply to each? At a Notice of Trustee’s sale - you owe the 1st mortgage, water bills, and taxes. After that everything else is wiped off. How is it at a sheriff’s sale?Can more things go wrong with a Sheriffs sale? I have done all my research on Trustee’s sales and now I have found a house that is going through a Sheriffs sale.I have talked to the sheriff’s dept. and there is no opening bid. She said people just show up and start bidding- is this how it really works, or is she not telling me everything?Thank you to anyone who can help : (1)


    • Posted by trel on April 03, 2002 at 12:59:48:

      In Reply to: What is the difference between a Sheriff’s sale and a Trustee’s sale? posted by Jennifer on April 03, 2002 at 12:39:35:

      Jennifer,

      The biggest difference is only the choice of words used.

      Trustee's Sales is the common terminology for sales in states that used Trust Deeds and the non-judicial foreclosure method.

      Sheriff's Sales is what we call them in states that use mortgages and the judicial foreclosure method.

      Some states actually use both. Some states use the terms almost interchangeably.

      Any differences in how the sale is conducted is really a matter of state law, no matter what you call it.

      trel : (0)


  • Posted by Reed on April 03, 2002 at 01:38:08:

    After recently buying a property at auction the trustor who defaulted informed me that the many buildings were all under lease agreements for storage.The buildings are packed to the ceilings with valuable property. The trustor has given me a list of lessees which are all corporations. I searched my states database and discovered that the corporations were created by this trustor. He has refused to show me the lease agreements. My hands are tied as long as the houses are full of his things but i'm not sure what my rights are. If he produces long term lease agreements, at favorable rates for himself, what can I do? : (3)


    • Posted by Bob H on April 03, 2002 at 11:27:24:

      In Reply to: Found long term leases in effect after auction purchase. posted by Reed on April 03, 2002 at 01:38:08:

      : After recently buying a property at auction the trustor who defaulted informed me that the many buildings were all under lease agreements for storage.: The buildings are packed to the ceilings with valuable property. The trustor has given me a list of lessees which are all corporations. I searched my states database and discovered that the corporations were created by this trustor. He has refused to show me the lease agreements. : My hands are tied as long as the houses are full of his things but i'm not sure what my rights are. If he produces long term lease agreements, at favorable rates for himself, what can I do?

      ************************************************See an attorney about starting an eviction. Leases, provided they aren't recorded prior to the foreclosing mortgage, are extinguished in a foreclosure.

      : (2)


      • Posted by Reed on April 07, 2002 at 12:26:05:

        In Reply to: Re: Found long term leases in effect after auction purchase. posted by Bob H on April 03, 2002 at 11:27:24:

        : : After recently buying a property at auction the trustor who defaulted informed me that the many buildings were all under lease agreements for storage.: : The buildings are packed to the ceilings with valuable property. The trustor has given me a list of lessees which are all corporations. I searched my states database and discovered that the corporations were created by this trustor. He has refused to show me the lease agreements. : : My hands are tied as long as the houses are full of his things but i'm not sure what my rights are. If he produces long term lease agreements, at favorable rates for himself, what can I do?

        : ************************************************: See an attorney about starting an eviction. Leases, provided they aren't recorded prior to the foreclosing mortgage, are extinguished in a foreclosure.

        : (1)


        • Posted by Reed on April 07, 2002 at 12:30:38:

          In Reply to: Re: Found long term leases in effect after auction purchase. posted by Reed on April 07, 2002 at 12:26:05:

          : : : After recently buying a property at auction the trustor who defaulted informed me that the many buildings were all under lease agreements for storage.: : : The buildings are packed to the ceilings with valuable property. The trustor has given me a list of lessees which are all corporations. I searched my states database and discovered that the corporations were created by this trustor. He has refused to show me the lease agreements. : : : My hands are tied as long as the houses are full of his things but i'm not sure what my rights are. If he produces long term lease agreements, at favorable rates for himself, what can I do?

          : : ************************************************: : See an attorney about starting an eviction. Leases, provided they aren't recorded prior to the foreclosing mortgage, are extinguished in a foreclosure.

          When you say "recorded prior to" do you mean at the county recorders? He has shown me one lease before the date of the foreclosing trust deed. This lease was not noted on the trust deed or anywhere else in the county records.



