January - February 2005 Archives

Posted by RG on February 28, 2005 at 19:19:28:

i have a home that will probably go into foreclossure soon...had it for two years, divorcing and now cant afford it.....difference between what i owe and the Fair Market Value is about 5K (I think, at least what the houses int the area are selling for)....house is a starter house less than 90k area, not huge...I dont want the house....if it goes into foreclosure what do you all think the bottom line will be in terms of money I'll owe if i cant get the mortgage balance...i understand its only an opinion...also ive heard or read that the appraisal value for the mortgage has something to do with any deficiency judgements, is that true??.....thanks

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- Posted by Bill H on February 28, 2005 at 19:59:23:
  
  In Reply to: foreclosure in TX....what to expect?? Posted by RG on February 28, 2005 at 19:19:28:
  
  : i have a home that will probably go into foreclossure soon...had it for two years, divorcing and now cant afford it.....difference between what i owe and the Fair Market Value is about 5K (I think, at least what the houses int the area are selling for)....house is a starter house less than 90k area, not huge...I dont want the house....if it goes into foreclosure what do you all think the bottom line will be in terms of money I'll owe if i cant get the mortgage balance...i understand its only an opinion...also ive heard or read that the appraisal value for the mortgage has something to do with any deficiency judgements, is that true??.....thanks
  
  I seriously doubt that any lender would go after a deficiency judgment for only 5K...however, that said...here is the Texas statutes under Chap 51 covering both non-judicial (Power of sale deed of trust) and Judicial (Court ordered sale)
  
  � 51.003. Deficiency Judgment(a) If the price at which real property is sold at a foreclosure sale under Section 51.002 is less thanthe unpaid balance of the indebtedness secured by the real property, resulting in a deficiency, anyaction brought to recover the deficiency must be brought within two years of the foreclosure saleand is governed by this section.
  
  (b) Any person against whom such a recovery is sought by motion may request that the court inwhich the action is pending determine the fair market value of the real property as of the date ofthe foreclosure sale. The fair market value shall be determined by the finder of fact after theintroduction by the parties of competent evidence of the value. Competent evidence of value mayinclude, but is not limited to, the following: (1) expert opinion testimony; (2) comparable sales;(3) anticipated marketing time and holding costs; (4) cost of sale; and (5) the necessity andamount of any discount to be applied to the future sales price or the cash flow generated by theproperty to arrive at a current fair market value.
  
  (c) If the court determines that the fair market value is greater than the sale price of the realproperty at the foreclosure sale, the persons against whom recovery of the deficiency is sought areentitled to an offset against the deficiency in the amount by which the fair market value, less theamount of any claim, indebtedness, or obligation of any kind that is secured by a lien orencumbrance on the real property that was not extinguished by the foreclosure, exceeds the saleprice. If no party requests the determination of fair market value or if such a request is made andno competent evidence of fair market value is introduced, the sale price at the foreclosure saleshall be used to compute the deficiency.
  
  (d) Any money received by a lender from a private mortgage guaranty insurer shall be credited tothe account of the borrower prior to the lender bringing an action at law for any deficiency owedby the borrower. Notwithstanding the foregoing, the credit required by this subsection shall notapply to the exercise by a private mortgage guaranty insurer of its subrogation rights against aborrower or other person liable for any deficiency.Added by Acts 1991, 72nd Leg., ch. 12, � 1, eff. April 1, 1991.
  
  � 51.004. Judicial Foreclosure Deficiency(a) This section applies if:(1) real property subject to a deed of trust or other contract lien is sold at a foreclosure sale undera court judgment foreclosing the lien and ordering the sale; and
  
  (2) the price at which the real property is sold is less than the unpaid balance of the indebtednesssecured by the real property, resulting in a deficiency.
  
  (b) Any person obligated on the indebtedness, including a guarantor, may bring an action in thedistrict court in the county in which the real property is located for a determination of the fairmarket value of the real property as of the date of the foreclosure sale. The suit must be broughtnot later than the 90th day after the date of the foreclosure sale unless the suit was not extinguished by the foreclosure, exceedsthe sale price. If no competent evidence of fair market value is introduced, the sale price at theforeclosure sale shall be used to compute the deficiency.
  
  (d) Any money received by a lender from a private mortgage guaranty insurer shall be credited tothe account of the borrower before the lender brings an action at law for any deficiency owed bythe borrower. However, the credit required by this subsection does not apply to the exercise by aprivate mortgage guaranty insurer of its subrogation rights against a borrower or other personliable for any deficiency.Added by Acts 1991, 72nd Leg., ch. 361, � 1, eff. June 5, 1991.
  
  Good Luck,Bill H
  
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- Posted by Ray on February 28, 2005 at 19:45:46:
  
  In Reply to: foreclosure in TX....what to expect?? Posted by RG on February 28, 2005 at 19:19:28:
  
  : i have a home that will probably go into foreclossure soon...had it for two years, divorcing and now cant afford it.....difference between what i owe and the Fair Market Value is about 5K (I think, at least what the houses int the area are selling for)....house is a starter house less than 90k area, not huge...I dont want the house....if it goes into foreclosure what do you all think the bottom line will be in terms of money I'll owe if i cant get the mortgage balance...i understand its only an opinion...also ive heard or read that the appraisal value for the mortgage has something to do with any deficiency judgements, is that true??.....thanks
  
  Here are the quick facts on Texas:Texas Foreclosure Law Summary
  
  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: No- Deficiency Judgments Allowed: Yes In Texas, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
  
  Judicial ForeclosureThe 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, the property will be auctioned off to the highest bidder.
  
  Non-Judicial ForeclosureThe 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. Otherwise, the non-judicial power of sale foreclosure is carried out as follows: Prior to proceeding with a foreclosure, Texas laws state that the lender must mail the borrower a letter of demand, informing the buyer he has twenty (20) days to pay the delinquent payments or foreclosure proceedings will begin. At some point after the borrowers twenty (20) days have expired, but at least twenty one (21) days before the foreclosure sale, a foreclosure notice must be: 1) filed with the county clerk; 2) mailed to the borrower at their last known address; and 3) posted on the county courthouse door. The foreclosure sale must take place on the first Tuesday of any month, even if said Tuesday falls on a legal holiday, but only after the proper preliminary notices have been given. The sale is on the courthouse steps by auction to the highest bidder for cash. Anyone may bid, including the lender, who bids by canceling out the balance due on the note, or some part of it. Lenders may obtain deficiency judgments, but they are limited to the difference between the fair market value of the property at the time of sale and the balance of the loan in default.
  
  Click here for more information on Texas foreclosure laws
  
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Posted by TINA on February 28, 2005 at 17:33:02:

WE ARE 3 MNTS BEHIND ON OUR HOME PAYMENT I WOULD LIKE TO KNOW, WHAT COMES NEXT ; HOW LONG DO WE HAVE ; AND CAN THEY LOCK UP THE HOUSE WITH OUR ITEMS IN IT BEFORE WE GET THEM OUT we are in indiana

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- Posted by GJones on April 04, 2005 at 19:23:49:
  
  In Reply to: FORCLOSURE Posted by TINA on February 28, 2005 at 17:33:02:
  
  : WE ARE 3 MNTS BEHIND ON OUR HOME PAYMENT I WOULD LIKE TO KNOW, WHAT COMES NEXT ; HOW LONG DO WE HAVE ; AND CAN THEY LOCK UP THE HOUSE WITH OUR ITEMS IN IT BEFORE WE GET THEM OUT we are in indiana
  
  Hello Tina!
  
  Why not save your home? Heres a website www.homeownersaa.org/4857 . They will be able to help your situation. You can get a free consultation and find out how to stop foreclosure.
  
