July - September 2004 Archives


  • Posted by BrianSecor on September 23, 2004 at 20:13:19:

    I was wondering how bad a "deed in leu of a foreclosure" would hurt my credit score?

    : (2)

    • Posted by donald bonds on October 16, 2004 at 10:14:09:

      In Reply to: Deed in Leu of Foreclosure Posted by BrianSecor on September 23, 2004 at 20:13:19:

      : I was wondering how bad a "deed in leu of a foreclosure" would hurt my credit score?



      : (1)

      • Posted by FORECLOSURE CENTER on October 16, 2004 at 14:46:39:

        In Reply to: Re: Deed in Leu of Foreclosure Posted by donald bonds on October 16, 2004 at 10:14:09:

        : : I was wondering how bad a "deed in leu of a foreclosure" would hurt my credit score?

        IF THE PROPERTY HAS ENOUGH EQUITY, YOU NEED NOT WORRY.HAVE IT APPRAISED, OR EMAIL US DIRECT.



        : (0)

  • Posted by jd on September 23, 2004 at 13:36:07:

    What is a waiver for deficiency? Does that mean because I wasn't at the foreclosure sale I waive my right if the property sold for more than was owed or that the bank will not come after me for the deficiency?

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  • Posted by Mark on September 22, 2004 at 17:03:52:

    We have fallen about $12,000 behind on our mortgage. I'm in the military, but I have been in the brig for the last three months, which has caused us to fall further behind. We haven't had the income to catch up on payments. Will a chapter 13 save the house or will anything else help us? Please help.

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    • Posted by Janie on September 23, 2004 at 13:12:30:

      In Reply to: help, my house is going to auction on Oct 5 Posted by Mark on September 22, 2004 at 17:03:52:

      Whichever road you choose, you'll need to act quickly. Typically, you only have until five days before the auction to cure the default. Check your state's laws on that matter, but that is the typical time frame.

      If you choose a Chapter 13 Bankruptcy, and more pros and cons, there is an excellent forum of about 500 people that have been there, done that. They are very helpful with giving insight on what to expect and that sort of thing.

      Bankruptcy Talk

      http://finance.groups.yahoo.com/group/Bankruptcy_Talk/

    • Bankruptcy Talk


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  • Posted by Leon Sr. loan cosultant usa bank on September 23, 2004 at 11:40:51:

    In Reply to: help, my house is going to auction on Oct 5 Posted by Mark on September 22, 2004 at 17:03:52:

    : We have fallen about $12,000 behind on our mortgage. I'm in the military, but I have been in the brig for the last three months, which has caused us to fall further behind. We haven't had the income to catch up on payments. Will a chapter 13 save the house or will anything else help us? Please help.



    : (0)

  • Posted by Reinstatement Services, Inc. on September 23, 2004 at 10:22:09:

    In Reply to: help, my house is going to auction on Oct 5 Posted by Mark on September 22, 2004 at 17:03:52:

    might assist in getting the loan situation stablized. The modification would have to be approved by your lender.

    You might also consider speaking with your lender regarding the applicability of the Soilder/Sailor Relief Act and how it might be used to help you.

  • The Answer for Your Home.

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  • Posted by Nam on September 22, 2004 at 21:56:15:

    In Reply to: help, my house is going to auction on Oct 5 Posted by Mark on September 22, 2004 at 17:03:52:

    Mark, I am a real invester. I am interested to discuss with you about your situation. Please contact me at 858-736-7093.

    : (0)

  • Posted by Janie on September 22, 2004 at 19:33:06:

    In Reply to: help, my house is going to auction on Oct 5 Posted by Mark on September 22, 2004 at 17:03:52:

    In the Brigg for three months? What on earth did you do?

    Have you to talked to your camp counselor or commander? Sometimes they have options available for the military personnel.

    Barring that, a Chapter 13 Bankruptcy will stay the foreclosure, allow you to put all past due debts into a payment plan, even reduce unsecured debts.

    The catch is you have to make the payments to the trustee, on time, every month. If you are even a few days late, they can and may file for dismissal of your case.

    It's a good plan if you stick to it and keep up your regular monthly mortgage payments.



    : We have fallen about $12,000 behind on our mortgage. I'm in the military, but I have been in the brig for the last three months, which has caused us to fall further behind. We haven't had the income to catch up on payments. Will a chapter 13 save the house or will anything else help us? Please help.



    : (2)

    • Posted by LOUISE on September 26, 2004 at 04:12:56:

      In Reply to: Re: help, my house is going to auction on Oct 5 Posted by Janie on September 22, 2004 at 19:33:06:

      WHAT ABOUT THE "SOLDIERS AND SAILORS RELIEF ACT"?WON'T THIS STALL THE FORECLOSURE?

      : (1)

      • Posted by Janie on September 27, 2004 at 20:22:12:

        In Reply to: Re: help, my house is going to auction on Oct 5 Posted by LOUISE on September 26, 2004 at 04:12:56:

        Yes, that is why I recommended he talk to his camp counseler or commander. The military helps its own. There are staff that deal with this for him and or guide on keeping his home and protect him from predators.



        : WHAT ABOUT THE "SOLDIERS AND SAILORS RELIEF ACT"?WON'T THIS STALL THE FORECLOSURE?



        : (0)

  • Posted by justme on September 22, 2004 at 12:27:48:

    I filed chapter 13 bankruptcy which was discharged. In the chap. 13 i paid my 1st and 2nd mortgage outside of the plan just as i had always normally paid them. i have now moved out of the house, and it is being foreclosed on. if there is a deficiency after the foreclosure sale, am i free from liability for the deficneincy because of the discharged chapter 13?

    : (1)

    • Posted by Janie on September 22, 2004 at 12:51:12:

      In Reply to: defeciency question Posted by justme on September 22, 2004 at 12:27:48:

      No. First, there is no "discharge" in a Chapter 13, persay. Chapter 13 is a repayment plan. When you complete it, then you fulfilled the obligation to creditors.

      Check your state's deficiency laws to see if you have any worrries. Why aren't you selling the house rather than losing it to foreclosure?

      Worst case scenario, if the lender sues for deficiency, and you can't pay, file a Chapter 7 bankruptcy to discharge that debt.



      : I filed chapter 13 bankruptcy which was discharged. In the chap. 13 i paid my 1st and 2nd mortgage outside of the plan just as i had always normally paid them. i have now moved out of the house, and it is being foreclosed on. if there is a deficiency after the foreclosure sale, am i free from liability for the deficneincy because of the discharged chapter 13?



      : (0)

  • Posted by Ang on September 22, 2004 at 12:07:18:

    My husband and I have a house is MA. We were recently discharged from our ch 7 bankruptcy. We owe $430 on the house and are 2 payments behind. The house has been on the market for a short time for $459. I will probably have to lower the price which means we will owe more than we get for it, including RE fees. We have tried FSBO with no luck. We are running out of time. Ameriquest is our lender and they start charging between $50-$100/day after 2 month lates. What are my options here? I have tried everything...Ameriquest won't even work with us. HELP.

    : (4)

    • Posted by Dan Long on September 29, 2004 at 19:24:46:

      In Reply to: Help in Masschusetts Posted by Ang on September 22, 2004 at 12:07:18:

      Contact me regaring a mortgage grant (grants are non repayable)

      : (0)

    • Posted by Janie on September 22, 2004 at 13:02:24:

      In Reply to: Help in Masschusetts Posted by Ang on September 22, 2004 at 12:07:18:

      When you say you have tried everything, what does that entail?

      Have you put together a comprehensive plan for recovery? Do you have a back up plan in case Plan A fails? The trick to successfully dealing with lenders is to have a viable plan. They are no monsters. They would rather you work a plan, keep making payments on time, then the hassle of foreclosure.

      Legally, in some states, a lender can file default after 15 days late. Lenders will often wait for two months because they want to succeed and get back on your feet.

      You didn't say what your goal is.

      Are wanting out of the house while protecting your credit? I can tell you having late payments after a BK discharge does not look good and is probably why Ameriquest lost confidence in you.

      The late payments, penalities, attorney fees for collection, foreclosure costs, etc. will eat most of your hoped gain in the sale of the house.

      Also, if they file a default notice. Then you are like the limping gisell in a pack of wolves.

      If it were me, I would put together a plan that includes lowering the price, then talk to Ameriquest, let them know the plan and ask for them to put the arrearages on the tail end of the loan.



      : My husband and I have a house is MA. We were recently discharged from our ch 7 bankruptcy. We owe $430 on the house and are 2 payments behind. The house has been on the market for a short time for $459. I will probably have to lower the price which means we will owe more than we get for it, including RE fees. We have tried FSBO with no luck. We are running out of time. Ameriquest is our lender and they start charging between $50-$100/day after 2 month lates. What are my options here? I have tried everything...Ameriquest won't even work with us. HELP.



      : (2)

      • Posted by Ang on September 22, 2004 at 15:45:29:

        In Reply to: Re: Help in Masschusetts Posted by Janie on September 22, 2004 at 13:02:24:

        I have tried to work with Ameriquest, I have tried to sell, I have tried to refi...nothing has worked.I have put together a plan. I would like to move and come clean, but by the looks of things, nothing is selling. I have spoken with Ameriquest and they will do nothing short of my coming up with 1/2 now and adding the remainder to the monthly payments...which we can hardly afford anyhow. In any case, I have decided to go back to work full time, which will sufficiently cover the mortgage, but that will take some time to get back up to speed. I was hoping that they would do as you suggested, add the arrearages to the end of the mortgage and start fresh for november, but it's not looking too good. By the looks of things, we will probably have to give it up. Not my first choice, we'll never get another house.

        : When you say you have tried everything, what does that entail?

        : Have you put together a comprehensive plan for recovery? Do you have a back up plan in case Plan A fails? The trick to successfully dealing with lenders is to have a viable plan. They are no monsters. They would rather you work a plan, keep making payments on time, then the hassle of foreclosure.

        : Legally, in some states, a lender can file default after 15 days late. Lenders will often wait for two months because they want to succeed and get back on your feet.

        : You didn't say what your goal is.

        : Are wanting out of the house while protecting your credit? I can tell you having late payments after a BK discharge does not look good and is probably why Ameriquest lost confidence in you.

        : The late payments, penalities, attorney fees for collection, foreclosure costs, etc. will eat most of your hoped gain in the sale of the house.

        : Also, if they file a default notice. Then you are like the limping gisell in a pack of wolves.

        : If it were me, I would put together a plan that includes lowering the price, then talk to Ameriquest, let them know the plan and ask for them to put the arrearages on the tail end of the loan.

        : : : My husband and I have a house is MA. We were recently discharged from our ch 7 bankruptcy. We owe $430 on the house and are 2 payments behind. The house has been on the market for a short time for $459. I will probably have to lower the price which means we will owe more than we get for it, including RE fees. We have tried FSBO with no luck. We are running out of time. Ameriquest is our lender and they start charging between $50-$100/day after 2 month lates. What are my options here? I have tried everything...Ameriquest won't even work with us. HELP.



        : (1)

        • Posted by Janie on September 22, 2004 at 19:29:11:

          In Reply to: Re: Help in Masschusetts Posted by Ang on September 22, 2004 at 15:45:29:

          Have you worked your way up management at Ameriquest? When you get a no, ask for the name of the person to whom you appeal that decision. They will resist, but be persistant, polite, but persistant.

          Barring all that, if going back to work does not catch you up, you can file a Chapter 13 bankruptcy to keep from losing your home.

          : (0)

  • Posted by Virgil Walden on September 22, 2004 at 08:08:25:

    I am located in Alabama. I have had a rough last couple of years. I was laid off of two jobs, had a mortgage in MN and one here in Alabama. I had to file a Chapter 13 in March 2003 to stop foreclosure proceedings on the house here and the other house in Mn was given back to the bank. I am currently unemployed again. I have a house and 25 acres of land that is split in like a 80/20 mortgage through Homecomings Financial. One paymetn of $1300 per month and the other $600. I originally paid $200k for the place in 1999 and in 2001 it was appraised at $225K, I don't know what it is worth now. I think I owe about $205K. I want to combine the loans and re-finance or sell the place and get me 5 acres and a Manufactured home somewhere, maybe in TN, since I live a mile from the line. I just need to get out from under this payment and get something within our means. Not to mention the older you get the house and 25 acres can be hard to keep up. So I am looking for some advice as to what I can do. Having let that other house go and the Chapter 13, I don't know if there is anything I can do. The credit is shot. Oh well! Being laid off is something I surely didn't plan and I still have 6 others depending on me. I need some help; any ideas? Thanks

    Virgil

    : (2)

    • Posted by Janie on September 22, 2004 at 10:53:11:

      In Reply to: Mortgage/foreclosure help Posted by Virgil Walden on September 22, 2004 at 08:08:25:

      Are you saying you voluntarily dismissed the Chapter 13, the trustee dismissed it, it was discharged, you converted to a chapter 7. Give us more detail. That effects what kind of refinancing you will receive receive.





      : I am located in Alabama. I have had a rough last couple of years. I was laid off of two jobs, had a mortgage in MN and one here in Alabama. I had to file a Chapter 13 in March 2003 to stop foreclosure proceedings on the house here and the other house in Mn was given back to the bank. I am currently unemployed again. I have a house and 25 acres of land that is split in like a 80/20 mortgage through Homecomings Financial. One paymetn of $1300 per month and the other $600. I originally paid $200k for the place in 1999 and in 2001 it was appraised at $225K, I don't know what it is worth now. I think I owe about $205K. I want to combine the loans and re-finance or sell the place and get me 5 acres and a Manufactured home somewhere, maybe in TN, since I live a mile from the line. I just need to get out from under this payment and get something within our means. Not to mention the older you get the house and 25 acres can be hard to keep up. So I am looking for some advice as to what I can do. Having let that other house go and the Chapter 13, I don't know if there is anything I can do. The credit is shot. Oh well! Being laid off is something I surely didn't plan and I still have 6 others depending on me. I need some help; any ideas? Thanks

      : Virgil



      : (1)

      • Posted by Gail on November 30, 2004 at 11:10:28:

        In Reply to: Re: Mortgage/foreclosure help Posted by Janie on September 22, 2004 at 10:53:11:

        : Are you saying you voluntarily dismissed the Chapter 13, the trustee dismissed it, it was discharged, you converted to a chapter 7. Give us more detail. That effects what kind of refinancing you will receive receive.



        : : I am located in Alabama. I have had a rough last couple of years. I was laid off of two jobs, had a mortgage in MN and one here in Alabama. I had to file a Chapter 13 in March 2003 to stop foreclosure proceedings on the house here and the other house in Mn was given back to the bank. I am currently unemployed again. I have a house and 25 acres of land that is split in like a 80/20 mortgage through Homecomings Financial. One paymetn of $1300 per month and the other $600. I originally paid $200k for the place in 1999 and in 2001 it was appraised at $225K, I don't know what it is worth now. I think I owe about $205K. I want to combine the loans and re-finance or sell the place and get me 5 acres and a Manufactured home somewhere, maybe in TN, since I live a mile from the line. I just need to get out from under this payment and get something within our means. Not to mention the older you get the house and 25 acres can be hard to keep up. So I am looking for some advice as to what I can do. Having let that other house go and the Chapter 13, I don't know if there is anything I can do. The credit is shot. Oh well! Being laid off is something I surely didn't plan and I still have 6 others depending on me. I need some help; any ideas? Thanks

        : : Virgil

        EMAIL ME FOR HELP......vgweston@yahoo.com

        : (0)

  • Posted by Albert on September 21, 2004 at 18:34:41:

    I filed Bankruptcy 3 years ago.can I still qualify to buy a foreclosure house?

    : (10)

    • Posted by Wayne Wiler on September 21, 2004 at 23:50:04:

      In Reply to: Can I buy a foreclosure with bankruptcy? Posted by Albert on September 21, 2004 at 18:34:41:

      : I filed Bankruptcy 3 years ago.can I still qualify to buy a foreclosure house?You can buy that house 1 day out with certain lenders. Was it a 7 or 13?

      : (1)

      • Posted by mary kay martin on October 04, 2004 at 15:42:42:

        In Reply to: Re: Can I buy a foreclosure with bankruptcy? Posted by Wayne Wiler on September 21, 2004 at 23:50:04:

        : : I filed Bankruptcy 3 years ago.can I still qualify to buy a foreclosure house?: You can buy that house 1 day out with certain lenders. Was it a 7 or 13?



        : (0)

    • Posted by Wayne Wiler on September 21, 2004 at 23:48:38:

      In Reply to: Can I buy a foreclosure with bankruptcy? Posted by Albert on September 21, 2004 at 18:34:41:

      : I filed Bankruptcy 3 years ago.can I still qualify to buy a foreclosure house?You can buy that house 1 day out with certain lenders. Was it a 7 or 13?

      : (1)

      • Posted by albert on September 23, 2004 at 02:04:48:

        In Reply to: Re: Can I buy a foreclosure with bankruptcy? Posted by Wayne Wiler on September 21, 2004 at 23:48:38:

        Chap 7

        : (0)

    • Posted by Keith(CA) on September 21, 2004 at 19:14:39:

      In Reply to: Can I buy a foreclosure with bankruptcy? Posted by Albert on September 21, 2004 at 18:34:41:

      : I filed Bankruptcy 3 years ago.can I still qualify to buy a foreclosure house?

      I don't speak from experience, but I have heard from a number of sources that if you have an excellent history for the last two consecutive years that you stand a very good chance of getting financing for a house.

      What do you mean by "a foreclosure house"?

      See the link below about self-repair of one's credit report (gotta love the wealth of info at the FTC).

      : (5)

      • Posted by Albert on September 21, 2004 at 19:29:59:

        In Reply to: Re: Can I buy a foreclosure with bankruptcy? Posted by Keith(CA) on September 21, 2004 at 19:14:39:

        Yes,my credit is been good since I filed for bankruptcy my credit score the last time I checked was 700. Since housing price is so outrageous,im wondering if its affordable to buy "forcloser/forclosed house"?

        : (4)

        • Posted by Albert on September 29, 2004 at 09:13:36:

          In Reply to: Re: Can I buy a foreclosure with bankruptcy? Posted by Albert on September 21, 2004 at 19:29:59:

          is there a cost for getting pre-approve?: Yes,my credit is been good since I filed for bankruptcy my credit score the last time I checked was 700. : Since housing price is so outrageous,im wondering if its affordable to buy "forcloser/forclosed house"?



          : (0)

        • Posted by Raymond on September 28, 2004 at 08:33:10:

          In Reply to: Re: Can I buy a foreclosure with bankruptcy? Posted by Albert on September 21, 2004 at 19:29:59:

          The first thing for you to do is to get pre-approved for a home loan. That way you'll know the price range you can afford. Your credit score and history are now considered "A paper" and you're going to be quoted the lowest loan fees and interest rates and you'll also qualify for 100% financing. You may find out you actually qualify for the more expensive homes.

          -------------------------------------------------Yes,my credit is been good since I filed for bankruptcy my credit score the last time I checked was 700. Since housing price is so outrageous,im wondering if its affordable to buy "forcloser/forclosed house"?



          : (2)

          • Posted by Albert on September 29, 2004 at 09:18:04:

            In Reply to: Re: Can I buy a foreclosure with bankruptcy? Posted by Raymond on September 28, 2004 at 08:33:10:

            is there a cost to get pre-approved?

            : The first thing for you to do is to get pre-approved for a home loan. That way you'll know the price range you can afford. Your credit score and history are now considered "A paper" and you're going to be quoted the lowest loan fees and interest rates and you'll also qualify for 100% financing. You may find out you actually qualify for the more expensive homes.

            : -------------------------------------------------: Yes,my credit is been good since I filed for bankruptcy my credit score the last time I checked was 700. Since housing price is so outrageous,im wondering if its affordable to buy "forcloser/forclosed house"?



            : (1)

            • Posted by Raymond Denton on September 29, 2004 at 09:24:32:

              In Reply to: Re: Can I buy a foreclosure with bankruptcy? Posted by Albert on September 29, 2004 at 09:18:04:

              No, pre-approval is free.

              : is there a cost to get pre-approved?

              : (0)

  • Posted by steve on September 21, 2004 at 16:26:51:

    how long after a foreclosure is resolved (home did not go into foreclosure ... outstanding debt was paid off and loan reinstated) does it remain on your credit record ... and is there anything that you can do to indicate that you are reinstated with the mortgage company?

    : (1)

    • Posted by Keith(CA) on September 21, 2004 at 19:10:35:

      In Reply to: re: foreclosure on credit record Posted by steve on September 21, 2004 at 16:26:51:

      : how long after a foreclosure is resolved (home did not go into foreclosure ... outstanding debt was paid off and loan reinstated) does it remain on your credit record ... and is there anything that you can do to indicate that you are reinstated with the mortgage company?

      It generally takes a couple years of excellent payment history to rebuild a credit rating. Since you did not go into foreclosure, you are only dealing with late payments on your record. Talk to your lender and ask them to report your current, good-standing status to the three reporting agencies. Also, you can write each of the three reporting agencies yourself and dispute the late payments, or even include a notice in your report explaining why you got into trouble and why you are now no longer a risk.

      See the link below for answers about the longevity of credit history blemishes (there's a ton of great info at the Federal Trade Commission).

      : (0)

  • Posted by Emelita on September 20, 2004 at 10:50:25:

    Seattle Washington: I barrowed some money to my sister in law and I paid my two months late on my mortgage, then I also paid another 2 months in advance. What I did not know is that the bank(WA. Mutual) pay also my Real Estate Tax last October 2003 and April 2004 which is $1,800, they said I am now on escrow? I do not know what is that. Eventhou I place on the checks the payments is for September and October mortgage, they still place it as payments for my real estate tax. Can they do that? ALSO, they place another installment plan to my mortgage, and advance pre-payment plan for my real Estate Tax, so my mortgage paymnets now is much higher. Instead of feeling secure for two months, now I am depressing about foreclosure. Now I am two months behind again and I have not heard from the bank. This is the third time I am behind payments in a year, I can only barrowed money to relatives then I paid off the late mortgage payments. As of now, I do not know if they are in process of foreclosure because the second time I am behind payments they sent me a foeclosure letter which says it will be process, I did barrowed money and I pay them. Now I am behind again.

    Here are my question:1. Can they change my payments even thou I place it on a specific month? Like payments for september 2004 and october 2004.2. This recision, can I do that? I refinance my house in 1998.3. I been thinking of selling the house, and file bankcruptcy against the house if foreclosure letter comes. Did the bank will tell me how long it will be in the market? like one year or 6 months, I must sell it or they will foreclose.

    Need all advice and great HELP.Emelita



    : (6)

    • Posted by Keith(CA) on September 20, 2004 at 13:41:59:

      In Reply to: Mortgage pymnt/bankcruptcy/foreclosure/HELP Posted by Emelita on September 20, 2004 at 10:50:25:

      #1 - If WaMu was not escrowing your property taxes, your lender is wise to begin doing so after you have missed a few payments. A property tax lien is typically senior to all other liens, including your mortgage. If the county forecloses on your home and sells it, your lender (WaMu) will lose their security...their lien will be wiped off the title and they then stand to lose a lot of money. In order to protect their security interest, WaMu has decided that it will make sure you never lose your home to a property tax foreclosure by forcing you to pay the taxes in monthly payments. The payments are escrowed until the tax bill arrives, and then paid out of that account (you won't be responsible for another lump sum tax payment unless WaMu doesn't escrow enough to cover the full bill).

      #2 - Forget about rescinding your mortgage. Despite repeated demands that evidence of even one successful rescission be made public, no such evidence has been forthcoming. You will be charged a fee up front whether or not they are successful...so you may as well spend the money in Las Vegas.

      #3 - Selling the house is an option if you just cannot afford it any more. A foreclosure is very bad on one's credit history. But a bankruptcy isn't very good on your credit history either. Since an automatic stay is granted the moment you file for a bankruptcy, wait until the last possible moment before filing. Pay attention to the notices if and when they start coming as one of them should eventually tell you when your home will go to auction. Try to get postponements and only use bankruptcy as a last resort (one or two days before the schedules auction would be good).

      Now, if you can afford the house but your only problem is that you cannot afford to catch up, then there may be other options open to you to get you back on track and keep you in your home. Take Janie's advice and go talk to a few bankruptcy attorneys to find out if staying on the Chapter 13 plan would work for you (but you can still use a bankruptcy filing to stall a foreclosure sale even if you aren't interested in following a bankruptcy plan).

      Cheers!Keith

      : Seattle Washington: I barrowed some money to my sister in law and I paid my two months late on my mortgage, then I also paid another 2 months in advance. What I did not know is that the bank(WA. Mutual) pay also my Real Estate Tax last October 2003 and April 2004 which is $1,800, they said I am now on escrow? I do not know what is that. Eventhou I place on the checks the payments is for September and October mortgage, they still place it as payments for my real estate tax. Can they do that? ALSO, they place another installment plan to my mortgage, and advance pre-payment plan for my real Estate Tax, so my mortgage paymnets now is much higher. : Instead of feeling secure for two months, now I am depressing about foreclosure. Now I am two months behind again and I have not heard from the bank. This is the third time I am behind payments in a year, I can only barrowed money to relatives then I paid off the late mortgage payments. As of now, I do not know if they are in process of foreclosure because the second time I am behind payments they sent me a foeclosure letter which says it will be process, I did barrowed money and I pay them. Now I am behind again.

      : Here are my question:: 1. Can they change my payments even thou I place it on a specific month? Like payments for september 2004 and october 2004.: 2. This recision, can I do that? I refinance my house in 1998.: 3. I been thinking of selling the house, and file bankcruptcy against the house if foreclosure letter comes. Did the bank will tell me how long it will be in the market? like one year or 6 months, I must sell it or they will foreclose.

      : Need all advice and great HELP.: Emelita



      : (3)

      • Posted by Emelita Hawley on September 20, 2004 at 16:23:14:

        In Reply to: Re: Mortgage pymnt/bankcruptcy/foreclosure/HELP Posted by Keith(CA) on September 20, 2004 at 13:41:59:

        : #1 - If WaMu was not escrowing your property taxes, your lender is wise to begin doing so after you have missed a few payments. A property tax lien is typically senior to all other liens, including your mortgage. If the county forecloses on your home and sells it, your lender (WaMu) will lose their security...their lien will be wiped off the title and they then stand to lose a lot of money. In order to protect their security interest, WaMu has decided that it will make sure you never lose your home to a property tax foreclosure by forcing you to pay the taxes in monthly payments. The payments are escrowed until the tax bill arrives, and then paid out of that account (you won't be responsible for another lump sum tax payment unless WaMu doesn't escrow enough to cover the full bill).

        : #2 - Forget about rescinding your mortgage. Despite repeated demands that evidence of even one successful rescission be made public, no such evidence has been forthcoming. You will be charged a fee up front whether or not they are successful...so you may as well spend the money in Las Vegas.

        : #3 - Selling the house is an option if you just cannot afford it any more. A foreclosure is very bad on one's credit history. But a bankruptcy isn't very good on your credit history either. Since an automatic stay is granted the moment you file for a bankruptcy, wait until the last possible moment before filing. Pay attention to the notices if and when they start coming as one of them should eventually tell you when your home will go to auction. Try to get postponements and only use bankruptcy as a last resort (one or two days before the schedules auction would be good).

        : Now, if you can afford the house but your only problem is that you cannot afford to catch up, then there may be other options open to you to get you back on track and keep you in your home. Take Janie's advice and go talk to a few bankruptcy attorneys to find out if staying on the Chapter 13 plan would work for you (but you can still use a bankruptcy filing to stall a foreclosure sale even if you aren't interested in following a bankruptcy plan).

        : Cheers!: Keith

        Thanks Keith for the nice advice.I cannot make any payments anymore as I have also problem getting a job. I love to keep the house but I cannot make ends meet. Kids got part-time job and we used all out credit cards cash to make mortgage payments. We are over the head with loans to all relatives. I think it is time to sell the house before it goes to foreclosure. I do not want to wait for that letters from WAMu telling me about the house is on foreclosures. My concerns now that if I file bankcruptcy, How many months can I sell the house, it is now winter here in WA. I just hope I can stay here up to the next summer then try to find a place to move.If I sell the house, will I have limited time. I want to sell the house as commercial as their is money. But if I sell this as a house it is not worth a lot. I want to wait for a good offer.I owe 110,000 on the bank and house is worth 350,000 in commercial sell but if it is only house for sell then it is worth only 250.000. I heard that in 2 more years it will be more money like 400 to 500,000 on this street where I live. Street is now commercialize.Anyway I already filed chapter 13 last 2002 and 7 last may 2004. My credit history is already a mess and I don't care anymore. I am 52 years old. Thats is why I am also having problem finding a job. Discrimination??? maybe?? race??? maybe. I am a filipina.My question: any limited time to sell the house in bankcruptcy 13.emelita



        : : Seattle Washington: I barrowed some money to my sister in law and I paid my two months late on my mortgage, then I also paid another 2 months in advance. What I did not know is that the bank(WA. Mutual) pay also my Real Estate Tax last October 2003 and April 2004 which is $1,800, they said I am now on escrow? I do not know what is that. Eventhou I place on the checks the payments is for September and October mortgage, they still place it as payme foreclose.

        : : Need all advice and great HELP.: : Emelita



        : (2)

        • (0)
        • Posted by Janie on September 20, 2004 at 17:02:08:

          In Reply to: Re: Mortgage pymnt/bankcruptcy/foreclosure/HELP Posted by Emelita Hawley on September 20, 2004 at 16:23:14:

          The typical chapter 13 bankruptcy plan ranges from 3- 5 years. You consolidate all past due bills into one payment plan.

          During the time you are making payments to the trustee, you can have your home for sale.

          If your goal is to protect your credit rating, then go talk to Washington Mutual before it becomes a crisis. Sit down and create several plans that will work for you.

          Such as, interest only payments; putting all payments, plus the next six months's payments, on the tail end of the loan, etc.

          Then go talk to WA Mut. Trust me, they are much more likely to work with you if go talk to them before they begin foreclosure. It's when people cut them off and hide, that causes problems.

          Tell them your utlitmate plan is to sell the house.

          I am sure they will work a solution with you. It may not be the solution you want, but it will something you can live with.

          : (0)

    • Posted by Janie on September 20, 2004 at 12:14:40:

      In Reply to: Mortgage pymnt/bankcruptcy/foreclosure/HELP Posted by Emelita on September 20, 2004 at 10:50:25:

      Go talk to a compentent Chapter 13 bankruptcy attorney. It won't cost you anything for the consultation.

      The attorney fees are paid out of the plan. This will give the opportunity to reorganize and get back on your feet, so you don't lose your home.

      If you can refinance to consolidate your debts, then do that before you get the foreclosure notice.

      A foreclosure

      : (1)

      • Posted by Emelita on September 20, 2004 at 16:26:55:

        In Reply to: Re: Mortgage pymnt/bankcruptcy/foreclosure/HELP Posted by Janie on September 20, 2004 at 12:14:40:

        : Go talk to a compentent Chapter 13 bankruptcy attorney. It won't cost you anything for the consultation.

        : The attorney fees are paid out of the plan. This will give the opportunity to reorganize and get back on your feet, so you don't lose your home.

        thanks Janie,I will talk to an attorney.

        : If you can refinance to consolidate your debts, then do that before you get the foreclosure notice.

        : A foreclosure



        : (0)

  • Posted by Darryl-CA on September 17, 2004 at 13:02:15:

    Over the past few years there has been much talk about land trusts and LLC’s. Most say an LLC is the strongest entity for asset protection and that land trusts offer little or no protection against creditors or lawsuits whatsoever. I beg to differ.

    Here is a step-by-step example of how I use two land trusts for privacy and protection here in Southern California. Tell me what you think.

    1.I prepare then record a junior trust deed in an amount equal to the fair market value of my property, whereby I am the trustor, the pre-printed title company is the trustee and Land Trust #1 is the beneficiary. This step blocks all of your equity, leaving the property seemingly over encumbered.

    2. I then prepare a grant deed including a statement that says (” The value of the property in this conveyance, exclusive of liens and encumbrances is $100 or less, and there is no additional consideration received by the grantor, R & T 11911,") from myself directly to Land Trust#2. This step not only avoids the Due-On-Sale clause in any senior lien, it also avoids any possible property tax reassessment as well as the documentary transfer tax.

    Notice in the above example there is no mention of any trustee of either Land Trust. By not disclosing their identities in the public records, it makes it impossible to compel them to disclose the identity of who actually owns the property.

    With an LLC it is possible to determine via the secretary of state who holds interest in it, thereby opening the door to a charging order.

    Not only does my example protect all of the equity, in the event that true ownership is somehow discovered, it gives the beneficiary of Land Trust #1 the option to foreclose its lien, wiping out any and all judgment creditors.

    Why do investors disclose the identity of the “Trustee of the Land Trust” when there is no statute, precedent, regulation or case law to my knowledge that requires it. Maybe I’m missing something here. You be the judge. All comments are welcome.

    For all you newbies, a land trust is the same as a title holding trust.

    Darryl-California

    : (1)

    • Posted by Michael L. Parker on September 18, 2004 at 13:21:52:

      In Reply to: Land Trust Stronger Than LLC? Posted by Darryl-CA on September 17, 2004 at 13:02:15:

      : Over the past few years there has been much talk about land trusts and LLC’s. Most say an LLC is the strongest entity for asset protection and that land trusts offer little or no protection against creditors or lawsuits whatsoever. I beg to differ.

      : Here is a step-by-step example of how I use two land trusts for privacy and protection here in Southern California. Tell me what you think.

      : 1.I prepare then record a junior trust deed in an amount equal to the fair market value of my property, whereby I am the trustor, the pre-printed title company is the trustee and Land Trust #1 is the beneficiary. This step blocks all of your equity, leaving the property seemingly over encumbered.

      : 2. I then prepare a grant deed including a statement that says (” The value of the property in this conveyance, exclusive of liens and encumbrances is $100 or less, and there is no additional consideration received by the grantor, R & T 11911,") from myself directly to Land Trust#2. This step not only avoids the Due-On-Sale clause in any senior lien, it also avoids any possible property tax reassessment as well as the documentary transfer tax.

      : Notice in the above example there is no mention of any trustee of either Land Trust. By not disclosing their identities in the public records, it makes it impossible to compel them to disclose the identity of who actually owns the property.

      : With an LLC it is possible to determine via the secretary of state who holds interest in it, thereby opening the door to a charging order.

      : Not only does my example protect all of the equity, in the event that true ownership is somehow discovered, it gives the beneficiary of Land Trust #1 the option to foreclose its lien, wiping out any and all judgment creditors.

      : Why do investors disclose the identity of the “Trustee of the Land Trust” when there is no statute, precedent, regulation or case law to my knowledge that requires it. Maybe I’m missing something here. You be the judge. All comments are welcome.

      : For all you newbies, a land trust is the same as a title holding trust.

      : Darryl-California



      : (0)

  • Posted by Agata on September 17, 2004 at 08:35:58:

    Im looking for information about risk management (methodology. models etc) on real estate markets.

    : (0)

  • Posted by Agata on September 17, 2004 at 08:35:21:

    Im looking for information about risk management (methodology. models etc) on real estate markets.

    : (0)

  • Posted by steven on September 16, 2004 at 16:30:43:

    my property is in kentucky ... after resolving a bank foreclosure and actually having a lawsuit against the mortgage company an agreement was set that once 4 consecutive payments were made that the "foreclosure" would be taken off my credit record ... it has been 9 months and i have attempted to refinance only to find out the foreclosure is still on my record ... what can i do at this point ... i can provide more details of the lawsuit if necessary to answer this question ...

    : (1)

    • Posted by Janie on September 17, 2004 at 00:19:14:

      In Reply to: re:post foreclosure agreement Posted by steven on September 16, 2004 at 16:30:43:

      Consult with your attorney about filing a Motion to Show Cause why the lender should not be held in civil contempt for non-compliance with the court order.



      : (0)

  • Posted by Stacey Wallace on September 15, 2004 at 19:31:53:

    My husband & I came across a property. We were told its in foreclosure. We were just shopping around for houses. We aren't sure what a foreclosure is or if we should even get involved. We would be making this home our primary residence with our children. Is there any advice on how to handle a foreclosure? What I should know before hand? My realtor who has been showing us houses told us she would not be able to handle this if we pursue it. WHY? we are in the dark about foreclosures!!! someone please give advice. Thanks

    : (0)

  • Posted by gerald on September 15, 2004 at 19:09:06:

    I am a Loan Officer in the State of CA.....I am trying to contact people in foreclosure. I get a listing everyweek from my title company.....what is the best way to contact them? postcards? letter? door knock? or just goo straight to the lender?

    : (1)

  • (1)
    • Posted by Janie on September 17, 2004 at 17:34:22:

      In Reply to: Non-judicial foreclosures out of control Posted by Aubrey on September 15, 2004 at 18:03:10:



      Article in the news today that California is forming a special division within the Consumer Protection Bureau to help people that purchased homes in an HOA. Apparently the abuses have been out of control, so now the government will fix everything... May God help the victims.



      : AP Wire story about bill in california legislature to stop non-judicial foreclosures for amounts less than $2,500

      : (0)

  • Posted by angie on September 15, 2004 at 12:30:27:

    I live in South Carolina. For the past 5 months I have been late on my mortgage payments. I am finally getting caught up. My mortgage now is not even 30 days late but they are threatening forclosure. Can they do this when I'm not even 30 days late? How late can I be before forclosure can begin.

    : (4)

    • Posted by Reinstatement Services, Inc. on September 16, 2004 at 12:05:35:

      In Reply to: south carolina less than 30 days late Posted by angie on September 15, 2004 at 12:30:27:

      although most lenders wait until a loan has missed 3 full payments, a lender can exercise his right to remedy as stated in the mortgage loan contract if the loan is in default.

    • The answer for your home.


    : (0)

  • Posted by Mike on September 13, 2004 at 15:49:46:

    i was behind with my motgage, the house went into foreclosure. i made arraingments with the motgage company, before the sheriff's sale, and was put on a payment plan. I am now behind on these payments. i am moving out of the home in the next month. i have not gotten any forclosure letters yet. I would like to sell the home before i get forclosesure papers if possible. i have never filed bankruptcy, and i have no money for a realitor. i owe around $73,000 and homes are selling between $85,000 and $120,000 on my block. Can someone please tell me how i can go about selling the home quickly? or where i can look for information to sell it? what do i tell the morgage company? what is a quick sale? the home is located in detroit michigan in the warrendale area. please help!!if it goes to foreclosure and sells at the sheriff sale for less than what i owe does the morgage company come after me for the rest of the money?

    : (26)

    • Posted by Jim V on September 14, 2004 at 15:40:53:

      In Reply to: forclosure in MI (sale) Posted by Mike on September 13, 2004 at 15:49:46:

      : i was behind with my motgage, the house went into foreclosure. i made arraingments with the motgage company, before the sheriff's sale, and was put on a payment plan. I am now behind on these payments. i am moving out of the home in the next month. i have not gotten any forclosure letters yet. I would like to sell the home before i get forclosesure papers if possible. i have never filed bankruptcy, and i have no money for a realitor. i owe around $73,000 and homes are selling between $85,000 and $120,000 on my block. Can someone please tell me how i can go about selling the home quickly? or where i can look for information to sell it? what do i tell the morgage company? what is a quick sale? the home is located in detroit michigan in the warrendale area. please help!!: if it goes to foreclosure and sells at the sheriff sale for less than what i owe does the morgage company come after me for the rest of the money?

      Mike,

      If homes in your area are selling between $85,000 and $120,000, you probably should contact a local Realtor. Realtors are paid when the property sells, and they are paid from the proceeds of the sale, so you don't have to pay anything upfront. The advantage in using a Realtor is that your home is exposed to the maximum number of buyers who are looking to purchase a home right now. The Realtor you choose should be able to advise you on a listing price that will both maximize your net proceeds, and allow you to sell the property quickly.

      If you choose to list your property with a Realtor, you'll want to let the mortgage company know the property is listed. Most lenders would rather have you sell the property, instead of having to foreclose.

      : (2)

  • Posted by Patty on September 11, 2004 at 20:13:11:

    What happens when one foreclosure on a house?

    : (1)

    • Posted by Janie on September 24, 2004 at 14:37:16:

      In Reply to: Info Posted by Patty on September 11, 2004 at 20:13:11:

      From which perspective are you asking — the person losing their home, or the person gaining a home?





      : What happens when one foreclosure on a house?



      : (0)

  • Posted by Tiffany on September 11, 2004 at 17:59:03:

    My fiancee and I are interested in starting out in the foreclosure business, meaning we would like to buy foreclosed homes and resell for profit. I have taken real estate courses, but they do not provide much information on how to start out in this specific business. I was hoping that someone out there might have some helpful resources we could look into that could help us get started. We have a lot of questions, such as where to look for and find the best deals, how and who to deal with when inquiring about the home purchase, where to find lenders that specialize in REO financing, and advice on the whole process in general from someone that has had experience. I have looked for resources like this on the internet, only to find that I have to pay $50-$500 for the information. I really appriciate any help you can offer. Please feel free to email me at Tiffer77@msn.com. Please title the subject something related to foreclosures so I don't throw your reply out with the rest of my junk mail.

    Thanks again,

    Tiffany



    : (0)

  • Posted by Brian Simmerman on September 11, 2004 at 09:09:33:

    I am looking for some help on my current housing situation. The house in located in Indiana and I owe more than what I can sell it for, plus I have pre-payment clause on the mortgage.

    I owe 317,000 but can only sell it for 295,000...plus that pre-payment penalty of $16,000. The pre-payment penalty does not come off the mortgage until Oct 2006. A real estate agent will buy my house at 95% of the market value(295,000)plus I have to take out his commission from the sale. So I would owe $54,450 to my mortgage company if I sell my home.