          : (0)


  • Posted by Brenda on April 02, 2002 at 22:09:00:

    I married (purchased house 5 years prior)."Sold" the house, by Deed of Contract. They bugged out. Filed bankruptcy, left the house terrible with damages. Have had up for sale over 1 year (lease purchase, desperate "out of the country sellers", just need no out of pocket for sale...etc). There are NO Property Managers for renting in the area!!! I searched, town too small. Low bids, $20,000+ less than owed. I am not working and my husband does okay, but he has a house also, prior to our marriage and a small business. Will they come after his assets if this forecloses or is his pre-marital finances considered for a deed in lieu, or what about his credit if forecloses.WE have been struggling to make all payments and fixes on house but just can NO LONGER afford this anchor arround our necks or we will sink entirely!! : (2)


    • Posted by Ed on April 07, 2002 at 23:33:06:

      In Reply to: ASAP Missouri house, post marriage credit concerns if foreclosed? stopping payments now! posted by Brenda on April 02, 2002 at 22:09:00:

      What is the appraised value of the house worth? How much is owed on any existing mortgages? I may be able to help you? Tell me more info. on the house and the type of neighborhood it is located in? : (0)


    • Posted by Ed on April 07, 2002 at 23:30:57:

      In Reply to: ASAP Missouri house, post marriage credit concerns if foreclosed? stopping payments now! posted by Brenda on April 02, 2002 at 22:09:00:

      : I married (purchased house 5 years prior)."Sold" the house, by Deed of Contract. They bugged out. Filed bankruptcy, left the house terrible with damages. Have had up for sale over 1 year (lease purchase, desperate "out of the country sellers", just need no out of pocket for sale...etc). There are NO Property Managers for renting in the area!!! I searched, town too small. Low bids, $20,000+ less than owed. I am not working and my husband does okay, but he has a house also, prior to our marriage and a small business. Will they come after his assets if this forecloses or is his pre-marital finances considered for a deed in lieu, or what about his credit if forecloses.WE have been struggling to make all payments and fixes on house but just can NO LONGER afford this anchor arround our necks or we will sink entirely!!

      : (0)


  • Posted by Phyllis on April 02, 2002 at 21:54:29:

    Is there any way to know what a property will start bidding at before the auction? I will be going to my first auction next week. Also I once read somewhere that one should never buy property on the courthouse steps-why is that?

    TIAPhyllis : (3)


    • Posted by S.D. on April 14, 2002 at 11:30:58:

      In Reply to: Foreclosure bidding prices posted by Phyllis on April 02, 2002 at 21:54:29:

      For the beginner:

      Go to the sale and talk to the investors that are buying on the steps. Offer to purchase the property from them on a "flip" deal. I've bought over 50 properties on the steps in the past 3 years and flip to other investors all the time. Depending on the situation you might even be able to get short term owner financing from the investor. Or if you can secure a loan and get the investor paid before the next month's auction, you will see investors very cooperative.

      Example, I bought a house on the steps for $80K..needs $7K in work. After repairs it's worth $125K. I fliped it to another investor for $90K they did the work and sold it 3 months later for $125K. I like it because I'm back on the steps the next month looking for another deal and never had to pick-up a paint brush.

      The benefit to you is that the investor on the steps can provide you with clear, insurable title, so you don't have to worry about those issues. : (0)


    • Posted by Jim V on April 06, 2002 at 23:50:49:

      In Reply to: Foreclosure bidding prices posted by Phyllis on April 02, 2002 at 21:54:29:

      Auction bids will normally be the amount owed the lender including past due amounts and the costs of the foreclosure process. Some states require bidding to start at a mandated percentage of the properties value even if the amounts owed are less than that percentage. A lot depends on your state procedures, it helps if you include that info with your question.

      There is nothing wrong with purchasing on the courthouse steps as long as you have a very good grasp of your state laws, the mechanics of lien priority, the ability to accurately determine the repaired value of the subject property and the probable cost to get the property to that repaired value. It is probably the highest risk form of investing there is, but there can be significant rewards. Generally, it is not a good place for a beginner to start investing.As an afterthought, you also need to have a good amount of money available to be successful. : (1)


      • Posted by Matt on April 08, 2002 at 13:05:13:

        In Reply to: Re: Foreclosure bidding prices posted by Jim V on April 06, 2002 at 23:50:49:

        Jim V,

        Where do you believe is the best place for a beginner to start investing?Matt : (0)


  • Posted by italy5420036 on April 02, 2002 at 19:12:05:

    HELP!