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- Posted by Ray on February 28, 2005 at 19:36:09:
  
  In Reply to: FORCLOSURE Posted by TINA on February 28, 2005 at 17:33:02:
  
  : WE ARE 3 MNTS BEHIND ON OUR HOME PAYMENT I WOULD LIKE TO KNOW, WHAT COMES NEXT ; HOW LONG DO WE HAVE ; AND CAN THEY LOCK UP THE HOUSE WITH OUR ITEMS IN IT BEFORE WE GET THEM OUT we are in indianaI hope you understand this as it is important. You can stay in the home until the sale of foreclosure rentfree unless you or your family damaging the place. It is spelled out in the document I am forwarding to you below.
  
  Info on Ind. Indiana Foreclosure Law Summary
  
  Quick Facts - Judicial Foreclosure Available: Yes- Non-Judicial Foreclosure Available: No- Primary Security Instruments: Mortgage- Timeline: Typically 150 days- Right of Redemption: Yes- Deficiency Judgments Allowed: Yes In Indiana, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.
  
  Judicial ForeclosureThe 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, the property will be auctioned off to the highest bidder. However, there is a wait time between the date the suit was filed and the day the property is sold.
  
  In Indiana, the date the mortgage was signed determines the length of time a lender must wait between filing the suit and proceeding with the foreclosure sale. The wait time is anywhere from three (3) to twelve (12) months, but the owner may file a waiver of the time limit, which allows the sale to proceed without delay. When this occurs, the lender loses the right to pursue a deficiency judgment.
  
  The foreclosure sale process involves publishing an ad once a week for three weeks. The first ad must be run 30 days before the sale. At the time the first ad is run, each owner must be served with notice of the foreclosure sale by the sheriff. The sheriff conveys title by a deed given immediately after the sale. The owner may reside in the property, rent free, until the foreclosure sale, provided the owner is not committing waste, which means tearing up the property.
  
  Click here for more information on Indiana foreclosure laws.
  
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Posted by TINA on February 28, 2005 at 17:31:57:

WE ARE 3 MNTS BEHIND ON OUR HOME PAYMENT I WOULD LIKE TO KNOW, WHAT COMES NEXT ; HOW LONG DO WE HAVE ; AND CAN THEY LOCK UP THE HOUSE WITH OUR ITEMS IN IT BEFORE WE GET THEM OUT

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Posted by Nancy on February 27, 2005 at 18:22:29:

We might be losing our house soon due to foreclosure. We are trying every way we know to keep it, but in the event that we do lose it we need to be prepared. I keep reading about a "redemption period". What is that? We live in Texas. Thanks

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- Posted by Don Copy of quick facts. No redemption in Texas on February 28, 2005 at 19:53:02:
  
  In Reply to: what is redemption? Posted by Nancy on February 27, 2005 at 18:22:29:
  
  : We might be losing our house soon due to foreclosure. We are trying every way we know to keep it, but in the event that we do lose it we need to be prepared. I keep reading about a "redemption period". What is that? We live in Texas. Thanks
  
  Texas Foreclosure Law Summary I hope this copy isgood enough for you as I did not copy it all due to the space it takes.
  
  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: No- Deficiency Judgments Allowed: Yes In Texas, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
  
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- Posted by Jake on February 28, 2005 at 17:01:33:
  
  In Reply to: what is redemption? Posted by Nancy on February 27, 2005 at 18:22:29:
  
  : We might be losing our house soon due to foreclosure. We are trying every way we know to keep it, but in the event that we do lose it we need to be prepared. I keep reading about a "redemption period". What is that? We live in Texas. Thanks
  
  Redemption period is a time allowed by a certain stateto give a person time to pay all the expenses plus designated fees to get the property back according to the state laws it is in. This gives a person time to aquire money from a third person in many states to get their property back or sell it in some cases to a third person to save their equity. This is the way I understand it. Some states may not allow a person to sell to the third person but some do. Texas has a 2 year redemption period.
  
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- Posted by Ray on February 28, 2005 at 16:48:47:
  
  In Reply to: what is redemption? Posted by Nancy on February 27, 2005 at 18:22:29:
  
  : We might be losing our house soon due to foreclosure. We are trying every way we know to keep it, but in the event that we do lose it we need to be prepared. I keep reading about a "redemption period". What is that? We live in Texas. Thanks
  
  Redemption period is a certain time a person has to buyback the property to preserve the equity after it is sold in any legal foreclosure or a deliquent tax sale.
  
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- Posted by Donnie H. Best, Sr. on February 28, 2005 at 10:47:57:
  
  In Reply to: what is redemption? Posted by Nancy on February 27, 2005 at 18:22:29:
  
  : We might be losing our house soon due to foreclosure. We are trying every way we know to keep it, but in the event that we do lose it we need to be prepared. I keep reading about a "redemption period". What is that? We live in Texas. Thanks
  
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- Posted by Bill H on February 27, 2005 at 21:02:29:
  
  In Reply to: what is redemption? Posted by Nancy on February 27, 2005 at 18:22:29:
  
  : We might be losing our house soon due to foreclosure. We are trying every way we know to keep it, but in the event that we do lose it we need to be prepared. I keep reading about a "redemption period". What is that? We live in Texas. Thanks
  
  Nancy:
  
  Redemption or Right of Redemption...means that after the foreclosure sale you as the prior owner have the right for XX days in which to come up with all the $$$ required and pay them and get your home back.
  
  However, Don in the next post is giving you information that was posted here about TAX SALES and their rights of redemption. TAX SALES and FORECLOSURE SALES are two entirely different things.
  
  I have not looked it up recently but Foreclosure sales in Texas are under Chapter 51 .....NOT....Chap 34 as Don is quoting.
  
  AND; I am not absolutely certain but I do not think you have a right to redeem under Texas FORELOSURE under Chap 51 of the statutes.
  
  Good Luck,Bill H
  
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  - Posted by Nancy on February 27, 2005 at 21:38:04:
    
    In Reply to: Re: what is redemption? Posted by Bill H on February 27, 2005 at 21:02:29:
    
    : : We might be losing our house soon due to foreclosure. We are trying every way we know to keep it, but in the event that we do lose it we need to be prepared. I keep reading about a "redemption period". What is that? We live in Texas. Thanks
    
    : Nancy:
    
    : Redemption or Right of Redemption...means that after the foreclosure sale you as the prior owner have the right for XX days in which to come up with all the $$$ required and pay them and get your home back.
    
    : However, Don in the next post is giving you information that was posted here about TAX SALES and their rights of redemption. TAX SALES and FORECLOSURE SALES are two entirely different things.
    
    : I have not looked it up recently but Foreclosure sales in Texas are under Chapter 51 .....NOT....Chap 34 as Don is quoting.
    
    : AND; I am not absolutely certain but I do not think you have a right to redeem under Texas FORELOSURE under Chap 51 of the statutes.
    
    : Good Luck,: Bill H
    
    Bill,
    
    Do you know how the process would work if we ended up filing bankruptcy in order to save our house? What happens if we file a chapter 7 vs a chapter 13?
    
    Thanks,Nancy
    
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    - Posted by Bill H on February 28, 2005 at 19:44:27:
      
      In Reply to: Re: what is redemption? Posted by Nancy on February 27, 2005 at 21:38:04:
      
      : : : We might be losing our house soon due to foreclosure. We are trying every way we know to keep it, but in the event that we do lose it we need to be prepared. I keep reading about a "redemption period". What is that? We live in Texas. Thanks
      
      : : Nancy:
      
      : : Redemption or Right of Redemption...means that after the foreclosure sale you as the prior owner have the right for XX days in which to come up with all the $$$ required and pay them and get your home back.
      