    What options do I have?

    Does a short sale address this? How does the short sale work? Do I take a loan out for that amount? How would I get the current mortgage company to release the deed over to the real estate agent that purchased my home with owing $54K? Also, if I buy a new home can I apply that $54K to the new home loan? It would appear I would have to get a 125% mortgage?





    : (4)

  • Posted by Brian Simmerman on September 11, 2004 at 09:09:21:

    I am looking for some help on my current housing situation. The house in located in Indiana and I owe more than what I can sell it for, plus I have pre-payment clause on the mortgage.

    I owe 317,000 but can only sell it for 295,000...plus that pre-payment penalty of $16,000. The pre-payment penalty does not come off the mortgage until Oct 2006. A real estate agent will buy my house at 95% of the market value(295,000)plus I have to take out his commission from the sale. So I would owe $54,450 to my mortgage company if I sell my home.

    What options do I have?

    Does a short sale address this? How does the short sale work? Do I take a loan out for that amount? How would I get the current mortgage company to release the deed over to the real estate agent that purchased my home with owing $54K? Also, if I buy a new home can I apply that $54K to the new home loan? It would appear I would have to get a 125% mortgage?





    : (3)

    • Posted by Keith(CA) on September 16, 2004 at 11:15:28:

      In Reply to: Need to get out of my house Posted by Brian Simmerman on September 11, 2004 at 09:09:21:

      Brian,

      Sounds like you refinanced yourself into a corner, and it would appear that you do not have a "traditional" lender that would be open to a short sale (given that whopping prepay penalty). Also, you didn't say why you need to get out, so I can only assume that for some reason you cannot make the payments.

      A short sale is where a lender agrees to take somewhat less (negotiable) than the full balance of their note. Whatever amount is negotiated the lender will expect payment in full...and soon. This is accomplished by selling the house in an "arms length" transaction...to reduce fraud, no one in your family (and preferably none of your friends) may be party to the purchase. You and your buyer would negotiate the pay off amount with your lender, and then your buyer would be responsible for obtaining the financing to pay off your old note.

      You need to find out if the $16K is still owed if the lender forecloses before Oct '06. You might negotiate a deed-in-lieu of foreclosure with the lender to avoid a formal foreclosure, and avoid owing that extra $54K.

      If your housing market isn't too weak and your rental market is fairly strong you might want to consider either lease optioning your home or selling contract for deed (aka land contract, aka agreement for deed). You'll have to do some research on your own if you want to explore these posibilities.

      Good luck.

      : (2)

      • Posted by Brian on September 19, 2004 at 20:55:40:

        In Reply to: Paying the piper Posted by Keith(CA) on September 16, 2004 at 11:15:28:

        Keith -

        Thanks for the reply and information. Yes, I refinanced myself into the corner and I am looking to get out as safe as I can.

        Do you short sales leave a bad mark aganist your credit? Also, do the mortgage companies try not to agree on a short sale.....ie tell me they can not take a short sale, etc.

        Thanks.

        Brian,

        : Sounds like you refinanced yourself into a corner, and it would appear that you do not have a "traditional" lender that would be open to a short sale (given that whopping prepay penalty). Also, you didn't say why you need to get out, so I can only assume that for some reason you cannot make the payments.

        : A short sale is where a lender agrees to take somewhat less (negotiable) than the full balance of their note. Whatever amount is negotiated the lender will expect payment in full...and soon. This is accomplished by selling the house in an "arms length" transaction...to reduce fraud, no one in your family (and preferably none of your friends) may be party to the purchase. You and your buyer would negotiate the pay off amount with your lender, and then your buyer would be responsible for obtaining the financing to pay off your old note.

        : You need to find out if the $16K is still owed if the lender forecloses before Oct '06. You might negotiate a deed-in-lieu of foreclosure with the lender to avoid a formal foreclosure, and avoid owing that extra $54K.

        : If your housing market isn't too weak and your rental market is fairly strong you might want to consider either lease optioning your home or selling contract for deed (aka land contract, aka agreement for deed). You'll have to do some research on your own if you want to explore these posibilities.

        : Good luck.



        : (1)

        • Posted by Keith(CA) on September 19, 2004 at 22:01:55:

          In Reply to: Re: Paying the piper Posted by Brian on September 19, 2004 at 20:55:40:

          Brian,

          I can't speak to the credit history issue, but if you have late payments that are leading you to an inevitable foreclosure then I'd say take whatever hit a shortsale may bring. Should a shortsale be accepted, you will likely be responsible for the deficiency on your income taxes (e.g. if you owe 100K and get a short for 75K, then you report the 25K "forgiven" by your lender as income).

          No lender is obligated to play the short sale game, but many of the "big boy" lenders see that loss mitigation techniques are in their best interest. The more seedy lenders (those with exorbitant prepay penalties) would probably be content to foreclose, sell your property at a loss, then sue you for the difference (a deficiency judgment).

          But it cannot hurt to try. You might do well to find an experienced investor through a real estate investing club in your area. Selling to an investor would qualify as an arms-length transaction, and if the investor has some shortsale experience would increase your odds of success.

          Also, as I said before, consider selling your home yourself without an agent. You could sell with owner financing (full or in part), if you set your interest rate a little higher than the one on your current note, that could help make up for a lower selling price. You could also sell on a lease option, rent-to-own. If you find a reputable investor you may even just consider letting him/her take over your payments...you just walk away. Put an ad in the paper to get potential buyers calling you, and ignore agents.

          FSBO! SELLER WANTS OUT!ALL OFFERS CONSIDERED!LOW MARKET PRICE $317K!CALL (xxx) xxx-xxxxPrinciples only.

          If your market has any kind of pulse you'll get some calls. The ad just might bring you several investors as well...keep in mind that you are in control, and if you stay in control of the negotiations you can take the best deal.

          : Keith -

          : Thanks for the reply and information. Yes, I refinanced myself into the corner and I am looking to get out as safe as I can.

          : Do you short sales leave a bad mark aganist your credit? Also, do the mortgage companies try not to agree on a short sale.....ie tell me they can not take a short sale, etc.

          : Thanks.

          : Brian,

          : : Sounds like you refinanced yourself into a corner, and it would appear that you do not have a "traditional" lender that would be open to a short sale (given that whopping prepay penalty). Also, you didn't say why you need to get out, so I can only assume that for some reason you cannot make the payments.

          : : A short sale is where a lender agrees to take somewhat less (negotiable) than the full balance of their note. Whatever amount is negotiated the lender will expect payment in full...and soon. This is accomplished by selling the house in an "arms length" transaction...to reduce fraud, no one in your family (and preferably none of your friends) may be party to the purchase. You and your buyer would negotiate the pay off amount with your lender, and then your buyer would be responsible for obtaining the financing to pay off your old note.

          : : You need to find out if the $16K is still owed if the lender forecloses before Oct '06. You might negotiate a deed-in-lieu of foreclosure with the lender to avoid a formal foreclosure, and avoid owing that extra $54K.

          : : If your housing market isn't too weak and your rental market is fairly strong you might want to consider either lease optioning your home or selling contract for deed (aka land contract, aka agreement for deed). You'll have to do some research on your own if you want to explore these posibilities.

          : : Good luck.



          : (0)

  • Posted by jeff on September 10, 2004 at 15:39:38:

    here's a scenerio. A sale is set for 11:00am today. The sale begins the person being foreclosed on files a bk stamped at 11:30. There is a 3rd party buyer. Is the sale good? This is in WA.

    : (1)

    • Posted by Janie on September 10, 2004 at 20:32:58:

      In Reply to: bankruptcy invalidating sale Posted by jeff on September 10, 2004 at 15:39:38:

      If indeed the bankruptcy filing occurred 30 minutes after the auction concluded, then it was a moot point.

      Third party purchaser, if truly legitimate and not a staw buyer, would be a bonafide buyer.

      This is all predicated on the foreclosure and buyer having conducted the auction at the time noted on the NOTS sent to the debtor/property owner. If the debtor has a NOTS that states the auction was scheduled for 12:30, and they filed at 11:30, but the auction actually took place at 11:00, then you got a problem.

      As always, check with an attorney to confirm this.



      : here's a scenerio. A sale is set for 11:00am today. The sale begins the person being foreclosed on files a bk stamped at 11:30. There is a 3rd party buyer. Is the sale good? : This is in WA.



      : (0)

  • Posted by blake on September 10, 2004 at 14:00:52:

    In Texas it is illegal to ever have a deficiency judgement filed against you if you follow the letter of the law. Example:Jim has a house with a market value of 100,000.he owes 85,000.00 House is sold a foreclosure sale for 70,000. Per Texas law the bank cannot sue for a deficency as the house was sold under market value.Example two:Jim house has a market value of 100,000he owes 105,000. Forslosure sale of 70,000 Bank can sue for 5,000 amount over market value Here is the staute read for yourselfAdded by Acts 2003, 78th Leg., ch. 554, § 1, eff. Jan. 1, 2004.

    § 51.003. DEFICIENCY[0] JUDGMENT. (a) If the price at which real property is sold at a foreclosure sale under Section 51.002 is less than the unpaid balance of the indebtedness secured by the real property, resulting in a deficiency[0], any action brought to recover the deficiency[0] must be brought within two years of the foreclosure sale and is governed by this section. (b) Any person against whom such a recovery is sought by motion may request that the court in which the action is pending determine the fair market value of the real property as of the date of the foreclosure sale. The fair market value shall be determined by the finder of fact after the introduction by the parties of competent evidence of the value. Competent evidence of value may include, but is not limited to, the following: (1) expert opinion testimony; (2) comparable sales; (3) anticipated marketing time and holding costs; (4) cost of sale; and (5) the necessity and amount of any discount to be applied to the future sales price or the cashflow generated by the property to arrive at a current fair market value. (c) If the court determines that the fair market value is greater than the sale price of the real property at the foreclosure sale, the persons against whom recovery of the deficiency[0] is sought are entitled to an offset against the deficiency[0] in the amount by which the fair market value, less the amount of any claim, indebtedness, or obligation of any kind that is secured by a lien or encumbrance on the real property that was not extinguished by the foreclosure, exceeds the sale price. If no party requests the determination of fair market value or if such a request is made and no competent evidence of fair market value is introduced, the sale price at the foreclosure sale shall be used to compute the deficiency[0]. (d) Any money received by a lender from a private mortgage guaranty insurer shall be credited to the account of the borrower prior to the lender bringing an action at law for any deficiency[0] owed by the borrower. Notwithstanding the foregoing, the credit required by this subsection shall not apply to the exercise by a private mortgage guaranty insurer of its subrogation rights against a borrower or other person liable for any deficiency[0].



    : (2)

    • Posted by Jackie on October 21, 2004 at 17:28:55:

      In Reply to: Deficiency judgement changes Texas MUST READ Posted by blake on September 10, 2004 at 14:00:52:

      : In Texas it is illegal to ever have a deficiency judgement filed against you if you follow the letter of the law. : Example:: Jim has a house with a market value of 100,000.: he owes 85,000.00 House is sold a foreclosure sale for 70,000. Per Texas law the bank cannot sue for a deficency as the house was sold under market value.: Example two:: Jim house has a market value of 100,000: he owes 105,000. Forslosure sale of 70,000 Bank can sue for 5,000 amount over market value : Here is the staute read for yourself: Added by Acts 2003, 78th Leg., ch. 554, § 1, eff. Jan. 1, 2004.

      : : § 51.003. DEFICIENCY[0] JUDGMENT. (a) If the price at : which real property is sold at a foreclosure sale under Section : 51.002 is less than the unpaid balance of the indebtedness secured : by the real property, resulting in a deficiency[0], any action brought : to recover the deficiency[0] must be brought within two years of the : foreclosure sale and is governed by this section.: (b) Any person against whom such a recovery is sought by : motion may request that the court in which the action is pending : determine the fair market value of the real property as of the date : of the foreclosure sale. The fair market value shall be determined : by the finder of fact after the introduction by the parties of : competent evidence of the value. Competent evidence of value may : include, but is not limited to, the following: (1) expert opinion : testimony; (2) comparable sales; (3) anticipated marketing time : and holding costs; (4) cost of sale; and (5) the necessity and : amount of any discount to be applied to the future sales price or : the cashflow generated by the property to arrive at a current fair : market value.: (c) If the court determines that the fair market value is : greater than the sale price of the real property at the foreclosure : sale, the persons against whom recovery of the deficiency[0] is sought : are entitled to an offset against the deficiency[0] in the amount by : which the fair market value, less the amount of any claim, : indebtedness, or obligation of any kind that is secured by a lien or : encumbrance on the real property that was not extinguished by the : foreclosure, exceeds the sale price. If no party requests the : determination of fair market value or if such a request is made and : no competent evidence of fair market value is introduced, the sale : price at the foreclosure sale shall be used to compute the : deficiency[0].: (d) Any money received by a lender from a private mortgage : guaranty insurer shall be credited to the account of the borrower : prior to the lender bringing an action at law for any deficiency[0] : owed by the borrower. Notwithstanding the foregoing, the credit : required by this subsection shall not apply to the exercise by a : private mortgage guaranty insurer of its subrogation rights against : a borrower or other person liable for any deficiency[0].

      How does this law relate to vehicle sales.

      : (0)

    • Posted by Doug Logan on September 11, 2004 at 09:01:23:

      In Reply to: Deficiency judgement changes Texas MUST READ Posted by blake on September 10, 2004 at 14:00:52:

      Blake:

      Thanks for the information which you posted as a response to my original posting of "Foreclosing on Ex in Texas".

      My ex's property was indeed foreclosed last Tuesday, and was purchased by me on a credit bid for far below market value. I understand that I would not be able to seek judgement for the difference between the first note + advancements + legal expenses - auction sale price. But if I read the legislation correctly, when I put the home on the open market, and sell it (let's say 60-90 days from now, getting the best price the market will yield), then I should be able to file suit for actual sale price - first note - pre-foreclosure advancements - foreclosure legal fees - closing costs - realtor fees - necessary repairs - any interim mortgage payments I make until the property is sold. Since the first mortgage is essentially underwater, this will create true and actual cash expenses to me that resulted from my ex's irresponsible actions and the foreclosure of my Deed of Trust to Secure Assumption. And I believe that any PMI references in the legeslation would not apply to me since PMI mitigates losses to the first note holder, not me...

      I anticipate being out somewhere around $15K, and that is real money to me that I would like to collect or write off my taxes.

      Thanks for any additional comments anyone.

      : (0)

  • Posted by Darcell on September 10, 2004 at 10:34:54:

    In March 2002 land that My husband and were building a home on was foreclosed, we bought a house and moved about the same time. We heard nothing until we tried to refinance our house for the second time in early August of 2004. Apparently what happen was a deficiency judgment was set on December 17, 2003 and on December 18, 2003 we refinanced our current house. I am told by my loan officer since the judgment was set a day before we refinanced that it is in the first position and my home loan is in the second. I have consulted with a lawyer and he thinks we can take the case back to court because we were never served to appear in court but in the mean time our wages are being garnished. My question is how will the postitions of the first and second affect a chapter 13?

    : (1)

    • Posted by Janie on September 10, 2004 at 10:44:40:

      In Reply to: deficiency judgement Posted by Darcell on September 10, 2004 at 10:34:54:

      You've got two issues:

      1. You may not win on the issue of not being served. You say you were moving about. If the Plaintiff was unable to find you, to serve the complaint, then the law will allow for a public notice, and or certified notice to the last known address. Check your state's requirements.

      You should review the case file to determine how the Plaintiff met the service requirement.



      2. If you file, or are filing Chapter 13, what position the loans are lien on the property is not relevant. You should consult with your BK attorney, but Chapter 13 allows you to discharge (remove) non-secured debts while also doing a repayment plan on your secured debts.

      In a Chapter 13 you can challenge a debt. Ask your attorney about the Lien Motion.

      Be mindful that BK attorneys are like other attorneys: There are too many and not too many talented ones. The bankruptcy system is a cattle call. They run you through and back out again. Most BK attorneys are proficient at preparing, filing, and processing, the standard paperwork.

      But, if you anticipate you will be litigating, then do some homework and check references. Find a BK attorney with actual litigating experience. Have them give you case name and number so you can review the file to see how they handled it.

      Janie

      : (0)

  • Posted by Renee' Smith on September 10, 2004 at 02:46:52:

    We live in Nothern Virginia where the real estate boom has made it virtually impossible for many to find affordable housing. We decided to see if getting a foreclosure would be a viable option, however, getting information without getting scammed seems difficult. Most agents that know, don't tell because they want it all for themselves. Any suggestions on how I could get some reliable information and possible listings? I have checked the checked the links posted on this site.

    : (0)

  • Posted by Lewis on September 10, 2004 at 00:55:59:

    we're in Idaho. my sister had a guy come to her house saying he bought her home at a foreclosure auction the day before. The problem is she was not in foreclosure. She owns her home. or least she used to. Apparently, someone stole her identity, took out a large loan against sis' house and then defaulted. The crook -- who should be tarred and feathered, and then beaten senseless, got away with it. The DA won't do anything. They say its a civil matter. Who does my sis sue? She's lost her home and no one knows who the crook is. We don't got the money for a lawsuit.

    Can anyone tell me how this could happen and how can she get her house back without a lawsuit? The guy that bot at auction says he's a bonafide buyer.

    : (10)

    • Posted by Jim V on September 10, 2004 at 11:50:40:

      In Reply to: Scavengers Posted by Lewis on September 10, 2004 at 00:55:59:

      Idaho requires notice of an impending foreclosure sale to be mailed, certified or registered, to the grantor at least 120 days before the scheduled sale date. Now, it's possible that piece of mail was missed, or sent to a different location, so it is possible that your sister maybe didn't know something was going on right then.

      The Notice of Sale also has to be published in a newspaper once a week, in the county where the property is located, for 4 weeks prior to the sale. It is also possible your sister didn't see those notices, or have anyone who did see them call her about them.

      Finally, the Notice of Sale must be served to an adult occupant of the property, or if three good-faith attempts are made to serve, but service isn't completed, the property will be posted(Notice of Sale posted on the property). Service/posting is done at least 20 days before the sale.

      Since the loan proceeds were disbursed a while ago, there would be no reason for an outside identity theft scammer to try to intercept the various notices prior to the foreclosure sale, they'd already have the money. I do think it is more likely that an adult occupant of the property knew about the impending auction. If, of course, the notification procedures were not followed, then you might have grounds to overturn the foreclosure sale.

      I'm not trying to be confrontational with this, I'm just trying to answer your question about "how this could happen".

      : (7)

      • Posted by Nick(Colorado) on September 10, 2004 at 18:31:02:

        In Reply to: Re: Not to rain on everyone's parade, but..... Posted by Jim V on September 10, 2004 at 11:50:40:

        JimV:

        I would find it high unlikly that the poster's sister did nothave a stack of mail from foreclosure investors. There is almostalways a pile, measured in pounds, from people willing to do a short, or wanting to purchase before the auction.

        >It is also possible your sister didn't see those notices, or have >anyone who did see them call her about them.



        : (0)

      • Posted by JANIE on September 10, 2004 at 13:00:28:

        In Reply to: Re: Not to rain on everyone's parade, but..... Posted by Jim V on September 10, 2004 at 11:50:40:

        Hate to break up your rain fest, Jim, but your comments are biased and prejudicial and based on a lack of information.

        Maybe most of you in this group are operating legitimate companies. To dismiss and demean victims is wrong and cruel.

        There are a plethora of predators operating in your industry. Surf the internet to see the warnings on district attorey web sites, Department of Justice, US Trustee Office, and on and on.

        Predators own and operate their own foreclosure companies, conduct foreclosures with straw buyers.

        As Reinstate pointed out and Lewis told you, victims can't afford to launch a fight to undo the crime. That is what happens to most victims, Jim.

        Lewis, get over to Where's the Justice for All? This is not the forum that you and your sister need.



        : (5)

        • Posted by NJDave on September 11, 2004 at 13:33:01:

          In Reply to: Re: Not to rain on everyone's parade, but..... Posted by JANIE on September 10, 2004 at 13:00:28:

          I hope that this is posted to Janie:

          Janie, I work for a non profit organization that helps folks avoid predatory realty/financial transactions... so in 25+ years, having served as witness for several States' Attorney General, and Plaintiff in Federal Court, I've just about seen it all.

          Jim V wasn't being adversarial or confrontational. I'm certain he was speaking from the perspective of experience.

          In many, many situations, a home can be minutes away from Sheriff's or Trustee's Sale... and in the case of a husband and wife, one party or the other might not know what's going on.... as one spouse hides the formal notifications.... and dismissescalls from concerned friends or relatives. It's called denial.

          I agree, howveer, that predatory lending, identity theft, and loan fraud are a growing industry.

          My non profit is hosting a (fundraiser) 3 Day bike ride to Washington DC... with stops along the way at housing offices hoping to raise $$$ and awareness to the problem...

          Got an old 3 speed?

          : (1)

          • Posted by Janie on September 20, 2004 at 17:45:45:

            In Reply to: Re: non disclosure Posted by NJDave on September 11, 2004 at 13:33:01:

            It would appear that this group has not seen it all. Identity theft, change of address, and a deceptive family member, make more than easy to steal a home.

            What is sicker is there are no shortages of demented predators roaming on the landscape like the Eye of Silron in Lord of the Rings, ever watchful for a potential victim, while prosecutors keep turning a blind eye making execuses for denying victims justice.

            Real Estate crimes are the #1 crime in the country. And its not just us homeowners. Bigger scams are perpetrated in the Real Estate industry against investors, banks, and private parties.

            60 Minutes just did a piece on Identity Theft crimes two weeks ago.

            Your group should contact Where's the Justice For All? Some of the members are forming an organization to deal with the chronic problem of victims denied justice.

            By the way, one of the worst parts of having your home stolen are all the insensitve jerks asking you what you did to cause it.











            : Janie, I work for a non profit organization that helps folks avoid predatory realty/financial transactions... so in 25+ years, having served as witness for several States' Attorney General, and Plaintiff in Federal Court, I've just about seen it all.

            : Jim V wasn't being adversarial or confrontational. I'm certain he was speaking from the perspective of experience.

            : In many, many situations, a home can be minutes away from Sheriff's or Trustee's Sale... and in the case of a husband and wife, one party or the other might not know what's going on.... as one spouse hides the formal notifications.... and dismissescalls from concerned friends or relatives. It's called denial.

            : I agree, howveer, that predatory lending, identity theft, and loan fraud are a growing industry.

            : My non profit is hosting a (fundraiser) 3 Day bike ride to Washington DC... with stops along the way at housing offices hoping to raise $$$ and awareness to the problem...

            : Got an old 3 speed?



            : (0)

        • Posted by Jim V on September 10, 2004 at 13:45:55:

          In Reply to: Re: Not to rain on everyone's parade, but..... Posted by JANIE on September 10, 2004 at 13:00:28:

          Janie,

          The original poster stated that a large loan was taken out against the property by someone stealing his sister's identity. If a home loan isn't paid, foreclosure is a common result. That doesn't mean that everyone involved in this foreclosure and resulting auction are all involved in a big conspiracy. It's possible, but not the most likely answer, IMO.

          The reason that I posted the notice requirements was because if I was in that situation, I would be asking myself "Who received the required notices?". If you answer that question, you'll have a much better idea of what happened and/or who might be involved.

          P.S. If you really want to discuss biased/prejudicial posts, perhaps you should re-read yours.

          : (2)

          • Posted by Janie on September 10, 2004 at 20:17:43:

            In Reply to: Re: Not to rain on everyone's parade, but..... Posted by Jim V on September 10, 2004 at 13:45:55:

            Yes, I have a prejudice. I was a victim of a foreclosure scam that was part of a loan fraud. I know for a fact it can and is done all the time.

            Seeing how none of you have been on the receiving end of predator, none of can say what is or what should be.

            If I'm such a liar or the man that came here thinking he was going to get help, then why are so many government agency posting warnings, going out into communities?

            Go to the Where's the Justice For All? and read some of the horror stories.



            : Janie,

            : The original poster stated that a large loan was taken out against the property by someone stealing his sister's identity. If a home loan isn't paid, foreclosure is a common result. That doesn't mean that everyone involved in this foreclosure and resulting auction are all involved in a big conspiracy. It's possible, but not the most likely answer, IMO.

            : The reason that I posted the notice requirements was because if I was in that situation, I would be asking myself "Who received the required notices?". If you answer that question, you'll have a much better idea of what happened and/or who might be involved.

            : P.S. If you really want to discuss biased/prejudicial posts, perhaps you should re-read yours.



            : (1)

            • Posted by Jim V on September 10, 2004 at 21:21:04:

              In Reply to: Re: Not to rain on everyone's parade, but..... Posted by Janie on September 10, 2004 at 20:17:43:

              Janie,

              I admire your energy and involvment, and I don't think anyone is questioning your credibility.

              The original post stated there was a possibility of identity theft when the loan being foreclosed was originated.

              In a scenario of identity theft, it's highly unlikely the lender(predatory or not) would be involved. The lender would follow their procedures, with the end result being foreclosure, if the loan has not been paid.

              The question, in my mind, is why nothing was done, or questions raised, when foreclosure notices started arriving. I, and Nick(CO), both brought up reasons why an adult resident of the property should be aware something was wrong.

              Without further information on who actually received notices, I don't know that there is any point in going over the possibilities of this scenario.

              I do know that in the time I spent visiting people in foreclosure, there was only one person who I felt might actually not know their property was headed for foreclosure. That was a lady, in her mid-70's, whose son was handling her financial affairs. I think it's fairly obvious he wasn't doing a great job of it.

              Either more information will be provided about this individual scenario, or I think it's a moot issue, because no one will ever know what actually transpired. We wait and see.

              : (0)

    • Posted by Janie on September 10, 2004 at 10:57:03:

      In Reply to: Scavengers Posted by Lewis on September 10, 2004 at 00:55:59:

      Reinstatement hit the nail on the head. Victims having to pay to undo the crimes against them. Because it is so costly, many are left financially wiped out.

      Sadly, your sister is only the latest in this type of crime. You should go to Where's the Justice For All? forum:

      http://groups.yahoo.com/group/wheresjustice4all/

      Many people there that have been through what your sister is going through and can provide insight on what you do to get help.

      Most people don't know what is happening in this country. It is so easy for criminals to walk into a county recorder and file a false or forged grant deed transfering title to property. The problem is county recorders cannot stop the filing.

      The truly sad part of this is that more often, it is a family on family crime.

      : (0)

    • Posted by Reinstatement Services, Inc. on September 10, 2004 at 10:37:42:

      In Reply to: Scavengers Posted by Lewis on September 10, 2004 at 00:55:59:

      if she wants to keep the house. A lawsuit will have to be filed. You might first want to go to the police department to file a report.

      An attorney will also have to be hired to petition the court for immediate injuctive relief.

      If your sister has been victimized, then there are systems of remedy available. Sadly, as your sister is finding, access to these measures of relief often come with large upfront expense.

    • Default and Foreclosure Solutions


    : (0)

  • Posted by linda on September 09, 2004 at 15:22:52:

    We bought a home one year ago. The septic system is bad and have had to put thousands into other renovations. House had a few issues when we bought it but totally unrelated to what we have had to sink money into. We are currently suing the former owner for recision. We will likely win the case but if he claims bankruptcy, we ultimately lose. We cannot afford to keep putting money into this money pit. And, things just keep going wrong....BIG, EXPENSIVE things. Anyway, we are trying to prepare ourselves for what to do after we 'lose'. Does anyone have advice regarding deed in lieu of foreclosure? How does it affect your credit? We are honest, hardworking people with great credit right now but we just do not think that it is possible to keep it that way. The house is unlivable and dangerous to our childrens health. We would like to get out with the least damage possible to us and our credit. And, the government is working against us. Being honest and hard working does not seem to pay. Thank you in advance.

    : (5)

    • Posted by Janie on September 09, 2004 at 16:20:49:

      In Reply to: we bought a lemon Posted by linda on September 09, 2004 at 15:22:52:

      Why do you assume the person will BK? If you file legal action alleging fraud, and are able to prove it was fraud, he cannot BK it away. You follow him over to BK court and challenge his effort to discharge that judgment. BK laws do not allow discharge of fraud-related debts.



      : (4)

      • Posted by Raymond on September 15, 2004 at 09:31:44:

        In Reply to: Re: we bought a lemon Posted by Janie on September 09, 2004 at 16:20:49:

        >BK laws do not allow discharge of fraud-related debts.

        Chapter 7 doesn't allow discharge of fraud related debts, but chapter 13 does.

        : (1)

        • Posted by Aubrey on September 15, 2004 at 13:53:08:

          In Reply to: Re: we bought a lemon Posted by Raymond on September 15, 2004 at 09:31:44:

          First: Chapter 13 is not a discharge program. It is a repayment program.

          Second: White-collar crimes encombass the following: foreclosure scams, home theft, predatory lending, extortion, embezzlement, fraud, stealing, obstructing justice, and mail fraud, to name a few.

          The US Trustee is supposed to be the watchdog against bankruptcy-related crimes, which includes people committing white-collar crimes trying to wash their hands of the crime in a BK 7 discharge.

          The key is, don't bother with the Panel Trustee. They are paid a flat fee per filing and they run cases through the system like it's a cattle call. They will not investigate. They are legally mandated to forward the complaint to the US Trustee.

          But don't count on it and don't put your eggs in that basket. Take your complaint with evidence directly to the US Trustee. If you have not received a confirmation from the US Trustee within a couple weeks, take your complaint and evidence directly to the US Attorney.

          For information about how the US Trustee is not supposed to allow white-collar criminals wash their hands of their crime in BK, see the Where's the Justice For All? web site. It has a section on bankruptcy-related crimes. There are links to the BK code and the policy and procedure for how the US Trustee is supposed to handle complaints.

          : (0)

      • Posted by linda on September 09, 2004 at 18:58:13:

        In Reply to: Re: we bought a lemon Posted by Janie on September 09, 2004 at 16:20:49:

        : Why do you assume the person will BK? If you file legal action alleging fraud, and are able to prove it was fraud, he cannot BK it away. You follow him over to BK court and challenge his effort to discharge that judgment. BK laws do not allow discharge of fraud-related debts

        Our attorney told us that this is what we could/should expect him to do. I am not familiar with bankruptcy law myself. The former owner does not have the assets liquid or in any type of equity to cover the cost anyway. As far as I understand, the most we could get from him is a lein on the home he purchased after he sold us this one. His new property is not even worth half of what we purchased this house for. What you are saying sounds like great news though.

        : (1)

        • Posted by Janie on September 09, 2004 at 20:06:35:

          In Reply to: Re: we bought a lemon Posted by linda on September 09, 2004 at 18:58:13:

          Remember, you a judgment lien lives a long time. In some states, you can renew its life span. Also, the judgement collects interest. So as sits on his real estate, unpaid, it accrues in interest. If he wants to refinance or sell, you have to be paid.

          Also, you could always sell the judgment. You get as much, but you'll get something.

          : (0)

  • Posted by Bonnie on September 09, 2004 at 09:51:13:

    I have been looking at RE in SF, CA. The listing agent at PASREO is "Maureen Connor". This woman will not return call or emails about properties. Is there anyway to use a different agent?

    : (0)

  • Posted by Cathy on September 09, 2004 at 09:08:31:

    What is Bold Funding? What do they do?

    : (1)

  • Posted by Robin on September 09, 2004 at 07:55:40:

    We have a 1st and 2nd mortgage still oweing about $165,000. We filed bankruptcy 2 years ago. We are over 3 months behind on 1st, 4 months behind on 2nd and 4 months behind on bankruptcy payments. My husband knows I want a divorce, and would rather let the house go back to the bank instead of trying to sell it. He does not want to see me walk away with any money. Our home and property is worth about $200,000. I tried to call the bank to try and work something out, however I found out that they won't even talk to me because they said I am not on the loan, (which was a total surprise) but said my name would be on the deed. If my husband will not agree to sell the property, what are my options? If the bank forecloses with this be on my credit also? We have not received any notification from the bank yet, however I am sure it will be coming soon. If they start foreclosing, would we still be able to try and sell the property? Thanks

    : (5)

    • Posted by Reinstatement Services, Inc. on September 09, 2004 at 10:16:35:

      In Reply to: Husband wants to foreclose instead of selling house in IL Posted by Robin on September 09, 2004 at 07:55:40:

      you might consider that based on the numbers you've provided, more likely there will not be a significant positive equity position left once all foreclosure processing, bankruptcy, and legal fees have been dispersed.

      Probably, you'll not see any monetary return from the sale anyway.

    • Default and Foreclosure Solutions


    : (2)

    • Posted by Robin on September 09, 2004 at 10:28:40:

      In Reply to: Or... Posted by Reinstatement Services, Inc. on September 09, 2004 at 10:16:35:

      : you might consider that based on the numbers you've provided, more likely there will not be a significant positive equity position left once all foreclosure processing, bankruptcy, and legal fees have been dispersed.

      : Probably, you'll not see any monetary return from the sale anyway.

      If I could walk away with about $10,000, I would consider that to be significant. I have 5 children that I need to consider, and where we will live. I would hope there are other options for me other than just letting it go back to the bank.

      : (1)

      • Posted by Janie on September 09, 2004 at 11:09:11:

        In Reply to: Re: Or... Posted by Robin on September 09, 2004 at 10:28:40:

        Robin,

        Children? If it were me, I would file the petition immediately with an injunction to stop every thing in its tracks until the court can decide. The court is likely to grant the injunction because there are children to consider.



        : : If I could walk away with about $10,000, I would consider that to be significant. I have 5 children that I need to consider, and where we will live. I would hope there are other options for me other than just letting it go back to the bank.



        : (0)

  • Posted by Janie on September 09, 2004 at 09:27:10:

    In Reply to: Husband wants to foreclose instead of selling house in IL Posted by Robin on September 09, 2004 at 07:55:40:

    Consult with an attorney. Not sure what state you are in, but look at your state's equivalent of a "Petition for Partition."



    That is a legal action asking the court to force the sale of your home. It basically says, "We're co-property owners and we can't agree." Point out to the judge that your husband is not acting in his own best interest or yours.

    It is not difficult. You can even do it In Pro Per.

    : (1)

    • Posted by Robin on September 09, 2004 at 10:38:30:

      In Reply to: Re: Husband wants to foreclose instead of selling house in I Posted by Janie on September 09, 2004 at 09:27:10:

      : : Consult with an attorney. Not sure what state you are in, but look at your state's equivalent of a "Petition for Partition."

      : That is a legal action asking the court to force the sale of your home. It basically says, "We're co-property owners and we can't agree." Point out to the judge that your husband is not acting in his own best interest or yours.

      : : It is not difficult. You can even do it In Pro Per.

      Thanks for the info. I will check into that. I am in Illinois. Thanks

      : (0)

  • Posted by Burkett on September 08, 2004 at 14:46:59:

    In foreclosure and refinancing to consolidate our bills. Lender opened escrow and got a prelim title report. In the mail came formal demand from the title company to fill in a form for title insurance.

    Really uncomfortable with this. Is this normal? They're asking really personal questions like my SS number, birthdate, prior marriages, where I work, children, prior residences, etc. Can I tell them to mind their own bees wax?

    : (6)

    • Posted by Jim V on September 08, 2004 at 20:18:02:

      In Reply to: Foreclosure - Title Compay Demand for Confidential Info Posted by Burkett on September 08, 2004 at 14:46:59:

      : In foreclosure and refinancing to consolidate our bills. Lender opened escrow and got a prelim title report. In the mail came formal demand from the title company to fill in a form for title insurance.

      : Really uncomfortable with this. Is this normal? They're asking really personal questions like my SS number, birthdate, prior marriages, where I work, children, prior residences, etc. Can I tell them to mind their own bees wax?

      I agree with Reinstatement Services that this is a normal procedure. Although it may seem intrusive, the title company needs this information when they research title to the property. For example, let's say there are 4 Burketts in your county. One of them has a similar first name and also has an abstract of judgment recorded for non-payment of spousal support. You probably don't want to pay that judgment, and the information you provide will help the title company determine that the other Burkett isn't you. Hopefully that clarifies the need for the info.

      : (0)

    • Posted by Reinstatement Services, Inc. on September 08, 2004 at 20:03:46:

      In Reply to: Foreclosure - Title Compay Demand for Confidential Info Posted by Burkett on September 08, 2004 at 14:46:59:

      for the referring lender to forward much of the required information on to the title company selected. Of course bureaucracy dictates that the title company WILL have their own forms that they will want you to complete.

      If you are uncomfortable providing the information directly you might ask that they confer with the prospective lender since the majority of the information is already in their possession.

      You might chose to edit down some of the information required like children's names and marriages. Or you might consider taking the bull by the horns and expressing your discomfort to your title company and inquiring as to workable ways around it.

      You must know, however, that some personal information will have to be disclosed. Remember, you want something from them more than they want it from you.

    • The Answer for Your Home.


    : (2)

    • Posted by Burkett on September 08, 2004 at 20:51:38:

      In Reply to: It is customary Posted by Reinstatement Services, Inc. on September 08, 2004 at 20:03:46:

      All that may be true. But when we bought our house in 96 we didn't get this form. And we refinanced in 2002 and didn't get this form.

      It's suspect to me that a title company can't look my title, like the other title companies, and figure out what is recorded and what ain't.

      At time when when Identity theft is out of control, I think its outrageous that anyone would ask for that personal information. Also, it seems to me that the public is getting conflicting information. We're bombarded with warnings to not give personal information to anybody no way no how no where.

      Why would anyone give this kind of confidential information about themselves to people they never met, not know their reputation and we don't know who will have access to that information.

      The more I think about it, I'm telling the lender to use the title company we had before because this is too much to ask anyone.



      : (1)

      • Posted by Lewis on September 10, 2004 at 00:50:20:

        In Reply to: Re: It is customary - not in the world of identity theft Posted by Burkett on September 08, 2004 at 20:51:38:

        You go right on being paranoid. For those of us that have had identity theft, we know what it does and how impossible it is to undo the crime.

        It sounds like a crock if they are looking at the property address and legal description, what the hell does it matter what your SS is or your birthday.

        You should send a letter to the company president telling him nicely that in this age of electronic crimes, they should not be telling people they have to give personal information or no title insurance.

        Lewis

        : (0)

  • Posted by Janie on September 08, 2004 at 18:33:17:

    In Reply to: Foreclosure - Title Compay Demand for Confidential Info Posted by Burkett on September 08, 2004 at 14:46:59:

    Have you confirmed with the lender that the title company is demanding this information?





    : In foreclosure and refinancing to consolidate our bills. Lender opened escrow and got a prelim title report. In the mail came formal demand from the title company to fill in a form for title insurance.

    : Really uncomfortable with this. Is this normal? They're asking really personal questions like my SS number, birthdate, prior marriages, where I work, children, prior residences, etc. Can I tell them to mind their own bees wax?



    : (0)

  • Posted by Cathy on September 08, 2004 at 08:19:29:

    My lender has agreed to accept a Deed in lieu of foreclosure. What is the process Now?

    : (1)

    • Posted by Reinstatement Services, Inc. on September 08, 2004 at 10:48:08:

      In Reply to: Deed in Lieu Posted by Cathy on September 08, 2004 at 08:19:29:

      should be able to provide you with an expectation of process since many lender systems vary.

      Generally speaking, if the DIL has already been approved then more likely your signature of acknowledgement and acceptance will be required since you are in fact voluntarily givig over your legal claim/right to the property. Of course a surrender of the property will also be arranged and executed.

    • The Answer for Your Home.


    : (0)

  • Posted by william ross on September 08, 2004 at 04:16:51:

    When i see a property NTS status, how do i find out the exact address of the property and where the sale of the property "at public auction" will be held on a specific date?

    : (0)

  • Posted by DeeL on September 07, 2004 at 15:17:23:

    I was transferred from NC to FL with my company. My home has been on the market for 10 month. I have dropped the price significantly (over $40,000). I owe a total of 230,000 with a first and second mortgage. It was appraised at 270,000 over two years ago when I refinanced and took out a second mortgage. I can not afford to continue to pay and am looking at the possibility of foreclosure. I have heard about deed in leiu of foreclosure...is this feasible? Any other alternatives?

    : (2)

    • Posted by TheShortSalePro on September 07, 2004 at 15:49:18:

      In Reply to: Foreclosure - deed in leiu of foreclosure Posted by DeeL on September 07, 2004 at 15:17:23:

      It's not likely that a mortgage lender will accept a deed in lieu of foreclosure... unless you've exhausted every avenue available to you. The presence of a second mortgage loan all but guarantees that they won't consider that option.

      A property priced home, adequately exposed to it's market should sell within 30 days. If it doesn't it's either overpriced, poorly marketed, or both.

      If you owe about what it's worth (a potentially prejudiced second mortgage loan origination appraisal notwithstanding) you should consider a mortgagee approved, preforeclosure short sale. This would require that you reduce the asking price to the property's as-is, fair market value while making formal application to the second mortgagee for short sale consideration.

      If you need help with this or have any specific questions, email me, or click on the link below.



    : (0)

  • Posted by James on September 07, 2004 at 02:00:39:

    I am intrested in purchasing a forclosed home in CA, But I have a few questiona about what is the best way to go about it. I alreadyt have the NOD and Trustee sale list, and have a couple that look intresting.

    My question is how much people in pre-foreclosure are willing to sell for? The price of houses here has doubled in the last 3-4 years, and houses that havce existing loans of 70k-90k are worth close to 200k now. Is it possiable to get them for 80k?

    Also with houses that are listed for trustee sale, it it still possiable to go through the owner and purchase it? If not, is it possiable to use bank financing to purchase the house through the trustee?

    any help would be much appriciated.