    Need information! Quick. Condominium in D.C./Dupont Circle area. Private Lender called in note as property was scheduled to be approved under Chapter 13 Bankruptcy. There are tax liens on the property. CAN A LENDER BE FOUND TO PAY OFF THE FULL MORTGAGE TO KEEP PROPERTY FROM BEING TAKEN BY LENDER!! THE BANKRUPTCY WILL BE CALLED OFF ON THE 19TH OF THIS MONTH. NEED ADVICE QUICKLY. ABSOLUTELY DO NOT WANT TO SELL?

    HELP! : (0)


  • Posted by Tom on April 02, 2002 at 18:11:39:

    Does anyone know what the redemption period is in OHIOThanks Tom : (2)


    • Posted by Nick(Colorado) on April 02, 2002 at 20:06:43:

      In Reply to: Redemption period posted by Tom on April 02, 2002 at 18:11:39:

      Tom:

      According to my sources Ohio does not recognize a formal right of redemption. However if the lendertook back the property as an REO, and there was no margin for resale, they may release.i : (1)


      • Posted by Tom on April 02, 2002 at 21:08:41:

        In Reply to: Re: Redemption period posted by Nick(Colorado) on April 02, 2002 at 20:06:43:

        : : Tom:

        : According to my sources Ohio does not recognize a : formal right of redemption. However if the lender: took back the property as an REO, and there was : no margin for resale, they may release.: i

        Nick Thanks for the response. I have had a hard time tracking down the owner of this property. I stopped by and there were people there so i knocked on the doorand a daughter answered. About 13-14. itold her I wasinterested in the house (as her mother wasnt home).Anywayshe gets her mom on the phone and her mom says I must have thewrong house. Talk about having your head buried in the sand!!She's 12 payments in default and 10 days from being out on the streetand doesn't know! Maybe she doesnt want the girl toknow. Anyway I left my number and suggested it wouldn'tcost anything to give me 5 minutes of her time. Thought you might find it interesting. Thanks Tom : (0)


  • Posted by Mariela Rodriguez on April 02, 2002 at 15:57:32:

    I am interested in buying a foreclosed apartment in Midtown Manhattan. I am a first time buyer and would like to know what is the procedure. : (1)


    • Posted by michael zogby on July 07, 2002 at 19:45:18:

      In Reply to: How Do I get a foreclosure listing for Manhattan, NY ? posted by Mariela Rodriguez on April 02, 2002 at 15:57:32:

      : I am interested in buying a foreclosed apartment in Midtown Manhattan. I am a first time buyer and would like to know what is the procedure.

      : (0)


  • Posted by Kelly on April 02, 2002 at 15:29:38:

    Help! I need advice!! My husband and I moved from NC in August 2001 for a new job. We put our house on the market immediately, at the lowest possible price, and we still haven't sold it as of March 2002. The house was built in Nov. 2001 and is in near perfect condition. In order to hopefully sell it quickly by lowering the price, and to pay the agent, we took out a loan from my parents for over $10K. Unfortunately, my family needs the money back for an emergency therefore we will have to raise our asking price... now it will definitely not sale. Currently we are making the payments and have not missed any yet. However, we deferred several bills until June 2002 and they will be coming due soon. We just can't continue living this way. What should we do? Will the mortgage company consider a deed in lieu? Please help!! : (1)


    • Posted by Reinstatement Services, Inc. on April 02, 2002 at 17:19:49:

      In Reply to: Should we foreclose? posted by Kelly on April 02, 2002 at 15:29:38:

      Leasing the property with an option to purchase or renting it will definitely prove to be a much better solution than foreclosure. You might also consider petitioning the lender for short sale approval or a deferment.

      Generally speaking, while a deed-in-lieu is typically considered a better alternative than experiencing a forced sale, it also comes with credit implications and should be utilized as a last resort.

    • default and Foreclosure Mediation
    : (0)

  • Posted by csimmons on April 02, 2002 at 14:14:03:

    #1.How long does a foreclosure take in the state of Oregon? #2.Does the lender attach Bank accounts,and personal property? : (4)


    • Posted by Reinstatement Services, Inc. on April 02, 2002 at 17:29:15:

      In Reply to: Home Foreclosure posted by csimmons on April 02, 2002 at 14:14:03:

      Although the actual foreclosure timeline can vary significantly from lender to lender and state to state, a loose guesstimate would be somewhere in the neighborhood of 5-6 months.