      : : However, Don in the next post is giving you information that was posted here about TAX SALES and their rights of redemption. TAX SALES and FORECLOSURE SALES are two entirely different things.
      
      : : I have not looked it up recently but Foreclosure sales in Texas are under Chapter 51 .....NOT....Chap 34 as Don is quoting.
      
      : : AND; I am not absolutely certain but I do not think you have a right to redeem under Texas FORELOSURE under Chap 51 of the statutes.
      
      : : Good Luck,: : Bill H
      
      : Bill,
      
      : Do you know how the process would work if we ended up filing bankruptcy in order to save our house? What happens if we file a chapter 7 vs a chapter 13?
      
      : Thanks,: Nancy
      
      Nancy:
      
      BK is not my cup of tea. However in general Chap 7 is for dissolution of unsecured debt such as credit cards. Chap 13 is normally referrd to as a "Workout Plan". In this you go to the judge and say I can pay xxx based on yyy income and zzz expenses. If the judge sees the plan as reasonble and possible he may force the lender to accept it. However: bear in mind tht the lender willbe there saying...you cannot make the payments...you did not make them before...you were late...etc. It is not an open and shut case in your favor.
      
      If you file BK you get an automatic 90 stay. The lender, upon being notified, will immediately file for relief of stay asking the courts to remove the stay and allow them to proceed with their foreclosure process.
      
      In Texas, the lender must give you a 20 day notice of default, followed by a 21 day notice of sale and then it can be sold on the first Tuesday of the following month. So, it could be as long as three months or as short as 2 months depending on the day the process is started and the aggressiveness of the lender.
      
      Please remember, I am not an attorny, the advice all are giving on the Internet is NOT legal advice and is NOT intended as such...For legal assistance consult an attorney.
      
      Good Luck,Bill H
      
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- Posted by Don on February 27, 2005 at 19:39:15:
  
  In Reply to: what is redemption? Posted by Nancy on February 27, 2005 at 18:22:29:
  
  : We might be losing our house soon due to foreclosure. We are trying every way we know to keep it, but in the event that we do lose it we need to be prepared. I keep reading about a "redemption period". What is that? We live in Texas. Thanks
  
  Redemption means you have a certain period of time after foreclosure due to back taxes to pay up all taxes and expenses to get your property back from whoever bought it at a tax auction. Here is a bit from your state as it is written:
  
  Texas Property Tax Code 2002 Edition
  
  Title 1. Property Tax Code Subtitle E. Collections and Delinquency Chapter 34. Tax Sales and Redemption Subchapter B. Redemption
  
  Sec. 34.21. Right of Redemption. Sec. 34.22. Evidence of Title to Redeem Real Property. Sec. 34.23. Distribution of Redemption Proceeds. Sec. 34.21. Right of Redemption.
  
  (a) The owner of real property sold at a tax sale to a purchaser other than a taxing unit that was used as the residence homestead of the owner or that was land designated for agricultural use when the suit or the application for the warrant was filed may redeem the property on or before the second anniversary of the date on which the purchaser's deed is filed for record by paying the purchaser the amount the purchaser bid for the property, the amount of the deed recording fee, and the amount paid by the purchaser as taxes, penalties, interest, and costs on the property, plus a redemption premium of 25 percent of the aggregate total if the property is redeemed during the first year of the redemption period or 50 percent of the aggregate total if the property is redeemed during the second year of the redemption period.
  
  (b) If property that was used as the owner's residence homestead or
  
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Posted by Colin on February 27, 2005 at 17:34:45:

Where's the Justice For All? found a newspaper reporter interested in looking at this story. We're looking for more people with interesting stories about how the bankruptcy system wronged them or their business.

Bankruptcy Court is the only court where you can be prosecuted and not appointed an attorney or allowed a jury of your peers. They call it "Core" proceedings, which means you have no rights.

Bankruptcy Trustees, who administer cases, run amok, committ fraud, and complaints filed with the U.S. Trustee's Office just go into a black hole.

Below is what we are seeking.

People that are, or have been, wronged by the bankruptcy courts, panel trustees, etc.

We're not talking about disputes or disagreements. Have you been frauded out of your home, cars, businesses, etc?

You may have been someone who was robbed of an asset because you shared ownership with someone that filed Bankruptcy.

Did you file a complaint with the FBI or U.S. Trustee's Office? What was the outcome of that complaint.

You will need to provide proof.

If anyone in this group knows of anyone, or, if you're involved with other groups, please get the word out.

Contact:

Colin Moffatt

Where's the Justice For All?

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- Posted by NJDave on February 28, 2005 at 07:24:42:
  
  In Reply to: Reporter Seeking People Wronged by Bankruptcy System Posted by Colin on February 27, 2005 at 17:34:45:
  
  While I don't disagree that the bankruptcy is not perfect.. I will tell you that there have been many instances when a Bankruptcy Court/Judge ferrets out the truth of convoluted situations... and reverses/rescinds untoward realty/financial transactions that were onerous to the financially unsophisticated Borrower(s). Make sure you report on that, too.
  
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Posted by Jeff on February 27, 2005 at 14:10:25:

I will try to make this long story short.....Last year we were facing foreclsoure. We filed Chapter 13 bankruptcy but the judge did not approve the plan. He sadi the payments were going to be too high. We were able to work out a forebearance plan with GMAC. $5,000 down, $2500.00 month for 12 months and then a balloon payment of $18,000. They told us to call when the balloon payment was due and they would work out a modification. We paid all the payments on time and called them in October....3 months before balloon payment was due. They said they were working on a modification and then mid January they said they no longer did modifications as of January 1, 2005. They worked up another forebearance plan....$2,500 month for 18 months and then a balloon payment of $20,000. We paid $127,000 for this house and they are now saying we owe $170,000. Then the IRS came in on January 3rd and filed a $33,000 lien against the house. The market value on the house is only $200,000. We tried to refinance, but couldn't do it because of the lien. We would like to sell it to someone, rent it back for a year and then buy it back if possible, but have been unable to find anyone to do that. We thought about filing Chapter 13 again, but don't know if that is a good option. We have to make our first forebearance payment on March 10th of $2,500, but do not have all of it right now. We spent %36,000 last year trying to save our house. Any ideas or options from anyone out there would be greatly appreciated. We really don't know what to do right now. We have no other place to go if we lose our home. Borrowing money from family is not an option as they do not have it. Thanks for your help

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- Posted by cf on April 03, 2005 at 09:22:43:
  
  In Reply to: foreclsoure with tax lien Posted by Jeff on February 27, 2005 at 14:10:25:
  
  We also have GMAC mortgage and I think they are swindlers. We have a home they are currently foreclosing on and we have decided to let them have it and file a chapter 7. We are currently in a chapter 13 and can not refinance even though its been over a year (all the mortgage co's weve spoke to said they could help us if we had a 7 instead of a 13). The reason we filed the original 13 was also a foreclosure. I spoke to GMAC after my husband lost his job and they said they would help us and the next thing I knew we had a foreclosurer notice. We got a month behind and they filed foreclosure again. If the house was worth anything we would fight it but we don't have the money for the repairs. I wish you luck with GMAC because they say they will "help" but they don't. Just as an FYI I got papers from a lawyer saying they were doing a class action against GMAC (ditech) but unfortunately it was dismissed. Wish I could be more help to you, but I know what your going through.
  
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Posted by tee on February 27, 2005 at 13:23:44:

My home went to forclosure but tenant still refuses to move.....am I still responsible....the lease has expired.....tenant says she has no where to go...what should I do?