    : (1)

    • Posted by sathizfakshon on October 06, 2004 at 15:47:36:

      In Reply to: New to Forclosures in CA? Posted by James on September 07, 2004 at 02:00:39:

      : I am intrested in purchasing a forclosed home in CA,

      A handful of individuals monopolize the market in LA and OC. They will eat you up for lunch, but if you want to learn, become their apprentice and watch. Check your soul at the door!

      They hang in San Clemente, and have real estate licenses in good standing. Look them up in alphabetical order starting with the letter "V".

      You can only possess (others) land for so long.....

      : (0)

  • Posted by R. King on September 06, 2004 at 18:03:17:

    What Bank or Mortgage company sell foreclosed property in bulk (15 to 20 homes)?

    : (0)

  • Posted by Emily on September 06, 2004 at 12:09:50:

    I live in Seattle,Washington State. I been out of job since 2001. I am 52 and getting hard to find a job. All my stocks are all gone paying the mortgage and bills. I filed Chapter 13 in 2002 and Chapter 7 this year and been discharged last may 2004. As of now I am two months behind and bank give me a notice that the house will process the foreclosure. Someone told me bankcruptcy again, Chapter 13 to save the house but I got no job but, I place the house on the market right now so I can get money on it. House is worth $300,000 and I only owed $110.00 on the house mortgageMy Question:=If I file chapter 13, what will happen, how can i pay the bank? got no job=Do I have to wait the foreclosure notice before I file bankcruptcy 13 again? or have to do it now?=What is the month frame 'til I sell the house on the price I want? IS the bank will tell me 6 months I must sell the house? or they will foreclose?

    Please help me I am now in depression about loosing my house left by my late husband.

    : (4)

    • Posted by Keith(CA) on September 08, 2004 at 10:14:02:

      In Reply to: behind 2 months mortgage pymnt/ bank process foreclosure Posted by Emily on September 06, 2004 at 12:09:50:

      Emily,

      You were given excellent advice by Janie. I would add one caution if you seek to refinance and that is to refuse any loan product where a large "prepayment penalty" is attached. If you get back on your feet in a few years and decide to refinance yet again (having better credit in a few years will get you better interest terms on a new loan), you want to be able to pay off this year's refinance loan without suffering an enormous penalty for doing so.

      Also, have you considered temp work? Call all of the temporary employment agencies and submit your resume. The pay may not be great, but work is work. Plus you get name and face recognition with every place you are sent to do work. If you impress them with your temp abilities, you may not have to work too hard to get on as a more permanent employee.

      Best of luck to you. And don't waste any time...make that plan and stick with it.

      : (0)

    • Posted by Janie on September 06, 2004 at 13:35:23:

      In Reply to: behind 2 months mortgage pymnt/ bank process foreclosure Posted by Emily on September 06, 2004 at 12:09:50:

      Focus on a solution rather than the problem. I know it's debilitating not being able to get work.

      Sit down and develop a plan for how you will get back on your feet.

      You have unfortunately fallen into a trap that many people do in your age group. The 50+ syndrome. Companies can get someone half your age for half the salary.

      Often what happens is that they have to reinvent themselves and become self employed. You didn't say what your skills are.

      Get a job you can. Cleaning houses, mowing lawns or flipping hamburgers. Try the market research industry where you go out canvassing people on behalf of companies to find out how they like their product. If you're a go getter, there is good money.

      Get room mates in your home to help with expenses.

      Whatever plan you decide, keep reminding yourself that you are not alone. This is happening to Americans all over the country. Especially with outsourcing of manufacturing and high-tech jobs to foreign countries.

      Once you've got a plan, then try these solutions for holding onto your home:

      1. Negotiate with the lender to work out a payment plan? Ask them to put the late payments on the tail end of the loan. Then ask if you can pay interest only until you get on your feet.



      2. If the lender will not work with you, then try refinancing. There are lenders that will do interest only payment loans. The goal is to do this short term because it is money out the window. It is intended as a short-term solution toward a long-term goal of getting flush again and then refinance with a regular loan.



      3. If you cannot do that, look for a lender that will do the type of loan that will defer the first year's payments. This will allow you time to get room mates, get a job, or build a consulting business.



      4. Ask current lender to forgo filing Notice of Default so you can sell the home and pay the balance in full. Sometimes lenders will do that.



      5. You can file a Chapter 13 BK to stay the foreclosure and force the lender to put the arrearages in the BK plan for repayment. This is truly something you should consider as a last option. If all of the above has failed and you're at the 11th hour of the foreclosure, then consider the Chapter 13. Keep in mind, if you had a chapter 7 conversion this year and you want to refile a 13, you may be rejected. Consult with an attorney.

      In the meantime, have you gotton counseling or a support group? Losing a spouse, a job, career derailed, and then having to go through bankruptcy, is alot and its no wonder you are depressed.









      : I live in Seattle,Washington State. I been out of job since 2001. I am 52 and getting hard to find a job. All my stocks are all gone paying the mortgage and bills. I filed Chapter 13 in 2002 and Chapter 7 this year and been discharged last may 2004. As of now I am two months behind and bank give me a notice that the house will process the foreclosure. Someone told me bankcruptcy again, Chapter 13 to save the house but I got no job but, I place the house on the market right now so I can get money on it. House is worth $300,000 and I only owed $110.00 on the house mortgage: My Question:: =If I file chapter 13, what will happen, how can i pay the bank? got no job: =Do I have to wait the foreclosure notice before I file bankcruptcy 13 again? or have to do it now?: =What is the month frame 'til I sell the house on the price I want? IS the bank will tell me 6 months I must sell the house? or they will foreclose?

      : Please help me I am now in depression about loosing my house left by my late husband.



      : (1)

      • Posted by Reinstatement Services, Inc. on September 07, 2004 at 10:00:03:

        In Reply to: Re: behind 2 months mortgage pymnt/ bank process foreclosure Posted by Janie on September 06, 2004 at 13:35:23:

        : Focus on a solution rather than the problem. I know it's debilitating not being able to get work.

        : Sit down and develop a plan for how you will get back on your feet.

        : You have unfortunately fallen into a trap that many people do in your age group. The 50+ syndrome. Companies can get someone half your age for half the salary.

        : Often what happens is that they have to reinvent themselves and become self employed. You didn't say what your skills are.

        : Get a job you can. Cleaning houses, mowing lawns or flipping hamburgers. Try the market research industry where you go out canvassing people on behalf of companies to find out how they like their product. If you're a go getter, there is good money.

        : Get room mates in your home to help with expenses.

        : Whatever plan you decide, keep reminding yourself that you are not alone. This is happening to Americans all over the country. Especially with outsourcing of manufacturing and high-tech jobs to foreign countries.

        : Once you've got a plan, then try these solutions for holding onto your home:

        : 1. Negotiate with the lender to work out a payment plan? Ask them to put the late payments on the tail end of the loan. Then ask if you can pay interest only until you get on your feet.

        : 2. If the lender will not work with you, then try refinancing. There are lenders that will do interest only payment loans. The goal is to do this short term because it is money out the window. It is intended as a short-term solution toward a long-term goal of getting flush again and then refinance with a regular loan.

        : 3. If you cannot do that, look for a lender that will do the type of loan that will defer the first year's payments. This will allow you time to get room mates, get a job, or build a consulting business.

        : 4. Ask current lender to forgo filing Notice of Default so you can sell the home and pay the balance in full. Sometimes lenders will do that.

        : 5. You can file a Chapter 13 BK to stay the foreclosure and force the lender to put the arrearages in the BK plan for repayment. This is truly something you should consider as a last option. If all of the above has failed and you're at the 11th hour of the foreclosure, then consider the Chapter 13. Keep in mind, if you had a chapter 7 conversion this year and you want to refile a 13, you may be rejected. Consult with an attorney.

        : : In the meantime, have you gotton counseling or a support group? Losing a spouse, a job, career derailed, and then having to go through bankruptcy, is alot and its no wonder you are depressed.





        : : : I live in Seattle,Washington State. I been out of job since 2001. I am 52 and getting hard to find a job. All my stocks are all gone paying the mortgage and bills. I filed Chapter 13 in 2002 and Chapter 7 this year and been discharged last may 2004. As of now I am two months behind and bank give me a notice that the house will process the foreclosure. Someone told me bankcruptcy again, Chapter 13 to save the house but I got no job but, I place the house on the market right now so I can get money on it. House is worth $300,000 and I only owed $110.00 on the house mortgage: : My Question:: : =If I file chapter 13, what will happen, how can i pay the bank? got no job: : =Do I have to wait the foreclosure notice before I file bankcruptcy 13 again? or have to do it now?: : =What is the month frame 'til I sell the house on the price I want? IS the bank will tell me 6 months I must sell the house? or they will foreclose?

        : : Please help me I am now in depression about loosing my house left by my late husband.



        : (0)

  • Posted by J on September 06, 2004 at 01:25:45:

    I'm an tenant in WI and got a surprise cash-for-keys offer in my mailbox on Friday, because the duplex I live in has been foreclosed on--I had no idea this was coming, as my landlord didn't tell me. The confirmation of sale already happened, and I contacted the mortgage company, which offered me money to leave quickly. BUT--my landlord (who I like), insisted that he still had some recourse and was going to try and keep the house. Is it way too late for him, and should I just cut and run? And if the mortgage company now owns the property, I'm not obligated in any way to honor the lease, am I?

    : (2)

    • Posted by Janie on September 06, 2004 at 13:47:01:

      In Reply to: advice needed ASAP (i'm a tenant) Posted by J on September 06, 2004 at 01:25:45:

      You should consult with an attorney or a community legal clinic for the specific laws in Wisconsin.

      But standard contract laws dictate that it is only binding between the two parties, unless the agreement includes language that you will suborniate to a new landlord. Read your agreement to find the language of what your rights are.

      It smells a bit fishy that the new owner wants to give you cash to get out quickly. The legal cost of forcing you out and Wisconsins laws may make it cost prohibitive, so it may be why they are dangling cash in your face hoping you will be greeding and take the money and run.

      Ask yourself this:

      1. Does this cash cover your costs for a first, last, and deposit on a new place?

      2. Does the cash cover your moving expenses?

      3. Does the cash cover your inconvenience and stress?



      This why consulting with a legal clinic, or calling your state's housing authority makes sense for your own protection. If you call the state or local jurisdiction you're located in, have them direct you to where you can find information about your rights.









      : I'm an tenant in WI and got a surprise cash-for-keys offer in my mailbox on Friday, because the duplex I live in has been foreclosed on--I had no idea this was coming, as my landlord didn't tell me. The confirmation of sale already happened, and I contacted the mortgage company, which offered me money to leave quickly. BUT--my landlord (who I like), insisted that he still had some recourse and was going to try and keep the house. Is it way too late for him, and should I just cut and run? And if the mortgage company now owns the property, I'm not obligated in any way to honor the lease, am I?



      : (1)

      • Posted by Keith(CA) on September 08, 2004 at 11:00:00:

        In Reply to: Re: advice needed ASAP (i'm a tenant) Posted by Janie on September 06, 2004 at 13:47:01:

        It could simply be that an investor has purchased the property at auction and wants to fix the place up, raise the rents, and get his/her own tenants in.

        Sometimes it is much cheaper in the interests of time to get tenants out in this manner. An eviction will likely take longer, plus the money is an incentive to leave peaceably without feeling like you're being evicted...the new owner doesn't want to risk anger and the escalated costs of tenant retribution (stealing of fixtures, damaged appliances, etc.).

        Regardless, the owner has no obligation to give you any money and would be within his/her right to evict without cause (though there are likely Winsconson statutes that must be followed to do so).

        Why not contact the owner and ask what they plan on doing and what you would have to do to be allowed to stay? If the scenario is anything like I've suggested and you face higher rents in the near future, you'd be better off taking the money and finding a new place to live rather than to wait and have an eviction against you.

        : (0)

  • Posted by Tiffany on September 05, 2004 at 16:26:01:

    My fiancee and I are interested in starting out in the foreclosure business, meaning we would like to buy foreclosed homes and resell for profit. I have taken real estate courses, but they do not provide much information on how to start out in this specific business. I was hoping that someone out there might have some helpful resources we could look into that could help us get started. We have a lot of questions, such as where to look for and find the best deals, how and who to deal with when inquiring about the home purchase, where to find lenders that specialize in REO financing, and advice on the whole process in general from someone that has had experience. I have looked for resources like this on the internet, only to find that I have to pay $50-$500 for the information. I really appriciate any help you can offer. Please feel free to email me at Tiffer77@msn.com. Please title the subject something related to foreclosures so I don't throw your reply out with the rest of my junk mail.

    Thanks again,

    Tiffany

    : (0)

  • Posted by Michele on September 05, 2004 at 09:47:18:

    8 YEARS AGO, DURING MY FIRST MARRIAGE, I FILED BANKRUPTCY WITH MY HUSBAND DUE TO SOME VERY HIGH GAMBLING DEBTS ON CREDIT CARDS(HIS GAMBLING). WE SEPARATED 2 YEARS LATER AND HE KEPT THE HOUSE. HE TOLD ME HE WAS TRYING TO GET THE MORTGAGE IN HIS NAME. I RECIEVED A NOTICE THAT THE HOUSE WAS GOING UP FOR SHERRIFFS SALE BECAUSE THE MORTGAGE HAD NOT BEEN PAID IN SEVERAL MONTHS.TURNS OUT HE STOPPED PAYING THE MORTGAGE AN THEN VACATED THE PREMISES AND MOVED IN WITH HIS GIRLFRIEND. AT THAT POINT I DIDN'T HAVE THE $3,000 DOLLARS THAT NEEDED TO BE PAID WITHIN 10 DAYS AND I WAS TRYING TO MAKE IT ON MY OWN AND WAS IN A LEASE-SO I LET THE FORECLOSURE GO THROUGH. SO NOW 6 YEARS LATER I AM REMARRIED AND WE ARE TRYING TO PURCHASE A HOME, HOWEVER, MY CREDIT REPORT STILL SHOWS THE BALANCE OF THE MORTGAGE. WHEN I WAS REVIEWING THE PAPERWORK FROM THE MORTGAGE COMPANY IT SAID THAT BECAUSE OF THE PREVIOUS BANKRUPTCY WE WERE NOT RESPONSIBLE FOR THE MONEY OWED BUT THEY COULD TAKE THE HOUSE ANYWAY. THE NEW MORTGAGE COMPANY WANTS THE CREDIT BUREAUS TO UPDATE TO A ZERO BALANCE. CAN I GET THEM TO DO THIS? HOW DO I GO ABOUT THIS? I HAVE WORKED EXTREMLEY HARD TO GET MY GOOD CREDIT BACK AND HAVE A VERY HIGH SCORE. CAN ANYONE HELP ME? THANKS-MICHELE

    : (2)

    • Posted by Janie on September 05, 2004 at 11:23:50:

      In Reply to: PA- Foreclosure after bankruptcy Posted by Michele on September 05, 2004 at 09:47:18:

      I am incredulous at your version of the facts. Why on earth would you have trusted a man that put you in financial ruin from gambling?

      The man demonstrated to you that you could not trust him when he incurred a debt with gambling. Yet, you allowed him to take possesion of the home on his promise to transfer title to his name only. Then, you apparently, did not follow through in assuring the transfer took place.

      If you two had held title/ownership to the home after the bankruptcy, then it was not discharged and that is why there was a foreclosure.

      You and your ex allowed the home to go into default, and when given the opportunity to cure said default, you choose not to.

      You won't be able to unring that bell. Typically that kind of damage remains on your credit report for at least a decade.

      As it should. No offense, but a potential lender has the right to know the pattern of behavior before they committ to helping a person purchase a home.

      Most lenders know that people typically will sell everything, go without food, work three jobs, or whatever, before losing their home.

      So, when they see someone that had massive credit card debt and then BK'd it, it rather than repay, and then allowed the home to be foreclosed on after the discharge of all debts, that is the big red flag that this person is a bad risk.

      If, as you say you have spent six years, rebuilding your credit, and showing a good pattern of being a responsible citizen, then a lender might consider you.

      You can send a letter of explanation to credit reporting agencies and they have to put in your file and provide a copy to creditor's reviewing your account.

      The letter would be simple, explaining the debts and foreclosure were from previous marriage and that is why you got out. If the new credit looks good, then a creditor may make the judgment call that it was an isolated incident related to the marriage.















      : 8 YEARS AGO, DURING MY FIRST MARRIAGE, I FILED BANKRUPTCY WITH MY HUSBAND DUE TO SOME VERY HIGH GAMBLING DEBTS ON CREDIT CARDS(HIS GAMBLING). WE SEPARATED 2 YEARS LATER AND HE KEPT THE HOUSE. HE TOLD ME HE WAS TRYING TO GET THE MORTGAGE IN HIS NAME. I RECIEVED A NOTICE THAT THE HOUSE WAS GOING UP FOR SHERRIFFS SALE BECAUSE THE MORTGAGE HAD NOT BEEN PAID IN SEVERAL MONTHS.TURNS OUT HE STOPPED PAYING THE MORTGAGE AN THEN VACATED THE PREMISES AND MOVED IN WITH HIS GIRLFRIEND. AT THAT POINT I DIDN'T HAVE THE $3,000 DOLLARS THAT NEEDED TO BE PAID WITHIN 10 DAYS AND I WAS TRYING TO MAKE IT ON MY OWN AND WAS IN A LEASE-SO I LET THE FORECLOSURE GO THROUGH. SO NOW 6 YEARS LATER I AM REMARRIED AND WE ARE TRYING TO PURCHASE A HOME, HOWEVER, MY CREDIT REPORT STILL SHOWS THE BALANCE OF THE MORTGAGE. WHEN I WAS REVIEWING THE PAPERWORK FROM THE MORTGAGE COMPANY IT SAID THAT BECAUSE OF THE PREVIOUS BANKRUPTCY WE WERE NOT RESPONSIBLE FOR THE MONEY OWED BUT THEY COULD TAKE THE HOUSE ANYWAY. THE NEW MORTGAGE COMPANY WANTS THE CREDIT BUREAUS TO UPDATE TO A ZERO BALANCE. CAN I GET THEM TO DO THIS? HOW DO I GO ABOUT THIS? I HAVE WORKED EXTREMLEY HARD TO GET MY GOOD CREDIT BACK AND HAVE A VERY HIGH SCORE. CAN ANYONE HELP ME?: THANKS-MICHELE



      : (0)

  • Posted by Ed (NJ) on September 04, 2004 at 17:45:21:

    Hi all,

    I was wondering if somebody canhelp me answer some of my concerns. I was thinking about acquiring aproperty that is in redemption period in North Jersey. I am a bitworried since I have never acquired one like this. Are there anygotchas/things to know? Basically, the way I understand it is I amgoing to have to come up with the full judgement amount to redeem theproperty and give the owner some cash to walk. Who do we need tocontact to redeem the property (plaintiff's attorny, bank, court?)What happens to the auction's highest bidder? Can he sue or try toclaim the property somehow? Can the courts reject this redemption forsome reason? Can the bank not accept the monies? Thank you very muchin advance for your input as you can see my concerns.

    : (1)

    • Posted by Nick(Colorado) on September 05, 2004 at 18:46:13:

      In Reply to: Acquiring property during redemption period Posted by Ed (NJ) on September 04, 2004 at 17:45:21:

      Ed (NJ):

      >I was wondering if somebody can help me answer some of my concerns. >I was thinking about acquiring a property that is in redemption period >in North Jersey. I am a bit worried since I have never acquired one >like this. Are there any gotchas/things to know?

      Yes, its a mine field.

      >Basically, the way I understand it is I am going to have to come up with the full judgement amount to redeem the property and give the owner some cash to walk.

      You must come up with the money to pay-off the final redeption amount from auction. This amount may be higher then what first went to auction.

      >Who do we need to contact to redeem the property (plaintiff's attorney, >bank, court?)

      First you need to do a title search and get the ROR rights from the owner. A QC is fine. Then you talk with the trustee of the auction.

      >What happens to the auction's highest bidder?

      They get redeemed; total at auction, plus costs, plus interest.

      Can he sue or try to claim the property somehow? Can the courts reject this redemption for some reason? Can the bank not accept the monies? Thank you very much in advance for your input as you can see my concerns.

      Basicly the holder of the trustee certificate can not refuse a redeption.But trustees are notoriously incompetent, problems normally occur there.

      : (0)

  • Posted by K.M. Ellis on September 03, 2004 at 12:19:03:

    What would be the reason for an Assignment of a Deed of Trust between two corporations (for consideraton of one dollar) and not recording the document for almost a year and one-half after it was signed?

    : (5)

    • Posted by Janie on September 03, 2004 at 12:25:21:

      In Reply to: Assignment of Mortgage/Deed of Trust Posted by K.M. Ellis on September 03, 2004 at 12:19:03:

      Well, I'm pretty sure that there has to be valuable consideration for transaction to be legitimate.

      One dollar sounds like there was something else on the table and the DOT was part of the offer.









      : What would be the reason for an Assignment of a Deed of Trust between two corporations (for consideraton of one dollar) and not recording the document for almost a year and one-half after it was signed?



      : (4)

      • Posted by K.M. Ellis on September 03, 2004 at 20:46:43:

        In Reply to: Re: Assignment of Mortgage/Deed of Trust Posted by Janie on September 03, 2004 at 12:25:21:

        : Well, I'm pretty sure that there has to be valuable consideration for transaction to be legitimate.

        : One dollar sounds like there was something else on the table and the DOT was part of the offer.





        : : What would be the reason for an Assignment of a Deed of Trust between two corporations (for consideraton of one dollar) and not recording the document for almost a year and one-half after it was signed?

        Thanks Janie for responding. That situation seems so strange especially because of the length of time from the date the assignment was signed to when it was recorded. And the property owner was unaware of this transaction and accidentially found out about it months after the fact. There are other documents that the homeowner found that aren't making any sense regarding the same loan. One is that the previous loan had been reconveyed three times by three different companies all within a year after it was paid off. Also the servicing of that same paid off loan had been transferred to another bank but a few months later that bank said that the transfer was in error but 3 years later they still show the loan on their books. When the homeowner did a refi the servicing company on the paid-off loan just happened to time it right and squeeze in to service the new loan, but all the conforming notices about them taking over the servicng reference the old paid off loan number not the new loan. Payments were made as instructed and everything was fine until the homeowner defaulted and lost the home in foreclosure a couple of years later. A lot of this wasn't discovered until after the foreclosure when the homeowner tried to figure out what had happened and decided to match up what mortgage papers they had with what had been filed with the county recorders office. Due to other circumstances regarding the foreclosure the homeowner is filing an unlawful foreclosure. Besides the unlawful foreclosure it sounds like there might be predatory lending involved or ???? Regardless, seems like something's very wrong but I'm not an expert. Anybody have an explanation or suggestions?

        : (1)

        • Posted by Janie on September 03, 2004 at 23:23:11:

          In Reply to: Re: Assignment of Mortgage/Deed of Trust Posted by K.M. Ellis on September 03, 2004 at 20:46:43:

          The guys at Where's the Justice For All? are experts on foreclosure fraud and the effects of victims.

          : Well, I'm pretty sure that there has to be valuable consideration for transaction to be legitimate.

          : : One dollar sounds like there was something else on the table and the DOT was part of the offer.



          : : : What would be the reason for an Assignment of a Deed of Trust between two corporations (for consideraton of one dollar) and not recording the document for almost a year and one-half after it was signed?

          : Thanks Janie for responding. That situation seems so strange especially because of the length of time from the date the assignment was signed to when it was recorded. And the property owner was unaware of this transaction and accidentially found out about it months after the fact. There are other documents that the homeowner found that aren't making any sense regarding the same loan. One is that the previous loan had been reconveyed three times by three different companies all within a year after it was paid off. Also the servicing of that same paid off loan had been transferred to another bank but a few months later that bank said that the transfer was in error but 3 years later they still show the loan on their books. When the homeowner did a refi the servicing company on the paid-off loan just happened to time it right and squeeze in to service the new loan, but all the conforming notices about them taking over the servicng reference the old paid off loan number not the new loan. Payments were made as instructed and everything was fine until the homeowner defaulted and lost the home in foreclosure a couple of years later. A lot of this wasn't discovered until after the foreclosure when the homeowner tried to figure out what had happened and decided to match up what mortgage papers they had with what had been filed with the county recorders office. Due to other circumstances regarding the foreclosure the homeowner is filing an unlawful foreclosure. Besides the unlawful foreclosure it sounds like there might be predatory lending involved or ???? Regardless, seems like something's very wrong but I'm not an expert. Anybody have an explanation or suggestions?



          : (0)

      • Posted by K.M. Ellis on September 03, 2004 at 20:42:07:

        In Reply to: Re: Assignment of Mortgage/Deed of Trust Posted by Janie on September 03, 2004 at 12:25:21:

        : Well, I'm pretty sure that there has to be valuable consideration for transaction to be legitimate.

        : One dollar sounds like there was something else on the table and the DOT was part of the offer.





        : : What would be the reason for an Assignment of a Deed of Trust between two corporations (for consideraton of one dollar) and not recording the document for almost a year and one-half after it was signed?

        Thanks Janie for responding. That situation seems so strange especially because of the length of time from the date the assignment was signed to when it was recorded. And the property owner was unaware of this transaction and accidentially found out about it months after the fact. There are other documents that the homeowner found that aren't making any sense regarding the same loan. One is that the previous loan had been reconveyed three times by three different companies all within a year after it was paid off. Also the servicing of that same paid off loan had been transferred to another bank but a few months later that bank said that the transfer was in error but 3 years later they still show the loan on their books. When the homeowner did a refi the servicing company on the paid-off loan just happened to time it right and squeeze in to service the new loan, but all the conforming notices about them taking over the servicng reference the old paid off loan number not the new loan. Payments were made as instructed and everything was fine until the homeowner defaulted and lost the home in foreclosure. A lot of this wasn't discovered until after the foreclosure when the homeowner tried to figure out what had happened and decided to match up what mortgage papers they had with what had been filed with the county recorders office. Due to other circumstances regarding gthe foreclosure the homeowner is filing an unlawful foreclosure. Besides the unlawful foreclosure it sounds like there might be Predatory Lending involved. Regardless, seems like something's very wrong but I'm not an expert. Anybody have an explanation?

        : (0)

      • Posted by K.M. Ellis on September 03, 2004 at 20:34:53:

        In Reply to: Re: Assignment of Mortgage/Deed of Trust Posted by Janie on September 03, 2004 at 12:25:21:

        : Well, I'm pretty sure that there has to be valuable consideration for transaction to be legitimate.

        : One dollar sounds like there was something else on the table and the DOT was part of the offer.





        : : What would be the reason for an Assignment of a Deed of Trust between two corporations (for consideraton of one dollar) and not recording the document for almost a year and one-half after it was signed?

        Thanks Janie for responding. That situation seems so strange especially because of the length of time from the date the assignment was signed to when it was recorded. And the property owner was unaware of this transaction and accidentially found out about it months after the fact. There are other documents that the homeowner found that aren't making any sense regarding the same loan. One is that the previous loan had been reconveyed three times by three different companies all within a year after it was paid off. Also the servicing of that same paid off loan had been transferred to another bank but a few months later that bank said that the transfer was in error but 3 years later they still show the loan on their books. When the homeowner did a refi the servicing company on the paid-off loan just happened to time it right and squeeze in to service the new loan, but all the conforming notices about them taking over the servicng reference the old paid off loan number not the new loan. The homeowner didn't catch that the loan number was not the new loan number. Payments were made as instructed and everything was fine until the homeowner defaulted and lost the home in foreclosure. Due to other circumstances leading up to the foreclosure the homeowner is filing an unlawful foreclosure. Seems like something's very wrong but I'm not an expert. Anybody have an explanation?

        : (0)

  • Posted by deborah gibson on September 03, 2004 at 10:17:25:

    i would like to know how to get foreclosers and sheriff sales for this town

    : (1)

    • Posted by tony schutte on October 29, 2004 at 09:20:10:

      In Reply to: sheriff sales in galatia north carolina Posted by deborah gibson on September 03, 2004 at 10:17:25:

      : i would like to know how to get pre- foreclosers : and sheriff sales for this town



      : (0)

  • Posted by Philip Garcia on September 02, 2004 at 10:28:23:

    Am going through a divorce and do not want to keep my house. It is in Abilene Texas which is a very depressed housing market and the house is fairly expensive in that city. Mortgage is about 530K. House was on the market 3 years before my wife and I bought it. She and my children live in a different city and I am going to go there. Dont really qualify for bankruptcy as my wife and I are both physicians but will not stay for 2 1/2 more years trying to sell the property and making over $8000 (P&I&T and Insu) payments a month. Should I just move out and tell the bank I will no longer be making payments or what please help with advice want to move out by end of Sept. and yes I know that this will totally screw up my credit. Also the bank made us pay for a PMI policy since we financed the whole amount will this policy cover up to 20% of the difference if the bank sells the property for less than the mortgage? Thanks for any and all advice

    : (6)

    • Posted by TED MACK on September 02, 2004 at 19:47:02:

      In Reply to: Want Out!!! Posted by Philip Garcia on September 02, 2004 at 10:28:23:

      :I MAY HAVE A SOLUTION FOR YOU, PEASLE CONTACT!!!princ1st@hotmail.com

      Am going through a divorce and do not want to keep my house. It is in Abilene Texas which is a very depressed housing market and the house is fairly expensive in that city. Mortgage is about 530K. House was on the market 3 years before my wife and I bought it. She and my children live in a different city and I am going to go there. Dont really qualify for bankruptcy as my wife and I are both physicians but will not stay for 2 1/2 more years trying to sell the property and making over $8000 (P&I&T and Insu) payments a month. Should I just move out and tell the bank I will no longer be making payments or what please help with advice want to move out by end of Sept. and yes I know that this will totally screw up my credit. Also the bank made us pay for a PMI policy since we financed the whole amount will this policy cover up to 20% of the difference if the bank sells the property for less than the mortgage? Thanks for any and all advice



      : (0)

    • Posted by Curtis Mitchell on September 02, 2004 at 19:02:56:

      In Reply to: Want Out!!! Posted by Philip Garcia on September 02, 2004 at 10:28:23:

      What type of equity do you have in the house? What is its appraised worth? I am an investor that may be able to help you out. Email me at curitsmitchell@mac.com.

      Best,Curtis

      : (0)

    • Posted by TheShortSalePro on September 02, 2004 at 17:15:10:

      In Reply to: Want Out!!! Posted by Philip Garcia on September 02, 2004 at 10:28:23:

      Sell (mortgagee approved preforeclosure short sale) for market value... the pay income tax on the amount of forgiven debt. Ouch... but not OUCH!

      : (0)

    • Posted by alia culcleasure on September 02, 2004 at 13:56:37:

      In Reply to: Want Out!!! Posted by Philip Garcia on September 02, 2004 at 10:28:23:

      i would suggest that you attend your local or large city investors club meeting and give them a chance to help you out. i am not familiar with texas but if you go to CREonline.com, i think they may have listings of texas real estate investors' clubs.good luck.

      : (1)

  • Posted by Barb on September 01, 2004 at 23:17:21:

    Can anyone give me information of the process in Ohio.Say I purchase a foreclosure at the Sheriff's auction for $100,000. What else can they come back later on and say is owed on the property? Realestate Taxes? Liens, Federal Taxes? 2nd Mortgages? Or is what I pay for it at aution all I will ever owe. Does the same rules apply for Tax Abatement Auctions? Does anyone know the web site for the Ohio Foreclosure Process? Any help would be great!!!



    : (0)

  • Posted by Barb on September 01, 2004 at 23:11:32:

    I'm interested in purchasing a foreclosed property in Ohio at the Sheriff's Auction. My question is, say I paid $100,000. for the house at auction. What else can they come back with later on to say is owed on the property above the $100,000....back taxes? liens? federal taxes? second mortgages? Or is what I pay at auction the most it will cost me? Does the same rules apply for Tax Abatement Auctions? Any help would be greatful, I can't seem to find a web site for the Ohio Foreclosure Process.

    : (0)

  • Posted by Kim on September 01, 2004 at 14:38:08:

    We did file Chapter 7

    : (0)

  • Posted by Gloria on September 01, 2004 at 12:45:36:

    DUE TO THE OVERWHELMING RESPONSE OF APPLICATIONS SUBMITTED TO THE OFFICE FOR FORECLOSURE GRANTS WE ARE NOT ACCEPTING ANY MORE APPLICATIONS. WHEN THESE MORTGAGES ARE PAID OFF WE WILL LET YOU KNOW WHEN WE WILL BE ACCEPTING MORE APPLICATIONS.HOPEFULLY IN NOVEMBER WE WILL BE READY TO SETTLE MORE.

    : (6)

    • Posted by Michael L. Parker on September 18, 2004 at 13:14:38:

      In Reply to: FORECLOSURE GRANTS Posted by Gloria on September 01, 2004 at 12:45:36:

      : DUE TO THE OVERWHELMING RESPONSE OF APPLICATIONS SUBMITTED TO THE OFFICE FOR FORECLOSURE GRANTS WE ARE NOT ACCEPTING ANY MORE APPLICATIONS. WHEN THESE MORTGAGES ARE PAID OFF WE WILL LET YOU KNOW WHEN WE WILL BE ACCEPTING MORE APPLICATIONS.HOPEFULLY IN NOVEMBER WE WILL BE READY TO SETTLE MORE.



      : (0)

    • Posted by Not Gloria on September 01, 2004 at 13:59:25:

      In Reply to: FORECLOSURE GRANTS Posted by Gloria on September 01, 2004 at 12:45:36:

      DUE TO THE UNDERWHELMING INTELLECT OF IMBICILES POSTING BLATANT ADVERTISEMENTS NOT-SO-CLEVERLY DISGUISED AS ALTRUISM WE WILL NOT BE PAYING ANY MORE ATTENTION TO YOU. WE HAVE NO INTEREST IN HEARING FROM YOU AGAIN NOT NOW, NOT IN NOVEMBER, NOT EVER.

      : DUE TO THE OVERWHELMING RESPONSE OF APPLICATIONS SUBMITTED TO THE OFFICE FOR FORECLOSURE GRANTS WE ARE NOT ACCEPTING ANY MORE APPLICATIONS. WHEN THESE MORTGAGES ARE PAID OFF WE WILL LET YOU KNOW WHEN WE WILL BE ACCEPTING MORE APPLICATIONS.HOPEFULLY IN NOVEMBER WE WILL BE READY TO SETTLE MORE.



      : (4)

      • Posted by Dont waste your time Gloria on September 01, 2004 at 18:11:49:

        In Reply to: Re: FORECLOSURE GRANTS Posted by Not Gloria on September 01, 2004 at 13:59:25:

        Wow! You are brutal.

        Gloria just represents a company that gives grants to people in foreclosure. She gets paid a commission of 8% of the pay off. That's one reason why she is trying to find new prospects on the foreclosure discussion forum.

        There are others such as www.ccresource.net and homewardboundgroup.info. They require an upfront fee of $3000 to $3700 to pay off your mortgage. The company Gloria represents does not.

        I would suggest that Gloria look for preforeclosure people in her neighborhood and leave the Internet alone.

        Gloria, you may want to purchase a pre-foreclosure list from your county. There are many that need this service.

        By the way Gloria, I market the same service as you and most of the people I help live right in my neighborhood none are from the Internet.

        : (3)

        • Posted by NOT GLORIA EITHER! on November 16, 2004 at 17:59:51:

          In Reply to: Re: FORECLOSURE GRANTS Posted by Dont waste your time Gloria on September 01, 2004 at 18:11:49:

          I'M NOT GLORIA EITHER, HOWEVER, LETS FACE IT GLORIA AND BE HONEST HERE, THAT IS NOT REALLY YOUR NAME---GLORIA, WHY DON'T YOU TELL THEM YOUR REAL NAME-- AND THE TRUTH BE KNOWN THAT YOU NOT NOW AND NOT IN NOVEMBER AND NOT EVER WILL YOU HAVE THE SO CALLED GRANT $$$ TO PAY ANYONE OFF. JUST TELL THE TRUTH IT SHALL SET YOU FREE...................AND YOUR NAME IS NOT G....L...O....R....I....A. JUST TELL THEM ALL THE TRUTH!!!!!!













          : Wow! You are brutal.

          : Gloria just represents a company that gives grants to people in foreclosure. She gets paid a commission of 8% of the pay off. That's one reason why she is trying to find new prospects on the foreclosure discussion forum.

          : There are others such as www.ccresource.net and homewardboundgroup.info. They require an upfront fee of $3000 to $3700 to pay off your mortgage. The company Gloria represents does not.

          : I would suggest that Gloria look for preforeclosure people in her neighborhood and leave the Internet alone.

          : Gloria, you may want to purchase a pre-foreclosure list from your county. There are many that need this service.

          : By the way Gloria, I market the same service as you and most of the people I help live right in my neighborhood none are from the Internet.



          : (0)

        • Posted by Please...Dont waste OUR time Gloria on September 02, 2004 at 11:05:56:

          In Reply to: Re: FORECLOSURE GRANTS Posted by Dont waste your time Gloria on September 01, 2004 at 18:11:49:

          Not brutal enough since more lackeys are coming out of the shadows in defense. Let's see, no company names, no phone numbers, no addresses, no references, anonymous posters, have to contact for details, limited time offers...all smacks of the latest fad "mortgage/debt elimination" MLM scam where weak minded individuals are duped into believing that a signature is an asset and therefore no loans ever take place, that because all loans are really not loans and just a sham, then some fancy economic footwork involving bridge loans...yada yada yada...then mortgage can disappear. I give it two to three years before the FBI starts making examples of some of you folks. The guys at the top, however, are going to just walk away from it unharmed...they always do. It would be WONDERFUL for those who truly desire help around here if you people would stop wasting their time and our time with this baloney. And just what part of "NO ADS" at the top of the forum page is too difficult for you to understand? Whoever runs this site is a saint for providing a free forum for those who are investors and those who need help...there are very few conditions placed on its use one of which is "NO ADS". That includes the forum hustling you people are doing in case you think you're clever in not posting your company names therefore it's not an ad (baloney). You admit in the last line of your post that you are marketing a service...well that's an AD. Since you cannot show any respect for the wishes of the forum owner(s) then how can you be so arrogant as to expect/demand even a modocum of respect from anyone else? No one "needs" you service, the world has been just find for thousands of years without your service. So, put up or shut up. Show the ENTIRE money trail (if you can follow it) so everyone can see what a fraud this is.

          : (1)

  • Posted by kate grube on September 01, 2004 at 11:34:23:

    Hi everyone--hopefully someone here will be able to point me in the right direction! I am a health inspector in Illinois, and I also coordinate the West Nile prevention program. A woman called and said that her neighbor's house (which was a foreclosure) was in bad shape, and a mosquito breeding ground! I checked, and she was right--this was the most overgrown property I have ever seen! My question is this: is the foreclosing agency responsible for property upkeep? If not, who deals with these awful messes?Thanks,Kate

    :(2)

  • Posted by michele huerta on September 01, 2004 at 02:31:47:

    my husband is currently at this property. i moved out in june. my mother is refinancing her home to pay off ridiculious mortgage ($2000/mo.PI) home worth 235,000. original mortgage $223,000 (2001) lender wanted $238,000. neg. to $226,000. lender aware of purchase. they called tonite to say they're coming tomorrow to lock us out of the house? is that possible?MN 55068

    : (0)

  • Posted by michele huerta on September 01, 2004 at 01:50:23:

    my husband is currently at this property. i moved out in june. my mother is refinancing her home to pay off ridiculious mortgage ($2000/mo.PI) home worth 235,000. original mortgage $223,000 (2001) lender wanted $238,000. neg. to $226,000. lender aware of purchase. they called tonite to say they're coming tomorrow to lock us out of the house? is that possible?MN 55068

    : (1)

  • Posted by Betty on August 31, 2004 at 20:20:41:

    A property has a co-signer and the first signer..The co-signer says a lawyer advised him that he could start foreclosure on the property..PAYMENTS HAVE ALWAYS BEEN MADE ON TIME..NOTHING IS IN ARREARS..cAN THE CO-SIGNER DO THIS?

    : (1)

    • Posted by Jim V on August 31, 2004 at 23:40:38:

      In Reply to: can co-signer start foreclosure? Posted by Betty on August 31, 2004 at 20:20:41:

      : A property has a co-signer and the first signer..The co-signer says a lawyer advised him that he could start foreclosure on the property..PAYMENTS HAVE ALWAYS BEEN MADE ON TIME..NOTHING IS IN ARREARS..cAN THE CO-SIGNER DO THIS?

      A co-signer will normally have the rights and responsibilities similar to the owner of the property. If all they did was co-sign a note, they shouldn't have the capability to foreclose.

      If, however, there was an agreement that funds provided by the co-signer to close the transaction would be repaid by a given date, yes, they may have the ability to force repayment by foreclosure.

      I get the feeling that there is more to this transaction than has been posted. Usually, the more information you can post about a transaction will allow others to give a more accurate response.



      : (0)

  • Posted by T. Parker on August 31, 2004 at 17:30:29:

    I am interested in dealing on an REO with Mkt value of $364,800 and the lender's sale price is $264,900. ($99,900 difference). I obtained information that lenders do not allow assignable contracts for REO's. How can you wholesale an REO? Is it possible and if so, what is the process?

