October - November 2004 Archives


  • Posted by kandy on December 02, 2004 at 01:04:19:

    The bank bought back my house in IA. That was 2 mo. ago. What happens now. I haven't heard a word from the bank. I also have a second with the same bank. Haven't heard anything from them either. Should I contact them, or should I wait to hear from them. Would like to have everything done by the end of this year. I don't know what comes next. Please help.

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  • Posted by Brad on December 02, 2004 at 00:51:22:

    I purchased my home in April 2000 for $ 70,500. The original rate was 12.00%. In 2003, my credit was much better and I refinanced at 6%. I have had several financial disasters recently. In August 2003 I took out a HELOC woth Household Financial at 16.99%. I currently owe about $ 83,000 on the home. I beleive it to be worth around $ 70,000-80,000 at best. I am now a month behind on the payments and am unemployed. I have been living off my 401k since loosing my job (this is the third layoff in 2 years). The economy in my area is terrible, even if I find a job I doubt it will pay more than $ 9/hourly. I hate living in Omaha and really wants out from this house. Is walking away my only option ?

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    • Posted by jay on December 02, 2004 at 22:30:51:

      In Reply to: Running out of options.... Posted by Brad on December 02, 2004 at 00:51:22:

      Brad ask your heloc loan what they will take to settle. If they say they want all their money. Go to the first and ask if they would take a short sale on the property. Negotiate with the 2nd, if they become hard nosed tell them they can take 1k or take nothing if the first forecloses. See where they stand and get back to me.

      j.: I purchased my home in April 2000 for $ 70,500. The original rate was 12.00%. In 2003, my credit was much better and I refinanced at 6%. I have had several financial disasters recently. In August 2003 I took out a HELOC woth Household Financial at 16.99%. I currently owe about $ 83,000 on the home. I beleive it to be worth around $ 70,000-80,000 at best. I am now a month behind on the payments and am unemployed. I have been living off my 401k since loosing my job (this is the third layoff in 2 years). The economy in my area is terrible, even if I find a job I doubt it will pay more than $ 9/hourly. I hate living in Omaha and really wants out from this house. Is walking away my only option ?



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  • Posted by Susan on December 01, 2004 at 22:38:57:

    I own a property that is probably valued about $50,000 more than I owe on it, however, the rent I collect, just covers the mortgage, and it is more a liabilty on my hands. I tried to sell, but I have a very nosy neighbor, who always stands around when the real estate agent shows the house, and makes negative comments about the house, and turns off buyers. Also, the tenants get a bit frustrated with constantly having to show their apartments. Is there any other way I can sell the house? I am not looking to make any money, just get it off my hands, as I have my own home.

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    • Posted by Janie on December 01, 2004 at 23:03:02:

      In Reply to: ANY OTHER WAY TO GET RID OF THIS HOUSE Posted by Susan on December 01, 2004 at 22:38:57:

      Get a restraining order. Calculate what you are losing on a daily basis and send the neighbor a nice letter asking him to cease and desist from obstructing your efforts to liquidate the property. Point out what it is costing you because of his actions.

      Point out that you do not want to be forced to seek any and all legal remedies available to you.

      The important thing is do not accuse, or berate him. The goal is to get him to back off. Drown him with honey.

      If that doesn't work, then hit him with the cease and desist or legal remedies will ensue.

      With all correspondence, sent it certified return receipt so you have a record of notifying him of his actions.







      : I own a property that is probably valued about $50,000 more than I owe on it, however, the rent I collect, just covers the mortgage, and it is more a liabilty on my hands. I tried to sell, but I have a very nosy neighbor, who always stands around when the real estate agent shows the house, and makes negative comments about the house, and turns off buyers. Also, the tenants get a bit frustrated with constantly having to show their apartments. Is there any other way I can sell the house? I am not looking to make any money, just get it off my hands, as I have my own home.



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  • Posted by Femi on December 01, 2004 at 10:15:54:

    I have 2 investment properties that i can't afford anymore due to other obligations. Does the bank come after my income, or other asset if i foreclose. I don't plan of filing bankrupt. Will they just take the houses, damage my credit and stop at that?

    Is there any other way for me to sell the properties?One is 134k, the other 189k : both brick, 2BD, homes in great condition.

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  • Posted by Jorge on November 30, 2004 at 16:27:51:

    I am interested in a property in my neighborhood that is in the process of being foreclosed upon. The owner bought the house in March in a shady deal (seller advised me they received $380k, buyer financed $450k 1st mortg and $90k 2nd mortg). The owner never made a payment on the mortgage. (A little research revealed that the owner did the same thing with another property purchased two days earlier). The owner has failed to appear in the foreclosure action.

    Are there any steps I can take to attempt to purchase the property at this time? If I can get the owner to go along, would loss mitigation be possible in such a case? What can anyone recommend? Thanks.

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    • Posted by Jim V on November 30, 2004 at 23:06:14:

      In Reply to: Any options with this one? Posted by Jorge on November 30, 2004 at 16:27:51:

      : I am interested in a property in my neighborhood that is in the process of being foreclosed upon. The owner bought the house in March in a shady deal (seller advised me they received $380k, buyer financed $450k 1st mortg and $90k 2nd mortg). The owner never made a payment on the mortgage. (A little research revealed that the owner did the same thing with another property purchased two days earlier). The owner has failed to appear in the foreclosure action.

      : Are there any steps I can take to attempt to purchase the property at this time? If I can get the owner to go along, would loss mitigation be possible in such a case? What can anyone recommend? Thanks.

      Unfortunately, it sounds like you are looking at a case of lender fraud. When fraud has occurred, the lender(s) will often prefer to complete the foreclosure process, rather than participate in a short sale(accepting less than they are owed).

      I think it was about 8 years ago, there were a ton of income properties in Los Angeles county that were hugely over-leveraged, with no payments being made, that were all headed to foreclosure. To the best of my knowledge, all those properties ended up in the lender's hands. There just wasn't any way to make a deal happen prior to sale. I've heard Baltimore has had similar issues since then, along with Philadelphia and possibly Chicago.

      When the lender takes it back, you can try to work a deal with them.

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    • Posted by jay on November 30, 2004 at 22:40:27:

      In Reply to: Any options with this one? Posted by Jorge on November 30, 2004 at 16:27:51:

      Yea, instead of a predatory lender it sounds like this is a predatory borrower!

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  • Posted by jay on November 30, 2004 at 13:48:54:

    I own a house in Georgia, and I recently moved to another state. The house has been on the market for over a year, even though it is a fast-growing county, and we are now four payments behind. I went through Loss Mitigation to try a short sale, but I have a home equity loan and that bank won't work with us at all. Because of that, Loss Mitigation can't do a Short Sale or, I'm assuming, a Deed In Lieu of Foreclosure. It's too late to rent it out (we'd have to catch up too many payments), so are there any other options? If they foreclose, what are the ramifications (it's an FHA loan)? I'm ready to walk away from it at this point.

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    • Posted by Keith(CA) on December 01, 2004 at 21:00:04:

      In Reply to: Foreclosure in GA Posted by jay on November 30, 2004 at 13:48:54:

      Jay,

      Have you considered an owner finance sale?

      This is much simplified, but here it is in a nutshell. Maybe you can drop the price a little bit to encourage a sale, but owner finance at a higher interest rate. The down payment from your buyer need to be enough to cure the default, and the monthly principal + interest payment should be slightly more than what you pay each month. You receive a check from your buyer (since you're the bank), and then you send a check in to cover your payment. Your buyer gets all of the perks of ownership on their taxes (not you). You can come out slightly ahead financially (or you might even be willing to take a slight loss each month), but at least the big headache goes away. Remember to factor insurance and potentially changing property taxes into the equation. To do this you use a wrap-around mortgage, or whatever you use in GA (here in CA we use an all-inclusive trust deed) to secure your interest in the property...you can foreclose to get your payoff if your buyer stops paying.

      Good luck.

      : I own a house in Georgia, and I recently moved to another state. The house has been on the market for over a year, even though it is a fast-growing county, and we are now four payments behind. I went through Loss Mitigation to try a short sale, but I have a home equity loan and that bank won't work with us at all. Because of that, Loss Mitigation can't do a Short Sale or, I'm assuming, a Deed In Lieu of Foreclosure. It's too late to rent it out (we'd have to catch up too many payments), so are there any other options? If they foreclose, what are the ramifications (it's an FHA loan)? I'm ready to walk away from it at this point.



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    • Posted by Charter Homes on December 01, 2004 at 06:08:24:

      In Reply to: Foreclosure in GA Posted by jay on November 30, 2004 at 13:48:54:

      : I own a house in Georgia, and I recently moved to another state. The house has been on the market for over a year, even though it is a fast-growing county, and we are now four payments behind. I went through Loss Mitigation to try a short sale, but I have a home equity loan and that bank won't work with us at all. Because of that, Loss Mitigation can't do a Short Sale or, I'm assuming, a Deed In Lieu of Foreclosure. It's too late to rent it out (we'd have to catch up too many payments), so are there any other options? If they foreclose, what are the ramifications (it's an FHA loan)? I'm ready to walk away from it at this point.



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      • Posted by Sharon on December 01, 2004 at 23:58:43:

        In Reply to: Re: Foreclosure in GA Posted by Charter Homes on December 01, 2004 at 06:08:24:

        : : I own a house in Georgia, and I recently moved to another state. The house has been on the market for over a year, even though it is a fast-growing county, and we are now four payments behind. I went through Loss Mitigation to try a short sale, but I have a home equity loan and that bank won't work with us at all. Because of that, Loss Mitigation can't do a Short Sale or, I'm assuming, a Deed In Lieu of Foreclosure. It's too late to rent it out (we'd have to catch up too many payments), so are there any other options? If they foreclose, what are the ramifications (it's an FHA loan)? I'm ready to walk away from it at this point.



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        • Posted by sharon on December 02, 2004 at 18:44:11:

          In Reply to: I have investors, email me asap Posted by Sharon on December 01, 2004 at 23:58:43:

          : : : I own a house in Georgia, and I recently moved to another state. The house has been on the market for over a year, even though it is a fast-growing county, and we are now four payments behind. I went through Loss Mitigation to try a short sale, but I have a home equity loan and that bank won't work with us at all. Because of that, Loss Mitigation can't do a Short Sale or, I'm assuming, a Deed In Lieu of Foreclosure. It's too late to rent it out (we'd have to catch up too many payments), so are there any other options? If they foreclose, what are the ramifications (it's an FHA loan)? I'm ready to walk away from it at this point.



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          • Posted by Jay on December 02, 2004 at 22:18:35:

            In Reply to: go to my website sharondelores.com Posted by sharon on December 02, 2004 at 18:44:11:

            : : : : I own a house in Georgia, and I recently moved to another state. The house has been on the market for over a year, even though it is a fast-growing county, and we are now four payments behind. I went through Loss Mitigation to try a short sale, but I have a home equity loan and that bank won't work with us at all. Because of that, Loss Mitigation can't do a Short Sale or, I'm assuming, a Deed In Lieu of Foreclosure. It's too late to rent it out (we'd have to catch up too many payments), so are there any other options? If they foreclose, what are the ramifications (it's an FHA loan)? I'm ready to walk away from it at this point.

            If the 2nd lien will not work with you the 1st will fcl and the 2nd gets nothing. Ask the 2nd lien what they will take to satisfy the debt. Offer 1k or nothing, which will they rather have?

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  • Posted by Tywanda on November 30, 2004 at 12:46:01:

    I just received a letter taped to my door that my house is going to auction on Dec.23, 2004. What happens? It said I have 6 months for a redemption period, does that mean I can live in the house or no? I am trying to work it out with my mortgage company because I can pay the past due off on Dec. 29, 2004

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    • Posted by Corky on November 30, 2004 at 14:54:30:

      In Reply to: Michigan foreclosure Posted by Tywanda on November 30, 2004 at 12:46:01:

      I am also in Michigan and my home was foreclosed earlier this month. So this is what I learned.

      In Michigan, there is a 6 month redemption period where you can either buy back the home or refinance.I think that you would have to contact the mortgage company or there legal representives to see if they are willing to work with you on the payment.After the sheriffs sale, you would need the entire amount of the price that the house was sold for and any fees and interest to redeem the home.

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  • Posted by Robert Erik on November 30, 2004 at 11:32:59:

    Texas - I had signed on a house for my ex-wife during our divorce (for her and baby). She subsequently remarried (I had a clause in the divorce decree that after remarrying she'd have 90 days to get the property in her name.) A few months after her marriage she stopped making the house payments and foreclosure began.

    There was a second lien holder (to avoid paying PMI insurance). Is the primary lien holder required to pay the secondary lien holder after the property is sold?

    The junior lien holder has givin the account to a collections agency whose been bugging me and I'm wondering what my rights may be.

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    • Posted by Keith(CA) on November 30, 2004 at 18:22:54:

      In Reply to: Second Lien Holder Not paid after foreclosure Posted by Robert Erik on November 30, 2004 at 11:32:59:

      When the first foreclosed, there was a public sale. Either someone bid at that sale, or no one did.

      If no one bid, then the lender simply took title to the property and all junior liens were wiped from the title, leaving all of those debts unpaid.

      If there was a bidder at the sale, then any amount over and above what the first required to satisfy their claim at the foreclosure sale would then go to the most senior of the junior lien holders. Should there be excess after that lien holder is paid, then the overbid money is applied to the next junior, and so on and so forth until the overbid money runs out or all liens are satisfied (in which case the owner would recieve the balance left over).

      Regardless of how it all panned out in the end, all of the junior liens are left hanging because their security interest in the property was extinguished by the foreclosure (they had notice and should have secured their position, but they didn't). Since they can now no longer foreclose to get their money back, they will be hounding you to collect.

      As creditors, they have every right to try and collect from you what you owe them. Your credit is probably already shot due to the foreclosure, so you might want to consider bankruptcy. If nothing else, talk directly to the second lien holder and tell them you've got nothing to lose by filing bankruptcy, but that you'd still try to make some good out of the situation. Offer to settle for 10 cents on the dollar and see what they say. Maybe they'll agree, or negotiate some kind of reduced payoff.

      There are a lot of possibilities, but unless you are protected by the court under bankruptcy or simply make arrangements to take care of that debt, then that collection agency will continue to bother you.



      : Texas - I had signed on a house for my ex-wife during our divorce (for her and baby). She subsequently remarried (I had a clause in the divorce decree that after remarrying she'd have 90 days to get the property in her name.) A few months after her marriage she stopped making the house payments and foreclosure began.

      : There was a second lien holder (to avoid paying PMI insurance). Is the primary lien holder required to pay the secondary lien holder after the property is sold?

      : The junior lien holder has givin the account to a collections agency whose been bugging me and I'm wondering what my rights may be.



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      • Posted by Corky on December 01, 2004 at 10:43:58:

        In Reply to: Junior Lien Holders Only Paid from Overbid Posted by Keith(CA) on November 30, 2004 at 18:22:54:

        That was the best explaination that I have seen yet about that situation.But to add to this conversation, how do you know if the lender just took title or someone else bought the home? And if the junior liens were paid, do you get some notice of this?: When the first foreclosed, there was a public sale. Either someone bid at that sale, or no one did.

        : If no one bid, then the lender simply took title to the property and all junior liens were wiped from the title, leaving all of those debts unpaid.

        : If there was a bidder at the sale, then any amount over and above what the first required to satisfy their claim at the foreclosure sale would then go to the most senior of the junior lien holders. Should there be excess after that lien holder is paid, then the overbid money is applied to the next junior, and so on and so forth until the overbid money runs out or all liens are satisfied (in which case the owner would recieve the balance left over).

        : Regardless of how it all panned out in the end, all of the junior liens are left hanging because their security interest in the property was extinguished by the foreclosure (they had notice and should have secured their position, but they didn't). Since they can now no longer foreclose to get their money back, they will be hounding you to collect.

        : As creditors, they have every right to try and collect from you what you owe them. Your credit is probably already shot due to the foreclosure, so you might want to consider bankruptcy. If nothing else, talk directly to the second lien holder and tell them you've got nothing to lose by filing bankruptcy, but that you'd still try to make some good out of the situation. Offer to settle for 10 cents on the dollar and see what they say. Maybe they'll agree, or negotiate some kind of reduced payoff.

        : There are a lot of possibilities, but unless you are protected by the court under bankruptcy or simply make arrangements to take care of that debt, then that collection agency will continue to bother you.

        : : : Texas - I had signed on a house for my ex-wife during our divorce (for her and baby). She subsequently remarried (I had a clause in the divorce decree that after remarrying she'd have 90 days to get the property in her name.) A few months after her marriage she stopped making the house payments and foreclosure began.

        : : There was a second lien holder (to avoid paying PMI insurance). Is the primary lien holder required to pay the secondary lien holder after the property is sold?

        : : The junior lien holder has givin the account to a collections agency whose been bugging me and I'm wondering what my rights may be.



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        • Posted by Keith(CA) on December 01, 2004 at 20:00:46:

          In Reply to: Re: Junior Lien Holders Only Paid from Overbid Posted by Corky on December 01, 2004 at 10:43:58:

          How do you know who took title?

          A deed will be recorded in the public records by the new title holder (the vesting language will indicate who). Simply look up the deed once recorded. I do not know how this works in locales with post-foreclosure owner redemption periods, but here in CA the new deed should be recorded within 15 days.

          How do you know if junior liens get paid?

          This, too, probably varies from state to state. I'm not even sure how I'd do this in my area except to physically attend the auction to witness the bid amount. We have non-judicial foreclosure out here, so a trustee is appointed to handle these things. So, in our case I suppose one could also approach the trustee (or sheriff) who handled the sale? Might work in your area, too.

          : That was the best explaination that I have seen yet about that situation.: But to add to this conversation, how do you know if the lender just took title or someone else bought the home? And if the junior liens were paid, do you get some notice of this?: : When the first foreclosed, there was a public sale. Either someone bid at that sale, or no one did.

          : : If no one bid, then the lender simply took title to the property and all junior liens were wiped from the title, leaving all of those debts unpaid.

          : : If there was a bidder at the sale, then any amount over and above what the first required to satisfy their claim at the foreclosure sale would then go to the most senior of the junior lien holders. Should there be excess after that lien holder is paid, then the overbid money is applied to the next junior, and so on and so forth until the overbid money runs out or all liens are satisfied (in which case the owner would recieve the balance left over).

          : : Regardless of how it all panned out in the end, all of the junior liens are left hanging because their security interest in the property was extinguished by the foreclosure (they had notice and should have secured their position, but they didn't). Since they can now no longer foreclose to get their money back, they will be hounding you to collect.

          : : As creditors, they have every right to try and collect from you what you owe them. Your credit is probably already shot due to the foreclosure, so you might want to consider bankruptcy. If nothing else, talk directly to the second lien holder and tell them you've got nothing to lose by filing bankruptcy, but that you'd still try to make some good out of the situation. Offer to settle for 10 cents on the dollar and see what they say. Maybe they'll agree, or negotiate some kind of reduced payoff.

          : : There are a lot of possibilities, but unless you are protected by the court under bankruptcy or simply make arrangements to take care of that debt, then that collection agency will continue to bother you.

          : : : : : : Texas - I had signed on a house for my ex-wife during our divorce (for her and baby). She subsequently remarried (I had a clause in the divorce decree that after remarrying she'd have 90 days to get the property in her name.) A few months after her marriage she stopped making the house payments and foreclosure began.

          : : : There was a second lien holder (to avoid paying PMI insurance). Is the primary lien holder required to pay the secondary lien holder after the property is sold?

          : : : The junior lien holder has givin the account to a collections agency whose been bugging me and I'm wondering what my rights may be.



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  • Posted by Gail on November 30, 2004 at 11:08:07:

    It's a mortgage company!! Sorry.....if you'd had problems with them, believe me, you'd know!!

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    • Posted by Dona on January 19, 2005 at 11:02:05:

      In Reply to: HOMECOMINGS FINANCIAL MORTGAGE COMPANY!! Posted by Gail on November 30, 2004 at 11:08:07:

      Gail,My Son is having problems too. Can to share. Perhaps we can help each other.

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    • Posted by Dona on January 19, 2005 at 11:01:34:

      In Reply to: HOMECOMINGS FINANCIAL MORTGAGE COMPANY!! Posted by Gail on November 30, 2004 at 11:08:07:

      : It's a mortgage company!! Sorry.....if you'd had problems with them, believe me, you'd know!!



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  • Posted by kevin on November 30, 2004 at 04:20:02:

    trying to find out what the Right of Redemption is in Indiana. if we file Bankruptcy will this stop the sell of the home. they is not a sale date yet, but we do have a judgment against us.

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    • Posted by Allen Phelps on December 03, 2004 at 08:31:25:

      In Reply to: Indiana foreclosure Posted by kevin on November 30, 2004 at 04:20:02:

      Are you interested in selling the house?

      If so, where it is located, my wife and I might be interested in purchasing it?



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  • Posted by Gail on November 30, 2004 at 00:54:51:

    Email me at vgweston@yahoo.com OR the law firm at edemuro@wolfpopper.com for HELP!! Send this or post it anywhere and everywhere you know of to help 'spread the word'!! Good luck.......Gail

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    • Posted by Shannon on January 23, 2005 at 22:34:37:

      In Reply to: CLASS ACTION SUIT AGAINST HOMECOMINGS!! Posted by Gail on November 30, 2004 at 00:54:51:

      I have just started to undercover how fraudulent Homecomings is! We jus recently closed on our home. Our title company agreed to close even without being able to et an updated payoff amount from Homecomings even after 5 days of phone calls and faxes from both our title company and myself. We closed and 2 days later got a payoff from Homecomings, there check was overnighted and the next day we were served with foreclosure papers. And of course we have not been able to contact any humans at homecomings if we don't get disconnected, we get put on hold or transferred to a random voice mail. I am in the process of digging out our all homecomings files. We just moved into our new place. But now I am sure that they not only screwed us with this foreclosure nonsense, but on inspection fees and possibly much much more. In October they raised our payments because they said they had underestimated our escrow amounts. Our payments went up over $400... and our escrow had been fin for the previous 2 years., so now I wonder what scam we might have fallen for! Please let me know what I can do to help and be a part of any suit or complaints against this company. Please, I would do anything to help and would like advise and help with our situation!

      Shannon



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    • Posted by Ward-CA- on November 30, 2004 at 10:49:23:

      In Reply to: CLASS ACTION SUIT AGAINST HOMECOMINGS!! Posted by Gail on November 30, 2004 at 00:54:51:

      : Email me at vgweston@yahoo.com OR the law firm at edemuro@wolfpopper.com for HELP!! Send this or post it anywhere and everywhere you know of to help 'spread the word'!! Good luck.......Gail

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      • Posted by Keith(CA) on November 30, 2004 at 12:30:05:

        In Reply to: Sorry, but what's a 'homecoming'?? (nt) Posted by Ward-CA- on November 30, 2004 at 10:49:23:

        Ward,

        Homecomings Financial is a mortgage financer that has been a topic of discussion around here once in a while. Below is a link to one of the more recent threads.

        : : Email me at vgweston@yahoo.com OR the law firm at edemuro@wolfpopper.com for HELP!! Send this or post it anywhere and everywhere you know of to help 'spread the word'!! Good luck.......Gail

      • Thread Link Here


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      • Posted by Gail on December 03, 2004 at 01:11:44:

        In Reply to: A not-so-nice lender Posted by Keith(CA) on November 30, 2004 at 12:30:05:

        Thank YOU, Ward, for helping to 'spread the word' about this fraudulent company!! Gail

        : Ward,

        : Homecomings Financial is a mortgage financer that has been a topic of discussion around here once in a while. Below is a link to one of the more recent threads.

        : : : Email me at vgweston@yahoo.com OR the law firm at edemuro@wolfpopper.com for HELP!! Send this or post it anywhere and everywhere you know of to help 'spread the word'!! Good luck.......Gail



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      • Posted by jay on November 30, 2004 at 22:41:41:

        In Reply to: A not-so-nice lender Posted by Keith(CA) on November 30, 2004 at 12:30:05:

        Has anyone really called them or are we just serious whiners?!

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  • Posted by kevin on November 29, 2004 at 19:37:01:

    we have had a judgment against us for default of our morgage. what does" assignment of judgment filed" mean? this is in Indiana

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    • Posted by Keith(CA) on November 30, 2004 at 10:11:19:

      In Reply to: Indiana foreclosure Posted by kevin on November 29, 2004 at 19:37:01:

      Admittedly, I am just guessing here, but it probably means that the mortgagee has given the right and power to collect on the judgment to a third party (the word "assignment" is often meant to infer a transfer of rights). In other words, the lender has better things to do and for a fee has hired a company that does this stuff for a living to collect or proceed with foreclosure.

      : we have had a judgment against us for default of our morgage. what does" assignment of judgment filed" mean? this is in Indiana



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  • Posted by Big O on November 29, 2004 at 15:17:34:

    how do i buy a foreclosed property? do i need to use only my own money or can i get a bank loan? if i buy a foreclosed property, what is my financial responsibility to the outstanding mortgage?

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    • Posted by Keith(CA) on November 30, 2004 at 10:01:14:

      In Reply to: how do I buy a foreclosed property? Posted by Big O on November 29, 2004 at 15:17:34:

      No tricks, really, to buying a home already foreclosed. If someone (a private party) bid at auction, then they now own it and you would have to approach them about purchasing. Otherwise, if the bank took title for lack of a bidder at auction, then speak to the bank. But don't be surprised if the bank simply lists the property for sale through a real estate broker.

      Either way, it will still be treated just as a normal sale. You obtain financing (some combination of personal, private, and/or bank financing) and go through escrow if your offer is accepted. The closing attorney/title company will see to it that outstanding liens are paid off from the financing you obtain. Thus, you will get clear title to the property (likely a requirement of the lender from whom you obtain your financing).

      The only trick would be if you lived in a state where the owner is given a redemption period by law. In this instance you may be able to purchase the redemption right from the former owner and exercise that right before the time period expires. But we don't know what state you live in.

      Does that help or answer your questions?

      : how do i buy a foreclosed property? do i need to use only my own money or can i get a bank loan? if i buy a foreclosed property, what is my financial responsibility to the outstanding mortgage?



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  • Posted by Janie on November 29, 2004 at 09:11:46:

    Janie - Thank you very much for the valuable information. The house that my friend lives in was her parent's home. As for securing the loan, she told me that her bank referred her to their 800 number and everything was handled by phone or faxes. Overall, she had a very steady employment history - even they were very low-end, repetitive jobs. Her resume looks decent, so it surprises all of her friends that nothing is working out for her.

    Thank you again.

    Barbara

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  • Posted by Jay on November 28, 2004 at 23:43:48:

    Mike, I have several questions for you: On the application portion of the website, why will the application of a sender using the US postal service be sent back? I mean if it's not overnighted via UPS, FEDX or Airborne but they get it to you regardless why would you return it?

    To the consumer that would raise a red flag, would you agree?

    Also, in a search of the Better Business Bureau in upstate NY. Why hasn't anyone from Redwood Trust responded to the various complaints brought against them?

    If the grants being used are from US Aid, Mercy Corps etc...why would you charge a 5K fee if the money you received is free as long as it is used for a humanitarian effort? I mean the last time I heard Red Cross which is a widely known humanitarion organization doesn't charge the hurricane victims a fee for supplying food? But yet your organization charges homeowner's a fee for paying off their loan. I see no humanitarion effort in that. Would love to hear your responses.

    Jay

    Jay



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  • Posted by Rod on November 28, 2004 at 09:43:08:

    Can someone please tell me what the time period from notification of intent to foreclose to the time one would have to vacate. This is in the state of Minnesota.

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    • Posted by Jim V on November 29, 2004 at 12:27:55:

      In Reply to: foreclosure timeline Posted by Rod on November 28, 2004 at 09:43:08:

      : Can someone please tell me what the time period from notification of intent to foreclose to the time one would have to vacate. This is in the state of Minnesota.

      MN requires publication of the notice for 6 weeks prior to the sale and service of the notice to the occupants of the property 4 weeks prior to the sale. After the sale, most loans will have a six month redemption period where the home can be sold or refinanced. 7-12 months is a likely time period.



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    • Posted by Janie on November 28, 2004 at 23:44:59:

      In Reply to: foreclosure timeline Posted by Rod on November 28, 2004 at 09:43:08:

      I'm not absolutely sure this applies in your state, but I think the standard time frame for a non-judicial foreclosures is 120 days.

      The clock starts tick once you've been served with the Notice of Default. You then have 90 days to cure the default. The NOD will state how long you have to cure.

      If you fail to cure the default within that time, a Notice of Trustee's Sale is filed and then served on you at or on the 91st day. That document will show you the time and place for the scheduled auction of your home.

      The auction is typically scheduled on or about the 120th day.

      After the auction, nothing will probably happen right away because of the redemption period. Check you state's redemption laws to see how long you have to buy back your home.





      : Can someone please tell me what the time period from notification of intent to foreclose to the time one would have to vacate. This is in the state of Minnesota.



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    • Posted by kingston on November 28, 2004 at 23:38:08:

      In Reply to: foreclosure timeline Posted by Rod on November 28, 2004 at 09:43:08:

      Contact your public trustees office or treasurer for additional informationHope that helps

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  • Posted by Donna Alabama/Mississippi area on November 27, 2004 at 20:18:36:

    We just let them have our house and we were contacted by a law firm that helps you errase bad credit from your record. We had to file bankrupty after our son was born because of my high medical bills and he said both were beyond our control and can be errased from our credit. Here is the link I have if anyone wants wants to try them. I believe it cost $99.00 to start.quickanswers@lexingtonlaw.com

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  • Posted by Donna Falgout on November 27, 2004 at 19:57:38:

    We just went thru the same thing. We bought a house 10 years ago on a private street with 33 acreas of cow pasture behind us. It was peaceful and we had a good view. Two years ago (we lived in Mobile county, Al.)a insurance impound yard moved in and now there are 33 acreas of wrecked and mingled vehicles behind and beside our house. We started getting snakes, rats and more than our share of mosquito's. Our 6 year old couldn't play outside in fear of west nile or snakes. We tried to sell it but when one of our neighbors tried to buy it, the bank came out and said because of what was behind us, they wouldn't go more than $30,000.00. We had over a acrea and a quater of land with a brick house, two storage sheds and a garage. We ask attorneys if we could sue him, all five housees on this private road wanted to go in with us to sue but because we were in the COUNTY, they wouldn't touch it.We let it go into foreclosure and just found out today, that the bank we had it with, bought it!!! I don't know if it was actually in foreclosure before they got it or how it happened. How do I find out??? We tried to talk with the bank (bank of america) before the sale but they wouldn't talk to us. now we find out that they bought it. We went over last weekend to clean it but they changed the locks and today, we recieve a letter from the attorneys that we have ten days to be out. We have been out for two weeks. Thanks for any advice you might offer.

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    • Posted by Keith(CA) on November 30, 2004 at 09:52:29:

      In Reply to: foreclosure Posted by Donna Falgout on November 27, 2004 at 19:57:38:

      Donna,

      This doesn't really sound all that unusual. My guess is that the foreclosure auction came and went, and noone bid on the property. Because your bank has a vested interest in the property in the amount of the principal you still owed, title of the property was given to the bank. So, the bank "bought" the property with the money they had already loaned out to you.

      Normally, someone will go out to the property to get a visual inspection and BPO to determine condition and a rough estimate of value. If the property is found to be vacant (as in your case) the bank will order locks changed and the premises secured so that they can insure the property and protect whatever asset quality remains.

      The place in your (old) county where deeds are recorded for public viewing would be the place to start your search if you really want to know for sure. The type of deed used (Trustee's Deed, Sheriff's Deed, or something similar) is different than a normal sale when title changes hands by foreclosure. The county clerk or registrar should be able to provide a little more insight.

      A final word just to express my sympathies for your plight.

      : We just went thru the same thing. We bought a house 10 years ago on a private street with 33 acreas of cow pasture behind us. It was peaceful and we had a good view. Two years ago (we lived in Mobile county, Al.): a insurance impound yard moved in and now there are 33 acreas of wrecked and mingled vehicles behind and beside our house. We started getting snakes, rats and more than our share of mosquito's. Our 6 year old couldn't play outside in fear of west nile or snakes. We tried to sell it but when one of our neighbors tried to buy it, the bank came out and said because of what was behind us, they wouldn't go more than $30,000.00. We had over a acrea and a quater of land with a brick house, two storage sheds and a garage. We ask attorneys if we could sue him, all five housees on this private road wanted to go in with us to sue but because we were in the COUNTY, they wouldn't touch it.: We let it go into foreclosure and just found out today, that the bank we had it with, bought it!!! I don't know if it was actually in foreclosure before they got it or how it happened. How do I find out??? We tried to talk with the bank (bank of america) before the sale but they wouldn't talk to us. now we find out that they bought it. We went over last weekend to clean it but they changed the locks and today, we recieve a letter from the attorneys that we have ten days to be out. We have been out for two weeks. Thanks for any advice you might offer.



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      • Posted by Donna on November 30, 2004 at 17:17:04:

        In Reply to: Re: foreclosure Posted by Keith(CA) on November 30, 2004 at 09:52:29:

        : Donna,

        : This doesn't really sound all that unusual. My guess is that the foreclosure auction came and went, and noone bid on the property. Because your bank has a vested interest in the property in the amount of the principal you still owed, title of the property was given to the bank. So, the bank "bought" the property with the money they had already loaned out to you.

        : Normally, someone will go out to the property to get a visual inspection and BPO to determine condition and a rough estimate of value. If the property is found to be vacant (as in your case) the bank will order locks changed and the premises secured so that they can insure the property and protect whatever asset quality remains.

        : The place in your (old) county where deeds are recorded for public viewing would be the place to start your search if you really want to know for sure. The type of deed used (Trustee's Deed, Sheriff's Deed, or something similar) is different than a normal sale when title changes hands by foreclosure. The county clerk or registrar should be able to provide a little more insight.

        : A final word just to express my sympathies for your plight.

        Thank you for your information. I guess they saw for themselves why we got out. No one else wanted to live by that either. I will do like you said and check. Maybe then I will know for sure because the attorneys or the bank aren't telling us anything.

        Donna: : We just went thru the same thing. We bought a house 10 years ago on a private street with 33 acreas of cow pasture behind us. It was peaceful and we had a good view. Two years ago (we lived in Mobile county, Al.): : a insurance impound yard moved in and now there are 33 acreas of wrecked and mingled vehicles behind and beside our house. We started getting snakes, rats and more than our share of mosquito's. Our 6 year old couldn't play outside in fear of west nile or snakes. We tried to sell it but when one of our neighbors tried to buy it, the bank came out and said because of what was behind us, they wouldn't go more than $30,000.00. We had over a acrea and a quater of land with a brick house, two storage sheds and a garage. We ask attorneys if we could sue him, all five housees on this private road wanted to go in with us to sue but because we were in the COUNTY, they wouldn't touch it.: : We let it go into foreclosure and just found out today, that the bank we had it with, bought it!!! I don't know if it was actually in foreclosure before they got it or how it happened. How do I find out??? We tried to talk with the bank (bank of america) before the sale but they wouldn't talk to us. now we find out that they bought it. We went over last weekend to clean it but they changed the locks and today, we recieve a letter from the attorneys that we have ten days to be out. We have been out for two weeks. Thanks for any advice you might offer.



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  • Posted by Madelynn on November 26, 2004 at 23:49:30:

    This is my first time considering on buying a foreclosure and I am not sure that I can buy this property. Hence, I need a bit of advice. The auction date has been set for 12/07/04 and I do not know if it is too late for the owner to sell it to me. Why? because for what I have been reading this property might have gone beyond a pre-foreclosure point since the acution date has been set and the owner may not have the right to sell to me. However, I might be incorrect due to the fact that I do not much about the process yet. Could anyone clariy this for me? Can the owner still sell to me directly?

    Thanks! :)

    : (6)

    • Posted by Keith(CA) on November 27, 2004 at 17:44:37:

      In Reply to: Auction Date Looming in Califronia- Advice Needed Posted by Madelynn on November 26, 2004 at 23:49:30:

      Madelynn,

      Adding to what Nick(Colorado) wrote...

      To be a little more precise, it is five days or 8:00AM the morning of the auction (whichever comes first). This means that you and the owner(seller) may enter into an agreement for the sale of the property, but the owner(seller) must not sign and notarize a deed until five days have elapsed (longer if the waiting period ends on a Sunday or State/Federal holiday). However, if your agreement gets signed with less than five days before the auction, then the mandatory waiting period ends at 8:00AM the morning of the auction.

      If this doesn't make sense to you or is confusing in any way, then you are not ready to buy a property in foreclosure. Continue to learn first in order to minimize your own risk or else your first deal could wind up being your last.

      Cheers!Keith

      : This is my first time considering on buying a foreclosure and I am not sure that I can buy this property. Hence, I need a bit of advice. The auction date has been set for 12/07/04 and I do not know if it is too late for the owner to sell it to me. Why? because for what I have been reading this property might have gone beyond a pre-foreclosure point since the acution date has been set and the owner may not have the right to sell to me. However, I might be incorrect due to the fact that I do not much about the process yet. Could anyone clariy this for me? Can the owner still sell to me directly?

      : Thanks! :)



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      • Posted by Madelynn on November 28, 2004 at 12:42:12:

        In Reply to: Re: Auction Date Looming in Califronia- Advice Needed Posted by Keith(CA) on November 27, 2004 at 17:44:37:

        Keith and/or all,

        If I am understanding this correctly the sale from the owner to me has to be completed in its entiriy including the deed signed to me by the auction date at 8AM to the very least. Am I correct?

        : Madelynn,

        : Adding to what Nick(Colorado) wrote...

        : To be a little more precise, it is five days or 8:00AM the morning of the auction (whichever comes first). This means that you and the owner(seller) may enter into an agreement for the sale of the property, but the owner(seller) must not sign and notarize a deed until five days have elapsed (longer if the waiting period ends on a Sunday or State/Federal holiday). However, if your agreement gets signed with less than five days before the auction, then the mandatory waiting period ends at 8:00AM the morning of the auction.

        : If this doesn't make sense to you or is confusing in any way, then you are not ready to buy a property in foreclosure. Continue to learn first in order to minimize your own risk or else your first deal could wind up being your last.

        : Cheers!: Keith

        : : This is my first time considering on buying a foreclosure and I am not sure that I can buy this property. Hence, I need a bit of advice. The auction date has been set for 12/07/04 and I do not know if it is too late for the owner to sell it to me. Why? because for what I have been reading this property might have gone beyond a pre-foreclosure point since the acution date has been set and the owner may not have the right to sell to me. However, I might be incorrect due to the fact that I do not much about the process yet. Could anyone clariy this for me? Can the owner still sell to me directly?

        : : Thanks! :)



        : (1)

        • Posted by Keith(CA) on November 29, 2004 at 01:29:51:

          In Reply to: Re: Auction Date Looming in Califronia- Advice Needed Posted by Madelynn on November 28, 2004 at 12:42:12:

          When purchasing from an owner in foreclosure (if you do not intend to occupy the property), then you may go as far as signing an equity purchase agreement (purchase contract) but may go no further. California Civil Code §1695 stipulates that a mandatory five(5) day right of rescission be extended by you to the owner in foreclosure. At any time during this "cooling off" period, the owner may cancel the equity purchase agreement for any cause and without recourse against him/her. The text of the Civil Code spells out exactly what wording MUST appear in your purchase agreement.

          It is at the conclusion of the five(5) day period, or 8:00AM the morning of the sale, that you are able to take ownership by having the owner in foreclosure notarize a grant deed to you or your entity. At no time prior to the expiration of this "cooling off" period can you even request a deed.

          Follow the link here to read the code.

          Now, the owner in foreclosure can file an emergency petition for Chapter 13 at the bankruptcy court in order to temporarily stall a sale (last ditch option when no time is left). Also, keep in mind that there is a mandatory five(5) day right of reinstatement. This means that up to five(5) days prior to the scheduled auction, the foreclosing lender MUST allow payment of the default amount + fees/penalties and place the loan in good standing. Any closer than five(5) days to the auction and it is up to the lender's discretion how to handle it...they might still accept the reinstatement, or they are entitled to accelerate the loan and demand their full principal at once (in which case they most likely proceed with foreclosure). So, all around, it's best to time things so that your right-of-rescission period will end prior to the expiration of the right-of-reinstatement period. Sounds confusing, but it's really not when you put it on a timeline.

          : Keith and/or all,

          : If I am understanding this correctly the sale from the owner to me has to be completed in its entiriy including the deed signed to me by the auction date at 8AM to the very least. Am I correct?

          : : Madelynn,

          : : Adding to what Nick(Colorado) wrote...

          : : To be a little more precise, it is five days or 8:00AM the morning of the auction (whichever comes first). This means that you and the owner(seller) may enter into an agreement for the sale of the property, but the owner(seller) must not sign and notarize a deed until five days have elapsed (longer if the waiting period ends on a Sunday or State/Federal holiday). However, if your agreement gets signed with less than five days before the auction, then the mandatory waiting period ends at 8:00AM the morning of the auction.

          : : If this doesn't make sense to you or is confusing in any way, then you are not ready to buy a property in foreclosure. Continue to learn first in order to minimize your own risk or else your first deal could wind up being your last.

          : : Cheers!: : Keith

          : : : This is my first time considering on buying a foreclosure and I am not sure that I can buy this property. Hence, I need a bit of advice. The auction date has been set for 12/07/04 and I do not know if it is too late for the owner to sell it to me. Why? because for what I have been reading this property might have gone beyond a pre-foreclosure point since the acution date has been set and the owner may not have the right to sell to me. However, I might be incorrect due to the fact that I do not much about the process yet. Could anyone clariy this for me? Can the owner still sell to me directly?

          : : : Thanks! :)



          : (0)

    • Posted by Nick(Colorado) on November 27, 2004 at 15:25:10:

      In Reply to: Auction Date Looming in Califronia- Advice Needed Posted by Madelynn on November 26, 2004 at 23:49:30:

      Madelynn:

      There is a five day right of recession in California on an equity purchase. You should go to Ward's boardfor more information. If you do buy, I would do it on Monday.

      : (0)

    • Posted by Darryl-CA on November 27, 2004 at 11:53:33:

      In Reply to: Auction Date Looming in Califronia- Advice Needed Posted by Madelynn on November 26, 2004 at 23:49:30:

      Yes the homeownwer can sell you the property at any time prior to the auction date and time.

      : (1)

      • Posted by Madelynn on November 27, 2004 at 12:19:30:

        In Reply to: Re: Auction Date Looming in Califronia- Advice Needed Posted by Darryl-CA on November 27, 2004 at 11:53:33:

        : Thank you Darryl for answering my question :)

        Madelynn : Yes the homeownwer can sell you the property at any time prior to the auction date and time.



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  • Posted by Katie on November 26, 2004 at 20:20:53:

    I purchased a condo in Texas at a non-judicial sale. There isn't a right to redemption if purchased by a third party. The wife of the former owner still lives there, and refuses to pay rent or the assessments. The first assessments were due over a week ago and she didn't pay. This month's assessment is due soon and her electric bill, instead of going down went up by 60 dollars. It leads me to believe that she doesn't care about paying anything. I want to evict her. I was told that since she's a hold over tenant, I only had to give her 3 days. I will give her 2 weeks. Can anyone please confirm the 3 day limit and whether I can just give her the notice to vacate in person and what do I include in the notice. I was thinking : on such a date I acquired the property at.....Please vacate by....x date. Any suggestions appreciated. Thank you in advance. Katie.