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- Posted by tee on February 27, 2005 at 13:30:33:
  
  In Reply to: Tenant in forclosed home Posted by tee on February 27, 2005 at 13:23:44:
  
  : My home went to forclosure but tenant still refuses to move.....am I still responsible....the lease has expired.....tenant says she has no where to go...what should I do? oh yeah ...the house is in georgia
  
  : (1)
  - Posted by Ray on February 27, 2005 at 13:40:40:
    
    In Reply to: Re: Tenant in forclosed home Posted by tee on February 27, 2005 at 13:30:33:
    
    : : My home went to forclosure but tenant still refuses to move.....am I still responsible....the lease has expired.....tenant says she has no where to go...what should I do? oh yeah ...the house is in georgia
    
    There shouldn't be anything to worry about. The people who buy the place or in past tense the people who have bought the house will get the tenant out. They may have to take them to court but in our state if they do not move in the alloted time they set their belongings out on the street.
    
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Posted by T on February 26, 2005 at 19:51:29:

Hi- I live in Iowa. I had a foreclosure take place in 1999.There was a junior lein on the property for a home improvement. I know that our home sold to the original financial institution for amount owed. However, the junior lien was not paid at that time. I thought everything had cleared when all of a sudden this year I received a notice of amount still owing for junior lien. I have not made a payment at all on this loan since before the foreclosure in 1998. Do I still owe this? What is the statute of limitations?

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- Posted by Jim V on February 27, 2005 at 21:34:28:
  
  In Reply to: Foreclosure in 1999 Posted by T on February 26, 2005 at 19:51:29:
  
  T,
  
  I don't have a definitive answer for you, but I'd like a little more info on what exactly the junior lien was.I believe IA has a 5 year SOL on promissory notes, but a 10 year SOL on written contracts. Why did the junior lien exist? Home improvement, owner carryback, debt consolidation? Knowing what it was, would certainly help in giving you some direction.
  
  : Hi- : I live in Iowa. I had a foreclosure take place in 1999.: There was a junior lein on the property for a home improvement. I know that our home sold to the original financial institution for amount owed. However, the junior lien was not paid at that time. I thought everything had cleared when all of a sudden this year I received a notice of amount still owing for junior lien. I have not made a payment at all on this loan since before the foreclosure in 1998. Do I still owe this? What is the statute of limitations?
  
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- Posted by Jake on February 27, 2005 at 04:49:21:
  
  In Reply to: Foreclosure in 1999 Posted by T on February 26, 2005 at 19:51:29:
  
  : Hi- : I live in Iowa. I had a foreclosure take place in 1999.: There was a junior lein on the property for a home improvement. I know that our home sold to the original financial institution for amount owed. However, the junior lien was not paid at that time. I thought everything had cleared when all of a sudden this year I received a notice of amount still owing for junior lien. I have not made a payment at all on this loan since before the foreclosure in 1998. Do I still owe this? What is the statute of limitations?
  
  Who initated the foreclosure? Was it the lender on the 1st mortgage or the junior lein holder? There is no deficiency laws in Iowa and the land is supposed tho stand for itself. It is worth contesting or forgetting unless they garnish yous wages. If you are on construction of something that you can switch jobs without letting them know where you work there is nothing they can do. Or if you have switched jobs and they have no record where to garnish your wages you can just ride it out. Usually 7 years is the statute of limitations unless they have been changed on everything except murder which has no statute of limitations. Here are the quick facts on Iowa; Iowa Foreclosure Law Summary
  
  Quick Facts - Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: No - Primary Security Instrument: Mortgage - Timeline: Typically 150 - Right of Redemption: No - Deficiency Judgments Allowed: "NO" In Iowa, lenders may foreclose on a mortgage in default using either the judicial or the alternative non-judicial foreclosure process.
  
  Judicial Foreclosure The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, they will give them a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold.
  
  Notice of the sale must be posted in at least three public places of the county, one of which shall be at the county courthouse. In addition, there shall be two weekly publications of such notice in some newspaper printed in the county, with the first publication being at least four weeks before the date of sale, and the second at a later time before the date of sale. If the borrower is in actual occupation and possession of the property, the notice must be served on them at least twenty days prior to the date of the sale.
  
  The sale must be at public auction, between 9:00 am and 4:00 pm and the time must be stated clearly in the notice of sale. The sheriff shall receive and give a receipt for a sealed written bid submitted prior to the public auction. The sheriff may require all sealed written bids to be accompanied by payment of any fees required to be paid at the public auction by the purchaser, to be returned if the person submitting the sealed written bid is not the purchaser. The sheriff must keep all written bids sealed until the commencement of the public auction, at which time the sheriff will open and announce the written bids as though made in person.
  
  The sale may be postponed, but if it postponed for more than three days, notice of the new sale must be publicly announced at the time the sale was to have been made.
  
  Alternative non-judicial foreclosure procedure
  
  Borrowers in Iowa have the option of avoiding a foreclosure suit by voluntarily conveying all of their rights in the property secured by the mortgage to the lender. If the lender accepts the conveyance from the borrower, they are given immediate access to the property. However, they must waive any rights to file for a deficiency judgment against the borrower.
  
  Additionally, the borrower is required to sign a "disclosure of notice and cancellation", which states, among other things, that they are
  
  : (1)
  - Posted by Jake on February 28, 2005 at 09:53:45:
    
    In Reply to: Re: Foreclosure in 1999 Posted by Jake on February 27, 2005 at 04:49:21:
    
    : : Hi- : : I live in Iowa. I had a foreclosure take place in 1999.: : There was a junior lein on the property for a home improvement. I know that our home sold to the original financial institution for amount owed. However, the junior lien was not paid at that time. I thought everything had cleared when all of a sudden this year I received a notice of amount still owing for junior lien. I have not made a payment at all on this loan since before the foreclosure in 1998. Do I still owe this? What is the statute of limitations?
    
    : Who initated the foreclosure? Was it the lender on the 1st mortgage or the junior lein holder? There is no deficiency laws in Iowa and the land is supposed tho stand for itself. It is worth contesting or forgetting unless they garnish yous wages. If you are on construction of something that you can switch jobs without letting them know where you work there is nothing they can do. Or if you have switched jobs and they have no record where to garnish your wages you can just ride it out. Usually 7 years is the statute of limitations unless they have been changed on everything except murder which has no statute of limitations. Here are the quick facts on Iowa; : : Iowa Foreclosure Law Summary
    
    : :
    
    : : Quick Facts : - Judicial Foreclosure Available: Yes : - Non-Judicial Foreclosure Available: No : - Primary Security Instrument: Mortgage : - Timeline: Typically 150 : - Right of Redemption: No : - Deficiency Judgments Allowed: "NO" : In Iowa, lenders may foreclose on a mortgage in default using either the judicial or the alternative non-judicial foreclosure process.
    
    : Judicial Foreclosure : The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, they will give them a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold.
    
    : Notice of the sale must be posted in at least three public places of the county, one of which shall be at the county courthouse. In addition, there shall be two weekly publications of such notice in some newspaper printed in the county, with the first publication being at least four weeks before the date of sale, and the second at a later time before the date of sale. If the borrower is in actual occupation and possession of the property, the notice must be served on them at least twenty days prior to the date of the sale.
    
    : The sale must be at public auction, between 9:00 am and 4:00 pm and the time must be stated clearly in the notice of sale. The sheriff shall receive and give a receipt for a sealed written bid submitted prior to the public auction. The sheriff may require all sealed written bids to be accompanied by payment of any fees required to be paid at the public auction by the purchaser, to be returned if the person submitting the sealed written bid is not the purchaser. The sheriff must keep all written bids sealed until the commencement of the public auction, at which time the sheriff will open and announce the written bids as though made in person.
    
    : The sale may be postponed, but if it postponed for more than three days, notice of the new sale must be publicly announced at the time the sale was to have been made.
    