    : (1)

  • Posted by Valerie on August 31, 2004 at 11:51:56:

    We are buying a house bond for deed. Do I have any rights if the owner of the home is being foreclosed on? Supposedly I already have $4100 of equity. I don't want to continue to pay rent if I'm going to loose everything

    : (0)

  • Posted by Kim on August 31, 2004 at 07:42:56:

    Me & my husband purchased our home in 1998 - last appraisal was $133,000 - current owed is 1st $83,000 and 2nd $32,000 (total $115,000 owed). Current buyer-market is bad and we're told we'd be lucky to get what we owed, let alone cover realtor fees, etc. We currently live outside the home in an apartment and the home was being rented by family. They are now moving out and we don't want to move back in. If we let the house go into foreclosure, what happens? We're familiar with short sales, but can they occur when we have a 1st AND a 2nd mortgage? If we foreclosure, and the sheriff sale only brings in $90,000, are we responsible for paying the remaining $25,000 owed? If so, how do we pay that? we don't have the money. Also, bankruptcy is not an option - we filed 3 years ago. Any information would be appreciated, or if there's someone I can talk to for more information, let me know. Thanks.

    : (9)

    • Posted by Jerry on September 05, 2004 at 19:50:17:

      In Reply to: OH foreclosure laws - What if I walk away from the mortgage? Posted by Kim on August 31, 2004 at 07:42:56:

      Kim, if you will tell me where your property is at in OH I may be able to help you work this out. I am an investor and work out foreclosure and BK situations like this every week. Let me know where your property is located and send me a phone # and I will discuss this with you. You can reach me at 888 687 4150 and listen to X 301. Thanks, Jerry



      : Me & my husband purchased our home in 1998 - last appraisal was $133,000 - current owed is 1st $83,000 and 2nd $32,000 (total $115,000 owed). Current buyer-market is bad and we're told we'd be lucky to get what we owed, let alone cover realtor fees, etc. We currently live outside the home in an apartment and the home was being rented by family. They are now moving out and we don't want to move back in. If we let the house go into foreclosure, what happens? We're familiar with short sales, but can they occur when we have a 1st AND a 2nd mortgage? If we foreclosure, and the sheriff sale only brings in $90,000, are we responsible for paying the remaining $25,000 owed? If so, how do we pay that? we don't have the money. Also, bankruptcy is not an option - we filed 3 years ago. Any information would be appreciated, or if there's someone I can talk to for more information, let me know. Thanks.



      : (0)

    • Posted by Raymond on September 01, 2004 at 14:06:26:

      In Reply to: OH foreclosure laws - What if I walk away from the mortgage? Posted by Kim on August 31, 2004 at 07:42:56:

      Also, bankruptcy is not an option - we filed 3 years ago.

      >Bankruptcy can be an option if you filed chapter 13. There's a 6 year waiting period for chapter 7, but the waiting period doesn't apply to chapter 13.



      : (4)

      • Posted by Kim on September 01, 2004 at 14:38:43:

        In Reply to: Re: OH foreclosure laws - What if I walk away from the mortgage? Posted by Raymond on September 01, 2004 at 14:06:26:

        : Also, bankruptcy is not an option - we filed 3 years ago.

        : >Bankruptcy can be an option if you filed chapter 13. There's a 6 year waiting period for chapter 7, but the waiting period doesn't apply to chapter 13.

        ** WE DID FILE CHAPTER 7

        : (3)

        • Posted by Raymond on September 01, 2004 at 19:06:35:

          In Reply to: Re: OH foreclosure laws - What if I walk away from the mortgage? Posted by Kim on September 01, 2004 at 14:38:43:

          I'm sorry. I screwed up. I meant to say "chapter 7", not "chapter 13".

          : (2)

          • Posted by Kim on September 02, 2004 at 10:50:14:

            In Reply to: Re: OH foreclosure laws - What if I walk away from the mortgage? Posted by Raymond on September 01, 2004 at 19:06:35:

            : I'm sorry. I screwed up. I meant to say "chapter 7", not "chapter 13".

            ***We filed Chapter 7 in 2002 and back in 1998. Are you saying it can be done AGAIN????

            : (1)

            • Posted by Raymond on September 02, 2004 at 16:32:54:

              In Reply to: Re: OH foreclosure laws - What if I walk away from the mortgage? Posted by Kim on September 02, 2004 at 10:50:14:

              >We filed Chapter 7 in 2002 and back in 1998. Are you saying it can be done AGAIN????

              What I'm saying is "don't rule out bankrutpcy as an option" just because you've recently filed a chapter 7. The chapter 13 filing is still an option for you and it's worthwhile to see if it fits your situation. The best thing to do is consult with a local bankruptcy attorney in your area and explain your situation. She'll tell you if you would benefit from a chapter 13. I've been recommending www.legalhelpers.com for this purpose. They'll put you in contact with a bankruptcy attorney that's local to your residence, and you'll be able to review your situation over the phone with the attorney, for free.

              Maybe the attorney will tell you a chapter 13 doesn't make sense for your situation. At least you've investigated it as an option and can then concentrate on your other options.

              : (0)

  • Posted by Bill Raese on August 30, 2004 at 20:48:49:

    I would like an opinion, if a morgage was execuret on a lot, then the lot was built upon, and a crop was planted, then there was a foreclosure, what happens to the dwelling and the crop?

    : (3)

    • Posted by Bill H on September 02, 2004 at 14:24:40:

      In Reply to: law class problem Posted by Bill Raese on August 30, 2004 at 20:48:49:

      : I would like an opinion, if a morgage was execuret on a lot, then the lot was built upon, and a crop was planted, then there was a foreclosure, what happens to the dwelling and the crop?nt

      : (0)

    • Posted by Nick(Colorado) on August 31, 2004 at 13:47:17:

      In Reply to: law class problem Posted by Bill Raese on August 30, 2004 at 20:48:49:

      Bill Raese:

      Buildings affixed to the property are part of the property. The crop will vary from state to state. Also the crop may be reaped duringany redeption period.

      : (0)

    • Posted by Jim V on August 30, 2004 at 22:11:17:

      In Reply to: law class problem Posted by Bill Raese on August 30, 2004 at 20:48:49:

      Bill,

      If a mortgage is executed against a property, a foreclosure action on that mortgage is based on what the property was when the mortgage was executed. Improvements done to the property after the mortgage aren't usually considered.

      With that said, crops in many states are considered personal property, not part of the real estate, so an owner being foreclosed upon may have a claim/right to those crops. This is an issue that I think will vary widely by state. For an accurate answer, I think you'd have to consult an attorney in your state.

      : (0)

  • Posted by Anita on August 30, 2004 at 13:32:17:

    We are 7 months behind on mortgage payments. The bank has agreed to a Deed in Lieu of foreclosure but I want to keep my house we can now afford the payments we just can't afford what is behind. We don't know what to do any suggestions?

    : (2)

    • Posted by Nick(Colorado) on August 31, 2004 at 13:49:02:

      In Reply to: South Carolina Posted by Anita on August 30, 2004 at 13:32:17:

      Anita:

      If you can actually afford the property you mayconsider a BNK13 so that you may put the arrearagesinto a 3-5 year plan.



      : (0)

  • Posted by maria on August 30, 2004 at 00:41:49:

    i posted the message about 10 days til foreclosure can someone PLEASE read it and respond and not some lender that will blow smoke up my butt just straight honest answers PLEASE

    : (2)

    • Posted by Keith(CA) on August 30, 2004 at 09:42:06:

      In Reply to: please answer Posted by maria on August 30, 2004 at 00:41:49:

      Not being from AZ it's tought to know what to suggest, especially when you omit the relevant details from the last few months, and neglect to state what outcome you truly desire. What communications have you had with your lender(s)? Have you attempted a workout with your lender(s)? Are your loans FHA or VA insured? Have you filed for bankruptcy in the last 6 months? Are you resigned to letting the foreclosure happen, or do you want to fight for your home?

      If no one buys at the sale, then the foreclosing lender will own the property. At the end of the auction, someone else will own your home whether or not anyone else bids. With that knowledge you have to make your own determination whether you can attend the sale or not. I'm not sure I'd have the stomach to do that, myself.

      If you intend to fight and get a workout with your lender to stay in your home (and retain ownership), then do not move out. Your lender will not work with you if you have "abandoned" the property. But if circumstances are such that you know you can no longer shoulder the debt, then you may move at any time until shortly after the sale. Make arrangements early so you can move out BEFORE the new title holder can evict you. Having an eviction on your record will make it tough to even rent.



      At the main discussion board for this website you'll find four(4) links at the top. Click on the one that says "Foreclosure Help" as a beginning. And while I don't like to provide links to foreign sites (meaning apart from this website), I did a Google search and came up with a link for information specific to your state...of course, I cannot vouch for it's accuracy.

      : (1)

      • Posted by Bill on November 20, 2004 at 14:56:03:

        In Reply to: Re: please answer Posted by Keith(CA) on August 30, 2004 at 09:42:06:

        good suggestion.



      : (0)

  • Posted by Roast on August 29, 2004 at 13:14:21:

    I am hoping someone can help. I Forclosed on a Fourth Mortgage and want to take title directly into my Land Trust. I have been told that it should be in the name of the Trustee (as Trustee of the __________ Trust) What other language should be on the Deed. The Title Company has come up with a very basic Trustee's Deed but it does not specify any powers to the Trustee and they put it in the name of the Trust, not the Trustee. Can anyone advise?

    : (1)

    • Posted by Keith(CA) on August 29, 2004 at 16:11:17:

      In Reply to: Trustee's Deed Question-California Posted by Roast on August 29, 2004 at 13:14:21:

      Roast,

      The vesting language is all that counts. If it reads something akin to "Mr. Trustee, trustee of the Roast Trust" then this is sufficient (see my post below for more on this topic). The deed does not declare the formal duties of the trustee, as these duties will be specified in the Land Trust document.

      Very carefully make sure there are no errors in the Deed. If there are (you suggest the vesting language is incorrect), then contact the trustee that issued the deed and ask that they prepare and send you a deed absent such errors. Or you might just call the recorders office and ask if you can make the correction yourself before recording.

      : (0)

  • Posted by maria on August 26, 2004 at 23:31:37:

    i got the big notice on my door for trustee sale on sept 7th. i live in az and i cant find info anywhere. i am still living in the house, should i go to my own sale? to see if anyone buys it? do i need to move by that date? do i have 30 days from the forclosure day to get all my stuff out? i am looking all over and cant find info.. please help ANYONE

    : (12)

    • Posted by Janie on September 08, 2004 at 18:28:41:

      In Reply to: i have 10 days til foreclosure Posted by maria on August 26, 2004 at 23:31:37:

      Maria, I've been trying to reach you. Are you okay? Did your house sell?

      I'm worried about you. I know the pain the of losing your home and not knowing where you're going to end up. Please stay in touch. I've been through this and if you just need someone to consol you, I'll be here for you.

      Janie



      : i got the big notice on my door for trustee sale on sept 7th. i live in az and i cant find info anywhere. i am still living in the house, should i go to my own sale? to see if anyone buys it? do i need to move by that date? do i have 30 days from the forclosure day to get all my stuff out? i am looking all over and cant find info.. please help ANYONE



      : (0)

    • Posted by NJDave on August 30, 2004 at 04:14:57:

      In Reply to: i have 10 days til foreclosure Posted by maria on August 26, 2004 at 23:31:37:

      Presumably, you cannot bring your loan current and don't qualify for a Chapter 13 Bankruptcy PLan (to save the house).

      The eviction process following sale can take a maximum of 30 days, or 60 days, depending upon the circumstances.

      Have you spoken with a bankruptcy attorney? If not.... what are you waiting for?

      : (7)

      • Posted by MARIA on August 30, 2004 at 15:55:07:

        In Reply to: Re: i have 10 days til foreclosure Posted by NJDave on August 30, 2004 at 04:14:57:





        WELL IT MY HOUSE WAS IN A CHAPTER 13 BANKRUPTCY AND THE LAWYER RECOMMENDED I MOVE A LONG TIME AGO, BUT BEING THAT I HAVE NO CREDIT AT ALL, I DONT CARE ABOUT EVICTIONS OR STUFF LIKE THAT...ALL I WANT TO KNOW IS WHERE IT SAYS LEGALLY HOW MUCH TIME I HAVE AFTER THE TRUSTEE SALE....LIKE THE NEW OWNER WILL GIVE ME AN EVICTION NOTICE AND I DONT KNOW WHAT AZ STATE LAW IS...DO I HAVE 30 DAYS? 60?





        Presumably, you cannot bring your loan current and don't qualify for a Chapter 13 Bankruptcy PLan (to save the house).

        : The eviction process following sale can take a maximum of 30 days, or 60 days, depending upon the circumstances.

        : Have you spoken with a bankruptcy attorney? If not.... what are you waiting for?



        : (6)

        • Posted by Keith(CA) on August 30, 2004 at 20:26:49:

          In Reply to: Re: i have 10 days til foreclosure Posted by MARIA on August 30, 2004 at 15:55:07:

          Finally found a good estimate. An authority on the subject says it will be around three(3) weeks. Click on the link below and read the section titled "Removal of persons from the property"

          : (5)

          • Posted by Janie on September 03, 2004 at 11:06:34:

            In Reply to: Found a good estimate Posted by Keith(CA) on August 30, 2004 at 20:26:49:

            Maria, if you voluntarily dismissed your chapter 13, and 180 days have passed, then you can refile a 13. That will allow you to reorganize and keep your home.





            : (2)

            • Posted by maria on September 05, 2004 at 01:26:46:

              In Reply to: Re: i have 10 days til foreclosure Posted by Janie on September 03, 2004 at 11:06:34:

              thanx janie but i dont have nay time left the sale is the 7th on labor day and everyone has off til the 8th, but thanx

              Maria, if you voluntarily dismissed your chapter 13, and 180 days have passed, then you can refile a 13. That will allow you to reorganize and keep your home.



              : (1)

              • Posted by Janie on September 05, 2004 at 23:46:19:

                In Reply to: Re: i have 10 days til foreclosure Posted by maria on September 05, 2004 at 01:26:46:

                Marie, there is a light at the end of the tunnel, but you need to act quickly.

                File a Chapter 13 bankruptcy on Tuesday morning to stop the foreclosure.

                If you cannot afford an attorney to file the plan, get a copy of Nolo Press's book on filing a Chapter 13 bankruptcy In Pro Per. It has the forms you need. The book is written for lay people and will walk you through the steps.

                I'm fairly sure that all you have to do is file the cover page petition to stay the foreclosure. Once you have the court stamp on your copy, immediately fax it with a cover sheet to the foreclosure company. Then telephone them to confirm they are in receipt of the Stay Order to stop.

                That puts the auctioning company on notice that a stay order is in place and they cannot proceed with the sale of your home.

                You then have about 15 days to file the complete paperwork.

                If you join Where's the Justice For All? forum, there are a bunch of bankruptcy experts there and victims of foreclosure scams that can help you. They've all been through it before and did as In Pro Per, so they might help you with any questions you may have.

                The group is for victims of white-collar crimes that have been denied justice, but so many have been victims of bogus foreclosures or real estate theft, they may help you.

                Go to Where's the Justice For All? forum





                : thank you janie but i dont have time left; the sale is the 7th on labor day and everyone has off till the 8th, but thanx





                : Maria, if you voluntarily dismissed your chapter 13, and 180 days have passed, then you can refile a 13. That will allow you to reorganize and keep your home.



                : (0)

          • Posted by maria on August 30, 2004 at 21:57:23:

            In Reply to: Found a good estimate Posted by Keith(CA) on August 30, 2004 at 20:26:49:

            thank you so much keith, i wish this were not happening but now i have a realistic time frame of when to habe all of my belongings out of my "used to be home".....my idea of a miracle would be if someone were to take my loan number and do some magic with it but thats not the case....thank youmaria

            : Finally found a good estimate. An authority on the subject says it will be around three(3) weeks. Click on the link below and read the section titled "Removal of persons from the property"



            : (1)

    • Posted by Pat on August 27, 2004 at 07:43:31:

      In Reply to: i have 10 days til foreclosure Posted by maria on August 26, 2004 at 23:31:37:

      You can possibly be helped by a company called Bold Funding. Go to their web site at www.boldfunding.com. If I were you I would call them as soon as possible.You can get the phone number off the website. I hope they can be of assistance to you.



      : (2)

      • Posted by Pat on November 03, 2004 at 17:55:09:

        In Reply to: Re: i have 10 days til foreclosure Posted by Pat on August 27, 2004 at 07:43:31:

        TO ANYONE AND EVERYONE WHO IS DOING BUSINESS WITH BOLD FUNDING OR CONTEMPLATING IT BEWARE IT IS A COMPLETE SCAM. THE ONLY SURE THING TO HAPPEN IS THAT THEY ARE GOING TO TAKE YOUR MONEY.



        : (0)

      • Posted by Pat on November 03, 2004 at 17:55:08:

        In Reply to: Re: i have 10 days til foreclosure Posted by Pat on August 27, 2004 at 07:43:31:

        TO ANYONE AND EVERYONE WHO IS DOING BUSINESS WITH BOLD FUNDING OR CONTEMPLATING IT BEWARE IT IS A COMPLETE SCAM. THE ONLY SURE THING TO HAPPEN IS THAT THEY ARE GOING TO TAKE YOUR MONEY.



        : (0)

  • Posted by Admin on August 26, 2004 at 23:21:48:

    Until further notice, or until proof is provided that mortgage elimination programs are successful, any posts about that subject will be removed.

    I'm back from a needed vacation and feel those posts might do more harm than good for those needing foreclosure assistance.

    If you want to post on the subject of mortgage elimination, email admin@all-foreclosure.com first or your post will most likely be removed.

    : (2)

    • Posted by NJDave on August 27, 2004 at 12:09:05:

      In Reply to: Cancel your mortgage posts. Posted by Admin on August 26, 2004 at 23:21:48:

      For those of you who don't know, I work for a non profit housing counseling org that assists folks losing their homes from across the USA... overwhelmingly without any cost to the homeowner. I had a woman call who had just lost her home at an auction... and cited numerous allegations of predatory lending, TILA violations, etc.

      So I emailed the guys who boast about mortgage cancellation.. and politely asked that they put their money where their mouths are... by helping out this woman. If they could help her... I would endorse their service.... and allow them to continue to post their "ads' on my Site.

      They declined to even consider her situation unless/until they were paid $1500.

      Don't misunderstand. I'll all for getting paid for a service..... but this is a "helping people business" and there is more to it than simply getting paid.

      From what I inferred, these guys don't do their own review.... they farm out the actual document review process.

      : (0)

    • Posted by Bill H on August 27, 2004 at 09:10:34:

      In Reply to: Cancel your mortgage posts. Posted by Admin on August 26, 2004 at 23:21:48:

      : Until further notice, or until proof is provided that mortgage elimination programs are successful, any posts about that subject will be removed.

      : I'm back from a needed vacation and feel those posts might do more harm than good for those needing foreclosure assistance.

      : If you want to post on the subject of mortgage elimination, email admin@all-foreclosure.com first or your post will most likely be removed.nt

      : (0)

  • Posted by Jenny on August 26, 2004 at 18:20:33:

    I live in Michigan. After a two month battle to try and get pre foreclosure refinancing, my house was sold at sheriff's auction today. The original mortgage company dragged their feet on releasing payoff info and (we were going to close today with what was listed in the auction ad) then reported me as 120 days behind on my mortgage when the payment due yesterday wasn't recieved. The lender for the refinancing backed out at the 120 day delinquent mark and the refinance fell apart last night. I don;t know what happened at the auction today, but are there lenders who will make mortgage loans under these terms so I can redeem my house?

    : (2)

    • Posted by Ed Fowles on September 01, 2004 at 14:18:50:

      In Reply to: post foreclosure refinancing?? Posted by Jenny on August 26, 2004 at 18:20:33:

      >are there lenders who will make mortgage loans under these terms so I can redeem my house?

      There are several home loan products designed specifically for homes recently out of foreclosure. The loans require equity in your property and usually have higher interest rates and loan fees.



      : (0)

    • Posted by Nick(Colorado) on August 27, 2004 at 13:52:06:

      In Reply to: post foreclosure refinancing?? Posted by Jenny on August 26, 2004 at 18:20:33:

      Jenny:

      Depending on situation you have up to 6 months to redeem the property. First get the current redeptionfigures, and the per-diem, from the trustee. Thenwork on getting you financing lined up again.



      : (0)

  • Posted by Roast on August 26, 2004 at 17:22:57:

    I bought a fourth mortgage and then just foreclosed on it. No one showed at the sale so I now will get a deed of some kind. I want it to go into a land Trust I have created. How do I proceed and do I have to do anything about the Senior Lenders or the property insurance? The ex owner is willing to rent and keep making the payments directly to those entities. I am a rookie. Any input is appreciated. What about recordings?

    : (8)

    • Posted by Keith(CA) on August 27, 2004 at 21:08:12:

      In Reply to: After the foreclosure-California Posted by Roast on August 26, 2004 at 17:22:57:

      Within 10 days or so of the auction you should be issued a Trustee's Deed. You need an insurance policy now. Check the Trustee's Deed very carefully for errors and then have it recorded. Once the Trustee's Deed is recorded you will need to record a notarized Quit Claim Deed to convey title from you to the trustee of your trust. Record the Quit Claim (and bring along a PCOR) at the same county recorders office.

      What you bought at auction is title (ownership) to the property subject to all of the senior liens and encumbrances against the title. It is your responsibility to make sure that none of these senior liens foreclose and takes title away from you (or your trust). Ask a title company to check title records to see if there are any other default notices or trustee sale notices recorded against the property. Good time to see if there are any other liens (IRS, judgments, etc.). If you didn't check these things already, you may have bought yourself a can of worms.

      Chances are that once the three senior lenders get wind of the foreclosure having taken place one or more of them will exercise their Due on Sale clause and accelerate their loan. Don't count on the ex-owner paying them or keeping them current. Talk to a mortgage broker and see about getting refinanced to pay off all the other loans leaving you with a single loan in first position. You'd also better check with the county and make sure that the property taxes are current.

      Leaving the ex-owner in is a judgment call, but most strongly advise against it. It's typically better to get the guy out so you can fix up the place and resell it, rent it, or L/O it for top dollar.

      : (7)

      • Posted by Roast(CA) on August 28, 2004 at 13:10:04:

        In Reply to: Re: After the foreclosure-California Posted by Keith(CA) on August 27, 2004 at 21:08:12:

        Thanks Keith! Can't the Trustee's Deed go directly to my Land Trust? In this case I have read that it should go to the Trustee of the Land Trust, ("___________, as Trustee of the _________ Trust, created ....,")and not the land trust itself. Is this correct and does the Deed need to list the powers given to the Trustee or is it okay that the powers are just in the Trust Agreement? I am assuming the Title Company will do it however I ask, they just need an Assignment of Deed of Trust, from me to the Trustee, of my Trust. What is a PCOR, by the way?

        By Insurance, I assume you mean Homeowner's (Fire/Liability). What about Title Insurance?

        There are no other Liens senior to mine but there were a few other court, default judgements, against the owner, that were junior to mine. They were not from mortgages and there were not Trust Deeds and none are Tax liens. Am I okay here or might it be "worm" trouble?

        I did the owners a big favor by letting them stay here since last October, without making any payments to me. This has been their timetable and the relationship is very good. He has kept the mortgages current and the property taxes are paid with the first mortgage (he shows me the monthly statements.) If I just keep making the payments, on time, will the lenders push the due-on sale clauses or even catch wind, of the sale? The holder of the first might get some tax information, since they pay the property taxes for the owner. Does the County adjust the Property Taxes, after a foreclosure sale. If they do enforce the DOS, don't I still have months to sell the property? How long do I have if they push the Due-On-Sale? Do they have to forclose or what do they have to do? Two of the loans are with Bank of America, if that matters. I have two weeks of clean-up and then I can market the home. I think I can close a sale within a few months, at the most, depending on Escrow. Sorry for all the questions but I am pretty green.

        : Within 10 days or so of the auction you should be issued a Trustee's Deed. You need an insurance policy now. Check the Trustee's Deed very carefully for errors and then have it recorded. Once the Trustee's Deed is recorded you will need to record a notarized Quit Claim Deed to convey title from you to the trustee of your trust. Record the Quit Claim (and bring along a PCOR) at the same county recorders office.

        : What you bought at auction is title (ownership) to the property subject to all of the senior liens and encumbrances against the title. It is your responsibility to make sure that none of these senior liens foreclose and takes title away from you (or your trust). Ask a title company to check title records to see if there are any other default notices or trustee sale notices recorded against the property. Good time to see if there are any other liens (IRS, judgments, etc.). If you didn't check these things already, you may have bought yourself a can of worms.

        : Chances are that once the three senior lenders get wind of the foreclosure having taken place one or more of them will exercise their Due on Sale clause and accelerate their loan. Don't count on the ex-owner paying them or keeping them current. Talk to a mortgage broker and see about getting refinanced to pay off all the other loans leaving you with a single loan in first position. You'd also better check with the county and make sure that the property taxes are current.

        : Leaving the ex-owner in is a judgment call, but most strongly advise against it. It's typically better to get the guy out so you can fix up the place and resell it, rent it, or L/O it for top dollar.



        : (5)

        • Posted by Keith(CA) on August 29, 2004 at 15:58:13:

          In Reply to: Re: After the foreclosure-California Posted by Roast(CA) on August 28, 2004 at 13:10:04:

          Roast,

          Wow! You're really gonna make me work, huh? :-) I have not purchased at auction...yet. So, I won't be able to answer every question, but I'll do my best.

          I do not know what options you have (if any) in choosing the vesting language of the Trustee's Deed. If you have a choice, then there are two schools of thought.

          (1) As you suggested..."Might E. Trustworthy, trustee of the Former Owner Trust, dated Aug. 30, 2004". I believe this form is the most common.

          However, electronic scanning into records databases like DataQuick, SiteXData, et. al., do not perfectly parse the text and can leave it incomplete. When this happens it may appear to users of these databases that your trustee is the vested title holder as the trust declaration may be missing or incompletely scanned. Also, if you have many trusts and only one trustee then that trustee's name will appear multiple times once someone knows who to search for. Thus, a second school of thought encourages vesting as...

          (2) "Former Owner Trust dated Aug. 30, 2004, Mighty E. Trustworthy as trustee." Because the vesting language of each deed will begin differently (since no two trusts will likely start with the same name), they will be more difficult to index and search.

          The powers granted to the Trustee are only specified in the trust agreement.

          An assignment of Deed of Trust? I'm a little confused by this. A Deed of Trust is a security instrument...a lien that secures a promissory note. I assume when you purchased the fourth and foreclosed you did so with the rights as given by the Deed of Trust. Since you foreclosed, your lien was satisfied when you took title.

          If you cannot get the Trustee's Deed to show that title is vested in your trustee under trust (i.e. the Trustee's Deed will be in your name), then you must record the Trustee's Deed to formally take title to the property. Then you will subsequently record a Quit Claim Deed (or a Grant Deed) to convey title from you to the trustee of your trust. PCOR = Preliminary Change of Ownership Report and is a (non-recorded) document that must be submitted to the recording Clerk for the benefit of the Tax Assessor people. You may need one for the recording of the Trustee's Deed, too (I'm not sure, so call your county recorders office and ask).

          Insurance...yes, you need a hazard and liability policy. If you can get it done yesterday, do it (I'm being a little facitious, but you're a sitting duck without it). Title insurance is probably a good idea. It will make your property easier to sell or refinance if the chain of insured title isn't broken. Title insurers do not like gaps in coverage. If you plan to sell with a couple of years, then consider getting a binder policy...these cost somewhere around 10% over the normal price, but when you sell your buyer purchases your policy (effectively giving you a refund of all but the 10% you "overpaid").

          You say their are no liens senior to yours, but if you bought a fourth mortgage, then there are at least three liens senior. Each one of those loans was (most likely) secured by a Deed of Trust. Each Deed of Trust is a lien against the property allowing each trustee the power to foreclose in the event of a default on their respective notes. If you foreclosed non-judicially, then a Notice of Default and a Notice of Trustee's Sale were sent out at different times to all of the interested parties in the chain of title. The senior lienors were surely sent copies of those notices. If they follow up and see that title has changed hands, they may accelerate their note and initiate their own foreclosure if you cannot pay in full. Obviously, there's no guarantee this will happen but it a contingency for which you absolutely must prepare. Keeping the loans in "better than agreed" standing is definitely wise and reduces the chances of DOS.

          The good news is that the junior judgments were wiped off the title by your foreclosure. They no longer have any claim to the property.

          There will almost certainly be a reassessment on the property with the ch

          : (4)

          • Posted by Janie on September 03, 2004 at 11:13:36:

            In Reply to: Re: After the foreclosure-California Posted by Keith(CA) on August 29, 2004 at 15:58:13:

            I have a question. I was victim of a foreclosure scam. A nafarious character says he purchased a note and deed of trust that had been recorded against my property.

            long story short, it was a note he owed and never paid. It expired, so I reconveyed it off the property. So he forecloses on himself, on an non enforceable note and deed and he got my lender to pay him $45,000 to stop his foreclosure. My lender than sent me a letter telling me that they put that money on my loan.

            The district attorney says its a civil matter. So what do I look at for legal action. Is this a Quiet Title or what?

            I can't believe this happened. The title company kept asking him what the hell he was doing foreclosing on a Deed of Trust that only had expired but was no longer recorded against the property.





            A Deed of Trust is a security instrument...a lien that secures a promissory note. I assume when you purchased the fourth and foreclosed you did so with the rights as given by the Deed of Trust. Since you foreclosed, your lien was satisfied when you took title.

            : (3)

            • Posted by Keith(CA) on September 03, 2004 at 18:07:23:

              In Reply to: Re: After the foreclosure-California Posted by Janie on September 03, 2004 at 11:13:36:

              I'm not sure I understand what happened, so let me get a few things straight...

              You say you were the victim of foreclosure scam. I assume this means that you had defaulted on one or more loans and that you were facing foreclosure?

              If so, did Mr. Nafarious buy your nonperforming paper (defaulted note) from the lender? Was this like a second or third mortgage?

              How was the note, "a note he owed?" Unless he is on title he cannot encumber your property with a voluntary lien. I don't understand how a note he owed is secured by your property.

              Why do you say the note was "non enforceable" (and what state are you in)?

              What position was this note in? And what position was the lender who paid the $45K? (Who had seniority over the other?)

              You say, "I reconveyed it...." Who did the reconveying, you or the trustee on the Trust Deed? based on what?



              I may be way off here, but here's my hunch...

              Mr. Nafarious bought non-performing paper at a discount from your lender (your defaulted note), and this is not so nafarious. It happens quite frequently in fact. Lenders are more likely to sell like this when they have a junior position behind a foreclosing senior lien. Rather than risk not getting paid at all after the foreclosing senior lien, they sell the note at a discount figuring something now is better than nothing later. The note and its corresponding debt now belong to the private investor. He purchased your debt (albeit at a discount) and you know owe him the full balance of the note. He stands to make a profit on his purchase, the reward for the risk he took in purchasing non-performing paper.

              The note is still secured by the Trust Deed even though there is a new beneficiary...and I am unclear how you were able to "[reconvey] it off the property." In California, the statue of limitations on a promissory note is four years. However, a Trust Deed never expires since bare legal title is held by a trustee...and the trustee has two powers: reconveyance and foreclosure. Both powers are exercised on behalf of the beneficiary, not of the trustor.

              Without more detail I can see where this could have been legit...but without more detail this looks a bit shady, too.

              If the lien (Trust Deed) truly was lifted by a legal and valid reconveyance, then you should seek counsel from an attorney right away. My non-legal opinion is that you ought to be able to seek civil damages and seek a judgment against Mr. Nafarious.

              A Quiet Title suit may be necessary to straighten out any mess in the chain of title. But that's all this action does...(re)establishes the appropriate chain of title from a known point in time. Ask one or two title companies and/or a real estate attorney for their opinion of your title and what should be done if a scam was truly committed.

              : (2)

              • Posted by Janie on September 03, 2004 at 23:37:00:

                In Reply to: Too Little Detail to Know Posted by Keith(CA) on September 03, 2004 at 18:07:23:

                : ... you had defaulted on one or more loans and that you were facing foreclosure?

                Answer: No. It was a fraud. I was never involved in the Deed of Trust. That guy filed a fraudulent grant deed giving himself ownership of my home in 1993. As part of that fraud, he also took out a bunch of loans using my property for collateral. The DOT in question was one of those loans, that he never paid.

                : Did Mr. Nafarious buy your nonperforming paper (defaulted note) from the lender? Was this like a second or third mortgage?



                Answer: No. This is the sick part. He got a US bankrutpcy Trustee to reopen a bankruptcy belonging to the person that owned the note. The bankruptcy person had long since died. Even though I was jumping up and down scream foul, fraud, and crime, the bankruptcy court said to take it up in state court. They had an asset and a willing buyer, so they sold it to the guy that never paid it in the first place. Not only that, there was no originals. Just copies Mr. Nafarious gave the trustee saying they were true copies. Also, I had a state court order giving me rights as beneficiary so I could uncloud the title to my property. BK court said they didn't care that a state court order was in place or that the DOT had already been reconveyed.



                : How was the note, "a note he owed?" Unless he is on title he cannot encumber your property with a voluntary lien. I don't understand how a note he owed is secured by your property.

                Answer: See above. Mr. Nafarious (a stranger to me) walked into the county recorder's office and filed a grant deed with forged signatures, no notary, only a witness signature requiered at time.



                : Why do you say the note was "non enforceable" (and what state are you in)?

                Answer: California. I went into superior court and got an order making me the beneficiary so that I could remove deed from my title. I already sued Mr. Nafarious, and he admitted the Grant Deed to my home was "not valid." That in and of itself made the DOT invalid because it attached to the Grant Deed.



                : What position was this note in? And what position was the lender who paid the $45K? (Who had seniority over the other?)

                Answer: The fraudulent Deed of Trust would have been in first place.



                : You say, "I reconveyed it...." Who did the reconveying, you or the trustee on the Trust Deed? based on what?

                Answer: I reconveyed it after receiving a court order allowing me to as the new beneficiary.





                : (1)

                • Posted by Keith(CA) on September 04, 2004 at 10:18:28:

                  In Reply to: Re: Too Little Detail to Know Posted by Janie on September 03, 2004 at 23:37:00:

                  I recall first reading a story much like this when I was doing research looking for an attorney abour four months ago. This attorney I found came very highly recommended from two very reputable sources, but I kept digging and found where he'd represented a couple of very foxy con artists. He appeared to be somewhat of a string of the ocean himself. Now, in reading about your situation, I'm sure there's absolutely nothing that I could do to help, but if my assessment was accurate I'd like to hear *email* from you all the same.

                  : (0)

      • Posted by Jim V on August 27, 2004 at 22:31:31:

        In Reply to: Re: After the foreclosure-California Posted by Keith(CA) on August 27, 2004 at 21:08:12:

        Keith,

        You provided a good answer to the question. Thanks for participating. If you have a chance, could you e-mail me "off-board". I promise I won't burden you with new investor type questions. :)

        Thanks,

        Jim V

        : (0)

  • Posted by maggie brown on August 26, 2004 at 00:22:25:

    I carried a note on my property which was sold 20 yrs ago. Payments were made monthly for 220,22 until recently. Amount owed is 2,000.00 on a 23,000.00 note. Buyers of my property have stopped paying coz amt. is so low I cant afford to foreclose with all the high fees. I live in Missouri. I need help to get rid of these leaches! Thank you.

    : (1)

    • Posted by Bill H on August 26, 2004 at 08:36:43:

      In Reply to: I need to foreclose on my rental property Posted by maggie brown on August 26, 2004 at 00:22:25:

      : I carried a note on my property which was sold 20 yrs ago. Payments were made monthly for 220,22 until recently. Amount owed is 2,000.00 on a 23,000.00 note. Buyers of my property have stopped paying coz amt. is so low I cant afford to foreclose with all the high fees. I live in Missouri. I need help to get rid of these leaches! Thank you.



      : (0)

  • Posted by Neka on August 25, 2004 at 20:41:47:

    I live in Georgia. I have a 1st mortgage with a 2nd lien on it, but I need to move out of my home. I owe too much over the value to sell it ($20,000 over) but I can not keep it. I am looking for a way to get out of this house and into another home without having to pay for the 1st home. If I let the home forclose, will I be responsible for the differance after the bank pays their part? Will this stop me from buying another home during this foreclosure proceeding? I recently filed Ch 7 so I know I can not file again, but it has been at least 2 years after my discharge; can I include this house into my old Ch 7 filing? What is the best way for me to get out of this house into another without having the state try to garnish my paycheck? Help ASAP need to go now.

    : (6)

    • Posted by Ken Davis on August 26, 2004 at 13:18:52:

      In Reply to: Help!! How toget rid of 1st & 2nd mortgage Posted by Neka on August 25, 2004 at 20:41:47:

      Mortgage Debt Elimination is possible.

      You can learn how to discharge your own mortgage. Home Mortgages can be discharged by a discovery in the Uniform Commercial Code process. Using the UCC process is a highly confidential administrative procedure that has thus far been 100% effective. Over 400 mortgages have been discharged.

      DISCOVER THE MOST IMPORTANT FINANCIAL LESSON OF YOUR LIFE! Now you are about to discover the reality suggested by the movie, The Matrix. It is a lot closer to reality than you could imagine.

      Using the UCC process is a non-confrontational way to insure there's no litigation. The bank gets everything you agreed to give them. Honor is an important part of our process. You will honor your agreements and expect the bank to do the same.

      You can learn how to get your UCC-1 exemption and tap into your Treasury account and issue debt instruments called Federal Reserve Notes and other Bills of Exchange to discharge your Mortgage Debt. You can only get credits to set off your debts in a non-cash transaction. You can learn how you do that by filing a UCC-1 Financial Statement, your claim on your investment, your inheritance, the profits the government made by selling rights to your life and your property.

      Fractional reserve banking has made some people rich beyond imagination. Our Founding Fathers warned about the danger of the bankers and their devious methods. You can discover what they meant and learn how to take back your power that millions of our ancestors have surrendered over the centuries. And you will be the beneficiary of that re-discovered information.

      Kenneth M. DeLashmutt

      : (4)

      • Posted by suzanne ledgister on January 03, 2005 at 12:45:11:

        In Reply to: You can discharge your mortgage. It takes some education Posted by Ken Davis on August 26, 2004 at 13:18:52:

        : Mortgage Debt Elimination is possible.

        : You can learn how to discharge your own mortgage.: : Home Mortgages can be discharged by a discovery in the Uniform Commercial Code process. Using the UCC process is a highly confidential administrative procedure that has thus far been 100% effective. Over 400 mortgages have been discharged.

        : DISCOVER THE MOST IMPORTANT FINANCIAL LESSON OF YOUR LIFE! Now you are about to discover the reality suggested by the movie, The Matrix. It is a lot closer to reality than you could imagine.

        : Using the UCC process is a non-confrontational way to insure there's no litigation. The bank gets everything you agreed to give them. Honor is an important part of our process. You will honor your agreements and expect the bank to do the same.

        : You can learn how to get your UCC-1 exemption and tap into your Treasury account and issue debt instruments called Federal Reserve Notes and other Bills of Exchange to discharge your Mortgage Debt. You can only get credits to set off your debts in a non-cash transaction. You can learn how you do that by filing a UCC-1 Financial Statement, your claim on your investment, your inheritance, the profits the government made by selling rights to your life and your property.

        : Fractional reserve banking has made some people rich beyond imagination. Our Founding Fathers warned about the danger of the bankers and their devious methods. You can discover what they meant and learn how to take back your power that millions of our ancestors have surrendered over the centuries. And you will be the beneficiary of that re-discovered information.

        : Kenneth M. DeLashmutt



        : (0)

      • Posted by Chris Phillips on January 02, 2005 at 14:28:04:

        In Reply to: You can discharge your mortgage. It takes some education Posted by Ken Davis on August 26, 2004 at 13:18:52:

        I would be very interesed in learning the correct process for eliminating mortgage debt. would you please outline in detail on how to do it? Thank you.

        Mortgage Debt Elimination is possible.

        : You can learn how to discharge your own mortgage.: : Home Mortgages can be discharged by a discovery in the Uniform Commercial Code process. Using the UCC process is a highly confidential administrative procedure that has thus far been 100% effective. Over 400 mortgages have been discharged.

        : DISCOVER THE MOST IMPORTANT FINANCIAL LESSON OF YOUR LIFE! Now you are about to discover the reality suggested by the movie, The Matrix. It is a lot closer to reality than you could imagine.

        : Using the UCC process is a non-confrontational way to insure there's no litigation. The bank gets everything you agreed to give them. Honor is an important part of our process. You will honor your agreements and expect the bank to do the same.

        : You can learn how to get your UCC-1 exemption and tap into your Treasury account and issue debt instruments called Federal Reserve Notes and other Bills of Exchange to discharge your Mortgage Debt. You can only get credits to set off your debts in a non-cash transaction. You can learn how you do that by filing a UCC-1 Financial Statement, your claim on your investment, your inheritance, the profits the government made by selling rights to your life and your property.

        : Fractional reserve banking has made some people rich beyond imagination. Our Founding Fathers warned about the danger of the bankers and their devious methods. You can discover what they meant and learn how to take back your power that millions of our ancestors have surrendered over the centuries. And you will be the beneficiary of that re-discovered information.

        : Kenneth M. DeLashmutt



        : (0)

      • Posted by VINCENT T. WITHERS on September 26, 2004 at 20:54:47:

        In Reply to: You can discharge your mortgage. It takes some education Posted by Ken Davis on August 26, 2004 at 13:18:52:

        : Mortgage Debt Elimination is possible.

        : You can learn how to discharge your own mortgage.: : Home Mortgages can be discharged by a discovery in the Uniform Commercial Code process. Using the UCC process is a highly confidential administrative procedure that has thus far been 100% effective. Over 400 mortgages have been discharged.