    : (1)

    • Posted by Keith(CA) on December 01, 2004 at 15:18:27:

      In Reply to: Eviction after foreclosure in Texas Posted by Katie on November 26, 2004 at 20:20:53:

      Katie,

      I can tell you how it works in California (which is most likely irrelevant to you in Texas). For us, there are essentially three possibilities...

      (a) The former owner is in the house(b) The former owner's tenant is in the house (less than 12 month lease)(c) The former owner's tenant is in the house (greater than 12 month lease)

      In the case of (a), a simple 3-day notice to quit is sufficient to begin the eviction process.

      In the case of (b), a 30-day notice is required to terminate this lease. If the tenant refuses to move at the end (regardless of whether or not they pay), a 3-day notice to quit will start the eviction process.

      In the case of (c), a 60-day notice is required to terminate this lease. If the tenant refuses to move at the end (regardless of whether or not they pay), a 3-day notice to quit will start the eviction process.

      With that said, the best advice is to not take the advice of anyone in such a forum as this. You are best to seek out official landlord/tenant rights for your state and jurisdiction from the source (try your library or call an attorney).

      Unless you follow precisely the exact remedies as given by law, your unwanted "tenant" will remain a thorn in your side. And even if you do everything right and a judge agrees with you and orders her out, she may still stonewall you and force you to have the sheriff move her belongings. Worse yet, she could file for bankruptcy which gives her protection under federal courts, and this will further delay everything. This is often why some investors prefer honey over vinegar...they offer cash to the vagrant party as incentive to vacate.

      Needless to say, to anyone wishing to purchase at an auction, do your homework first so that you reduce your risk to problems such as these. Ward Hanigan has an excellent article he published on how he gets these people out without much of a fight. A link to that article can be found at the bottom of this post. I'm sure that the process can be adapted to fit your state's timeline and procedures.



      : I purchased a condo in Texas at a non-judicial sale. There isn't a right to redemption if purchased by a third party. The wife of the former owner still lives there, and refuses to pay rent or the assessments. The first assessments were due over a week ago and she didn't pay. This month's assessment is due soon and her electric bill, instead of going down went up by 60 dollars. It leads me to believe that she doesn't care about paying anything. I want to evict her. I was told that since she's a hold over tenant, I only had to give her 3 days. I will give her 2 weeks. Can anyone please confirm the 3 day limit and whether I can just give her the notice to vacate in person and what do I include in the notice. I was thinking : on such a date I acquired the property at.....Please vacate by....x date. Any suggestions appreciated. Thank you in advance. Katie.



      : (0)

  • Posted by Barbara Veleba on November 26, 2004 at 19:53:26:

    A group of us have a friend who took out a home equity loan in December of 2003 for about $23,000. This was for some repairs to her home and a consolidation of her credit cards bills. Her job was eliminated in February of 2004; she received severance pay for a short time, then unemployment. Her unemployment ran out in October and she has virtually NO money other about $175 per month in retirement benefits from a former emloyer. Foreclosure proceedings will start unless a payment of $380 is received by Tuesday. Her home is assessed at around $60,000, and it is very outdated. Our friend is 55 years old, single, and has very little skills. Even though she has applied at numerous companies, she only received one interview during all this time. In trying to be kind in evaluting her, we would probably agree that she is somewhat "inept" both physically and mentally and it may be unlikely that she will find unemployment.

    Does anyone have any recommendations on how her friends can make the best decision to help her? We were told that making a payment by Tuesday would buy her some time, but it may be difficult to sell her home time at this time of the year. She declared bankruptcy in 1992, and we don't know if that can be done again. If it can, would that be a good choice and what would it solve? We are planning to contact some assistance agencies in Omaha, but we don't even know the best recources.

    Any advice would be appreciated. Thank you





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    • (1)
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  • Posted by Terri on November 26, 2004 at 19:30:13:

    My husband and I live in NC and filed chapter 7 bk 4 years ago and things were going good until last year, we were trying to refinance our home and talked with a local mortgage broker and was told everything looked great and we went through the whole process and had a apprasial which we paid out of our pockets, $350.00 that we really did not have, but she kept telling us it was a done deal. So we had a closing date and the day of the closing, we both took off work to go, she called to say that the lawyer could not be there that day and booked us for another day. In the mean time our first and second mortgage was due and she advised us not to make the payments because she said it would be a hassel to get our money back for the over payment, I know it was not the smartest thing we ever did but we listened to her and did not make either payment. The second closing date came and she called us 30 min. before we were to go and told us that we did not have the loan and we would not get the loan, Sorry for the problems that this may cause but we will continue to try and get you a loan, she got an earfull from us that day. So now we are out $350.00 and behind on both mortgages and we can not catch up. Our first motgage is with Citifinancial and they are great working with us but our second mortgage is with Homecoming and they don't want to work with us at all and they are send us foreclosure letters telling us that we have to get our payments current now or they will foreclose on our home. We make our payments every month but are a month behind due to holding the payments. We have our house up for sale right now but we owe too much on it. Does anyone have any suggestions on how to get out of this mess. What are the chances of getting a new mortgage after bk and foreclosure if it comes to that?

    : (3)

    • Posted by Janie on December 01, 2004 at 21:10:56:

      In Reply to: foreclosure and bankruptcy Posted by Terri on November 26, 2004 at 19:30:13:

      You can get a mortgage, but it will probably be sub prime or even a hard lender, which means you pay through the nose.

      If you absolutely sure you have no way out and foreclosure and bankruptcy are eminent, then if it were me, I would file BK before the Notice of Default is filed.

      Having the BK on your record is not nearly as bad or foreboding as the foreclosure and BK.



      Q: What are the chances of getting a new mortgage after bk and foreclosure if it comes to that?



      : (2)

      • Posted by ROBERT WILKINSON on January 21, 2005 at 10:03:11:

        In Reply to: Re: foreclosure and bankruptcy Posted by Janie on December 01, 2004 at 21:10:56:

        PRETTY MUCH THE SAME THING HAPPENED TO US BUT JUST A LITTLE DIFFERENT. ME AND MY WIFE WENT CHAPTER 13 WE STRUGGLED AND THINGS CAME UP UNEXPECTIDATELY. ANYWAY A MORTGAGE COMPANY TOLD US THEY WOULD REFINANCE BOTH OUR 1ST AND 2ND MORTGAGE AND PAY OFF BANKRUPTCY. PREAPPROVED WE PROCEEDED BELIEVING THEM AND GAVE THEM ALL NECESSARY DOCUMENTS. THE CLOSING DATE WAS SUPPOSED TO BE DEC 10 THEY COULDNT CLOSE SINCE THEY NEEDED MORE DOCUMENTS WE GOT THEM TO THEM . TO MAKE A LONG STORY SHORT . WE FELL BEHIND ON PAYMENTS TRUSTING THEY WERE GOING TO GET ALL THIS BEHIND US AND THEY SAID WE WOULD HAVE 7,000 EXTRA IN OUR POCKETS . AT THE VERY LAST MOMENT THEY TOLD US THEY COULDNT HELP US. WHAT A SCAM. THERE IS NOTHING TO DO. SO THE JUDGE TOLD OUR FIRST MORTGAGE COMPANY TO START FORCLOSURE. DUMD MISTAKES ON OUR PART. MEANWHILE IVE BEEN DEVESTATED. HAVENT BEEN ABLE TO WORK OR CONCENTRATE HAD A NERVOUS BREAKDOWN. I AM A CHRISTIAN , SO I STRUGGLE WITH DOESNT ANYONE CARE ABOUT HUMANS OR IS IT ALL ABOUT MONEY. WISH SOMEONE COULD HELP US. ALSO THE LOSS OF THIS HOME HURTS REAL BAD SINCE ITS A PERSONAL THING.



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      • Posted by ROBERT WILKINSON on January 21, 2005 at 09:54:35:

        In Reply to: Re: foreclosure and bankruptcy Posted by Janie on December 01, 2004 at 21:10:56:

        prime or even a hard lender, which means you pay through the nose.

        were me, I would file BK before the Notice of Default is filed.

        : Having the BK on your record is not nearly as bad or foreboding as the foreclosure and BK.

        : : Q: What are the chances of getting a new mortgage after bk and foreclosure if it comes to that?



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  • Posted by Buck Green on November 24, 2004 at 08:19:38:

    I filed bankruptcy in 2002. I had a home with a first and second mortgage, the latter being due to a home equity loan from GMAC(DiTech). I continued living in the home and paying the first mortgage. Recently, the second mortgage "transferred" to another company which wants me to sign a Deed in Lieu of Foreclosure. However, when I refused they are now offering me "some money" to move and make a fresh start. Sounds suspicious. Was this "transfer" legal?

    : (4)

    • Posted by Keith(CA) on November 26, 2004 at 19:02:20:

      In Reply to: Foreclosure Posted by Buck Green on November 24, 2004 at 08:19:38:

      Buck,

      It is very common for promissory notes (secured by a mortgage or trust deed) to be sold to other parties, both private and commercial. This is how some investors create kind of a "back door" to buy ownership of homes in or nearing foreclosure. In most cases, these defaulted notes can be bought at steep discounts (but the debtors total indebtedness does not change). For instance, if you owe $20K and someone bought the defaulted note for $5K, you still owe $20K on that note and the buyer stands to make $15K if you pay up.

      Just a hunch, but this is probably a private investor that bought non-performing paper (the note you weren't paying) from GMAC(DiTech). They now hold the debt you are obligated to pay. If you pay it off then they will make a profit, but will have to go away (satisfaction of mortgage)...this is probably your best course of action.

      If you have a lot of equity in your home and you simply sign a Deed to this company, then they gain both your equity plus whatever discount they got from the purchase of the second. On the other hand, if you don't have any equity and cannot pay off the second then you just might want to consider the deal being offered.

      The consequence of ignoring the whole thing is that the new holder of the second will file for foreclosure and your property will go to auction. It is a risk for the second note holder because someone may outbid them at the auction and they will not be able to buy the property (although they still make a profit having their note satisfied by the high bidder). This is why they may be reluctant to immediately pursue foreclosure and are trying to strike a bargain with you...even offering cash as an incentive just so they and you can both avoid foreclosure.

      With the explanation out of the way comes the obvious question, was the note discharged by the bankruptcy in 2002? If so, these guys may just be blowing smoke trying to get your home.

      It sounds like it would be worth some money to sit down with an attorney, all documents in hand, and just find out what your rights and options are. Each state has its own laws governing these types of things, and you bankruptcy may or may not have a bearing on this.

      Good luck.

      : I filed bankruptcy in 2002. I had a home with a first and second mortgage, the latter being due to a home equity loan from GMAC(DiTech). I continued living in the home and paying the first mortgage. Recently, the second mortgage "transferred" to another company which wants me to sign a Deed in Lieu of Foreclosure. However, when I refused they are now offering me "some money" to move and make a fresh start. Sounds suspicious. Was this "transfer" legal?



      : (2)

      • Posted by Nick(Colorado) on November 27, 2004 at 15:35:15:

        In Reply to: Note Sales Are Normal Posted by Keith(CA) on November 26, 2004 at 19:02:20:

        Keith(CA):

        >With the explanation out of the way comes the obvious question, >was the note discharged by the bankruptcy in 2002? If so, these>guys may just be blowing smoke trying to get your home.

        Even if the note was discharged in the 2002 bankruptcy, the lienwill still be hot against the property. Only the debtor's obligationto pay on the note, not the lien, is discharged. The lien can onlybe removed from the property if the bankruptcy resulting in a100% cram-down. This is fairly rare event.

        : (1)

        • Posted by Keith(CA) on November 27, 2004 at 17:47:11:

          In Reply to: Re: Note Sales Are Normal Posted by Nick(Colorado) on November 27, 2004 at 15:35:15:

          : Keith(CA):

          : >With the explanation out of the way comes the obvious question, : >was the note discharged by the bankruptcy in 2002? If so, these: >guys may just be blowing smoke trying to get your home.

          : Even if the note was discharged in the 2002 bankruptcy, the lien: will still be hot against the property. Only the debtor's obligation: to pay on the note, not the lien, is discharged. The lien can only: be removed from the property if the bankruptcy resulting in a: 100% cram-down. This is fairly rare event.



          : (0)

    • Posted by Janie on November 24, 2004 at 14:18:45:

      In Reply to: Foreclosure Posted by Buck Green on November 24, 2004 at 08:19:38:

      I believe it's called "Mortgage Servicing." Lenders sell the note to another lender, or, pay another entity to service the loan.

      Yes, it is legal. That does not mean something illegal has happened since the transfer.



      Questions:

      1. Are you in default on the second note?

      2. Were you served with a Notice of Default?

      3. How far along in the foreclosure process are you?

      4. Have you talked to your first lender about absorbing the second into the first note?

      5. Have you tried to refinance to consolidate the two loans?

      There is a forum of people called Mortgage Servicing Fraud that can give you better insight on what to do or not do in regards to the mortgage issue. They'll direct you to where to write or what steps to take to clear up any misinformation on your account.



    • Mortgage Servicing Fraud


    : (0)

  • Posted by katt on November 23, 2004 at 15:28:20:

    Please Help!! We live in Iowa. We purchased a new home 12 months ago. Since then we have been trying to sell our old home. We are unable to get any offers and are afraid that our credit union will foreclose on us. Can anything happen to our new home if they foreclose on our old home? Both mortages are with the same Credit Union.Thanks

    : (3)

    • Posted by Keith(CA) on December 01, 2004 at 20:18:18:

      In Reply to: possible foreclosure in Iowa? Posted by katt on November 23, 2004 at 15:28:20:

      Katt,

      What's the status of the home (vacant, occupied, needs fixup, etc.)? How close do you live now to your old home? Is it listed with a realtor, or are you selling on your own?

      Your lender can attach a judgment lien on your new house for any money they fail to recover in foreclosing the old one. As already pointed out, solving this thing is definitely in your best interest.

      There are usually only three(3) reasons why a home will not sell: (a) poor location, (b) poor condition, (c) overpriced. Any one or some combination of these could be hindering your sale. And a home that sits a long time on the market will often be considered stale and buyer's agents won't want to show it.

      Do you live too far away and you've been relying on an agent to sell the property? How long has it been since you've seen the property (if it's been a while, can you have a neighbor send you some pictures)? Agents might tell you they've been keeping up the appearance, having the lawn mowed and what not, but they sometimes bend the truth (to put it nicely).

      As already suggested, can you rent it out? Can you sell it as a rent-to-own (lease/option)? Can you sell it on a contract for deed (land contract)? How about selling with wrap around, owner financing?

      If you can offer better terms by extending owner financing, you might sweeten the pie enough to attract a buyer. Or you can go the other way and draw a buyer who has less than desirable credit and couldn't finance the purchase without your help.

      Do a little research on some of these strategies and take matters into your own hands.

      : Please Help!! We live in Iowa. : We purchased a new home 12 months ago. Since then we have been trying to sell our old home. We are unable to get any offers and are afraid that our credit union will foreclose on us. Can anything happen to our new home if they foreclose on our old home? Both mortages are with the same Credit Union.: Thanks



      : (0)

    • Posted by Reinstatement Services, Inc. on November 24, 2004 at 10:28:20:

      In Reply to: possible foreclosure in Iowa? Posted by katt on November 23, 2004 at 15:28:20:

      Since your state does allow lenders to continue collection of an outstanding debt via the granting of a deficiency judgment, it would probably be in your best interest to resolve the situation with your first house so as not to further jeopardize the standing of your second dwelling. A deficiency judgment in a foreclosure action within your state has a 2 year statute of limitation.

      Have you considered renting the property?

      : (0)

    • Posted by Katt on November 23, 2004 at 15:33:04:

      In Reply to: possible foreclosure in Iowa? Posted by katt on November 23, 2004 at 15:28:20:

      : Please Help!! We live in Iowa. : We purchased a new home 12 months ago. Since then we have been trying to sell our old home. We are unable to get any offers and are afraid that our credit union will foreclose on us. Can anything happen to our new home if they foreclose on our old home? Both mortages are with the same Credit Union.: Thanks



      : (0)

  • Posted by Linda F on November 23, 2004 at 14:58:00:

    I owe 4 months on our house in Florida (FHA). I knew this but never received any communication from the lender. On Saturday, I received 3 different letters (all different) from the lender regarding the past due amount, possible options and that it was recommended for foreclosure. They all stated to contact them immediately to workout an option. These letters were all dated 11/11/04 and post marked 11/17/04, but I received them on 11/20/04. On that same day we received a letter from an attorney dated 11/19/04. I couldn't talk to anyone over the weekend and I left several message on Monday and no one called me back. Then when I got home Monday night, I had 2 more letters from the lender, both dated 11/17/04 saying the loan was being sent for foreclosure. Again, I knew I was behind and needed to contact the bank, but I wasn't even given a day to call the lender before they sent it to the attorney. What can I do? I finally talked to the lender today and I have to give them all our financial info and they will see if we can work it out. My husbands income has dropped in the last couple of years and with a new baby our costs went up. Unfortunatly, we didn't curtail our spending (eating out, etc). We have devised a budget and will stay on it and can more than afford to make the $1087 payments and catch up the rest over a period of time. Our annual gross is $73K with only 2 credit cards and one car payment. Can we save our house?

    : (6)

    • Posted by Reinstatement Services, Inc. on November 24, 2004 at 10:20:35:

      In Reply to: Foreclosure Posted by Linda F on November 23, 2004 at 14:58:00:

      Don't get hung up on delayed notification. Stick to the issue and you'll lose less sleep.

      You will have to be persistent with your lender's loss mitigation department if you are seriously interested in keeping your home. When speaking with your lender you should ask specifically about various types of workout remedy that might be considered. A loan modification or partial claim might be best suited to assist you in securing your desired goal.

      It is not too late to save your home.

      : (2)

      • Posted by Linda on November 24, 2004 at 10:29:38:

        In Reply to: Workout Posted by Reinstatement Services, Inc. on November 24, 2004 at 10:20:35:

        : Don't get hung up on delayed notification. Stick to the issue and you'll lose less sleep.

        : You will have to be persistent with your lender's loss mitigation department if you are seriously interested in keeping your home. When speaking with your lender you should ask specifically about various types of workout remedy that might be considered. A loan modification or partial claim might be best suited to assist you in securing your desired goal.

        : It is not too late to save your home.

        What if we pay the reinstatement charges (I have requested this from the attorney)? Do they have to automatically reinstate the loan? We have about $6500 in my husbands 401k and although we would hate to lose it, we can always make that up and then still have our house. Isn't that a better and faster option?

        : (1)

        • Posted by Reinstatement Services, Inc. on November 24, 2004 at 10:37:43:

          In Reply to: Re: Workout Posted by Linda on November 24, 2004 at 10:29:38:

          Certainly fully reinstating the loan will make all of the headache go away in one fail swoop. But, if an opportunity presents where you could accomplish your goals [to keep your home] and keep your 401 safely tucked away...why not?

          You can accomplish this with a workout from your lender. You're on the right track. Just stay focused, persistent, and aware of the time lines.

          Why take a penalty and tax hit from a 401 withdrawal when you don't have to?

          : (0)

  • Posted by CAthy on November 22, 2004 at 14:04:50:

    We have some land that has an old house on it that we have been trying to sell. We have now been served forclosure papers and we have someone that has offered us $25000.00. We have contacted the bank and they have requested a contract and a net sheet. What all has to go on the net sheet? I would think that the 25000.00 to them is all they need not the other fees. The 25000.00 is going to be paid to them in cash. Should anything else be on there?

    : (3)

    • Posted by Janie on November 24, 2004 at 16:53:45:

      In Reply to: Short Sale Posted by CAthy on November 22, 2004 at 14:04:50:

      Go to a title company and talk to an escrow officer. They will tell you what you need. There is a price for the escrow company, work a deal with the buyer that they pay all costs, including title insurance.

      Go consult with various title attorneys. Get their opinion, in case you cannot afford attorney fees. Take notes and pay attention. Thank them for their time and tell them you'll get back to them when you decide.

      Typically, lenders will postpone a foreclosure once escrow has opened, but not for long. Typically one to two weeks.

      Don't let this get past the 90-day mark or your costs will soar.

      : (0)

    • Posted by njdave on November 23, 2004 at 08:00:18:

      In Reply to: Short Sale Posted by CAthy on November 22, 2004 at 14:04:50:

      I answered this question that you posted on another site last week. From the info you had provided, I recommended that to protect your interest, you get yourself an attorney. Have the lawyer devise the contract, handle the money, handle the correspondence, and make sure that your existing mortgage is paid off and recorded as discharged.

      Why invite a problem? This is not a do-it-yourself project. If this is important to you, make sure it's done right. Get a lawyer.



      : (0)

    • Posted by kingston on November 23, 2004 at 00:31:09:

      In Reply to: Short Sale Posted by CAthy on November 22, 2004 at 14:04:50:

      There is a lot more details that go into the net sheet

      Have a title agency/attorney put it together for you



      : (0)

  • Posted by belinda on November 22, 2004 at 13:36:25:

    My husband and I bought a cute 2 bedroom home 8 years ago, and at that time it was a good neighborhood. Now it is awful. We have gangbangers, druggies, etc. in our neighborhood. One of them lives next door to us. They steal water from our front faucet, urinate in their yard, smoke pot in the front, etc. We have contacted the police numerous times, and nothing they do helps. The detectives have basically told my husband and I that if it bothers us that bad we should move. Well unfortunatley, we can not sell our home because it needs so much work, and we owe 42,000. Most of the homes in this neighborhood will not sell for more than 26,000 per two different agencies. So we are at a point that we just want out. I feel our safety is more important than having bad credit. We also went bankrupt in May. Can anyone please tell me what is involved in a foreclosure? Thank in advance!!! Belle

    : (2)

    • Posted by Janie on November 23, 2004 at 22:53:51:

      In Reply to: consequences of forclosure??????? Posted by belinda on November 22, 2004 at 13:36:25:

      Consult with a BK attorney or go to your local law library and learn how to do it yourself -- it's a no brainer.

      Ask the attorney how much will he charge you to file the motion to reopen your Bk and add items, such as the home. Tell the attorney, you are crying uncle and want to amend your schedules on the statement of intent to surrender the property back to the lender.

      The attorney will tell you what your best course of action should be.

      : (0)

    • Posted by kingston on November 23, 2004 at 00:35:28:

      In Reply to: consequences of forclosure??????? Posted by belinda on November 22, 2004 at 13:36:25:

      It will be difficult to obtain financing after a foreclosure and it will also be expensive

      Is it possible to rent the property and have a property management team take care of it for you

      I doubt an investor will be interested as you stated

      As a last resort you may want to consider a deed in lieu of foreclosure

      Its late thats about all I can come up with Maybe some others here have another idea you may find useful

      : (0)

  • Posted by Rod Holmgren on November 22, 2004 at 09:08:03:

    Does anyone know how long it takes for a foreclosure in Minnesota. I am living in a money pit and want out but need a few months to set up anew.

    : (1)

    • Posted by Keith(CA) on December 01, 2004 at 20:23:39:

      In Reply to: MN Foreclosure Posted by Rod Holmgren on November 22, 2004 at 09:08:03:

      Rod,

      I lifted this from another website so I do not vouch for it's correctness or completeness.

      Quick Facts

      - Judicial Foreclosure Available: Yes- Non-Judicial Foreclosure Available: Yes- Primary Security Instruments: Deed of Trust, Mortgage- Timeline: Typically 60 days- Right of Redemption: Yes- Deficiency Judgments Allowed: Yes

      In Minnesota, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

      Judicial Foreclosure

      The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

      Non-Judicial Foreclosure

      The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines". Power of Sale Foreclosure Guidelines

      If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. However, in Minnesota, a non-judicial foreclosure may only occur if: 1) no lawsuit to collect the on the mortgage is already underway; 2) the mortgage and any assignments of the mortgage to new lenders have been recorded; and 3) a notice has been given eight (8) weeks before the foreclosure on a homestead.

      If all of these conditions have been met, then the foreclosure may proceed as follows: 1. A notice of sale, containing the borrower and lender(s) name, the original loan amount and current amount of default, the date of the mortgage, a description of the property and the time, place and date of the foreclosure sale, must be recorded in the county where the property resides. 2. The sheriff of the county in which the property is located must conduct the sale on the date specified in the notice of sale. At some point during the sale, the sheriff must read an itemized statement, which has been filed by the lender, of the amount due at the time of the sale. The property is sold to the highest bidder, who will receive certificate of sale. Lenders may pursue a deficiency judgment, but it is limited to the amount of the fair marker value of the property and the unpaid balance of the original loan. Borrowers have up to one (1) year to redeem the property by paying the past due amount on the loan.

      : Does anyone know how long it takes for a foreclosure in Minnesota. I am living in a money pit and want out but need a few months to set up anew.



    : (0)

  • Posted by Heidi on November 21, 2004 at 15:56:54:

    When making an offer do you have a certain % of the asking price that you usually offer?

    : (2)

    • Posted by NJDave on November 22, 2004 at 08:16:24:

      In Reply to: offer price Posted by Heidi on November 21, 2004 at 15:56:54:

      That depends upon the market, and the circumstances. In some markets, an offer of 110% of the asking price would be rejected. In other markets,75% of the as-is, fair market value would be considered.

      Either you can do your homework and make an offer thats suported by current market data... or you canpull numbers from a hat.

      : (1)

      • Posted by Heidi on November 22, 2004 at 17:04:43:

        In Reply to: Re: that depends Posted by NJDave on November 22, 2004 at 08:16:24:

        "Either you can do your homework and make an offer thats suported by current market data... or you can: pull numbers from a hat"

        Thanks! I'm doing my homework, I have several similar properties and a list of flaws that need attention in this property.I also have the fair market analysis and am picking up the sheriff sale info tomorrow as this is now through a realtor who won't disclose the information.I was thinking 75% due to the condition and uniquness of the property. It is a very high end home but because of that highenders frown upon forclosures. This property is not something an investor would consider.Thanks again Dave for your insight!

        : (0)

  • Posted by Heidi on November 21, 2004 at 15:39:31:

    My hubby and I found a great home that we would love to buy. We know it is a foclosure but is very expensive. In an area where homes avg. value about $120,000 this is about $250,000We were wondering if the asking price is usually overinflated once it is place with a realtor. We are in love with the house, it would not be an investment but rather our personal home. Any suggestions would be great!

    : (1)

    • Posted by NJDave on November 21, 2004 at 15:50:19:

      In Reply to: Buying forclosure...have ??? Posted by Heidi on November 21, 2004 at 15:39:31:

      You are right to question the asking price... and I'm sure the agent who will show you the house can provide comparable market data to either support the asking price... or confirm that it's overpriced.

      If the real estate broker or broker's agent is inexperienced, or isn't able to form a compelling and persuasive argument in favor a realistic asking price... the homeowner usually sets the asking price... sometimes it's overpriced... but the market will determine the sales price.

      : (0)

  • Posted by Terry on November 20, 2004 at 23:06:33:

    Since we bought our home in a new development 4 years ago, several houses have been forclosed on due to several different resons. The bank has said that since our property has been reassesed, our taxes have increased and we owe them for paying the last three years of taxes from escrow. Our payment went from 1160.00 to 1750.00. I talked them into giveing us 3 years to pay it back so now it is 1550.00 per month. but even once it is paid up our payment will be around 1450.00 per month. We tried to refinance and the bank claims that due to all of the foreclosures in our neighborhood our house is worth less then what we paid and what we owe! At this point we just want out. Some houses identical to ours were bought for 25,000 less then ours and we don't know why. The houses identical to ours are for sale for 35,000 less then what we need to sell our house for to even break even. Now, a friend of ours is moving and is willing to do a land contract where we put 20,000 down on a house that is in a much nicer area and is 500 square feet bigger then ours. His house will only improve because it is an established neighborhood and ours is only going down hill. If we save our money and use it for a downpayment for the landcontract instead of paying on our house can we be sued? I am willing just to give the bank our house back. Please reply because I just missed my first payment. BTW...I filed BK back in 2001 after a divorce so this bk is not an option.

    : (8)

    • Posted by Janie on November 23, 2004 at 19:32:48:

      In Reply to: I don't want my home should I foreclose? Posted by Terry on November 20, 2004 at 23:06:33:

      Terry,

      Be very leary of the panacea fix. What may look like a good deal, especially where real estate is involved, is often a nightmare in the end.

      Where do you live that your local taxing agency just reassesses for higher taxes?

      How can a new development devalue so quickly? Can anyone in the group answer that question?



      : (0)

  • Posted by Dale Harmon on November 20, 2004 at 11:07:52:

    I am inquiring about the number of properties that were offered for auction due to forclosure in the year of 2003.Thank You

    : (1)

    • Posted by Keith(CA) on December 01, 2004 at 20:30:12:

      In Reply to: data information Posted by Dale Harmon on November 20, 2004 at 11:07:52:

      Try HUD since they would be the most likely entity to acquire national statistics such as those.

      : I am inquiring about the number of properties that were offered for auction due to forclosure in the year of 2003.: Thank You



      : (0)

  • Posted by G. Cooks on November 19, 2004 at 18:54:13:

    Home foreclosed with 2nd mortgage in Arizona 1999.A New residents has purchased the home in late 1999. What happens to the first mortgage and the 2nd mortgage that my ex-husband had on the home. I was told by a realitor that when the home forecloses the cost that it was sold for covers the 1st/2nd mortgage. Is this true? I received a letter from a collector ref: the home. In a foreclosure is the 1st/2nd mortgage still due? thank you.

    : (1)

    • Posted by Keith(CA) on December 01, 2004 at 20:47:27:

      In Reply to: foreclosed with 2nd mortgaged Posted by G. Cooks on November 19, 2004 at 18:54:13:

      G.,

      Trying go back and pick up some posts like yours that never received any replies...

      Do you mean that the second mortgage foreclosed and you want to know what happened to the first?

      If so, the first is still outstanding. It affects your credit because you still owe it. However, it also affects the new owner because the mortgage for your debt is a lien against their property. So, unless the new owners either (a) pay off your first with a refinance, or (b) continue to pay and keep your first current, another foreclosure will ensue. It will show up on your credit as another foreclosure, but the new owners will lose their (what used to be your) house.

      Or do you mean that the first mortgage holder foreclosed and you want to know what happened to the second?

      If so, then it all depends upon how much was bid at the auction. The first is only interested in getting their money back and couldn't give a rip about a second mortgage. The bidding is opened with the amount owed to the first, and if anyone bids over that amount then the excess will go to the second mortgage holder. Hopefully, the overbid will be large enough to completely retire the second.

      If the second was not retired, then you still owe that money. This has the second a little worried because their lien interest in the property was wiped out by the foreclosing senior mortgage. The debt remains, they just can no longer foreclose against the property to get paid. They have a right to pursue you via collections. Can you call them up and negotiate?

      Which scenario fits you?

      In either case, your realtor was wrong and I suggest you find a better source of information soon. Only one lien can foreclose at one time, what happens to the other depends on who forecloses first. Sorry it took a couple months to get around to posting a reply.

      : Home foreclosed with 2nd mortgage in Arizona 1999.A New residents has purchased the home in late 1999. What happens to the first mortgage and the 2nd mortgage that my ex-husband had on the home. I was told by a realitor that when the home forecloses the cost that it was sold for covers the 1st/2nd mortgage. Is this true? I received a letter from a collector ref: the home. In a foreclosure is the 1st/2nd mortgage still due? thank you.



      : (0)

  • Posted by Cynthia Swiber on November 19, 2004 at 16:47:06:

    nurse in louisiana with mortgage difficulties-divorced with 4 dependents, 3 children and mom. Elected to take job with less pay but better hours to care for ailing mom and child with heart disease. Currently in repayment plan with lender of mortgage but now behind 1 month. Lender says I am kicked out of repayment plan and will foreclose. Currently have house for sale. If house doesn't sell by next month, then I will be 2 months behind in mortgage. I have no equity in house. Should I file for chapter 7 or allow foreclosure? Lender is not willing to give me another chance. Please advise.

    : (2)

    • Posted by antonio on November 19, 2004 at 22:25:41:

      In Reply to: Nurse's financial mess Posted by Cynthia Swiber on November 19, 2004 at 16:47:06:

      : nurse in louisiana with mortgage difficulties-divorced with 4 dependents, 3 children and mom. Elected to take job with less pay but better hours to care for ailing mom and child with heart disease. Currently in repayment plan with lender of mortgage but now behind 1 month. Lender says I am kicked out of repayment plan and will foreclose. Currently have house for sale. If house doesn't sell by next month, then I will be 2 months behind in mortgage. I have no equity in house. Should I file for chapter 7 or allow foreclosure? Lender is not willing to give me another chance. Please advise. hello, I recommended you to found investors in your area to help you. you will think how, how. told then if the can found a mortgage discount from your actul mortgage company that have you today or tell every one about your home. something like this, highly motivated seller. divorced with 3 children and ailing mom and child with heart disease, please help me to sell my home or please any help put this massage on a paper everywhere you go. some one whit a good heart will call you. thrus me god is amezingtell the mortgage company your situation or let the investors to tell then your problem in some cases the investors know the mortgage people you are dealing wich. investors are found in the news paper in the sections on real estates or clasifaid ads, look for ads that said we buy/sell houses or foreclosure investors anything like that after you found then start calling then they know a lot of ways to sell a home in your area. they sometimes can found or knows people to help you like govertment institution peoplewhit your situation, remember you are a divorced with 4 dependents. be a go getter dont be a looser ok. God BLESS YOU! TONY REAL ESTATES INVESTMENT from Pennsylvania SEE HOW THIS WORK CYNTHIAOnce this default has finally been filed after several months of delinquency, the property owner has a three month default period to either reinstate the loans or sell the property. They must take action. Many owners choose to sell during these three months. For most, it is their only option.After three months of default has elapsed without any action by the owner, the beneficiary (lender) now schedules the property for Trustee’s Sale (foreclosure auction). The owner now has a minimum of 21 final days to sell the property before the property goes to auction

      : (1)

      • Posted by kingston on November 19, 2004 at 23:52:06:

        In Reply to: Re: Nurse's financial mess Posted by antonio on November 19, 2004 at 22:25:41:

        Bankruptcy will delay the foreclosure proceedings especially if you need more time to find a buyer In the case you don't find a buyer do a deed in lieu of foreclosure(give the bank the property back) it looks better on your credit report and will help you should you need financing in the future. As mortgage brokers its hard to get financing at a good rate with that on your credit report.Realize you have options whatever you do don't let the property go into foreclosure

        Good Luck to you



        : (0)

  • Posted by Karen on November 19, 2004 at 15:30:47:

    My husband was awarded our home in the divorce. 1 year later passed away. The house went into forclouser and then was sold through a sheriff sell. In the state of Indiana how does that effect me? Can they come after me for the deficiency balance, even if it is $30,000?

    : (2)

    • Posted by Donna on November 27, 2004 at 20:05:19:

      In Reply to: deficiency balance Posted by Karen on November 19, 2004 at 15:30:47:

      : My husband was awarded our home in the divorce. 1 year later passed away. The house went into forclouser and then was sold through a sheriff sell. In the state of Indiana how does that effect me? Can they come after me for the deficiency balance, even if it is $30,000?

      Did you have morgage Insurance?

      : (0)

    • Posted by NJDave on November 19, 2004 at 16:21:19:

      In Reply to: deficiency balance Posted by Karen on November 19, 2004 at 15:30:47:

      If the decree awarded you the home... hopefully, at that time, you were removed from the mortgage, and not just the deed.

      If, however, your name remained on the mortgage and note (or trust deed), and the foreclosure auction failed to attract a sales price sufficient to pay off all liens... you might have a responsibility to share in the deficiency.... time to examine the divorce decree, and the foreclosure documentation.

      : (0)

  • Posted by Jared Goldstein on November 19, 2004 at 14:57:36:

    I am looking into a preforeclosure property and would like to propose an offer to the owner before auction. How can i find out who the owner is????

    : (1)

    • Posted by kingston on November 19, 2004 at 23:53:59:

      In Reply to: How do you find the owner?? Posted by Jared Goldstein on November 19, 2004 at 14:57:36:

      Go to your county records, clerks office and obtain the information using the property address they may even have online access for your convenience

      : (0)

  • Posted by bukzin on November 19, 2004 at 10:28:33:

    I was the high bidder yesterday at a sale here in Californiaand want to hold the new title in a trust.

    The trustee that handled the sale would not allow me toadd the trust name myself when I record the deed. They(CTC Real Estate Services) said I had to give them a name showing how the propertywill be vested at the sale.

    I made up a trust (the name of the property address) on thespot and the auctioneer put it on the receipt. The trusteewill mail me the Trustee's Deed for me to record locally.

    Which form do I need to complete (and record?) to set this up?

    Anything else I should consider here?

    Thanks to all,Bukzin



    : (2)

    • Posted by Jim V on November 19, 2004 at 12:30:26:

      In Reply to: vesting Trustee's Deed Posted by bukzin on November 19, 2004 at 10:28:33:

      : : I was the high bidder yesterday at a sale here in California: and want to hold the new title in a trust.

      : The trustee that handled the sale would not allow me to: add the trust name myself when I record the deed. They: (CTC Real Estate Services) : said I had to give them a name showing how the property: will be vested at the sale.

      : I made up a trust (the name of the property address) on the: spot and the auctioneer put it on the receipt. The trustee: will mail me the Trustee's Deed for me to record locally.

      : Which form do I need to complete (and record?) to set this up?

      : Anything else I should consider here?

      : Thanks to all,: Bukzin

      Bukzin,

      Your Trustee's Deed is all you need to record, make sure to watch your 15 day time period.

      You need a land trust agreement, which will be notarized, but won't be recorded, that identifies the beneficiaries and trustee of the trust. There are a few places on the web to find examples of an Illinois Land Trust, search for Albany Bank and LaSalle Bank, they both have(had) sample trust agreements. I'll also mail you something.

      : (1)

      • Posted by bukzin on November 19, 2004 at 13:14:26:

        In Reply to: Re: vesting Trustee's Deed Posted by Jim V on November 19, 2004 at 12:30:26:

        : : : : I was the high bidder yesterday at a sale here in California: : and want to hold the new title in a trust.

        : : The trustee that handled the sale would not allow me to: : add the trust name myself when I record the deed. They: : (CTC Real Estate Services) : : said I had to give them a name showing how the property: : will be vested at the sale.

        : : I made up a trust (the name of the property address) on the: : spot and the auctioneer put it on the receipt. The trustee: : will mail me the Trustee's Deed for me to record locally.

        : : Which form do I need to complete (and record?) to set this up?

        : : Anything else I should consider here?

        : : Thanks to all,: : Bukzin

        : Bukzin,

        : Your Trustee's Deed is all you need to record, make sure to watch your 15 day time period.

        : You need a land trust agreement, which will be notarized, but won't be recorded, that identifies the beneficiaries and trustee of the trust. There are a few places on the web to find examples of an Illinois Land Trust, search for Albany Bank and LaSalle Bank, they both have(had) sample trust agreements. I'll also mail you something.

        +++++++++++++++++++++++++++++++++++++++++++++++++++

        Jim,

        Thanks for the fast reply. If you could email whatever you have, that would be great.

        Please email to both address's

        bukzin@pacbell.net leavcast@infomagic.net

        Thanks again,bukzin



        : (0)

  • Posted by Lisa on November 19, 2004 at 09:07:20:

    Our lender filed a notice of default back in March 2004. We filed for chapter 13 BK in June 2004 which stopped the foreclosure process. Now, the lender is requesting a removal of stay since we are still not able to make the regular payments. We have already decided to put the house up for sale. My questions are: If the removal of stay request is granted, what is the timeline for foreclosure since the notice of default was already filed back in March? Any suggestions on how to "stall" knowing that the house is being put up for sale?

    : (3)

    • Posted by Janie on November 20, 2004 at 21:40:52:

      In Reply to: CA - Removal of Chapter 13 stay Posted by Lisa on November 19, 2004 at 09:07:20:

      This often where debtors get messed up. The clock on the foreclosure process does not stop ticking just because you filed a bankruptcy, unless and until, a plan has been confirmed.

      So, respond with the following questions:

      1. How far along in the foreclosure process were you when you filed bankruptcy?

      2. Have you discussed your options with your BK attorney? What is he/she advising you?

      3. Have you negotiated with the lender about the sale versus foreclosure?

      4. Has your attorney filed an opposition to the Relief From Stay? If not, explain why?



      : (2)

      • Posted by Lisa on November 20, 2004 at 22:25:14:

        In Reply to: Re: CA - Removal of Chapter 13 stay Posted by Janie on November 20, 2004 at 21:40:52:

        The plan was confirmed and we have been making payments to the trustee. Problem is, we can't keep up with the regular monthly mortgage payments due to a loss of income.

        The lender filed a notice of default in Feb 2004, however, we entered into a forebearance agreement with them in March 2004 (filed BK in June 2004) so it never went further than the initial notice. We haven't had a lot of success dealing with the lender (Litton)...long story, but basically they want the current past due amount (not what's included in the bk) or they will move forward with requesting the removal of stay.

        Our attorney hasn't really provided much advice other than to request a moritorium on our bk payments to help us gather enough funds to try and get the mortgage caught up until we can sell the house. And he will contact the lender's attorney to let him know of the intent to sell, but other than that, not much assurance.

        The hearing for the removal of stay is 11/24. If approved, any idea how much time we have? Looking for a creative way to buy some time...



        : (1)

        • [ ] [ Foreclosure Archives ] [ All Foreclosure Home ] Posted by (0)
  • [ ] [ Foreclosure Archives ] [ All Foreclosure Home ] Posted by (1)
    • Posted by kawikaCA on November 18, 2004 at 22:09:52:

      In Reply to: foreclosure timeline Posted by carolyn on November 18, 2004 at 21:25:40:

      They're all different.

      : (0)

  • Posted by Moniqua on November 18, 2004 at 13:45:55:

    My husband and I filed for Chpt 13 in May of 2004. At the time we were behind 2 payments in our mortgage. Our case were dismissed on November 11, 2004 because my husband and I had missed a few payments. We were informed we would receive a reimbursement after court and attorney fees but our lenders would resume calling.Our mortgage company informed us they wanted all back payments in full. Our credit scores are low and both of us are afraid of foresclosure. Is there anything we can do to prevent from loosing our home? Are there any other resources?

    : (7)

    • Posted by Jim V on November 18, 2004 at 22:28:39:

      In Reply to: I need help!!! Posted by Moniqua on November 18, 2004 at 13:45:55:

      : My husband and I filed for Chpt 13 in May of 2004. At the time we were behind 2 payments in our mortgage. Our case were dismissed on November 11, 2004 because my husband and I had missed a few payments. We were informed we would receive a reimbursement after court and attorney fees but our lenders would resume calling.: Our mortgage company informed us they wanted all back payments in full. Our credit scores are low and both of us are afraid of foresclosure. Is there anything we can do to prevent from loosing our home? Are there any other resources?

      Once a bankruptcy has been filed, and not successfully completed, lenders often take a more "hardball" approach. At the time of this posting, you have three responses about working out your difficulty. Over quite a few years of seeing their posts, and the replies, I don't think I've ever seen anything negative posted about Reinstatement Services. From what I've seen, they'll tell you whether you have a chance at resolving the problem, or that a resolution is unlikely.

      : (0)

    • Posted by Reinstatement Services, Inc. on November 18, 2004 at 19:18:24:

      In Reply to: I need help!!! Posted by Moniqua on November 18, 2004 at 13:45:55:

      Have you considered working with your lender to secure a work out as an alternative to foreclocsure?