      Since Oregon laws allow for deficency judgement it is possible that a deficiency judgement might be entered. You should also be aware of tax issues that might arise should the sale/auction not produce enough proceeds to cover the outstanding debt.

      Finally, rather than waiting for the foreclosure to happen you will be better served by exploring other options that might possible allow you to keep your home while avoiding foreclosure altogether.

      : (3)


      • Posted by csimmon on April 04, 2002 at 05:11:14:

        In Reply to: Re: Home Foreclosure posted by Reinstatement Services, Inc. on April 02, 2002 at 17:29:15:

        : Although the actual foreclosure timeline can vary significantly from lender to lender and state to state, a loose guesstimate would be somewhere in the neighborhood of 5-6 months.

        : Since Oregon laws allow for deficency judgement it is possible that a deficiency judgement might be entered. You should also be aware of tax issues that might arise should the sale/auction not produce enough proceeds to cover the outstanding debt.

        : Finally, rather than waiting for the foreclosure to happen you will be better served by exploring other options that might possible allow you to keep your home while avoiding foreclosure altogether.

        : (1)


        • Posted by Erling N Ericksen on April 07, 2002 at 11:49:10:

          In Reply to: Re: Home Foreclosure posted by csimmon on April 04, 2002 at 05:11:14:

          : : Although the actual foreclosure timeline can vary significantly from lender to lender and state to state, a loose guesstimate would be somewhere in the neighborhood of 5-6 months.

          : : Since Oregon laws allow for deficency judgement it is possible that a deficiency judgement might be entered. You should also be aware of tax issues that might arise should the sale/auction not produce enough proceeds to cover the outstanding debt.

          : : Finally, rather than waiting for the foreclosure to happen you will be better served by exploring other options that might possible allow you to keep your home while avoiding foreclosure altogether.

          : (0)


      • Posted by csimmon on April 04, 2002 at 05:09:03:

        In Reply to: Re: Home Foreclosure posted by Reinstatement Services, Inc. on April 02, 2002 at 17:29:15:

        : Although the actual foreclosure timeline can vary significantly from lender to lender and state to state, a loose guesstimate would be somewhere in the neighborhood of 5-6 months.

        : Since Oregon laws allow for deficency judgement it is possible that a deficiency judgement might be entered. You should also be aware of tax issues that might arise should the sale/auction not produce enough proceeds to cover the outstanding debt.

        : Finally, rather than waiting for the foreclosure to happen you will be better served by exploring other options that might possible allow you to keep your home while avoiding foreclosure altogether.

        : (0)


  • Posted by Eliott on April 02, 2002 at 00:40:40:

    My wife and I are legally seperated. I have an apartment now and cannot afford to help her and her children (she had before we married) keep the Trailer house nor the lot rent. She needs time to prepare to move out but they told me she has 10 days while the house is going into forclosure. How much time can she get if any. She lives in Eatontown NJ : (1)


    • Posted by njdave on April 02, 2002 at 07:20:02:

      In Reply to: My wife and I are going through a divorce she cannot affored to pay the morgage but needs time (N.J) posted by Eliott on April 02, 2002 at 00:40:40:

      I'll need some more information. Please have your wife contact us. It's a local call.

    • non profit org may be able to help
    : (0)

  • Posted by Eliott on April 02, 2002 at 00:39:16:

    My wife and I are legally seperated. I have an apartment now and cannot afford to help her and her children (she had before we married) keep the Trailer house nor the lot rent. She needs time to prepare to move out but they told me she has 10 days while the house is going into forclosure. How much time can she get if any : (0)


  • Posted by Jennifer on April 01, 2002 at 22:40:32:

    This is my first time to do this so please forgive me if this is a stupid question...We found a property that we are interested in. The 1st mortgage was for $121,550.00. The second mortgage is for 60,000.We have done all the research on the property as we have been advised to do and the report came back clean. The day before the sale we come to find out that they have attached 40,000 more thousand dollars to what is owed to the bank for lawyers fees and interest. The interest does not include the back taxes for one year of 4,000.00. Is this a rare situation or does it always work this way? : (7)


    • Posted by S.D. on April 14, 2002 at 11:38:55:

      In Reply to: Price of first bid changed day before sale posted by Jennifer on April 01, 2002 at 22:40:32:

      That is really not uncommon. Several things could be happening.