        : DISCOVER THE MOST IMPORTANT FINANCIAL LESSON OF YOUR LIFE! Now you are about to discover the reality suggested by the movie, The Matrix. It is a lot closer to reality than you could imagine.

        : Using the UCC process is a non-confrontational way to insure there's no litigation. The bank gets everything you agreed to give them. Honor is an important part of our process. You will honor your agreements and expect the bank to do the same.

        : You can learn how to get your UCC-1 exemption and tap into your Treasury account and issue debt instruments called Federal Reserve Notes and other Bills of Exchange to discharge your Mortgage Debt. You can only get credits to set off your debts in a non-cash transaction. You can learn how you do that by filing a UCC-1 Financial Statement, your claim on your investment, your inheritance, the profits the government made by selling rights to your life and your property.

        : Fractional reserve banking has made some people rich beyond imagination. Our Founding Fathers warned about the danger of the bankers and their devious methods. You can discover what they meant and learn how to take back your power that millions of our ancestors have surrendered over the centuries. And you will be the beneficiary of that re-discovered information.

        : Kenneth M. DeLashmutt



        : (0)

  • Posted by Michele Robbins, CPA on August 25, 2004 at 19:35:56:

    Creative strategy for title seasoning problems.

    Trying to flip a property can turn ugly when your end buyer cannot get financing because their lending institution requires title seasoning. Your options are to 1) find another lender; 2) find another buyer, 3) try to assign your Contract for your profit; or 4) find a creative strategy to get your deal closed. This article is about the last option  using creative financing to overcome traditional lending institutional guideline problems including, but not limited to the title seasoning issues.

    Everyone has probably heard about the strategy of creating a seller financed note to structure a deal and then selling the note at the closing table to a note investor to fund the deal. If you have not heard of this strategy, read up on it! It is a great tool to have in your back pocket when traditional financing is not possible  or not desired  for one reason or another. You can read about this on any note investor discussion board or on our website at http://www.notefunding.com under Creative Strategy to Buy/Sell Property. Assuming you are already aware of this strategy& you should also know that this is a great tool to use when FLIPPING a property  If  and only if - you have enough profit in the deal to cover the note discount. More about that later.

    When I use the term flipping, I am referring to simultaneously buying a property at a discount (i.e., pre-foreclosure, distressed seller, etc.) and then selling it at its true fair market value to an end buyer. In this article I am not talking about rehabbing properties. The same seller financing strategy can work (more easily, actually) with rehabbed properties, but for this discussion I am referring to strait FLIPS.

    This example deal is set up as follows: Assume you can purchase a property for $70,000 because the seller is 2 months behind and knows he will go into foreclosure if he doesnt act quickly. You then set up a Buyer to purchase the property from you for its true market value of $100,000. This end buyer can put down 5% in cash at closing and has reasonable credit (600+). You can either purchase the property outright and do a 2nd closing later  or set it up as a simultaneous closing and transfer the title twice at closing. Either way, your end buyers bank may not fund your deal because of this flip. If that happens, you can structure your deal as Seller Financed- even if there are underlying mortgages! Your title company / closing agent or note buyer will prepare the note and mortgage for you for the closing. The note buyer on this deal might want an additional 5% 2nd position note to be held by the seller. That would leave a 90% first lien. The interest rate might be between 8 and 9% depending upon the Buyers credit. The note buyer should buy the note for between 85% and 90% of the MORTGAGE balance ($90,000 x .87 = 78,300, for example) depending upon the property and the situation. So the flipper (thats YOU) would have $78,300 from the note buyer PLUS $5,000 cash down payment from the Buyer  for a total cash amount of $83,300 PLUS the $5,000 2nd position lien. The underlying payoff of $70,000 would be made to the original seller at closing and the balance of $13,300 plus the $5,000 note is all yours. Not bad for a deal that you didnt spend a dime on! While the discount on this flip might seem a bit steep at first, keep in mind that the only alternative is to hold the note. The time value of money tells us that cash now is worth more than cash payments streaming in over time.

    Rehabbed properties and properties without title seasoning problems can also be set up this way. These properties are currently being set up at 95%LTV (Loan to Value)  EVEN INVESTMENT RESIDENTIAL PROPERIES! The discount on the note is usually about $6,000 -$7,000 if set up properly from the beginning. The buyer is really getting a deal here. Where can you buy investment property with 5% down?

    I hope you find this article informative and helpful. I hope it gets the creative juices flowing!

    Michele Robbins, CPA

    : (3)

    • Posted by Jim V on August 26, 2004 at 22:30:39:

      In Reply to: Discuss - Flipping and title seasoning problems Posted by Michele Robbins, CPA on August 25, 2004 at 19:35:56:

      Michelle,

      I have a question that is perhaps relevant. Property in question has an owner of record dating from about '86 or '87. There was an unrecorded grant deed transfer in mid-2002.

      So, in late 2004, do you see an issue if the previously unrecorded deed is recorded, and title subsequently transfers to a new buyer?

      The new Buyer will be coming in with about 25% down, and the title company insuring title(from the seller's side) will be OK with the short term transfer.

      Is this a seasoning issue, or is it moot due to the large down payment, and title being OK with the transfer?

      Your input is appreciated.

      : (2)

      • Posted by Michele Robbins, CPA on August 27, 2004 at 08:40:40:

        In Reply to: Re: Seasoning Issues Posted by Jim V on August 26, 2004 at 22:30:39:

        I'm not sure if you are asking me if this would be an 'issue' for a traditional bank - or if this would be an 'issue' for a note buyer.

        I honestly have no idea if a traditional bank would still consider this a 'flip'. I do know that as a note buyer it wouldn't really matter if the final sale were structured as owner financed as described in the article.

        It would 'make sense' to me that a traditional bank could easily see the date of the deed, note and mortgage, etc., and see that it is in fact, not a flip - however I have no idea of each individual bank's policy on that issue.

        Best wishes!

        Michele



        : (0)

  • Posted by Joe on August 25, 2004 at 17:13:16:

    I have tons of Los Angeles County pre-foreclosure leads. Information is obtained one day after recording. Data is only 1 day old. E-mail me for more info at QuickListings@yahoo.com

    : (1)

    • Posted by karen on August 26, 2004 at 20:32:51:

      In Reply to: Pre-Foreclosure leads Posted by Joe on August 25, 2004 at 17:13:16:

      : I have tons of Los Angeles County pre-foreclosure leads. Information is obtained one day after recording. Data is only 1 day old. E-mail me for more info at QuickListings@yahoo.com



      : (0)

  • Posted by kim on August 25, 2004 at 09:49:27:

    Just received summons court documents--Complaint on Note and to foreclose on real estate. I am in a catch 22 situation. History: Moved out of house in 1998 divorced husband -allowed him to keep house and all equity. Signed over quit claim deed but kept name on mortgagee because he could not refinance in his name only (stupid-I know) ....he paid fine on mortgage til last October...he got 4 months behind --I got his parent to bail him out.....and contacted the mortgage co so they would not foreclose...he then made 2 more payments more than 30 days last-destroying my credit so i hired attorney and sued him...forcing him to put the house up for sale...the home has been for sale since may 2 but has not sold-he has not made payment since march. Received papers from the court yesterday at my house. do i have any options?Note: I have no interest in the property other than a judgement against him that when he sold he would pay me 2200.00 for attorney's fees. Not sure what to do??? THis is the only thing negative on my credit??

    : (2)

    • Posted by Wayne on August 27, 2004 at 23:08:42:

      In Reply to: IN -Foreclosure Posted by kim on August 25, 2004 at 09:49:27:

      : Just received summons court documents--Complaint on Note and to foreclose on real estate. I am in a catch 22 situation. History: Moved out of house in 1998 divorced husband -allowed him to keep house and all equity. Signed over quit claim deed but kept name on mortgagee because he could not refinance in his name only (stupid-I know) ....he paid fine on mortgage til last October...he got 4 months behind --I got his parent to bail him out.....and contacted the mortgage co so they would not foreclose...he then made 2 more payments more than 30 days last-destroying my credit so i hired attorney and sued him...forcing him to put the house up for sale...the home has been for sale since may 2 but has not sold-he has not made payment since march. Received papers from the court yesterday at my house. do i have any options?Note: I have no interest in the property other than a judgement against him that when he sold he would pay me 2200.00 for attorney's fees. Not sure what to do??? THis is the only thing negative on my credit??

      Can you get him out of the house? I'm thinking then you could sell it or refi it out of foreclosure since you say your credit isn't bad.As a mortgage broker,I have recently been successful in getting some lenders to actually close on a foreclosure bailout. Your situation might fit these parameters. You could send me all the details and I will look it over for possibble refi or other exit strategy without obligation.Best of luck!(Beware of the Mortgage Elimination sharks out circling out there)

      : (0)

    • Posted by karen on August 26, 2004 at 20:34:45:

      In Reply to: IN -Foreclosure Posted by kim on August 25, 2004 at 09:49:27:

      where are you located





      : (0)

  • Posted by Rescue Funds, Inc. on August 24, 2004 at 17:09:37:

    Hello,

    ATTENTION People in foreclosure:I am an agent with an domestic humanitarian company that will pay off your mortgage with cash in 30 to 45 days. This is not a loan. There is no re-financing or bankruptcy, just plain cash to pay off your debt. You keep your home and gain title. There is no up-front fees. This company delivers first.

    Please email me asap before August 31st so that you can be in the first batch of homes paid off.



    : (4)

    • Posted by chris on August 25, 2004 at 21:56:38:

      In Reply to: ATTENTION: People in foreclosure Posted by Rescue Funds, Inc. on August 24, 2004 at 17:09:37:

      : Hello,

      : ATTENTION People in foreclosure:I am an agent with an domestic humanitarian company that will pay off your mortgage with cash in 30 to 45 days. This is not a loan. There is no re-financing or bankruptcy, just plain cash to pay off your debt. You keep your home and gain title. There is no up-front fees. This company delivers first.

      : Please email me asap before August 31st so that you can be in the first batch of homes paid off.

      o.k. i'm with the "either illegal or unethical" guy. there hasn't to my knowledge been something for nothing unless perhaps it's based on the ol' "sell your soul to satan" prospect. so if you're satan i'm not for sale nor, i suspect, is my wife so if indeed you wish to pay our house off then please e-mail me with the particulars

      : (0)

    • Posted by scott on August 24, 2004 at 18:24:07:

      In Reply to: ATTENTION: People in foreclosure Posted by Rescue Funds, Inc. on August 24, 2004 at 17:09:37:

      OKAY, who do I have to snuff out?I can't imagine the catch but for sure your plan is either: illegal or unethical. take your pick.: Hello,

      : ATTENTION People in foreclosure:I am an agent with an domestic humanitarian company that will pay off your mortgage with cash in 30 to 45 days. This is not a loan. There is no re-financing or bankruptcy, just plain cash to pay off your debt. You keep your home and gain title. There is no up-front fees. This company delivers first.

      : Please email me asap before August 31st so that you can be in the first batch of homes paid off.



      : (2)

      • Posted by Diana ballard on August 27, 2004 at 20:34:35:

        In Reply to: Re: ATTENTION: People in foreclosure Posted by scott on August 24, 2004 at 18:24:07:

        : OKAY, who do I have to snuff out?: I can't imagine the catch but for sure your plan is either: illegal or unethical. take your pick.: : Hello,

        : : ATTENTION People in foreclosure:I am an agent with an domestic humanitarian company that will pay off your mortgage with cash in 30 to 45 days. This is not a loan. There is no re-financing or bankruptcy, just plain cash to pay off your debt. You keep your home and gain title. There is no up-front fees. This company delivers first. Hi, My sister in law is in foreclosure and is supposed to come up with some money in 10 days. I don't know if I have the money to help and I'm not for sure she will be able to keep the house She need 8500.00 to keep the house Do you have any information to help This money she needs is supposed to be for attorney fee for the mortgage holder. Help : : Please email me asap before August 31st so that you can be in the first batch of homes paid off.



        : (0)

  • Posted by Gloria Holmes on August 24, 2004 at 14:35:12:

    There is help if you are going through foreclosure. I partner with an organization that can help you keep your home. We assume the debt, not the property. You turn over nothing to us. We are a humanitarian organization that is reaching out to help our fellow man. For those who seriously want help contact me and I will explain the program and direct you to our website. Thanks.

    : (4)

    • Posted by rosie on October 06, 2004 at 01:53:42:

      In Reply to: HELP WITH FORECLOSURES Posted by Gloria Holmes on August 24, 2004 at 14:35:12:

      : There is help if you are going through foreclosure. I partner with an organization that can help you keep your home. We assume the debt, not the property. You turn over nothing to us. We are a humanitarian organization that is reaching out to help our fellow man. For those who seriously want help contact me and I will explain the program and direct you to our website. Thanks.



      : (1)

      • Posted by Don't believe It Rosie! on November 16, 2004 at 18:14:27:

        In Reply to: please contact me Posted by rosie on October 06, 2004 at 01:53:42:

        Rosie, don't believe that anyone can help you but yourself, you need to contact and attorney asap, this one group that is trying to help you don't have the funding it is still pending, and yur home will be long gone before they anything will happen here. advise advise here!

        : : There is help if you are going through foreclosure. I partner with an organization that can help you keep your home. We assume the debt, not the property. You turn over nothing to us. We are a humanitarian organization that is reaching out to help our fellow man. For those who seriously want help contact me and I will explain the program and direct you to our website. Thanks.



        : (0)

    • Posted by mARGE dISBROW on August 25, 2004 at 12:10:08:

      In Reply to: HELP WITH FORECLOSURES Posted by Gloria Holmes on August 24, 2004 at 14:35:12:

      : There is help if you are going through foreclosure. I partner with an organization that can help you keep your home. We assume the debt, not the property. You turn over nothing to us. We are a humanitarian organization that is reaching out to help our fellow man. For those who seriously want help contact me and I will explain the program and direct you to our website. Thanks.

      My question is, if the property is foreclosed, do I still have to pay for it?

      : (1)

      • Posted by needhelpinwi on August 30, 2004 at 22:39:20:

        In Reply to: Re: HELP WITH FORECLOSURES Posted by mARGE dISBROW on August 25, 2004 at 12:10:08:

        Yes, please let me know how to contact you!! I need to talk to you. Thank you!!!!

        : (0)

  • Posted by dustin bell on August 23, 2004 at 23:11:47:

    the other day some one posted some info on the truth in lending act and mentioned that with writing a few letters you could have your mortage canceled

    : (3)

    • Posted by Irma on August 30, 2004 at 16:01:41:

      In Reply to: T.i.l.a georgia Posted by dustin bell on August 23, 2004 at 23:11:47:

      : the other day some one posted some info on the truth in lending act and mentioned that with writing a few letters you could have your mortage canceledEven if you found a violation and you could get out of owing the mortgage wouldn't have to also relinquish the property. How does this help someone who wants to keep their home?

      : (0)


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      (1)
      • Posted by Ken DeLashmutt on August 26, 2004 at 08:21:53:

        In Reply to: T.I.L.A. Posted by Ken DeLashmutt on August 24, 2004 at 06:47:08:

        Not knowing the specifics of your case.

        TILA violations are in every mortgage signed after Mid September 1995.

        It doesn't matter what state you're in.

        Sincerely,

        Kenneth M. DeLashmutt email: educationcenert2000@cox.net



        : (0)

  • Posted by rian on August 23, 2004 at 15:53:12:

    I am looking to start investing in real estate; in particular I am looking at forclosure homes. However, I am getting my MBA and will not be completed until November. Then, I will have so much more time on my hands.

    Question....I believe I should wait until January or so to buy and then be ready to resell around March when the market picks up. Any suggestions about holding off for a few months while the market is typically soft during Nov., Dec, Jan, and Feb?

    My market is in North Carolina.

    Thanks,

    Rian

    : (0)

  • Posted by Candice on August 23, 2004 at 13:14:38:

    If I file bankruptcy (chapter 7) and lose my house. Will the bankruptcy and foreclosure show up on my credit report or just bankruptcy?

    : (4)

    • Posted by Janie on September 10, 2004 at 21:04:00:

      In Reply to: Bankruptcy vs foreclosure Posted by Candice on August 23, 2004 at 13:14:38:

      You do not have to lose your home just because you filed bankruptcy.

      You can keep your secured debts and discharge the unsecured.

      : (0)

    • Posted by Raymond Denton on August 26, 2004 at 07:20:46:

      In Reply to: Bankruptcy vs foreclosure Posted by Candice on August 23, 2004 at 13:14:38:

      The chapter 7 will be on your credit reports for 10 years and the foreclosure will exist for 7 years.



    : (1)

    • Posted by Emma Reany on November 26, 2004 at 08:37:24:

      In Reply to: Re: Bankruptcy vs foreclosure Posted by Raymond Denton on August 26, 2004 at 07:20:46:

      We purchased a business that is not holding its own 2 years ago. Invested very little of our own money. But my husband retired from his 32 year career and planned to run this business. It is not working. He is working full time there now, not getting any salary (not enough funds to pay himself) and is having trouble paying the bills. What happens to our life if we just let the bank foreclose and take back the business???

      : (0)

  • Posted by Reinstatement Services, Inc on August 24, 2004 at 12:10:22:

    In Reply to: Bankruptcy vs foreclosure Posted by Candice on August 23, 2004 at 13:14:38:

    both a bankruptcy [should already be showing] and foreclosure status but only if your rights to the property are severed through a foreclosure action.

  • The answer for your home.

    : (0)

  • Posted by mark on August 23, 2004 at 12:24:37:

    Our 2nd Mortage company foreclosed on our property today,and was granted the foreclosure. We had declared bankruptcy in 1999,and under those terms we will not be liable for any money due the first or 2nd Mortage,basically walking away scott free from the home.

    However the kicker is we still want the home,is it possible to get fianancing from someone to pay the 2nd mortage off after they pay the first moratage off?

    The home is worth less than both Mortages together,but if I could get it back by just having pay the one loan amount it would be worth it.

    Any Ideas,suggestions,or comments greatly wanted.

    Thanks

    : (10)

    • (9)
      • (8)
        • Posted by Ken DeLashmutt on August 24, 2004 at 19:05:31:

          In Reply to: Re: You may find T.I.L.A. violations in your Closing Docs Posted by mark on August 24, 2004 at 18:32:50:

          Dear Mark:You need to clear up a few questions for me.

          Did you miss paying the bankruptcy trustee?

          What date was the mortgage signed?

          What do you mean "The Judge says I dont owe anything for the first or second mortgage"

          Ken



          : (7)

          • Posted by mark on August 24, 2004 at 19:36:31:

            In Reply to: Did you miss payments under Bankruptcy Protection? Posted by Ken DeLashmutt on August 24, 2004 at 19:05:31:

            : Dear Mark:: You need to clear up a few questions for me.

            : Did you miss paying the bankruptcy trustee?

            : What date was the mortgage signed?

            : What do you mean "The Judge says I dont owe anything for the first or second mortgage"

            : Ken

            :

            We filed for Bankruptcy in April of 97,at that time both of our mortgage payments were current. The bankruptcy lawyer put something in the Bankruptcy to let us keep the house then,but if down the road it was taken away we would not be liable for it.

            After the bankruptcy went thru the 2nd mortgage company lowered our payments for 6 months,my wife and I thought it was a permanent reduction and paid the same amount for 2 1/2 years before the 2nd mortgage company contacted us and told us foreclosure proceedings were starting,we were floored and wanted to know why they waited that long to let us know there was a problem.They claim it was because of the bankruptcy?

            That was in November 2001 and we have been going back nad forth till Monday when the judge granted the foreclosure. Since we had the bankruptcy report he said we were not liable for anything in form of 1st or 2nd motgage. The 2nd mortgage company would pay the first off and then sell the home. He told us we could pay the amount due to the 2nd company before 45 days,or try to buy it back when it went up for sale at the courthouse.

            I also called the first Mortgage company after the foreclosure was granted this past monday 8/23 to let them know what happened,and they said the 2nd mortage company has never even contacted them about the foreclosure proceeding,he knew nothing of it yet.Said that is not the way it should have been handled, and is supposed to get back with us as soon as he finds out something?The first Mortgage was signed in March of 93

            The second in November of 99.

            Sorry I really dont know who or what the bankruptcy trustee is? We did not miss any payments,we just sent the wrong amount in every mouth,there were no payment books involved and the company was out of North Carolina.

            I am not much on this stuff,thanks for your help

            : (6)

            • Posted by Mark on August 24, 2004 at 19:40:04:

              In Reply to: Re: Did you miss payments under Bankruptcy Protection? Posted by mark on August 24, 2004 at 19:36:31:

              : : Dear Mark:: : You need to clear up a few questions for me.

              : : Did you miss paying the bankruptcy trustee?

              : : What date was the mortgage signed?

              : : What do you mean "The Judge says I dont owe anything for the first or second mortgage"

              : : Ken

              : :

              : We filed for Bankruptcy in April of 97,at that time both of our mortgage payments were current. The bankruptcy lawyer put something in the Bankruptcy to let us keep the house then,but if down the road it was taken away we would not be liable for it.

              : After the bankruptcy went thru the 2nd mortgage company lowered our payments for 6 months,my wife and I thought it was a permanent reduction and paid the same amount for 2 1/2 years before the 2nd mortgage company contacted us and told us foreclosure proceedings were starting,we were floored and wanted to know why they waited that long to let us know there was a problem.They claim it was because of the bankruptcy?

              : That was in November 2001 and we have been going back nad forth till Monday when the judge granted the foreclosure. Since we had the bankruptcy report he said we were not liable for anything in form of 1st or 2nd motgage. The 2nd mortgage company would pay the first off and then sell the home. He told us we could pay the amount due to the 2nd company before 45 days,or try to buy it back when it went up for sale at the courthouse.

              : I also called the first Mortgage company after the foreclosure was granted this past monday 8/23 to let them know what happened,and they said the 2nd mortage company has never even contacted them about the foreclosure proceeding,he knew nothing of it yet.: Said that is not the way it should have been handled, and is supposed to get back with us as soon as he finds out something?: The first Mortgage was signed in March of 93

              : The second in November of 99.

              : Sorry I really dont know who or what the bankruptcy trustee is? We did not miss any payments,we just sent the wrong amount in every mouth,there were no payment books involved and the company was out of North Carolina.

              : I am not much on this stuff,thanks for your help

              Sorry Ken I reveresed the dayes the bankruptcy was 99 and the second Mortgage was 97

              : (5)

              • Posted by Ken DeLashmutt on August 24, 2004 at 20:02:48:

                In Reply to: Re: Did you miss payments under Bankruptcy Protection? Posted by Mark on August 24, 2004 at 19:40:04:

                Thank You for the information.

                What is your City State and Zip

                : (4)

                • Posted by mark on August 24, 2004 at 20:46:00:

                  In Reply to: Re: Did you miss payments under Bankruptcy Protection? Posted by Ken DeLashmutt on August 24, 2004 at 20:02:48:

                  : Thank You for the information.

                  : What is your City State and Zip

                  Crestview Florida 32539



                  : (3)

                  • Posted by Ken DeLashmutt on August 25, 2004 at 05:13:52:

                    In Reply to: Re: Did you miss payments under Bankruptcy Protection? Posted by mark on August 24, 2004 at 20:46:00:

                    I will discuss this with the paralegal group and determine the next course of action.

                    Ken

                    : (2)

                    • Posted by Mark on August 25, 2004 at 06:07:17:

                      In Reply to: Meeting with paralegals for determination Posted by Ken DeLashmutt on August 25, 2004 at 05:13:52:

                      : I will discuss this with the paralegal group and determine the next course of action.

                      : Ken

                      Thanks Ken,I really appreciatte it.

                      : (1)

                      • Posted by Ken DeLashmutt on August 25, 2004 at 15:14:11:

                        In Reply to: Re: Meeting with paralegals for determination Posted by Mark on August 25, 2004 at 06:07:17:

                        Please send contact infromation

                        to: educationcenter2000@cox.net

                        : (0)

  • Posted by Sandy on August 23, 2004 at 05:15:05:

    How does an heir obtain the rights to foreclose on a Deed of Trust if nothing is mentioned in the will or any other paper work?Thanks

    : (2)

    • Posted by Janie on September 24, 2004 at 14:44:15:

      In Reply to: Foreclosure Posted by Sandy on August 23, 2004 at 05:15:05:

      Check your state's probate laws. Consult with an attorney.

      Typically, the item must be probated with the rest of the estate as an undisclosed asset.

      If a party feels they have superior rights, they could look at the legal requirement for filing an Avidavit for Successor in Interest.

      Once the court signs the order, making the heir the rightful successor in interest, then its filed with the county recorder. Then that person has a legal right to foreclose.

      Have you verified the DOT is enforcable? Do you have the original? Do you have the original Note?

      : How does an heir obtain the rights to foreclose on a Deed of Trust if nothing is mentioned in the will or any other paper work?: Thanks



      : (1)

      • Posted by Telson O on October 16, 2004 at 14:37:36:

        In Reply to: Re: Foreclosure Posted by Janie on September 24, 2004 at 14:44:15:

        WE ARE FORECLOSURE SPECIALISTS IN NYC.PLEASE EMAIL ALL YOUR QUESTIONS TO FORECLOSURE_NY@HOTMAIL.COM.OR WRITE TO THE FORCLOSURE CENTER OF NEW YORK.

        : (0)

  • Posted by paul monte on August 21, 2004 at 18:08:11:

    I live in bergen county nj,I own two houses #1where I lived and current with mortgage, house#2 I'm renting it, and I'm due for 3 months now.I was serve with a summons on house #2,by someone who's pretending to be a police.the papers said I must file an answer within 35days of the summons, 35days had passed,they charging me with a first count of defaulting on the mortgage.I been trying to talk to the attornies to paid of the past due and avoid foreclosure,to buy sometime to make a final decision on which way to run,but attornies who are filling the paper against me, did not return.My credit is screw up to get me into anything new, have no equity because of 2mortgage on #1.I'm undecided on what to do because of lack of information. I know my last hope will be either bankrupsy or foreclosure.

    ?#1-how much time do I have from the date they serve me the summons, or before they evicted me from the house,I have alot of valuvales things inside the house which wouldn't want to loose.

    ?#2- How does it work do they come without telling you when, and evicted you from the house and locked it.

    ?#3- would house #1 be affected because of house#2 if I go for forclosure on #2.

    ?#3- wouldn'd it be better to search for a local lawyer to represent you instead of someone just over the phone.

    ?#4- can they foreclosed a home because of 2nd mortgage.

    PLEASE HELP!!!! THANX IN ADVANCE.

    : (5)

    • Posted by Kim on December 08, 2004 at 11:52:50:

      In Reply to: NJ had anyone here been in foreclosure? please help. Posted by paul monte on August 21, 2004 at 18:08:11:

      got a program that will help you pay off your mortgage email me today I'm also in foreclosure

      : (0)

    • Posted by KLAng on September 16, 2004 at 13:00:27:

      In Reply to: NJ had anyone here been in foreclosure? please help. Posted by paul monte on August 21, 2004 at 18:08:11:

      I have a close friend you may be able to help you avoid foreclosure as well as own your home(s) free and clear through Humanitarian aid/grants. You can contact him by visiting his website at http://www.bountifulrdh.com/contact.html

      Hope this helps you and your family!

      : I live in bergen county nj,I own two houses #1where I lived and current with mortgage, house#2 I'm renting it, and I'm due for 3 months now.I was serve with a summons on house #2,by someone who's pretending to be a police.the papers said I must file an answer within 35days of the summons, 35days had passed,they charging me with a first count of defaulting on the mortgage.I been trying to talk to the attornies to paid of the past due and avoid foreclosure,to buy sometime to make a final decision on which way to run,but attornies who are filling the paper against me, did not return.My credit is screw up to get me into anything new, have no equity because of 2mortgage on #1.I'm undecided on what to do because of lack of information. I know my last hope will be either bankrupsy or foreclosure.

      : ?#1-how much time do I have from the date they serve me the summons, or before they evicted me from the house,I have alot of valuvales things inside the house which wouldn't want to loose.

      : ?#2- How does it work do they come without telling you when, and evicted you from the house and locked it.

      : ?#3- would house #1 be affected because of house#2 if I go for forclosure on #2.

      : ?#3- wouldn'd it be better to search for a local lawyer to represent you instead of someone just over the phone.

      : ?#4- can they foreclosed a home because of 2nd mortgage.

      : PLEASE HELP!!!! THANX IN ADVANCE.



      : (0)

    • Posted by NJDave on August 22, 2004 at 07:21:25:

      In Reply to: NJ had anyone here been in foreclosure? please help. Posted by paul monte on August 21, 2004 at 18:08:11:

      The foreclosure process in New Jersey, from default to Sheriff's Sale can take a year or more... since NJ is a judicial mortgage foreclosure state, you'll have ample notice.

      If the underlying financial problem has been resolved and you are able to make the scheduled payments, you should seek a non foreclosure alternative plan from your lender.... If they are unwilling or if their recommended plan is unaffordable... you might consider seeking the advice of a Chapter 13 Bankruptcy attorney. If you simply cannot afford the property(s) try to sell them before your credit experiences further damage.

      : (0)

    • Posted by Darryl Sandoval on August 21, 2004 at 21:02:00:

      In Reply to: NJ had anyone here been in foreclosure? please help. Posted by paul monte on August 21, 2004 at 18:08:11:

      Call Loss Mitigation Dept & set up a payment plan.

      If that doesn't work try setting up a short sale.



      DSwww.ezreinvesting.com







      : (0)

  • Posted by Rick on August 19, 2004 at 15:17:22:

    My friend and I wanted to get into the real estate house fix up business. So we found an investor who sold us a house and arranged for financing for us with a hard money loan through a private lender. We found out AFTER we bought the house that the city had slapped code violations on the house before we bought it and we we're being fined every day until the house is brought upto code.

    There was no way we could fix up the house with the money we had in an escrow account through the lender because the house needs a licensed contractor to do all the work. And that costs a lot of money. We just didn't have the extra money and we got in way over our heads.

    Now it's six months later and we've been paying the high mortgage payments, not knowing what to do. Now the city is about to tear the house down, and if that happens we're screwed. We've talked to city officials about it, but they've about had it with us because this has been going on for so long. We didn't want to tell them that we didn't have the money to fix it up because then they would tear it down for sure. But now it's crunch time and I feel it is only a matter of days before the house gets torn down.

    My question is: Could we file a law suit against the investor that sold us the house for not disclosing that the city had placed leins and fines on the house? We never would have bought the house if we knew that, thus she withheld a fact that seriously affected the house's marketablilty. We feel as if we were taken advantage of due to our inexperience (investor may have had good intentions, but it still doesn't make it right). And now we are about to be ruined financially because of it. If the house gets torn down, we have no option but to let it foreclose and probably file for bankruptcy. I had really good credit before this house and now it's about to be ruined. It's not fair. We decided to take a risk to better our situations and now look at us, on the verge of bankrupcty. We're looking at all our options and we just would like to know if a lawsuit against the investor is a possiblity. Any advice you could give would be greatlty appreciated. House is located in Clearwater, FL.

    : (1)

    • Posted by Nick(Colorado) on August 19, 2004 at 18:01:20:

      In Reply to: Legal Issue Posted by Rick on August 19, 2004 at 15:17:22:

      Rick:

      So no one did a title search... Not you, not the hard money lender. You need to talk with people that are upon Florida statue. But a good place to start would beto take a close look at the purchase contract. If therewas not contract, just a QC, then that would indicatethat the property was pretty much as-is were-is. The only exception that I can think of would be that if the property was red-tagged, and the tag was removed by theprevious owner. Then that would be fraud. Also it soundslike the hard money lender is the one who will take thefall, not you. The lender is going to end up (postforeclosure) with a very pricy lot.



      : (0)

  • Posted by Debra on August 19, 2004 at 14:32:09:

    Thanks for taking the time to read my thread. I own my own home, vehicle and so on. All that I own is in my name only. My question is this...I am contemplating marriage to a person who is going through a foreclosure. If we marry..and he continues ignoring his foreclosure what could this mean to my credit? Can any of my property be jeopardized? He is NOT on any of my notes, whatsoever?

    : (4)

    • Posted by Janie on September 04, 2004 at 23:48:56:

      In Reply to: boyfriend facing foreclosure Posted by Debra on August 19, 2004 at 14:32:09:

      First, the foreclosure is the first red flag that you are ignoring. Why are you marring a person in financial crisis, who is ignoring it.

      The greatest indicator of how a person will behave or handle a situation is past behavior. Your fiancee is showing you how he will handle situations in your marriage.





      : Thanks for taking the time to read my thread. I own my own home, vehicle and so on. All that I own is in my name only. My question is this...I am contemplating marriage to a person who is going through a foreclosure. If we marry..and he continues ignoring his foreclosure what could this mean to my credit? Can any of my property be jeopardized? He is NOT on any of my notes, whatsoever?



    : (0)

  • Posted by Raymond on August 26, 2004 at 07:33:18:

    In Reply to: boyfriend facing foreclosure Posted by Debra on August 19, 2004 at 14:32:09:

    Your personal credit won't be affected but the foreclosure will impact you if you purchase a home with him in the future. In order to use both of your incomes to qualify to buy a home, both of you must be on the loan application. Your credit reports will be pulled and his will be dinged because of the foreclosure. Lender's hate foreclosures and it stays on the credit report for 7 years.

    Why is he ignoring the situation? Why doesn't he sell the house to an investor or refinance it? Ignoring it is the wrong thing to do.



  • : (0)

  • Posted by Gloria Holmes on August 24, 2004 at 14:04:22:

    In Reply to: boyfriend facing foreclosure Posted by Debra on August 19, 2004 at 14:32:09:

    : I wish I could have spoken with your boyfriend before. I am with a humanitaran company that helps people in foreclosure. They take over the debt and the people keep their homes. It does not leave a mark on their credit. Is it too late for hime to save his property?

    : (0)

  • Posted by Darryl Sandoval on August 21, 2004 at 21:03:06:

    In Reply to: boyfriend facing foreclosure Posted by Debra on August 19, 2004 at 14:32:09:

    As long tah tyour name is not on the mortgage, your credit will not be affected.



    DSwww.ezreinvesting.com



    : (0)

  • Posted by Mike (MS) on August 19, 2004 at 11:31:26:

    Got in over my head. House in IN, now live in MS. I don't understand foreclosures fully. What are my options?

    What happens if I just stop making payments?

    Should I call the lender and ask for a voluntary foreclosure?

    I am assuming foreclosure means that I would no longer have any right to the house/property and would no longer make any payemnts/taxes/etc on the property. Is this a correct assumption?

    Any help/advice would be appreciated.

    : (2)

    • Posted by Ken DeLashmutt on August 21, 2004 at 06:13:10:

      In Reply to: help on property in another state (IN) Posted by Mike (MS) on August 19, 2004 at 11:31:26:

      The Bank will Cancel Your Mortgage

      Here's how to use the Truth In Lending Act (T.I.L.A.) to cancel your Bank Mortgage.

      Here's an outline of the process.

      The Mortgage must be dated 1995 or later (that’s when the teeth were put into T.I.L.A.)

      (Each Mortgage is based on its own merits, you may have more steps)

      1. Submit Contract, Mortgage Papers to professionally trained auditors.

      2. Auditors review documents to find T.I.L.A. violations

      3. Paralegals write accusatory letter to Bank

      4. Client sends letter number one to their Bank

      5. Wait 30 days for Bank to respond

      6. Receive Bank's response

      7. Client sends response to Paralegals

      8. Paralegals write amendment to accusatory letter

      9. Client sends letter number two to the Bank

      10. Bank may be ready to come to the bargaining table

      11. Client needs to know what his demands are. The paralegal team will help client prepare them. Then send them to the Bank.

      12. The negotiation process continues until both parties come to an agreement.

      Regardless of your credit....regardless of your situation..... you can cancel your mortgage debt using T.I.L.A.

      You can find as many as 20 to 50 T.I.L.A. violations in every contract.

      The bank will want to settle with you because they know that every mortgage contract they make is loaded with T.I.L.A. Violations worth about $50,000 in fines!

      You can even collect these fines and discharge the mortgage and the bank is happy to do it!

      Cancel your mortgage…and keep your home!!



      : (1)

  • Posted by Joyce (Utah) on August 18, 2004 at 14:20:33:

    I guess I'm proof that private mortgage insurance is a good thing. I got behind 3 months due to a divorce and I wanted out of the house. They started foreclosure while I was trying to sell the house. So, I applied for a short sale. They have preapproved it, pending an offer, and the good thing is there really doesn't have to be much negotiation because my mortgage co. has told me what to set my price at. To me that means that's the price they'll take so that will drastically cut down on the time it takes to have the sale go through after an offer. The very good news for me is that because I had private mortg. ins. they will not be seeking a deficiency judgment, and they will not file a 1099. The PMI co. told me today that if the lender doesn't file a judgment, neither will they. So, I'm incredibly relieved, but NOW I NEED A BUYER. This house is a steal for any investor, and a great family home. It's in Stansbury Park Utah, a beautiful planned community west of Salt Lake City. It may seem far from the city, but a commute into downtown SLC during rush hour is only 40 min.! It was built in 97, is about 2000 sq ft. 5 bedrooms, (one in the Finished basement.) Fully landscaped, vinyl fence, water softener, etc. etc. All for only 171,000!!! If you are interested, I will put you in touch with my realtor. She has it on the MLS, and there's a tour online so you can see it for yourself.

    My main message, other than to let you know about this great house, is that there is hope. You just need to keep trying to work with the mortgage co. What really helped me was my hardship letter and proving to them that I am unable to make the payments, and the fact that I am trying to sell; I didn't just walk away.

    : (2)

    • Posted by scott lapierre on January 03, 2005 at 19:49:19:

      In Reply to: now I just need a buyer--short sale Posted by Joyce (Utah) on August 18, 2004 at 14:20:33:

      I can't help you with a buyer. But i too received a short sale from my bank in the state of Utah. I would love to share some problems with you and help educate you if it is not too late. Please email me.

      I sold a rental property in Ogden utah at a loss. The bank made a claim on my PMI. the bank was paid in full. But they still report negative credit. My big question is, in Utah, If you make a claim on your PMI (a policy you paid for), how can you be liable to the bank or the PMI company?

      I would love to here how your Short Sale is working out.

      : (0)

    • Posted by Keith(CA) on August 18, 2004 at 16:51:02:

      In Reply to: now I just need a buyer--short sale Posted by Joyce (Utah) on August 18, 2004 at 14:20:33:

      Joyce,

      Congratulations in your success striking a deal with your mortgage lender, and thanks for sharing your success story with us. It takes a lot of courage and wisdom to know when to throw in the towel on your home. You've shown both, and I can only sympathize with the fact that you have to move from your home, but I also wish you the all the best in putting the pieces back together as you move on from this point in your life.

      Maybe you should look up a local investing club or two and pass the info to the club owner. They might have a few members interested in your home if the price is right (you didn't say what the fair market value is).

      : (0)

  • Posted by DC on August 18, 2004 at 09:37:19:

    I AM LOOKING TO INVEST INTO SOME REAL-ESTATE I'VE BEEN READING MY PROGRAM PACKAGE I HAVE BOUGHT AND HAVE DONE A LOT OF RESEARCH I HAVE A PRETTY GOOD GRASP ON INVESTING IN PROPERTIES. WELL I WAS THINKING I WOULD LIKE TO DO MY FIRST FEW DEALS WITH SOMEONE EXPERIENCED IN THE FIELD!I HAVE FUNDS TO WORK WITH AND LOOKING FOR SOMEONE TO WORK WITH LOCALY IN MY AREA TO DEAL WITH FACE TO FACE IF ANYBODY INTRESTED PLEASE REPLY OR E-MAIL ME.THANK YOU DC

    : (3)

    • Posted by Keith(CA) on August 18, 2004 at 11:55:30:

      In Reply to: wanting to invest in property in pasco county florida Posted by DC on August 18, 2004 at 09:37:19:

      Using ALL CAPS is akin to shouting, so keep the caps-lock key off. Look for a real estate investing club in your area and join. You'll meet plenty of active investors in your area and you may find such a mentor at one of the meetings.

      : (2)

      • Posted by Keith on October 22, 2004 at 17:34:08:

        In Reply to: Don't shout and join a club Posted by Keith(CA) on August 18, 2004 at 11:55:30:

        Keith, I'm a Realtor here in Central Florida...not sure if you're looking to purchase property in Central Florida, but if you are, please do not hesitate to contact me @ rsmith@stirlingrealty.com.

        Thanks.



        : (0)

      • Posted by Keith on October 22, 2004 at 17:32:46:

        In Reply to: Don't shout and join a club Posted by Keith(CA) on August 18, 2004 at 11:55:30:

        : Using ALL CAPS is akin to shouting, so keep the caps-lock key off. Look for a real estate investing club in your area and join. You'll meet plenty of active investors in your area and you may find such a mentor at one of the meetings.



        : (0)

  • Posted by Sam on August 17, 2004 at 22:47:29:

    The owner has agreed to let me take over the mortgage payments (the loan is not assumable) after getting "Forbearance Agreement" from the Lender. Please advise how to do this without hurting myself and the homeowner and also without the knowledge of the Lender. Thanks.

    : (2)

    • Posted by Keith(CA) on August 18, 2004 at 11:53:05:

      In Reply to: Take over the mortgage payments Posted by Sam on August 17, 2004 at 22:47:29:

      Sam...without knowing your exit strategy and what state you are in it's tough to give advice. If you don't have an exit strategy you have no business buying the property. Since you don't know how to do "subject-to" investing, it probably wouldn't be wise to do this deal with that method. Learn the mechanics of the technique before trying to build the deals.