    : Alternative non-judicial foreclosure procedure
    
    : Borrowers in Iowa have the option of avoiding a foreclosure suit by voluntarily conveying all of their rights in the property secured by the mortgage to the lender. If the lender accepts the conveyance from the borrower, they are given immediate access to the property. However, they must waive any rights to file for a deficiency judgment against the borrower.
    
    : Additionally, the borrower is required to sign a "disclosure of notice and cancellation" they were licensed and bonded is the law's attitude. They can't eat you and they can't sell you so that only leaves the property that they should have documented at the courthouse as a lein against the property. If they had documented the lein on the said property they would know they have the wrong person.You have already lost the home and it reall makes no difference now so do whatever you have to to survive.Good Luck This is only my opinion and not to be misconstrued as legal advice.
    
    : (0)
Posted by COAmy on February 26, 2005 at 05:18:03:

Our Colorado home was included in our Chapter 7, which was discharged last March. The mortgage shows on our credit report as discharged. But, we also have a past due/$XXXXX.XX dollars owed, foreclosure entry on our credit report from a company we had never heard of. When we contacted that company, they said they bought the loan from the original company in July and foreclosed on us in September. Since they bought the loan after the discharge, can they still report the foreclosure to the credit reporting agencies? What, if any, protections do we have under the Bankruptcy Code or Fair Credit?

: (4)
- Posted by Don on February 27, 2005 at 19:03:20:
  
  In Reply to: Foreclosure by unknown company Posted by COAmy on February 26, 2005 at 05:18:03:
  
  : Our Colorado home was included in our Chapter 7, which was discharged last March. The mortgage shows on our credit report as discharged. But, we also have a past due/$XXXXX.XX dollars owed, foreclosure entry on our credit report from a company we had never heard of. When we contacted that company, they said they bought the loan from the original company in July and foreclosed on us in September. Since they bought the loan after the discharge, can they still report the foreclosure to the credit reporting agencies? What, if any, protections do we have under the Bankruptcy Code or Fair Credit?
  
  I know the Ray West personally and the advice for his state is exactly correct. He went personally through those steps and it would pay you to look closely to the advice and disregard the remarks of Nick of Co.
  
  : (1)
  - Posted by Jim V on February 27, 2005 at 21:45:36:
    
    In Reply to: Re: Foreclosure by unknown company Posted by Don on February 27, 2005 at 19:03:20:
    
    It's all well and good that you know Ray personally. But, his input didn't have much to do with the posted problem. Bankruptcy can discharge the responsibility for the debt, but it does not eliminate the reporting of the debt. So, although repayment might not be necessary, credit dings can certainly be expected.
    
    I'll admit that I really didn't read this thread in depth, and I don't know Nick(CO) personally, but I think Nick's advice was pretty much appropriate. Feel free to correct me if I've mis-interpreted.
    
    : : Our Colorado home was included in our Chapter 7, which was discharged last March. The mortgage shows on our credit report as discharged. But, we also have a past due/$XXXXX.XX dollars owed, foreclosure entry on our credit report from a company we had never heard of. When we contacted that company, they said they bought the loan from the original company in July and foreclosed on us in September. Since they bought the loan after the discharge, can they still report the foreclosure to the credit reporting agencies? What, if any, protections do we have under the Bankruptcy Code or Fair Credit?
    
    : I know the Ray West personally and the advice for his state is exactly correct. He went personally through those steps and it would pay you to look closely to the advice and disregard the remarks of Nick of Co.
    
    : (0)
- Posted by Nick(Colorado) on February 26, 2005 at 13:33:35:
  
  In Reply to: Foreclosure by unknown company Posted by COAmy on February 26, 2005 at 05:18:03:
  
  COAmy:
  
  Ignore Ray, apparently he does not read the posts.There is a difference between a BNK trustee sale anda Colorado TD driven public trustee sale. Provided that you did not reaffirm, the mortgage (TD in Colorado) should list as IIB. To get better response on how to fix this please goto the following board:
  
  http://chat-cards.com/wwwboard/bankruptcy/messages.html
  
  If you are looking for a major improvement in your FICOscore, I would think that IIB and 4 mouths late is notreally much better than past-due and foreclosed.
  
  : (0)
- Posted by Ray on February 26, 2005 at 07:38:48:
  
  In Reply to: Foreclosure by unknown company Posted by COAmy on February 26, 2005 at 05:18:03:
  
  : Our Colorado home was included in our Chapter 7, which was discharged last March. The mortgage shows on our credit report as discharged. But, we also have a past due/$XXXXX.XX dollars owed, foreclosure entry on our credit report from a company we had never heard of. When we contacted that company, they said they bought the loan from the original company in July and foreclosed on us in September. Since they bought the loan after the discharge, can they still report the foreclosure to the credit reporting agencies? What, if any, protections do we have under the Bankruptcy Code and fair credit.
  
  Bankruptcy Chapter 7 is different from Chapter 13 in the respect that you agree to let the trustee sell everything in to clear your debt. So apparently the trustee has sold the home and other valuables to clear your debt and the court has discharged the debt except certain item you have listed that you are allowed to keep. Different states have different laws of what you can keep. The court should have sent you a letter stating this and it should have said if any of the lenders come after you the court cost would be charged to that lender or whoever came after you according to federal court Judge XXXXXXXXXXXX. YES they can and do report these things to the credit companies as they are on public records. You can still take a few steps to rebuild your credit. 1 Put some money into a savings account and get the bank to issue you a credit card against that amount. It could be $200.00, $400.00 or $1,000 or anything in between. This amount in the savings account would be your collateral and this would be your limit. Use the credit card some and always pay itoff each month so you won't have any interest.2 After you pay it off a few times give the credit card back to the bank and cancel the agreement. Withdraw your savings and do the same thing with two or three other banks and you will have rebuilt your credit with 3 or 4 different banks. This does not wipe off the bankruptcy and it will last for some 10 years and at that point you may have to write about 3 different certified letters telling them to drop it offof you records. You may even have to get a lawyer to mail them a letter that you are going to sue them if they do not get cleared. In case you never get it off the record and you need to get another home the law is that you do not have to tell anyone anything further back than 10 years. Simply leave that question blank that goes back more than 10 years. This way you have not lied. Current Topic Home >>More Q&As in Bankruptcy Law / Consumer Bankruptcy Choose Another Topic | Business Bankruptcy | Collections | Consumer Bankruptcy | Credit Problems | creditor rights | For All Legal Topics, Click Here WHAT IS A DISCHARGE IN BANKRUPTCY? A "discharge" in bankruptcy means that you are legally free and clear of any obligation to repay certain debts; they are gone. The creditor no longer has any right to collect debt. The debtor no longer has any obligation to repay it.
  
  The timing of the discharge varies, depending on the chapter under which you file. In a Chapter 7 bankruptcy, for example, you normally receive a discharge just a few months after the petition is filed. In a Chapter 13 bankruptcy, the discharge typically occurs when you have successfully finished the repayments.
  
  Click for a Free Debt Analysis!
  
  : (0)
Posted by E. Henson on February 25, 2005 at 16:08:42:

My mother is living in a mobile home in a community in Texas. When she purchased the home she understood that the monthly payment was going to stay as they quoted. Unfortunately, that changed due to taxes, insurance, etc. Also, the lot rent at the community she is in has been raised since she's lived in the home. Because of all of this, she can no longer afford to stay in the home. None of us knows anything about trying to sell the home on our own, so she's considering just walking away from the home. If she were to walk away from it, what would the consequences be for her? Would she deal with worse than it ruining her credit (as if that's not bad enough)? Any information on this subject would be greatly appreciated.