      Any lein holder can also bid at the sale, including the lien holder that is foreclosing. If there is any equity in the property the lien holder may submit a competitive bid in order to try to buy the property. They can do this directly to the attorney doing the sale and do not have to be present at the sale. Junior lein holders can sometimes submit bids the same way. : (0)


    • Posted by Bob H on April 02, 2002 at 02:17:04:

      In Reply to: Price of first bid changed day before sale posted by Jennifer on April 01, 2002 at 22:40:32:

      : This is my first time to do this so please forgive me if this is a stupid question...: We found a property that we are interested in. The 1st mortgage was for $121,550.00. The second mortgage is for 60,000.: We have done all the research on the property as we have been advised to do and the report came back clean. The day before the sale we come to find out that they have attached 40,000 more thousand dollars to what is owed to the bank for lawyers fees and interest. The interest does not include the back taxes for one year of 4,000.00. Is this a rare situation or does it always work this way?

      **************************************************The $121,550 (I assume you got this figure from public records) is the original amount of the mtg when it was first recorded.

      In a non-deficient bid situation, back interest, attorney fees, and any other advances paid by the lender prior to sale, are added to the unpaid principal balance to arrive at the lender's stipulated bid.

      So yes, the lender's bid is usually going to be higher than the original amount of the loan.

      Deficiency bids (where the lender purposely bids less than what is owed) and forclosures of older loans (where there has been significant principal reduction) are the exceptions.

      : (3)


      • Posted by trel on April 02, 2002 at 11:06:57:

        In Reply to: Re: Price of first bid changed day before sale posted by Bob H on April 02, 2002 at 02:17:04:

        In mortgage states using the judicial foreclosure method, the lender sues in court to have the judge find in it's favor. The judge usually issuesa Summary Judgment, then later in the process, after the lender makes motions for attorney's fees and "other relief," a Final Judgment is entered that includes all the costs/fees, etc., previously outlined. The Notice of Sale also includes these final figures.

        In CA and other states not utilizing the judicialmethod, the NOD is generated by the trustee. Doesthe trustee include all the lender's associated expenses in the NOD or NOTS? How does an investor in non-judical state identify the lender's added on expenses?

        BTW, I agree with both your posts. Certainly the loan balance is not the bid amount... and $40kin additional fees is outrageous.

        trel : (2)


        • Posted by Jim V on April 06, 2002 at 21:11:20:

          In Reply to: Question for Bob H and Jim V. posted by trel on April 02, 2002 at 11:06:57:

          In CA, the notice of Trustee Sale will have an estimate of the total amount due the lender, including all fees and expenses. If there is a substantial period of time between the recording of the NTS and the actual sale, the actual bid can be significantly higher. Bids are available sometimes the day before the sale, but frequently there is no bid amount available prior to sale time. It makes for a significant amount of wasted effort having to prepare, just in case, and have the sale either postponed or cancelled. : (0)


        • Posted by Bob H on April 02, 2002 at 12:11:11:

          In Reply to: Question for Bob H and Jim V. posted by trel on April 02, 2002 at 11:06:57:

          In CO, the Public Trustee's office posts the lender's bid amount, the day before the sale. To see an itemization of the fees, you have to go to the PT's office and review the file. The lender must provide receipts, acct analysis, etc. if requested by owner or other qualified interested party.

          With a 75 day redemption period, the PT sale is a non-event in most cases. The deals get done during redemption.

          : (0)


    • Posted by Jim V on April 02, 2002 at 02:07:33:

      In Reply to: Price of first bid changed day before sale posted by Jennifer on April 01, 2002 at 22:40:32:

      No such thing as a stupid question, if you don't know, it's a good question.

      Unfortunately, the answer might not be much good.$40k is a little high for last minute add-ons. It isn't unusual to see $5k or so more added on as part of the bid, but 40 is a little high. My first thought is whether or not the second is a credit line with the same lender that provided the first. In that case, the lender could be combining both amounts due which would account for the significantly higher number.

      Bottomline, if you cannot determine exactly what you are paying for and/or the resale value isn't there to justify the purchase, walk away.

      : (1)


      • Posted by Jennifer on April 02, 2002 at 10:34:32:

        In Reply to: Re: $40K is a little high posted by Jim V on April 02, 2002 at 02:07:33:

        Thank you for the responses! We did walk away.The second lender was from a different bank. So I still can not figure out where they came up with all the charges.Thank you again for the responses-I really appreciated it! : (0)

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