    • Default and Foreclosure Solutions


    : (0)

  • Posted by Ms.Glinton on November 18, 2004 at 18:42:02:

    In Reply to: I need help!!! Posted by Moniqua on November 18, 2004 at 13:45:55:

    I can refer you to a program that can help you keep your home, keep your equity, possibly lower your payments, and possibly put cash in your pocket at closing. The interest rate is a flat 8%. Your credit score is not important.

    I need to know what you owe total including fees and the Fair Market Value of your home.

    : (1)

    • Posted by Harold Vaughn on November 23, 2004 at 11:57:56:

      In Reply to: Re: I need help!!! Posted by Ms.Glinton on November 18, 2004 at 18:42:02:

      Please send information about your program.Thanks--Harold

      : I can refer you to a program that can help you keep your home, keep your equity, possibly lower your payments, and possibly put cash in your pocket at closing. The interest rate is a flat 8%. Your credit score is not important.

      : I need to know what you owe total including fees and the Fair Market Value of your home.



      : (0)

  • Posted by Dan Long on November 18, 2004 at 17:12:57:

    In Reply to: I need help!!! Posted by Moniqua on November 18, 2004 at 13:45:55:

    Go to www.CasillasTeam.com. They have 100% success rate at stalling off foreclosures. There fee is $500.00 and refundable if they are unsuccessful.

    : (2)

    • Posted by Lisa Cranmer on December 20, 2004 at 12:55:34:

      In Reply to: Re: I need help!!! Posted by Dan Long on November 18, 2004 at 17:12:57:

      : Go to .www.CasillasTeamcom. They have 100% success rate at stalling off foreclosures. There fee is $500.00 and refundable if they are unsuccessful.



      : (0)

    • Posted by Lisa Cranmer on December 20, 2004 at 12:55:28:

      In Reply to: Re: I need help!!! Posted by Dan Long on November 18, 2004 at 17:12:57:

      : Go to .www.CasillasTeamcom. They have 100% success rate at stalling off foreclosures. There fee is $500.00 and refundable if they are unsuccessful.



      : (0)

  • Posted by deana on November 17, 2004 at 18:17:45:

    i just got my foreclosure letter. i was wondering how foreclosure works when you have a second mortgage also. do both banks work together to sell the home and get their money out of it? are we responsible for the difference of the loan if the banks don't sell the house for what we owe? we have already been discharged from our bankruptcy.

    : (0)

  • Posted by Tama on November 17, 2004 at 05:31:49:

    I had a loan with Fairbanks Capital, now Select Portfolio. The loan matured and at the time we were behind in payments. We entered a forbearance for the next six months, made all our payments on time and when the forbearance was satisfied we were not allowed to make payments anymore. I have had three appraisels on the property dealing with three different brokers and lenders. The LTV is 65%. The problem is we have bad credit and the property consists of 83 acres. The value is in the land more than the house. The current lender wants to have an internal evaluation of the house. It is a 100 year old modest farmhouse. We have done several improvements and it suits our family fine but if they send in Martha Stewart instead of Grizzly Adams I have a feeling we will be sunk. Not that it is a disaster but we are a family of 8 living in a fairly small house in the country and it probably shows. It keeps us warm and dry but is no model home that is for sure. We have been hesitant about pouring tons of money into it because of the age and the condition when we originally bought it. The entire property if put on the market would run about $325,000. The payoff for Fairbanks is $69,000 and I have about $30,000 in additional debt. Is there any options for a refinance that may include more of the land? We both have secure decent jobs at this time but the past is haunting us. We also have a business out of our home and would have to give it up if we have to move. Thank you in advance for any info :)

    : (4)

    • Posted by Jim V on November 18, 2004 at 23:14:46:

      In Reply to: Loan is mature, can't find a lender, any options Posted by Tama on November 17, 2004 at 05:31:49:

      Tama,

      Assuming you wanted to pay off additional debt, along with the Fairbanks loan, I see an LTV of something like 30%. $69,000 + $30,000 = $99,000. $99,000/$325,000 is roughly 30% LTV, without worrying about closing costs.

      The problem is the acreage. A house on 1 acre will be worth X dollars. The house next door, on Y acres, will have the same value as the first house, plus the potential value of any excess acreage. If the house next door has 5 acres, it is valued at X, plus any potential value of the 4 additional acres. Excess acreage often doesn't carry much additional value.

      I'm not trying to do a math lesson, I'm just saying that excess acreage often doesn't have a lot of value. If you have an appraised value of $325K, it's a moot issue.

      Janie said you should be OK with a hard money lender, I'll agree, but I think you could go sub-prime, which is cheaper than hard money. Look up Full Spectrum on a search engine. They are a division of CountryWide, and have a range of "damaged credit" programs. If you can't find them, mail me, I'll send you a link.

      : (0)

    • Posted by Janie on November 17, 2004 at 21:08:55:

      In Reply to: Loan is mature, can't find a lender, any options Posted by Tama on November 17, 2004 at 05:31:49:

      With a secure job, and the equity you have, you will be able to get a loan. It will be a hard loan, but do it until you rebuild your credit.



      : (0)

    • Posted by Ms. Glinton on November 17, 2004 at 15:32:26:

      In Reply to: Loan is mature, can't find a lender, any options Posted by Tama on November 17, 2004 at 05:31:49:

      I can refer you to a program that can help you keep your home, keep your equity, possibly lower your payments, and possibly put cash in your pocket at closing. The interest rate is a flat 8%. Your credit score is not important. If you are interested please email me.

      : (0)

    • Posted by kingston on November 17, 2004 at 14:01:15:

      In Reply to: Loan is mature, can't find a lender, any options Posted by Tama on November 17, 2004 at 05:31:49:

      Hello

      I am not even going to promise the world to you but I can possible get the refinance done for you but I need details about the property, income information, and some other stuff to see if this can be done. There is always hard money available which I really never like to bring into situations but this may be a case for it. Anything done would have to make sure it works with your budget because you don't just want to refinance and be facing extreme expenses either. We also have a way to buy the property and lease it back to you while we repair your credit. Feel free to contact me to see what we may be able to get done as I won't be able to truly see what options are available until I see the full picture. My email is kingston111@netzero.net

      Good Luck to you

      : (0)

  • Posted by sheila baxter on November 16, 2004 at 20:46:07:

    I have been trying to reach Bruce Wagner. Boldfunding tokk my $999.00 dollars. They told me they would refiance my house being in forclosure they didn't do anything.

    : (3)

    • Posted by kingston on November 17, 2004 at 14:04:43:

      In Reply to: boldfunding ripped me off Posted by sheila baxter on November 16, 2004 at 20:46:07:

      How did you pay what type of action have you sought act quickly. What is your situation with the foreclosure I may have some options available depending on the stage of foreclosure your in.

      Email kingston111@netzero.net



      : (2)

      • Posted by sharon on January 02, 2005 at 07:50:09:

        In Reply to: Re: boldfunding ripped me off Posted by kingston on November 17, 2004 at 14:04:43:

        I live in Michigan and was also ripped off for $875.00 from Bold Funding who said they would refinance my home which has already had sherriff's sale. We have until March 2 to move. Husband had surgery and developed complications which caused us to become behind with Option One Mortgage. They strung us along making us think they would work with us right up until sherriff's sale Sept 2, 2004. My husband is now back to work and I am a registered nurse. We make good money and are caught up on our other bills but cannot find anyone to help us. Have 3 children one of which is a special child and would be severe hardship to have to move. Have some equity in our home. Anyone that can help? Tired of being ripped off and turned down.

        : (1)

        • Posted by sharon on January 02, 2005 at 07:52:41:

          In Reply to: Re: boldfunding ripped me off Posted by sharon on January 02, 2005 at 07:50:09:

          : I live in Michigan and was also ripped off for $875.00 from Bold Funding who said they would refinance my home which has already had sherriff's sale. We have until March 2 to move. Husband had surgery and developed complications which caused us to become behind with Option One Mortgage. They strung us along making us think they would work with us right up until sherriff's sale Sept 2, 2004. My husband is now back to work and I am a registered nurse. We make good money and are caught up on our other bills but cannot find anyone to help us. Have 3 children one of which is a special child and would be severe hardship to have to move. Have some equity in our home. Anyone that can help? Tired of being ripped off and turned down.



          : (0)

  • Posted by Admin on November 16, 2004 at 17:40:56:

    The discussion board should be working again, if you notice any problems, please email admin@all-foreclosure.com

    Thanks.

    : (0)

  • Posted by Paul on November 11, 2004 at 17:10:19:

    I'm looking to buy property in Washington state, if facing forclosure or need a quick out, drop me a line.

    : (0)

  • Posted by Collotte on November 11, 2004 at 11:16:32:

    When a lift of stay occurs in a chapter 13 bankrutpcy. Can the person file a chapter 7 to prolong the sale? Or is there any other legal way to prevent the sale? The foreclosure date has been set on the 2nd mortgage.

    Please advise

    : (3)

    • Posted by Janie on November 17, 2004 at 21:04:07:

      In Reply to: Chapter 13 lift of stay Posted by Collotte on November 11, 2004 at 11:16:32:

      Collette, trend lightly when using the bankruptcy system to avoid foreclosure.

      You can file a Chapter 7, but that will not necessarily stop the foreclosure because the lender can once again seek a relief from stay.

      The bankruptcy rules are clear about what happens after a relief of stay is granted. You may not refile a Chapter 13 for 180 days.

      Why hasn't your first lender assumed the 2nd Note? That would stop the foreclosure.

      Have you worked out a plan for getting back on your feet?

      : (0)

    • Posted by Reinstatement Services, Inc. on November 16, 2004 at 19:28:27:

      In Reply to: Chapter 13 lift of stay Posted by Collotte on November 11, 2004 at 11:16:32:

      A lender-sponsored workout is still an option. A situation appropriate will always be the best way of stoping the foreclosure action while moving the loan towards reinstatement.

      Your attorney should be able to advise you on the best course of action if you are seriously considering refiling.

      : (0)

    • Posted by Amy on November 16, 2004 at 18:17:43:

      In Reply to: Chapter 13 lift of stay Posted by Collotte on November 11, 2004 at 11:16:32:

      Collotte, I do believe depending on what state you live in that you can file another 13, there maybe a waiting period for your state. call your attorney and ask him/her to refile the 13 for you. good luck to you.

      : When a lift of stay occurs in a chapter 13 bankrutpcy. Can the person file a chapter 7 to prolong the sale? Or is there any other legal way to prevent the sale? The foreclosure date has been set on the 2nd mortgage.

      : Please advise



      : (0)

  • Posted by sara on November 10, 2004 at 11:11:02:

    A company called Foreclosure Assistance LLC out of Arizona. If so how was your experience - did they stop your foreclosure?

    : (9)

    • Posted by kingston on November 17, 2004 at 14:07:43:

      In Reply to: Has Anyone Dealt With .......... Posted by sara on November 10, 2004 at 11:11:02:

      I don't know about that company but I do know some others they cost money but some people it is worth depending on different factors. If I can get you more information please contact me at kingston111@netzero.net there may be some options that may be available to you depending on your foreclosure stage.

      : (0)

    • Posted by Sara on November 11, 2004 at 07:18:53:

      In Reply to: Has Anyone Dealt With .......... Posted by sara on November 10, 2004 at 11:11:02:

      : A company called Foreclosure Assistance LLC out of Arizona. If so how was your experience - did they stop your foreclosure? I checked the BBB on line and discovered that they have very questionable practices and a lot of complaints. Thank you for your reply.



      : (2)

      • Posted by KENDRA on November 16, 2004 at 18:03:04:

        In Reply to: Re: Has Anyone Dealt With .......... Posted by Sara on November 11, 2004 at 07:18:53:

        this is a co. that is doing biz with that one redwood trust, i wouldn't even go there dear. i would take note of the complaints and run quietly. good luck to ya

        : : A company called Foreclosure Assistance LLC out of Arizona. If so how was your experience - did they stop your foreclosure? I checked the BBB on line and discovered that they have very questionable practices and a lot of complaints. Thank you for your reply.



        : (1)

        • Posted by Jackie on December 16, 2004 at 17:28:10:

          In Reply to: Re: Has Anyone Dealt With .......... Posted by KENDRA on November 16, 2004 at 18:03:04:

          Foreclosure Assistance LLC has never done business with Redwood Trust. I seriously question the credibility and the claim being stated. If you are in foreclosure we may be able to assist you. Please all us for a free consultation. We have assisted thousands nationwide.

          JackieForeclosure Assistance, LLC

          : this is a co. that is doing biz with that one redwood trust, i wouldn't even go there dear. i would take note of the complaints and run quietly. good luck to ya

          : : : : A company called Foreclosure Assistance LLC out of Arizona. If so how was your experience - did they stop your foreclosure? I checked the BBB on line and discovered that they have very questionable practices and a lot of complaints. Thank you for your reply.



          : (0)

    • Posted by Janie on November 10, 2004 at 22:00:31:

      In Reply to: Has Anyone Dealt With .......... Posted by sara on November 10, 2004 at 11:11:02:

      Sara,

      Be very very leary of who you deal with when you are in foreclosure. There is breed of animal out there that looks upon people in foreclosure as easy pickings.

      I don't know about the company you seek info on, but it s good that you are asking.

      What are they offering and what is the bottom line cost to you?



      : A company called Foreclosure Assistance LLC out of Arizona. If so how was your experience - did they stop your foreclosure?



      : (4)

      • Posted by Garrett on November 17, 2004 at 04:08:11:

        In Reply to: Re: Has Anyone Dealt With .......... Posted by Janie on November 10, 2004 at 22:00:31:

        : Sara,

        : Be very very leary of who you deal with when you are in foreclosure. There is breed of animal out there that looks upon people in foreclosure as easy pickings.

        : I don't know about the company you seek info on, but it s good that you are asking.

        : What are they offering and what is the bottom line cost to you?

        : : A company called Foreclosure Assistance LLC out of Arizona. If so how was your experience - did they stop your foreclosure?

        I live in Illinois and was told, (as I kinda know) that my monthly income will not support even a Chptr 13 by a bankruptcy attorney. There in no chance for me to make up the $5500 I'm behind in mortage. My real question is should I let the property go into forclosure and find another place? What will happen in foreclosure? Will the bank come after me or just let it go?? Witts end!

        : (3)

        • Posted by Mark-IL on December 30, 2004 at 23:10:05:

          In Reply to: In desperate trouble! Posted by Garrett on November 17, 2004 at 04:08:11:

          Garrett,If you're still having problems with your lender, you can email me. I'm a certified real estate consultant with expertise in Illinois foreclosure process.

          Mark

          : (0)

        • Posted by Janie on November 23, 2004 at 23:00:32:

          In Reply to: In desperate trouble! Posted by Garrett on November 17, 2004 at 04:08:11:

          Be careful dealing with BK attorneys. Most are nothing more than fill-in-the-blanks practitioners.

          Did you know under a Chapter 13 your attorney can negotiate and in some cases discharge all your unsecured debts? That relieves the financial burden so you can save your home.

          Talk to several BK attorneys before willingly going into foreclosure. See if the lender will work with you to resell the home.

          : (0)

        • Posted by Brian (FL) on November 22, 2004 at 10:01:31:

          In Reply to: In desperate trouble! Posted by Garrett on November 17, 2004 at 04:08:11:

          : I live in Illinois and was told, (as I kinda know) that my monthly income will not support even a Chptr 13 by a bankruptcy attorney. There in no chance for me to make up the $5500 I'm behind in mortage. My real question is should I let the property go into forclosure and find another place? What will happen in foreclosure? Will the bank come after me or just let it go?? Witts end!

          Illinois is a judicial foreclosure state and deficiency judgement is allowed (meaning the foreclosing party may obtain a judgement against you personally for any loss they sustain after foreclosing their mortgage). http://www.foreclosures.com/pages/foreclosure_process.asp?state=il

          Contact a bankruptcy attorney to get the FACTS rather than listen to third party advice. Bankruptcy is only a delaying tactic for most homeowners that are facing foreclosure. Why not try to sell the property?

          : (0)

  • Posted by Manuel on November 10, 2004 at 00:10:34:

    I am leasing-to-own a house and we have a purchase agreement to purchase the house early next year. We just got notice that there is a "notice of default" on the house. What is the time frame that we have to get OUR loan done before the bank takes the house from the owner? should I contact the current lender to find out what can be done? Any suggestions!! Thanks

    : (1)

    • Posted by Janie on November 10, 2004 at 22:02:30:

      In Reply to: My Lease-to-own prop being forclosed CA Posted by Manuel on November 10, 2004 at 00:10:34:

      You can ask the lender if they will subordinate the loan to you. They may want to do that rather than get tangled in a litigating mess.

      : I am leasing-to-own a house and we have a purchase agreement to purchase the house early next year. We just got notice that there is a "notice of default" on the house. What is the time frame that we have to get OUR loan done before the bank takes the house from the owner? should I contact the current lender to find out what can be done? Any suggestions!! Thanks



      : (0)

  • Posted by Beth on November 09, 2004 at 23:45:40:

    I purchased a converted 2 unit in 1999 for 119,000 @ 8%, which I refinanced to 6.5% in 2001. I obtained a 28,000 second mortgage in 2000 for 13.75%. That was big mistake since the property only appraised for 127,000 as a 2 unit. I just learned that the village has passed a new ordinance, and if I want to sell, I have to deconvert the property to a single family residence. That now means that it will be appraised for maybe 120,000. I'm feeling trapped now, and considering just walking away from the whole mess. The only thing that's stopping me is that I have worked so hard for my excellent credit rating, I really don't want to ruin it . I have never been late on either mortgages. I don't have a problem with the first mortgage, it's the second one that's killing me!What's the worse thing that could happen if I stop paying the second mortgage? Why would they give it to me if I didn't have the equity to support it in the first place? Any advice will be greatly appreciated.

    : (2)

    • Posted by Brian (FL) on November 22, 2004 at 10:15:08:

      In Reply to: Over Extended and Want Out! Posted by Beth on November 09, 2004 at 23:45:40:

      : I purchased a converted 2 unit in 1999 for 119,000 @ 8%, which I refinanced to 6.5% in 2001. I obtained a 28,000 second mortgage in 2000 for 13.75%. That was big mistake since the property only appraised for 127,000 as a 2 unit. I just learned that the village has passed a new ordinance, and if I want to sell, I have to deconvert the property to a single family residence. That now means that it will be appraised for maybe 120,000. I'm feeling trapped now, and considering just walking away from the whole mess. The only thing that's stopping me is that I have worked so hard for my excellent credit rating, I really don't want to ruin it . I have never been late on either mortgages. I don't have a problem with the first mortgage, it's the second one that's killing me!What's the worse thing that could happen if I stop paying the second mortgage? Why would they give it to me if I didn't have the equity to support it in the first place? Any advice will be greatly appreciated.

      If you have excellent credit, why not refinance both mortgages into a new single mortgage with a low interest rate? Find a good mortgage broker and you may be surprised to find you have a number of options.

      If you stop paying on the second mortgage, they have the option of foreclosing (a lot depends on the specifics of the mortgage as written and the foreclosure laws in your state), and taking title to the property. You should contact a good real estate attorney to KNOW all your options.

      : (0)

    • Posted by Ray on November 10, 2004 at 15:03:08:

      In Reply to: Over Extended and Want Out! Posted by Beth on November 09, 2004 at 23:45:40:

      : I purchased a converted 2 unit in 1999 for 119,000 @ 8%, which I refinanced to 6.5% in 2001. I obtained a 28,000 second mortgage in 2000 for 13.75%. That was big mistake since the property only appraised for 127,000 as a 2 unit. I just learned that the village has passed a new ordinance, and if I want to sell, I have to deconvert the property to a single family residence. That now means that it will be appraised for maybe 120,000. I'm feeling trapped now, and considering just walking away from the whole mess. The only thing that's stopping me is that I have worked so hard for my excellent credit rating, I really don't want to ruin it . I have never been late on either mortgages. I don't have a problem with the first mortgage, it's the second one that's killing me!What's the worse thing that could happen if I stop paying the second mortgage? Why would they give it to me if I didn't have the equity to support it in the first place? Any advice will be greatly appreciated.

      Have you ever thought of renting it? Some people turn property over to a real estate company to keep rented and collect the rent for them. If it has 2 parts you could have two renters and you would not have to sell and it would pay for itself over time. This may be one way to handle the situation if it doesn't violate any ordinances.

      Ray1932@netscape.com



      : (0)

  • Posted by julia on November 09, 2004 at 15:28:28:

    Is the homeowner required to vacate the house prior to the mortgage company's review of a Deed-in-lieu request.

    : (4)

    • Posted by Ray on November 09, 2004 at 20:21:15:

      In Reply to: Conventional loan foreclosure Posted by julia on November 09, 2004 at 15:28:28:

      : Is the homeowner required to vacate the house prior to the mortgage company's review of a Deed-in-lieu request.

      Yes they can and usually do demand immediately vacating



      : (3)

      • Posted by Jim V on November 09, 2004 at 22:50:24:

        In Reply to: Re: Conventional loan foreclosure Posted by Ray on November 09, 2004 at 20:21:15:

        : : Is the homeowner required to vacate the house prior to the mortgage company's review of a Deed-in-lieu request.

        : Yes they can and usually do demand immediately vacating

        Ray,

        I think I agree with what you are saying, more or less. But, the poster asked whether they'd have to vacate PRIOR to the mortgage company review of a DIL request. The mortgage company will require a vacant broom-clean property when they actually accept a DIL, but a mortgage company expecting the property to be vacant before even considering a DIL is just a little too much to ask.



        : (2)

        • Posted by Ray on November 10, 2004 at 06:17:18:

          In Reply to: Re: Slightly different opinion. Posted by Jim V on November 09, 2004 at 22:50:24:

          : : : Is the homeowner required to vacate the house prior to the mortgage company's review of a Deed-in-lieu request.

          : : Yes they can and usually do demand immediately vacating

          : Ray,

          : I think I agree with what you are saying, more or less. But, the poster asked whether they'd have to vacate PRIOR to the mortgage company review of a DIL request. The mortgage company will require a vacant broom-clean property when they actually accept a DIL, but a mortgage company expecting the property to be vacant before even considering a DIL is just a little too much to ask.

          According to the lawyers who wrote the articles it is to keep the people from stalling for time. Other than that I do not really know.

          : (1)

          • Posted by NJdave on November 10, 2004 at 17:13:33:

            In Reply to: Re: Slightly different opinion. Posted by Ray on November 10, 2004 at 06:17:18:

            Lenders rarely accept a deed in lieu of foreclosure.... they would much prefer a preforeclosure sale, or a preforeclosure shortsale.

            And no, they don't require the property to be vacantbefore they agree to accept a DIL.

            Actually, while negotiating to offer a DIL, the homeowner can ask for a prolonged stay, or, cash for keys.

            : (0)

  • Posted by Donetta Gallardo on November 09, 2004 at 15:00:00:

    I myself was decieved!!! They told me I could purchase any home I wanted I sent in my money and no offer went out. I live in California and am trying to do anything I can to get my money!! I will join any effort. If you call the number you get a crappy message about how in demand they are and cannot take any new clients. All inquiries must be in writing.

    : (1)

    • Posted by Ray on November 09, 2004 at 19:54:58:

      In Reply to: Bold Funding Posted by Donetta Gallardo on November 09, 2004 at 15:00:00:

      : I myself was decieved!!! They told me I could purchase any home I wanted I sent in my money and no offer went out. I live in California and am trying to do anything I can to get my money!! I will join any effort. If you call the number you get a crappy message about how in demand they are and cannot take any new clients. All inquiries must be in writing.

      The US Secret Service has a hot line on mortgage fraud.It is: (404) 331-6111

      : (0)

  • Posted by Debbie Lawson on November 08, 2004 at 21:30:04:

    After moving out 3 1/2 yrs ago. , the apt complex i lived in says it won't honor my last months rent or security deposit paid (have receipts) because they said they purchsed it foreclosed. Does anyone know my rights, or where i can find help? they're sending to collection agency and i already paid this. thanks for all ur help.Debbieoh i live in California...

    : (2)

    • Posted by Keith(CA) on December 01, 2004 at 21:37:53:

      In Reply to: Re: Renter's rights on foreclosed property Posted by Debbie Lawson on November 08, 2004 at 21:30:04:

      Sorry for taking nearly a month to get back to you on this.

      The security deposit and last months rent are supposed to be kept by landlords in a separate escrow account (either physically or at least separate by ledger). Landlords are forbidden to use these moneys for anything other than their stated purpose, to do so is to break the law. Should something catastrophic happen, such as the landlord's death or foreclosure, it should be a simple matter for a new owner to take the escrow account and apply it to all current renters and take over from that point.

      Check out California Civil Code §1950.5(h) thru (k).

      First off, I am not a lawyer and do not offer legal advice. But my understanding is that no matter how a rental property changes hands, the successor (your new landlord) is responsible for getting those escrowed deposits from the former owner. The law does read pretty clearly that those deposits are the tenant's property. Subsection (j) leads me to believe that if the former owner/landlord does not comply with subsection (h) in assigning the escrowed money to the new owner/landlord, then they are both jointly liable to the tenant's for repayment of the security. In other words, you should be sending collections after them, not the other way around.

      Hope that gives you something to go by...and sorry this came soooo very long after you asked.

      : After moving out 3 1/2 yrs ago. , the apt complex i lived in says it won't honor my last months rent or security deposit paid (have receipts) because they said they purchsed it foreclosed. Does anyone know my rights, or where i can find help? they're sending to collection agency and i already paid this. : thanks for all ur help.: Debbie: oh i live in California...

    • View §1950.5 Here (scroll down about half way)


    : (1)

    • Posted by Debbie Lawson on December 22, 2004 at 09:30:29:

      In Reply to: Re: Renter's rights on foreclosed property Posted by Keith(CA) on December 01, 2004 at 21:37:53:

      :



      Keith,Thank you so much for taking the time to answer my plea, I really appreciate the info. Happy Holidays to you & yours, Sincerely, Debbie Lawson



      Sorry for taking nearly a month to get back to you on this.

      : The security deposit and last months rent are supposed to be kept by landlords in a separate escrow account (either physically or at least separate by ledger). Landlords are forbidden to use these moneys for anything other than their stated purpose, to do so is to break the law. Should something catastrophic happen, such as the landlord's death or foreclosure, it should be a simple matter for a new owner to take the escrow account and apply it to all current renters and take over from that point.

      : Check out California Civil Code §1950.5(h) thru (k).

      : First off, I am not a lawyer and do not offer legal advice. But my understanding is that no matter how a rental property changes hands, the successor (your new landlord) is responsible for getting those escrowed deposits from the former owner. The law does read pretty clearly that those deposits are the tenant's property. Subsection (j) leads me to believe that if the former owner/landlord does not comply with subsection (h) in assigning the escrowed money to the new owner/landlord, then they are both jointly liable to the tenant's for repayment of the security. In other words, you should be sending collections after them, not the other way around.

      : Hope that gives you something to go by...and sorry this came soooo very long after you asked.

      : : After moving out 3 1/2 yrs ago. , the apt complex i lived in says it won't honor my last months rent or security deposit paid (have receipts) because they said they purchsed it foreclosed. Does anyone know my rights, or where i can find help? they're sending to collection agency and i already paid this. : : thanks for all ur help.: : Debbie: : oh i live in California...



      : (0)

  • Posted by MrCCH on November 08, 2004 at 18:08:36:

    I am confused, I got behind on my first and second but made arrangements for the first, the second will not settle and wants it to sell at the court. What happens at this point? What does the second get out of this since the first is the majority holder?

    : (4)

    • Posted by Bill H on November 09, 2004 at 12:56:17:

      In Reply to: Foreclosure on Second Posted by MrCCH on November 08, 2004 at 18:08:36:

      : I am confused, I got behind on my first and second but made arrangements for the first, the second will not settle and wants it to sell at the court. What happens at this point? What does the second get out of this since the first is the majority holder?

      If you sit tight and do nothing and the second goes to foreclosure you will lose the property to whomever buys the second at the sale.

      Unfortuntely, if your deed of trust to the second allows, and it probably does, then they have the right to call for all arreages, etc to be paid or else they can foreclose.

      What does the second get? If it sells at the sale they are cashed out and get their $$$.

      If it fails to sell at the sale then they become the owners of the property subject to the first deed of trust.

      You have few options and as the other posts explained you can bring it current or pay it off (the second).

      Good Luck,Bill H



      : (0)

    • Posted by kawikaCA on November 08, 2004 at 18:57:14:

      In Reply to: Foreclosure on Second Posted by MrCCH on November 08, 2004 at 18:08:36:

      If the 1st has worked out a payment arrangement then try to reinstate the 2nd, they can't prevent that. If you want to somehow pay less than the backpayments they are under no obligation to do that.

      : (0)

    • Posted by Norris Thomas on November 08, 2004 at 18:41:31:

      In Reply to: Foreclosure on Second Posted by MrCCH on November 08, 2004 at 18:08:36:

      Name: Norris ThomasE-Mail: saveyourhome@mindspring.comSubject: Re: foreclosureBody of Message:Dear Mr. CCH,

      When a homeowner has a hardship that causes them to get behind in their mortgage payments the lender is usually not willing to work out a suitable means for the client to get caught up. Typically the lender will demand all of the arrears and all of the late fees, delinquent charges, etc. This situation leaves the homeowner with few options if they are unable to come up with the arrears. Seldom can a homeowner find the extra cash to save the home in this fashion. It is then that other options are sought out. There are several options to foreclosure. Some are better known than others.

      Selling the home is a possibility, but there is the chance that the home will not sell in a timely fashion. If this is the case, a homeowner is often approached by someone offering to purchase the property on a "short sell". These Real Estate Agents or Investors often advertise as foreclosure prevention services. Purchasing properties on short sell is becoming a very popular way for investors to obtain prime properties at discounted prices. It usually robs the owner of all of the equity they have in the home, leaving them with no money to get into another home.

      Filing Bankruptcy is an option that is well advertised foreclosure prevention. While bankruptcy may stop the foreclosure sale, it is ineffective as a real solution. In Chapter 13 Bankruptcy, a lender could refuse to accept the terms of the bankruptcy, which will not benefit the home owner. Also the Bankruptcy payments could be higher than the original payments, which will not benefit the home owner.

      Loss Mitigation is a little known process of saving a home from foreclosure. When a hardship has occurred and has been resolved, Loss Mitigation can be the most effective means of avoiding or stopping foreclosure. Simply put, Loss Mitigation is an intervention program wherein the lender is willing to work out an agreement that will allow a homeowner to continue making payments, keep the home and not come up with all of the past arrears.

      There are 47 different ways to mitigate a case to prevent foreclosure. US Loss Mitigation has been successfully saving homes for 19 years. To learn more about Loss Mitigation, go to www.saveyourhome.tv/norristhomas. I will be available to answer any questions you may have. Please contact me at:

      Norris ThomasEmail: saveyourhome@mindspring.comPhone: (770) 320 - 7850Website: www.saveyourhome.tv/norristhomas



      : (0)

  • Posted by collotte on November 08, 2004 at 11:52:14:

    I am tyring to help someone save their home in KS. They have 50% in equity. Credit scores are below 500. They need a private lender to fund in Kansas

    Please advise if you know of any.Thanks

    : (2)

    • Posted by Reinstatement Services, Inc. on November 09, 2004 at 12:29:47:

      In Reply to: Need private lender in kansas to save property Posted by collotte on November 08, 2004 at 11:52:14:

      You might have the homeowner contact the lender's loss mitigation department as a first line of defense.

      This department should be able to assist you in arriving at a workout that will alow the property to be retained while the loan is [over time] moved towards reinstatement.

    • Default and Foreclosure Solutions


    : (0)

  • Posted by Norris Thomas on November 08, 2004 at 18:00:08:

    In Reply to: Need private lender in kansas to save property Posted by collotte on November 08, 2004 at 11:52:14:

    Dear Collette

    When a homeowner has a hardship that causes them to get behind in their mortgage payments the lender is usually not willing to work out a suitable means for the client to get caught up. Typically the lender will demand all of the arrears and all of the late fees, delinquent charges, etc. This situation leaves the homeowner with few options if they are unable to come up with the arrears. Seldom can a homeowner find the extra cash to save the home in this fashion. It is then that other options are sought out. There are several options to foreclosure. Some are better known than others.

    Selling the home is a possibility, but there is the chance that the home will not sell in a timely fashion. If this is the case, a homeowner is often approached by someone offering to purchase the property on a "short sell". These Real Estate Agents or Investors often advertise as foreclosure prevention services. Purchasing properties on short sell is becoming a very popular way for investors to obtain prime properties at discounted prices. It usually robs the owner of all of the equity they have in the home, leaving them with no money to get into another home.

    Filing Bankruptcy is an option that is well advertised foreclosure prevention. While bankruptcy may stop the foreclosure sale, it is ineffective as a real solution. In Chapter 13 Bankruptcy, a lender could refuse to accept the terms of the bankruptcy, which will not benefit the home owner. Also the Bankruptcy payments could be higher than the original payments, which will not benefit the home owner.

    Loss Mitigation is a little known process of saving a home from foreclosure. When a hardship has occurred and has been resolved, Loss Mitigation can be the most effective means of avoiding or stopping foreclosure. Simply put, Loss Mitigation is an intervention program wherein the lender is willing to work out an agreement that will allow a homeowner to continue making payments, keep the home and not come up with all of the past arrears.

    There are 47 different ways to mitigate a case to prevent foreclosure. US Loss Mitigation has been successfully saving homes for 19 years. To learn more about Loss Mitigation, go to www.saveyourhome.tv/norristhomas. I will be available to answer any questions you may have. Please contact me at: Norris ThomasEmail: saveyourhome@mindspring.comPhone: 770-320-7850Website: www.saveyourhome.tv/norristhomas

    : (0)

  • Posted by Teresa on November 07, 2004 at 16:27:24:

    Can anyone tell me what Foreclosure redeemed means? This is what happened to me and it is on my credit report and don't really know what it means.

    : (3)

    • Posted by Ray on November 07, 2004 at 16:50:40:

      In Reply to: Foreclosure redeemed?? Posted by Teresa on November 07, 2004 at 16:27:24:

      : Can anyone tell me what Foreclosure redeemed means? This is what happened to me and it is on my credit report and don't really know what it means.

      It means that you have paid it and brought it currentand you still have your property



      : (2)

      • Posted by Teresa Kevin on November 07, 2004 at 16:59:38:

        In Reply to: Re: Foreclosure redeemed?? Posted by Ray on November 07, 2004 at 16:50:40:

        : : Can anyone tell me what Foreclosure redeemed means? This is what happened to me and it is on my credit report and don't really know what it means.

        : It means that you have paid it and brought it current: and you still have your property

        How is that possible? I was never notified by the bank of the forclosure to begin with. I was trying before to talk to the bank into selling the propery BEFORE forclosure but got no responce back to me. ANd now on my credit report it shows forclosure redemmed. I don't get it!

        : (1)

        • Posted by Janie on November 07, 2004 at 20:54:05:

          In Reply to: Re: Foreclosure redeemed?? Posted by Teresa Kevin on November 07, 2004 at 16:59:38:

          Go to Where's the Justice For All? web site and read the report from CBS News (trascript) about a national study that revealed 89 percent of us have incorrect and damaged credit reports that cost us jobs, higher auto and health insurance rates, and higher interest rates on home loans.

          : (0)

  • Posted by xander on November 07, 2004 at 15:29:15:

    Hello. Due to a recent loss of income I have not been able to pay my mortgage for the past three months. In the meantime, I have been working with the loss mitagation dept. at BofA but because of a tax lien filed against me they will not consider my loan for modification or repayment arrangements. The property is located in South Carolina and I do have some equity in the property but the tax lien would eat up most of that at sale. My mother and two younger sisters live in the house and I do not want to lose the property. What can I do? Are there any government or private agency options available to me. Thank you, Rose.

    : (3)

    • Posted by Norris Thomas on November 09, 2004 at 18:19:43:

      In Reply to: foreclosure Posted by xander on November 07, 2004 at 15:29:15:

      Hello Rose,

      My name is Norris Thomas. I was reading your message and I wanted you to know that there are companies out here that can help you with the mitigation process and in turn possibly help you save your home.

      I am an associate of two companies Freedom Foreclosure Prevention Services and U.S. Loss Mitigation.

      While we cannot help everyone facing foreclosure, we do strive to help those that have experienced a hardship and have remedied that hardship.

      If you are interested in learning more, please visit my website www.saveyourhome.tv/norristhomas and possibly fill out the application.

      Sincerely,Norris Thomas

      : Hello. Due to a recent loss of income I have not been able to pay my mortgage for the past three months. In the meantime, I have been working with the loss mitagation dept. at BofA but because of a tax lien filed against me they will not consider my loan for modification or repayment arrangements. The property is located in South Carolina and I do have some equity in the property but the tax lien would eat up most of that at sale. My mother and two younger sisters live in the house and I do not want to lose the property. What can I do? Are there any government or private agency options available to me. Thank you, Rose.



      : (0)

    • Posted by Ray on November 07, 2004 at 16:46:58:

      In Reply to: foreclosure Posted by xander on November 07, 2004 at 15:29:15:

      : Hello. Due to a recent loss of income I have not been able to pay my mortgage for the past three months. In the meantime, I have been working with the loss mitagation dept. at BofA but because of a tax lien filed against me they will not consider my loan for modification or repayment arrangements. The property is located in South Carolina and I do have some equity in the property but the tax lien would eat up most of that at sale. My mother and two younger sisters live in the house and I do not want to lose the property. What can I do? Are there any government or private agency options available to me. Thank you, Rose.

      I have some options and you can contact me atRay1932@netscape.com



      : (1)

      • Posted by Dione on November 07, 2004 at 17:25:55:

        In Reply to: Re: foreclosure Posted by Ray on November 07, 2004 at 16:46:58:

        Xander,

        I have a saolution for you to look at. E-mail me immediately and I will send you the information.

        Best regards,homegrantguru@yahoo.com

        : : Hello. Due to a recent loss of income I have not been able to pay my mortgage for the past three months. In the meantime, I have been working with the loss mitagation dept. at BofA but because of a tax lien filed against me they will not consider my loan for modification or repayment arrangements. The property is located in South Carolina and I do have some equity in the property but the tax lien would eat up most of that at sale. My mother and two younger sisters live in the house and I do not want to lose the property. What can I do? Are there any government or private agency options available to me. Thank you, Rose.

        : I have some options and you can contact me at: Ray1932@netscape.com



        : (0)

  • Posted by Robert on November 06, 2004 at 10:29:30:

    I am 66 years old and retired and my wife is 58. We cannot afford the mortgate payment any longer and have refinanaced the house earlier so have already receivedsome cash out of it. If we just stop making the payment, which we will have to do in the not too distant future,(we are already moving somewhere else and have had this house on the market for 6 months and no activity), will the lender be able legally to attach my wife's wages or do anything with her retirement account from where she works? NC is the state and we have no knowledge of anything about this.

    : (1)

  • Posted by Philip on November 06, 2004 at 09:22:54:

    Dont want the house i'm in and it may take YEARS more to sell it. what would happen if i just let the bank foreclose on it? could they sue me immediatly for any monetary losses while they try to sell it or do they have to wait till they actually sell it and then sue me for a judgement for the difference between what is owed and what they recieved, thanks for any info or advice

    : (1)

    • Posted by Ray on November 06, 2004 at 20:37:50:

      In Reply to: Want Out Posted by Philip on November 06, 2004 at 09:22:54:

      : Dont want the house i'm in and it may take YEARS more to sell it. what would happen if i just let the bank foreclose on it? could they sue me immediatly for any monetary losses while they try to sell it or do they have to wait till they actually sell it and then sue me for a judgement for the difference between what is owed and what they recieved, thanks for any info or advice

      You don't give much to go on. What kind of a loan do you have? Is ita VA loan, Conventional loan or someother loan type as a Fannie Mae or Fredie Mac. Someloans are assumable and if you wanted to let a person assume the payment it could work or you may be able to rent it and cover the payment. Sometimes a lender will work with you while it is up for sale and you could possibly live in it a while longer that way. Oryou could take chapter 7 bankruptcy to sell off the property and items you have to cover the debt if you owe more than it is worth. If you should take a Chapter 13 bankruptcy you would have to pay your secured debts through the court and of course what is left over above living cost would go to unsecured debts. This is how it is in most states 3-5 or 7 years but they could not tie up your wages or bother you with phone calls as you pay it off through a court and then you would have years to sell it while you are in the Chapter 13 bankruptcy. Your credit is gone anyway if you let it go back and this way you have a place to live while you are selling it. Sure it takes some time to overcome a bankruptcy but it also takes time to overcome plain bad credit. I hope this will make you feel better because it is not the end of the world.

      : (0)

  • Posted by Diane Howard on November 05, 2004 at 14:45:06:

    We bought a piece of property from a private lender and are making monthly payments. The last payment we made the check bounced and I received a call from the ender threatening foreclosure. The payment is not even 30 days past due and we have taken care of the bounced check. Can the private lender threaten foreclosure on a payment that is not even 30 days past due?

    : (1)

    • Posted by Jim V on November 05, 2004 at 20:39:58:

      In Reply to: foreclosure Posted by Diane Howard on November 05, 2004 at 14:45:06:

      : We bought a piece of property from a private lender and are making monthly payments. The last payment we made the check bounced and I received a call from the ender threatening foreclosure. The payment is not even 30 days past due and we have taken care of the bounced check. Can the private lender threaten foreclosure on a payment that is not even 30 days past due?

      Technically, a loan is in default as soon as the grace period has passed, and no payment has been made. Most institutional lenders will have collectors who attempt to get payments after that time, but they won't start foreclosure until 3 or more payments have been missed.

      Private lenders are usually more aggressive with their collection process, and yes, threats are often part of that collection process. No matter what they say, they still have to comply with the Federal and State laws.



      : (0)

  • Posted by jberger on November 05, 2004 at 12:42:55:

    please advice

    : (1)

    • Posted by Bill H on November 05, 2004 at 13:56:05:

      In Reply to: how can i find out who hold mortgage on a property? Posted by jberger on November 05, 2004 at 12:42:55:

      : please advice

      nt

      : (0)

  • Posted by VIcki on November 04, 2004 at 22:58:17:

    I need help. I can't afford the payments and the maitenance fees on my timeshare in Orlando, Fl. I live in CA. I want to know if I will be sued if I let the property foreclose. I have been trying to sell it but nothing is happening. I don't know what to do. Please help..

    : (3)

    • Posted by Charlie on November 18, 2004 at 23:28:23:

      In Reply to: Timeshare foreclosure Posted by VIcki on November 04, 2004 at 22:58:17:

      I have a timeshore in Orlando also, and they just called telling me that I'm being sent a "foreclosure package." I haven't been able to keep up the payments, and hugely regret buying the thing. It was nice for a few years, but now I'm really stressed. I'll let you know what happens.

      : (2)

      • Posted by Gary on December 05, 2004 at 10:58:52:

        In Reply to: Re: Timeshare foreclosure Posted by Charlie on November 18, 2004 at 23:28:23:

        I have a timeshare in Texas I have never used. I am having problems keeping up the payments, and regret buying into it. I can't sale it, they won't sale it for me or buy it back. It was easy to get into and impossible to get out. Please send me information on letting it go.



        : (1)

        • Posted by SuRae on December 18, 2004 at 17:29:58:

          In Reply to: Re: Timeshare foreclosure Posted by Gary on December 05, 2004 at 10:58:52:

          Same here Mine is with Gold Key Resorts in Va Beach. Because of their collection practices I filed a complaint with the Attorney General. No help at all. I just refuse to pay for something I don't want anymore. When I did not want my car I sold it, When I did not want my husband I sold him too..But this thing is like death and taxes, you just cant get rid of it. I was threateded this morning. Linda told me "We will call your employer to force you to pay if you make us". "Then you will incurr legal fees and blah, blah, blah. I sent them a letter today telling them to foreclose. I will not pay them. What else can I do. I have changed my phone number two times. No more.