: (2)
- Posted by Ray on February 25, 2005 at 23:09:47:
  
  In Reply to: Foreclosure consequences in Texas Posted by E. Henson on February 25, 2005 at 16:08:42:
  
  : My mother is living in a mobile home in a community in Texas. When she purchased the home she understood that the monthly payment was going to stay as they quoted. Unfortunately, that changed due to taxes, insurance, etc. Also, the lot rent at the community she is in has been raised since she's lived in the home. Because of all of this, she can no longer afford to stay in the home. None of us knows anything about trying to sell the home on our own, so she's considering just walking away from the home. If she were to walk away from it, what would the consequences be for her? Would she deal with worse than it ruining her credit (as if that's not bad enough)? Any information on this subject would be greatly appreciated. HUD is dedicated to helping those who need help. This could mean trying to go into a HUD home after you loose the trailer if you can make the 3% down payment.Or maybe she would rather see if she can rent from HUD. I am inclosin a copy of what HUS says about a person who has had credit problems: HUD-Insured Loans for Special Credit Risks
  
  In some cases, HUD insures loans for people who have had credit trouble and do not meet standard credit requirements to buy low cost homes. Down payments can be as low as 3 percent, and closing costs can be wrapped into the mortgage.
  
  : (0)
- Posted by Jake on February 25, 2005 at 17:11:24:
  
  In Reply to: Foreclosure consequences in Texas Posted by E. Henson on February 25, 2005 at 16:08:42:
  
  : My mother is living in a mobile home in a community in Texas. When she purchased the home she understood that the monthly payment was going to stay as they quoted. Unfortunately, that changed due to taxes, insurance, etc. Also, the lot rent at the community she is in has been raised since she's lived in the home. Because of all of this, she can no longer afford to stay in the home. None of us knows anything about trying to sell the home on our own, so she's considering just walking away from the home. If she were to walk away from it, what would the consequences be for her? Would she deal with worse than it ruining her credit (as if that's not bad enough)? Any information on this subject would be greatly appreciated. Texas has a deficiency law that allows them to collect if the money it lacks to pay off the debt and costs. Here is a copyof the last bit: Lenders may obtain deficiency judgments, but they are limited to the difference between the fair market value of the property at the time of sale and the balance of the loan in default.
  
  Click here for more information on Texas foreclosure laws.
  
  : (0)
Posted by R.Smith on February 25, 2005 at 12:01:39:

My Fl. bank tells me they have charged off my loan due to late paymants but they have not placed me in foreclosure yet. I would like to catch up loan payments which I have $$ to do but they refuse to work it out. They claim they will only settle for the entire balance 7K. Land is in Fl.

: (4)
- Posted by Marjorie on February 28, 2005 at 08:17:50:
  
  In Reply to: Charged Off Loan Vs Foreclosure Posted by R.Smith on February 25, 2005 at 12:01:39:
  
  Maybe you should thingk about refinancing the land, or get an equity line of creditto pay it off. Or you should think about selling it and not totally loose out. Which ever you decide to do let me know, I might be able to help you.
  
  : (0)
- Posted by Donnie H. Best, Sr. on February 28, 2005 at 01:01:44:
  
  In Reply to: Charged Off Loan Vs Foreclosure Posted by R.Smith on February 25, 2005 at 12:01:39:
  
  : My Fl. bank tells me they have charged off my loan due to late paymants but they have not placed me in foreclosure yet. I would like to catch up loan payments which I have $$ to do but they refuse to work it out. They claim they will only settle for the entire balance 7K. Land is in Fl.
  
  : (0)
- Posted by Bill H on February 26, 2005 at 11:37:39:
  
  In Reply to: Charged Off Loan Vs Foreclosure Posted by R.Smith on February 25, 2005 at 12:01:39:
  
  : My Fl. bank tells me they have charged off my loan due to late paymants but they have not placed me in foreclosure yet. I would like to catch up loan payments which I have $$ to do but they refuse to work it out. They claim they will only settle for the entire balance 7K. Land is in Fl.
  
  Rattle their cage....Ask them to record a reconveyance or satisfaction of mortgage in order that you can sell the land now that they have charged it off.
  
  Good Luck,Bill H
  
  : (0)
- Posted by Jim V on February 25, 2005 at 19:53:09:
  
  In Reply to: Charged Off Loan Vs Foreclosure Posted by R.Smith on February 25, 2005 at 12:01:39:
  
  I'm guessing your bank doesn't want the land, or the expense of foreclosure. A simple charge-off provides some tax relief for them now, while foreclosing would require legal expenses, plus possible real property taxes and costs to re-sell the land. It's more cost efficient for them to just write it off.
  
  : My Fl. bank tells me they have charged off my loan due to late paymants but they have not placed me in foreclosure yet. I would like to catch up loan payments which I have $$ to do but they refuse to work it out. They claim they will only settle for the entire balance 7K. Land is in Fl.
  
  : (0)
Posted by niehma on February 25, 2005 at 02:36:00:

How do u go about buying a pre forclosure home?

: (3)
- Posted by Mirna Gonzales on April 22, 2005 at 18:20:42:
  
  In Reply to: pre-forclosure homes Posted by niehma on February 25, 2005 at 02:36:00:
  
  : How do u go about buying a pre forclosure home?
  
  : (0)
- Posted by sylvia on March 31, 2005 at 14:02:20:
  
  In Reply to: pre-forclosure homes Posted by niehma on February 25, 2005 at 02:36:00:
  
  : How do u go about buying a pre forclosure home?
  
  : (0)
- Posted by Ray on February 25, 2005 at 08:49:08:
  
  In Reply to: pre-forclosure homes Posted by niehma on February 25, 2005 at 02:36:00:
  
  : How do u go about buying a pre forclosure home?
  
  The best way I know of is if you will go to a courthouse and let the clerk show you the list of homes and addresses of the homes for sale you can get your own list and go to all the addresses listed in your area that you want to visit. Or you can get on the websites of thoses who have already had them sent to them for a 7 day free trial or you can join their organization for about $30.00 to $39.00 per month and click on several homes spread across the nation. If you can afford a house maybe the $30.00 would be your best way to go. It takes a lot of time to pull them from the courthouse records if you are not familiar with their software.
  
  : (0)
Posted by Ervin on February 24, 2005 at 22:17:26:

Hi, I am hoping someone out there can help. My house was foreclosed on and my mortgage company that I had the house thru has already switched it out of my name to just theirs..I guess the question I really have is how long do you normally have in Florida before you are evicted? I was just offered today the option of voluntarily moving out on monday Feb 28th and turning over the keys with the house clean and the lawn moved and in return receive $500.00 once the real estate specialist handling this for the mortgage company inspects the house. Any advice will be greatly appreciated. I was also working with a legal aid attorney who I have now since learned via her boss that I was mislead and misinformed and that the foreclosure should have never happened to me. What gives? When it rains it pours I guess. thanks for listening.