      : (0)

  • Posted by Scott - So.Cal. on August 17, 2004 at 22:07:32:

    When buying pre-foreclosure properties, everyone says to write offers "subject to" existing financing. Is this simply a statement you write on the purchase contract? or is there something else I need to complete?

    : (1)

    • Posted by Keith(CA) on August 18, 2004 at 11:47:40:

      In Reply to: Posted by Scott - So.Cal. on August 17, 2004 at 22:07:32:

      Use a California Equity Purchase Agreement (EPA) instead of a standard purchase contract. The EPA must have language that complies with California Civil Code 1695.3 (5-day right of rescission).

      In your EPA you will have language demanding clear title except for a itemized list of liens you are taking subject-to followed by a statement something like the following...

      "Buyer shall take title to the Property, subject to all said Encumbrances and amounts past due."

      With "said Encumbrances" referring to the itemized list preceeding the statement.

      : (0)

  • Posted by K.M. Ellis on August 17, 2004 at 17:35:11:

    In a forclosure sale in the state of California, can the servicing company (not the lender) withhold the excess funds from the borrower in the event the borrower elects to sue the servicing company for wrongful forclosure?

    : (7)

    • Posted by Darryl-CA on August 18, 2004 at 11:22:35:

      In Reply to: Excess Funds Due to Borrower from Forclosure Sale Posted by K.M. Ellis on August 17, 2004 at 17:35:11:

      : In a forclosure sale in the state of California, can the servicing company (not the lender) withhold the excess funds from the borrower in the event the borrower elects to sue the servicing company for wrongful forclosure?

      Yes, if the foreclosure was in fact wrong you would not be entitled to the funds.



      : (6)

      • Posted by SatHizFakShon on August 18, 2004 at 15:31:09:

        In Reply to: Re: Excess Funds Due to Borrower from Forclosure Sale Posted by Darryl-CA on August 18, 2004 at 11:22:35:

        "Yes, if the foreclosure was in fact wrong you would not be entitled to the funds"

        If the foreclosure was in fact wrong, and the remittance of funds not available as a result, does that not reverse the sale and put the borrower back in his pre-sale state position?

        : (5)

        • Posted by K.M. Ellis on September 30, 2004 at 04:32:49:

          In Reply to: Re: Excess Funds Due to Borrower from Forclosure Sale Posted by SatHizFakShon on August 18, 2004 at 15:31:09:

          Where can I find that code/law/statute tc that specifically states that the lender can withhold the funda if a lawsuit is pnding.Can you petition the court to funds?

          : (0)

        • Posted by Keith(CA) on August 18, 2004 at 16:57:38:

          In Reply to: Re: Excess Funds Due to Borrower from Forclosure Sale Posted by SatHizFakShon on August 18, 2004 at 15:31:09:

          I believe Darryl is correct, but if the house is resold by the auction winner to a bonafide (third party) purchaser the sale may not be overturned. In this case you would need to seek a money judgment against the trustee and/or the lender. I honestly don't know what happens to the overbid in this situation, but I suspect it could be claimed as part of a judgment award.

          : (1)

          • Posted by SatHizFakShon on August 18, 2004 at 20:12:47:

            In Reply to: Re: Excess Funds Due to Borrower from Forclosure Sale Posted by Keith(CA) on August 18, 2004 at 16:57:38:

            Thank you for prompt replies. Want to play? Here's the scenario, PART 1, set in California:

            Sally seller's home is scheduled to sell at auction on 8/30. She elects to sell house, upon receipt of NOD, but her escrow falls through on 8/29. She freaks out, but Paul Equity Purchaser comes in to save the day (she's know his Mom forever, such a fine boy!). She signs deed over to him (he needs it to talk to foreclosing trustee)but no contract is written or oral agreement entered into. The sale date comes and goes, no news and Paul's phone does a funny fax machine noise whenever Sally tries to call.

            After a few days, Paul arrives at Sally's and tells her, he bought the house and paid off her loan, and the junior loan as well.

            Sally is a little surprised but at least she didn't getting foreclosed on, loans are satisfied. Paul then says that he's going to fix up house and resell it and will allow her to rent through the holidays. First month is on him. He has her sign a rental agreement, says it's just a "formality". BTW, he adds, there won't be any $$$ to share with her after the remodel, sorry. No EPA is signed, and no copy of rental agreement is left.

            Within a couple weeks, along with her mortgage statement, Sally gets a lucid moment, and realizes Paul did not buy the house, nor pay off the loans. He brought the loan default current. And now he's evicting her. He filed a UD, default judgement entered while she was on vacation. His phone makes that funny noise, he never answers to try to talk about this.

            The sheriffs come and Sally's out, even though she filed a bankruptcy the day before eviction. Paul is a licensed broker. Sally is now insolvent, and wants revenge.

            What can Sally use as recourse in regards to: 1. escrow falling out 2. violations of 1695? remember there was no contract left with her3. being evicted as a tenant, she never intended to give away her home4. Paul proceeding with eviction in spite of a federal stay (you may want to take the BK 2002 Butler case in consideration)

            I'll keep the story going if anyone's interested in demonstrating how EPAs, foreclosure purchases, etc... are not textbook, cookie cutter or black and white. There are so many variables no one could teach in seminars, I thought I'd share some situations to ponder and solve. (Also I sprained my ankle and can't be up and about away from my PC, so I didn't want to ponder alone, lol!)

            : (0)

        • Posted by Darryl-CA on August 18, 2004 at 15:38:20:

          In Reply to: Re: Excess Funds Due to Borrower from Forclosure Sale Posted by SatHizFakShon on August 18, 2004 at 15:31:09:

          : "Yes, if the foreclosure was in fact wrong you would not be entitled to the funds"

          : If the foreclosure was in fact wrong, and the remittance of funds not available as a result, does that not reverse the sale and put the borrower back in his pre-sale state position?

          Yes, I believe you are correct.

          : (1)

          • Posted by sathizfakshon on August 18, 2004 at 15:43:09:

            In Reply to: Re: Excess Funds Due to Borrower from Forclosure Sale Posted by Darryl-CA on August 18, 2004 at 15:38:20:

            "Yes, I believe you are correct"

            Damn! Fastest reply I've ever gotten in the West! Lol!



            : (0)

  • Posted by Alan on August 17, 2004 at 13:34:46:

    I have a FHA mortgage through Cendant that just went into foreclosure proceedings. The lender told me that they would not preform a deed in lieu now. I have been trying to sell the house for 4 months. I recieved a letter from the attorney 8-14-04 and the sale is to take place on 9-7-04. Does the lender have the right to refuse a D.I.L. or not? Thanks for any info!!!

    : (7)

    • Posted by Mark-Chgo on August 28, 2004 at 22:31:15:

      In Reply to: Deed in Lieu Posted by Alan on August 17, 2004 at 13:34:46:

      Where are you located?



      : (0)

    • Posted by Darryl Sandoval on August 21, 2004 at 21:11:22:

      In Reply to: Deed in Lieu Posted by Alan on August 17, 2004 at 13:34:46:

      We can helpyou sell within 7 days!!

      DSwww.ezreinvesting.com



      : (0)

    • Posted by Bill H on August 17, 2004 at 17:24:48:

      In Reply to: Deed in Lieu Posted by Alan on August 17, 2004 at 13:34:46:

      : I have a FHA mortgage through Cendant that just went into foreclosure proceedings. The lender told me that they would not preform a deed in lieu now. I have been trying to sell the house for 4 months. I recieved a letter from the attorney 8-14-04 and the sale is to take place on 9-7-04. Does the lender have the right to refuse a D.I.L. or not? Thanks for any info!!!

      Simple answer is YES.

      The lender does not have to accept a deed-in-lieu and in your case with a FHA mortgage they probably will not. That mortgge is insured and if the lender accept less they lose. Therefore they will let it go to foreclosure. sell it back to FHA for full value owed and the taxpayers will eat the balance.

      Bill H



      : (0)

    • Posted by tom on August 17, 2004 at 16:36:14:

      In Reply to: Deed in Lieu Posted by Alan on August 17, 2004 at 13:34:46:

      : I have a FHA mortgage through Cendant that just went into foreclosure proceedings. The lender told me that they would not preform a deed in lieu now. I have been trying to sell the house for 4 months. I recieved a letter from the attorney 8-14-04 and the sale is to take place on 9-7-04. Does the lender have the right to refuse a D.I.L. or not? Thanks for any info!!!

      have you tried to pursue an equity purchase with an investor??

      : (0)

    • Posted by tom on August 17, 2004 at 16:34:58:

      In Reply to: Deed in Lieu Posted by Alan on August 17, 2004 at 13:34:46:

      : I have a FHA mortgage through Cendant that just went into foreclosure proceedings. The lender told me that they would not preform a deed in lieu now. I have been trying to sell the house for 4 months. I recieved a letter from the attorney 8-14-04 and the sale is to take place on 9-7-04. Does the lender have the right to refuse a D.I.L. or not? Thanks for any info!!!



      : (0)

    • Posted by Keith(CA) on August 17, 2004 at 15:01:22:

      In Reply to: Deed in Lieu Posted by Alan on August 17, 2004 at 13:34:46:

      HUD might be able to assist you with that or with other options. It couldn't hurt to give them a call, their weblink is below. You should also follow the Information for Homeowners link and read up on some of the other topics.

    • HUD - National Servicing Center


    : (0)

  • Posted by Bob H on August 17, 2004 at 14:12:02:

    In Reply to: Deed in Lieu Posted by Alan on August 17, 2004 at 13:34:46:

    The lender does not have to accept a DIL. Have you considered a short sale? It is a better alternative for you, and Cendant should be receptive provided your default was reasonably caused by circumstances beyond your immediate control.

    A heads up - if you plan to persue a short sale, you had better act very quickly and get the process started - with a sale date of 9/7/04 you won't get the sale postponed unless they have received and processed your application.

    Good Luck

    Bob H

    : (0)

  • Posted by Darryl-CA on August 16, 2004 at 22:54:12:

    Has any investor ever had a borrower transfer property into a Title Holding Trust (THT) without he/she or they (some or all parties to the transaction) triggering the Due on Sale Clause? It’s very simple to avoid detection by the lender of an act that triggers it, but how many of us can avoid triggering it altogether?

    Even though it is really a “Due on transfer of any interest in the borrower or collateral for the loan clause”, I believe it is possible to transfer the property and disclose the transfer to the lender and not trigger it.

    This is how it works.

    1. In consideration of the monies the borrower is about to receive from you the investor per the Equity Purchase Agreement, with your help have the borrower create and then irrevocably transfer the property into a (THT) whereby the borrower is the beneficiary and you the investor is the trustee.2. Have the borrower/beneficiary irrevocably grant you the investor/trustee without restriction, exclusive power and authority to convey, sell, dispose of, and receive the proceeds, tax write-offs, depreciation and avails thereof, to manage, control, repair, alter, mortgage, encumber, make, execute, acknowledge and deliver all deeds, releases, mortgages, leases, contracts, agreements, instruments, assignments, and other obligations whatsoever nature relating to the trust property, and generally to have full power of attorney to do all things and perform all acts necessary to make the instruments proper and legal.3. Have the borrower/beneficiary irrevocably waive his/her or their right or power to remove you the investor from your position as trustee as well as his/her or their right or power to appoint a co-trustee, protector trustee or successor trustee.4. Prepare then encumber the trust property with a junior trust deed in an amount equal to the current equity and anticipated appreciation, whereby you the trustee of the THT are the trustor, the pre-printed title company is the trustee and your THT are the beneficiary. I want to clarify that “your THT” means a second THT, which you created, appointed a trustee and are the beneficiary of.5. Have the borrower/beneficiary sign a waiver whereby he/she or they in consideration of monies he/she or they are about to receive irrevocably abandons any present and/or future right to occupy, rent or lease or cause another to occupy, rent, or lease the trust property.

    As you can see in my example, there was a transfer of property into an inter vivos trust (THT, living trust etc.) in which the borrower remained the beneficiary and which does not relate to a transfer of rights of occupancy in the property but rather an abandonment of those rights. Also you the beneficiary of the second THT which holds beneficial interest in the junior trust deed, has the power to foreclose if the borrower decides they want to re-take possession prior to you disposing of the property. All the while you the beneficiary of the second THT remain anonymous and never receives any ownership interest in the real property.

    It is my theory that these steps will provide the exemption offered by Section 1701j-3(d) 8 of the U.S Code.





    : (0)

  • Posted by KC on August 15, 2004 at 23:56:53:

    Ward,I received a letter from Wilshire giving me options of Forbearance Agreement, Pre-approved Sale, Discounted Payoff, or Deed in Lieu of Foreclosure by 8/18/04. I don't know what to do. I am behind $12,000 and I have monies coming to me any day that will bring this current. So should I try to get a Hard Money Loan to buy me more time or what?

    : (3)

    • Posted by Ken DeLashmutt on August 21, 2004 at 06:19:42:

      In Reply to: Help, In Trouble California Posted by KC on August 15, 2004 at 23:56:53:

      The Bank will Cancel Your Mortgage Using the Truth In Lending Act

      Here's how to use the Truth In Lending Act (T.I.L.A.) to cancel your Bank Mortgage.

      Here's an outline of the process.

      The Mortgage must be dated 1995 or later (that’s when the teeth were put into T.I.L.A.)

      (Each Mortgage is based on its own merits, you may have more steps)

      1. Submit Contract, Mortgage Papers to professionally trained auditors.

      2. Auditors review documents to find T.I.L.A. violations

      3. Paralegals write accusatory letter to Bank

      4. Client sends letter number one to their Bank

      5. Wait 30 days for Bank to respond

      6. Receive Bank's response

      7. Client sends response to Paralegals

      8. Paralegals write amendment to accusatory letter

      9. Client sends letter number two to the Bank

      10. Bank may be ready to come to the bargaining table

      11. Client needs to know what his demands are. The paralegal team will help client prepare them. Then send them to the Bank.

      12. The negotiation process continues until both parties come to an agreement.

      Regardless of your credit....regardless of your situation..... you can cancel your mortgage debt using T.I.L.A.

      You can find as many as 20 to 50 T.I.L.A. violations in every contract.

      The bank will want to settle with you because they know that every mortgage contract they make is loaded with T.I.L.A. Violations worth about $50,000 in fines!

      You can even collect these fines and discharge the mortgage and the bank is happy to do it!

      Cancel your mortgage…and keep your home!!

      For more information:

      Discover The Power of T.I.L.A.http://www.educationcenter2000.com/tila.pdf



      : (0)

    • Posted by Reinstatement Services, Inc. on August 16, 2004 at 09:33:18:

      In Reply to: Help, In Trouble California Posted by KC on August 15, 2004 at 23:56:53:

      whether your goal is to keep the property or to rid yourself of it.

      If your goal is to retain, the you would consider actions such as bringing the loan current or entering into a lender-sponsored forbearance agreement that is designed to move your loan towards reinstatement either by a loan modification or a repayment plan over a period of time.

      If you KNOW that you will receive expected money in short time then you can wait and bring the loan current keeping in mind that the numbers do not stay static but are subject to increase from day to day. Also, some states process foreclosures in as little as 6 weeks so the state the property is located in will have a bearing on which action best suits your immediate need.

      You should also be aware that any agreement entered into with your lender is binding so make certain that you accomplish your desired goal since the options you've outlined as being considered by your lender only include divesting you of your ownership rights to the property.

    • The Answer for your home.


    : (0)

  • Posted by Keith(CA) on August 16, 2004 at 08:54:58:

    In Reply to: Help, In Trouble California Posted by KC on August 15, 2004 at 23:56:53:

    : Ward,: I received a letter from Wilshire giving me options of Forbearance Agreement, Pre-approved Sale, Discounted Payoff, or Deed in Lieu of Foreclosure by 8/18/04. I don't know what to do. I am behind $12,000 and I have monies coming to me any day that will bring this current. So should I try to get a Hard Money Loan to buy me more time or what?

    I'm pretty new around here and don't know how often he checks in, but I know that this isn't Ward's board. I've posted his link at the bottom of this message.

    My opinion is to go for the forbearance agreement if you can live under the agreement. With a forbearance you will probably have to come up with a small lump sum (small in comparison to the $12K) with the balance deferred such that you can pay a little extra every month to work off the arrears.

    Deed-in-Lieu is probably the worst option because it looks, smells, and tastes just like a foreclosure on your credit history. A discounted payoff wouldn't be a bad way to go if you had the money...of course, if you had the money you wouldn't be in this situation. And a pre-approved sale means they get to veto any deal you strike with a potential buyer, but they may approve the buyer for a short sale wherein they accept less as full payment (especially if your present "as is" value is less than fair market value).

    The obvious question is where are these monies coming from and how sure are you that you'll get them? That "any day" bit has me skeptical. You won't find a hard money lender to lend in a subordinate position (ie- not first mortgage) unless they're in a VERY charatible mood and you have tremendous equity. You want what is known as a Bridge Loan; a loan that will bridge the short gap between your need today and your ability to pay tomorrow (so to speak).

    Good luck.

    : (0)

  • Posted by michael on August 15, 2004 at 18:01:11:

    I'm kind of new to the foreclosure process. does anyone konw who gets the surplus above the amount owed to the lender? the lender? the owner? for example the debt is 100k but the property sells for 200k?

    thanks

    michael

    : (1)

    • Posted by NJDave on August 17, 2004 at 07:51:40:

      In Reply to: surplus in nj foreclosure Posted by michael on August 15, 2004 at 18:01:11:

      If a property is exposed to Sheriff's Sale, and bidding exceeds the judgment amount, there is a surplus. After all lienholders and costs of sale are paid, the surplus amount can be returned to the Defendant/former Mortgagor.

      Following the expiration of Right of Redemption, and once the successful bidder pays for the Sheriff's Deed...the surplus is sent from the Sheriff to the Trenton. The former Mortgagor must make written application for the return of the surplus funds.

      : (0)

  • Posted by Betty on August 14, 2004 at 11:56:06:

    we never signed a reaffirmation agreement with our lender when we filed chapter 7. That was two years ago last July. It is already reported on our credit as "included in bankruptcy" My question is if I just let it go back now will it harm my credit any more than it has, and can they come after me for the remainder of what they have not sold it for? And is it possible to get financed for something else real soon?

    : (1)

    • Posted by Raymond on August 26, 2004 at 07:51:04:

      In Reply to: forclosure after bankruptcy Posted by Betty on August 14, 2004 at 11:56:06:

      Am I reading your message right? Are you still residing in the house that was foreclosured upon approximately 2 years ago? Are you still making the payments? Is the house still in the foreclosure process? I'm confused.



    : (0)

  • Posted by Kendell on August 14, 2004 at 09:47:54:

    I live in Ohio. I was just served with foreclosure papers yesterday and am panicking. From what the lawyers representing the bank told me, I can pay the past due amount and get my loan current again. What Im' reading suggests otherwise. Money has been very tight and I got behind, but I just got a raise and can more easily handle payments now, but now I may be screwed. Am I? Really? It's confusing - is it likely I can get out of this, or not? HELP! And thank you.

    : (58)

    • Posted by Greg Lisa Samples on November 24, 2004 at 12:43:10:

      In Reply to: can I really stop a foreclosure and keep my house? Posted by Kendell on August 14, 2004 at 09:47:54:

      Check this out and search for "Bruce Wagner" (president of Bold Funding)...

      http://www.vinelink.com/offender/searchNew.jsp?searchBy=name&err=No%20offenders%20matching%20your%20criteria%20were%20found!

      : (0)

    • Posted by Rob Kaz on August 21, 2004 at 08:47:16:

      In Reply to: can I really stop a foreclosure and keep my house? Posted by Kendell on August 14, 2004 at 09:47:54:

      Contact a local real estate office and meet with a realtor familiar with a short sale.

      Or contact a bankrupcty or real estate attorney.Good Luck,-Rob

      : (49)

      • Posted by Patty on August 25, 2004 at 02:26:37:

        In Reply to: Re: can I really stop a foreclosure and keep my house? Posted by Rob Kaz on August 21, 2004 at 08:47:16:

        Yes you can. I am working with a company called Bold funding. It seems promising. Do you know of anyone that has uused them before? You can learn more about them at Bold Funding.com Contact a local real estate office and meet with a realtor familiar with a short sale.

        : Or contact a bankrupcty or real estate attorney.: Good Luck,: -Rob



        : (48)

        • Posted by Gloria Galvan on September 18, 2004 at 13:55:33:

          In Reply to: Re: can I really stop a foreclosure and keep my house? Posted by Patty on August 25, 2004 at 02:26:37:

          Yes. I work with Boldfunding also. I was scared at first to give them money because I dont know if I could trust them. I was already over my head deep in debts you know and I just wanted to save my house from foreclosure. They took about a month, that got me a bit worried you know because they say to me 21 days. But then they called and told me that they found an investor interested in helping me out. I was so relieved. I cant thank tehm enough.

          : (1)

          • Posted by barbara Keizer on October 29, 2004 at 01:08:11:

            In Reply to: Re: can I really stop a foreclosure and keep my house? Posted by Gloria Galvan on September 18, 2004 at 13:55:33:

            : bold funding conned me too ::cough::. I dont understand why i sent them the money, but ::cough:: they didnt do anything ::cough:: for me. they are dirty dirty people ::cough:: and they dont like the smooth cool flavor or Marlboro lights ::cough::

            : (0)

        • Posted by Patty on August 25, 2004 at 02:30:05:

          In Reply to: Re: can I really stop a foreclosure and keep my house? Posted by Patty on August 25, 2004 at 02:26:37:

          : Yes you can. I am working with a company called Bold funding. It seems promising. Do you know of anyone that has uused them before? You can learn more about them at Bold Funding.com Contact a local real estate office and meet with a realtor familiar with a short sale.

          : : Or contact a bankrupcty or real estate attorney.: : Good Luck,: : -Rob



          : (45)

          • Posted by alexg on October 28, 2004 at 10:03:36:

            In Reply to: Has anyone used the services of Bold Funding? Posted by Patty on August 25, 2004 at 02:30:05:

            I almost got fooled by these SOBs. They make it sound legit and true. I didnt send in my $$ I found another way to deal with my problem. Now it seems they are out of business. Website down and cant get ahold of anybody. For those of you who did send money you need to get together and take everything from them. They probably have 0 , so good luck.: : Yes you can. I am working with a company called Bold funding. It seems promising. Do you know of anyone that has uused them before? You can learn more about them at Bold Funding.com Contact a local real estate office and meet with a realtor familiar with a short sale.

            : : : Or contact a bankrupcty or real estate attorney.: : : Good Luck,: : : -Rob



            : (5)

            • Posted by iarfc on November 02, 2004 at 20:37:50:

              In Reply to: Re: Has anyone used the services of Bold Funding? Posted by alexg on October 28, 2004 at 10:03:36:

              Hello... sorry to hear of everyone's bad experience w/ Bold Funding. I hope everything turns out for the best for everyone.

              If anyone still wants help saving their home, email me and I'll be happy to tell you about a company that might be able to give you some other options.

              And they won't charge you up-front, steal your money, and screw you over, which seems to be what Bold Funding was in the business of doing, unfortunately...



              : (1)

              • Posted by Marsha on November 20, 2004 at 20:52:14:

                In Reply to: Re: Has anyone used the services of Bold Funding? Posted by iarfc on November 02, 2004 at 20:37:50:

                : Hello... sorry to hear of everyone's bad experience w/ Bold Funding. I hope everything turns out for the best for everyone.

                : If anyone still wants help saving their home, email me and I'll be happy to tell you about a company that might be able to give you some other options.

                : And they won't charge you up-front, steal your money, and screw you over, which seems to be what Bold Funding was in the business of doing, unfortunately...



                : (0)

          • Posted by GA on October 27, 2004 at 21:26:28:

            In Reply to: Has anyone used the services of Bold Funding? Posted by Patty on August 25, 2004 at 02:30:05:

            Anyone interested in filing a suit against Bold Funding? E-mail me ASAP. The company is shut down... Review the latest Chicago BBB page.

            : (10)

            • Posted by Michael Hart on December 12, 2004 at 16:21:37:

              In Reply to: Bold Funding Class Action Lawsuit Posted by GA on October 27, 2004 at 21:26:28:

              :My wife and I are still scrambling trying to save oyur home because we fell for their line. We sent them in the monbey requested, they contacted our mortgage company and that's the last we heard from them. Yes, we like to join a class action suit

              : (0)

            • Posted by Mel Crooks on October 27, 2004 at 21:31:14:

              In Reply to: Bold Funding Class Action Lawsuit Posted by GA on October 27, 2004 at 21:26:28:

              : Anyone interested in filing a suit against Bold Funding? E-mail me ASAP. The company is shut down... Review the latest Chicago BBB page.



              : (7)

              • Posted by Vivian L. Lee on December 28, 2004 at 12:47:05:

                In Reply to: Re: Bold Funding Class Action Lawsuit Posted by Mel Crooks on October 27, 2004 at 21:31:14:

                : : Anyone interested in filing a suit against Bold Funding? E-mail me ASAP. The company is shut down... Review the latest Chicago BBB page.



                : (4)

                • Posted by Anne Mitchell on December 31, 2004 at 10:11:33:

                  In Reply to: Re: Bold Funding Class Action Lawsuit Posted by Vivian L. Lee on December 28, 2004 at 12:47:05:

                  : : : Anyone interested in filing a suit against Bold Funding? E-mail me ASAP. The company is shut down... Review the latest Chicago BBB page.I am very interested in joining the class action suit I sent in 1930.00 i could have used to repay some of my pas due and not be in the bind i am in now



                  : (0)

                • Posted by Vivian L. Lee on December 28, 2004 at 12:52:53:

                  In Reply to: Re: Bold Funding Class Action Lawsuit Posted by Vivian L. Lee on December 28, 2004 at 12:47:05:

                  Anyone that can help me be apart of the class action suit against Bold Funding Inc. please contact me at the above email. I lost $2400.00 to them and lost my house to foreclosure in October. 2004.

                  Thank you,

                  Vivian L. Lee

                  : (2)

                  • Posted by Anne MItchell on December 31, 2004 at 10:20:35:

                    In Reply to: Re: Bold Funding Class Action Lawsuit Posted by Vivian L. Lee on December 28, 2004 at 12:52:53:

                    : : Anyone that can help me be apart of the class action suit against Bold Funding Inc. please contact me at the above email. I lost $2400.00 to them and lost my house to foreclosure in October. 2004.

                    : Thank you,

                    I haven't lost my home I did file bankruptcy but now I have to shell out $2800.00 every month I have been working overtime like crazy but my other bills are slipping I would not have been in this bind if Bold would have delivered the goods they promised at the time of payment. they need to get everyone paid back for the up front money and I think they should pay everyone at least 2 months of their present mortgage payments for the way they jerked us around. and when u called them to find out a status it took them as much as 10 days to get back to you. they were slick so they thought but we can't let them get away with this or other companies will attempt to follow suit as well.

                    : Vivian L. Lee



                    : (0)

                  • Posted by Anne MItchell on December 31, 2004 at 10:20:15:

                    In Reply to: Re: Bold Funding Class Action Lawsuit Posted by Vivian L. Lee on December 28, 2004 at 12:52:53:

                    : : Anyone that can help me be apart of the class action suit against Bold Funding Inc. please contact me at the above email. I lost $2400.00 to them and lost my house to foreclosure in October. 2004.

                    : Thank you,

                    I haven't lost my home I did file bankruptcy but now I have to shell out $2800.00 every month I have been working overtime like crazy but my other bills are slipping I would not have been in this bind if Bold would have delivered the goods they promised at the time of payment. they need to get everyone paid back for the up front money and I think they should pay everyone at least 2 months of their present mortgage payments for the way they jerked us around. and when u called them to find out a status it took them as much as 10 days to get back to you. they were slick so they thought but we can't let them get away with this or other companies will attempt to follow suit as well.

                    : Vivian L. Lee



                    : (0)

              • Posted by Christy Bell on November 03, 2004 at 22:20:45:

                In Reply to: Re: Bold Funding Class Action Lawsuit Posted by Mel Crooks on October 27, 2004 at 21:31:14:

                We have also been deceived by Bold Funding. The charged us $2785 for the fees which I thought was kind of high but we needed help so we paid 1/2 down and have not heard anything from them in over 30 days. We would seriously be interested in filing a class action lawsuit! We have confirmed that the company has been shut down and the Ohio and Illinois Attroney General's Office are aware of this company and it's problems!



                : (1)

                • Posted by Terrie on December 10, 2004 at 10:37:32:

                  In Reply to: Re: Bold Funding Class Action Lawsuit Posted by Christy Bell on November 03, 2004 at 22:20:45:

                  : We have also been deceived by Bold Funding. The charged us $2785 for the fees which I thought was kind of high but we needed help so we paid 1/2 down and have not heard anything from them in over 30 days. We would seriously be interested in filing a class action lawsuit! We have confirmed that the company has been shut down and the Ohio and Illinois Attroney General's Office are aware of this company and it's problems!



                  : (0)

          • Posted by john on October 23, 2004 at 20:38:45:

            In Reply to: Has anyone used the services of Bold Funding? Posted by Patty on August 25, 2004 at 02:30:05:

            These people are con-artist. RUN FOR YOUR LIFE. DON't GIVE THEM A PENNY. I HAVE LOST $1000 at minimum.......

            : (2)

            • Posted by Anne on December 31, 2004 at 10:15:59:

              In Reply to: CON ARTISTS Posted by john on October 23, 2004 at 20:38:45:

              : These people are con-artist. RUN FOR YOUR LIFE. DON't GIVE THEM A PENNY. I HAVE LOST $1000 at minimum.......

              I want my money back $1930.00 is what I paid up front, I would also like to have the money back for the 2 months they told me not to send anything in to my mortgage company as well. they made it all sound so convincing and they would take care of me and my problems. This experience had me so skeptical of everyone now.



              : (0)

            • Posted by steve on October 27, 2004 at 13:02:11:

              In Reply to: CON ARTISTS Posted by john on October 23, 2004 at 20:38:45:

              You lost a 1000.oo i lost 1500.00 to those losers.



              : (0)

          • Posted by Jackie Ramsey on October 01, 2004 at 16:51:27:

            In Reply to: Has anyone used the services of Bold Funding? Posted by Patty on August 25, 2004 at 02:30:05:

            I recently also applied for financial assistance through the services of Bold Funding Inc. I have faced forclosure twice in the past due to the sporadic nature of my business. Sometimes, I will be able to make large sums of money, while other times, im honestly broke. Unfortunately, my last home was the only one that I was able to use their services. I actually ended up saving the home, and the equity. However, the other property wasnt as lucky. I was able to get their application fee together, and sent it in. In 3 weeks time, they were able to find an investor for me and save my home. I'm glad that bold funding is around to save people like me from our unfortunate situations. However, their customer service isnt the best.



            : (1)

            • Posted by chuck on October 18, 2004 at 11:39:12:

              In Reply to: Re: Has anyone used the services of Bold Funding? Posted by Jackie Ramsey on October 01, 2004 at 16:51:27:

              I want to use bold funding but need to know if you pay the 10% fee out of pocket or is this rolled into the new loan. I `m aware of the 1% app fee.

              thankschuck



              : (0)

          • Posted by chris on September 21, 2004 at 20:15:04:

            In Reply to: Has anyone used the services of Bold Funding? Posted by Patty on August 25, 2004 at 02:30:05:

            Bold Funding work with me a year ago. Bold Funding did able to save my home, but bold funding was bit pricey. $1500 was bold funding fee I remember. but my grandpa build this home and I never wanted to lost it so we paid bold funding to get it from forclosure.

            : (9)

            • Posted by Lem on October 25, 2004 at 17:43:24:

              In Reply to: Bold Funding RE: Bold Funding? Posted by chris on September 21, 2004 at 20:15:04:

              We are in the process of dealing with Bold Funding. They were very helpful until we paid the $2,000.00 feethen we have not been able to get a response to our phone calls. Originally, when you called you were asked for an extention number to the person you were dealing with. Now when we call, they do not ask for an extension number and when you leave a message, (we have left several), we do not get a return phone call!!! I think we have been screwed!!!!

              : (0)

            • Posted by GA on October 25, 2004 at 16:43:35:

              In Reply to: Bold Funding RE: Bold Funding? Posted by chris on September 21, 2004 at 20:15:04:

              I searched the "WHO-IS" information for all that I could find on Bold Funding, but the only thing you guys may not have is Bruce Wagner's e-mail address: boldfunding@yahoo.com. Good luck! I got scammed myself, and sent a complaint through the Chicago BBB. I'd advise the rest of you do the same. www.pacificvp.com



              : (0)

            • Posted by Jeneen Carman on October 23, 2004 at 13:48:39:

              In Reply to: Bold Funding RE: Bold Funding? Posted by chris on September 21, 2004 at 20:15:04:

              Since I filed complaints with the Ohio Attorney General and the Illinois Attorney General and the BBB in August 2004, I have received dozens of private emails regarding the unethical and illegal practice of Bold Funding. These people, too, have been conned from their money. Currently, I have received letters indicating that there has been noone answering the company phone for about 4 weeks. And just this past week, the website is no longer there. Always remember, that companies like this, plant good response/praise in forums such as this. Let the majority of replies indicate the truth...not just one or two "successes".Jeneen Carman

              : Bold Funding work with me a year ago. Bold Funding did able to save my home, but bold funding was bit pricey. $1500 was bold funding fee I remember. but my grandpa build this home and I never wanted to lost it so we paid bold funding to get it from forclosure.



              : (2)

              • Posted by BillW50 on November 10, 2004 at 18:35:21:

                In Reply to: Re: Bold Funding RE: Bold Funding? Posted by Jeneen Carman on October 23, 2004 at 13:48:39:

                WARNING!!! I was watching ABC7 news in Chicago and this story was just announced!

                http://abclocal.go.com/wls/news/111004_ns_boldfunding.html

                Consumer fraud lawsuit filed against Bold Funding "... What the complaint alleges is that no one obtained homes after paying thousands of dollars," said Joseph Hudson, Cook Co. State's Attorney, Consumer Division.

                I just thought others would like to know. -- Bill

                : (1)

                • Posted by Richard on December 09, 2004 at 16:54:29:

                  In Reply to: Re: Bold Funding RE: Bold Funding? Posted by BillW50 on November 10, 2004 at 18:35:21:

                  I was an investor with Bold and I have helped three families, in various parts of the country, save their homes. As far as I was concerned they were a legit company and probably just grew too fast to keep up with the demand.

                  : WARNING!!! I was watching ABC7 news in Chicago and this story was just announced!

                  : http://abclocal.go.com/wls/news/111004_ns_boldfunding.html

                  : Consumer fraud lawsuit filed against Bold Funding "... What the complaint alleges is that no one obtained homes after paying thousands of dollars," said Joseph Hudson, Cook Co. State's Attorney, Consumer Division.

                  : I just thought others would like to know. -- Bill



                  : (0)

            • Posted by cathy on October 23, 2004 at 10:09:22:

              In Reply to: Bold Funding RE: Bold Funding? Posted by chris on September 21, 2004 at 20:15:04:

              : Bold Funding work with me a year ago. Bold Funding did able to save my home, but bold funding was bit pricey. $1500 was bold funding fee I remember. but my grandpa build this home and I never wanted to lost it so we paid bold funding to get it from forclosure.



              : (0)

            • Posted by cathy on October 23, 2004 at 10:08:25:

              In Reply to: Bold Funding RE: Bold Funding? Posted by chris on September 21, 2004 at 20:15:04:

              : Bold Funding work with me a year ago. Bold Funding did able to save my home, but bold funding was bit pricey. $1500 was bold funding fee I remember. but my grandpa build this home and I never wanted to lost it so we paid bold funding to get it from forclosure.



              : (0)

            • Posted by cathy on October 23, 2004 at 10:06:21:

              In Reply to: Bold Funding RE: Bold Funding? Posted by chris on September 21, 2004 at 20:15:04:

              : Bold Funding work with me a year ago. Bold Funding did able to save my home, but bold funding was bit pricey. $1500 was bold funding fee I remember. but my grandpa build this home and I never wanted to lost it so we paid bold funding to get it from forclosure.



              : (0)

            • Posted by cathy on October 23, 2004 at 10:00:25:

              In Reply to: Bold Funding RE: Bold Funding? Posted by chris on September 21, 2004 at 20:15:04:

              : Bold Funding work with me a year ago. Bold Funding did able to save my home, but bold funding was bit pricey. $1500 was bold funding fee I remember. but my grandpa build this home and I never wanted to lost it so we paid bold funding to get it from forclosure.



              : (0)

          • Posted by Kathleen on September 20, 2004 at 18:51:02:

            In Reply to: Has anyone used the services of Bold Funding? Posted by Patty on August 25, 2004 at 02:30:05:

            Hi yall. I came cross this site wen i was looking for the boldfunding.com website on google. I used them to refinance my house december of last year, and now my sister has got the same type of problems with her property. I told her that this would be a good optio beucase she has a home that isnt worth all that much, bust she still doesnt want to lose it. Im glad to hear that their program has for you guys to. It was a godsend for me last year i was so close to loosing my house. I hope this offers a little reassurance for some people out there.

            : (0)

          • Posted by Frankie Mae on September 16, 2004 at 17:21:37:

            In Reply to: Has anyone used the services of Bold Funding? Posted by Patty on August 25, 2004 at 02:30:05:

            Hi guys, I came across www.boldfunding.com through a good search that I did for forclosure in Michigan. Bold funing runs lots of ads on WWJ newsradio up here, and it sounded like it would be a good solution to my current situation. I called them up, and got some basic information on how the system works, but im still a bit apprehensive about sending them any cash for the deposit. The BBB says that they are in a satisfactory status with them, but I just want a little imput about how business with them went for you guys.Thank YouFrankie Mae

            : (0)

          • Posted by Arturo Saldivar on September 16, 2004 at 13:30:00:

            In Reply to: Has anyone used the services of Bold Funding? Posted by Patty on August 25, 2004 at 02:30:05:

            in response to your question, the process took about a month for me. I was refinanced at a rate of 5.175%, which was better than my original rate of 8.875%

            : (0)

          • Posted by Tod Williams on September 15, 2004 at 18:21:49:

            In Reply to: Has anyone used the services of Bold Funding? Posted by Patty on August 25, 2004 at 02:30:05:

            well Adrian, for my case it took exactly 45 days (including weekends). their website ( www.boldfunding.com ) advertises that it takes about 21 business days "asumming there are no unsual delays". And we all know what that means... either way, it was worth the wait.

            : (0)

          • Posted by Adrian Wells on September 14, 2004 at 12:32:39:

            In Reply to: Has anyone used the services of Bold Funding? Posted by Patty on August 25, 2004 at 02:30:05:

            hey, just out of curiosity.... how long did it take for everyone else here to know that they were approved for refinancing by a private investor thru bold funding? How about the fee? how much did everyone pay? Thanks

            : (0)

          • Posted by Adrian Wells on September 11, 2004 at 11:44:22:

            In Reply to: Has anyone used the services of Bold Funding? Posted by Patty on August 25, 2004 at 02:30:05:

            I wish i would have known about this posting about a week ago. I recently sent them the application fee and Im not exactly sure whats going to happen from here on out. They seem like a reputable company, I have done some research on them through the BBB, and everything looks good. I will keep everyone posted.

            : (2)

            • Posted by Adrian Wells on September 14, 2004 at 11:53:59:

              In Reply to: Re: Has anyone used the services of Bold Funding? Posted by Adrian Wells on September 11, 2004 at 11:44:22:

              I have good news to report everyone! Just a couple of hours ago, I was contacted by my customer service person at boldfunding to tell me that they have found an investor who is interested inrefinancing my house!! They have faxed me some paperwork, and upon my return of it, they are supposed to complete the rest of the process. Im so relieved about this whole experience... i will continue posting throughout the process

              : (0)

    • Posted by Ken DeLashmutt on August 21, 2004 at 06:22:39:

      In Reply to: can I really stop a foreclosure and keep my house? Posted by Kendell on August 14, 2004 at 09:47:54:

      Stop the bank dead in their tracks!You can stop foreclosure, and right now!... All you need is a chance and a little help!...... You can stop your foreclosure fast!Stopping mortgage foreclosures is our business!If you are behind in mortgage payments we can helpyou save your home from foreclosure.

      Here's how to stop foreclosure!

      Send us a copy of your Mortgage contract. You will continue living in your house while we find Truth In Lending Act (TILA) violations in your mortgage contract.

      We have saved homes even after the sheriff's sale!

      If time is tight, don't delay, this may be the solution for youto stop foreclosure and keep your home.

      Our paralegal team will review your Mortgage contract and look for TILA violations (the average Mortgage contract has around 20 to 50 TILA violations) then we will prepare an accusatory letter to send to the bank.

      This will stop the bank foreclosure immediately!Regardless of your credit....regardless of your situation.....

      I have news for you!!

      The bank will want to settle with you because They know that every mortgage contract they make Is loaded with TILA Violations worth about $50,000 in fines!

      You can even collect these finesAnd eliminate your mortgageAnd the bank is happy to do it!

      Contact me immediately! I am a foreclosure specialist!Keep your home… AND eliminate your mortgage!!

      For more information click on the links below:



      Discover The Power of T.I.L.A.http://www.educationcenter2000.com/tila.pdf

      Sincerely,

      Kenneth M. DeLashmutt "Mort'g'a'g'e D'e'b't Elimination Consultant"Call me most days 10 A.M. to 6 P.M. ESTPhone: 401-349-4717 ESTemail: educationcenert2000@cox.net



      : (3)

      • Posted by Larry G. Featherstone on September 01, 2004 at 09:53:25:

        In Reply to: Re: can I really stop a foreclosure and keep my house? Posted by Ken DeLashmutt on August 21, 2004 at 06:22:39:

        : Stop the bank dead in their tracks!: You can stop foreclosure, and right now!... : All you need is a chance and a little help!...... : You can stop your foreclosure fast!: Stopping mortgage foreclosures is our business!: If you are behind in mortgage payments we can help: you save your home from foreclosure.