          : (0)

  • Posted by DJ on November 03, 2004 at 11:24:30:

    I currently live in the state of Minnesota and have been offered an exciting job in the state of Colorado. My family and I would have to move to Colorado. We are in the process of putting our current residence on the market. I anticipate it will sell in about 3-4 months. We have the funds to handle 3 months of payments for two residences and could borrow funds for another 2-3 months time period. I am worried about what might happen if it takes longer to sell. I guess the key question is the worst case scenarion; what happens if it does not sell and it is foreclosed upon? In the state of Minnesota is a deficiency judgement granted? What does a deficiency judgement do or allow creditors to do.

    : (3)

    • Posted by Ray on November 04, 2004 at 20:58:37:

      In Reply to: Foreclosure, Deficiency, & Minnesota Posted by DJ on November 03, 2004 at 11:24:30:

      : I currently live in the state of Minnesota and have been offered an exciting job in the state of Colorado. My family and I would have to move to Colorado. We are in the process of putting our current residence on the market. I anticipate it will sell in about 3-4 months. We have the funds to handle 3 months of payments for two residences and could borrow funds for another 2-3 months time period. I am worried about what might happen if it takes longer to sell. I guess the key question is the worst case scenarion; what happens if it does not sell and it is foreclosed upon? In the state of Minnesota is a deficiency judgement granted? What does a deficiency judgement do or allow creditors to do. I know a family in the same situation who lets a realty company just rent their home as theymoved after a promotion.They have been renting that property for somewhere near12 years. The realty company does it all.



      : (2)

      • Posted by DJ on November 05, 2004 at 07:56:18:

        In Reply to: Re: Foreclosure, Deficiency, & Minnesota Posted by Ray on November 04, 2004 at 20:58:37:

        : : I currently live in the state of Minnesota and have been offered an exciting job in the state of Colorado. My family and I would have to move to Colorado. We are in the process of putting our current residence on the market. I anticipate it will sell in about 3-4 months. We have the funds to handle 3 months of payments for two residences and could borrow funds for another 2-3 months time period. I am worried about what might happen if it takes longer to sell. I guess the key question is the worst case scenarion; what happens if it does not sell and it is foreclosed upon? In the state of Minnesota is a deficiency judgement granted? What does a deficiency judgement do or allow creditors to do. I know a family in the same situation who lets a realty company just rent their home as theymoved after a promotion.: They have been renting that property for somewhere near: 12 years. The realty company does it all.

        That is an interesting idea and an angle I never thought of. Do you know how they went about renting the property to the realty company and what is involved with doing it?

        : (1)

        • Posted by Tama on November 17, 2004 at 05:05:35:

          In Reply to: Re: Foreclosure, Deficiency, & Minnesota Posted by DJ on November 05, 2004 at 07:56:18:

          DJ, Not sure where in MN you are but I know in my area real estate is selling good. I am in East Central. I am a mail carrier and I have noticed in the spring the houses go almost as fast as they are listed. Maybe renting so you can continue to make your payments would be an option. I would hate to see you do that much damage to your credit if you don't have to. Good luck, Colorado is beautiful

          : (0)

  • Posted by Gail on November 02, 2004 at 17:03:53:

    Homecomings Financial bought my mortgage from my original lender evidently the end of last year...mind you, I only refinanced my loan in November of last year. Well, I was not aware of the change in lenders until JULY of this year!! No notice was given to me, no communication, no registered letter, nothing. My previous lender was Regions Bank and they were kind enough to send my AUTOMATIC bank payments ON TO Homecomings Financial.

    In July I received notice from REGIONS that my loan had been sold back the end of 2003 and that they would no longer send on my payments to Homecomings Financial. I was DEVASTATED as I had been using the automatic payments, on time, etc. to reestablish my credit!! Anyway, I changed my automatic payments through my bank to go to Homecomings as of August...as of the first week of October they had not 'accepted' or cashed my payments for August OR September OR August...THEN, I get ALL the checks back in the mail including one from APRIL?!!

    Thankfully I have records/copies of the cancelled check for April to PROVE that one!! So...THEN I got a letter dated October 8th from some Specialized, Inc. out of Leesburg, VA saying I had 10 days to reply and get my account current with Homecomings or they would FORECLOSE!!!! I had tried repeadedly to contact Homecomings Financial thru their 800 number and keep getting 'cut off', put on 'hold' or 'transferred'...I have my bank sending me ALL the information of where and when the money was paid, so hopefully that will help.

    This company seems to be in the business of CHEATING people OUT of their homes based on everything I've seen written online...scared me so much I posted on a class action site and now have a law firm in NY interested in a class action suit against Homecomings...they are GREAT people at the law firm...helping me personally so I won't (hopefully) lose my home to this FRAUDULENT company.

    If any of you out there have any suggestions for help or know anyone who has problems with Homecomings...PLEASE have them post or email me ASAP--thank you......Gail

    : (27)

    • Posted by maryann.cook on December 03, 2004 at 16:00:00:

      In Reply to: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Gail on November 02, 2004 at 17:03:53:

      : : Homecomings Financial bought my mortgage from my original lender evidently the end of last year...mind you, I only refinanced my loan in November of last year. Well, I was not aware of the change in lenders until JULY of this year!! No notice was given to me, no communication, no registered letter, nothing. My previous lender was Regions Bank and they were kind enough to send my AUTOMATIC bank payments ON TO Homecomings Financial.

      : In July I received notice from REGIONS that my loan had been sold back the end of 2003 and that they would no longer send on my payments to Homecomings Financial. I was DEVASTATED as I had been using the automatic payments, on time, etc. to reestablish my credit!! Anyway, I changed my automatic payments through my bank to go to Homecomings as of August...as of the first week of October they had not 'accepted' or cashed my payments for August OR September OR August...THEN, I get ALL the checks back in the mail including one from APRIL?!!

      : Thankfully I have records/copies of the cancelled check for April to PROVE that one!! So...THEN I got a letter dated October 8th from some Specialized, Inc. out of Leesburg, VA saying I had 10 days to reply and get my account current with Homecomings or they would FORECLOSE!!!! I had tried repeadedly to contact Homecomings Financial thru their 800 number and keep getting 'cut off', put on 'hold' or 'transferred'...I have my bank sending me ALL the information of where and when the money was paid, so hopefully that will help.

      : This company seems to be in the business of CHEATING people OUT of their homes based on everything I've seen written online...scared me so much I posted on a class action site and now have a law firm in NY interested in a class action suit against Homecomings...they are GREAT people at the law firm...helping me personally so I won't (hopefully) lose my home to this FRAUDULENT company.

      : If any of you out there have any suggestions for help or know anyone who has problems with Homecomings...PLEASE have them post or email me ASAP--thank you......Gail



      : (1)

      • Posted by Deborah Scott on January 16, 2005 at 10:02:46:

        In Reply to: Re: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by maryann.cook on December 03, 2004 at 16:00:00:

        : : : : Homecomings Financial bought my mortgage from my original lender evidently the end of last year...mind you, I only refinanced my loan in November of last year. Well, I was not aware of the change in lenders until JULY of this year!! No notice was given to me, no communication, no registered letter, nothing. My previous lender was Regions Bank and they were kind enough to send my AUTOMATIC bank payments ON TO Homecomings Financial.

        : : In July I received notice from REGIONS that my loan had been sold back the end of 2003 and that they would no longer send on my payments to Homecomings Financial. I was DEVASTATED as I had been using the automatic payments, on time, etc. to reestablish my credit!! Anyway, I changed my automatic payments through my bank to go to Homecomings as of August...as of the first week of October they had not 'accepted' or cashed my payments for August OR September OR August...THEN, I get ALL the checks back in the mail including one from APRIL?!!

        : : Thankfully I have records/copies of the cancelled check for April to PROVE that one!! So...THEN I got a letter dated October 8th from some Specialized, Inc. out of Leesburg, VA saying I had 10 days to reply and get my account current with Homecomings or they would FORECLOSE!!!! I had tried repeadedly to contact Homecomings Financial thru their 800 number and keep getting 'cut off', put on 'hold' or 'transferred'...I have my bank sending me ALL the information of where and when the money was paid, so hopefully that will help.

        : : This company seems to be in the business of CHEATING people OUT of their homes based on everything I've seen written online...scared me so much I posted on a class action site and now have a law firm in NY interested in a class action suit against Homecomings...they are GREAT people at the law firm...helping me personally so I won't (hopefully) lose my home to this FRAUDULENT company.

        : : If any of you out there have any suggestions for help or know anyone who has problems with Homecomings...PLEASE have them post or email me ASAP--thank you......Gail



        : (0)

    • Posted by maryann.cook on December 03, 2004 at 15:59:42:

      In Reply to: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Gail on November 02, 2004 at 17:03:53:

      : : Homecomings Financial bought my mortgage from my original lender evidently the end of last year...mind you, I only refinanced my loan in November of last year. Well, I was not aware of the change in lenders until JULY of this year!! No notice was given to me, no communication, no registered letter, nothing. My previous lender was Regions Bank and they were kind enough to send my AUTOMATIC bank payments ON TO Homecomings Financial.

      : In July I received notice from REGIONS that my loan had been sold back the end of 2003 and that they would no longer send on my payments to Homecomings Financial. I was DEVASTATED as I had been using the automatic payments, on time, etc. to reestablish my credit!! Anyway, I changed my automatic payments through my bank to go to Homecomings as of August...as of the first week of October they had not 'accepted' or cashed my payments for August OR September OR August...THEN, I get ALL the checks back in the mail including one from APRIL?!!

      : Thankfully I have records/copies of the cancelled check for April to PROVE that one!! So...THEN I got a letter dated October 8th from some Specialized, Inc. out of Leesburg, VA saying I had 10 days to reply and get my account current with Homecomings or they would FORECLOSE!!!! I had tried repeadedly to contact Homecomings Financial thru their 800 number and keep getting 'cut off', put on 'hold' or 'transferred'...I have my bank sending me ALL the information of where and when the money was paid, so hopefully that will help.

      : This company seems to be in the business of CHEATING people OUT of their homes based on everything I've seen written online...scared me so much I posted on a class action site and now have a law firm in NY interested in a class action suit against Homecomings...they are GREAT people at the law firm...helping me personally so I won't (hopefully) lose my home to this FRAUDULENT company.

      : If any of you out there have any suggestions for help or know anyone who has problems with Homecomings...PLEASE have them post or email me ASAP--thank you......Gail



      : (2)

      • Posted by Patricia Ross on January 07, 2005 at 11:26:48:

        In Reply to: Re: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by maryann.cook on December 03, 2004 at 15:59:42:

        "This company seems to be in the business of CHEATING people OUT of their homes based on everything I've seen written online...scared me so much I posted on a class action site and now have a law firm in NY interested in a class action suit against Homecomings...they are GREAT people at the law firm...helping me personally so I won't (hopefully) lose my home to this FRAUDULENT company.

        : : If any of you out there have any suggestions for help or know anyone who has problems with Homecomings...PLEASE have them post or email me ASAP--thank you......Gail"

        My mortgage company sold my loan to Homecomings Financial and I have had headaches ever since.I am experiencing the same types of problems mentioned in other postings - the threats, the inability to reach them, unwilling to cooperate, foreclosure threats and such. Good luck on your class action suit!



        : (0)

      • Posted by Sheila Gatison on December 29, 2004 at 15:31:34:

        In Reply to: Re: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by maryann.cook on December 03, 2004 at 15:59:42:

        : : : : Homecomings Financial bought my mortgage as well and I was just a month in the whole and getting money built up to send them and they blocked my payments and the bank rep said that, that was the first time they have ever heard of such a thing. I could not get anyone from the to respond to my phone calls until I was three to four months behind. And what is so Ironic is the person who owned the house before me had Homecomings to and they took the house from them. They wouldn't even give me a chance to make any arrangements to get caught up. Please send me info regarding the Class action suit.

        : (0)

    • Posted by Casandra Williams on December 02, 2004 at 17:22:18:

      In Reply to: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Gail on November 02, 2004 at 17:03:53:

      Gail I need help as well. I was going to obtain my own attorney but do not know if it is worth it anymore. I am facing a problem with Homecomings as well. I went on a forebearance plan with them in March of 2002-I MADE EACH AND EVERY PAYMENT ON TIME EACH AND EVERY MONTH-Of course I have proof of all of this. Anyway, in December Homecomings sent a payment back to me sending me into foreclosure. When THEY realized the payment was in error they tried making me pay attorney's fee's all over again. I REFUSED. I proved where I had sent all my payments, I had proof that HOMECOMINGS SENT a payment back THREE DAYS before my payment was even due stating I breached my forebearance plan. I went to court and the judge ordered on their behalf because I did not have an attorney. I just need help from anyone that could assist me on this matter. I paid them over 16000 in one year and I got down to the last TWO payments on my forebearance and they said I breached my contract. I could not contact anyone. My phone calls would not be returned and I have documented proof of that as well.

      Casandra

      : (5)

      • Posted by jay on December 02, 2004 at 22:20:39:

        In Reply to: Re: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Casandra Williams on December 02, 2004 at 17:22:18:

        On the repayment plan, was the payment due on the 1st? and did the payment arrive after the 1st or the due date they set for you? If it did the repayment verbage states the payment has to arrive before or on the due date. If the payment is a day late you are in breach of the forbearance plan.

        : Gail I need help as well. I was going to obtain my own attorney but do not know if it is worth it anymore. I am facing a problem with Homecomings as well. I went on a forebearance plan with them in March of 2002-I MADE EACH AND EVERY PAYMENT ON TIME EACH AND EVERY MONTH-Of course I have proof of all of this. Anyway, in December Homecomings sent a payment back to me sending me into foreclosure. When THEY realized the payment was in error they tried making me pay attorney's fee's all over again. I REFUSED. I proved where I had sent all my payments, I had proof that HOMECOMINGS SENT a payment back THREE DAYS before my payment was even due stating I breached my forebearance plan. I went to court and the judge ordered on their behalf because I did not have an attorney. I just need help from anyone that could assist me on this matter. I paid them over 16000 in one year and I got down to the last TWO payments on my forebearance and they said I breached my contract. I could not contact anyone. My phone calls would not be returned and I have documented proof of that as well.

        : Casandra



        : (4)

        • Posted by Casandra Williams on December 03, 2004 at 05:23:51:

          In Reply to: Re: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by jay on December 02, 2004 at 22:20:39:

          : On the repayment plan, was the payment due on the 1st? and did the payment arrive after the 1st or the due date they set for you? If it did the repayment verbage states the payment has to arrive before or on the due date. If the payment is a day late you are in breach of the forbearance plan.

          ----My payments were due by the 14th of every month. Each payment was made using Western Union services. I made payments every two weeks, a lot of time I overpaid so I could get the debt paid off. In December I made a 450.00 payment via Western Union and they sent a check back stating I breached my contract for the month of December when December's payment was not due until the 14th.









          : : Gail I need help as well. I was going to obtain my own attorney but do not know if it is worth it anymore. I am facing a problem with Homecomings as well. I went on a forebearance plan with them in March of 2002-I MADE EACH AND EVERY PAYMENT ON TIME EACH AND EVERY MONTH-Of course I have proof of all of this. Anyway, in December Homecomings sent a payment back to me sending me into foreclosure. When THEY realized the payment was in error they tried making me pay attorney's fee's all over again. I REFUSED. I proved where I had sent all my payments, I had proof that HOMECOMINGS SENT a payment back THREE DAYS before my payment was even due stating I breached my forebearance plan. I went to court and the judge ordered on their behalf because I did not have an attorney. I just need help from anyone that could assist me on this matter. I paid them over 16000 in one year and I got down to the last TWO payments on my forebearance and they said I breached my contract. I could not contact anyone. My phone calls would not be returned and I have documented proof of that as well.

          : : Casandra



          : (1)

          • Posted by jay on December 03, 2004 at 15:10:32:

            In Reply to: Re: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Casandra Williams on December 03, 2004 at 05:23:51:

            If the 450.00 was a partial payment with the intent on sending the difference by 12/14 then they probably returned it if it was not the full amount.: : On the repayment plan, was the payment due on the 1st? and did the payment arrive after the 1st or the due date they set for you? If it did the repayment verbage states the payment has to arrive before or on the due date. If the payment is a day late you are in breach of the forbearance plan.

            : ----My payments were due by the 14th of every month. Each payment was made using Western Union services. I made payments every two weeks, a lot of time I overpaid so I could get the debt paid off. In December I made a 450.00 payment via Western Union and they sent a check back stating I breached my contract for the month of December when December's payment was not due until the 14th.





            : : : : Gail I need help as well. I was going to obtain my own attorney but do not know if it is worth it anymore. I am facing a problem with Homecomings as well. I went on a forebearance plan with them in March of 2002-I MADE EACH AND EVERY PAYMENT ON TIME EACH AND EVERY MONTH-Of course I have proof of all of this. Anyway, in December Homecomings sent a payment back to me sending me into foreclosure. When THEY realized the payment was in error they tried making me pay attorney's fee's all over again. I REFUSED. I proved where I had sent all my payments, I had proof that HOMECOMINGS SENT a payment back THREE DAYS before my payment was even due stating I breached my forebearance plan. I went to court and the judge ordered on their behalf because I did not have an attorney. I just need help from anyone that could assist me on this matter. I paid them over 16000 in one year and I got down to the last TWO payments on my forebearance and they said I breached my contract. I could not contact anyone. My phone calls would not be returned and I have documented proof of that as well.

            : : : Casandra



            : (0)

        • Posted by Gail on December 03, 2004 at 00:41:32:

          In Reply to: Re: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by jay on December 02, 2004 at 22:20:39:

          Jay.....Homecomings Financial has a BAD HISTORY of 'pulling' this kind of 'shenanigans' on us poor little ole homeowners......we do everything RIGHT and they will FIND a way to make it WRONG......read the posts on them and you will see what I mean!! They buy loans with high loan to value ratios and then 'take over'/foreclose on the homes ANY crooked way they can, sell them and make money. There are HUNDREDS of posts going back for about three years on them and their unethical business practices. A class action suit against them is IMMINENT......watch the news!! Email me at vgweston@yahoo.com for more information about the class action suit...Gail

          : On the repayment plan, was the payment due on the 1st? and did the payment arrive after the 1st or the due date they set for you? If it did the repayment verbage states the payment has to arrive before or on the due date. If the payment is a day late you are in breach of the forbearance plan.

          : : Gail I need help as well. I was going to obtain my own attorney but do not know if it is worth it anymore. I am facing a problem with Homecomings as well. I went on a forebearance plan with them in March of 2002-I MADE EACH AND EVERY PAYMENT ON TIME EACH AND EVERY MONTH-Of course I have proof of all of this. Anyway, in December Homecomings sent a payment back to me sending me into foreclosure. When THEY realized the payment was in error they tried making me pay attorney's fee's all over again. I REFUSED. I proved where I had sent all my payments, I had proof that HOMECOMINGS SENT a payment back THREE DAYS before my payment was even due stating I breached my forebearance plan. I went to court and the judge ordered on their behalf because I did not have an attorney. I just need help from anyone that could assist me on this matter. I paid them over 16000 in one year and I got down to the last TWO payments on my forebearance and they said I breached my contract. I could not contact anyone. My phone calls would not be returned and I have documented proof of that as well.

          : : Casandra



          : (1)

          • Posted by Jay on December 03, 2004 at 15:19:03:

            In Reply to: Re: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Gail on December 03, 2004 at 00:41:32:

            :Gail, I hate to be the one to tell you this but they only buy what is on the market. They didn't orginate the mortage and they didn't force you to sign the note either. Really let's think about this...you probably were promised by your broker that you could qualify for a certain interest rate. Then come closing time the interest rate changed. Did homecomings advise you to sign the note? Probably not, but the homeowner tends to put the blame on companies like these that buy loans and they are really not the culprits here. The folks you should be bringing the suit against is your broker that put you in this loan and possibly the originating mortage company. Sorry to burst the bubble. Oh and by the way unless the market is strong, typically any lending institution will tell you and it is a known fact that when lender's foreclose. Almost 90% of the time they lose money. The general public has a misconception about lender's making money on a foreclosure. In some states if you have equity in the property and the lender forecloses the homeowner is due the equity after the bank gets paid. Let's get informed and educated before you waste your time and money filings suits.

            j. : Jay.....Homecomings Financial has a BAD HISTORY of 'pulling' this kind of 'shenanigans' on us poor little ole homeowners......we do everything RIGHT and they will FIND a way to make it WRONG......read the posts on them and you will see what I mean!! They buy loans with high loan to value ratios and then 'take over'/foreclose on the homes ANY crooked way they can, sell them and make money. There are HUNDREDS of posts going back for about three years on them and their unethical business practices. A class action suit against them is IMMINENT......watch the news!! Email me at vgweston@yahoo.com for more information about the class action suit...Gail

            : : : On the repayment plan, was the payment due on the 1st? and did the payment arrive after the 1st or the due date they set for you? If it did the repayment verbage states the payment has to arrive before or on the due date. If the payment is a day late you are in breach of the forbearance plan.

            : : : Gail I need help as well. I was going to obtain my own attorney but do not know if it is worth it anymore. I am facing a problem with Homecomings as well. I went on a forebearance plan with them in March of 2002-I MADE EACH AND EVERY PAYMENT ON TIME EACH AND EVERY MONTH-Of course I have proof of all of this. Anyway, in December Homecomings sent a payment back to me sending me into foreclosure. When THEY realized the payment was in error they tried making me pay attorney's fee's all over again. I REFUSED. I proved where I had sent all my payments, I had proof that HOMECOMINGS SENT a payment back THREE DAYS before my payment was even due stating I breached my forebearance plan. I went to court and the judge ordered on their behalf because I did not have an attorney. I just need help from anyone that could assist me on this matter. I paid them over 16000 in one year and I got down to the last TWO payments on my forebearance and they said I breached my contract. I could not contact anyone. My phone calls would not be returned and I have documented proof of that as well.

            : : : Casandra



            : (0)

    • Posted by Alison on December 01, 2004 at 17:48:05:

      In Reply to: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Gail on November 02, 2004 at 17:03:53:

      I received notice a couple of months ago regardig a pending class action against GMAC, Homecomings Financial. Something to do with deeds not being properly recorded during refinancing?

      I've misplaced the paperwork. Anyone out there on the WWW that has the contact info for the attorneys handling the case?

      Thanks!

      : (0)

    • Posted by Jason Erickson on November 22, 2004 at 18:51:13:

      In Reply to: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Gail on November 02, 2004 at 17:03:53:

      I am also having trouble with this company. I was had to transfer out of state for my job and at the same time my lender sold the mortgage to this company which never sent me statements, refuses to send me payoff information for the home so that I can sell it.

      : (2)

      • Posted by Gail on November 30, 2004 at 11:13:44:

        In Reply to: Also having problems with Homecomings Financial Posted by Jason Erickson on November 22, 2004 at 18:51:13:

        : I am also having trouble with this company. I was had to transfer out of state for my job and at the same time my lender sold the mortgage to this company which never sent me statements, refuses to send me payoff information for the home so that I can sell it.

        EMAIL ME FOR HELP!! vgweston@yahoo.com

        : (0)

      • Posted by Gail on November 30, 2004 at 00:33:17:

        In Reply to: Also having problems with Homecomings Financial Posted by Jason Erickson on November 22, 2004 at 18:51:13:

        : I am also having trouble with this company. I was had to transfer out of state for my job and at the same time my lender sold the mortgage to this company which never sent me statements, refuses to send me payoff information for the home so that I can sell it.

        Hi, Jason......email me at vgweston@yahoo.com and I will get you in touch with the law firm in NY for HELP--they saved my home!! Gail

        : (0)

    • Posted by Becky Wilson on November 22, 2004 at 12:14:30:

      In Reply to: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Gail on November 02, 2004 at 17:03:53:

      : I have Homecomings Financial also they were trying to foreclose on us also!!!! I can not get to speak to one person I keep getting the automated system. They paid our taxes when I was paying them and now I have to pay them back for an escrow account that I never had. They tried doing the same with my homeowners insurance but I got that straight!! Please let me know if you get any information to help.

      ThanksBecky Wilson: Homecomings Financial bought my mortgage from my original lender evidently the end of last year...mind you, I only refinanced my loan in November of last year. Well, I was not aware of the change in lenders until JULY of this year!! No notice was given to me, no communication, no registered letter, nothing. My previous lender was Regions Bank and they were kind enough to send my AUTOMATIC bank payments ON TO Homecomings Financial.

      : In July I received notice from REGIONS that my loan had been sold back the end of 2003 and that they would no longer send on my payments to Homecomings Financial. I was DEVASTATED as I had been using the automatic payments, on time, etc. to reestablish my credit!! Anyway, I changed my automatic payments through my bank to go to Homecomings as of August...as of the first week of October they had not 'accepted' or cashed my payments for August OR September OR August...THEN, I get ALL the checks back in the mail including one from APRIL?!!

      : Thankfully I have records/copies of the cancelled check for April to PROVE that one!! So...THEN I got a letter dated October 8th from some Specialized, Inc. out of Leesburg, VA saying I had 10 days to reply and get my account current with Homecomings or they would FORECLOSE!!!! I had tried repeadedly to contact Homecomings Financial thru their 800 number and keep getting 'cut off', put on 'hold' or 'transferred'...I have my bank sending me ALL the information of where and when the money was paid, so hopefully that will help.

      : This company seems to be in the business of CHEATING people OUT of their homes based on everything I've seen written online...scared me so much I posted on a class action site and now have a law firm in NY interested in a class action suit against Homecomings...they are GREAT people at the law firm...helping me personally so I won't (hopefully) lose my home to this FRAUDULENT company.

      : If any of you out there have any suggestions for help or know anyone who has problems with Homecomings...PLEASE have them post or email me ASAP--thank you......Gail



      : (1)

      • Posted by Ronnie Williams on December 28, 2004 at 08:59:56:

        In Reply to: Re: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Becky Wilson on November 22, 2004 at 12:14:30:

        : : I have Homecomings Financial also they were trying to foreclose on us also!!!! I can not get to speak to one person I keep getting the automated system. They paid our taxes when I was paying them and now I have to pay them back for an escrow account that I never had. They tried doing the same with my homeowners insurance but I got that straight!! Please let me know if you get any information to help.

        : Thanks: Becky Wilson: : Homecomings Financial bought my mortgage from my original lender evidently the end of last year...mind you, I only refinanced my loan in November of last year. Well, I was not aware of the change in lenders until JULY of this year!! No notice was given to me, no communication, no registered letter, nothing. My previous lender was Regions Bank and they were kind enough to send my AUTOMATIC bank payments ON TO Homecomings Financial.

        : : In July I received notice from REGIONS that my loan had been sold back the end of 2003 and that they would no longer send on my payments to Homecomings Financial. I was DEVASTATED as I had been using the automatic payments, on time, etc. to reestablish my credit!! Anyway, I changed my automatic payments through my bank to go to Homecomings as of August...as of the first week of October they had not 'accepted' or cashed my payments for August OR September OR August...THEN, I get ALL the checks back in the mail including one from APRIL?!!

        : : Thankfully I have records/copies of the cancelled check for April to PROVE that one!! So...THEN I got a letter dated October 8th from some Specialized, Inc. out of Leesburg, VA saying I had 10 days to reply and get my account current with Homecomings or they would FORECLOSE!!!! I had tried repeadedly to contact Homecomings Financial thru their 800 number and keep getting 'cut off', put on 'hold' or 'transferred'...I have my bank sending me ALL the information of where and when the money was paid, so hopefully that will help.

        : : This company seems to be in the business of CHEATING people OUT of their homes based on everything I've seen written online...scared me so much I posted on a class action site and now have a law firm in NY interested in a class action suit against Homecomings...they are GREAT people at the law firm...helping me personally so I won't (hopefully) lose my home to this FRAUDULENT company.

        : : If any of you out there have any suggestions for help or know anyone who has problems with Homecomings...PLEASE have them post or email me ASAP--thank you......Gail



        : (0)

    • Posted by Ray on November 04, 2004 at 20:22:09:

      In Reply to: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Gail on November 02, 2004 at 17:03:53:

      : : Homecomings Financial bought my mortgage from my original lender evidently the end of last year...mind you, I only refinanced my loan in November of last year. Well, I was not aware of the change in lenders until JULY of this year!! No notice was given to me, no communication, no registered letter, nothing. My previous lender was Regions Bank and they were kind enough to send my AUTOMATIC bank payments ON TO Homecomings Financial.

      : In July I received notice from REGIONS that my loan had been sold back the end of 2003 and that they would no longer send on my payments to Homecomings Financial. I was DEVASTATED as I had been using the automatic payments, on time, etc. to reestablish my credit!! Anyway, I changed my automatic payments through my bank to go to Homecomings as of August...as of the first week of October they had not 'accepted' or cashed my payments for August OR September OR August...THEN, I get ALL the checks back in the mail including one from APRIL?!! The Secret Service has a line for fraud. (404)331-6111

      : Thankfully I have records/copies of the cancelled check for April to PROVE that one!! So...THEN I got a letter dated October 8th from some Specialized, Inc. out of Leesburg, VA saying I had 10 days to reply and get my account current with Homecomings or they would FORECLOSE!!!! I had tried repeadedly to contact Homecomings Financial thru their 800 number and keep getting 'cut off', put on 'hold' or 'transferred'...I have my bank sending me ALL the information of where and when the money was paid, so hopefully that will help.

      : This company seems to be in the business of CHEATING people OUT of their homes based on everything I've seen written online...scared me so much I posted on a class action site and now have a law firm in NY interested in a class action suit against Homecomings...they are GREAT people at the law firm...helping me personally so I won't (hopefully) lose my home to this FRAUDULENT company.

      : If any of you out there have any suggestions for help or know anyone who has problems with Homecomings...PLEASE have them post or email me ASAP--thank you......Gail



      : (1)

      • Posted by Ray on November 09, 2004 at 20:30:52:

        In Reply to: Re: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Ray on November 04, 2004 at 20:22:09:

        : : : : Homecomings Financial bought my mortgage from my original lender evidently the end of last year...mind you, I only refinanced my loan in November of last year. Well, I was not aware of the change in lenders until JULY of this year!! No notice was given to me, no communication, no registered letter, nothing. My previous lender was Regions Bank and they were kind enough to send my AUTOMATIC bank payments ON TO Homecomings Financial.

        : : In July I received notice from REGIONS that my loan had been sold back the end of 2003 and that they would no longer send on my payments to Homecomings Financial. I was DEVASTATED as I had been using the automatic payments, on time, etc. to reestablish my credit!! Anyway, I changed my automatic payments through my bank to go to Homecomings as of August...as of the first week of October they had not 'accepted' or cashed my payments for August OR September OR August...THEN, I get ALL the checks back in the mail including one from APRIL?!! : The Secret Service has a line for fraud. (404)331-6111

        : : Thankfully I have records/copies of the cancelled check for April to PROVE that one!! So...THEN I got a letter dated October 8th from some Specialized, Inc. out of Leesburg, VA saying I had 10 days to reply and get my account current with Homecomings or they would FORECLOSE!!!! I had tried repeadedly to contact Homecomings Financial thru their 800 number and keep getting 'cut off', put on 'hold' or 'transferred'...I have my bank sending me ALL the information of where and when the money was paid, so hopefully that will help.

        : : This company seems to be in the business of CHEATING people OUT of their homes based on everything I've seen written online...scared me so much I posted on a class action site and now have a law firm in NY interested in a class action suit against Homecomings...they are GREAT people at the law firm...helping me personally so I won't (hopefully) lose my home to this FRAUDULENT company.

        : : If any of you out there have any suggestions for help or know anyone who has problems with Homecomings...PLEASE have them post or email me ASAP--thank you......Gail

        I put an answer up for you but it show up in the middle of you requests so I'll try again at the bottom today. The US Secret Service has a hot line for fraud.That number is (404) 331-6111



        : (0)

    • Posted by Janie on November 03, 2004 at 20:50:51:

      In Reply to: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Gail on November 02, 2004 at 17:03:53:

      Gail,

      go to the Where's the Justice For All? web site and click on mortgage fraud. Send an email to the group asking for advice or insight. There are activists there dealing with lender fraud.

      Janie

      : (0)

    • Posted by chantee steele on November 03, 2004 at 10:23:27:

      In Reply to: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Gail on November 02, 2004 at 17:03:53:

      : Gail please help.homecomings is going to get me too: Homecomings Financial bought my mortgage from my original lender evidently the end of last year...mind you, I only refinanced my loan in November of last year. Well, I was not aware of the change in lenders until JULY of this year!! No notice was given to me, no communication, no registered letter, nothing. My previous lender was Regions Bank and they were kind enough to send my AUTOMATIC bank payments ON TO Homecomings Financial.

      : In July I received notice from REGIONS that my loan had been sold back the end of 2003 and that they would no longer send on my payments to Homecomings Financial. I was DEVASTATED as I had been using the automatic payments, on time, etc. to reestablish my credit!! Anyway, I changed my automatic payments through my bank to go to Homecomings as of August...as of the first week of October they had not 'accepted' or cashed my payments for August OR September OR August...THEN, I get ALL the checks back in the mail including one from APRIL?!!

      : Thankfully I have records/copies of the cancelled check for April to PROVE that one!! So...THEN I got a letter dated October 8th from some Specialized, Inc. out of Leesburg, VA saying I had 10 days to reply and get my account current with Homecomings or they would FORECLOSE!!!! I had tried repeadedly to contact Homecomings Financial thru their 800 number and keep getting 'cut off', put on 'hold' or 'transferred'...I have my bank sending me ALL the information of where and when the money was paid, so hopefully that will help.

      : This company seems to be in the business of CHEATING people OUT of their homes based on everything I've seen written online...scared me so much I posted on a class action site and now have a law firm in NY interested in a class action suit against Homecomings...they are GREAT people at the law firm...helping me personally so I won't (hopefully) lose my home to this FRAUDULENT company.

      : If any of you out there have any suggestions for help or know anyone who has problems with Homecomings...PLEASE have them post or email me ASAP--thank you......Gail



      : (6)

      • Posted by Gail on November 03, 2004 at 10:33:23:

        In Reply to: Re: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by chantee steele on November 03, 2004 at 10:23:27:

        : : Gail please help.homecomings is going to get me too: : Homecomings Financial bought my mortgage from my original lender evidently the end of last year...mind you, I only refinanced my loan in November of last year. Well, I was not aware of the change in lenders until JULY of this year!! No notice was given to me, no communication, no registered letter, nothing. My previous lender was Regions Bank and they were kind enough to send my AUTOMATIC bank payments ON TO Homecomings Financial.

        : : In July I received notice from REGIONS that my loan had been sold back the end of 2003 and that they would no longer send on my payments to Homecomings Financial. I was DEVASTATED as I had been using the automatic payments, on time, etc. to reestablish my credit!! Anyway, I changed my automatic payments through my bank to go to Homecomings as of August...as of the first week of October they had not 'accepted' or cashed my payments for August OR September OR August...THEN, I get ALL the checks back in the mail including one from APRIL?!!

        : : Thankfully I have records/copies of the cancelled check for April to PROVE that one!! So...THEN I got a letter dated October 8th from some Specialized, Inc. out of Leesburg, VA saying I had 10 days to reply and get my account current with Homecomings or they would FORECLOSE!!!! I had tried repeadedly to contact Homecomings Financial thru their 800 number and keep getting 'cut off', put on 'hold' or 'transferred'...I have my bank sending me ALL the information of where and when the money was paid, so hopefully that will help.

        : : This company seems to be in the business of CHEATING people OUT of their homes based on everything I've seen written online...scared me so much I posted on a class action site and now have a law firm in NY interested in a class action suit against Homecomings...they are GREAT people at the law firm...helping me personally so I won't (hopefully) lose my home to this FRAUDULENT company.

        : : If any of you out there have any suggestions for help or know anyone who has problems with Homecomings...PLEASE have them post or email me ASAP--thank you......Gail

        CHANTEE...I am going to email you right now and get some details to pass along to the law firm in NY...they are WONDERFUL!! Just wanted to post a followup and let everyone know that the law firm and I have been on the phone and working on stopping my FRAUDULENT foreclosure ALL morning!! ACTION is being taken, so those of you out there dealing with these crooks, PLEASE email me!! vgweston@yahoo.com

        : (5)

        • Posted by Jeremiah on December 17, 2004 at 15:25:19:

          In Reply to: Re: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Gail on November 03, 2004 at 10:33:23:

          : : : Gail, I would like to get some information on this matter, they are double billing me for a subordination fee that the company I am refinancing through had tried to pay. They refused thier payment and are now trying to et me for the money they refused. I have had it with this company and would like to join this suit if at all possible. They are so bent on making money they have forgotten about the people who keep them in buisness. They have the rudest customer service representatives and they herass you on the slightest things. I am taking my buisness elsewhere becouse of this issue and hope that you can provide me with some information or insight as to what to do next.Jeremiah



          : (0)

        • Posted by Joe Ann on November 11, 2004 at 09:25:16:

          In Reply to: Re: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Gail on November 03, 2004 at 10:33:23:

          Hi Gail,

          I can certainly sympathise with you. My home was bought by Homecomings Financial 2 mos. after purchase in 2002. I fell behind in payments this year due to separation and unemployment. I was 1 payment behind until Aug. now I am facing foreclosure. I have made every effort to contact them and follow suggestions to rectify, however, I keep getting transferred to voice mails, no callbacks, steadily re-submitting financial pkgs because they are somehow not receiving them back. I'm getting the run around meanwhile, they are taking pictures of the house and now entered into foreclosure proceedings. They only seem interested in me losing my home.

          : (1)

          • Posted by Gail on November 30, 2004 at 11:12:52:

            In Reply to: Re: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Joe Ann on November 11, 2004 at 09:25:16:

            : Hi Gail,

            : I can certainly sympathise with you. My home was bought by Homecomings Financial 2 mos. after purchase in 2002. I fell behind in payments this year due to separation and unemployment. I was 1 payment behind until Aug. now I am facing foreclosure. I have made every effort to contact them and follow suggestions to rectify, however, I keep getting transferred to voice mails, no callbacks, steadily re-submitting financial pkgs because they are somehow not receiving them back. I'm getting the run around meanwhile, they are taking pictures of the house and now entered into foreclosure proceedings. They only seem interested in me losing my home.

            EMAIL ME FOR HELP!! vgweston@yahoo.com

            : (0)

        • Posted by Gail on November 03, 2004 at 10:46:25:

          In Reply to: Re: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Gail on November 03, 2004 at 10:33:23:

          : : : Gail please help.homecomings is going to get me too: : : Homecomings Financial bought my mortgage from my original lender evidently the end of last year...mind you, I only refinanced my loan in November of last year. Well, I was not aware of the change in lenders until JULY of this year!! No notice was given to me, no communication, no registered letter, nothing. My previous lender was Regions Bank and they were kind enough to send my AUTOMATIC bank payments ON TO Homecomings Financial.

          : : : In July I received notice from REGIONS that my loan had been sold back the end of 2003 and that they would no longer send on my payments to Homecomings Financial. I was DEVASTATED as I had been using the automatic payments, on time, etc. to reestablish my credit!! Anyway, I changed my automatic payments through my bank to go to Homecomings as of August...as of the first week of October they had not 'accepted' or cashed my payments for August OR September OR August...THEN, I get ALL the checks back in the mail including one from APRIL?!!

          : : : Thankfully I have records/copies of the cancelled check for April to PROVE that one!! So...THEN I got a letter dated October 8th from some Specialized, Inc. out of Leesburg, VA saying I had 10 days to reply and get my account current with Homecomings or they would FORECLOSE!!!! I had tried repeadedly to contact Homecomings Financial thru their 800 number and keep getting 'cut off', put on 'hold' or 'transferred'...I have my bank sending me ALL the information of where and when the money was paid, so hopefully that will help.

          : : : This company seems to be in the business of CHEATING people OUT of their homes based on everything I've seen written online...scared me so much I posted on a class action site and now have a law firm in NY interested in a class action suit against Homecomings...they are GREAT people at the law firm...helping me personally so I won't (hopefully) lose my home to this FRAUDULENT company.

          : : : If any of you out there have any suggestions for help or know anyone who has problems with Homecomings...PLEASE have them post or email me ASAP--thank you......Gail

          : CHANTEE...I am going to email you right now and get some details to pass along to the law firm in NY...they are WONDERFUL!! Just wanted to post a followup and let everyone know that the law firm and I have been on the phone and working on stopping my FRAUDULENT foreclosure ALL morning!! ACTION is being taken, so those of you out there dealing with these crooks, PLEASE email me!! vgweston@yahoo.com

          ALSO...they claim to have LOST my Deed Of Trust!!!!!!! Anyone else had THAT problem??

          Gail

          : (1)

          • Posted by Gail on December 03, 2004 at 01:16:08:

            In Reply to: Re: HOMECOMINGS FINANCIAL NIGHTMARE!! Posted by Gail on November 03, 2004 at 10:46:25:



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

            : : : : Gail please help.homecomings is going to get me too: : : : Homecomings Financial bought my mortgage from my original lender evidently the end of last year...mind you, I only refinanced my loan in November of last year. Well, I was not aware of the change in lenders until JULY of this year!! No notice was given to me, no communication, no registered letter, nothing. My previous lender was Regions Bank and they were kind enough to send my AUTOMATIC bank payments ON TO Homecomings Financial.

            : : : : In July I received notice from REGIONS that my loan had been sold back the end of 2003 and that they would no longer send on my payments to Homecomings Financial. I was DEVASTATED as I had been using the automatic payments, on time, etc. to reestablish my credit!! Anyway, I changed my automatic payments through my bank to go to Homecomings as of August...as of the first week of October they had not 'accepted' or cashed my payments for August OR September OR August...THEN, I get ALL the checks back in the mail including one from APRIL?!!

            : : : : Thankfully I have records/copies of the cancelled check for April to PROVE that one!! So...THEN I got a letter dated October 8th from some Specialized, Inc. out of Leesburg, VA saying I had 10 days to reply and get my account current with Homecomings or they would FORECLOSE!!!! I had tried repeadedly to contact Homecomings Financial thru their 800 number and keep getting 'cut off', put on 'hold' or 'transferred'...I have my bank sending me ALL the information of where and when the money was paid, so hopefully that will help.

            : : : : This company seems to be in the business of CHEATING people OUT of their homes based on everything I've seen written online...scared me so much I posted on a class action site and now have a law firm in NY interested in a class action suit against Homecomings...they are GREAT people at the law firm...helping me personally so I won't (hopefully) lose my home to this FRAUDULENT company.

            : : : : If any of you out there have any suggestions for help or know anyone who has problems with Homecomings...PLEASE have them post or email me ASAP--thank you......Gail

            : : CHANTEE...I am going to email you right now and get some details to pass along to the law firm in NY...they are WONDERFUL!! Just wanted to post a followup and let everyone know that the law firm and I have been on the phone and working on stopping my FRAUDULENT foreclosure ALL morning!! ACTION is being taken, so those of you out there dealing with these crooks, PLEASE email me!! vgweston@yahoo.com

            : ALSO...they claim to have LOST my Deed Of Trust!!!!!!! Anyone else had THAT problem??