: (1)
- Posted by Jake on February 25, 2005 at 09:34:29:
  
  In Reply to: Foreclosure and Eviction in Florida Posted by Ervin on February 24, 2005 at 22:17:26:
  
  : Hi, I am hoping someone out there can help. My house was foreclosed on and my mortgage company that I had the house thru has already switched it out of my name to just theirs..I guess the question I really have is how long do you normally have in Florida before you are evicted? I was just offered today the option of voluntarily moving out on monday Feb 28th and turning over the keys with the house clean and the lawn moved and in return receive $500.00 once the real estate specialist handling this for the mortgage company inspects the house. Any advice will be greatly appreciated. I was also working with a legal aid attorney who I have now since learned via her boss that I was mislead and misinformed and that the foreclosure should have never happened to me. What gives? When it rains it pours I guess. thanks for listening. This is so terrible. I feel so sorry for people in this situation. Most state have a right to redemption laws that let a renter buy back the house. I looked up the redemption laws in Floride and here it is: Bidding at the sale. Judicial ForeclosuresLaws of bidding at foreclosure sales vary from state to state. Florida for example has no right of redemption after the sale. It is common for the seller's attorney to bid $100 if there are no other bidders. This saves on documentary stamps. But in other states that have a redemption period, this might mean the borrower could "buy the house back" for just $100. Be guided by your attorney. After the saleSome states, such as Florida, permit the lender to pursue a deficiency judgment against the borrower if the house does not sell for enough to cover the loan and costs. Others, such as California, do not permit this. Again check with your attorney for the applicable laws in your state. Florida also allows the lender to collect any amount the defieienton the loan. This means that they can and will attach your wages if the house does not sell for enough to pay off the debt. Some people in this situation who have lost the home and are in a state of this type just quit their job and get a new job and not tell them where they are presently working or living.
  
  : (0)
Posted by Mike Swanberg on February 24, 2005 at 22:16:01:

I hope someone can help. I have a woman who is approx 1 1/2 months into her redemption period. She wants to just get out of the house. I had her sign a P.A. & I want to do a "Quit Claim Deed" over to my name. Now, would she still have ties to that house or mortgage? Or can she just leave me the house?

: (3)
- Posted by Nick(Colorado) on February 25, 2005 at 15:19:35:
  
  In Reply to: Post-sheriff sales Posted by Mike Swanberg on February 24, 2005 at 22:16:01:
  
  Mike Swanberg:
  
  A QC will generally be sufficient, you may however also do a transfer of the redeption rights, just to be sure. Local real estate office will have formsfor such. This is fine for an investor. If you arenot an investor, I would suggest that you do a normalclosing with a title agent and insurance.
  
  : (2)
  - Posted by Jim V on February 25, 2005 at 22:06:09:
    
    In Reply to: Re: Post-sheriff sales Posted by Nick(Colorado) on February 25, 2005 at 15:19:35:
    
    Nick,
    
    Appreciate your responses about redemptions, I don't have any experience or knowledge about that aspect.
    
    Thanks,
    
    Jim
    
    : (1)
    - Posted by Jim V on February 25, 2005 at 22:08:38:
      
      In Reply to: Re: Thaks, Nick. Posted by Jim V on February 25, 2005 at 22:06:09:
      
      I obviously type faster than I spell check. :)
      
      : (0)
Posted by Christina on February 24, 2005 at 18:17:34:

My husband and I have found a nice house in a nice quiet neighborhood that we are really interested in buying but the problem is that on the house is a letter saying it is in foreclosure but to contact a local real estate agent for information. We did and they took us to the home (which is empty)and let us look at it....we really liked it and would love to try to get into it. The problem is...we have no idea where to start or what to do. We live in Illinois and this would be our first home so we are new to it all. The problem I'm having is finding any really good information to help us through this. Most of the information I have found seems to be for those who want to invest in foreclosure property. We just want a nice home to live in with our children. This would only be a one time thing for us. So does anyone have any information on where I could get some really helpful information or someone to walk us through this. We are just afraid someone that invests in foreclosures will beat us to the punch. So any helpful information would be greatly appreciated. The real estate agents were no help at all. I would also like to know how the bank goes about pricing the property. And since we would be dealing with a bank...should we just bid whatever price they decide? Thank you for any help you can give.

: (0)
Posted by Mike on February 24, 2005 at 16:32:43:

I have a property in Michigan. Sheriff's sale was 9-29-2004, and although I haven't received any written correspondence appears that there's a 6 month redemtion period which gives me until 3-29-05. I've been working for the past 2 days with a funding company who says they can do financing since I have a buyer with good credit. Is this possible and should I be aware of any hitches? The person working on this has been very proactive and in two days already ordered an appraisal. I'm just wondering if the current bank who appears on deed is going to hold up this deal? Please help answer or advise on anything I can do this late to save property. Have a couple of people with great credit willing to help. Thanks

: (3)
- Posted by Jake on February 24, 2005 at 22:11:09:
  
  In Reply to: Redeem property after sheriff sale Posted by Mike on February 24, 2005 at 16:32:43:
  
  : I have a property in Michigan. Sheriff's sale was 9-29-2004, and although I haven't received any written correspondence appears that there's a 6 month redemtion period which gives me until 3-29-05. I've been working for the past 2 days with a funding company who says they can do financing since I have a buyer with good credit. Is this possible and should I be aware of any hitches? The person working on this has been very proactive and in two days already ordered an appraisal. I'm just wondering if the current bank who appears on deed is going to hold up this deal? Please help answer or advise on anything I can do this late to save property. Have a couple of people with great credit willing to help. Thanks
  
  In some cases the redemption period is up to 1 year.Michigan Foreclosure Statutory Redemption Period:
  
  1. For a mortgage on residential property not exceeding 4 units and not more than 3 acres in size, if the amount claimed to be due on the mortgage at the date of the notice of foreclosure is more than 66-2/3% of the original indebtedness secured by the mortgage, the redemption period is 6 months. 2. If the property is abandoned as determined pursuant to the statute, the redemption period can be shortened to 30 days. 3. In any other case, the redemption period is 1 year from the date of sale. 4. The redemption price is an amount equal to the amount bid at the sale together with interest from the time of the sale, at the rate set forth in the mortgage. Paying of Taxes or Insurance During the Redemption Period: If after the Michigan foreclosure sale the purchaser pays taxes or hazard insurance on the property, that amount is added to the redemption amount, so long as an affidavit is recorded.Redemption:
  
  A purchaser's Deed is void if the mortgagor redeems the entire premises sold by paying the amount required within the applicable time limit. Payment must be made to the purchaser or the county register of deeds.Foreclosure Redemption period � Six months (in some instances it
  
  : (1)
  - Posted by Doug on March 20, 2005 at 21:27:26:
    
    In Reply to: Re: Redeem property after sheriff sale Posted by Jake on February 24, 2005 at 22:11:09:
    
    I am a mortgage broker and have recently been involved with several foreclosures. From what I understand the state has a rule (dont know what other states have similar laws) that you will have the right to buy the property back. The most recent one for me was pretty mind blowing. They were an older couple here in s.w. michigan. They had a balance of 65000. There lender was the only bidder at the auction for 36000. The customer was able to pay the 36000 for the house and walk away. I wish I knew what other states have similar laws. Anyway, good luck to you....times running out. Dont wait until the last minute to get it back.
    
    : : I have a property in Michigan. Sheriff's sale was 9-29-2004, and although I haven't received any written correspondence appears that there's a 6 month redemtion period which gives me until 3-29-05. I've been working for the past 2 days with a funding company who says they can do financing since I have a buyer with good credit. Is this possible and should I be aware of any hitches? The person working on this has been very proactive and in two days already ordered an appraisal. I'm just wondering if the current bank who appears on deed is going to hold up this deal? Please help answer or advise on anything I can do this late to save property. Have a couple of people with great credit willing to help. Thanks
    
    : In some cases the redemption period is up to 1 year.: Michigan Foreclosure Statutory Redemption Period:
    
    : 1. For a mortgage on residential property not exceeding 4 units and not more than 3 acres in size, if the amount claimed to be due on the mortgage at the date of the notice of foreclosure is more than 66-2/3% of the original indebtedness secured by the mortgage, the redemption period is 6 months. : 2. If the property is abandoned as determined pursuant to the statute, the redemption period can be shortened to 30 days. : 3. In any other case, the redemption period is 1 year from the date of sale. : 4. The redemption price is an amount equal to the amount bid at the sale together with interest from the time of the sale, at the rate set forth in the mortgage. : Paying of Taxes or Insurance During the Redemption Period: If after the Michigan foreclosure sale the purchaser pays taxes or hazard insurance on the property, that amount is added to the redemption amount, so long as an affidavit is recorded.: Redemption:
    
    : A purchaser's Deed is void if the mortgagor redeems the entire premises sold by paying the amount required within the applicable time limit. Payment must be made to the purchaser or the county register of deeds.: Foreclosure Redemption period � Six months (in some instances it
    
    : : :
    
    : (0)
- Posted by Nick(Colorado) on February 24, 2005 at 17:40:51:
  
  In Reply to: Redeem property after sheriff sale Posted by Mike on February 24, 2005 at 16:32:43:
  
  Mike:
  
  The lender is not involved at this point in time. Firstyou need to contact the trustee of the sale to get the redeption figures. This is your starting point. If you intend to keep the property for yourself you will need to come up the redeption amount, either as a new loan or cash. If you sell the property before the 6 months is up, then the closing agent will handle getting the monies to the trustee.
  