        : Here's how to stop foreclosure!

        : Send us a copy of your Mortgage contract. You will : continue living in your house while we find Truth In : Lending Act (TILA) violations in your mortgage contract.

        : We have saved homes even after the sheriff's sale!

        : If time is tight, don't delay, this may be the solution for you: to stop foreclosure and keep your home.

        : Our paralegal team will review your Mortgage contract : and look for TILA violations (the average Mortgage : contract has around 20 to 50 TILA violations) then we will prepare : an accusatory letter to send to the bank.

        : This will stop the bank foreclosure immediately!: Regardless of your credit....regardless of your situation.....

        : I have news for you!!

        : The bank will want to settle with you because : They know that every mortgage contract they make : Is loaded with TILA Violations worth about $50,000 in fines!

        : You can even collect these fines: And eliminate your mortgage: And the bank is happy to do it!

        : Contact me immediately! I am a foreclosure specialist!: Keep your home… AND eliminate your mortgage!!

        : For more information click on the links below:

        : Discover The Power of T.I.L.A.: http://www.educationcenter2000.com/tila.pdf

        : Sincerely,

        : Kenneth M. DeLashmutt : "Mort'g'a'g'e D'e'b't Elimination Consultant": Call me most days 10 A.M. to 6 P.M. EST: Phone: 401-349-4717 EST: email: educationcenert2000@cox.net

        How much will this cost me to stop a sheriff's sale. It is rental property.

        : (2)

        • Posted by Randee on November 08, 2004 at 21:37:52:

          In Reply to: Re: can I really stop a foreclosure and keep my house? Posted by Larry G. Featherstone on September 01, 2004 at 09:53:25:

          : : Stop the bank dead in their tracks!: : You can stop foreclosure, and right now!... : : All you need is a chance and a little help!...... : : You can stop your foreclosure fast!: : Stopping mortgage foreclosures is our business!: : If you are behind in mortgage payments we can help: : you save your home from foreclosure.

          : : Here's how to stop foreclosure!

          : : Send us a copy of your Mortgage contract. You will : : continue living in your house while we find Truth In : : Lending Act (TILA) violations in your mortgage contract.

          : : We have saved homes even after the sheriff's sale!

          : : If time is tight, don't delay, this may be the solution for you: : to stop foreclosure and keep your home.

          : : Our paralegal team will review your Mortgage contract : : and look for TILA violations (the average Mortgage : : contract has around 20 to 50 TILA violations) then we will prepare : : an accusatory letter to send to the bank.

          : : This will stop the bank foreclosure immediately!: : Regardless of your credit....regardless of your situation.....

          : : I have news for you!!

          : : The bank will want to settle with you because : : They know that every mortgage contract they make : : Is loaded with TILA Violations worth about $50,000 in fines!

          : : You can even collect these fines: : And eliminate your mortgage: : And the bank is happy to do it!

          : : Contact me immediately! I am a foreclosure specialist!: : Keep your home… AND eliminate your mortgage!!

          : : For more information click on the links below:

          : : : Discover The Power of T.I.L.A.: : http://www.educationcenter2000.com/tila.pdf

          : : Sincerely,

          : : Kenneth M. DeLashmutt : : "Mort'g'a'g'e D'e'b't Elimination Consultant": : Call me most days 10 A.M. to 6 P.M. EST: : Phone: 401-349-4717 EST: : email: educationcenert2000@cox.net

          : : How much will this cost me to stop a sheriff's sale. It is rental property.



          : (0)

    • Posted by Richard on August 17, 2004 at 14:47:39:

      In Reply to: can I really stop a foreclosure and keep my house? Posted by Kendell on August 14, 2004 at 09:47:54:

      Call me immediately 877-554-9367-Richard

      : I live in Ohio. I was just served with foreclosure papers yesterday and am panicking. From what the lawyers representing the bank told me, I can pay the past due amount and get my loan current again. What Im' reading suggests otherwise. Money has been very tight and I got behind, but I just got a raise and can more easily handle payments now, but now I may be screwed. Am I? Really? It's confusing - is it likely I can get out of this, or not? HELP! And thank you.



      : (0)

  • Posted by Rian on August 12, 2004 at 11:25:32:

    I am looking at flipping homes and have been just starting to study foreclosures.

    First, I am trying to decide which is best...C Corporation, S Corporation, LLC...???? From what I have read, LLC is the way to go but why..?

    Any comments are appreciated.

    Rian

    : (1)

    • Posted by Keith(CA) on August 18, 2004 at 11:57:28:

      In Reply to: Incorporating Posted by Rian on August 12, 2004 at 11:25:32:

      If you're committed to the business, then shell out a few bucks and sit down with a CPA (preferably one who invests in real estate or works for others who do).

      : (0)

  • Posted by Joyce (Utah) on August 11, 2004 at 22:02:51:

    I divorced, couldn't afford the house on my own and the real estate market in my area tanked. I wanted to do a short sale but they told me they wouldn't deal with me unless I was 3 mo.late. So....that's what I did. I am now 3 months behind on my mortgage, they're pursuing foreclosure, and I have submitted all the docs for short sale. The mort. co. just told me to lower my price; that if I got an offer they'd do the short sale. They also said they would likely not seek a judgment for the diff. (50K) because I had private mortgage ins. My question is, will the ins. co. come after me for the diff.? Also, how badly will the 3 mo. delinquency affect my credit, which is excellent other than that loan?

    : (6)

    • Posted by TheShortSalePro on August 12, 2004 at 06:12:11:

      In Reply to: short sale and deficiency judgment Posted by Joyce (Utah) on August 11, 2004 at 22:02:51:

      "I have submitted all the docs for short sale."

      You may have submitted preliminary documents, but without an executory contract for sale, Buyers' prequalification, and an estimated HUD1... you haven't submitted a completed application for short sale consideration. What is the confirmed, as-is value of the property, and how much do you owe?

      Depending upon the type of mortgage, and the laws of your state, the lender may or may not pursue a deficiency... But they will issue an IRS form 1099 that reflects the amount of forgiven debt.... the IRS views forgiven debt as income, perhaps taxable income.

      If your financial health is otherwise good, you may incur an exposure to a tax liability.... However, if you are insolvent at the time that the debt was forgiven... all or part of that "income" may be exempt from tax.

      I wouldn't rely solely on your mortgagee for advice in this matter...

      : (5)

      • Posted by Joyce (Utah) on August 12, 2004 at 08:35:08:

        In Reply to: Re: short sale and deficiency judgment Posted by TheShortSalePro on August 12, 2004 at 06:12:11:

        Some additional information and one question: the BPO is 171,000; I owe 238,000 (we had a second mortgage 4 years ago; got an inflated appraisal, consolidated the first and the second and voila, it's now worth less than we owe.) Anyway, due to the BPO and at the request of the mortgage co., I've lowered the selling price to 171,000. The (r.e. market in that area is really bad; it's a 2000 sq ft multi level beautiful house that would sell for at LEAST what I owe if it was even just one county over.)

        One question: what is "solvency"? Also, I spoke to an attorney. Basically he told me to cooperate with the mortgage co. on providing financials to the bank for the short sale, and then to wait. What else should I be doing to protect myself? The thing is, I don't want the house. I'm already renting somewhere else (for much less than my 1700 per mo. mortgage.) Is there any negotiating out of them issuing the tax doc?

        : (4)

        • Posted by TheShortSalePro on August 12, 2004 at 08:49:01:

          In Reply to: Re: short sale and deficiency judgment-more questions Posted by Joyce (Utah) on August 12, 2004 at 08:35:08:

          If your lender is asked to forgive the debt... they will offset that loss by reporting it to the IRS... this is usually non negotiable.

          You could ask that the deficiency be converted into a no interest loan payable over a number of years, or you could consider bankruptcy....

          Certainly a fraudulent appraisal and an aggressive lender is a plausible explanation for bankruptcy that could be placed on your permanent credit profile...

          You certainly want to put this event behind you. You can, but it comes with a price.

          Solvency is akin to bankruptcy.... without a formal declaration asking the US Bankruptcy Court for debt relief. Most of us without substantial savings or other assets that live from paycheck to paycheck are insolvent.





          : (3)

          • Posted by amynewbie on August 17, 2004 at 20:43:20:

            In Reply to: Re: short sale and deficiency judgment-more questions Posted by TheShortSalePro on August 12, 2004 at 08:49:01:

            : If your lender is asked to forgive the debt... they will offset that loss by reporting it to the IRS... this is usually non negotiable.

            : You could ask that the deficiency be converted into a no interest loan payable over a number of years, or you could consider bankruptcy....

            : Certainly a fraudulent appraisal and an aggressive lender is a plausible explanation for bankruptcy that could be placed on your permanent credit profile...

            : You certainly want to put this event behind you. You can, but it comes with a price.

            : Solvency is akin to bankruptcy.... without a formal declaration asking the US Bankruptcy Court for debt relief. Most of us without substantial savings or other assets that live from paycheck to paycheck are insolvent.

            :sorry for the stupid question but i didnt know you could short sale your own house?? or am i really tired and reading this wrong. short sale pro????

            amy



            : (0)

          • Posted by amynewbie on August 17, 2004 at 20:43:04:

            In Reply to: Re: short sale and deficiency judgment-more questions Posted by TheShortSalePro on August 12, 2004 at 08:49:01:

            : If your lender is asked to forgive the debt... they will offset that loss by reporting it to the IRS... this is usually non negotiable.

            : You could ask that the deficiency be converted into a no interest loan payable over a number of years, or you could consider bankruptcy....

            : Certainly a fraudulent appraisal and an aggressive lender is a plausible explanation for bankruptcy that could be placed on your permanent credit profile...

            : You certainly want to put this event behind you. You can, but it comes with a price.

            : Solvency is akin to bankruptcy.... without a formal declaration asking the US Bankruptcy Court for debt relief. Most of us without substantial savings or other assets that live from paycheck to paycheck are insolvent.

            :sorry for the stupid question but i didnt know you could short sale your own house?? or am i really tired and reading this wrong. short sale pro????

            amy



            : (1)

            • Posted by TheShortSalePro on August 18, 2004 at 13:13:01:

              In Reply to: Re: short sale and deficiency judgment-more questions Posted by amynewbie on August 17, 2004 at 20:43:04:

              Yes, you can certainly structure the mortgagee approved short sale of your own home... I've been working with distressed Seller for years get out from under overencumbered homes...

              If you need help, contact these folks and we'll see if we can solve your problem.



            : (0)

  • Posted by Ray on August 11, 2004 at 21:55:10:

    I am interested in buying a home that is in the last stages of foreclosure. I have contacted the trustee company, and they have actually postponed the auction. I know the name of the bank the original loan is through. The question: What is the best way to go about buying this home? Do I pay off the rears and then take out a loan and pay the bank, or do the trutees handle the money for the loan? I am approved for a loan that will pay off the house...where do I go from here?

    : (1)

    • Posted by Keith(CA) on August 18, 2004 at 12:04:29:

      In Reply to: Advice on buying a home in foreclosure Posted by Ray on August 11, 2004 at 21:55:10:

      Follow the procedures for equity purchasing from owners in foreclosure as outlined by your state's body of law. Purchase from the owner and get the deed before the foreclosure auction takes place (use a title or escrow company to assist with the closing paperwork).

      You didn't indicate your plans for the house once you acquire it. Do you intend to live in it, rent it out, fix it up and sell it?

      There are a number of different ways to skin this cat and to go through them would only confuse your further (which is why I suggest a more traditional approach using a title/escrow company).

      : (0)

  • Posted by ChrisAFAOhio on August 11, 2004 at 19:03:45:

    I have a list available of approx 725 PER WEEK pre-foreclosure leads in Ohio. Email me for list of counties and pricing.

    : (4)

    • Posted by Jeff Raymond on December 01, 2004 at 18:21:35:

      In Reply to: Ohio Pre-Foreclosure Lists Posted by ChrisAFAOhio on August 11, 2004 at 19:03:45:

      : I have a list available of approx 725 PER WEEK pre-foreclosure leads in Ohio. Email me for list of counties and pricing.



      : (1)

      • Posted by Rick Baker on December 24, 2004 at 15:02:02:

        In Reply to: Re: Ohio Pre-Foreclosure Lists Posted by Jeff Raymond on December 01, 2004 at 18:21:35:

        : : I have a list available of approx 725 PER WEEK pre-foreclosure leads in Ohio. Email me for list of counties and pricing.



        : (0)

    • Posted by Gloria Holmes on August 24, 2004 at 14:22:25:

      In Reply to: Ohio Pre-Foreclosure Lists Posted by ChrisAFAOhio on August 11, 2004 at 19:03:45:

      : I am interested in a list of multiple counties and a prices. Thanks.

      : (1)

      • Posted by jeff raymond on December 01, 2004 at 18:45:08:

        In Reply to: Re: Ohio Pre-Foreclosure Lists Posted by Gloria Holmes on August 24, 2004 at 14:22:25:

        : : I am interested in the pre-foreclosure listings and prices. Thanks.



        : (0)

  • Posted by Sanchez on August 11, 2004 at 15:49:41:

    How can I prolong a forclosure to give me time to get the funds that I need.

    : (3)

    • Posted by Ken Delashmutt on August 21, 2004 at 06:24:06:

      In Reply to: Home Forclosure Posted by Sanchez on August 11, 2004 at 15:49:41:

      Stop the bank dead in their tracks!

      You can stop foreclosure, and right now!... All you need is a chance and a little help!......

      You can stop your foreclosure fast!

      Stopping mortgage foreclosures is our business!If you are behind in mortgage payments we can helpyou save your home from foreclosure.

      Here's how to stop foreclosure!

      Send us a copy of your Mortgage contract. You will continue living in your house while we find Truth In Lending Act (TILA) violations in your mortgage contract.

      We have saved homes even after the sheriff's sale!

      If time is tight, don't delay, this may be the solution for youto stop foreclosure and keep your home.

      Our paralegal team will review your Mortgage contract and look for TILA violations (the average Mortgage contract has around 20 to 50 TILA violations) then we will prepare an accusatory letter to send to the bank.

      This will stop the bank foreclosure immediately!Regardless of your credit....regardless of your situation.....

      I have news for you!!

      The bank will want to settle with you because They know that every mortgage contract they make Is loaded with TILA Violations worth about $50,000 in fines!

      You can even collect these finesAnd eliminate your mortgageAnd the bank is happy to do it!

      Contact me immediately! I am a foreclosure specialist!Keep your home… AND eliminate your mortgage!!

      For more information click on the links below:

      History of Predatory Lendinghttp://www.educationcenter2000.com/History of Predatory Lending.pdf

      Predatory Mortgage Lending Abuseshttp://www.educationcenter2000.com/Predatory Mortgage Lending Abuses.pdf

      The Power of T.I.L.A.http://www.educationcenter2000.com/tila.pdf

      Sincerely,

      Kenneth M. DeLashmutt "Mort'g'a'g'e D'e'b't Elimination Consultant"Call me most days 10 A.M. to 6 P.M. ESTPhone: 401-349-4717 ESTemail: educationcenert2000@cox.net



      : (0)

    • Posted by NJDave on August 11, 2004 at 16:27:56:

      In Reply to: Home Forclosure Posted by Sanchez on August 11, 2004 at 15:49:41:

      That depends upon many variables... the laws and customs of your state, the type of mortgage and it's position that has foreclosed, at what stage the foreclosure process has reached, if you've made any previous repayment agreements with your lender, if you've filed bankruptcy, and, perhaps, most importantly, do you have a plan to 'get the funds'?

      : (0)

  • Posted by Curious on August 11, 2004 at 09:36:12:

    I am currently not able to make a boat loan payment. I am trying to consider options. I do not want to fill bankruptcy.

    Can I default on the loan and force a forclosure? Will the lender just reposess the boat? Can I tell the bank I can no longer pay?

    Any information will help.

    Thank You!

    : (3)

    • Posted by Bill H on August 11, 2004 at 16:17:41:

      In Reply to: Options Posted by Curious on August 11, 2004 at 09:36:12:

      : I am currently not able to make a boat loan payment. I am trying to consider options. I do not want to fill bankruptcy.

      : Can I default on the loan and force a forclosure? Will the lender just reposess the boat? Can I tell the bank I can no longer pay?

      : Any information will help.

      : Thank You!

      Having several friends in the banking industry and being familiar with the repossession process, your best bet is contact the lender immediately and offer up the boat for a voluntary repossession. Even go so far as to tell them you will deliver it to their respossession lot.

      Thios saves them from $350 (minimum) to about 1,000 (Maximumn) in most cases and they will appreciate it and be a lot more likely to look favorably at your situation than if you force them to repossess, etc.

      Good Luck,Bill H



      : (0)

    • Posted by Jamie on August 11, 2004 at 13:01:09:

      In Reply to: Options Posted by Curious on August 11, 2004 at 09:36:12:

      : I am currently not able to make a boat loan payment. I am trying to consider options. I do not want to fill bankruptcy.

      : Can I default on the loan and force a forclosure? Will the lender just reposess the boat? Can I tell the bank I can no longer pay?

      : Any information will help.

      : Thank You!

      We had this several years ago with a car. i called the company and did a voluntary repossession. I was told this could be just as bad to some creditors but it wasn't a problem when we bought our house. They will probably sell it at auction and you owe any difference. We got lucky though when they called I explained our situation and that I couldn't pay and they excused the balance--it wasn't much. Good luck!

      : (0)

    • Posted by Keith(CA) on August 11, 2004 at 10:57:25:

      In Reply to: Options Posted by Curious on August 11, 2004 at 09:36:12:

      Curious...a boat is considered personal property and typically serves as its own collateral for the loan. Thus, the lender may repossess or sue for a judgment, but can do little else (unless they're the kind of people that break legs). Besides risking the loss of your boat and the money you've put into it thus far, your account will likely get transferred to a collection agency which will do significant damage to your credit.

      The sooner you talk to your lender the better!! If you call them before you even miss the first payment, even better yet. If you think you can resume payments before too many months go by, ask them for a forbearance or a loan modification. Otherwise, ask your lender if you can sell the boat in order to pay off the loan...then market the heck out of that thing to get it sold.

      Cheers!

      : I am currently not able to make a boat loan payment. I am trying to consider options. I do not want to fill bankruptcy.

      : Can I default on the loan and force a forclosure? Will the lender just reposess the boat? Can I tell the bank I can no longer pay?

      : Any information will help.

      : Thank You!



      : (0)

  • Posted by doe on August 10, 2004 at 15:12:27:

    test

    : (0)

  • Posted by Jane Doe on August 10, 2004 at 14:54:47:

    My husband and his ex owned a house together. He was gracious and let her stay in the house, with the understanding she would refinance. She never did, and then the house went into foreclosure. It was scheduled for Sherrif's sale in 2 days, and she filed bankruptcy. My question is 2-fold - First, does my husband now need to file for bankruptcy too? She says she will be selling the house now in 1 year. Second, will her bankruptcy dealings take precidence over the money that was agreed in the divorce settlement (I.E. he is supposed to get half of the net value of the house, and his parents are supposed to get some money that they lent him when they bought the house)

    : (2)

    • Posted by Janie on September 04, 2004 at 23:43:57:

      In Reply to: Foreclosure (Bankruptcy) Posted by Jane Doe on August 10, 2004 at 14:54:47:

      You really really really need to go to Where's the Justice For All? for this issue. No joke. There are lots of people in your predictament there and there are experts on bankruptcy issues.

      But I've seen losts of posts where they talk about a bankruptcy filing is like debtor's prison. The bankruptcy system now owns her estate. A lot of people in the group have bemoaning how as an ex spouse they got royally screwed out their assets, especially real estate assets by the bankruptcy trustees.

      Just go there and ask the experts for some insight.



      : My husband and his ex owned a house together. He was gracious and let her stay in the house, with the understanding she would refinance. She never did, and then the house went into foreclosure. It was scheduled for Sherrif's sale in 2 days, and she filed bankruptcy. My question is 2-fold - First, does my husband now need to file for bankruptcy too? She says she will be selling the house now in 1 year. Second, will her bankruptcy dealings take precidence over the money that was agreed in the divorce settlement (I.E. he is supposed to get half of the net value of the house, and his parents are supposed to get some money that they lent him when they bought the house)



    : (0)

  • Posted by Keith(CA) on August 10, 2004 at 22:19:47:

    In Reply to: Foreclosure (Bankruptcy) Posted by Jane Doe on August 10, 2004 at 14:54:47:

    No, your husband does not need to file for bankruptcy at this time, but you do need to follow the ex's case closely. If her case is dismissed by the court, the foreclosure process will immediately resume.

    If your husband's name is on the loan, he needs to be very careful because this is ruining/will ruin his credit. Whether he is on the loan or not, you need to decide if the ex should retain possession of the house. If you decide that she is too great a risk to your credit and financial security, you can file a Partition law suit so that a judge will force the sale of the house irrespective of the ex's wishes. The proceeds will then be split equitably.

    If the ex is still on title (I'm assuming so) then any secured debt or judgment against her will attach to the house and further lessen your equity position. Unless one partner is willing to buy the other out, these "gracious" arrangements often go terribly awry.

    ** This is not legal advice...I am not a lawyer. Take this advice at your own risk, and realize you are encouraged to seek competent legal council. **

    : My husband and his ex owned a house together. He was gracious and let her stay in the house, with the understanding she would refinance. She never did, and then the house went into foreclosure. It was scheduled for Sherrif's sale in 2 days, and she filed bankruptcy. My question is 2-fold - First, does my husband now need to file for bankruptcy too? She says she will be selling the house now in 1 year. Second, will her bankruptcy dealings take precidence over the money that was agreed in the divorce settlement (I.E. he is supposed to get half of the net value of the house, and his parents are supposed to get some money that they lent him when they bought the house)



    : (0)

  • Posted by Jamie on August 09, 2004 at 15:59:11:

    We currently own a house in Kansas. Due to job loss and a 320.00 increase in our payment we could not make payments and the mortgage company didn't seem to care. We received notice to foreclose about 2 weeks ago. Friday we received a summons from the sheriff. It says "subject to a legal redemption period of 3 months, for the satisfaction of the money judgment or any balance remaining unpaid" Does this mean I can still sell the house, give them the money and walk away from this okay? We have already found a place to live and are moving this week. It also says I have to file an answer to the petition in 20 days, what does this mean?

    : (2)

    • Posted by TheShortSalePro on August 10, 2004 at 07:25:06:

      In Reply to: clueless Posted by Jamie on August 09, 2004 at 15:59:11:

      Without actually reading the Letter, yes. Generally, ROR (right of redemption) would permit you to sell, and pay the debt in full, including any additional fees or interest payable to the new owner during redemption. Best to make certain exactly what the redemption amount will be before you seek to sell the property. For an expeditious sale, you'll want to sacrifice some of the sales price in favor of a no-contingency contract from a qualified buyer who can close quickly.

      : (1)

  • Posted by Jason Gold on August 08, 2004 at 12:33:48:

    I found this site www.foreclosurefunds.com and I was wondering if any has ever heard of them? I am in foreclosure and I am looking for an alternative since I can't get a loan and I don't want to sell. I am behind $12,000 including fees.

    : (8)

    • Posted by Gloria Holmes on August 24, 2004 at 14:27:24:

      In Reply to: Anyone heard of www.foreclosurefunds.com Posted by Jason Gold on August 08, 2004 at 12:33:48:

      : Hi Jason, I would like to give you some info on how you can save your home. You can get a grant to pay off the entire mortgage. Email me so we can talk. This is a humanitarian organization that also helps people with child support payments, credit cards, churches, etc. I would love to be able to help you out.

      : (1)

      • Posted by sandra on October 22, 2004 at 17:41:01:

        In Reply to: Re: Anyone heard of www.foreclosurefunds.com Posted by Gloria Holmes on August 24, 2004 at 14:27:24:

        : Hi i need more information please call 708-296-7939

        : (0)

    • Posted by Reinstatement Services, Inc. on August 09, 2004 at 10:58:22:

      In Reply to: Anyone heard of www.foreclosurefunds.com Posted by Jason Gold on August 08, 2004 at 12:33:48:

      Your might benefit from a lender-sponsored workout that will [if approved by your lender] stop the foreclosure activity and allow you special considerations in order to move your loan towards reinstatement.

    • The Answer for Your Home.[R]


    : (3)

    • Posted by Jason on August 09, 2004 at 11:47:56:

      In Reply to: Lender-approved Workout Posted by Reinstatement Services, Inc. on August 09, 2004 at 10:58:22:

      Thanks for responding. I have tried convincing my lender to work with me. They are not cooperating. My lender is Fairbanks Capital.

      I guess I am sunk.

      So you have not heard of foreclosurefunds.com?



      : (2)

      • Posted by Janie on September 08, 2004 at 18:44:59:

        In Reply to: Re: Lender-approved Workout Posted by Jason on August 09, 2004 at 11:47:56:

        Jason, are you familar with Where's the Justice For All? It's a group of people that have been or are victims of white collar crimes. Anyway, one or more the people in the forum has been battling your lender about predatory practices and or fraud. They're working with Legislators to change laws, but they have been really good about giving advice for people in your position.

        Anyway, I think her name is Anne and you can find her at:

        http://groups.yahoo.com/group/wheresjustice4all/





        I have tried convincing my lender to work with me. They are not cooperating. My lender is Fairbanks Capital.

        : I guess I am sunk.

        : So you have not heard of foreclosurefunds.com?



      : (0)

    • Posted by Keith(CA) on August 09, 2004 at 13:17:14:

      In Reply to: Re: Lender-approved Workout Posted by Jason on August 09, 2004 at 11:47:56:

      : Thanks for responding. I have tried convincing my lender to work with me. They are not cooperating. My lender is Fairbanks Capital.

      : I guess I am sunk.

      : So you have not heard of foreclosurefunds.com?

      Jason,

      First of all, adding more debt through additional borrowing may only forestall the inevitible financial collapse you're likely to experience.

      Second, the only thing I could find out about foreclosurefunds.com is that they use RegisterFly as their domain hoster. Their domain was created (or possibly renewed) July 28th this year, and there is no contact information anywhere other then an anonymous Yahoo! email address. So, I worry about an outfit promising "free" money with so many anonymous layers between the public and them. There's no business name or phone number, no business address...nothing. I'd say look for an FBI sting in a few years 'cause this smells to high heaven of a scam.

      Third, some lenders simply won't respond to you because they have little basis for trusting that you will live up to any new promises. Put your money where your mouth is and get a third party to negotiate on your behalf. Your lender might believe you're serious about getting your act together if they hear from an official third party that will hold your feet to the fire. Go to HUD's website and find a non-profit housing counseling agency near you...

    • HUD Approved Agencies


    : (0)

  • Posted by tom on August 08, 2004 at 12:24:02:

    Have you solved this problem? If you have a contract you should enfotrce it. If necessary you can foreclose on them.

    : (0)

  • Posted by Wendy on August 06, 2004 at 12:30:07:

    Hi Keith: I tried to reply to you yesterday after you answered my first question, but the email was returned to me. First of all, thanks very much - the information you provided yesterday was very helpful. My other question is whether or not the owner can still sell the property after it's been sold to someone else at the sheriff's sale. I think I understand that typically it cannot be, but I wonder if you've ever known of that happening and might recall how it happened, or why it happened. Also, you said something about Wisconsin being either judicial or non-judicial and I think I came across some information yesterday that suggested it could be both. Thank you. Wendy

    : (3)

    • Posted by Keith(CA) on August 06, 2004 at 13:18:18:

      In Reply to: owner's rights after the sheriff's sale Posted by Wendy on August 06, 2004 at 12:30:07:

      : Hi Keith: I tried to reply to you yesterday after you answered my first question, but the email was returned to me. First of all, thanks very much - the information you provided yesterday was very helpful. My other question is whether or not the owner can still sell the property after it's been sold to someone else at the sheriff's sale. I think I understand that typically it cannot be, but I wonder if you've ever known of that happening and might recall how it happened, or why it happened. Also, you said something about Wisconsin being either judicial or non-judicial and I think I came across some information yesterday that suggested it could be both. Thank you. Wendy

      Wendy,

      My email address is bogus...as you might have guessed. Keeps me from getting on spam lists when programs scour the net looking for email addresses. It also forces discussion to happen in "public" where all may benefit. My name really is Keith, though :)

      Wisconsin appears to primarily follow a judicial foreclosure process. Loans are secured with a mortgage instead of a trust deed. This just means that an attorney must file suit on behalf of the lender in order to foreclosure...the right to foreclose must be won in court. Go to the website for your state and look up the legislation that governs the foreclosure process.

      The only thing a seller might be able to accomplish after a sale is to "sell" their redemption right. Some states allow the former owner to redeem (buy back) their foreclosed property within a state mandated time period. I have heard of an investor who bought a property, fixed it up, only to have another investor buy the redemption right from the former owner and take the property away from the first investor.

      California has no such redemption rights so I'm not all to familiar with the process. The information I looked up on Wisconsin says that there is no redemption right in your state either...you need to verify this for yourself. If this is the case, the former owner has no rights and must vacate or face eviction.

      If you're going to be buying from people in foreclosure (or at auction) you really need to research your state's laws and know the process inside and out. Otherwise, you can get into trouble like the gal who actually bought the property...or worse. Sounds like you're definitely on the right track!

      Cheers!Keith

      : (2)

      • Posted by Ken Stoll on December 07, 2004 at 17:00:07:

        In Reply to: Re: owner's rights after the sheriff's sale Posted by Keith(CA) on August 06, 2004 at 13:18:18:

        : : Hi Keith: I tried to reply to you yesterday after you answered my first question, but the email was returned to me. First of all, thanks very much - the information you provided yesterday was very helpful. My other question is whether or not the owner can still sell the property after it's been sold to someone else at the sheriff's sale. I think I understand that typically it cannot be, but I wonder if you've ever known of that happening and might recall how it happened, or why it happened. Also, you said something about Wisconsin being either judicial or non-judicial and I think I came across some information yesterday that suggested it could be both. Thank you. Wendy

        : Wendy,

        : My email address is bogus...as you might have guessed. Keeps me from getting on spam lists when programs scour the net looking for email addresses. It also forces discussion to happen in "public" where all may benefit. My name really is Keith, though :)

        : Wisconsin appears to primarily follow a judicial foreclosure process. Loans are secured with a mortgage instead of a trust deed. This just means that an attorney must file suit on behalf of the lender in order to foreclosure...the right to foreclose must be won in court. Go to the website for your state and look up the legislation that governs the foreclosure process.

        : The only thing a seller might be able to accomplish after a sale is to "sell" their redemption right. Some states allow the former owner to redeem (buy back) their foreclosed property within a state mandated time period. I have heard of an investor who bought a property, fixed it up, only to have another investor buy the redemption right from the former owner and take the property away from the first investor.

        : California has no such redemption rights so I'm not all to familiar with the process. The information I looked up on Wisconsin says that there is no redemption right in your state either...you need to verify this for yourself. If this is the case, the former owner has no rights and must vacate or face eviction.

        : If you're going to be buying from people in foreclosure (or at auction) you really need to research your state's laws and know the process inside and out. Otherwise, you can get into trouble like the gal who actually bought the property...or worse. Sounds like you're definitely on the right track!

        : Cheers!: Keith



        : (0)

      • Posted by Darryl Sandoval on August 06, 2004 at 17:52:29:

        In Reply to: Re: owner's rights after the sheriff's sale Posted by Keith(CA) on August 06, 2004 at 13:18:18:

        Some states have a "redemption period". This means that the owner can still recove their home by obtaining a new loan or curing arrears.



        DSwww.ezreinvesting.com

        : (0)

  • Posted by Joe on August 05, 2004 at 17:21:13:

    I have plenty of leads but for Los Angeles County foreclosure only. E-mail me for more information QuickListings@yahoo.com

    : (2)

    • Posted by Darryl Sandoval on August 06, 2004 at 17:53:27:

      In Reply to: Foreclosure Leads/Lists Posted by Joe on August 05, 2004 at 17:21:13:

      Are these pre-foreclosures or foreclosures?You have any HUD or VA homes?



      DS



      : (1)

      • Posted by Joe on August 06, 2004 at 20:08:52:

        In Reply to: Re: Foreclosure Leads/Lists Posted by Darryl Sandoval on August 06, 2004 at 17:53:27:

        : Are these pre-foreclosures or foreclosures?: You have any HUD or VA homes?

        : DS

        Hi,

        I have both defaults and trustee sales.

        : (0)

  • Posted by Theresa Brown on August 05, 2004 at 13:57:03:

    How can I prolong a forclosure to give me time to get the funds that I need. The lien Holder bought a tax certificate for $2000.00 and attorney fees are $1900.00State of Maryland. USA

    : (1)

    • Posted by Darryl Sandoval on August 06, 2004 at 17:56:42:

      In Reply to: How to prolong a foreclosure Posted by Theresa Brown on August 05, 2004 at 13:57:03:

      What type of foreclosure are you talking about? Tax foreclosures due to being behind on RE taxes or are you behind on your mortgage payments?

      If you are facing a tax foreclosure you may have between 1-5 years before the tax lien holder may file for a tax Deed. You need to call your county tax assesor & ask how much time you have before tax lien holder can file for a tax deed.



      DSwww.ezreinvesting.com

      : (0)

  • Posted by ryan on August 05, 2004 at 13:24:15:

    I am wondering where I can find information about foreclosures in Sacramento, California.

    : (2)

    • Posted by Darryl Sandoval on August 06, 2004 at 17:58:46:

      In Reply to: Foreclosure Information in California Posted by ryan on August 05, 2004 at 13:24:15:

      A very efficient way to find foreclosures is by going to the county courthouse & look up the register of deeds section.

      To find Bank foreclosures, go to any bank & ask to speak to the loss mitigation dept & ask what homes they have available.



      DSwww.ezreinvesting.com



      : (0)

    • Posted by Keith(CA) on August 05, 2004 at 13:28:38:

      In Reply to: Foreclosure Information in California Posted by ryan on August 05, 2004 at 13:24:15:

      : I am wondering where I can find information about foreclosures in Sacramento, California.

      That's a bit vague, Ryan. What kind of information are you seeking? When and where auctions are held? Legal information? Public notice information?

      Tell us what your plans are, your present skill/knowledge level, and I'm sure we can get you going :)

      Cheers!Keith

      : (0)

  • Posted by Wendy on August 05, 2004 at 11:38:37:

    The property in question is located in Wisconsin. The sheriff's sale ocurred 2 days ago. I attempted to purchase the property from the owners prior to the sale but for various reasons it didn't work out. I attended the sheriff's sale in order to see what would become of the property I had followed so closely, and researched so carefully for weeks. The bank opened the bidding at $111,748.00, the successful bid was for $136,500. After the sale, in the outer office, I asked the woman who bought it if she was aware of the $20,000 due in back taxes. She wasn't, and nearly fainted. Someone standing nearby, suggested to her that at the court's confirmation of sale, she could request that the surplus be applied toward the back taxes. This property also had a 2nd mortgage on it that, by Wisconsin law, was wiped out at the sheriff's sale. The 1st mortgage was held by a young woman and her boyfriend. The relationship wasn't working out and they'd both gone their separate ways, neither one making any payments on the house. The house had always been in the young girl's family and the 2nd mortgage was a purchase money mortgage made by the girl's mother. Since the 2nd mortgage was wiped out at the sale, mother was being badly burned. My question is this: does the 2nd mortgage holder have any right to attend the confirmation of sale, and request the surplus? Does the 2nd mortgage holder have rights to the surplus before the past due property taxes? She's an older woman in ill health. As I said, I met the owners and became familiar with the whole situation. The girl is very sweet and hard-working, but most likely she'll spend the rest of her life working in the mailroom at a local insurance company, trying hard to earn enough to pay rent on the efficiency apartment she now lives in. I'd like to see her mother get back at least some of the money she gave them, because the daughter still requires some financial help on a regular basis. If she has a right to the surplus, I'll do everything I can to help her get it. Thanks for your help. Wendy



    : (1)

    • Posted by Keith(CA) on August 05, 2004 at 13:26:10:

      In Reply to: 2nd mortgage rights after the sheriff's sale Posted by Wendy on August 05, 2004 at 11:38:37:

      : The property in question is located in Wisconsin. The sheriff's sale ocurred 2 days ago. I attempted to purchase the property from the owners prior to the sale but for various reasons it didn't work out. I attended the sheriff's sale in order to see what would become of the property I had followed so closely, and researched so carefully for weeks. The bank opened the bidding at $111,748.00, the successful bid was for $136,500. After the sale, in the outer office, I asked the woman who bought it if she was aware of the $20,000 due in back taxes. She wasn't, and nearly fainted. Someone standing nearby, suggested to her that at the court's confirmation of sale, she could request that the surplus be applied toward the back taxes. This property also had a 2nd mortgage on it that, by Wisconsin law, was wiped out at the sheriff's sale. The 1st mortgage was held by a young woman and her boyfriend. The relationship wasn't working out and they'd both gone their separate ways, neither one making any payments on the house. The house had always been in the young girl's family and the 2nd mortgage was a purchase money mortgage made by the girl's mother. Since the 2nd mortgage was wiped out at the sale, mother was being badly burned. My question is this: does the 2nd mortgage holder have any right to attend the confirmation of sale, and request the surplus? Does the 2nd mortgage holder have rights to the surplus before the past due property taxes? She's an older woman in ill health. As I said, I met the owners and became familiar with the whole situation. The girl is very sweet and hard-working, but most likely she'll spend the rest of her life working in the mailroom at a local insurance company, trying hard to earn enough to pay rent on the efficiency apartment she now lives in. I'd like to see her mother get back at least some of the money she gave them, because the daughter still requires some financial help on a regular basis. If she has a right to the surplus, I'll do everything I can to help her get it. Thanks for your help. Wendy

      Wendy,

      Surplus always travels DOWN the lien seniority ladder, never up. The purchaser at auction always bids and buys subject to all liens and encumbrances senior to the foreclosing lien. Property taxes to the best of my knowledge are always the most senior lien, attaching at the highest seniority no matter when they are recorded. The gal who bought the property at auction is now responsible for the $20,000 owed in back taxes.

      Once the foreclosing lienor is satisfied by proceeds from the highest bidder at auction, excess bid amounts go directly to the next lien down in the seniority chain. If no other claims were recorded between the 1st and 2nd mortgage, then the holder of the 2nd is entitled to the entire overbid amount up to the full balance of the lien. Any monies left over after satisfying the 2nd will go down to the next junior lien holder. This continues pro tanto until the overbid is completely disbursed, with the former (foreclosed) owner receiving the last of the surplus once all junior liens are satisfied.

      Also, the 2nd was not "wiped out" by the auction. While it is true that the debt is no longer secured by the property because the lien was "wiped off" of the title, the foreclosure did not actually extinguish the debt (hint: only bankruptcy can discharge the debt). So even if mom doesn't get back the full amount owed, she is still entitled to pursue collection of that debt if she chooses (check for a statute of limitations to determine when it's too late)...but it sounds like mom would be willing to forgive the deficiency in this case anyway.

      You never said how much the 2nd was for. But if mom's lien was next in line, then mom is entitled to be paid in full if her loan was for less than $24,752. If her loan balance was greater, then she'll collect the full overbid amount. Have mom keep in mind that even as she is entitled to collect any deficiency, so are other junior lienors that don't get paid. If the overbid runs out before all junior lienors are paid, mom sh

      : (0)

  • Posted by Tom on August 04, 2004 at 22:18:51:

    Before you let your house go to auction or file bankruptcy look for other alternatives. If the bank will not negotiate or re-structure your loan look for someone that will do an equity purchase. I am currently working with a homeowner in Mission Viejo, that was incarcerated and scheduled for auction. I assisted with stopping the auction, gave him $70,000, paid moving expenses and first and last rent at his new home and assisted with credit cleanup. He is amazed things could turn so fast. If you have questions call me 714 394-4669

    : (0)

  • Posted by Christy on August 04, 2004 at 17:17:23:

    My husband and I bought a house from an individual. It was a house built in 1910. We bought the house as is and it was for a seven year note. We lived there for six years. We failed to pay the property taxes for two years and the individual paid them for us and we made payment arrangements to pay her back. My husband had problems finding good steady jobs and we had problems paying the mortgage and the repayment of taxes. The individual served us with a Notice to vacate and we agreed and signed a Warranty Deed in lieu of foreclosure so that this individual could give this house to their daughter. Before we agreed on the Warranty Deed in lieu of foreclosure we offered to try and get a loan and pay the remainding balance and she turned us down. We cleaned the house and had almose all of our stuff out of the house within the 30 days requested with exception of a few items. We agreed to at least repay the individual the money that she payed on the taxes for us. We did not agree to a definite date or specific date. Now she is demanding that we pay by a certain date or she will call the people we are renting from now and tell them what happened after giving us a good reference so that we could get out of the house quicker. She also said that she would spread this information all over town and make us look bad. She has already told some people in our town about this. Can she do that? What should we do?

    : (1)

    • Posted by Darryl-Ca on August 05, 2004 at 10:32:17:

      In Reply to: Warranty Deed in lieu of foreclosure Posted by Christy on August 04, 2004 at 17:17:23:

      You can file a defamation of character or slander lawsuit in Superior Court.

      : (0)

  • Posted by DIanna on August 03, 2004 at 18:13:47:

    After my divorce, my ex abandoned our home and let it go into foreclosure. During the foreclosure proceedings he remarried, is the new wife financially obligated if the sale of he home results in us (me and ex) owing money on the mortgage?