            : Gail



            : (0)

  • Posted by R Parker on November 02, 2004 at 16:10:46:

    My ex and I purchased a home together in Texas 2 years ago. We are both on the deed, he moved out and I cannot afford the home on my own. We are also trying to pay off 2003 taxes b/c we did not escrow and got behind b/c of several jobs he lost over the last two years. We have only missed one payment at the moment but since I cannot afford it on my own there will be more to follow. We have had it on the market for a couple of months with no potential offers. I've worked hard to keep my credit clean and would like to avoid foreclosure but if it is inevitable how long, painful and costly is the procedure. Also does the full amount show up on both of our credit reports?

    : (1)

  • Posted by lindsay carl on November 02, 2004 at 13:01:14:

    Hello,I have a serious problem. My ex and I currently have a mortgage together and I recently moved out. My ex was in the process of refinincing, so I signed a quitclaim deed (stupid). Well, I had just found out that the refinince is not being processed because my ex had lost his job. This is a horrible situation for me and I have no idea what to do. The house will probably foreclose, unless I start making the payments again, which I financially cannot do. I want to avoid bankruptcy, unless you think it is a better route. Any response will be helpful, as I didnt have a clue what I was getting myself into. Sincerely,Lindsay Carl

    : (0)

  • Posted by Gerardo F on October 31, 2004 at 09:39:27:

    I do not recommend this seminar. I took the seminar and it is the same thing as you can learn in books that cost 75 times less. He is merely leveraging his ability to buy more property by having you do all the legwork and then he comes in (if you can get him to respond)and takes 50% of the profit. He is more interested in getting you involved in his latest multi-level marketing scheme (scam?)that will sell his (revolutionary? please, a crude gathering of old material) course as a home study kit. This guy has a napoleon complex (stature challenged) and throws quite a bit of Jesus into his seminar for good measure. The fact is that he is recommending you to knock on the doors (unannounced) of people in foreclosure. I have done this and found most people to be unresponsive, angry, drunk, high, etc.). This is a workable albeit dangerous method for marketing preforeclosures. there are many other better books that do not try to reach in your back pocket. Most of the material he gives you is basic info. He stretches the seminar out to two days by going over the courthouse procedures for all four cities he "teaches" in. this seminar is not worth the money. at the end of the seminar he tries to get you to field phone calls of people interested in taking his seminar (like your interest) and offers $600 commission for each person you talk to that takes the seminar. That is how he gets people to talk good about his seminars (they have a monetary interest). Do not buy his seminar.

    : (3)

    • Posted by Rod Figueroa on November 25, 2004 at 20:30:28:

      In Reply to: Richard Pamplin Posted by Gerardo F on October 31, 2004 at 09:39:27:

      Gerardo,

      Ron also ask me to comment about this seminar. I personally attended his seminar back in July. I would like for you to point out where you can get this information...I myself have spent over $28K to get the info that Richard is giving out. I have not done a deal with him personnally but he did help me with a few little details that netted me over 14K. For you to even talk about Jesus in the tone that you did...is really shocking! However, misery loves company and if you can not do the work...then I guess you will complain about it!!! So keep your thoughts to yourself and stop damaging Rick's good name...because as I stated I've spent alot of money and the material that is in Rick's course is WELL WORTH IT!! I understand that Rick is going to be working his program through Direct Sales... (Not multi-level-marketing.) Which if you did your homework is a very viable way to market products...not our fault if you do not seek training and information...and just jump into something with out doing your research!!! Anyway Ron wanted me to say my two cents so someone reading your comments would not just read and not do any more research.

      : (1)

    • Posted by Ron Sholley on November 25, 2004 at 14:24:58:

      In Reply to: Richard Pamplin Posted by Gerardo F on October 31, 2004 at 09:39:27:

      All I can say...YOU JUST DO NOT GET IT, STOP SPREADING LIES AND GET BUSY WORKING!!!! Many people...more than I can count...have profited GREATLY from Richard's work...YOU ARE JUST AFRAID OF HARD WORK and that Richard is providing a worthwhile service....Remember before you go to the seminar he basically lays it out all for you...So for you listen...and then come for his seminar and then he tells what is needed to make this business work. When you go out and do it and find out that it is "HARD"...now Richard is the problem...GROW UP DUDE!!! GO BACK TO YOUR NINE-TO-FIVE because the people that WORK HARD!!! Make it...the people that complain "Oh he told me it would be hard...but I did not think it would be as hard as it is...." I have more than made my tuition back twenty-fold...!!! WAKE UP!!!

      : I do not recommend this seminar. I took the seminar and it is the same thing as you can learn in books that cost 75 times less. He is merely leveraging his ability to buy more property by having you do all the legwork and then he comes in (if you can get him to respond)and takes 50% of the profit. He is more interested in getting you involved in his latest multi-level marketing scheme (scam?)that will sell his (revolutionary? please, a crude gathering of old material) course as a home study kit. This guy has a napoleon complex (stature challenged) and throws quite a bit of Jesus into his seminar for good measure. The fact is that he is recommending you to knock on the doors (unannounced) of people in foreclosure. I have done this and found most people to be unresponsive, angry, drunk, high, etc.). This is a workable albeit dangerous method for marketing preforeclosures. there are many other better books that do not try to reach in your back pocket. Most of the material he gives you is basic info. He stretches the seminar out to two days by going over the courthouse procedures for all four cities he "teaches" in. this seminar is not worth the money. at the end of the seminar he tries to get you to field phone calls of people interested in taking his seminar (like your interest) and offers $600 commission for each person you talk to that takes the seminar. That is how he gets people to talk good about his seminars (they have a monetary interest). Do not buy his seminar.



      : (0)

  • Posted by Lee on October 30, 2004 at 17:51:21:

    I've been looking for a good database to track foreclosures, divorces, notices of seizure, bankruptcies, judgments, obituaries and other things. Surely, someone is using a database that they are satisfied with. Anyone care to recommend what you or someone you know uses.

    Thanks

    : (0)

  • Posted by Tex on October 29, 2004 at 18:41:52:

    I was curious as to if you knew anything about the legal proceeding of foreclosure?

    For instance, I know that the lender has the ability to bring a suit against the former mortgagee for the money difference in what the house received at auction and what the house balance was.

    If it is an FHA loan it is my understanding that the mortgage company cannot pursue that route because the government then steps in and pays off the loan as it is a government loan.

    Is that correct? What else can I expect if it comes to foreclosure?

    : (4)

    • Posted by Kathleen White on November 01, 2004 at 15:19:11:

      In Reply to: Foreclosure Status...What happens....Etc...... Posted by Tex on October 29, 2004 at 18:41:52:

      Can you give me some information please? We took Chapter 7 Bankruptcy for our unsecured loans. It should be discharged very soon. We have a house that was appraised at$85,000.00 two years ago. We have a first mortgage on which the balance is approximately $87,000.00 and a second mortgage on which the balance is approx. $32,000.00. We can never pay anything but interest on this second mortgage, and we cannot pay the first mortgage either, so we are going to let the property go back to the lender. My question is this: given this situation, if the house is ever sold at auction (which I doubt if anyone will ever buy it considering what is owed on it), and it doesn't bring the amount owed, can these two lenders sue us. There would be no equity in the house for probably 20 or 30 years with such a horrible interest rate on the second mortgage.

      Thank you

      Kathleen White



      : (1)

      • Posted by Kathleen White on November 08, 2004 at 15:01:46:

        In Reply to: Re: Foreclosure Status...What happens....Etc...... Posted by Kathleen White on November 01, 2004 at 15:19:11:

        : Can you give me some information please? We took Chapter 7 Bankruptcy for our unsecured loans. It should be discharged very soon. We have a house that was appraised at$85,000.00 two years ago. We have a first mortgage on which the balance is approximately $87,000.00 and a second mortgage on which the balance is approx. $32,000.00. We can never pay anything but interest on this second mortgage, and we cannot pay the first mortgage either, so we are going to let the property go back to the lender. My question is this: given this situation, if the house is ever sold at auction (which I doubt if anyone will ever buy it considering what is owed on it), and it doesn't bring the amount owed, can these two lenders sue us. There would be no equity in the house for probably 20 or 30 years with such a horrible interest rate on the second mortgage.

        : Thank you

        : Kathleen White



        : (0)

    • Posted by Ty on October 30, 2004 at 11:16:33:

      In Reply to: Foreclosure Status...What happens....Etc...... Posted by Tex on October 29, 2004 at 18:41:52:

      I don't know anything about the government paying off the amount left over after the house is sold. In any case, the lender will be paid in full by the government(FHA/Fannie Mae/HUD). Fannie Mae will want the rest of the balance after they sell the house.

      First there will be an eviction from the JP Court to remove you from the property. That is the only way the lender can request the loan amount from the gov.. If you are still living on the property, they are not allowed to receive any cash from the government.

      You can also expect to have bad credit. You can call FHA directly to ask questions or visit the following web site:

      www.hud.gov/offices/hsg

      : (1)

      • Posted by C Wagner on November 07, 2004 at 09:59:39:

        In Reply to: Re: Foreclosure Status...What happens....Etc...... Posted by Ty on October 30, 2004 at 11:16:33:

        : I don't know anything about the government paying off the amount left over after the house is sold. In any case, the lender will be paid in full by the government(FHA/Fannie Mae/HUD). Fannie Mae will want the rest of the balance after they sell the house.

        : First there will be an eviction from the JP Court to remove you from the property. That is the only way the lender can request the loan amount from the gov.. If you are still living on the property, they are not allowed to receive any cash from the government.

        : You can also expect to have bad credit. You can call FHA directly to ask questions or visit the following web site:

        : www.hud.gov/offices/hsg

        Yes, check out the HUD website...

        Here are some definitions and info to take into consideration...

        Private Mortgage Insurance Private mortgage insurance is a type of insurance that helps protect the mortgage company (the insurance does not protect the borrower!) against losses due to foreclosure. This protection is provided by private mortgage insurance companies and allows mortgage companies to accept lower down payments than would normally be allowed.

        Private mortgage insurance also enables mortgage companies to grant loans that would otherwise be considered too risky to be purchased by third party investors like the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC). The ability to sell loans to these investors is critical to maintaining mortgage market liquidity, which in turn, allows mortgage companies to continue originating new loans.

        PMI vs FHA MIP Although the insurance protection concept is similar, there are differences between private mortgage insurance and FHA mortgage insurance. FHA insurance is a government-administered mortgage insurance program that does have certain restrictions. FHA has maximum regional loan limits that are lower than those with private mortgage insurance. FHA may be more expensive, take longer to receive approval, and have fewer payment plan options. FHA insurance lasts for the life of the loan, unlike private mortgage insurance which is cancelable in most circumstances. FHA is a good choice for some borrowers with credit history problems that might need special assistance.

        These are some points you need to find answers to. Good Luck!

        : (0)

  • Posted by Renae on October 29, 2004 at 18:24:15:

    Someone told me that it is illegal for someone to purchase your home from you while in foreclosure and lease it back to you so that you can buy it back from them in a few years. Is that true? Is that illegal? Does anyone know? If it is, why???

    : (3)

    • Posted by Jim V on October 29, 2004 at 19:06:46:

      In Reply to: is this legal? Posted by Renae on October 29, 2004 at 18:24:15:

      : Someone told me that it is illegal for someone to purchase your home from you while in foreclosure and lease it back to you so that you can buy it back from them in a few years. Is that true? Is that illegal? Does anyone know? If it is, why???

      Renae,

      To the best of my knowledge, it isn't illegal anywhere. But, there are some aspects that could make it not too desirable.One possibility:Purchaser purchases for $100,000, which consists of the assumption of a $90,000 loan, and a $10,000 payment to the owner. The buyback agreement is for $110,000 in two years. It is possible for courts to re-characterize the purchase/buyback as a loan to the owner in default. As a loan, there would effectively be $10,000 in interest over two years, for the original amount of $10,000 given to the owner. That would be a violation of usury laws, due to the high interest rate. The only state I'm aware of this happening is CA. I believe it was Rice v. Onofrio

      The biggest problem with a sale/leaseback, IMO, is that most homeowners will either miss a lease payment, or not be able to perform on the buyback. Either one of these occurances can easily lead to the homeowner losing any equity they had in the property.



      : (1)

      • Posted by Renae on October 29, 2004 at 20:12:58:

        In Reply to: Re: is this legal? Posted by Jim V on October 29, 2004 at 19:06:46:

        Thanks for the reply Jim. Actually, the purchaser is paying cash and directly to my current lender. He's being very liberal with my monthly payments to him so that I can comfortably make the payments. He's paying less the the appraised value and less than I paid for it. I will buy it back at what I originally bought it for so he'll end of making about 10K on the deal. I don't mind though--I think it's a good deal because the appraised value is much higher and will be higher yet in the year or two that it will take me to be able to buy it back.

        : (0)

    • Posted by kawikaCA on October 29, 2004 at 18:51:27:

      In Reply to: is this legal? Posted by Renae on October 29, 2004 at 18:24:15:

      nt

      : (0)

  • Posted by Linda osborn on October 29, 2004 at 11:29:54:

    Is this grant just for people who are foreclosing on their homes? Some one told me ther are other grants available for people not in foreclouser? Please respond immed!!

    : (10)

    • Posted by Renae on October 29, 2004 at 16:04:01:

      In Reply to: Grants - Tell me more Posted by Linda osborn on October 29, 2004 at 11:29:54:

      What grant are you referring to?? If you are referring to Redwood, it's a joke. If they ever actually pay mine I'll let you know but right now--I'm not holding my breath.

      If you are referring to a different grant, perhaps you should be more specific so people know how to respond.

      : (9)

      • Posted by Responsible and Accountible on October 30, 2004 at 09:40:43:

        In Reply to: Re: Grants - Tell me more Posted by Renae on October 29, 2004 at 16:04:01:

        When they start paying off grants they should send your paperwork back just for bashing them. It is ultimately your responsibility to take care of your home. They were upfront in telling you their program had not started. You knew before you sent in your paperwork. Stop being a victim and find a way to keep your home or just sell it.



        : (6)

        • Posted by Renae on October 30, 2004 at 13:59:34:

          In Reply to: To Renae Posted by Responsible and Accountible on October 30, 2004 at 09:40:43:

          I have choosen to respond to "Found a Way's" ignorant, presumptuous and misguided post via a personal email.

          : (1)

          • Posted by Found a Way on October 30, 2004 at 22:04:24:

            In Reply to: Re: Posted by Renae on October 30, 2004 at 13:59:34:

            : I have choosen to respond to "Found a Way's" ignorant, presumptuous and misguided post via a personal email.

            Gee! I thought I was on your side by taking "Responsible and Accountible" to task. Guess I'll mind my own business and leave you to the wolves then 'cause that's who the Redwood Trust folks are...wolves in sheep's clothing.

            viel Glueck

            : (0)

        • Posted by Found A Way on October 30, 2004 at 13:01:30:

          In Reply to: To Renae Posted by Responsible and Accountible on October 30, 2004 at 09:40:43:

          : When they start paying off grants they should send your paperwork back just for bashing them. It is ultimately your responsibility to take care of your home. They were upfront in telling you their program had not started. You knew before you sent in your paperwork. Stop being a victim and find a way to keep your home or just sell it.

          Ummm...seems clear to everyone else that someone DID both look for and find a way to keep her home, only that WAY is turning out to be nothing more than smoke and a pipedream. Someone had the guts to come here and call you people on it, and your kindergarten, schoolyard, I-hope-they-take-it-back attitude is proof positive of where this so-called humanitarian effort is ultimately coming from. Stop putting words in other people's mouths and stop assuming you know what someone else knew and when. Now, be a good embassador of the outfit you are defending, apologize and play nice because the world is watching how you represent this company and how you intend to handle the inevitable complaints sure to come your way. Looks like you are already off to *puts tongue in cheek* a wonderful start *removes tongue from cheek*. Stop blaming the customer for your AWOL "product" and find a way to give better customer service or just get out of the business.

          : (3)

          • Posted by Renae on October 31, 2004 at 08:28:19:

            In Reply to: To Irresponsible and Unaccountable Dolt Posted by Found A Way on October 30, 2004 at 13:01:30:

            I apologize to "Found a Way". I mistakenly stated that I was replying to him/her privately when it should have stated that I was responding to "Responsible and Accountable". My apoliges and I have privately apologized to "Found a Way" as well.



            : (1)

            • Posted by Renae on October 31, 2004 at 10:11:51:

              In Reply to: Re: To Irresponsible and Unaccountable Dolt Posted by Renae on October 31, 2004 at 08:28:19:

              I apologize to "Found a Way". I mistakenly stated that I was replying to him/her privately when it should have stated that I was responding to "Responsible and Accountable". My apoliges and I have privately apologized to "Found a Way" as well.

              : (0)

          • Posted by There are no Victims. You learn from every experience. on October 30, 2004 at 13:30:35:

            In Reply to: To Irresponsible and Unaccountable Dolt Posted by Found A Way on October 30, 2004 at 13:01:30:

            Victims everywhere! Not part of any outfit or product however; can't stand Victims. One should have more than one plan and don't depend on others. Why sign up for something you believe is too good to be true then cry about it. In what ways are the "Victims" responsible and accountable?

            That company has not done anything wrong. It has not stolen money and it has not told lies. It is in pre-launch. Getting ready to launch. Not 100% running yet. Taking applications before they launch, could it be that they are taking first come first serve. If you submit your paperwork before they launch then you don't have to worry about going to the bottom when they start to pay off mortgages. Makes sense to me.

            Guess what? If your home is auctioned off before they start paying off mortgages of course your going to be upset but are they the blame? NO!

            If you feel they are the cause of you losing your home then contact the Attorney General and make a formal complaint. Get them shut down. Take them to the cleaners. Put them under the jail. Make sure they don't Pre-Launch another business and take orders so that people secure a position.

            : (0)

  • Posted by Ty on October 29, 2004 at 01:41:39:

    RE: Apartment complex

    I have a friend and he has not paid rent for 3 months. He has a court date for Dec. 1st. The Manager told him that she wanted him OUT! even if he is capable of making the payment. It will be accepted but EVICTION will continue.

    After he pays, the manager can not evict in front of the JP.

    Do the manager have a right to evict?



    : (5)

    • Posted by Keith(CA) on October 29, 2004 at 12:54:03:

      In Reply to: Eviction Posted by Ty on October 29, 2004 at 01:41:39:

      : RE: Apartment complex

      : I have a friend and he has not paid rent for 3 months. He has a court date for Dec. 1st. The Manager told him that she wanted him OUT! even if he is capable of making the payment. It will be accepted but EVICTION will continue.

      : After he pays, the manager can not evict in front of the JP.

      : Do the manager have a right to evict?

      Ty,

      It really comes down to what your friend's state and local jurisdiction allows by law. Even if the eviction is allowed, the judge could give time extensions and really draw the thing out. Some times the prudent thing to do is offer a cash incentive (pay the tenant) to move, especially if it appears that they might know how to manipulate the eviction process to their advantage. Your friend needs to treat his business more like a business...3 months is entirely too long to wait before taking action.

      If eviction is not possible once the tenant pays up, it is still in most cases a breach of a well-written lease contract. In that regard, the landlord can accept payment and then give notice of termination of lease. It's a 30-day notice here in CA for leases under one year, 60-day notice for leases longer than one year (check your local jurisdiction). Should the tenant fail to move once the mandated period of time has elapsed, eviction is then possible becuase the tenant is then without a leasehold claim on the property.

      Good luck to your friend.

      : (0)

    • Posted by Ty on October 29, 2004 at 02:10:16:

      In Reply to: Eviction Posted by Ty on October 29, 2004 at 01:41:39:

      : RE: Apartment complex

      : I have a friend and he has not paid rent for 3 months. He has a court date for Dec. 1st. The Manager told him that she wanted him OUT! even if he is capable of making the payment. It will be accepted but EVICTION will continue.

      : After he pays, the manager can not evict in front of the JP.

      : Do the manager have a right to evict?



      : (3)

      • Posted by Michael Whitehead on October 29, 2004 at 08:08:57:

        In Reply to: Re: Eviction Posted by Ty on October 29, 2004 at 02:10:16:

        : : RE: Apartment complex

        : : I have a friend and he has not paid rent for 3 months. He has a court date for Dec. 1st. The Manager told him that she wanted him OUT! even if he is capable of making the payment. It will be accepted but EVICTION will continue.

        : : After he pays, the manager can not evict in front of the JP.

        : : Do the manager have a right to evict?

        I don't know a whole lot about this, but considering it is his/her property I would think that they have the right to evict someone for whatever they want depending on the lease. I would think that even one late payment would give a landlord the right to evict just as well as a one late payment gives a mortgage company the right to evict. I'm not too sure, but I think it would also depend on what state your in.

        : (2)

        • Posted by Michael Whitehead on October 29, 2004 at 08:11:13:

          In Reply to: Re: Eviction Posted by Michael Whitehead on October 29, 2004 at 08:08:57:

          " just as well as a one late payment gives a mortgage company the right to evict."

          Sorry meant to say, "just as well as a one late payment gives a mortgage company the right to foreclose."

          : (1)

          • Posted by Ty on October 29, 2004 at 13:28:03:

            In Reply to: Re: Eviction Posted by Michael Whitehead on October 29, 2004 at 08:11:13:

            : " just as well as a one late payment gives a mortgage company the right to evict."

            : Sorry meant to say, "just as well as a one late payment gives a mortgage company the right to foreclose."

            I found the following:

            http://www.texashousing.org/txlihis/discussit/evictforum/evictfaqs.html#Anchor-51540

            My landlord is threatening to evict me because I've fallen behind on my rent. But now I'm paid up in full. Can he still proceed with the eviction?

            A landlord can proceed with an eviction if the tenant falls behind on the rent, even if the tenant eventually pays the rent in full. However, a court may very well find that the landlord, by accepting the rent, has waived the right to evict.





            : (0)

  • Posted by Janie on October 28, 2004 at 22:47:12:

    Bankruptcy can be a good solution to wipe the slate clean and start over, but should only be considered as a last result because there are after affects of going through the bankruptcy system.

    First, if your goal is to stop a foreclosure so you can get back on your feet, then you need to know which bankruptcy will help you.



    Chapter 7 bankruptcy erases all unsecured debts. It is known as a "Discharge.' Those are debts that are not liened to your home or car. You then continue to pay on your secured debts, i.e. home, car, etc. The goal of a BK 7 is to lower your debt to income ratio, so you are not struggling.

    Chapter 13 bankruptcy is a completely different ball game. It is a repayment plan. There is no discharge. One reason for going into a BK13 is to keep your home when you are in foreclosure, or, so far behind in payments, you can't get caught up. BK 13 also has a provision for reducing unsecured debts. The repayment plan last three to five years. It puts all arrearages into the plan, and then you begin paying payments to your lender, while also making payments to the trustee in the plan.



    Before deciding on a BK, get legal advice about which option will work for you. Sit down and crunch some numbers. Determine a plan for pulling out of the hole you dug yourself into. Then go talk to a BK attorney.

    Recommendations:

    1. Never take the advice of the first attorney you speak to, or, even the second one. Consult with at least five attorneys. No two attorneys think a like. They'll each have different experiences to bring to the table. Keep your ears open to learn. Never tell any of them that you have seen a different one. (they resent it). Take a note pad and keep notes. Also take a list of questions you need answers to. Remember these two important things:

    a) BK attorneys are a dime a dozen; and

    b) Most BK attorneys are paper preparers. They use a form, put your info on, file it, notify your creditors to stay away, and sit with you at the creditor's meeting while you do all the talking.

    So, shop for an attorney with actuall BK litigating experience. You never know. If your lender decides to file a motion for relief from stay, you'll need a litigator to fight it.

    Financing: A BK 7 is money upfront, no exceptions. A BK 13 attorney is the filing fee and his costs are added to the plan.



    With assets of your size, you should consult with at least five (5)attorneys. Here's some pointers:



    What to expect while in BK

    1. Most credit card companies will do a setoff, which is to wipe itfrom their books. Some bigger companies, such as Sears or Macy's, have full time attorneys/negotiators, who appear at your 341 meeting to negotiate a settlement. I know of one family that negotiated a deal on their appliances for 5 cents on the dollar, so they could keep the items. What happens then is in the BK papers its noted as assets you'll retain. Be sure to get it in writing.

    2. As long as you have not done an unlawful act, you will be able to discharge the debts. Rarely do creditors bother to appear at the meetings or challenge you. Only your lender will be dogging you.



    Life after a bankruptcy is not a pleasant one.

    a) Insurance companies use bad credit reports to increase your auto, home, medical, and life, rates or even deny coverage;

    b) All your utility providers, including the telephone, are legallyentitled to demand a $150 deposit due immediately, or they candisconnect service;

    c) Many employers use companies that do background checks by running your credit report as a determination of how stable or responsible you are. People have been denied jobs and careers derailed from bad credit reports. Check 60 minutes archives about how bad the situation is out there;

    d) You can obtain credit again, but at a much higher rate of interest. Same applies with buying a home; and

    e) Lenders want you to have at least 18 months between the filing of the BK and you seeking a home loan or refinance.

    So shop for goo

    : (3)

    • Posted by Janie on November 06, 2004 at 23:10:06:

      In Reply to: Before filing bankruptcy to stop foreclosure, know the ... Posted by Janie on October 28, 2004 at 22:47:12:

      Received some emails from people that the Where's the Justice For All? link was not right.

      And thanks to all of you for the kind words. It means alot. I am often critized in this forum by certain people because I try to help people not be a victim.

      Janie

      Here is the correct link

    • Where's the Justice For All?


    : (0)

  • Posted by Jim V on October 29, 2004 at 00:14:33:

    In Reply to: Before filing bankruptcy to stop foreclosure, know the ... Posted by Janie on October 28, 2004 at 22:47:12:

    Janie,

    While now and again, I think we might have some difference of opinion, I have to say that's one of the cleanest posts regarding BK that I think I've ever seen.

    Good job,

    Jim V

    : (1)

    • Posted by Janie on October 29, 2004 at 11:02:08:

      In Reply to: Re: Damn... Posted by Jim V on October 29, 2004 at 00:14:33:

      Flirting will get everywhere, Jim.



      : Janie,

      : While now and again, I think we might have some difference of opinion, I have to say that's one of the cleanest posts regarding BK that I think I've ever seen.

      : Good job,

      : Jim V



      : (0)

  • Posted by Michael Whitehead on October 28, 2004 at 17:30:03:

    Long story...The problem that we currently face is in regards to our home. We are facing foreclosure and we have been dealing with the loss mitigation department of our lender. Our current lender CitiMortgage was not the originator of the loan. When we closed on the home we were told by Judith O. Smith Mortgage Group that because we have a fixed interest rate of 6.5% that we would never see an increase in our house payment. The other option was a variable rate that could increase or decrease each year. We chose the first of the two options and closed on our home. Our home is a manufactured home so as with most of these types of homes they depricate instead of appreciating. The JOS mortgage company estimated our taxes incorrectly causing (after only one year into the loan) the payment to shoot up from $600 a month to nearly $900 a month. I'm 22 now and my wife is the same. We had no clue about any of this. We were never told that a fixed rate mortgage could change due to taxes and insurance premiums. The lender is at fault for the incorrect estimation of taxes and now we are suffering for it! Even if they were able to take out a loan for the short coming in the escrow account our payment would still increase to $787 a month. Our finances just can't handle that. Could we do it? Yeah, but all we would have is a house. The numbers say we can, but we would have nothing else. There would be no entertainment, no food, no clothes, etc. All we would have is a house. I've been working with the lenders Loss Mitigation department and the solution that they have given us is merely a "Loan Modification." They would lower our interest rate to 6% instead of the current 6.5% and basically we would have a "do over" or mulligan. The problem with that is that the payment would still be $750 a month still alloting us nothing but a house. The other problem with this solution aside from losing everything that we have already paid is that these types of homes depreciate in value, therefore we would renew an $89000 house that is now in the mid $70's in value. What is out there? Is this a time when the best viable option is foreclosure? What is there to do?

    Please email me ASAP with any response...

    michael_whitehead@digitex.net

    Thanks in advance.

    : (11)

    • Posted by H on November 23, 2004 at 10:34:49:

      In Reply to: Foreclosure Pending...Need Quick Response....Questions... Posted by Michael Whitehead on October 28, 2004 at 17:30:03:

      Your taxes must be incorrect! WAAAAY OFF! That is more than I pay in taxes for an expensive home in Southern California. First, check with your County Tax Assessor and see what the estimated taxes will be for this year. Make sure that your assessed value is not more than you paid for the home (plus land).

      Also, make sure they have the structure down as a manufactured home. Take the yearly taxes and divide by 12. That should should be very close to the amount the mortgage company is collecting for escrow every month. I understand that they are now including back escrow payments, but still it should not be that steep!

      If the mortgage company has miscalculated your escrow account, demand that they correct it immediately!

      If the tax assessor has improperly valued your home, tell them that it has put you into foreclosure and demand a re-assessment!

      If you need any help, e-mail me

      H



      : Long story...The problem that we currently face is in regards to our home. We are facing foreclosure and we have been dealing with the loss mitigation department of our lender. Our current lender CitiMortgage was not the originator of the loan. When we closed on the home we were told by Judith O. Smith Mortgage Group that because we have a fixed interest rate of 6.5% that we would never see an increase in our house payment. The other option was a variable rate that could increase or decrease each year. We chose the first of the two options and closed on our home. Our home is a manufactured home so as with most of these types of homes they depricate instead of appreciating. The JOS mortgage company estimated our taxes incorrectly causing (after only one year into the loan) the payment to shoot up from $600 a month to nearly $900 a month. I'm 22 now and my wife is the same. We had no clue about any of this. We were never told that a fixed rate mortgage could change due to taxes and insurance premiums. The lender is at fault for the incorrect estimation of taxes and now we are suffering for it! Even if they were able to take out a loan for the short coming in the escrow account our payment would still increase to $787 a month. Our finances just can't handle that. Could we do it? Yeah, but all we would have is a house. The numbers say we can, but we would have nothing else. There would be no entertainment, no food, no clothes, etc. All we would have is a house. I've been working with the lenders Loss Mitigation department and the solution that they have given us is merely a "Loan Modification." They would lower our interest rate to 6% instead of the current 6.5% and basically we would have a "do over" or mulligan. The problem with that is that the payment would still be $750 a month still alloting us nothing but a house. The other problem with this solution aside from losing everything that we have already paid is that these types of homes depreciate in value, therefore we would renew an $89000 house that is now in the mid $70's in value. What is out there? Is this a time when the best viable option is foreclosure? What is there to do?

      : Please email me ASAP with any response...

      : michael_whitehead@digitex.net

      : Thanks in advance.



      : (0)

    • Posted by Don on October 28, 2004 at 20:48:17:

      In Reply to: Foreclosure Pending...Need Quick Response....Questions... Posted by Michael Whitehead on October 28, 2004 at 17:30:03:

      : Long story...The problem that we currently face is in regards to our home. We are facing foreclosure and we have been dealing with the loss mitigation department of our lender. Our current lender CitiMortgage was not the originator of the loan. When we closed on the home we were told by Judith O. Smith Mortgage Group that because we have a fixed interest rate of 6.5% that we would never see an increase in our house payment. The other option was a variable rate that could increase or decrease each year. We chose the first of the two options and closed on our home. Our home is a manufactured home so as with most of these types of homes they depricate instead of appreciating. The JOS mortgage company estimated our taxes incorrectly causing (after only one year into the loan) the payment to shoot up from $600 a month to nearly $900 a month. I'm 22 now and my wife is the same. We had no clue about any of this. We were never told that a fixed rate mortgage could change due to taxes and insurance premiums. The lender is at fault for the incorrect estimation of taxes and now we are suffering for it! Even if they were able to take out a loan for the short coming in the escrow account our payment would still increase to $787 a month. Our finances just can't handle that. Could we do it? Yeah, but all we would have is a house. The numbers say we can, but we would have nothing else. There would be no entertainment, no food, no clothes, etc. All we would have is a house. I've been working with the lenders Loss Mitigation department and the solution that they have given us is merely a "Loan Modification." They would lower our interest rate to 6% instead of the current 6.5% and basically we would have a "do over" or mulligan. The problem with that is that the payment would still be $750 a month still alloting us nothing but a house. The other problem with this solution aside from losing everything that we have already paid is that these types of homes depreciate in value, therefore we would renew an $89000 house that is now in the mid $70's in value. What is out there? Is this a time when the best viable option is foreclosure? What is there to do?

      : Please email me ASAP with any response...

      : michael_whitehead@digitex.net

      : Thanks in advance.You do not say what state you are in. If you are in Florida, Iowa, Kansas, Oklahoma, South Dakota, or Texas you have unlimited homestead exemption from creditorsif you take bankruptcy. This means they cannot take your home so you will be debt free if there is nothing like being a millionaire that would stand in your way.Check with all the attorneys in your area and some will do it for no money up front and it will all come through the court if a chapter 13. If it is a chapter 7 it will cost you up front because there will not be any more money coming from you and you won't have to pay anything in those states. Other states are different. This is not to be misconstrued as legal advice so get your self an arttorney



      : (2)

      • Posted by Jim V on October 28, 2004 at 21:35:50:

        In Reply to: Re: Foreclosure Pending...Need Quick Response....Questions... Posted by Don on October 28, 2004 at 20:48:17:

        A homestead exemption can prevent unsecured creditors from seizing/foreclosing a property when the owner is the occupant of the property. Secured creditors (home loans) can, and will foreclose, subject to a relief of stay from the bankruptcy court. If you want to post information, go for it. Just don't mislead, or provide false hope. Foreclosure is a fairly brutal process, both for those who are going through it, and those who try to assist. Keep it accurate, or at least possible, and I'll keep my mouth(fingers) shut.

        : (1)

    • Posted by Michael Whitehead on October 28, 2004 at 19:00:39:

      In Reply to: Foreclosure Pending...Need Quick Response....Questions... Posted by Michael Whitehead on October 28, 2004 at 17:30:03:

      Also, the other problem is that they are requiring almost $1000 in the next ten days to proceed with the Loan Modification that would then put other lines of credit (I.E. Auto Loan) into a delinquent "past due" state. Any help is greatly appreciated.....

      : (6)

      • Posted by Keith(CA) on October 29, 2004 at 00:48:10:

        In Reply to: Re: Foreclosure Pending...Need Quick Response....Questions... Posted by Michael Whitehead on October 28, 2004 at 19:00:39:

        : Also, the other problem is that they are requiring almost $1000 in the next ten days to proceed with the Loan Modification that would then put other lines of credit (I.E. Auto Loan) into a delinquent "past due" state. Any help is greatly appreciated.....

        Michael,

        Have you considered talking to your other lines of credit and asking for a forbearance? For instance, maybe you could tell your hardship story to your auto financer and ask if they could suspend payments for two to three months. I'd try this with all of my creditors. Or can you get a cheaper car and give up the one you've got (I love my car, but I'm considering doing that very thing now)?

        : (1)

        • Posted by Michael Whitehead on October 29, 2004 at 07:53:31:

          In Reply to: Considered Forbearance of other LOC's? Posted by Keith(CA) on October 29, 2004 at 00:48:10:

          The problem with this scenario is that the only other line of credit I have is my auto. As I am only 22 I had to have a coborrower on that loan. So, just missing the payments isn't an option and furthermore they would allow skipping one payment but not until the loan is at least 6 months old. The loan is not that old it is only a mere 4 months old. Thus, not a possibility. (This is a long story on how we got into this situation. In short, I only have the house and the auto in my name and both of these were mistakes on my part, but I really didn't know any better as it was my first time on any type of loan in both cases. If I only knew then what I know now.)

          : (0)

      • Posted by Renae on October 28, 2004 at 19:34:22:

        In Reply to: Re: Foreclosure Pending...Need Quick Response....Questions... Posted by Michael Whitehead on October 28, 2004 at 19:00:39:

        Can you sell your home?

        : (3)

        • Posted by Michael Whitehead on October 28, 2004 at 23:03:29:

          In Reply to: Re: Foreclosure Pending...Need Quick Response....Questions... Posted by Renae on October 28, 2004 at 19:34:22:

          Well, here's the problem with selling (I have actually been trying to sell the home for the past month or two...):

          Would you buy a $70k or so home for $80k????

          By the way...its the state of Texas....

          : (2)

          • Posted by Jeff on October 29, 2004 at 00:18:07:

            In Reply to: Re: Foreclosure Pending...Need Quick Response....Questions... Posted by Michael Whitehead on October 28, 2004 at 23:03:29:

            Michael Whitehead:

            What type of mortgage is it, is it a FHA,VA, Conventional?

            I had a Conventional is similiar situation a couple of years ago, I got some help from HUD, a Ms. Holmans, I not sure if she still works there, but they gave me a link.... I believe the company was united state financial center, there web address was usfc services.com. I went to chathlic charities first, but they almost lost my home they were a nonprofit, gut thats what I got nothing for nothing, until I call and complained. Long story I was reffered to the financial company ubove and the counselor help me by simply asking some questions and pointing me in a direction that up my family. Jeff

            : (1)

            • Posted by Michael Whitehead on October 29, 2004 at 08:02:14:

              In Reply to: Re: Foreclosure Pending...Need Quick Response....Questions... Posted by Jeff on October 29, 2004 at 00:18:07:

              It is an FHA loan as we had no credit at the time and that was the only loan we could get approved for. I haven't spoken with anyone specifically from HUD or Fannie Mae or places like those, but I have spoken with people who worked at those places and their advice to me was that I should take the Loan Modification last as long as I can on that and then try to refinance, but with the value to debt so great with the debt being higher I've been told that a refinance would not be possible and with interest rates holding steady the only way they would refinance is if they were able to lower the interest rate and they can't get it any lower than what is is now. I've spoken with credit counselers who have told me they literally don't know what to do. Some have said that I'm young enough to work out of this by the time I'm thirty, but I really don't want to have to "work out of this" unless I have to. This major of a ding on my credit and I won't have anything except what I have now for the next 10 years of my life.

              I've worked to damn hard pulling 60 and 70 hours a week just to provide. My wife works what she can but has been recently diagnosed with carpal tunnel and can't perform the same job functions she did a year ago.

              If I only knew in May of '02 what I know now I would still be renting and wouldn't have even looked into buying a home yet. (I also wouldn't have made the auto blunder I've made either.)

              ALL THIS HAS BEEN GREAT. I APPRECIATE THE TIME YOU GUYS ARE TAKING TO REPLY.

              However, everything I've heard so far I've already tried.

              Hell, I've reworked the budget 12 times already too.

              : (0)

  • Posted by Shaelyn on October 28, 2004 at 13:38:57:

    My 'ex' and I own a house together in ABQ, NM. We were not married so our break up does not fall under divorce laws. The house is jointly held, but neither of us can afford the place by ourselves. We have had the house on the market for a year trying to sell it. My ex is now threatening to file for bankrupcy just to get out of the financial obligation. When that happens, I will be left with 2 options: either file for bankrupcy myself or just let the house go into foreclosure. My ex claims that it is possible to qualify for another house loan 2 years after a bankrupcy. Does anyone have any answers for this? Thanks.

    : (2)

    • Posted by Keith(CA) on October 30, 2004 at 05:09:13:

      In Reply to: which is worse: foreclosure or bankrupcy? Posted by Shaelyn on October 28, 2004 at 13:38:57:

      : My 'ex' and I own a house together in ABQ, NM. We were not married so our break up does not fall under divorce laws. The house is jointly held, but neither of us can afford the place by ourselves. We have had the house on the market for a year trying to sell it. My ex is now threatening to file for bankrupcy just to get out of the financial obligation. When that happens, I will be left with 2 options: either file for bankrupcy myself or just let the house go into foreclosure. My ex claims that it is possible to qualify for another house loan 2 years after a bankrupcy. Does anyone have any answers for this? Thanks.

      Yes...it's possible to qualify for a loan a couple years after a bankruptcy (or even a foreclosure). But expect the effects to last for at least 7 years. This means your credit FICO rating won't be all it can be, which translates into higher interest rates, higher closing/underwriting costs, potential prepayment penalty clauses, etc.

      If you file for bankruptcy, what chance do you have of getting the debt discharged (Chapter 7, right)? If it ain't a sure thing, I'd probably just let it go to foreclosure and take my lumps for a few years. Having a foreclosure against you is better than having both a bankruptcy and a foreclosure.

      : (1)

      • Posted by Savannah Hilt on January 06, 2005 at 22:07:28:

        In Reply to: Re: which is worse: foreclosure or bankrupcy? Posted by Keith(CA) on October 30, 2004 at 05:09:13:

        : : My fiance bounced his checks so he lost his checking account. I got my own so I could pay my bills and I let him use it some times. He bounced a whole bunch of checks with my name on them. So now we are over 2000 dollars in debt. I don't think I can afford to pay it off right now. He hasn't made much effort to help pay back the money and now I can't get my credit score back to good.

        : (0)

  • Posted by mary cromer on October 28, 2004 at 10:22:45:

    what can be done to me legally if i let the mortgage company foreclose on my house

    : (3)

    • Posted by Norris Thomas on November 08, 2004 at 18:18:33:

      In Reply to: foreclosure Posted by mary cromer on October 28, 2004 at 10:22:45:

      Dear Mary Cromer

      When a homeowner has a hardship that causes them to get behind in their mortgage payments the lender is usually not willing to work out a suitable means for the client to get caught up. Typically the lender will demand all of the arrears and all of the late fees, delinquent charges, etc. This situation leaves the homeowner with few options if they are unable to come up with the arrears. Seldom can a homeowner find the extra cash to save the home in this fashion. It is then that other options are sought out. There are several options to foreclosure. Some are better known than others.

      Selling the home is a possibility, but there is the chance that the home will not sell in a timely fashion. If this is the case, a homeowner is often approached by someone offering to purchase the property on a "short sell". These Real Estate Agents or Investors often advertise as foreclosure prevention services. Purchasing properties on short sell is becoming a very popular way for investors to obtain prime properties at discounted prices. It usually robs the owner of all of the equity they have in the home, leaving them with no money to get into another home.

      Filing Bankruptcy is an option that is well advertised foreclosure prevention. While bankruptcy may stop the foreclosure sale, it is ineffective as a real solution. In Chapter 13 Bankruptcy, a lender could refuse to accept the terms of the bankruptcy, which will not benefit the home owner. Also the Bankruptcy payments could be higher than the original payments, which will not benefit the home owner.

      Loss Mitigation is a little known process of saving a home from foreclosure. When a hardship has occurred and has been resolved, Loss Mitigation can be the most effective means of avoiding or stopping foreclosure. Simply put, Loss Mitigation is an intervention program wherein the lender is willing to work out an agreement that will allow a homeowner to continue making payments, keep the home and not come up with all of the past arrears.

      There are 47 different ways to mitigate a case to prevent foreclosure. US Loss Mitigation has been successfully saving homes for 19 years. To learn more about Loss Mitigation, go to www.saveyourhome.tv/norristhomas. I will be available to answer any questions you may have. Please contact me at:

      Norris ThomasEmail: saveyourhome@mindspring.comPhone: (770) 320 - 7850Website: www.saveyourhome.tv/norristhomas

      : (1)

      • Posted by Keith(CA) on November 08, 2004 at 19:50:44:

        In Reply to: Re: foreclosure Posted by Norris Thomas on November 08, 2004 at 18:18:33:

        : Dear Mary Cromer

        : When a homeowner has a hardship that causes them to get behind in their mortgage payments the lender is usually not willing to work out a suitable means for the client to get caught up. Typically the lender will demand all of the arrears and all of the late fees, delinquent charges, etc. This situation leaves the homeowner with few options if they are unable to come up with the arrears. Seldom can a homeowner find the extra cash to save the home in this fashion. It is then that other options are sought out. There are several options to foreclosure. Some are better known than others.

        : Selling the home is a possibility, but there is the chance that the home will not sell in a timely fashion. If this is the case, a homeowner is often approached by someone offering to purchase the property on a "short sell". These Real Estate Agents or Investors often advertise as foreclosure prevention services. Purchasing properties on short sell is becoming a very popular way for investors to obtain prime properties at discounted prices. It usually robs the owner of all of the equity they have in the home, leaving them with no money to get into another home.

        : Filing Bankruptcy is an option that is well advertised foreclosure prevention. While bankruptcy may stop the foreclosure sale, it is ineffective as a real solution. In Chapter 13 Bankruptcy, a lender could refuse to accept the terms of the bankruptcy, which will not benefit the home owner. Also the Bankruptcy payments could be higher than the original payments, which will not benefit the home owner.

        : Loss Mitigation is a little known process of saving a home from foreclosure. When a hardship has occurred and has been resolved, Loss Mitigation can be the most effective means of avoiding or stopping foreclosure. Simply put, Loss Mitigation is an intervention program wherein the lender is willing to work out an agreement that will allow a homeowner to continue making payments, keep the home and not come up with all of the past arrears.

        : There are 47 different ways to mitigate a case to prevent foreclosure. US Loss Mitigation has been successfully saving homes for 19 years. To learn more about Loss Mitigation, go to www.saveyourhome.tv/norristhomas. I will be available to answer any questions you may have. Please contact me at:

        : Norris Thomas: Email: saveyourhome@mindspring.com: Phone: (770) 320 - 7850: Website: www.saveyourhome.tv/norristhomas

        Norris,

        This is the forum where folks come for help, but this isn't exactly the appropriate forum to dump paragraphs of canned SPAM. However, if you intend to continue regurgitating it then you ought to at least spend a little time correcting your grammatical errors, and remove some of the falicies (i.e. BK does not "stop" foreclosure, loss mitigation is no longer a "little known process", etc.) within your presentation. And just curious, can you name all of the supposed 47 mitigation methods (not asking for trade secrets here)?

        : (0)

    • Posted by Keith(CA) on October 30, 2004 at 04:53:20:

      In Reply to: foreclosure Posted by mary cromer on October 28, 2004 at 10:22:45:

      : what can be done to me legally if i let the mortgage company foreclose on my house

      Well...you could be sued for any monetary loss the lender suffered in reselling your house; you could be denied credit or charged exorbitant fees and/or interest on any financing you might apply for; you could be rejected for rental occupancy; etc.

      Most ill effects (except court awarded judgments against you) tend to "wear off" after a couple of years provided you achieve credit perfection from the moment after the foreclosure.

      : (0)

  • Posted by charlotte on October 28, 2004 at 09:05:39:

    My state's foreclosure laws require that the foreclosure notice be served. Mail is not adequate. If borrower cannot be found, notice must be posted in conspicuous spot on mortgaged premises and served on any occupant.

    That is the exact wording. What happens if they did mail it and I was not served? Do I have any recourse? I went to the courthouse and looked at the actual judgment and it claims that there were several attempts to serve in person. The listed dates and times and I know that at least for some of those, I was most likely here. But regardless, the law states that it cannot be mailed. Can I use this in any way--for instance, to stall the sale date? Does anyone know?

    : (4)

    • Posted by Keith(CA) on October 30, 2004 at 04:58:47:

      In Reply to: Question about state foreclosure law Posted by charlotte on October 28, 2004 at 09:05:39:

      : My state's foreclosure laws require that the foreclosure notice be served. Mail is not adequate. If borrower cannot be found, notice must be posted in conspicuous spot on mortgaged premises and served on any occupant.

      : That is the exact wording. What happens if they did mail it and I was not served? Do I have any recourse? I went to the courthouse and looked at the actual judgment and it claims that there were several attempts to serve in person. The listed dates and times and I know that at least for some of those, I was most likely here. But regardless, the law states that it cannot be mailed. Can I use this in any way--for instance, to stall the sale date? Does anyone know?

      Please cite your source for that information... everything I turn up says that notice only need be mailed to the last known address (none of those sites actually cite the Texas statutes). I assume that this is a standard non-judicial foreclosure (deed of trust)?

      If it is as you say you may be able to appear before a judge and have THIS foreclosure action stopped. Should there have been an error, you can bet the lender will immediately correct it and begin again. The only thing I do know about Texas foreclosures is that they are FAST.

      : (3)

      • Posted by charlotte on October 30, 2004 at 07:41:11:

        In Reply to: Cite your source... Posted by Keith(CA) on October 30, 2004 at 04:58:47:

        Well first of all, I'm not in Texas. I'm in WI. Go to any site which has state foreclosure laws and there it is. So my question remains the same---does anyone know if this can be used to stall. I need to know for sure.

        : (2)

        • Posted by Keith(CA) on October 31, 2004 at 09:43:10:

          In Reply to: Re: Cite your source... Posted by charlotte on October 30, 2004 at 07:41:11:

          : Well first of all, I'm not in Texas. I'm in WI. Go to any site which has state foreclosure laws and there it is. So my question remains the same---does anyone know if this can be used to stall. I need to know for sure.

          Charlotte,

          Sorry, I thought you were the same Charlotte (the one in Texas) that posted immediately prior to your post. My apologies. Hopefully what Jim provided is sufficient for you to get the help you're after. If not, write us back and we'll dig a bit deeper.

          : (0)

        • Posted by Jim V on October 30, 2004 at 12:15:42:

          In Reply to: Re: Cite your source... Posted by charlotte on October 30, 2004 at 07:41:11:

          Gray & End is a fairly large foreclosure firm in WI.

          From their synopsis, it appears personal service is preferred, but mailing is allowed.http://www.grayandend.com/foreclosure%20synop.htm

          : (0)

  • Posted by Charlotte on October 28, 2004 at 02:10:41:

    I live in Texas and we have been in our home for 11 years. We were in a chapter 13 and missed some mortgage payments, now they are lifting the stay from our home. We were trying to find out what options we had to keep our home. Does anyone know anything about the foreclosure assistance programs? We were talking with someone by the name of Joe Judd and he said for $1000 he would mediate this for us. Foreclosure Assistance, LLC is the name of the company. Their web addy is http://www.foreclosureassistance.com Thanks for any help, I am really scared right now.



    : (7)


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      (0)
    • Posted by Dan C. Schultz on October 28, 2004 at 02:31:34:

      In Reply to: Foreclosure assistance programs? Posted by Charlotte on October 28, 2004 at 02:10:41:

      Charlotte:

      My name is Mr. Dan Schultz, Senior Service Officer

      I work for the U.S. Financial Counseling Center, that provides home-owner assistance with federal programs, CFR.24, that will bring you current, any fees would be put in the programs to be paid later.

      To request help go to www.usfcservices.com, it is a agency that provides assistance with out any up front fees.

      I have been helping consumer for over 20 years and have written a number of books on the subject.

      Good luck

      Turly, DCS

      : (5)

      • Posted by charlotte on October 28, 2004 at 02:53:26:

        In Reply to: Re: Foreclosure assistance programs? Posted by Dan C. Schultz on October 28, 2004 at 02:31:34:

        Is this a program to help me save and stay in my home? Or one that helps me sell it?



        : Charlotte:

        : My name is Mr. Dan Schultz, Senior Service Officer

        : I work for the U.S. Financial Counseling Center, that provides home-owner assistance with federal programs, CFR.24, that will bring you current, any fees would be put in the programs to be paid later.

        : To request help go to www.usfcservices.com, it is a agency that provides assistance with out any up front fees.

        : I have been helping consumer for over 20 years and have written a number of books on the subject.

        : Good luck

        : Turly, DCS



        : (4)

        • Posted by D.C. Schultz on October 28, 2004 at 03:09:18:

          In Reply to: Re: Foreclosure assistance programs? Posted by charlotte on October 28, 2004 at 02:53:26:

          : Is this a program to help me save and stay in my home? Or one that helps me sell it?

          : : Charlotte:

          : : My name is Mr. Dan Schultz, Senior Service Officer

          : : I work for the U.S. Financial Counseling Center, that provides home-owner assistance with federal programs, CFR.24, that will bring you current, any fees would be put in the programs to be paid later.

          : : To request help go to www.usfcservices.com, it is a agency that provides assistance with out any up front fees.

          : : I have been helping consumer for over 20 years and have written a number of books on the subject.

          : : Good luck

          : : Turly, DCS



          Charlotte:

          These programs are federal law, you can keep your home, Please go to the site: www.usfcservices.com and read the program outlines for keeping your home, all you have to prove to the government is that you can afford your home if brought current. It is very simple, instead of the other companies getting a $1000.00 to simply go to the site and requesting help for you.

          Good Luck and good night

          DCS, service officerU.S. Financial Counseling Center

          : (3)

          • Posted by Michelle Fitzpatrick on January 02, 2005 at 19:20:14:

            In Reply to: Re: Foreclosure assistance programs? Posted by D.C. Schultz on October 28, 2004 at 03:09:18:

            Will this program, assist me with my back payments that are owed? Is there a limit to the amount this programs will assist with. I've tried Habitant for Humanity and they only assist with $5500.00, and does not give funds if the mortgage company is willing to establish a payment plan for the past due amount.

            : : Is this a program to help me save and stay in my home? Or one that helps me sell it?

            : : : : Charlotte:

            : : : My name is Mr. Dan Schultz, Senior Service Officer

            : : : I work for the U.S. Financial Counseling Center, that provides home-owner assistance with federal programs, CFR.24, that will bring you current, any fees would be put in the programs to be paid later.

            : : : To request help go to www.usfcservices.com, it is a agency that provides assistance with out any up front fees.

            : : : I have been helping consumer for over 20 years and have written a number of books on the subject.

            : : : Good luck

            : : : Turly, DCS

            : Charlotte:

            : These programs are federal law, you can keep your home, Please go to the site: www.usfcservices.com and read the program outlines for keeping your home, all you have to prove to the government is that you can afford your home if brought current. It is very simple, instead of the other companies getting a $1000.00 to simply go to the site and requesting help for you.

            : Good Luck and good night

            : DCS, service officer: U.S. Financial Counseling Center



            : (1)

            • Posted by Dan Schultz, Senior Service Officer on January 05, 2005 at 17:15:19:

              In Reply to: Re: Foreclosure assistance programs? Posted by Michelle Fitzpatrick on January 02, 2005 at 19:20:14:

              Dear Ms. Michelle Fitzpatrick:

              To answer your question; These programs are federal law, you can keep your home, Please go to the site: www.usfcservices.com and read the program outlines for keeping your home, all you have to prove to the government is that you can afford your home if brought current. It is very simple go to the site and requesting help.

              Good Luck

              DCS, service officerU.S. Financial Counseling Center



              : (0)

          • Posted by Michelle Fitzpatrick on January 02, 2005 at 19:18:32:

            In Reply to: Re: Foreclosure assistance programs? Posted by D.C. Schultz on October 28, 2004 at 03:09:18:



            : : Is this a program to help me save and stay in my home? Or one that helps me sell it?

            : : : : Charlotte:

            : : : My name is Mr. Dan Schultz, Senior Service Officer

            : : : I work for the U.S. Financial Counseling Center, that provides home-owner assistance with federal programs, CFR.24, that will bring you current, any fees would be put in the programs to be paid later.

            : : : To request help go to www.usfcservices.com, it is a agency that provides assistance with out any up front fees.

            : : : I have been helping consumer for over 20 years and have written a number of books on the subject.

            : : : Good luck

            : : : Turly, DCS

            : Charlotte:

            : These programs are federal law, you can keep your home, Please go to the site: www.usfcservices.com and read the program outlines for keeping your home, all you have to prove to the government is that you can afford your home if brought current. It is very simple, instead of the other companies getting a $1000.00 to simply go to the site and requesting help for you.

            : Good Luck and good night

            : DCS, service officer: U.S. Financial Counseling Center



            : (0)

  • Posted by Donna on October 26, 2004 at 18:07:01:

    Is there anyone that has used redwood trust and can say that they have paid off their mortgage?

    : (2)

    • Posted by Renae on October 27, 2004 at 11:28:51:

      In Reply to: any satisified customers from redwood trust Posted by Donna on October 26, 2004 at 18:07:01:

      Redwood has not paid any mortgages! They will at least be honest about that and admit it. But there are a lot of people out there, like myself, who really counted on this even though I knew it was probably truly too good to be true.

      : (1)

      • Posted by Katie on October 27, 2004 at 21:39:07:

        In Reply to: Re: any satisified customers from redwood trust Posted by Renae on October 27, 2004 at 11:28:51:

        GO TO www.irsrefund.net. it states on site, Sept. 22nd it will be fully functional?> waht will be? , now tell me what u think?



        : (0)

  • Posted by Debbie on October 26, 2004 at 11:09:28:

    I'm in Georgia; went through divorce and expensive custody battle. My home is 4-sale w/an agent, my escrow analysis came back where my mortgage went up $100 month and I can't make the full payments. I'm making partial payments every month until the home is sold or I have to go into foreclosure. When will they foreclose if it's on the market? Will they foreclose if I am making partial payments??

    : (3)

    • Posted by Keith(CA) on October 30, 2004 at 05:02:42:

      In Reply to: Home on market/can't make FULL payment - foreclosure?? Posted by Debbie on October 26, 2004 at 11:09:28:

      : I'm in Georgia; went through divorce and expensive custody battle. My home is 4-sale w/an agent, my escrow analysis came back where my mortgage went up $100 month and I can't make the full payments. I'm making partial payments every month until the home is sold or I have to go into foreclosure. When will they foreclose if it's on the market? Will they foreclose if I am making partial payments??

      Debbie,

      The only way to know for sure is to call your lender, explain your situation and get the answer straight from the horses mouth. If your lender gives you a favorable answer, immediately ask to get it in writing. Chances are, however, if you've already been doing this for several months then your loan is already on someone's desk to decide what action to take. Foreclosure is a very plausible outcome.

      : (0)

  • Posted by william on October 25, 2004 at 21:28:52:

    I purchased a condominium at Public Auction @ the Court House 12 days ago through a trustee sale. The condo was personally financed to the current deed holder 8 years ago, the deed holder stoped paying his mortgage, so he was foreclosed on and I bought the unit, but the delienquent owner is still living in the condo. My question is: Who is responsible for removing him, the current holder of the deed of trust or will it be me when I complete the sale and receive title? I want this guy out ASAP, so what can I do to get the process underway?

    : (1)

    • Posted by Nick(Colorado) on October 26, 2004 at 10:10:17:

      In Reply to: After Trustee Sale in Virginia! Posted by william on October 25, 2004 at 21:28:52:

      William:

      Seriously, you need to know all of this stuff cold-before- you start purchasing properties. One legal miss-step can cost you dearly. You should start with a study of the eviction statues, and case law in your area. Generally the process will begin with you posting a "notice to quit" once you have recorded the trustee's deed.

      : (0)

  • Posted by Kelly Calapp on October 25, 2004 at 20:51:04:

    Hello - we are looking for horse property in Northern California...preferrably a home with 10 acres or more. We are pre-approved and looking to buy right away. Thanks

    : (1)

    • Posted by Pam on December 09, 2004 at 18:20:07:

      In Reply to: Looking for Horse Property in Northern California Posted by Kelly Calapp on October 25, 2004 at 20:51:04:

      : Hello - we are looking for horse property in Northern California...preferrably a home with 10 acres or more. We are pre-approved and looking to buy right away. Thanks



      : (0)

  • Posted by lisa on October 25, 2004 at 18:54:54:

    How many payments can one miss before their house is in foreclosure in the state of Minnesota? How long does the foreclosure process usually take?

    : (2)

    • Posted by Don on October 26, 2004 at 02:03:35:

      In Reply to: foreclosure process Posted by lisa on October 25, 2004 at 18:54:54:

      : How many payments can one miss before their house is in foreclosure in the state of Minnesota? How long does the foreclosure process usually take?

      Most all States do not control how long a lender will go before starting a foreclosure as far as I can find out. If the lender is impatient it can start a foreclosure at the very least after 3 payments are missed if they so choose. Some lenders have to wait 30 days after they have given a letter of intent in some states before proceeding on with foreclosure. Itcould amount to some other unseen factors in some stateas well such as how much is the house worth programedagainst the allowable exemption your are allowed. If a person has a small shack with a small value and the owner knew this and the lender was going to lose if it came to a court decision that lender wouold maybe be more cautious and be extra generous. But don't count on it as most are for their own self interest and count on the fact that you would not know this little fact.



      : (0)

  • Posted by LeAnn on October 25, 2004 at 18:02:01:

    In 2000, my husband and I purchased a property in Alabama. Everything was wonderful until September, 11 2001 after which my husband was laid-off from his employer. He worked in the aircraft industry (producing engines for commercial aircraft)We were 600 miles away from the nearest relative and had no financial support. We made the decision to move back home to Louisiana. The home, approx. value 100K, was placed on the market but after about 9 months of staying current on the mortgage and 3 more lay-offs, we could no longer afford to pay the $900 note. I contacted the lenders to see what could be done (just paying the interest, short sale, deed in lieu,hardship letter after hardship letter, etc...)and they would not work with me. They said that in order to do a short sale I needed a buyer, so after approx. 2-3 months of being delinquent we got 1 prospective buyer, but they only offered 80k for the house. We applied for a short sale and did not here anything back for several weeks. After the prospective buyers had pulled out of the sale, we recieved a letter stating that the short sale was denied. Keep in mind that I called the mortgage company every week to inquire about the house. With no prospective buyers, we decided to attempt a deed in lieu. I submitted all the required paperwork and waited for the response. After waiting about 2 weeks, I called to see if anything had been decided.... they had no clue as to what I was talking about. I was placed on eternal hold and I finally hung up. Thinking maybe the paperwork got misplaced, I called again the next week ......and got the same response. This went on for a month or so until I got a letter in the mail from the lender stating that the short sale was declined...again. I called them again, and made sure they knew that we no longer needed a short sale and that we applied for the deed in lieu. They then told me that they did not have the paperwork for the deed in lieu so I sent it to them again (luckily i had made a copy). I waited a few weeks and called back.......guess what, they had no clue what I was talking about. I finally gave up. I figured that I would get a notice that the home was going to auction or a notice of forcloser or something in the future. But nothing came. The only thing I recieved was a notice that the Lenders insurance company would be changing the locks on the home because we were no longer occupying it. A few months later, when I decided to check our credit report to see if the forclosure had been posted, the property had apparently been sold and a balance of 20k was left. This balance only showed as 2-3 months past due too, and this rigamoro had been going on for almost a year. What gets me is that I was never notified of any of this and all attempts to communicate with the lender failed. Now to my pointMy husband and I are now wanting to buy a home and start over but cannot get approved for a loan because of this black mark on our credit. We've always had good credit in the past and have had good credit since. Is there anything that can be done to remove this mark and let us get on with our lives. We didn't ask for any of this and were not at fault. Many people lost there homes because of September 11th. Is there any chance of rebuilding?

    : (4)

    • Posted by Keith(CA) on October 31, 2004 at 10:07:32:

      In Reply to: Forclosure in Alabama Posted by LeAnn on October 25, 2004 at 18:02:01:

      It dawned on me moments after replying that when you said "20K balance" that that could go either way. Did you mean a 20K overbid and that these are excess funds, or did you mean that the bank sold the home at a 20K loss and they want you to pay the balance?

      If you owe the 20K, then you need to check public records in your county to see if a judgment of some kind has been recorded against you. It will automatically become a lien against any property you buy in the county. Take this into consideration before you buy any property.

      : (0)

    • Posted by Keith(CA) on October 31, 2004 at 09:59:58:

      In Reply to: Forclosure in Alabama Posted by LeAnn on October 25, 2004 at 18:02:01:

      : In 2000, my husband and I purchased a property in Alabama. Everything was wonderful until September, 11 2001 after which my husband was laid-off from his employer. He worked in the aircraft industry (producing engines for commercial aircraft)We were 600 miles away from the nearest relative and had no financial support. We made the decision to move back home to Louisiana. The home, approx. value 100K, was placed on the market but after about 9 months of staying current on the mortgage and 3 more lay-offs, we could no longer afford to pay the $900 note. I contacted the lenders to see what could be done (just paying the interest, short sale, deed in lieu,hardship letter after hardship letter, etc...)and they would not work with me. They said that in order to do a short sale I needed a buyer, so after approx. 2-3 months of being delinquent we got 1 prospective buyer, but they only offered 80k for the house. We applied for a short sale and did not here anything back for several weeks. After the prospective buyers had pulled out of the sale, we recieved a letter stating that the short sale was denied. Keep in mind that I called the mortgage company every week to inquire about the house. With no prospective buyers, we decided to attempt a deed in lieu. I submitted all the required paperwork and waited for the response. After waiting about 2 weeks, I called to see if anything had been decided.... they had no clue as to what I was talking about. I was placed on eternal hold and I finally hung up. Thinking maybe the paperwork got misplaced, I called again the next week ......and got the same response. This went on for a month or so until I got a letter in the mail from the lender stating that the short sale was declined...again. I called them again, and made sure they knew that we no longer needed a short sale and that we applied for the deed in lieu. They then told me that they did not have the paperwork for the deed in lieu so I sent it to them again (luckily i had made a copy). I waited a few weeks and called back.......guess what, they had no clue what I was talking about. I finally gave up. I figured that I would get a notice that the home was going to auction or a notice of forcloser or something in the future. But nothing came. The only thing I recieved was a notice that the Lenders insurance company would be changing the locks on the home because we were no longer occupying it. A few months later, when I decided to check our credit report to see if the forclosure had been posted, the property had apparently been sold and a balance of 20k was left. This balance only showed as 2-3 months past due too, and this rigamoro had been going on for almost a year. What gets me is that I was never notified of any of this and all attempts to communicate with the lender failed. : Now to my point: My husband and I are now wanting to buy a home and start over but cannot get approved for a loan because of this black mark on our credit. We've always had good credit in the past and have had good credit since. Is there anything that can be done to remove this mark and let us get on with our lives. We didn't ask for any of this and were not at fault. Many people lost there homes because of September 11th. Is there any chance of rebuilding?

      LeAnn,

      Wow! What a roller coaster ride you've been on...my sympathies to you and your husband. And yet, with all of the fallout from 9/11 at least you both have your lives...count your blessings, right?

      Anyway...first question, did you get your 20K? If not, secure that first.

      Second, slow down. Being in a rush to buy a home may not be the right move at this time. Even in your present circumstances I'm sure you could find a competent mortgage broker that would find a lender willing to underwrite a loan for you. However, you'll probably have to put up with high interest rates and maybe even a dreaded pre-payment penalty...ugh!

      Why not sit down with a good credit counselor and find out how to optimize the rate at which you can rebuild your credit. It normally takes a minimum of two ye

      : (1)

      • Posted by Donna on November 27, 2004 at 20:31:40:

        In Reply to: Just hang in there... Posted by Keith(CA) on October 31, 2004 at 09:59:58:

        QUESTION??? Was the lender you were working with BANK OF AMERICA? That is who we had and we could nnever talk to a english speaking person. And when we finally did, they had no clue and never logged any aggreement we made into the computer, therefore, no one else knew what was going on and payments were sent back to us as overpayment when we owed more than normal house payments. Again, they had NO CLUE!!!: : In 2000, my husband and I purchased a property in Alabama. Everything was wonderful until September, 11 2001 after which my husband was laid-off from his employer. He worked in the aircraft industry (producing engines for commercial aircraft)We were 600 miles away from the nearest relative and had no financial support. We made the decision to move back home to Louisiana. The home, approx. value 100K, was placed on the market but after about 9 months of staying current on the mortgage and 3 more lay-offs, we could no longer afford to pay the $900 note. I contacted the lenders to see what could be done (just paying the interest, short sale, deed in lieu,hardship letter after hardship letter, etc...)and they would not work with me. They said that in order to do a short sale I needed a buyer, so after approx. 2-3 months of being delinquent we got 1 prospective buyer, but they only offered 80k for the house. We applied for a short sale and did not here anything back for several weeks. After the prospective buyers had pulled out of the sale, we recieved a letter stating that the short sale was denied. Keep in mind that I called the mortgage company every week to inquire about the house. With no prospective buyers, we decided to attempt a deed in lieu. I submitted all the required paperwork and waited for the response. After waiting about 2 weeks, I called to see if anything had been decided.... they had no clue as to what I was talking about. I was placed on eternal hold and I finally hung up. Thinking maybe the paperwork got misplaced, I called again the next week ......and got the same response. This went on for a month or so until I got a letter in the mail from the lender stating that the short sale was declined...again. I called them again, and made sure they knew that we no longer needed a short sale and that we applied for the deed in lieu. They then told me that they did not have the paperwork for the deed in lieu so I sent it to them again (luckily i had made a copy). I waited a few weeks and called back.......guess what, they had no clue what I was talking about. I finally gave up. I figured that I would get a notice that the home was going to auction or a notice of forcloser or something in the future. But nothing came. The only thing I recieved was a notice that the Lenders insurance company would be changing the locks on the home because we were no longer occupying it. A few months later, when I decided to check our credit report to see if the forclosure had been posted, the property had apparently been sold and a balance of 20k was left. This balance only showed as 2-3 months past due too, and this rigamoro had been going on for almost a year. What gets me is that I was never notified of any of this and all attempts to communicate with the lender failed. : : Now to my point: : My husband and I are now wanting to buy a home and start over but cannot get approved for a loan because of this black mark on our credit. We've always had good credit in the past and have had good credit since. Is there anything that can be done to remove this mark and let us get on with our lives. We didn't ask for any of this and were not at fault. Many people lost there homes because of September 11th. Is there any chance of rebuilding?

        : LeAnn,

        : Wow! What a roller coaster ride you've been on...my sympathies to you and your husband. And yet, with all of the fallout from 9/11 at least you both have your lives...count your blessings, right?

        : Anyway...first question, did you get your 20K? If not, secure that first.

        : Second, slow down. Being in a rush to buy a home may not be the right move at this time. Even in

        : (0)

  • Posted by Lem on October 25, 2004 at 17:41:21:

    I have been dealing with this company for 3 weeks and we could reach them very easily by using an extention number to the person with whom we were dealing. I paid the $2,000. fee and since the fee was paid,I have not been getting any response to our messages. They have changed their phone system as to where you are not asked for an extention number. I have left numerous phone message asking for a response and have not received ANY response in over a week now. I think I might have been scammed!!!!

    : (1)

    • Posted by R Brown on December 10, 2004 at 13:41:48:

      In Reply to: Bold Funding Inc Posted by Lem on October 25, 2004 at 17:41:21:

      They scammed us out of $6740.00 We sent a registered leeter, BBB and now the State Attorneys office IL and VA : I have been dealing with this company for 3 weeks and we could reach them very easily by using an extention number to the person with whom we were dealing. I paid the $2,000. fee and since the fee was paid,I have not been getting any response to our messages. They have changed their phone system as to where you are not asked for an extention number. I have left numerous phone message asking for a response and have not received ANY response in over a week now. I think I might have been scammed!!!!



      : (0)

  • Posted by Tima on October 25, 2004 at 15:56:49:

    I am a licensed mortgage broker and I don't personally do any real estate investing. I am looking for available properties to put some of my clients in who currently don't qualify for a 100% financing so if you have investment properties that you are willing to do creative financing with like lease options, or partial owner financing I would like to learn more about the available properties you have on hand. I can certainly get credit reports, verification of rental history etcetera so that way you can make an informed decision. I help all my clients to improve their credit within approximately 4 to 9months so they can qualify for 100% financing to buy their home if they lease option a home. I can also help you get great non-owner occupied or investment loans using option arms to make sure the mortgage payment is as low as possible so that way the savings trickles down to the T/B and you make more income from your investment property. I am licensed in 42 states and do business in all 50 specifically right now I needproperties in CO, IL, and CA. I would also appreciate other properties in other states so I can have the resources available for any future clients who may be relocating down the line So if you can provide creative financing solutions or you would simply like to increase your profit from you investment property by getting the lowest mortgage payment possible please email me at kingston111@netzero.net. Perhaps you can even point me in the right direction where I can locate additional properties.

    Thanks for your help

    : (1)

    • Posted by Patti Swisher on November 16, 2004 at 18:20:01:

      In Reply to: Looking for properties Posted by Tima on October 25, 2004 at 15:56:49:

      :I am a property locator and can find you the properties for a finder's fee. I live in MI but work nationwide. I have lots of properties in IL. Let's do business.Thanks!

      : I am a licensed mortgage broker and I don't personally do any real estate investing. I am looking for available properties to put some of my clients in who currently don't qualify for a 100% financing so if you have investment properties that you are willing to do creative financing with like lease options, or partial owner financing I would like to learn more about the available properties you have on hand.: : I can certainly get credit reports, verification of rental history etcetera so that way you can make an informed decision. I help all my clients to improve their credit within approximately 4 to 9months so they can qualify for 100% financing to buy their home if they lease option a home.: : I can also help you get great non-owner occupied or investment loans using option arms to make sure the mortgage payment is as low as possible so that way the savings trickles down to the T/B and you make more income from your investment property. : : I am licensed in 42 states and do business in all 50 specifically right now I need: properties in CO, IL, and CA. I would also appreciate other properties in other states so I can have the resources available for any future clients who may be relocating down the line: : So if you can provide creative financing solutions or you would simply like to increase your profit from you investment property by getting the lowest mortgage payment possible please email me at kingston111@netzero.net. Perhaps you can even point me in the right direction where I can locate additional properties.

      : Thanks for your help



      : (0)

  • Posted by tareco on October 25, 2004 at 13:12:45:

    Does anyone know if the judge CAN change the sale date? I'm not asking if you think they will but if that CAN? Anyone know?

    : (2)

    • Posted by tareco on October 26, 2004 at 09:31:51:

      In Reply to: Re: sale date question Posted by Don on October 26, 2004 at 02:18:11:

      Thank you very much for the information Don!

      : (0)

  • Posted by Darlene on October 25, 2004 at 09:20:49:

    We sent money in hopes of buying a home through Bold Funding,all they did was pass the buck from Selma to processing,to investors ,back and forth for 2 months and still have nothing. Now you can't get them to answer their phones,return you calls,and their web site is gone. Heaven help them I hope they rest in peice when they answer to the man above. I could not find anything out about them on the web when we started this process,so we took a chance that maybe there were investors out there who was willing to take a chance on fiancing homes for a fee,plus if you should default they would have the property to resale,so they weren't losing anything by investing their money. In fact they stood to gain by payments being made,interest charged,and a home and property in their name if the buyer was to default. Greed and dishonesty, effidently, was their game, God help people like this, cause someday they will answer to the greatest judge of all.

    : (3)

  • Posted by James on October 25, 2004 at 08:39:35:

    House: Appraised $220

    1st Mortgage: $179k2nd Mortgage: $44k

    Foreclosure was on the 2nd note.2nd note foreclosure bid price was $23K

    What deficiency can they sue me on?



    : (2)

    • Posted by Reinstatement Services, Inc. on October 25, 2004 at 11:34:41:

      In Reply to: deficiency Judgement questions from Texas Posted by James on October 25, 2004 at 08:39:35:

      are often surprised at how quickly [and how much] foreclosure processing fees can add up. Corporate advances, back taxes, and other miscellaneous expenses can also factor in the final amount.

      : (1)

      • Posted by Louise Wild on October 25, 2004 at 18:31:58:

        In Reply to: Many foreclosed homeowners... Posted by Reinstatement Services, Inc. on October 25, 2004 at 11:34:41:

        From New York and helping people who do not have equity and want to save their credit.631-786-8798I need a company to work with when people want to save their home.. willing to work together?

        : (0)

  • Posted by JLawson on October 25, 2004 at 08:09:15:

    Property in Ohio. 3 months behind on payments. Received letter from attorney that to bring mortgage up to date it will cost 7, 069.00 which include 2,000.00 in attorney fees? Not sure what they have done except send me a letter. They also charged $200.00 for an appraisal. I know I want to see the house. Single father of two but have not worked since July. I can get the 7,000 to bring up-to-date and then put on market. Is this the right thing to do? Mortgage Co. will not talk to me since it already went to attorney and attorney does not return calls. The house is worth about 125,000.00 and I owe $113,000.00. If I let the foreclosure go through, will I still be sued for the money owed anyway. If they claim they have to make repairs in the house, I'm I sued for the cost too?

    : (2)

    • Posted by Reinstatement Services, Inc. on October 25, 2004 at 11:30:24:

      In Reply to: Foreclosure Posted by JLawson on October 25, 2004 at 08:09:15:

      Unless you can postion yourself by securing a steady income, any action short of selling will simply be prolonging the inevitable.

      Based on the information you've provided, probably your best course of action is to find a buyer for the property, get your family into a rental or bunking with relatives, and find work.

      At that time, you can repurchase with your credit not as significantly impaired.

      Ohio does allow for deficiency judgment so if the forced sale of your home by your lender does not produce enough to cover the debt then your lender has the option to pursue collection remedy from you in order to make whole the debt.

    • Default and Foreclosure Solutions


    : (0)

  • Posted by JLawson on October 25, 2004 at 07:43:19:

    Property in Ohio. 3 months behind on payments. Received letter from attorney that to bring mortgage up to date it will cost 7, 069.00 which include 2,000.00 in attorney fees? Not sure what they have done except send me a letter. They also charged $200.00 for an appraisal. I know I want to see the house. Single father of two but have not worked since July. I can get the 7,000 to bring up-to-date and then put on market. Is this the right thing to do? Mortgage Co. will not talk to me since it already went to attorney and attorney does not return calls. The house is worth about 125,000.00 and I owe $113,000.00. If I let the foreclosure go through, will I still be sued for the money owed anyway. If they claim they have to make repairs in the house, I'm I sued for the cost too?

    : (1)

  • Posted by solo104 on October 24, 2004 at 22:45:39:

    I am a single mom of three who was left with a 96,000 mortgage. I was also left with a lot more debt, which forced me into bankruptcy. I have an annual income of 23,000 and my monthly payments are a few dollars short of 1,000. I have missed a few payments, and do not know what to do. I clearly cannot afford the payments. Is there anyway I can get the payments lowered so that I can keep the home? I obviously am not touchable by any mortgage companies, and have depleted my friends and family. I do not want my kids to loose their home. Please advise if possible!!!

    : (7)

    • Posted by solo104 on October 25, 2004 at 18:52:43:

      In Reply to: Need Help Saving my Home Posted by solo104 on October 24, 2004 at 22:45:39:

      I have no bankruptcy payments, and am looking to lower the mortgage payments so that the mortgage company will still be getting paid, but at an amount that I can afford, and still keep my house. I am willing to work with them, and have talked to them in regards to a 6 month "hardship" reduction, but I have to be approved for that first. I'm afraid that it won't happen, and then will still not know where to turn. The advise about speaking with the attorney who handled my bankruptcy is a good idea, and I will be calling him in the morning. Thank you!!!

      : (3)

    • Posted by Reinstatement Services, Inc. on October 25, 2004 at 11:23:59:

      In Reply to: Need Help Saving my Home Posted by solo104 on October 24, 2004 at 22:45:39:

      Which payments are you seeking to lower? The bankruptcy payments or the house payments as specified by the mortgage contract?

      Your best course of action will be dependent upon whether you want a shortterm fix or whether you are seeking a permanent change.

    • Default and Foreclosure solutions.


    : (0)

  • Posted by solo104 on October 24, 2004 at 22:28:38:

    I am a single mom of three with an annual income of approx. 24,000. My mortgage payments are close to 1,000. We went through a mortgage company that gave us more money than the house was worth, so that my ex-husband (husband at the time) could pay off a lot of his own personal debt. He has since left, and I have been struggling to make ends meet, and have missed mortgage payments. I know I cannot refinance because the amount owed is still more than the house is worth, and no one will touch me. I also had to file for bankruptcy when he left because of a lot of other debt he incurred before leaving, so a loan is out of the question. I have depleted friends and family. I do not want my children to loose their home, and am really stuck as to what to do. I have also checked with other family members/friends to see if they would take on the mortgage in their name to recieve a refinance that I would be accountable for. Out of ideas, and not sure if there's a way to save our home. Any help/suggestions would be of great value to me. Thank you.

    : (1)

    • Posted by Keith(CA) on October 31, 2004 at 15:17:17:

      In Reply to: Drowning in Debt..any way out? Posted by solo104 on October 24, 2004 at 22:28:38:

      : I am a single mom of three with an annual income of approx. 24,000. My mortgage payments are close to 1,000. We went through a mortgage company that gave us more money than the house was worth, so that my ex-husband (husband at the time) could pay off a lot of his own personal debt. He has since left, and I have been struggling to make ends meet, and have missed mortgage payments. I know I cannot refinance because the amount owed is still more than the house is worth, and no one will touch me. I also had to file for bankruptcy when he left because of a lot of other debt he incurred before leaving, so a loan is out of the question. I have depleted friends and family. I do not want my children to loose their home, and am really stuck as to what to do. I have also checked with other family members/friends to see if they would take on the mortgage in their name to recieve a refinance that I would be accountable for. Out of ideas, and not sure if there's a way to save our home. Any help/suggestions would be of great value to me. Thank you.

      Solo104,

      I can't imagine being in your shoes, but from this outsider's perspective it's time to become a tenant. Your mortgage is around 50% of your already meager income, so it sounds like renting more cheaply is your only option.

      What to do with the house? Maybe see if there's an investor that would be willing to attempt a short sale (where the bank accepts less than face value of the mortgage and just calls it even). Short sales are often the only option when you find yourself upside down in your mortgage (owing more than the colateral is worth). If it works, the investor will take ownership of your house at a discount negotiated with your lender, but you will be spared further damage to your already battered credit history.

      If it doesn't work, foreclosure will be the ultimate outcome. And it appears that's where you're headed now. At some point you need to cut your losses so that you can come back and fight another day down the road. Should it appear certain that you will lose your home to foreclosure, then simply stop paying anything toward it. The bank will gladly take whatever you give them, but it won't count for anything at the foreclosure auction. It'd be better to save that money for you and your kids...to find an apartment or small house to rent.

      Is the ex paying child support? If not, sue him for it immediately. Have you tried enrolling for section 8 yet? Talk to your local HUD office about their requirements. Children are remarkably resilient and will bounce back and recover before you will...just be honest with them throughout the process (even if they don't say anything they can usually smell BS a mile away).

      Best to you and your little ones.

      : (0)

  • Posted by Medov on October 24, 2004 at 19:50:10:

    Any Exchange Restriction Countries like China, Taiwan, South Korea, if the client has minimum US$100M, it is without any MT or SWIFT can get 100% of face value include commission fee per year.We need POF not old five days, Authority Verify Letter, Client Sheet, if your client are serious then contact us same time provide above mentioned datum. Contact me out off board at Rmamedov888@yahoo.com.cn . Otherwise we will not waste time.

    : (0)

  • Posted by perry on October 24, 2004 at 17:40:22:

    MY GIRLFRIEND AND I AM STUCK IN A HOUSE UNDER OUR NAMES. SHE NOW WANTS OUT BECAUSE WE HAVE 6 ROOMATES AND IT IS CAUSING A LOT OF DRAMA BETWEEN US. THE HOUSE IS NOT AT ALL IN CONDITION TO SELL, AND NOW I AM THINKING OF GETTING AN APARTMENT AND LETTING THE HOUSE FORECLOSE. HOW WILL I BE AFFECTED BY THIS? PLEASE ANY INPUT!

    : (0)

  • Posted by Abey on October 24, 2004 at 09:24:17:

    Dear all,

    I am looking for a foreclosure house in NJ/NY area close to the city (preferably Jersey City & Secaucus).

    I would be thankful, if someone can guide me to a real good deal.

    Regards,Abey

    : (1)

  • Posted by Jim V on October 23, 2004 at 22:26:38:

    In Reply to: BAWB insight needed Posted by Don on October 23, 2004 at 20:27:52:

    : Recently got into real estate investing. Does anybody know Bay Area Wealth Builders in California? Would you recommend dealing with them? Can you tell me what benefit it's been to you or would be to me if I joined?

    You should try to talk to Michael Morongiello. I'm sure I screwed up the spelling of his last name, but I think he's pretty active with BAWB, you should be able to find him.

    From posts of his I've seen over the years, he seems like a pretty knowledgable, stand-up guy. Just ask whether your expectations are likely to be met if you join. If nothing else, it'll give you a local contact who's active in the business. If you do have difficulty contacting him, let me know, I'm sure I can dig up his e-mail.

    I laughed when I saw your e-mail address. Been contemplating the benefits of buying a 66-67 SS, or something very similar. Got any leads for that?



    : (1)

  • Posted by cathy on October 23, 2004 at 10:26:05:

    they promised dthat all i would pay was$200.00 THEN THE SENT a letter requesting more $2,300.00 when i tried to call them they were never available to anser questions. the person who answered the phone could never reach any one. when i left messages they never returned my calls. i contacted them in JULY THIS IS ALMOST NOVEMBER STILL NO ONE HAS CONTACTED ME......

    : (2)

    • Posted by Andrea Morris on October 25, 2004 at 09:43:02:

      In Reply to: bold funding Posted by cathy on October 23, 2004 at 10:26:05:

      I went thru almost the same senario. No returned phone calls, no answers. To get ahold of a live body was impossible. They never talked to the mortgage company's attorney nor VA. The day the sheriff's sale was confirmed Bold Funding told me that they couldn't help us. They have $900 of our money. I found out that mortgage brokers MUST be licensed in our state -- don't think Bold Funding was. Loan origninators also MUST be licensed. Now to complain to whomever I can get ahold of!

      AndreaEdmond, OK

      : (0)

  • Posted by Jaycar on October 22, 2004 at 18:31:02:

    I hold a note/2nd TD on a SFR in Nevada. Option One holds the 1st. The 1st TD Trustor is deceased. Option One has accepted my reinstatement payment and the monthly mortgage payments on the 1st for over 18 months while the property was restored to saleable condition. In July I discovered they had not credited several payments I have made (I have cancelled checks). When questioned, Option One stopped communicating with me and filed a NOD. I want to pay off the 1st but I can not get a pay off amount from Option One. Are there any statutes or case law I can cite on my next fax pay off request that will tweek them into responding? Any suggestions will be greatly appreciated. We have a large $$$ investment in this property! Thanks Jaycar

    : (4)

    • Posted by Janie on October 24, 2004 at 23:32:14:

      In Reply to: Lender Pay-Off Request Problem Posted by Jaycar on October 22, 2004 at 18:31:02:

      Get up close and personal with the web site called Mortgage Servicing Fraud.

      Lots of people in your shoes that will walk you through how to CYA yourself from lender fraud. There are things you can do and there are statutes, such as RESPA Title 6.

      Go to: http://www.msfraud.org/forum.htm

      Also, if you suspect fraud, go to: http://wjfa.net for Where's the Justice For All?

      It's for victims of white-collar crimes denied justice. People that have had their homes stolen by scam foreclosures, like your lender not posting payments then foreclosing.













      : I hold a note/2nd TD on a SFR in Nevada. Option One holds the 1st. The 1st TD Trustor is deceased. Option One has accepted my reinstatement payment and the monthly mortgage payments on the 1st for over 18 months while the property was restored to saleable condition. In July I discovered they had not credited several payments I have made (I have cancelled checks). When questioned, Option One stopped communicating with me and filed a NOD. I want to pay off the 1st but I can not get a pay off amount from Option One. Are there any statutes or case law I can cite on my next fax pay off request that will tweek them into responding? Any suggestions will be greatly appreciated. We have a large $$$ investment in this property! Thanks Jaycar

    • Mortgage Servicing Fraud organization


    : (0)

  • Posted by Nick(Colorado) on October 24, 2004 at 14:41:11:

    In Reply to: Lender Pay-Off Request Problem Posted by Jaycar on October 22, 2004 at 18:31:02:

    Jaycar:

    Not to up on Nevada statue. But may states require thata payoff number be included with the NOD. Or they requirethat a payoff figure be honored up to a limited number of days before the sale. At this point maybe you should also be tring to contact the trustee, provided that one has been named.