    : (1)

    • Posted by Darryl Sandoval on August 03, 2004 at 23:05:24:

      In Reply to: Home in foreclosure, Ex-remarried Posted by DIanna on August 03, 2004 at 18:13:47:

      Whoever is on the mortgage is responsable & will be affected by having a foeclosure on their credit.



      DSwww.ezreinvesting.com

      : (0)

  • Posted by George on August 03, 2004 at 14:06:57:

    Question: I sold and closed on my House in April,'04.At closing I was cut a check for the remaing amount after the payoff.While vacationing (some 20 days later) a somebody went to my mothers home and stated to her that they paid me 10,000 too much.While looking back over the closing papers to see if i owed more then i thought i discovered that his statement had to be false.Now i just recieved a certified letter saying they are foreclosing on me and the house will be auctioned.Not that I really care since i already sold the house but how can this be ?and will it effect my credit? Thanks in advance George

    : (2)

    • Posted by Keith(CA) on August 05, 2004 at 16:14:38:

      In Reply to: Forclosure after I sold? In pacific, Missouri Posted by George on August 03, 2004 at 14:06:57:

      George,

      Very fishy, indeed. Make copies of everything and take notes detailing everything that happened chronologically as you can recall it...add to those notes any action you take. Basically, journal everything so you have a written record of events if you're ever called to testify later (memories aren't perfect).

      Take copies of the letter to your local authorities, and you may want to call the FBI to see if they're aware of anyone operating a scam like this in your area. These guys may be preying on older folks (odd they'd visit your mom) just hoping someone will bite and shell out the money. Also take the original letter over to your U.S. Postal Service...since it was sent certified they could be guilty of mail fraud (a felony).

      Cheers!Keith

      : (0)

    • Posted by Darryl Sandoval on August 03, 2004 at 23:06:58:

      In Reply to: Forclosure after I sold? In pacific, Missouri Posted by George on August 03, 2004 at 14:06:57:

      This sounds very fishy. Be careful. Your closing attorney should 've handled all the paperwork. Its not your fault.



      DSwww.ezreinvesting.com

      : (0)

  • Posted by Peggy Pasko on September 22, 2004 at 22:35:52:

    In Reply to: Has anyone heard of him? Posted by Amanda on August 02, 2004 at 10:56:55:

    : I recently contacted an add in our local paper and it was a man who was advertising his training service in purchasing property. His name is Richard Pamplin and he says he wants to show us how to use his money and his contacts to buy low money homes. His tuition is $1495. Has anyone heard of him and if so, is it for real? Just wondering. Thanks for any feedback.

    : Amanda

    YES, I WORKED FOR HIM UNTIL APRIL 2004. CONTACT ME FOR MORE INFORMATION IF YOU WISH.

    : (0)

  • Posted by Peggy Pasko on September 22, 2004 at 22:35:15:

    In Reply to: Has anyone heard of him? Posted by Amanda on August 02, 2004 at 10:56:55:

    : I recently contacted an add in our local paper and it was a man who was advertising his training service in purchasing property. His name is Richard Pamplin and he says he wants to show us how to use his money and his contacts to buy low money homes. His tuition is $1495. Has anyone heard of him and if so, is it for real? Just wondering. Thanks for any feedback.

    : Amanda



    : (0)

  • Posted by Janice on September 21, 2004 at 19:10:38:

    In Reply to: Has anyone heard of him? Posted by Amanda on August 02, 2004 at 10:56:55:

    I just came from attending Richard's Mentor/Training Workshop. He is for real. I understand your reluctance. I am the same way. Richard Tells you how what when and where to do real estate. Of course, with any program, you have got to workd at it, it won't be a "given to you on a silver platter", but it would be to your advantage to consider Richard. If you email me, I will keep you in my database so that I update you on how the program is working for me. Janice

    : (0)

  • Posted by Darryl Sandoval on August 02, 2004 at 17:35:08:

    In Reply to: Has anyone heard of him? Posted by Amanda on August 02, 2004 at 10:56:55:

    There are alot of scam seminars out there. One red flag is when they ask for a considerable amount of money upfront. If their system works, why won't they allow the students to pay them AFTER they have made money?

    DSwww.ezreinvesting.com

    : (0)

  • Posted by philP on August 02, 2004 at 13:06:45:

    In Reply to: Has anyone heard of him? Posted by Amanda on August 02, 2004 at 10:56:55:

    Amanda:

    I do not know this person. If anyone asks money up front to show you how to use his money to buy Real estate... I would run... not walk... it will be the last of the money you see..

    Phil

    : (1)

    • Posted by Ben Ibarra on September 17, 2004 at 20:48:45:

      In Reply to: Re: Has anyone heard of him? Posted by philP on August 02, 2004 at 13:06:45:

      I know Richard Pamplin personaly. And he is for real. I took his class last year and started doing his program and made $4000.00 for 2 months work. I haven't been able to do it full-time. But I am working to do so. Real Estate investing is for real and he gave me a wonderful oppertunity. I highly recommend working with him.

      Ben Ibarra



      : (0)

  • Posted by Kathleen on August 02, 2004 at 04:52:27:

    Hi, I'm Kathleen and I am looking to buy a house in either Northern California or Southern Oregon. I'd prefer horse property, but I am open to anything. I would like to get something with a few houses on it too. I have loan docs ready and can buy now. Is there anyone out there that is trying to sell? Contact me please if you are

    : (0)

  • Posted by Mr B on August 01, 2004 at 23:17:06:

    I filed ch 7. the house will foreclose and sell in a few months and I will be moving on my way. What can I take with me, I have 2 sheds, a pool, trampoline, water pond, bird bath, ect ect. I feel like taking everything but I don't want trouble to follow me on my new journey. Thanks for any thoughts you have.

    : (2)

    • Posted by Bill H on August 02, 2004 at 11:35:11:

      In Reply to: IT HAPPENED-now what can I take Posted by Mr B on August 01, 2004 at 23:17:06:

      : I filed ch 7. the house will foreclose and sell in a few months and I will be moving on my way. What can I take with me, I have 2 sheds, a pool, trampoline, water pond, bird bath, ect ect. I feel like taking everything but I don't want trouble to follow me on my new journey. Thanks for any thoughts you have.

      "What is a fixture, is this a fixture"? I am not an attorney and do not give legal advice. Good common sense and a look at what is called the law of fixturesshould enable you to determine if it "is" or "is not" a fixture and whether it is included or excludedin a real estate transaction. Generally when personal property items are bolted, nailed, screwed, cemented, plastered, etc., or built into the structure or attached to the land it becomes a fixture,unless it is specifically excluded. The law of fixtures calls out five basic tests to determine if it is a fixture:

      1. The Method of attachment. If it permanently attached and cannot be removed without damaging the building, it is a fixture. Example, a television set can be unplugged and removed but a roof-top antenna that is bolted or screwed to the roof is included in the sale.

      2. Adaptability for use with the property. When an item is specially built into the structure, such as a dishwasher or stove, it becomes a fixture. Likewise a portable dishwasher or free standing range is not.

      3. Intention of the parties. What is the intent of the parties involved. If in a sale, the sellerspecifically states, "This dining room chandelier is not included." and this information is made known to the buyer before an offer is made, even though it is permanently attached and would be considered a fixture, it is not included in the sale.

      4. Agreement of the parties. Most real estate contracts spell out what is included and the partiescan agree to this list. Even though some may not be fixtures they are included in the sales priceand sale.

      5. Relationship of the parties. If the four tests above fail and it goes to litigation and court,generally the courts will favor (a) buyer over seller, (b) tenant over landlord, and (c) lender over borrower.

      Exceptions to the rules. Exceptions to these rules apply to business and trade fixtures and the owner is allowed to remove business or trade equipment which was permanently attached and the property (building) is restored to its previous condition.

      DISCLAIMER: Use Common Sense: This is not intended to be legal advice and you are cautioned not to rely upon it as such. For legal advice, consult a real estate attorney.

      Hopes this helps answer your questions and,

      Good Luck,Bill H

      : (0)

    • Posted by Bob H on August 02, 2004 at 01:23:19:

      In Reply to: IT HAPPENED-now what can I take Posted by Mr B on August 01, 2004 at 23:17:06:

      You can take all of your personal property, but the "real" property needs to stay.

      "Real" property is generally defined by method of attachment - if it's nailed down, glued down, bolted down, installed, etc., it's considered part of the real estate. Personal property is just that - something you own, that you can pick up and take with you.

      From your list, I would say that you could take your trampoline, bird bath, sheds (if they aren't on a foundation), and the pool, if it is an above-ground variety. (surely, you wouldn't be considering removing an in-ground pool, would you?) The water pond, if it's installed in the ground, should stay.

      Hope this helps - best of luck to you.

      Bob H.



      : (0)

  • Posted by Brenda on August 01, 2004 at 01:46:03:

    I had a home go into forclosure in 1998. It still shows on my credit report, how long will it show on my credit report? Can I try to buy another home with the foreclosure showing on my credit report?Thanks

    : (2)

    • Posted by Darryl Sandoval on August 02, 2004 at 17:37:33:

      In Reply to: Foreclosure and my credit Posted by Brenda on August 01, 2004 at 01:46:03:

      You might try applying for a loan with a sub prime lender. These type lenders approve scores as low as 500. Of course, the APR will be higher than usual.

      DSwww.ezreinvesting.com



      : (0)

    • Posted by Darryl-Ca on August 01, 2004 at 16:55:25:

      In Reply to: Foreclosure and my credit Posted by Brenda on August 01, 2004 at 01:46:03:

      Foreclosures usually stay on credit reports seven years.Yes you should try to buy again.

      : (0)

  • Posted by Keith on August 01, 2004 at 00:44:15:

    I have been trying to sell my house for a year now and I have not had any luck what so ever. I believe the reason for the "No intrest buyer" is because I live in a town that is going nowhere. No one wants to move to this town, and the only people who are interested are people who can't afford a $90,000.00 loan. The house I am currently living in is a nice (very nice) 2,400 sq. foot home that is valued at $114,000.00 which I am trying to dump it off for what I owe plus the closing and real estate agents cost ($94,000.00). The people who are interested are low income people looking to upgrade in this town. I feel like society has me traped in this town and I have no way out but to consider foreclosure. I am seeking some advice, does anyone have any?

    : (4)

    • Posted by Darryl-Ca on August 01, 2004 at 16:52:36:

      In Reply to: Should I or should I not Posted by Keith on August 01, 2004 at 00:44:15:

      What city are you located in? Maybe you should rent or lease it out.

      : (0)

    • Posted by Keith on August 01, 2004 at 00:54:13:

      In Reply to: Should I or should I not Posted by Keith on August 01, 2004 at 00:44:15:

      : I have been trying to sell my house for a year now and I have not had any luck what so ever. I believe the reason for the "No intrest buyer" is because I live in a town that is going nowhere. No one wants to move to this town, and the only people who are interested are people who can't afford a $90,000.00 loan. The house I am currently living in is a nice (very nice) 2,400 sq. foot home that is valued at $114,000.00 which I am trying to dump it off for what I owe plus the closing and real estate agents cost ($94,000.00). The people who are interested are low income people looking to upgrade in this town. I feel like society has me traped in this town and I have no way out but to consider foreclosure. I am seeking some advice, does anyone have any?



      : (0)

    • Posted by Keith on August 01, 2004 at 00:53:24:

      In Reply to: Should I or should I not Posted by Keith on August 01, 2004 at 00:44:15:

      : I have been trying to sell my house for a year now and I have not had any luck what so ever. I believe the reason for the "No intrest buyer" is because I live in a town that is going nowhere. No one wants to move to this town, and the only people who are interested are people who can't afford a $90,000.00 loan. The house I am currently living in is a nice (very nice) 2,400 sq. foot home that is valued at $114,000.00 which I am trying to dump it off for what I owe plus the closing and real estate agents cost ($94,000.00). The people who are interested are low income people looking to upgrade in this town. I feel like society has me traped in this town and I have no way out but to consider foreclosure. I am seeking some advice, does anyone have any?



      : (0)

  • Posted by Dave on July 31, 2004 at 23:39:49:

    If we sold our home after the sheriff's sale during the 6 month period of redemption, does this still go on the credit report as foreclosure?

    : (1)

    • Posted by Nick(Colorado) on August 01, 2004 at 12:40:27:

      In Reply to: sold post-foreclosure affect on credit Posted by Dave on July 31, 2004 at 23:39:49:

      Dave:

      Depending on the lender, the answer is yes. To avoidthis problem, sell before the auction.

      : (0)

  • Posted by Dave on July 31, 2004 at 23:39:26:

    If we sold our home after the sheriff's sale during the 6 month period of redemption, does this still go on the credit report as foreclosure?

    : (0)

  • Posted by Barb on July 31, 2004 at 09:02:45:

    Home in Ohio. Due to business failure we are in debt to the tune of $400K+. Home has negative equity due to 3 mortgages. Can't afford payments. Are fixing up to sell but probably won't get on market before mid-August. If we stop paying the mortgages how long before foreclosure proceedings start? In other words, is it realistic to hope that we can sell the house before proceedings begin?

    : (12)

    • Posted by Bill H on July 31, 2004 at 14:00:27:

      In Reply to: How long before foreclosure proceedings start? Posted by Barb on July 31, 2004 at 09:02:45:

      : Home in Ohio. Due to business failure we are in debt to the tune of $400K+. Home has negative equity due to 3 mortgages. Can't afford payments. Are fixing up to sell but probably won't get on market before mid-August. If we stop paying the mortgages how long before foreclosure proceedings start? In other words, is it realistic to hope that we can sell the house before proceedings begin?

      The process varies from state to state and lender to lender. In general, if you are current, it will take them about 3 months to start the proceeding. Doesn't tkae that long but they will send you a notice saying you are behind, then another saying pay up or we will take action, then probably a third saying they are going to take action. Does not always work that way but that is a general rule.

      The first thing anyone in your positions does is panic and fail to communicate with your lender(s). Tell them of your situation, offer to work with them, ask them to work with you, BUT do not leave them out in the cold. They are all in the lending business--not the real estate business..and do not want to take the house back. Talk to them UNTIL you get someone who can make a decision...not just the first clerk that answers the phone....it can work...and may work in your case also.

      The post below about stopping the mortgage and the truth in Lending Act...I would be very careful with. If you are considering it...ask for at least 10 VERIFIABLE people who they have performed for.

      Good luck,Bill H

      : (2)

      • Posted by Barb on August 01, 2004 at 16:57:47:

        In Reply to: Re: How long before foreclosure proceedings start? Posted by Bill H on July 31, 2004 at 14:00:27:

        Thank you so much for your response. Several months ago I did try to communicate with the lender but wasn't able to get past first base. At this point I will have to be more aggressive.

        : (1)

        • Posted by Barb on August 01, 2004 at 17:03:23:

          In Reply to: Re: How long before foreclosure proceedings start? Posted by Barb on August 01, 2004 at 16:57:47:

          : Thank you so much for your response. Several months ago I did try to communicate with the lender but wasn't able to get past first base. At this point I will have to be more aggressive.

          If I'm reading the CA timeline correctly, and OH operates similarly, we could actually have six months before a sale date would be set. Is that a valid assumption



          : (0)

    • Posted by NeedPeace on July 31, 2004 at 01:33:54:

      Anyone Interested??? E - Mail me :)

      : (2)

      • Posted by Theresa on September 02, 2004 at 00:45:49:

        In Reply to: Mich, Chap 7, Want to sell house -QUICK Posted by NeedPeace on July 31, 2004 at 01:33:54:

        : Anyone Interested??? E - Mail me :)



        : (0)

      • Posted by Mark-Chgo on August 28, 2004 at 22:39:57:

        In Reply to: Mich, Chap 7, Want to sell house -QUICK Posted by NeedPeace on July 31, 2004 at 01:33:54:

        Let me know the details. Maybe I can help.Mark

        : (0)

    • Posted by Dennis Hagan on July 30, 2004 at 13:26:27:

      I have a 2nd mortgage on property in Washington State that is being foreclosed on. I owe $10,000 on the 2nd but am being foreclosed on the amount of $29,000. I am being charged an extra $19,000 in lawyers fees. I just recieved this information on 7/29/04. I am currently working with 2 mortgage companies on refinancing the 2nd mortgage. I can come up with $5,000 now. I have been served with an Ex Parte Motion to appear in court on Tuesday, August 3, 2004 at 10:00AM. The original price on the 3 bedroom house was $150,000. The person whom the house was purchased from has been paid $149,000 to this point. I do not want to lose the home and don't believe I should lose it to a 2nd mortgage especially when there is very little money owed on the property and most of the money is in lawyers fees. What can I do and I need to do it quickly? Thanks to any help you can give me!!!

      : (1)

      • Posted by Nick(Colorado) on August 01, 2004 at 12:52:48:

        In Reply to: foreclosure on 2nd mortgage Posted by Dennis Hagan on July 30, 2004 at 13:26:27:

        Dennis Hagan:

        First, I would suggest that you use the court hearingon the Tuesday to ask the lender's attorney why the fees are so high. I have sometimes seen very high feeswhen an out of state lender hires two attorneys to do the foreclosure. One is local, and one in the homestate of the lender. Of course there are also lenders that inflate the figures.

        If worst comes to worst, you can roll the fees in toa BNK 13 plan. You may also be able to get the fees reduced via the threat of a BNK 13, based on the trustee not allowing the lender to charge the high fees.

        : (0)

    • Posted by Sandy on July 29, 2004 at 21:55:23:

      This property is located in MN. I sold the home about 2 years ago and am holding a 2nd mortgage for $20,000. I thought I was helping a single mom to buy a house and I was in the middle of a divorce. I received notice a few days ago that the home is scheduled for sheriff's auction September 2. The current owner is not being cooperative at all, says she doesn't need my help and I will get my money next June. (when the note is due) I have sent her notice that she is also behind in payments to me 4 months and that I will be exercising my options. However, I don't know what those options are. I need to know what if anything I can do to protect my interest in the property before it goes to sale and I get nothing.

      : (6)

      • Posted by Nick(Colorado) on July 30, 2004 at 12:26:01:

        In Reply to: foreclosure, what can junior lien holder do HELP!!!! Posted by Sandy on July 29, 2004 at 21:55:23:

        Sandy:

        I think that there are several options as listedbelow. The first few things that I would do are; 1)a title search, 2)an estimate of value, and 3)a queryto the first (or trustee) to see what are the arrearages. All this will help you see where you currently are:

        1. Do nothing, it may get cured.2. Ajoin the foreclosure of the first.3. By out the fist, and start your own foreclosure.2. Sell the note.3. Wait for foreclosure and redeem the property, 4. Wait for foreclosure and sell the note to an investor, who will redeem.



        : (5)

        • Posted by MicheleCO. on August 06, 2004 at 13:12:34:

          In Reply to: Re: foreclosure, what can junior lien holder do HELP!!!! Posted by Nick(Colorado) on July 30, 2004 at 12:26:01:

          : Where are you Nick. I am in Northern Colorado.

          : Sandy:

          : I think that there are several options as listed: below. The first few things that I would do are; 1)a : title search, 2)an estimate of value, and 3)a query: to the first (or trustee) to see what are the : arrearages. All this will help you see where you : currently are:

          : 1. Do nothing, it may get cured.: 2. Ajoin the foreclosure of the first.: 3. By out the fist, and start your own foreclosure.: 2. Sell the note.: 3. Wait for foreclosure and redeem the property, : 4. Wait for foreclosure and sell the note to an: investor, who will redeem.



          : (0)

        • Posted by Sandy on July 30, 2004 at 18:25:10:

          In Reply to: Re: foreclosure, what can junior lien holder do HELP!!!! Posted by Nick(Colorado) on July 30, 2004 at 12:26:01:

          I have had a comparison appraisal done and was told we should be anywhere between 165,000 and 175,000. Unfortunately, because I am now the single dad and sole support of two little ones I don't have the money on hand to take care of the arrearages and I'm trying to avoid as much as I can in legal fees. But I was interested in the statement that I could ajoin the first mortgage in foreclosure. How do I do that? Also, if I wait for the property to go into foreclosure and intend to redeem it, which probably would work, how long do I have to wait to do that? Doesn't she have the option first? I would suspect that I would do better if I buy out the first mortgage before the foreclosure. I have been told I should have no problem securing a loan for what I suspect might be $120,000 to do that. What if she decides to file bankruptcy?

          : (3)

          • Posted by Nick(Colorado) on August 01, 2004 at 12:35:58:

            In Reply to: Re: foreclosure, what can junior lien holder do HELP!!!! Posted by Sandy on July 30, 2004 at 18:25:10:

            Sandy:

            I would expect the arrearages on the fist to be between5K to 10K, when the attorney's fees are included. If the current owner of the property does a BNK 13/7 for any other purpose then stalling, I would think that thiswould be good for you. To enter a 7, they must be current, meaning you be cured. To enter a 13, the arrearagescan be included in the plan. I am not sure how this is handled with a ballon, but you would have to get payedone way or another, being secured.

            1. Do nothing, it may get cured.2. Ajoin the foreclosure of the first.

            You should call the attorney that is handling the foreclosure of the first. They may allow you toajoin there action, but do not count on it.

            3. By out the fist, and start your own foreclosure.2. Sell the note.3. Wait for foreclosure and redeem the property.

            If you want to redeem, this will be 6 months post-auction.You will need the full amount of the first, plus feesand interest. Maybe about 140K, if the face on the first is 120K, also do not expect to be able to finda loan on this. You have to assume that you will needthis is cash. Also yes, the current owner can also redeem.

            4. Wait for foreclosure and sell the note to aninvestor, who will redeem.

            This is a good option for you as there is no moneyout of pocket. You need to do a title search, and see what the current state is on the first to seeif the note that you hold has any value.



            : (2)

            • Posted by Sandy on August 03, 2004 at 20:24:43:

              In Reply to: Re: foreclosure, what can junior lien holder do HELP!!!! Posted by Nick(Colorado) on August 01, 2004 at 12:35:58:

              THanks Nick for all of your help!!!!!!! Just as I suspected she might she has filed Chapter 13. In it she lists 3 months of arrearages to me. It is now 4 and will be 5 months by the time there is a meeting of the creditors. My next step in the research is to find out about the balloon. Since it will take 3 years to pay off the arrearages and the balloon is due in 1 year. Do you have any thoughts on this next stage. What happens now if she doesn't keep up with this plan? Thanks again so much for your help.

              : (1)

              • Posted by Nick(Colorado) on August 04, 2004 at 09:58:02:

                In Reply to: Re: foreclosure, what can junior lien holder do HELP!!!! Posted by Sandy on August 03, 2004 at 20:24:43:

                Sandy:

                About 2/3 of BNK 13 plans are not completed.

                If she falls out of the plan, then the first will startup the foreclosure again. But a bunch of equity will havebeen lost in the interim. This will make your position worse. If I were you I would find out how the ballon is handled. You will definitely want to get the ballon paid on time, or at least over the life of the plan. You can ask how a ballon is handled in your jurisdiction here:

                http://chat-cards.com/wwwboard/bankruptcy/messages.html



                : (0)

    • Posted by KRS on July 29, 2004 at 21:26:45:

      In doing the whole land trust deal to avoid "due on sale" clause, does the title holding trust have to be held with a corprate 3rd. party trustee that hold both legal and equitble and legal title? Or can this be done soley between Seller and Buyer? I am still a little confused.





      : (2)

      • Posted by Darryl Sandoval on July 29, 2004 at 21:44:39:

        In Reply to: title holding trust Posted by KRS on July 29, 2004 at 21:26:45:

        A land trust is a 3rd party holding property. The beneficiary of the land trust is the actual owner(s).

        Both benefiaciary & trustee CAN be the same. However it will be a little easier to find out who the owner is.



        Darryl Sandovalwww.ezreinvesting.com

        : (1)

        • Posted by KRS on July 29, 2004 at 23:51:18:

          In Reply to: Re: title holding trust Posted by Darryl Sandoval on July 29, 2004 at 21:44:39:

          Thanks Darryl for the quick response. So whats the difference for say a Chicago Land Trust and say a Pac Trust. I was checking the later out and it seems pretty elaborate.

          : A land trust is a 3rd party holding property. The beneficiary of the land trust is the actual owner(s).

          : Both benefiaciary & trustee CAN be the same. However it will be a little easier to find out who the owner is.

          : Darryl Sandoval: www.ezreinvesting.com



          : (0)

    • Posted by Lori on July 29, 2004 at 20:21:23:

      I live in NM, my home is to be sold on August 25th, a man came to the door and gave me an "assignment of right of redemption"...I am to sign over my rights, and in turn he gives me 300.00 at signing, another 300.00 when the house is sold to him. I am moving anyway, is this in my best interest to sell him my rights? Any help is appreciated.

      : (1)

      • Posted by Darryl Sandoval on July 29, 2004 at 21:47:44:

        In Reply to: Selling my rights to redemption Posted by Lori on July 29, 2004 at 20:21:23:

        By signing these forms you are assigning him the right to act in your shoes & receive benefits.

        If you were going to walk away anyway, that might sound appealing. However, if you have considerable equity, you might consider a foreclosure bailout loan. After curing the arrears you might try selling through lease optin or land contract for full price & positive monthly cashflow.



        Darryl Sandovalwww.ezreinvesting.com

        : (0)

    • Posted by Rick on July 29, 2004 at 09:53:22:

      Hi, I am in deep trouble with one of my investment properties. My friend and I bought a run down house that needed to be fixed up. We used a hard money loan through a private lender. This is our first property adn we wanted to get into the real estate business. Much to our dismay, we found out that the city has a lien on the house because of numerous code violations. Had that been disclosed to us before we bought it, we never would have bought it. Even with the money in escrow with the hard money loan, we won't have near enough to get it brought back up to code and are having trouble making the extremely high mortgage payments. So we are kinda stuck. This whole situation has just been a disaster. We bought the house on our personal credit. Big mistake. The mortgage doesn't show up on our credit reports because we went through a private lender. If the house was foreclosed upon, would the foreclosure show up on our credit reports? I don't believe that the house is even close to being worth what we owe on it. Also, I currently rent an apartment and my wife an I want to get a house of our own. If the foreclosure does show up on the credit report, will that be a huge problem since it was an investment property? I'm thinking it will be but I really hope not. This house could end up ruining our lives. I had excellent credit before this and now it's about to come crashing down if we don't find a way to get rid of this house. How ironic, having good credit got me this loan, and it is the good credit that is going to ruin it. If my credit score wasn't as good as it was, the lender wouldnt have lent me the money and I wouldn't be in this mess. The house is located in Clearwater. Any investor interested in possibly taking it off our hands or wanting more information, please let me know. We would greatly appreciate it.

      : (2)

      • Posted by Lawrence on July 30, 2004 at 14:37:53:

        In Reply to: Need Help on investment propety in Florida!!!!! Posted by Rick on July 29, 2004 at 09:53:22:

        If he forecloses on you, when you go to buy a house later and a title search is done on you it will show up there.

        : (0)

      • Posted by Darryl Sandoval on July 29, 2004 at 21:51:35:

        In Reply to: Need Help on investment propety in Florida!!!!! Posted by Rick on July 29, 2004 at 09:53:22:

        It sounds like trouble. A title search is extremely important to disclose any liens or covenants. This might sound like a long shot but... ask the private lender if they will consider a "deed in lieu of foreclosure". This means just giving the home over to the lender.

        If the loan doesn't appear on your credit, then foreclosure should not either. However, he can decide to sue you & this would appear in your credit report.



        DSwww.ezreinvesting.com

        : (0)

    • Posted by Rick on July 29, 2004 at 09:53:13:

      Hi, I am in deep trouble with one of my investment properties. My friend and I bought a run down house that needed to be fixed up. We used a hard money loan through a private lender. This is our first property adn we wanted to get into the real estate business. Much to our dismay, we found out that the city has a lien on the house because of numerous code violations. Had that been disclosed to us before we bought it, we never would have bought it. Even with the money in escrow with the hard money loan, we won't have near enough to get it brought back up to code and are having trouble making the extremely high mortgage payments. So we are kinda stuck. This whole situation has just been a disaster. We bought the house on our personal credit. Big mistake. The mortgage doesn't show up on our credit reports because we went through a private lender. If the house was foreclosed upon, would the foreclosure show up on our credit reports? I don't believe that the house is even close to being worth what we owe on it. Also, I currently rent an apartment and my wife an I want to get a house of our own. If the foreclosure does show up on the credit report, will that be a huge problem since it was an investment property? I'm thinking it will be but I really hope not. This house could end up ruining our lives. I had excellent credit before this and now it's about to come crashing down if we don't find a way to get rid of this house. How ironic, having good credit got me this loan, and it is the good credit that is going to ruin it. If my credit score wasn't as good as it was, the lender wouldnt have lent me the money and I wouldn't be in this mess. The house is located in Clearwater. Any investor interested in possibly taking it off our hands or wanting more information, please let me know. We would greatly appreciate it.

      : (1)

      • Posted by Thomas on July 29, 2004 at 10:50:41:

        In Reply to: Need Help on investment propety in Florida!!!!! Posted by Rick on July 29, 2004 at 09:53:13:

        Where is the property located?

        : Hi, I am in deep trouble with one of my investment properties. My friend and I bought a run down house that needed to be fixed up. We used a hard money loan through a private lender. This is our first property adn we wanted to get into the real estate business. Much to our dismay, we found out that the city has a lien on the house because of numerous code violations. Had that been disclosed to us before we bought it, we never would have bought it. Even with the money in escrow with the hard money loan, we won't have near enough to get it brought back up to code and are having trouble making the extremely high mortgage payments. So we are kinda stuck. This whole situation has just been a disaster. We bought the house on our personal credit. Big mistake. The mortgage doesn't show up on our credit reports because we went through a private lender. If the house was foreclosed upon, would the foreclosure show up on our credit reports? I don't believe that the house is even close to being worth what we owe on it. Also, I currently rent an apartment and my wife an I want to get a house of our own. If the foreclosure does show up on the credit report, will that be a huge problem since it was an investment property? I'm thinking it will be but I really hope not. This house could end up ruining our lives. I had excellent credit before this and now it's about to come crashing down if we don't find a way to get rid of this house. How ironic, having good credit got me this loan, and it is the good credit that is going to ruin it. If my credit score wasn't as good as it was, the lender wouldnt have lent me the money and I wouldn't be in this mess. The house is located in Clearwater. Any investor interested in possibly taking it off our hands or wanting more information, please let me know. We would greatly appreciate it.



        : ( - Mr Interested 21:09:15 07/28/04 (1)

        • Posted by TheShortSalePro on July 29, 2004 at 07:34:50:

          In Reply to: I know its wrong..BUT Posted by Mr Interested on July 28, 2004 at 21:09:15:

          If you were to replace the cabinets with either used, or something inexpensive from a giant home center.. and did a nice job of it, I doubt much would happen.

          But if you were to leave the walls bare, leave holes, and exposed electrical wires... instead of kitchen cabinets, chances are that you would have some explaining to do.

          : (0)

      • Posted by Sandy on July 28, 2004 at 11:55:34:

        The foreclosure on my house has temporarily been stayed due to a mortgage modification with my mortgage company. They require that I pay their attorney's fees in order to reinstate the loan. I don't have a problem doing this, but who would I contact to set up a payment arrangement for these fees? To pay them up front would cause a hardship. Do I contact the mortgage company, or their attorney directly? Or can I file Chapter 13 for the attorney's fees, along with my other debts?

        : (1)

        • Posted by njdave on July 28, 2004 at 16:19:08:

          In Reply to: foreclosure attorney fees Posted by Sandy on July 28, 2004 at 11:55:34:

          If you are contemplating a Chapter 13.. best to see your attorney sooner, rather than later and after you've made a promise to the mortgagee.

          Most will offer a free, telephonic consultation to prequalify you for bankruptcy.

          : (0)

      • Posted by Chris on July 28, 2004 at 10:25:00:

        I am looking for forclosures in So. Cal (prefer San Diego area). If there is anyone who would like to sell, feel free to contact me.

        conanpiet@aol.com

        : (0)

      • Posted by Jim on July 27, 2004 at 19:31:37:

        I lent someone some money and recorded a 2nd T.D. on a home. Payment were going fine, but not I have not received payments in over 6 months. I've been getting a lot of broken promisses. How do I start the foreclosure process? Are the steps outlined somewhere?

        : (2)

        • Posted by Rande Johnsen on July 28, 2004 at 09:47:54:

          In Reply to: I need to start a foreclosure process Posted by Jim on July 27, 2004 at 19:31:37:

          It depends on what state the property is located. If it is in the states of California, Arizona, Nevada, Washington, Oregon, Idaho or Montana my company can process the foreclosure. If not, we can refer you to a service or attorney that handles that state.

          : (1)

          • Posted by Jim Kimball on July 29, 2004 at 11:13:13:

            In Reply to: Re: I need to start a foreclosure process Posted by Rande Johnsen on July 28, 2004 at 09:47:54:

            Follow Up: The home is in California. I may need to get this started. I'm giving them until August 10th before I want to post. Are there fees for each stage of the process, or is there 1 flat fee for the whole thing? I'm thinking they may pay us off once we start and not let it go all the way to the sale.

            Thanks, Jim

            : It depends on what state the property is located. If it is in the states of California, Arizona, Nevada, Washington, Oregon, Idaho or Montana my company can process the foreclosure. If not, we can refer you to a service or attorney that handles that state.



            : (0)

      • Posted by Stefanie on July 27, 2004 at 13:12:38:

        We live in El Paso, TX and our home is scheduled to be sold at auction next week. Do we need to obtain a lawyer? Are we likely going to be sued for whatever monies they don't recover? Can they garnish our wages? Thanks for any info. you can provide.

        : (3)

        • Posted by Darryl Sandoval on July 27, 2004 at 16:10:28:

          In Reply to: Do we need a lawyer? TX Posted by Stefanie on July 27, 2004 at 13:12:38:

          You can get a lawyer & file for bankrupcy. This will give you extra time to sell the home or get a loan.

          Can they sue you? Yes if they don't recoup the balance of your loan at the auction.

          Garnish wages? if the state of TX allows it, maybe. It all depends on the bank.



          DSwww.ezreinvesting.com



          : (2)

          • Posted by Blake on September 10, 2004 at 13:45:48:

            In Reply to: Re: Do we need a lawyer? TX Posted by Darryl Sandoval on July 27, 2004 at 16:10:28:



            In Texas no one can garnish wages for any reason with two exceptions IRS debts and child support. Period no exceptions/

            Also as to Texas law no bank can go after you for a deficiency on a real estate prperty if the amount of the forsclosure sale in below the appraised value of the house: Example

            House is appraised at 100,000. (legal market value).house is foreclosed on and sold for 70,000you owe 80,000.

            Bank under texas statutes cannot sue you for difference because they sold it less than market value. Example two

            House is worth 100,000

            you owe 105,000 they sael for 70,000 you can be sued for the 5,000 above market value,

            Read section 135 of the texas property code.





            : You can get a lawyer & file for bankrupcy. This will give you extra time to sell the home or get a loan.

            : Can they sue you? Yes if they don't recoup the balance of your loan at the auction.

            : Garnish wages? if the state of TX allows it, maybe. It all depends on the bank.

            : DS: www.ezreinvesting.com



            : (1)

            • Posted by MIke neu on December 30, 2004 at 14:39:45:

              In Reply to: Re: Do we need a lawyer? TX Posted by Blake on September 10, 2004 at 13:45:48:

              A payday loan co. garnished my brother's wages. How can they do this in texas? If he signed a clause allowing garnishment, is it then legal? We are trying to get paperwork that was sent to his co.

              : (0)

      • Posted by Jim Lemons on July 26, 2004 at 20:41:58:

        I am new to this board, and have read a lot about what to do if the house you are living in is being foreclosed on, but my situation is the opposite. I am a resident of Virginia and hold a promissory note on a house I sold in Florida, and the investor who bought it has been late more times than he has been on time, plus he is now two months behind because his check just came back from the bank marked insufficient funds.

        The terms of the note stipulate than if a default is not made good in 30 days, the entire principal sum and accrued interest shall at once become due and payable without notice at the option of the holder of the note.

        Do I need to retain a lawyer that does business in Florida, and is the foreclosure process a royal pain in the neck?

        The note was for 10 years, and six years remain. The balance owed is about a third of the house's present value.

        Thanks for your consideration,Jim

        : (2)

        • Posted by Jimmy on August 03, 2004 at 22:26:00:

          In Reply to: Foreclosure process, Fla. property Posted by Jim Lemons on July 26, 2004 at 20:41:58:

          Are you interested in selling the note?

          : (0)

        • Posted by Darryl Sandoval on July 27, 2004 at 16:13:25:

          In Reply to: Foreclosure process, Fla. property Posted by Jim Lemons on July 26, 2004 at 20:41:58:

          Since you have never foreclosed on a home & you're out of state, getting a lawyer will be a good idea. Whether its a hassle or not depends on the state. Some foreclosures are judicial & other not. If it isn't you can foreclose within 1 month.

          DSwww.ezreinvesting.com

          : (0)

      • Posted by kayley on July 26, 2004 at 19:30:29:

        if you got a job maybe you could pay your rent

        : (0)

      • Posted by Derek H. MacKay on July 26, 2004 at 16:37:55:

        I am a corporate attorney, with that being said, everyone assumes I know every aspect of the law. My parents would like me to help some family friends. Six years ago their house was foreclosed (default on the note). Between the two of them they make roughly $200,000/yr. This is a good income, I would assume they could get another mortgage. Any advise?

        : (2)

        • Posted by Joyce Jones on September 28, 2004 at 16:53:52:

          In Reply to: What can one do after a foreclosure? Posted by Derek H. MacKay on July 26, 2004 at 16:37:55:

          : I am a corporate attorney, with that being said, everyone assumes I know every aspect of the law. My parents would like me to help some family friends. Six years ago their house was foreclosed (default on the note). Between the two of them they make roughly $200,000/yr. This is a good income, I would assume they could get another mortgage. Any advise?



          : (0)

        • Posted by Reinstatement Services, Inc. on July 27, 2004 at 11:58:32:

          In Reply to: What can one do after a foreclosure? Posted by Derek H. MacKay on July 26, 2004 at 16:37:55:

          of your career choice and the foreclosure action.

          Basically, tell the family friends to start shopping around for pre-approval on a home loan from various lending sources since it would appear they are well on their way to financial redemption and tell your parents to stop fronting for their friends, particularly when it involves donations of YOUR time.

        • The Answer for Your Home.


        : (0)

    • Posted by amanda on July 26, 2004 at 15:21:11:

      I have about $20-30k available and I thought about investing in real estate. I do not have any licenses, have not read any laws regarding buying/selling and no other formal training in dealing with this industry. What would be my first step and am I being realistic in thinking that I could actually get started with this little amount of money?

      thank you for any info.amanda

      : (1)

      • Posted by Darryl Sandoval on July 27, 2004 at 16:17:23:

        In Reply to: Realistic? Posted by amanda on July 26, 2004 at 15:21:11:

        Many have started investing without any money at all. You just need to be able to find motivated sellers taht are willing to owner finance their home or just give you the deed.

        My first deal was in TN. The owner had moved to NC & was making 2 payments. The home is TN was on the market for 1 year. I contacted him & offered to take over his payments. He agreed & even paid me $380 a month for 2 months.

        Home had $40K in equity. No money or credit was ever used.

        I recommend taht you get educated first then invest your money wisely. You should be able to get deals much faster since you can offer some money upfront.

        DSwww.ezreinvesting.com

        : (0)

    • Posted by amy on July 25, 2004 at 21:01:37:

      My Landlord is going through foreclosure on the apartment I live in, and I would like to know if I am going to have to move out and who will i start paying rent to if I stay here---please answer quickly, it goes to foreclosure on tuesday this week---thanks so much to anyone who helps

      : (1)

      • Posted by Felix on July 26, 2004 at 03:36:11:

        In Reply to: rental being foreclosed Posted by amy on July 25, 2004 at 21:01:37:

        : My Landlord is going through foreclosure on the apartment I live in, and I would like to know if I am going to have to move out and who will i start paying rent to if I stay here---please answer quickly, it goes to foreclosure on tuesday this week---thanks so much to anyone who helps

        ----Stop paying rent to your landlord...don't need to pay...if you have any contact info I might be able to help...your landlord...

        : (0)

    • Posted by kevin on July 25, 2004 at 17:18:09:

      Does anyone know the procedure of cleaning up a home that is contaminated with chemicals? We are looking at a property with a house on it that has a warning sign posted on the front door warning chemical contamination( After doing research we found out it was a meth lab). Can this be cleaned up and made inhabitable again or does it need to be destroyed? How do you destroy it? Can it be burned or bulldozed in? We are interested in using the house if at all possible but will destroy it if necessary. The land alone will be a good purchase. Do you have to contact someone in authority and how do you go about this? Who would you contact? Thanks for any info.....

      : (0)

    • Posted by harry on July 22, 2004 at 19:21:14:

      Will I get money back from the bank if I owe them 40k and they sell my foreclosed house for 60k? Do I have to have filed for bankruptcy? Anyone please? Under what circumstances do I get money back if they collect more than what is owed? Thanks!

      : (1)

      • Posted by Nick(Colorado) on July 23, 2004 at 13:38:17:

        In Reply to: will I get money back from bank if they sell my foreclosed Posted by harry on July 22, 2004 at 19:21:14:

        Harry:

        You will be entitled to any overbid that occurs atauction, provided that there are no other liens onthe property. If the bank takes the property back at auction, without overbid, and later sells it ata profit; then you are not entitled to these monies.

        : (0)

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