    : (0)

  • Posted by Ray Smith on October 22, 2004 at 17:36:10:

    Looking for people who are interested in investing and/or purchasing a home in Central Florida. Please contact me to get on my mailing list.

    : (0)

  • Posted by John on October 22, 2004 at 08:32:45:

    Did bold funding commincate with you during the time period? Did theyb pay off all of your debts? Were you able to get cash out?

    : (0)

  • Posted by Anita on October 22, 2004 at 08:04:18:

    How is the house sold after you do a Deed in Lieu of foreclosure? Auction or a Realtor?

    : (2)

    • Posted by Keith(CA) on October 30, 2004 at 05:16:05:

      In Reply to: Deed in Lieu Posted by Anita on October 22, 2004 at 08:04:18:

      : How is the house sold after you do a Deed in Lieu of foreclosure? Auction or a Realtor?

      Courthouse auctions are typically held by trustees or sheriffs who are granted special powers to sell someone else's title rights to real property on behalf of a lienor (lender). A deed-in-lieu skips the auction and conveys title directly to the lender (just as if the property went to auction and no one placed a bid). The lender will then most likely list the property for sale through a real estate broker.

      : (0)

  • Posted by kim on October 21, 2004 at 17:21:19:

    Hopefully someone can help me here or lead me in the right direction. All help will be appreciated.

    I live in Columbia, SC. Apparently home will be sold on Nov 1, but we haven't had any notice posted onsite. I definelty can't pay on the house, so I'll let it go. I was wondering what happens after the sale? Say nobody shows up, then the lender takes the sale...right? what does that mean for us, will they come to us later that day and evict? do we get time to move out? I thought I read something about the sale lasting for 30 days for higher bids to come in. anybody know anything about this? Are there any no=nonsense places online to "break it down" for the common folk? I'm worried about not having enough time to move, etc... Help...

    : (2)

    • Posted by Nick(Colorado) on October 24, 2004 at 15:19:16:

      In Reply to: SC: What exactly happens after Public Sale? Posted by kim on October 21, 2004 at 17:21:19:

      Kim:

      http://www.stopforeclosure.com/South_Carolina_Foreclosure_Law.htm

      Realisticly if the property is over-encumbered, expect thatthe foreclosing entity will take back the property, and thatthere will be no upset bids during the 30 day period. Worst caseyou will receive a notice to quit the property in about 4weeks. However if the foreclosing entity is a bank they may not be very quick about the process. But to be safe, if I were you, I would try and establish new digs starting in early December. Best not to be moving in the middle of the holidays.



      : (0)

    • Posted by Re: What happens after a public sale Kim on October 24, 2004 at 00:46:59:

      In Reply to: SC: What exactly happens after Public Sale? Posted by kim on October 21, 2004 at 17:21:19:

      : Hopefully someone can help me here or lead me in the right direction. All help will be appreciated.

      : I live in Columbia, SC. Apparently home will be sold on Nov 1, but we haven't had any notice posted onsite. I definelty can't pay on the house, so I'll let it go. I was wondering what happens after the sale? Say nobody shows up, then the lender takes the sale...right? what does that mean for us, will they come to us later that day and evict? do we get time to move out? I thought I read something about the sale lasting for 30 days for higher bids to come in. anybody know anything about this? Are there any no=nonsense places online to "break it down" for the common folk? I'm worried about not having enough time to move, etc... Help...



      : (0)

  • Posted by Cliff Gorman on October 21, 2004 at 13:00:54:

    Hello all. I am looking for someone that is tired of knocking on doors and locating the deals, but has experience in closing the deals. I have been self-employed for 4 years, and left my business to be a full time investor. It has been 5 months of advertising, door knocking, phone calling, and sitting down at the kitchen table with several homeowners, and trying to structure a deal with them.If you want someone that will hustle and see this thing through to the end, please contact me.

    : (4)

    • Posted by Jim V on October 25, 2004 at 23:16:00:

      In Reply to: Foreclosures in Southern California Posted by Cliff Gorman on October 21, 2004 at 13:00:54:

      Cliff,

      If you are making contact, but can't close the transction, either the contacts you are making aren't truly motivated yet, or, your presentation isn't what they'd like to exercise, when you present it to them.

      The best option is always going to be a win/win, for everyone involved. If you have a chance, e-mail me, perhaps we can go over what you are doing, and how it could be changed, or optimized.

      : (0)

    • Posted by mel on October 21, 2004 at 17:16:09:

      In Reply to: Foreclosures in Southern California Posted by Cliff Gorman on October 21, 2004 at 13:00:54:

      : Hello all. : I am looking for someone that is tired of knocking on doors and locating the deals, but has experience in closing the deals. : I have been self-employed for 4 years, and left my business to be a full time investor. It has been 5 months of advertising, door knocking, phone calling, and sitting down at the kitchen table with several homeowners, and trying to structure a deal with them.: If you want someone that will hustle and see this thing through to the end, please contact me.



      : (2)

      • Posted by mel on October 21, 2004 at 17:17:02:

        In Reply to: Re: Foreclosures in Southern California Posted by mel on October 21, 2004 at 17:16:09:

        what do have in mind, email me!

        : (0)

      • Posted by mel on October 21, 2004 at 17:16:58:

        In Reply to: Re: Foreclosures in Southern California Posted by mel on October 21, 2004 at 17:16:09:

        what do have in mind, email me!

        : (0)

  • Posted by LL on October 21, 2004 at 03:28:16:

    We have a one year lease, will I have to move right away if he sells to someone else?

    : (1)

    • Posted by Don Most of the time you have 30 days. on October 24, 2004 at 00:51:46:

      In Reply to: by the way Posted by LL on October 21, 2004 at 03:28:16:

      : We have a one year lease, will I have to move right away if he sells to someone else?



      : (0)

  • Posted by Mikaela on October 20, 2004 at 22:09:23:

    I have been involved in a divorce action for 18 months; “Soon to be Ex” is fighting our prenuptial. After moving in with his girlfriend, he quit his job to prove the court would not make him responsible for the mortgage. However, he was still ordered to pay the mortgage after quitting. He has remained jobless, stating he is trying to get a business off the ground.

    Because I have 4 children and do not want the house to go into foreclosure, I contacted the mortgage company last week to find out of there was some way for me to establish some kind of intent to purchase the home in case he defaulted…. I learned the mortgage is already in default, he has a letter from the mortgage company that “expires” in the middle of November.

    The mortgage company will not deal with me because I am not on the mortgage (or on the deed). They seem unwilling to give me any information about how to stop the foreclosure…. I understand I can send payments, but they won’t discuss how much they are….how much I would need to send…. Nothing.

    I am able to purchase the home (separate from him) and have been given rights to the house by a court order; I do not want my home to go into foreclosure is there some way to stop this? Do I actually have to wait until it goes for sell on the courthouse steps?

    My STBX would rather the home go to foreclosure than to see us have it. I have thought about using a subpoena to get the mortgage information, but even if I were to get the information, can I stop the action?

    Because he is in contempt on several other court orders, we have an emergency hearing set for December…. But if that letter of breech expires in November. What happens then?

    I apologize for being long winded, but I was trying to give as much info as possible… I have been trying to do research but am terribly afraid of predatory lending practices and being transferred from one department to another to get answers seems to be a skill I have acquired.. Are there legitimate sites I can search as well?

    Any information would be greatly appreciated. Thanks, Mikaela

    : (3)

  • Posted by LL on October 20, 2004 at 15:48:08:

    My landlord is behind on the mortgage payments and is not yet in foreclosure...he offered the option of "taking over payments" and signing a contract at his attorney's office. Is there qualifying for this, do I need great credit, is there a credit check, what happens to the portion of the mortgage my landlord has paid? I live in New Mexico.

    : (2)

    • Posted by Keith(CA) on October 30, 2004 at 05:29:00:

      In Reply to: Landlord possible foreclosure Posted by LL on October 20, 2004 at 15:48:08:

      : My landlord is behind on the mortgage payments and is not yet in foreclosure...he offered the option of "taking over payments" and signing a contract at his attorney's office. Is there qualifying for this, do I need great credit, is there a credit check, what happens to the portion of the mortgage my landlord has paid? I live in New Mexico.

      Your landlord may be offering to sell the property to you subject-to the existing financing. It would be wise to first get a title report because your landlord may owe more in loans, liens, and/or judgments than the property is worth. You would be "buying" all of those debts as your own.

      If title checks out okay, find out how much the monthly payment would be. Can you afford it? And can you come up with fast cash to make up the back payments your landlord has missed? If you answered yes to both questions, then it sounds like a deal.

      Since this would be your home and I assume you're a bit risk averse, I would talk to the loss mitigation representive of the lender and tell them you want to purchase the house, reinstate the loan, but leave the existing loan in place and make payments. They may tell you that you must formally assume the loan (credit checks, appraisals, all that nonsense). Your response should be that they will lose the chance to turn this into a performing loan as you will not assume it...you will refinance and give your business to another lender. One of two things will happen, either they'll call the entire loan due (you'll have to find financing before they can foreclose) or they'll play ball and let you make the payments (if you secure their permission, get it in writing).

      As far as what happened to the part of the mortgage already paid...your landlord may have already refinanced and stripped the property of any equity. Part of your due dilligence should be to find out the market value of the property and compare that to how much is owed in total on it (all mortgages + all liens, etc.). If it looks bad, like more is owed on the home than its value, start looking for a new place to live now since you don't want to be evicted after a foreclosure.

      : (0)

  • Posted by Richard on October 20, 2004 at 10:42:52:

    I have a judgment against a homeowner and the judgment has been properly recorded and is a lien on his real property in the county.

    The mortgagee bank is now foreclosing its mortgage for nonpayment. My judgment has been named in the complaint.

    If the foreclosure goes forward, what will happen to my judgment? What do I need to do to protect it.

    : (0)

  • Posted by ms.h on October 19, 2004 at 17:46:39:

    did anyone use them and did they pay off your loans

    : (10)

    • Posted by Jim V on October 19, 2004 at 18:49:15:

      In Reply to: redwood trust Posted by ms.h on October 19, 2004 at 17:46:39:

      : did anyone use them and did they pay off your loans

      I did some reading about Redwood Trust and was unable to find anything about actual payoffs. It appears they were seeking signups, and were/are "hoping" their program will be successful.



      : (9)

      • Posted by HONEST on November 04, 2004 at 11:42:32:

        In Reply to: Re: redwood trust Posted by Jim V on October 19, 2004 at 18:49:15:

        Any updates on redwoodtrust. Did any one get a recent payment

        : : did anyone use them and did they pay off your loans

        : I did some reading about Redwood Trust and was unable to find anything about actual payoffs. It appears they were seeking signups, and were/are "hoping" their program will be successful.



        : (1)

        • Posted by Lillie B. Harrison on January 06, 2005 at 15:22:35:

          In Reply to: Re: redwood trust;payments Posted by HONEST on November 04, 2004 at 11:42:32:

          : : Any updates on redwoodtrust. Did any one get a recent payment

          : : : : did anyone use them and did they pay off your loans

          : yes: I did some reading about Redwood Trust and was unable to find anything about actual payoffs. It appears they were seeking signups, and were/are "hoping" their program will be successful.



          : (0)

      • Posted by Keith(CA) on October 19, 2004 at 20:21:18:

        In Reply to: Re: redwood trust Posted by Jim V on October 19, 2004 at 18:49:15:

        : : did anyone use them and did they pay off your loans

        : I did some reading about Redwood Trust and was unable to find anything about actual payoffs. It appears they were seeking signups, and were/are "hoping" their program will be successful.

        The Better Business Bureau finally did fix their database so that the report on Redwood Trust is available. Interesting how some staunch promoters of the busniness here flatly denied any upfront fees, but the charging of an upfront fee is precisely one of the complaint issues consumers are raising.

      • BBB Report


      : (6)

      • Posted by Angela on October 19, 2004 at 23:44:17:

        In Reply to: BBB finally fixed their information Posted by Keith(CA) on October 19, 2004 at 20:21:18:

        Redwood has a no upfront fee option for people in foreclosure.





        : (4)

        • Posted by PTobias on December 11, 2004 at 20:20:50:

          In Reply to: Re: BBB finally fixed their information Posted by Angela on October 19, 2004 at 23:44:17:

          : Redwood has a no upfront fee option for people in foreclosure.

          I applied to Redwood Trust and did not have to pay any upfront fees. Fees are only paid after the mortgage is paid off.

          : (0)

        • Posted by Jim V on October 20, 2004 at 00:01:31:

          In Reply to: Re: BBB finally fixed their information Posted by Angela on October 19, 2004 at 23:44:17:

          Has Redwood actually done was they are stating they can do?





          : (2)

          • Posted by mwr-ca on October 20, 2004 at 10:20:36:

            In Reply to: Re: But,.... Posted by Jim V on October 20, 2004 at 00:01:31:

            If it's too good to be true... . God couldn't afford Redwood's "business" costs. From a website browsing, this thing has all the markings of a ponzi scheme in the making. Better cautious than fleeced.

            : (1)

  • Posted by Sherri on October 19, 2004 at 16:36:02:

    My question is...what do you do when you have a home & you're job transfers you and you are unable to sell your home. What options do you have? We had a tenant in the home under a rent to own option, she stopped paying rent & we had to have her evicted from the property, so we have been paying two mortgages for the last 3 months. We no longer are able to do this, as our finances will not allow. We haven't made this months payment and do not know where the money is suppose to come from. We are in a home now where we were transferred to. Help someone...please!

    : (5)

    • Posted by louise wild on October 25, 2004 at 18:47:29:

      In Reply to: Transferred....Home Empty Posted by Sherri on October 19, 2004 at 16:36:02:

      Where is this "empty" home you're referring to?

      : (0)

    • Posted by Keith(CA) on October 19, 2004 at 21:14:28:

      In Reply to: Transferred....Home Empty Posted by Sherri on October 19, 2004 at 16:36:02:

      : My question is...what do you do when you have a home & you're job transfers you and you are unable to sell your home. What options do you have? We had a tenant in the home under a rent to own option, she stopped paying rent & we had to have her evicted from the property, so we have been paying two mortgages for the last 3 months. We no longer are able to do this, as our finances will not allow. We haven't made this months payment and do not know where the money is suppose to come from. We are in a home now where we were transferred to. Help someone...please!

      Sherri...can you advertise and get another lease/option tenant? Get a big option consideration to help soften the financial blow. If rent just won't cut it, how about selling yourself on a land contract (contract for deed)? Or, if you just can't stand the distance, why not just sell at a loss? Maybe you can work it out so that the amount you're eating gets financed over 10 years or something...guaranteed to be a much smaller payment than the full mortgage!

      : (0)

  • Posted by Pat on October 19, 2004 at 10:10:31:

    My husband and I live in Ohio. When he moved in with me, we could not afford both houses. He thought that he was getting his house voluntarily repossesed and that it would show up on our credit differently than a foreclosure. However, that is not what happened. They did foreclose, the house was sold at auction and the same mortgage company bought the house at auction for 20,000 less than my husband owed on the house. Questions: 1) We don't know if he still owes money to the mortgage company 2)I have been buying my house for about 18 years, my name is the only name on the mortgage. If he does still owe them money, and we are now married, is it possible for my husbands mortgage company to get a lien on my house? We are thinking about refinancing my house right now, and I want to know if it would be a mistake to do that with that old mortgage hanging over his head.

    : (4)

    • Posted by Jim V on October 20, 2004 at 00:11:35:

      In Reply to: foreclosure and remarriage Posted by Pat on October 19, 2004 at 10:10:31:

      : My husband and I live in Ohio. When he moved in with me, we could not afford both houses. He thought that he was getting his house voluntarily repossesed and that it would show up on our credit differently than a foreclosure. However, that is not what happened. They did foreclose, the house was sold at auction and the same mortgage company bought the house at auction for 20,000 less than my husband owed on the house. Questions: 1) We don't know if he still owes money to the mortgage company 2)I have been buying my house for about 18 years, my name is the only name on the mortgage. If he does still owe them money, and we are now married, is it possible for my husbands mortgage company to get a lien on my house? We are thinking about refinancing my house right now, and I want to know if it would be a mistake to do that with that old mortgage hanging over his head.

      Keith pretty much hit the important parts.It sounds like the mortgage company has at least a possibility for at least a $20K deficiency, DO NOT put your husband on the title of your property.

      The lender has, I believe, two years from the date of foreclosure in OH, to perfect(record) their deficiency judgment. You do not want your husband's name on title before that time elapses. Yes, they will search his name, and if they find he owns property, you can bet they will record. Keep your property in your name, re-evaluate options when the timeframes have lapsed.

      : (0)

    • Posted by Keith(CA) on October 19, 2004 at 20:48:13:

      In Reply to: foreclosure and remarriage Posted by Pat on October 19, 2004 at 10:10:31:

      : My husband and I live in Ohio. When he moved in with me, we could not afford both houses. He thought that he was getting his house voluntarily repossesed and that it would show up on our credit differently than a foreclosure. However, that is not what happened. They did foreclose, the house was sold at auction and the same mortgage company bought the house at auction for 20,000 less than my husband owed on the house. Questions: 1) We don't know if he still owes money to the mortgage company 2)I have been buying my house for about 18 years, my name is the only name on the mortgage. If he does still owe them money, and we are now married, is it possible for my husbands mortgage company to get a lien on my house? We are thinking about refinancing my house right now, and I want to know if it would be a mistake to do that with that old mortgage hanging over his head.

      Pat...I can't speak to Ohio, but if a deficiency judgment was issued either with the foreclosure suit (assuming a judicial foreclosure), or subsequently, that judgment can become a lien against any and all property in the county of record where the defendant (your husband) is on title. So, it doesn't matter who is on the mortgage for this kind of lien, it does matter who is on title. If Ohio is a community property state, then it may already be too late.

      Some suggestions: (1) talk to the mortgage company; (2) check the public records to see what has been recorded against your husband's name; (3) sweet-talk a title company/attorney into searching for this one scenario at a discount; (4) ask a title company/attorney their opinion of this scenario and get a response tailored to Ohio.

      You didn't say how long ago this all transpired, but in many states judgments of this kind have a limited lifespan (typically 7 to 10 years), and if not renewed the lien will simply vanish (not the debt, just the lien). Keep in mind that the debt (if any is owed) will be accumulating interest.

      If things look bleak (i.e. he does owe money and there is a lien that will hurt a refinance), your best bet is to negotiate a reduced payoff. Mention that you've considered bankruptcy and they might be even more willing to play ball. If it's $20K, try offering $2,000 or some such number.

      Also, make sure that you're refinancing for the right reasons. You'll have to pay it all back at some point, and pulling equity out gets a lot of people in financial hot water later down the road. They wind up unable to sell because they have no equity, so they sell at a steep loss or suffer (another) foreclosure which might carry (another) deficiency judgment.

      Here's another thought...how about opening a Home Equity Line Of Credit (HELOC) instead of refinancing to pull cash out of your home?

      : (2)

  • Posted by Steve on October 18, 2004 at 23:48:14:

    What are the pros and cons of having a real estate license as a foreclosure investor?

    : (1)

    • Posted by Keith(CA) on October 19, 2004 at 20:31:36:

      In Reply to: Pros&cons of a real estate license Posted by Steve on October 18, 2004 at 23:48:14:

      : What are the pros and cons of having a real estate license as a foreclosure investor?

      It really depends on where you're specializing your investing. Are you buying your foreclosure investments at the courthouse steps (auction)? Then having a license may (pro) provide an avenue for easier/cheaper resale...(con) none really. Buying from the bank after the auction (REO)? Having a license could (pro) get you unfettered access to listed REO's on the MLS and access onto the premeses...(con) none really. Buying before the auction from the owner in foreclosure? Having a license could (con) mean greater accountability and culpability, and definitely would require disclosure of licensure; plus you must be sure to not create or imply a relationship of agency (see also Estoppel)...(pro) may provide an avenue for easier/cheaper resale. This is really a lightweight treatment of the topic, but hopefully I've captured the major points. Anyone else care to chime in?

      : (0)

  • Posted by Michael on October 18, 2004 at 21:28:38:

    If I am cuurent on my mortgaga and have never had a late payment in over 10 yrs, can the homeowners assoc actually proceed with a lien foreclosure on a due I forgot to pay in 2002. I pd both previous and current years except for 2002, must have been an oversight. I am wlling to pay the due, but they also want atty fees now.

    : (2)

    • Posted by Bill H on October 18, 2004 at 21:47:59:

      In Reply to: Foreclosure - failure to pay homeowner assoc dues Posted by Michael on October 18, 2004 at 21:28:38:

      : If I am cuurent on my mortgaga and have never had a late payment in over 10 yrs, can the homeowners assoc actually proceed with a lien foreclosure on a due I forgot to pay in 2002. I pd both previous and current years except for 2002, must have been an oversight. I am wlling to pay the due, but they also want atty fees now.

      Yes, mortgages and Home Owner Association Dues are two different ducks.

      Probably the easiest way out is to negotiate the atty fees and pay them and move on.

      There is an interesting case ongoing now in California, I believe, about a couple who lost a very nice property over a small home owner association dues foreclosure.

      Ain't worth the hassle and mess....negotiate and pay.

      Good Luck,Bill H

      : (0)

  • Posted by Ron on October 18, 2004 at 17:22:03:

    I have a question about foreclosure in arkansas. If a property is foreclosed and sold at auction, in the case where the sell amount does not satisfy the debt, I understand that the former owner can be held responsible for the difference. In the event that an auction brings more than the debt amount, who gets the surplus monies?

    : (0)

  • Posted by Julie on October 18, 2004 at 12:44:41:

    With our situation I am going through the options. I am curious about a Deed in Lieu of foreclosure. I think it's something that our mortgage company does but he won't even talk to me about it. They are trying to make it seem like it's not really an option. He also said it shows up as a voluntary foreclosure. How do I go about getting the mortgage co. to accept the deed in lieu? It seems they are more willing to foreclose rather than doing the deed in lieu. Does anyone know?

    : (2)

    • Posted by Bill H on October 18, 2004 at 21:43:52:

      In Reply to: Need more info on Deed in Lieu Posted by Julie on October 18, 2004 at 12:44:41:

      : With our situation I am going through the options. I am curious about a Deed in Lieu of foreclosure. I think it's something that our mortgage company does but he won't even talk to me about it. They are trying to make it seem like it's not really an option. He also said it shows up as a voluntary foreclosure. How do I go about getting the mortgage co. to accept the deed in lieu? It seems they are more willing to foreclose rather than doing the deed in lieu. Does anyone know?

      Sort of like the old story or "You can lead a horse to water...but you cannot make him drink." You can offer a deed in lieu ....but... the lender does not have to accept it.

      The rules vary a bit from state to state and they may be precluded from seeking a deficiency judgement, etc., if the accept the deed in lieu.

      Make them a written offer of the deed in lieu and request a written response as to why they will not accept it. Yes, it will go on your credit as a foreclosure.

      Ask one of the public "free" legal foundations in your area to explain your state's laws concerning deed in lieu.

      Good Luck,Bill H



      : (0)

  • Posted by scott on October 18, 2004 at 12:01:17:

    Im in georgia. 35 miles outside of atlanta closer to Athens UGA campus. I have had my house 3 months and I screwed up. I bought to much . The house appraised at 132000 and bought it for 125000. Builder just lowered the price of a new build across the street to 119000. Same design. I need out but i dont know where to start. My house of cards is falling quickly and the stress is killing me. HELP...

    : (3)

    • Posted by Keith(CA) on October 19, 2004 at 20:55:56:

      In Reply to: IN WAY OVER MY HEAD Posted by scott on October 18, 2004 at 12:01:17:

      : Im in georgia. 35 miles outside of atlanta closer to Athens UGA campus. I have had my house 3 months and I screwed up. I bought to much . The house appraised at 132000 and bought it for 125000. Builder just lowered the price of a new build across the street to 119000. Same design. I need out but i dont know where to start. My house of cards is falling quickly and the stress is killing me. HELP...

      The decline of home values should have had no effect over whether you could afford the house before you bought it versus now. If you were unable to afford the payment to begin with, then you do have something to worry about. But if you're simply panicking due to declining values you might just want to hang on for the ride...it sounds like supply is catching up with demand and that prices are correcting themselves...but in a growing area appreciation will most likely bring the prices back up eventually. How about some more background?

      : (0)

  • Posted by Kath on October 17, 2004 at 15:29:36:

    We purchased a home in Alabama 9 years ago directly from the owners. They had built the house and been the general contractors 5 years before. Two years ago a crack showed up in the foundation. After getting it fixed (around $7500) we discussed recourse but didn't contact a lawyer and just paid for it ourselves.

    About 6 months ago, another side of our house began dropping and we have a dirt crack in our basement. The foundation repair people are now concerned that the whole foundation was possibly built on disturbed soil. This repair would be considerably more expensive (20,000+ for the current problem) plus more money down the road for the other two sides of the house! Either way, we can't afford this.

    We had been planning for awhile to sell and downsize but now our house is basically unsellable (our market is poor anyway). Although our house appraised well earlier this year and we technically have equity in it, we DO NOT want to sink more money into this disaster!

    We would actually like to do a deed in lieu to our mortgage company but doubt they would want the house. Does anyone know what they require for the deed? Any other ideas? I also have health problems and really need to live in a one-story home. Thanks.



    : (0)

  • Posted by SC on October 17, 2004 at 09:25:20:

    I am pursing a property that a couple owns and has gotten permission from their lender to do a short sale. They recently got an appraisal for the property that I think is a little inflated and they say they are not behind on the payments but I think otherwise. The appraisal is higher than what they say they owe(about 3k to 5k higher) and the amount they say they owe, I think, is higher than the actual value of the home. Does this sound fishy? Should I even consider dealing with this property?

    : (3)

    • Posted by Nick(Colorado) on October 17, 2004 at 12:10:44:

      In Reply to: Short sales Posted by SC on October 17, 2004 at 09:25:20:

      SC:

      If you are interested in getting a better feeling for where the deal stands, you should start with a publicrecords search. I always like to get an idea of the standingof all of the belligerents, even when dealing with anREO. But once you have done that, the property has a curtain value to you, and that is the limit of where youare willing to bid. So if you think that the appraisal ishigh, it is high, and is not relevant to your bid.



      : (2)

      • Posted by S.C. on October 18, 2004 at 18:43:17:

        In Reply to: Re: Short sales Posted by Nick(Colorado) on October 17, 2004 at 12:10:44:

        : SC:

        : If you are interested in getting a better feeling for : where the deal stands, you should start with a public: records search. I always like to get an idea of the standing: of all of the belligerents, even when dealing with an: REO. But once you have done that, the property has a : curtain value to you, and that is the limit of where you: are willing to bid. So if you think that the appraisal is: high, it is high, and is not relevant to your bid.

        Thank you very much for your reply....The county in which I have been trying to look up the property's information is having problems with its website and I am unable to access the tax records, sales info, etc....would anyone know of another source for this information?

        : (1)

        • Posted by Nick(Colorado) on October 19, 2004 at 10:07:36:

          In Reply to: Re: Short sales Posted by S.C. on October 18, 2004 at 18:43:17:

          SC:

          You will need to physically go down to the recorder'soffice, and use the system there.

          : (0)

  • Posted by mike on October 16, 2004 at 23:55:58:

    where can i find foreclosed properties that all you need to do is just pay the back taxes ?

    : (5)

    • Posted by Bill H on October 17, 2004 at 15:55:40:

      In Reply to: government tax foreclosurers Posted by mike on October 16, 2004 at 23:55:58:

      : where can i find foreclosed properties that all you need to do is just pay the back taxes ?

      Mike: These are normally referrd to as tax-resales. They are the properties that have gone through the tax sale process and were not bid on. THey defaulted to the county, the redemption period has expired. The county can now sell them.

      What you find is a lot of burned out crack house, termite palaces, swamp land, highway esements, drainage ditches, etc....not really anything that I would want.

      Every county has them...most of the time the default up to the state level...go to your local tax collector and inquire about "Delinquest Tax Proepertie that escheated to the state" or Tax Resales. You might find them on the web sites. I know that Travis County in Texas (Austin) has a long list of them.

      Be aware that these are not the houses for pennies on the dollar that the TV INfomercials promise....you got about as good a chance at hitting the powerball lotto. They are the things that NOBODY wanted at the normal tax sales.

      Good Luck,Bill H



      : (0)

    • Posted by Bill H on October 17, 2004 at 15:26:21:

      In Reply to: government tax foreclosurers Posted by mike on October 16, 2004 at 23:55:58:

      : where can i find foreclosed properties that all you need to do is just pay the back taxes ?

      These are commonly referred to as tax resales. This means that they have already gone through the tax sale process, wer not bid on, defaulted to the taxing authrority, any redemption period has expired and now the county can sell them.

      Most all counties and states have them. Having read the above paragraph you can imagine what they are. Yep, burned out crack houses, vacant contaminated lots, slivers of land along roadways, swamp land, etc.

      Having been in the tax deed/lien/certificate business for some time I can tell you that it is NOT like the late night TV Informercials make it out to be.

      Your chances of getting and house for pennies on the dollar are about as good as your chances of hitting the powerball lotto. It does happen and then it most often comes with lots of litigation and costs...normall not worth the cost because most of the time the judge will take about any excuse from the person losing the property and look at you and say you pay the court costs...all you are entitled to is your interest and any penalty...case closed.

      Good LUck,Bill H



      : (0)

  • Posted by Ty on October 16, 2004 at 03:56:49:

    I was in the Foreclosure process but it was all removed after I got a lawyer involved. We settled out of court. This started on 08/2003 with eviction set for 9/2003. Afterwards I checked my credit report and it had Foreclosure on my credit report for 9 months...12/2002 up to 08/2003.

    Is this legal?

    Is this standard for a mortgage company to report foreclosure to the credit companies?

    : (1)

    • Posted by Keith(CA) on October 19, 2004 at 21:06:03:

      In Reply to: Credit report Posted by Ty on October 16, 2004 at 03:56:49:

      : I was in the Foreclosure process but it was all removed after I got a lawyer involved. We settled out of court. This started on 08/2003 with eviction set for 9/2003. Afterwards I checked my credit report and it had Foreclosure on my credit report for 9 months...12/2002 up to 08/2003.

      : Is this legal?

      : Is this standard for a mortgage company to report foreclosure to the credit companies?

      Unfortunately, cleaning up after your lender is your job (as far as your credit is concerned). Have you disputed this with the three credit agencies yet (Experian, Equifax, and TransUnion)? If not, then that's where you need to begin.



      : (0)

  • Posted by Jay on October 15, 2004 at 15:47:58:

    Is there any remedy for a misspelled Trustor's surname on a Nevada NOD, short of refiling and starting the 90 day clock all over? My Trustee made a typo in the doc.

    Thanks, Jay



    : (3)

    • Posted by Jim V on October 15, 2004 at 17:05:45:

      In Reply to: NOD Surname mispelled... Posted by Jay on October 15, 2004 at 15:47:58:

      Jay,

      How far are you in the process, and who complained about the misspelling?



      : (2)

      • Posted by Jay on October 15, 2004 at 19:04:13:

        In Reply to: Re: NOD Surname mispelled... Posted by Jim V on October 15, 2004 at 17:05:45:

        Jim V,

        Thanks for your response. No one has complained yet, I just noticed it on my paperwork. We have just reached the 90 days. The property has been vacated by the Trustor. However, the property was sold for several thousand dollars to an "investor" on their way out of town. He did not contact me before his "purchase" and I think he was very surprised at the amount of my default. He is the only one who may cause any trouble. I guess my question is can my trustee proceed to advertise the sale if the address and APN are correct? Thanks, Jay

        : (1)

        • Posted by Jim V on October 15, 2004 at 20:54:08:

          In Reply to: Re: NOD Surname mispelled... Posted by Jay on October 15, 2004 at 19:04:13:

          Jay,

          The safest, guaranteed course of action is to restart the process, but I'm assuming the typo was fairly minor, not a gross distortion of the trustor's name. It sounds like the trustor doesn't have any desire to contest your action, they would be the one having the strongest interest in saying proper notice wasn't given.

          If the "investor" completes their purchase, it's kind of a moot point because you'll be paid off, or reinstated. Given that the property could go to sale in 20 days or so, my inclination would be to let sleeping dogs lie and proceed with the sale.

          Legal description of the property is far more essential than the address or APN. That is what you're acually selling, so you need to make sure it is accurate.

          : (0)

  • Posted by Lorianne on October 14, 2004 at 22:24:29:

    My house was foreclosed, sold in August. About a week ago, I received a letter from the lender saying that I still owed the entire amount in which I was delinquent. I thought that is why the house was sold at a foreclosure sale?

    : (3)

    • Posted by kawikaCA on October 15, 2004 at 10:57:24:

      In Reply to: Debt after foreclosure? Posted by Lorianne on October 14, 2004 at 22:24:29:

      If it was a senior lien then you do still owe it. The new owner should make the payments if they want to keep the house or else the senior lien can also foreclose.

      : (0)

    • Posted by NJDave on October 15, 2004 at 07:19:01:

      In Reply to: Debt after foreclosure? Posted by Lorianne on October 14, 2004 at 22:24:29:

      It's possible that proceeds from the forced, foreclosure sale weren't enough to satisfy the debt. In that case, you could still owe the debt... the lender could seek a deficiency judgment.. or seek to garnish wages, etc.

      Foreclosure laws, practices, and customs may vary from state to state.

      Best not to ignore the notices... you may end up seeking the advice of an attorney whose practice includes bankruptcy.

      : (0)

  • Posted by Jennifer on October 14, 2004 at 18:04:00:

    Is it possible to buy a house after you have been foreclosed on once? Will we just need a larger down payment? Just looking for information. Thanks.

    : (2)

    • Posted by Igor on October 18, 2004 at 23:30:53:

      In Reply to: Buying a house after foreclosure Posted by Jennifer on October 14, 2004 at 18:04:00:

      Only with a hard money lender with a 35-50% down and an interest rate of around 15 - 23%Good LuckIgor: Is it possible to buy a house after you have been foreclosed on once? Will we just need a larger down payment? Just looking for information. Thanks.



      : (1)

      • Posted by Lisa on November 01, 2004 at 14:10:33:

        In Reply to: Re: Buying a house after foreclosure Posted by Igor on October 18, 2004 at 23:30:53:

        :You can do better than 35-50% down, but it all depends on your credit score after the foreclosure and how long it's been since your foreclosure. Most Investors have a sliding scale. The farther away in time that your financial hiccup was (provided you're on the straight and narrow now, of course) the smaller the downpayment. Also in a BK/Foreclosure, your credit score drops about 80-120 points, if you were at 700 originally, and had a financial catastrophe happen, your score may only dip down to a point that you are only required to put 10% down. For most people, however, the road to BK/forclosure is a longer more painful one and their scores dip to the point that 20-30% downpayment is required.: Only with a hard money lender with a 35-50% down and an interest rate of around 15 - 23%: Good Luck: Igor: : Is it possible to buy a house after you have been foreclosed on once? Will we just need a larger down payment? Just looking for information. Thanks.



        : (0)

  • Posted by Jodi on October 13, 2004 at 22:45:46:

    We bought at auction a foreclosed property, and are now trying to search for all junior lienholders. We found and "order and Judgment" against the owner and the owner's business. This was filed by a business supply company who must still be waiting to be paid. This was found after a diligent search, and not recorded with the other documents ie: deeds of trust, transcripts of judgements, etc. Does this company have redemption rights to the owner's property, even though this order seems to include the owner's business. Their document that was filed is the most recent record and I'm thinking they might be the last junior redeemer. Any more good advice??

    : (0)

  • Posted by JJ Ranford on October 13, 2004 at 22:00:52:

    My company provides pre-foreclosure leads in AZ, CA, FL, NM, and WA. Our information is gathered daily from the court house. The leads are then appended with phone numbers and emailed to you by noon the next day. I would urge you to visit our website at www.sb-rec.com.

    : (2)

    • Posted by celeste patterson on November 26, 2004 at 01:22:42:

      In Reply to: Pre-foreclosure Leads Posted by JJ Ranford on October 13, 2004 at 22:00:52:

      : My company provides pre-foreclosure leads in AZ, CA, FL, NM, and WA. Our information is gathered daily from the court house. The leads are then appended with phone numbers and emailed to you by noon the next day. I would urge you to visit our website at www.sb-rec.com.



      : (0)

    • Posted by aina chen on October 15, 2004 at 04:54:39:

      In Reply to: Pre-foreclosure Leads Posted by JJ Ranford on October 13, 2004 at 22:00:52:

      : My company provides pre-foreclosure leads in AZ, CA, FL, NM, and WA. Our information is gathered daily from the court house. The leads are then appended with phone numbers and emailed to you by noon the next day. I would urge you to visit our website at www.sb-rec.com.



      : (0)

  • Posted by fred witt on October 13, 2004 at 21:27:47:

    Hi you all i hope you can help us. are timeshare in orlando florida is going into the forclosure process. We live in south dakota. we were wondering that if it forcloses will this affect are credit. My wifes name is first on the signing paper and mine is second. Will it affect both credits? also when wwe purchased we asked if this will go aon are credit to help build it? they said no as there is to much to report, but when we stared to get calls they said it will foreclose and it will effect your credit. Is this true? Also we checked are credit report and it is not in are history yet as being paid on up to this point. they will not let sell until we get caught up on payments. what do you all think? thanks fred

    : (1)

    • Posted by Vicki on November 04, 2004 at 22:54:21:

      In Reply to: forclosure of time share. Posted by fred witt on October 13, 2004 at 21:27:47:

      Hello Fred, I also have a timeshare in Florida. I can't afford the maitenance fees for my timeshare. It has been trying to be sold on the web for the last 3 years, nothing is happening. I can't afford the payments anymore either. I want it to foreclose but I don't want to be sued. Do you know anything about that? Please let me know of your experience.

      : (0)

  • Posted by fred witt on October 13, 2004 at 21:15:39:

    Hi you all i hope you can help us. are timeshare in orlando florida is going into the forclosure process. We live in south dakota. we were wondering that if it forcloses will this affect are credit. My wifes name is first on the signing paper and mine is second. Will it affect both credits? also when wwe purchased we asked if this will go aon are credit to help build it? they said no as there is to much to report, but when we stared to get calls they said it will foreclose and it will effect your credit. Is this true? Also we checked are credit report and it is not in are history yet as being paid on up to this point. they will not let sell until we get caught up on payments. what do you all think? thanks fred

    : (0)

  • Posted by Mary on October 13, 2004 at 15:11:25:

    We live in North Carolina and had to file Chapter 7 this year. We were discharged in June, 2004. Our attorney told us not to reaffirm on any debts which we did not. We kept our home which has a second mortgage. We have kept up the payments since then but have run into some financial problems in the last month. We were able, although late, to pay last months 1st mortgage payment but not the second mortgage payment. I was wondering if anyone knew what the second mortgage company can do if payment is not recieved for 2 or 3 months? Can they force foreclosure on the property? Any help is appreciated. We want despertly to keep our home and we are working on the financial end, trying to find new jobs. Thank you..

    : (2)

    • Posted by Keith(CA) on October 20, 2004 at 13:30:21:

      In Reply to: Filed Chapter 7- discharged... Posted by Mary on October 13, 2004 at 15:11:25:

      : We live in North Carolina and had to file Chapter 7 this year. We were discharged in June, 2004. Our attorney told us not to reaffirm on any debts which we did not. We kept our home which has a second mortgage. We have kept up the payments since then but have run into some financial problems in the last month. We were able, although late, to pay last months 1st mortgage payment but not the second mortgage payment. I was wondering if anyone knew what the second mortgage company can do if payment is not recieved for 2 or 3 months? Can they force foreclosure on the property? Any help is appreciated. We want despertly to keep our home and we are working on the financial end, trying to find new jobs. Thank you..

      At this stage, the bankruptcy is over and you are no longer under the court's protection. Your lender can and likely will foreclose if you continue to miss payments.

      Have you considered renting out a room for extra cash? Do you have any equity...could you open a HELOC and pull out enough cash to make your payments for several months? Have you talked to your lender and told them what's going on...ask your second if they can suspend payments for 4 to 6 months and extend the term of the loan?

      Keeping your lender in the loop from the beginning is the best policy. You might also seek the help of a debt counselor for additional ideas.

      : (0)

  • Posted by lena on October 13, 2004 at 14:46:09:

    I live in Alabama, and a foreclosure has just happened with the house I cosigned on with my ex-husband, who lived in the house after the divorce. I had signed a quit claim deed over to him, but he never refinanced or sold it to remove my name from the loan,as planned. I now own my own home, and my credit would be great if it weren't for the foreclosure. My question is has anyone ever been able to talk a mortgage company into removing the bad credit in a case like this, where it wasn't my fault? (except for signing the deed) Yes, I could have paid to prevent the foreclosure, but that still wouldn't have given me any rights to the house. Thanks for any info you might have.

    : (2)

    • Posted by kawikaCA on October 13, 2004 at 17:01:27:

      In Reply to: foreclosure & credit Posted by lena on October 13, 2004 at 14:46:09:

      When you say "as planned" do you have a written agreement or court order to that effect? If so then notify the lender to remove it. If they won't contest it with the credit reporting agencies.

      If there was no order then you're stuck with it. If it was more than a couple years ago many lenders won't put much weight on it. Have you checked your credit score and are sure that's the item pulling it down?

      : (1)

      • Posted by lena on October 14, 2004 at 13:20:41:

        In Reply to: Re: foreclosure & credit Posted by kawikaCA on October 13, 2004 at 17:01:27:

        : When you say "as planned" do you have a written agreement or court order to that effect? If so then notify the lender to remove it. If they won't contest it with the credit reporting agencies.

        : If there was no order then you're stuck with it. If it was more than a couple years ago many lenders won't put much weight on it. Have you checked your credit score and are sure that's the item pulling it down?

        There was no written order, unfortunately. I trusted my ex to take my name off, but he got into drugs after the divorce and doesn't care about anything else now. I even called the mortgage company a different time when it was about to foreclose and gave them my contact information. They never once tried to contact me after that to let me know of the recent foreclosing. The foreclosure sale was last month, and that is the only negative item on my credit report, other than a late payment four years ago on a credit card, but it's paid in full now. I have had my current house for over two years now and have never been late on a payment. I guess I can at least be thankful I was able to get that. Thank you for your advice.

        : (0)

  • Posted by Mike on October 13, 2004 at 11:55:53:

    I'm trying to crack into the preforeclosure market in Louisiana. Can anyone give me some tips besides the website,http://www.uslandco.com ? Any help would be appreciated.

    : (9)

    • Posted by kawikaCA on October 13, 2004 at 17:03:07:

      In Reply to: Preforeclosure help - LA Posted by Mike on October 13, 2004 at 11:55:53:

      You might not want to try to wing it like 95% of most people who try this business then quickly exit or get burned with a property they paid too much for. is run by my friend Ward Hanigan who is an expert in foreclosures nationwide and offers varying levels of training. I've been through his 3-day one-on-one training and it is excellent.

      : (8)

      • Posted by Mike on October 13, 2004 at 17:23:25:

        In Reply to: Get some training Posted by kawikaCA on October 13, 2004 at 17:03:07:

        : You might not want to try to wing it like 95% of most people who try this business then quickly exit or get burned with a property they paid too much for. is run by my friend Ward Hanigan who is an expert in foreclosures nationwide and offers varying levels of training. I've been through his 3-day one-on-one training and it is excellent.

        Actually, I have taken a course and done a good bit of research. I have also learned much about the foreclosure process in LA. I guess I should be more specific with my question. I have read that in most states a lender issues a "Notice of Default"(NOD) or a "Lis Pendes" to the mortgagee once the party has not paid the note in 2-3 months. This document, under my understanding, is recorded by the county/parish recorder's office. After researching and visiting the local office, I have found no mention of a NOD. I did see notice of Lis Pendes, but not used in the same context. The only useful document I found was the Writ of Seizure. Which is very useful, but I was hoping to get to the perspective property before the a writ of seizure is in effect. I was wondering if anyone had specific knowledge of the Louisiana pre foreclosure process. And if so, could tell me if such a document(NOD, Lis Pendes, or a like) exists in Louisiana.

        Any insight would be great.

        : (7)

        • Posted by kawikaCA on October 13, 2004 at 17:49:15:

          In Reply to: Re: Get some training - (in Louisiana) Posted by Mike on October 13, 2004 at 17:23:25:

          Sorry about that, I didn't realize you had already gone through training. LA is a mortgage state that uses Executory Process, if the mortgage contains the clause "authentic act that imparts a confession of judgment", or ordinary process which takes longer, I think 60-days.

          The Executory Process begins with a Petition for Process by the lender. The borrower has 3 days to provide the delinquent funds. If they do not then the court can order a writ of seizure. The foreclosure sale can occur after 30-days notice.

          NOD's are used in some deed of trust states like here in California.

          If you're tying to be able to contact the owner between the time Petition for Process is filed and the Writ of Seizure you'll probably have to go down to the county court, probably superior court, and check their records every 1-3 days.

          I hope that helps.

          : (5)

          • Posted by kawikaCA on October 13, 2004 at 18:53:13:

            In Reply to: LA f/c ? Posted by kawikaCA on October 13, 2004 at 17:49:15:

            : Sorry about that, I didn't realize you had already gone through training. LA is a mortgage state that uses Executory Process, if the mortgage contains the clause "authentic act that imparts a confession of judgment", or ordinary process which takes longer, I think 60-days.

            : The Executory Process begins with a Petition for Process by the lender. The borrower has 3 days to provide the delinquent funds. If they do not then the court can order a writ of seizure. The foreclosure sale can occur after 30-days notice.

            : NOD's are used in some deed of trust states like here in California.

            : If you're tying to be able to contact the owner between the time Petition for Process is filed and the Writ of Seizure you'll probably have to go down to the county court, probably superior court, and check their records every 1-3 days.

            : I hope that helps.

            I said the foreclosure sale can occur after 30-days, that's not right. What I meant was the Sheriff can seize the property after 30-days then they'll schedule and notice the sale.

            : (0)

          • Posted by Mike on October 13, 2004 at 18:04:07:

            In Reply to: LA f/c ? Posted by kawikaCA on October 13, 2004 at 17:49:15:

            : Sorry about that, I didn't realize you had already gone through training. LA is a mortgage state that uses Executory Process, if the mortgage contains the clause "authentic act that imparts a confession of judgment", or ordinary process which takes longer, I think 60-days.

            : The Executory Process begins with a Petition for Process by the lender. The borrower has 3 days to provide the delinquent funds. If they do not then the court can order a writ of seizure. The foreclosure sale can occur after 30-days notice.

            : NOD's are used in some deed of trust states like here in California.

            : If you're tying to be able to contact the owner between the time Petition for Process is filed and the Writ of Seizure you'll probably have to go down to the county court, probably superior court, and check their records every 1-3 days.

            : I hope that helps.

            So after 2-3 months of default, an owner is only given 3 days (via PETITION-EXECUTORY PROCESS) to make the mortgage current? Then the Writ of Seizure is issued?

            Thanks for the replies.

            : (1)

            • Posted by kawikaCA on October 13, 2004 at 18:31:14:

              In Reply to: Re: LA f/c ? Posted by Mike on October 13, 2004 at 18:04:07:

              Yes. It's discussed over several sections of the Louisiana Code of Civil Procedure (http://www.legis.state.la.us/lss/lss.asp?folder=221)

              : (0)

          • Posted by Jim V on October 13, 2004 at 18:01:05:

            In Reply to: LA f/c ? Posted by kawikaCA on October 13, 2004 at 17:49:15:

            : Sorry about that, I didn't realize you had already gone through training. LA is a mortgage state that uses Executory Process, if the mortgage contains the clause "authentic act that imparts a confession of judgment", or ordinary process which takes longer, I think 60-days.

            : The Executory Process begins with a Petition for Process by the lender. The borrower has 3 days to provide the delinquent funds. If they do not then the court can order a writ of seizure. The foreclosure sale can occur after 30-days notice.

            : NOD's are used in some deed of trust states like here in California.

            : If you're tying to be able to contact the owner between the time Petition for Process is filed and the Writ of Seizure you'll probably have to go down to the county court, probably superior court, and check their records every 1-3 days.

            : I hope that helps.

            Kawika,

            Just thought I'd share my experience with searching court case records. While in a judicial foreclosure state, I got myself over to the clerk of the courts, explained what I needed, and they helpfully gave me a set of books where every court case was filed chronologically. No computers, no way to cross reference, just have to go through it page by page. It really makes me appreciate modern technology, and those governments that embrace it.

            : (1)

            • Posted by kawikaCA on October 13, 2004 at 18:51:15:

              In Reply to: Re: Searching records Posted by Jim V on October 13, 2004 at 18:01:05:

              : : Sorry about that, I didn't realize you had already gone through training. LA is a mortgage state that uses Executory Process, if the mortgage contains the clause "authentic act that imparts a confession of judgment", or ordinary process which takes longer, I think 60-days.

              : : The Executory Process begins with a Petition for Process by the lender. The borrower has 3 days to provide the delinquent funds. If they do not then the court can order a writ of seizure. The foreclosure sale can occur after 30-days notice.

              : : NOD's are used in some deed of trust states like here in California.

              : : If you're tying to be able to contact the owner between the time Petition for Process is filed and the Writ of Seizure you'll probably have to go down to the county court, probably superior court, and check their records every 1-3 days.

              : : I hope that helps.

              : Kawika,

              : Just thought I'd share my experience with searching court case records. While in a judicial foreclosure state, I got myself over to the clerk of the courts, explained what I needed, and they helpfully gave me a set of books where every court case was filed chronologically. No computers, no way to cross reference, just have to go through it page by page. It really makes me appreciate modern technology, and those governments that embrace it.

              I know what you mean. We have to do that to when all the computers are taken up. I still want the courts and county recorders here in San Diego to put their documents online but they're just not into that.

              : (0)

        • Posted by Jim V on October 13, 2004 at 17:45:22:

          In Reply to: Re: Get some training - (in Louisiana) Posted by Mike on October 13, 2004 at 17:23:25:

          is probably the document you want. LA is a judicial process, so it'll be filed with the clerk of the court in the Parish where the property is located. The Writ of Seizure is the second step in the process, so the petition is probably what you want.

          Hope that helps.

          : (0)

  • Posted by d. little on October 12, 2004 at 00:57:06:

    Need help to save house. $156000. mort., 9.74%, $1511. payment, value - $215000. Don't want to move. Lost job 2 yrs. ago, wife working, I work. Annual income $28,000.

    : (10)

    • Posted by Dan Long on October 16, 2004 at 20:06:39:

      In Reply to: my house Posted by d. little on October 12, 2004 at 00:57:06:

      You can get a mortgage grant to pay your mortgage. Contact me if interested

      : (0)

    • Posted by Lydia W on October 12, 2004 at 02:23:32:

      In Reply to: my house Posted by d. little on October 12, 2004 at 00:57:06:

      I am a loan officer who specializes in your particular case. Please email me your information and I will get back to you first thing in the morning. What state are you in?

      I would love to help you and I think I may have several programs to help you keep your home I would like to talk to you.

      Lydia

      : Need help to save house. $156000. mort., 9.74%, $1511. payment, value - $215000. Don't want to move. Lost job 2 yrs. ago, wife working, I work. Annual income $28,000.

      : (0)

    • Posted by Jim V on October 12, 2004 at 01:47:47:

      In Reply to: my house Posted by d. little on October 12, 2004 at 00:57:06:

      : Need help to save house. $156000. mort., 9.74%, $1511. payment, value - $215000. Don't want to move. Lost job 2 yrs. ago, wife working, I work. Annual income $28,000.

      d. little,

      In my personal opinion, I do not think you will be able to maintain payments of $1,511 with income of $28,000. Annual income should be around $55,000 to support those kind of payments, if the income numbers can't be reached, then you should be looking to recover the equity you have in your current property.

      When monthly payments aren't sustainable on a home loan, it's often better to sell, and move to something that will allow you to keep up with monthly payments. If you can put the net proceeds from a sale(equity), in the bank, that will provide a down payment on a future property.

      I'm not saying it's easy, but sometimes you have to do what you need to, not what you want. There are many companies that can/attempt to do home loan workouts, but I honestly think you should look to restarting your real estate ownership when your family income stabilizes.

      : (1)

      • Posted by NJSPOCH on October 13, 2004 at 16:23:33:

        In Reply to: Re: Sustainability Posted by Jim V on October 12, 2004 at 01:47:47:

        Agreed. Making the tough decision early on will afford you the opportunity to make a decision... and not have circumstances dictate your less favorable options.

        : (0)

  • Posted by tareco on October 11, 2004 at 21:11:36:

    I'm in WI and am in the foreclosure process. Can anyone tell me how I would find out if the foreclosure judgment was filed with a deficiency judgment? I really need to know. Please help. Thanks!

    : (1)

    • Posted by aina chen on October 15, 2004 at 05:06:41:

      In Reply to: Deficiency judgment Posted by tareco on October 11, 2004 at 21:11:36:

      : I'm in WI and am in the foreclosure process. Can anyone tell me how I would find out if the foreclosure judgment was filed with a deficiency judgment? I really need to know. Please help. Thanks!



      : (0)

  • Posted by Julie on October 11, 2004 at 14:57:22:

    We are trying everything to save our credit. My husband and I bought a home last year and we financed $113,000 when the appraisal came in at $116,000 (which I didn't realize cause the CMA in this area was about $125) The property went to foreclosure but we got it stopped. In January we are planning to move to another state and we don't understand the details of foreclosure and how the process works and what we will owe. I am interested in doing what is best for my credit. The market is not looking good right now and this house was on the market for a year before we bought it. I asked the mort co about deed in leui and they said that it would show up on my credit as a voluntary foreclosure. Was I miss informed? I know that should be my last option but I am thinking we are out of options right now. Please help. I have also contacted an investor and he doesn't seem real interested because he hasn't gotten back with me. The mort co did tell me they were willing to make a deal with the investor. What is our best option? We have to leave in January. What should we do?

    : (3)

    • Posted by Foreclosure Help on October 11, 2004 at 19:29:16:

      In Reply to: HELP!! Need direction Posted by Julie on October 11, 2004 at 14:57:22:

      There are many different options you can take. You just need to be a bit creative. I can give you some suggestions if you want to contact me directly.

      One option would be to sell your home. I can show you a techinique that usually sells a home in less than a month for all cash at appraised value.

      As far as it showing on your credit that wil depend on the mortgage company, most of them will make sure it shows up, some don't even offer a deed in lieu of foreclosure.

      One thing is for sure, the Mortgage Company DOES NOT want your home. They are terrible at owning property.

      : We are trying everything to save our credit. My husband and I bought a home last year and we financed $113,000 when the appraisal came in at $116,000 (which I didn't realize cause the CMA in this area was about $125) The property went to foreclosure but we got it stopped. In January we are planning to move to another state and we don't understand the details of foreclosure and how the process works and what we will owe. I am interested in doing what is best for my credit. The market is not looking good right now and this house was on the market for a year before we bought it. I asked the mort co about deed in leui and they said that it would show up on my credit as a voluntary foreclosure. Was I miss informed? I know that should be my last option but I am thinking we are out of options right now. Please help. I have also contacted an investor and he doesn't seem real interested because he hasn't gotten back with me. The mort co did tell me they were willing to make a deal with the investor. What is our best option? We have to leave in January. What should we do?



      : (0)

  • Posted by Bryan on October 11, 2004 at 11:16:55:

    I have just received my foreclosure letter. My question is do I still have time to negotiate a payment plan with my lender, my current payment is $806a month and I am 2 months behind, I can pay about $1100 to catch up do you think they will work with me?

    : (4)

    • Posted by Dan on October 16, 2004 at 20:04:25:

      In Reply to: I just received my foreclosure letter Posted by Bryan on October 11, 2004 at 11:16:55:

      You can obtain a mortgae grant and pay it off. Contact me for more details

      : (2)

      • Posted by Tammy on October 23, 2004 at 14:31:24:

        In Reply to: Re: I just received my foreclosure letter Posted by Dan on October 16, 2004 at 20:04:25:

        : You can obtain a mortgae grant and pay it off. Contact me for more details



        : (0)

    • Posted by Reinstatement Services, Inc. on October 11, 2004 at 11:41:41:

      In Reply to: I just received my foreclosure letter Posted by Bryan on October 11, 2004 at 11:16:55:

      Absolutely there's still time but you have got to hurry. Your first line of defense should be to contact your lender's workout department. They will be able to assist you in obtaining a workout as an alternative to foreclosure.

    • The answer for your home.


    : (0)

  • Posted by Robin on October 10, 2004 at 20:22:25:

    Question: I am 3 months behind in payment and in the process of foreclosure. I don't want to foreclose and would like to sell my home. I owe only $65K and now credit is damaged to refinance with another company. Any ideas??? THanks so much. I am desperated.

    : (5)

    • Posted by Ed Fowles on October 11, 2004 at 10:03:03:

      In Reply to: possible Posted by Robin on October 10, 2004 at 20:22:25:

      You probably still qualify for refinancing Robin because there are several loan programs designed for folks in your situation. Give me 24 hours and I'll find one or more home loans that'll solve your problem.

      : (0)

  • Posted by Jessica on October 10, 2004 at 18:33:33:

    I am in Ohio.We bought a mobile home on 2 acres in 1998. We refinanced with The Money Store in 1999. We are now in foreclosure. The Money Store never put the mobile home in the mortgage so the previous lender sent us the title to the mobile home. The appraisal price for the sale date is to high to just be the land. Do they have the right to sell the mobile home. They would have to have my husband's signature or a judgement for him to give it up. It's my understanding that mobile homes are personal property. It is not on a foundation and has not been converted to real estate.We thought about moving it, but were still scared we might get in trouble.

    : (1)

  • Posted by JEFF ROGERS on October 10, 2004 at 00:55:42:

    I am looking for a PDF format letter of authorization to release loan information that I can email to a friend facing foreclosure.Does anyone have one to email me or direct me to a site to download a letter?ThanksJEFF

    : (1)

    • Posted by Keith(CA) on October 10, 2004 at 10:07:01:

      In Reply to: pre-foreclosure authorization to release form Posted by JEFF ROGERS on October 10, 2004 at 00:55:42:

      : I am looking for a PDF format letter of authorization to release loan information that I can email to a friend facing foreclosure.: Does anyone have one to email me or direct me to a site to download a letter?: Thanks: JEFF



      : (0)

  • Posted by Louise on October 08, 2004 at 06:06:19:

    I'm in NY & would like to find out from anyone successfully doing short sales-What is the most effective method for you? and would you mind sharing a copy of the letter you send to pre-foreclosures that generates a lot of leads. Thank you!

    : (2)

    • Posted by TheShortSalePro on October 11, 2004 at 06:02:34:

      In Reply to: Short sale leads/marketing Posted by Louise on October 08, 2004 at 06:06:19:

      Usually, potential short sale deals will find you... as you are seeking other, more conventional acquisition opportunities. Make sure that you are able to recognise a potential preforeclosure short sale deal... and be prepared to act when one has been identified.

      : (1)

      • Posted by louise on October 12, 2004 at 21:15:20:

        In Reply to: Re: a watched pot doesn't boil Posted by TheShortSalePro on October 11, 2004 at 06:02:34:

        Thank You

        : (0)

  • Posted by machele on October 07, 2004 at 14:54:14:

    hello,two years ago i filed for bankruptcy. i am now in the processe of applyingm for a home loan . can you help me write a letter of explanation? thanks

    : (1)

    • Posted by Raymond on October 11, 2004 at 10:22:33:

      In Reply to: how to write a letter explaining why i filed for bankruptcy Posted by machele on October 07, 2004 at 14:54:14:

      When a credit explanation letter is requested, they're wanting to see the bankrutpcy was an isolated event, which you've recovered from, and it won't happen again.

      Lenders would much rather hear the bankruptcy was caused by unforeseeable misfortunes that were beyond your control. The burden is still on you, however, to persuade the lender the misfortune is very unlikely to recur.

      For example, the firm you've worked at for 15 years suddenly and without warning went out of business. If you now have a new position, you can make a case this is unlikely to happen to you again. A bankruptcy caused by a natural catastrophe or serious health problem is similar, provided you are persuasive in arguing they were one-time events. Be prepared to back up your story with documents or verifiable details.

      The letter should be addressed to your Loan Officer (so it doesn't get misplaced). I'll provide an example letter below.

      Your Name Address Line 1 Address Line 2 City, State Zip Code

      Date

      Your Loan Officer's name Your Loan Officer's Company Address Line City, State Zip Code

      Re: Explanation of Bankruptcy

      Dear "Loan Officer's Name",

      I am writing to explain the bankruptcy I filed on {date}. I had to file bankruptcy due to a series of unfortunate circumstances to my finances. Please allow me this time to explain.

      {Explanation}

      Thank you for taking the time to review my explanation. If you have any questions, please do not hesitate to contact me regarding this letter.

      Sincerely,

      Your name



      : (0)

  • Posted by Tom H on October 07, 2004 at 06:55:27:

    Hi all, first of all I live in Maryland. My ex and I seperarated 2 years ago and eventually officially divorced last year. I left the house that we owned together and she was still living there with her children. Well, evidently she was not paying the mortgage and the house has since been forclosed upon. At least I know that someone has been in the house because there is now an official "no trespassing" not on one of the windows. Anyway, I haven't heard anyting about the house from the mortgage co. Whethere she has or not, I'm not sure since we don't talk. I have since remarried and was wondering what the possibility was of me and or my new wife getting a loan for a house. Can my income be used even if the loan is solely in my new wife's name? Help.....

    : (1)

    • Posted by Josh on October 08, 2004 at 02:16:34:

      In Reply to: buying a house after foreclosure Posted by Tom H on October 07, 2004 at 06:55:27:

      Hello Tom,

      Was your last mortgage in your name as well? There are sub-prime programs that allow you to get a mortgage after a recent bankruptcy. Your rate will not be the best but if you have 20% to put down you should be good.

      How is your new wife’s credit? If her credit is good you may be able to state her income and get a really good rate. It is really hard to say without looking at your credit and assets. Please contact me if you have any questions.

      : (0)

  • Posted by michele on October 06, 2004 at 20:11:22:

    Please help!!I am renting a home in FL which is being foreclosed upon..In signing the rental lease agreement, the owners did not let us know that the home was in foreclosure. We have put up first and last months rent and deposit. We dont want to leave the home, the loan they have is with countrywide...any chance of contacting countrywide to try to purchase the home before it goes to sale? any help would be appreciated...

    : (2)

    • Posted by Brookes on January 01, 2005 at 15:17:39:

      In Reply to: questions about renters rights Posted by michele on October 06, 2004 at 20:11:22:

      My question is do I get pro-rated rent for a broaken heater. It has been out for almost two weeks, and I have not been staying at my place due to the cold.

      : (0)

    • Posted by Reinstatement Services, Inc. on October 06, 2004 at 21:28:57:

      In Reply to: questions about renters rights Posted by michele on October 06, 2004 at 20:11:22:

      making an offer to the owners of the property [your landlord] since their legal rights to the property will not terminate unless there is a forced sale.

      Also, you should know that just because they are curently in foreclosure does not mean that they will remain in foreclosure or that they will ultimately lose the property. They still have options that they might explore such as workout relief, bankruptcy relief, reinstatement, refinance, etc....all of which could allow them to avoid foreclosure.

    • The answer for your home.


    : (0)

  • Posted by joe on October 06, 2004 at 16:56:48:

    heres a good one filed chapter 7 house was discharged in bankruptcy.my question is do i own the house free and clear or do i have to move or what?? did not reaffirm or reinstate loan .have fairbanks mortgage cant get any answers from them and lawyer dont know. need some answers or advice where to look . i live in orlando florida. thank you for your time.

    : (4)

    • Posted by Reinstatement Services, Inc. on October 06, 2004 at 21:39:17:

      In Reply to: bankruptcy/chapter 7 Posted by joe on October 06, 2004 at 16:56:48:

      You will remain the legal owner of the property unless you sell it, deed it, or your lender forecloses. Because Fairbanks holds a security interest in the property foreclosure is most likely imminent and will eventually be exercised by the investor as specified in the mortgage document.

      Even so, I would not leave the property [it might take quite some time in Florida to process the foreclosure] until I had in my possession a notice to vacate. BTW, you could still exercise your option to sell or bring the loan current and keep the property.

    • The Answer for your home.


    : (0)

  • Posted by Janie on October 06, 2004 at 18:13:23:

    In Reply to: bankruptcy/chapter 7 Posted by joe on October 06, 2004 at 16:56:48:

    Check your bankruptcy petition papers for the Statement of Intention page. That is where you make the declaration of whether you will retain the property or surrender to your lender.

    If you surrendered it, then you should be looking for other living arrangements.

    The Declaration of Intent has nothing to do with reaffirming a debt. There is no law that requires you to reaffirm a debt. It's something the lender will push because it prevents you from a BK later on.

    What that means is if down the road a ways, you trip again and can't do the payments. You could reopen your Chapter 7 case and file and amendment to include your obligation to Fairbanks Mortgage. But you can only do if you do not reaffirm the debt.

    Now, for the kicker. You are in Florida, which has the most obscene exemptions and "don't look to closely at what I am doing bankruptcy laws." You need to get your attorney to sit down with you and spell it out in black and white.

    : (0)

  • Posted by Nick(Colorado) on October 06, 2004 at 17:44:08:

    In Reply to: bankruptcy/chapter 7 Posted by joe on October 06, 2004 at 16:56:48:

    Joe:

    If you did not pay off the note, the property is stillencumbered by the Fairbanks lien. Only your responsibilityto pay on the note may be discharged, in BNK 7. So, You will still have to pay on the note. If you do not, Fairbanks will start foreclosure.

    : (0)

  • Posted by rosie on October 06, 2004 at 02:23:15:

    I am a credit nightmare. I am 5 months behind on my first mortgage and 2 months behind on a second. When I was served with foreclosure notice (the first legal paperwork) it listed a judgement lein which I was unaware was there. It was placed by a auto credit company when a vehicle I had co-signed for and was in the process of bankrupcy when it was entered. Of course the vehicle was listed on the bankrupcy but not the lein. To make matters worse my ex-husband is on the loan and his name should of been taken off 3 years ago but because of financial matters I couldn't refinance. I do not feel bad about this because he is the reason I am in this mess. He is a dead beat father for our 3 children, doesn't pay for any medical or school expenses, and is currently $8,000 behind in child support.Finally to my questions, what can I expect? When will I have to move? This is a FHA loan, will they sue me? Will my 2nd mortgage company or the auto credit company sue me? Can my ex sue me although he has broke numerous agreements in our divorce papers?I can not sell my house because I am having problems with my septic and well and because I live hand to mouth I have no extra money to fix it up. I have an excellent career which pays very well with great benefits but I pay a large amount to child care costs. The sad part is I am not worried about my credit, it has been horrible for years due to bad money choices although I have learned my MANY lessons. My boyfriend and my family have excellent credit and have no idea what I am going through so I need help.

    : (2)

    • Posted by Janie on October 06, 2004 at 11:53:49:

      In Reply to: foreclosure in illinois Posted by rosie on October 06, 2004 at 02:23:15:

      Never get in the gutter just because others choose to go there. Your issues with your ex should not blind you to being a better person if for no other reason, then to show your children how to rise above the pigs in life.

      I speak from experience. I have three kids and their father, my husband, not only bailed on us, but he frauded us out of our home. I don't need to remind the kids what a piece of garbage he is, they know. Be a better person so your kids have at least one parent to be proud of.

      Have you consulted a BK attorney? That is one option.Also contact NCRC for a refinance. They are a non-profit national organization that does refinance at low interest and no costs. Because you are a single mom without support, they probably will help you.



      : (1)

  • Posted by linda on October 05, 2004 at 19:41:54:

    my house has been on the market for almost 4months.my payments are over 1,000 a month. I'm going through a divorce and can no longer afford this. My husband has already screwed up my credit with a car loan he is behind on {sad to say credit rating is the least of my worries at this point}I own a mobile home and a 97 jeep, if i let the bank forclose will i lose these two peices of property. im in baltimore md

    : (4)

  • Posted by Favors on October 05, 2004 at 17:40:44:

    We are in Georgia. Is it possible to save your home from foreclosure while under a bankruptcy?

    : (4)

    • Posted by Jim V on October 05, 2004 at 22:34:06:

      In Reply to: Foreclosure under bankruptcy. Posted by Favors on October 05, 2004 at 17:40:44:

      : We are in Georgia. Is it possible to save your home from foreclosure while under a bankruptcy?

      There are two major kinds of bankruptcy, one is a Chapter 13, which is a repayment of past due debts. The other most common filing is a Chapter 7, which is a liquidation of past due debts.

      Chapter 7, while providing a short-term stay of foreclosure proceedings, will not stop or save your home from the foreclosure process. It will prevent the lender from seeking a deficiency judgment, but it is not a long-term solution.

      Chapter 13, with the home loan included, will prevent an auction, allowing you a 3-5 year time frame to pay the past due amounts owed the lender. The downside is that if any payments are missed on the court approved plan, the lender will most likely be allowed to proceed with a foreclosure auction.

      Any other solutions/options, other than those provided, will have to be approved by the bankruptcy court.

      : (2)

      • Posted by Janie on October 06, 2004 at 11:31:15:

        In Reply to: Re: Foreclosure under bankruptcy. Posted by Jim V on October 05, 2004 at 22:34:06:

        While a Chapter 13 stays a foreclosure, it does not wipe it out until you have a plan confirmed. Up until then, the lender can file a motion for releif for stay and pick up the foreclosure where they left off. They do not have to start over.

        Shop for a BK attorney that has actual litigating experience. Most are proficient at preparing papers and filing them, then representing you at the 341 creditor's meeting, but that is it.

        Go to the bankruptcy talk group for more details. There are about 500 people that have been there, done that. They will give you a pros and cons, and mostly emotional support.

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

        : (1)

        • Posted by Latosah on November 04, 2004 at 10:44:54:

          In Reply to: Re: Foreclosure under bankruptcy. Posted by Janie on October 06, 2004 at 11:31:15:

          : While a Chapter 13 stays a foreclosure, it does not wipe it out until you have a plan confirmed. Up until then, the lender can file a motion for releif for stay and pick up the foreclosure where they left off. They do not have to start over.

          : Shop for a BK attorney that has actual litigating experience. Most are proficient at preparing papers and filing them, then representing you at the 341 creditor's meeting, but that is it.

          : : Go to the bankruptcy talk group for more details. There are about 500 people that have been there, done that. They will give you a pros and cons, and mostly emotional support.

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



          : (0)

  • Posted by WhoSystems.com on October 05, 2004 at 13:16:01:

    Any idea where to get reasonibly priced insurance on a property that is going to get flipped? I am trying to be legit and not use landlord insurance if they specifically ask me if I am going to flip the property and have had several companies not work with me because of a short term policy.

    : (0)

  • Posted by Michele Robbins, CPA on October 04, 2004 at 15:21:07:

    There is a creative financing strategy that is used to help buyers, sellers, and even flippers turn hard to do deals into closed deals using owner financing. This strategy works well even when the seller has an underlying mortgage, is facing foreclosure, or just wants to sell the property quickly. It also works well when the buyer cannot or does not wish to use traditional lending. The property sale is structured as a seller financed transaction. The owner financed mortgage can be set up in lieu of traditional financing and then that note/mortgage/deed can be sold at closing (or any time thereafter) for cash. So - the seller gets the cash they need, the buyer gets the property they want, the Realtor (if there is one) gets their commission, and the house gets sold very quickly.

    A couple of things to note right away: This strategy ONLY works if 1) traditional financing does not work or is not desired for some reason; 2) the seller is willing to take a discount on the property; 3) everyone can be creative when structuring the deal. Here is why: The seller financed note is purchased at a discount depending upon the type of property, the buyer's credit score, the amount of cash down, the interest rate on the note, etc. So, if the buyer can get regular financing that's usually the best way to go because there is no discount. However, there are many reasons people can't or don't want to go traditional. For example, high DTI ratios, too many new property purchases, can't prove self employment income, etc. So, when one of those reasons are present and the seller is willing to take a discount, this strategy can be a win-win situation.

    Many Realtors use this strategy when a property isn't moving. Instead of lowering the Sales Price, they leave the sales price at full appraised value..... but offer owner financing and discount the note instead. This widens the pool of buyers and property sells quickly. The seller gets the cash he would have received if he lowered the price, the buyer gets the property they may not have been able to get traditionally, and the Realtor gets her commission based on the full Sales Price on the Contract.

    These types of transactions can be structured for the buyer, the seller, or the "flipper". These notes can be purchased at closing or anytime after the closing. Contract for Deeds can also be purchased. First lien notes secured by real property are usually preferred by most investors.

    Hope this helps to get the creative juices flowing.

    Warmly,

    Michele Robbins, CPANote Funding Resources, LLCOffice (410) 827-5788http://www.notefunding.cominfo@notefunding.com

    : (0)

  • Posted by Sylvia Makresia on October 04, 2004 at 13:42:12:

    I am interested in buying in New York. How does foreclosure work? When I search for property it gives a list price. Is that what I will have to pay for the property? What is the catch? It seems too good to be true. If someone can explain it to me. Thank you

    : (0)

  • Posted by John on October 03, 2004 at 20:35:16:

    My wife is divorcing from me. She has moved out three months ago. Now, I can no longer afford to pay the mortgage by myself. I wish to get out of my house. Can I sell it without my wife's signature?? I cannot contact my wife except her lawyer. I also cannot afford to hire a lawyer in my divorce case. Can anybody give me an advice?? I appreciate very much.

    : (4)

    • (0)
    • Posted by Celeste on October 05, 2004 at 17:33:24:

      In Reply to: What to do?? Posted by John on October 03, 2004 at 20:35:16:

      : My wife is divorcing from me. She has moved out three months ago. Now, I can no longer afford to pay the mortgage by myself. I wish to get out of my house. Can I sell it without my wife's signature?? I cannot contact my wife except her lawyer. I also cannot afford to hire a lawyer in my divorce case. Can anybody give me an advice?? I appreciate very much.

      What state are you in? Options and legalities vary from state to state...You can sell right away through an investor depending on the equity in home and walk away with some start over cash. Are you in a community property state?

      : (1)

      • Posted by John on October 05, 2004 at 19:46:34:

        In Reply to: Re: What to do?? Posted by Celeste on October 05, 2004 at 17:33:24:

        I live in my single house in Tennessee. The equity of my house is about $12,000. I am still owing the bank $105,000. The loan is FHA. Any solution?? I appreciate.

        : (0)

    • Posted by Celeste on October 05, 2004 at 17:31:05:

      In Reply to: What to do?? Posted by John on October 03, 2004 at 20:35:16:

      : My wife is divorcing from me. She has moved out three months ago. Now, I can no longer afford to pay the mortgage by myself. I wish to get out of my house. Can I sell it without my wife's signature?? I cannot contact my wife except her lawyer. I also cannot afford to hire a lawyer in my divorce case. Can anybody give me an advice?? I appreciate very much.



      : (0)

  • Posted by Poll Master on October 02, 2004 at 18:43:29:

    Where's the Justice For All? is organizing into a national organization to advocate tougher penalties for criminals of white-collar crimes and to stop the destructive trend of denying victims justice.

    Amond white-collar crimes are predatory lending practices and scam or fraudulent foreclosures.

    Have you been a victim of a white-collar crime?

    Did prosecutors or law enforcement deny you justice by telling you its a civil matter?

    WJFA wants to hear from you.

    Send your vote to:

    poll@wjfa.net

    Question:

    1. Have you ever been a victim of a consumer fraud?

    2. What type of fraud?

    a. Real Estateb. Predatory Lendingc. Identity Theft

    3. Did you file a criminal complaint?

    4. With which agency did you file the complaint(s).

    5. What was the outcome of your complaint / attempt to file complaint?

    The results of the poll will be posted on the Where's the Justice For All? new web site in near future. Your name and email will be kept confidential.

    http://wjfa.net/



  • Where's the Justice For All?

    : (1)

    • Posted by Cee on January 13, 2005 at 21:57:10:

      In Reply to: Poll: white-collar crimes- lending fraud, foreclosure fraud Posted by Poll Master on October 02, 2004 at 18:43:29:

      : Where's the Justice For All? is organizing into a national organization to advocate tougher penalties for criminals of white-collar crimes and to stop the destructive trend of denying victims justice.

      : Amond white-collar crimes are predatory lending practices and scam or fraudulent foreclosures.

      : Have you been a victim of a white-collar crime? YES

      : Did prosecutors or law enforcement deny you justice by telling you its a civil matter? YES DA'S OFFICE TOLD ME GP GET AN ATTORNEY

      : WJFA wants to hear from you.

      : Send your vote to:

      : poll@wjfa.net

      : : Question:

      : 1. Have you ever been a victim of a consumer fraud? YES BY MORTGAGE LENDER

      : 2. What type of fraud?ID THEFT : a. Real Estate : b. Predatory Lending: c. Identity Theft

      : : 3. Did you file a criminal complaint? YES

      : 4. With which agency did you file the complaint(s).POLICE DEPT. AND DA'S OFFICE : 5. What was the outcome of your complaint / attempt to file complaint? POLICE DEPT. SAID WE DO NOT HAVE KNOWLAGE ON REAL ESTATE LAW AND DA'S OFFICE SAID WE ARE BUSY WITH OTHER CRIME GO GET ATTORNEY

      : : The results of the poll will be posted on the Where's the Justice For All? new web site in near future. Your name and email will be kept confidential.

      : http://wjfa.net/NOTICE RE CONFIDENTIALITY AND RELIANCEThe information contained in this message and attachment is confidential; it may be privileged and protected from disclosure by law. It is intended for the designated recipient(s) only. If you are not the designated recipient you are hereby notified that dissemination, distribution or copying of this message or any attachment is strictly prohibited. If you are not the intended recipient please notify us immediately and delete it from your computer system. PLEASE FURTHER TAKE NOTICE -- Email is an informal means of communication of limited reliability. No agreement or binding signature, express or implied, is authorized or intended by the above message unless expressly stated. Formal communications warrant handwritten signatures.



      : (0)

  • Posted by Keith(CA) on October 01, 2004 at 17:39:00:

    (October 1, 2004) -- California Gov. Arnold Schwarzenegger has vetoed a bill that would have barred homeowner associations from using non-judicial foreclosure as a debt-collection policy.

    Although the measure had attracted bipartisan support, Schwarzenegger criticized the legislation as "overly broad," adding that it could result in higher assessments for homeowners who do make timely payments.

    Some 37,000 private communities in California and thousands of others across the country are using non-judicial foreclosure to collect overdue homeowner assessments. The bill was prompted by an incident in which a Calaveras County couple had their $285,000 home auctioned off to recover a $120 debt.

    Source: San Jose Mercury News (10/01/04)

    : (0)

  • Posted by Ellen on October 01, 2004 at 14:32:08:

    My husband and I are in a chapter 13 bankruptcy. He failed to make a couple of payments and ford co. repossed the car after the stay removal. We are buying our home. He is now retired and I'm now disabled.the trustee is going to dismiss the chapter 13. Should we file a seven? The house is now in poor condition because we cannot afford repairs. I think the seven will take our car which we cant afford another. What will washington mutual do now that the chapter 13 will be dismissed. What will happen.

    : (3)

    • Posted by -yawni- on October 06, 2004 at 02:54:54:

      In Reply to: what to do in Ohio Posted by Ellen on October 01, 2004 at 14:32:08:

      Hi, Ellen!

      I believe that there is a 180 day automatic stay in Federal Court to prevent someone from refiling for bankruptcy protection within 6 months of the last dismissal.

      In any event, the automatic stay of all state court actions, or legal proceedings, which protects you upon filing for bankruptcy, can be set aside by a lender in about 6 week's time. (I'm not really sure. The law may have changed since I last went through this process...)

      However, my advice is still the same. Read my two other posts under "yawni", somewhere close to yours, perhaps, you can pick up on something between the lines.

      Although your situation is different, the bottom line is that THE CLOCK IS TICKING! You have to do something, now, to avoid foreclosure, or save some equity, if there is any.

      Call up the best realator in your area (or more than one for a second opinion) and list your house for sale, immediately! I am guessing that you may have almost paid off your mortgage or do have some equity. Oops, Washington Mutual? Maybe you refinanced recently and took out most of the equity? Do you know? Is hubby being honest with you? Did you co-sign on the car or the house? You had a recent Fomoco loan, so, you/he had good credit until recently? What's wrong with this picture?? Are there any drug or alcohol problems, here? I don't care, if you tell me or not, but my advice is only about as good as the information that I'm given. I have to make assumptions, if I don't have the facts, so, please, don't be offended.

      No one has a recent car loan and "retires" voluntarily with a mortgage loan, gets the car repo'ed, and defaults on the house payments...without something else going on...So, I'm thinking, maybe he's not retirement age? Not over 65? "Lost his job?"

      Just be honest with yourself. Is your disability related to your husband's retirement?

      If you have enough equity to protect, follow the above advice. Protect your credit, if you cosigned....

      If you are in an abusive situation, without cooperation from hubby, go talk to a lawyer, to get control of the property and negotiate "forbearance" on the foreclosure, that is, if you have enough equity to make it worth your time.

      If you were a wiley, little, old lady with lots of "deferred maintenance" on the house from years and years of normal wear and tear, go get a contractor to joint venture with you, or hire someone to paint the house and fix it up for you but tell them that they'll have to wait for their money. (I'm just not gettin' this picture,though, ma'me...)

      If you have read anything I've written, you should know that bottom line, you have a limited amount of time and you are going to have to get the facts and be honest with yourself. This is a wake up call, if you are more susceptible and vulnerable to fooling yourself than I am. Make a plan and get going on it.

      Actually, now, that I re-read your post...ie between the lines...you got me chuckling a little bit, here...you already know about the automatic stay being lifted...In answer to your questions: the other car is probably "exempt"...check out your state and federal exemptions...the things that creditors cannot attach, or execute on...and my best estimate of the time you have left is four months free rent...If you want to know how to get more time, I need more facts...and, by the way, why would you both declare bankruptcy???? Hey, you almost got me. (Did I read somewhere that Ohio has lost about a million jobs since Bush was elected? Maybe not... It's all up to you, in any event. -yawni-

      : (1)

    • Posted by Janie on October 01, 2004 at 17:18:16:

      In Reply to: what to do in Ohio Posted by Ellen on October 01, 2004 at 14:32:08:

      What is your attorney advising? Just because a trustee files a motion to dismiss, does not make it a done deal. You can file an opposition.

      Trustee's file the dismissal at the drop of the dime. Often, if you talk to them before it becomes a crisis, they may work with you to get you back on track.

      Some questions to ask your attorney are:

      1. Modify the BK 13 to include the current arrearages;

      2. Would it be better to convert BK 13 to a Chapter 7;

      3. What exemptions will you have with a Chapter 7.



      It is not likely the trustee will take your only vehicle. Your home, however, can be a different story. If your home has more equity than the exemption allows, you may not qualify for a discharge.

      Whatever you do, don't allow the trustee to sell your assets. Go to Where's the Justice For All? and read the horror stories happening to people in the bankruptcy system, before you decide.

      Forum:

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









      : My husband and I are in a chapter 13 bankruptcy. He failed to make a couple of payments and ford co. repossed the car after the stay removal. We are buying our home. He is now retired and I'm now disabled.the trustee is going to dismiss the chapter 13. Should we file a seven? The house is now in poor condition because we cannot afford repairs. I think the seven will take our car which we cant afford another. What will washington mutual do now that the chapter 13 will be dismissed. What will happen.



      : (0)

  • Posted by ang on October 01, 2004 at 11:43:36:

    Okay, here goes.We are currently 3 months behind. We have it on the market with an offer accepted for $440,000. The problem is that we need $25k to close with penalities etc. We are scraping to come up with that, which is very tight, but doable. The other scenario is to payup what we owe in back pay. I now have a full time job that could pay the monthly bills, but with little left over for surprises. The bigger problem is we have filed for bankruptcy (Ch. 7) and the mortgage that we have is AWFUL. the payment is 3200/m and the rate will go sky high in August of 2005. Do I stay and attempt to get my credit up to refi before august 05 or do I pay the 25k and get rid of it altogether? Any insight would be greatly appreciated.

    : (5)

    • Posted by Janie on October 02, 2004 at 10:37:07:

      In Reply to: Decision time Posted by ang on October 01, 2004 at 11:43:36:

      It appears you know the answer but are doubting yourself because of the stress.

      Here are some insights to consider.

      1. Conventional lenders want at least 18 months to have expired since you filed your bankruptcy.

      2. The sooner you get your credit record on track for steady and timely payments, the better.



      Try putting together a plan for reorganization and then go talk to your current lender. Show them you have a steady job and can make the payments. Ask them to put the 3 months arrearages on the end of the loan.

      If they won't go for that, ask that they divide it up over the next 12 months, so that you are paying an extra amount every month until you current.

      Keep in mind, if you do not make the August 2005, deadline, it's not the end of the world. Just stay the course until you can refinance. Think of it as a short expedience toward a long-term goal.







      : (0)

    • Posted by Pat on October 01, 2004 at 23:52:17:

      In Reply to: Decision time Posted by ang on October 01, 2004 at 11:43:36:

      : Okay, here goes.: We are currently 3 months behind. We have it on the market with an offer accepted for $440,000. The problem is that we need $25k to close with penalities etc. We are scraping to come up with that, which is very tight, but doable. The other scenario is to payup what we owe in back pay. I now have a full time job that could pay the monthly bills, but with little left over for surprises. The bigger problem is we have filed for bankruptcy (Ch. 7) and the mortgage that we have is AWFUL. the payment is 3200/m and the rate will go sky high in August of 2005. Do I stay and attempt to get my credit up to refi before august 05 or do I pay the 25k and get rid of it altogether? Any insight would be greatly appreciated.



      : (0)

    • Posted by Dan on October 01, 2004 at 19:08:14:

      In Reply to: Decision time Posted by ang on October 01, 2004 at 11:43:36:

      You can get a mortgage grant to pay your mortgage.Grants are not repayable. Contact me for more info.

      : (2)

      • Posted by To: Dan on October 05, 2004 at 13:25:09:

        In Reply to: Re: Decision time Posted by Dan on October 01, 2004 at 19:08:14:

        What is a mortgage grant? How do you apply for one?



        : (1)

        • Posted by Robin on October 10, 2004 at 20:15:47:

          In Reply to: Re: Decision time Posted by To: Dan on October 05, 2004 at 13:25:09:

          : What is a mortgage grant? How do you apply for one?



          : (0)

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