  : (0)
Posted by Stevie on February 24, 2005 at 11:36:04:

Hi. We wanted to stop our home from foreclosure. We are 2 months behind on our mortgage. We were offered a repayment plan thru hardship assistance. The payments are $200.00 more each month now for 9 months. That seems high. Would filing a chapter 13 bankruptcy be just the same, or would the payments be lower or higher? Any advice would help. Thanks.

: (10)
- Posted by Yolanda on April 04, 2005 at 16:12:13:
  
  In Reply to: Hardship assistance or Chapter 13 to stop foreclosure. Posted by Stevie on February 24, 2005 at 11:36:04:
  
  Hi There;You are able to get help if your home is in foreclosure of if you are behind in your payments. You don't have to file bankruptcy, or deed your home over to an investor. There are several Mortgage Assistance Programs that exist to help you KEEP your home.
  
  Thanks
  
  : (0)
- Posted by Janie on February 26, 2005 at 00:32:29:
  
  In Reply to: Hardship assistance or Chapter 13 to stop foreclosure. Posted by Stevie on February 24, 2005 at 11:36:04:
  
  Chapter 13 is a reorganization plan.
  
  You can taylor your payments to begin as low as $75 per month and have them increase incrementally each year.
  
  Ask Jim for the copy of the life after bankruptcy that I posted some time ago on this site. I have not been able to find it. It will help you with everything you need to know, especially about BK attorneys.
  
  : (5)
  - Posted by tinaj on March 02, 2005 at 11:00:35:
    
    In Reply to: Re: Hardship assistance or Chapter 13 to stop foreclosure. Posted by Janie on February 26, 2005 at 00:32:29:
    
    I am not sure that's really feasible. you might be able to pay back your missed/late payments at 75 a month, but in a ch. 13 you're going to have to keep making your regular mortgage payments on time IN ADDITION to paying the amount due to cure the deficiency. im not sure what we're talking about here, but you cant just lower your mortgage payments to $75 a month by filing a ch. 13 to my knowledge.
    
    : Chapter 13 is a reorganization plan.
    
    : You can taylor your payments to begin as low as $75 per month and have them increase incrementally each year.
    
    : : Ask Jim for the copy of the life after bankruptcy that I posted some time ago on this site. I have not been able to find it. It will help you with everything you need to know, especially about BK attorneys.
    
    : (3)
    - Posted by Janie on March 02, 2005 at 21:39:18:
      
      In Reply to: House payments tailored at 75/month??? Posted by tinaj on March 02, 2005 at 11:00:35:
      
      Well, I assumed too much knowledge was possessed by the readers of this group.
      
      When referencing one of the chapters in bankruptcy, it has nothing to do with payments made outside of the Chapter 13 Plan.
      
      Here we go, since neither Jim nor I can find the old post:
      
      1. Chapter 7 erases debts.
      
      2. Chapter 13 is reorganization plan. You put all arrearages and whatever else you want in the plan and then taylor your payment plan. You can start the first year with a low payment of $75 and then jump to $200 and so to have all past due debts paid during the term of the plan. This is in addition to your regular payments for all your obligations.
      
      : I am not sure that's really feasible. you might be able to pay back your missed/late payments at 75 a month, but in a ch. 13 you're going to have to keep making your regular mortgage payments on time IN ADDITION to paying the amount due to cure the deficiency. im not sure what we're talking about here, but you cant just lower your mortgage payments to $75 a month by filing a ch. 13 to my knowledge.
      
      : : Chapter 13 is a reorganization plan.
      
      : : You can taylor your payments to begin as low as $75 per month and have them increase incrementally each year.
      
      : : : : Ask Jim for the copy of the life after bankruptcy that I posted some time ago on this site. I have not been able to find it. It will help you with everything you need to know, especially about BK attorneys.
      
      : (2)
      - Posted by Jim V on March 03, 2005 at 16:18:35:
        
        In Reply to: Re: House payments tailored at 75/month??? Posted by Janie on March 02, 2005 at 21:39:18:
        
        http://www.all-foreclosure.com/forum/messages/14543.html
        
        is the long-lost bankruptcy post.
        
        : (0)
      - Posted by Jim V on March 02, 2005 at 21:51:22:
        
        In Reply to: Re: House payments tailored at 75/month??? Posted by Janie on March 02, 2005 at 21:39:18:
        
        Hi Janie,
        
        I haven't given up on your post yet.I just made a note to myself. Tomorrow, I'll search archived material.
        
        : (0)
  - Posted by Jim V on February 26, 2005 at 01:25:50:
    
    In Reply to: Re: Hardship assistance or Chapter 13 to stop foreclosure. Posted by Janie on February 26, 2005 at 00:32:29:
    
    Janie,
    
    I've been meaning to ask your permission to use your post on BK as a permanent feature here. But, I have no idea where your post is. It was a great post, but I really can't keep track of everything, although my wife seems to think I should. :)
    
    How about a little help? Someone should have bookmarked that post, how about giving us a clue where it is.
    
    Janie, if no one provides a link by tomorrow afternoon or so, drop me a mail, I'll find it and we can talk about a permananent location for it. With your permission, of course.
    
    : (0)
- Posted by Raymond Denton on February 25, 2005 at 10:45:53:
  
  In Reply to: Hardship assistance or Chapter 13 to stop foreclosure. Posted by Stevie on February 24, 2005 at 11:36:04:
  
  Lender's negotiate forebearance agreements in their favor and many borrowers find it painful to complete the agreements. For this reason, I always advise my clients to hire a professional lender mediation firm to represent them to the Lender. The firm is aware of all the forebearance methodologies that can be deployed and will negotiate an agreement that is reasonable for both the borrower and lender. Having said that, in your case it appears you negotiated the agreement by yourself so it's too late to do lender mediation. If you want to keep your house, you have 3 options. The first is to continue with the forebearance agreement. The second is to refinance your house and the third is chapter 13. Refinancing makes sense if you have enough equity to pay off the note and whatever amount is included in the forebearance. The third option is chapter 13. The bankruptcy enables you to re-organize your existing debt and pay it off within a 3-5 year period (usually). You'll be able to keep your house and your financial situation won't be as painful for you. You may qualify for HUD approved FHA-insured financing 12 months after your chapter 13 filing date. This will enable you to refinance your house while you're in the chapter chapter 13, concluding your forebearance and chapter 13 plan early. A lot of my customers exercise this strategy if they don't have much equity in their house because the FHA down payment requirements are so low.
  
  : (0)
- Posted by Raymond enton on February 25, 2005 at 10:45:02:
  
  In Reply to: Hardship assistance or Chapter 13 to stop foreclosure. Posted by Stevie on February 24, 2005 at 11:36:04:
  
  Lender's negotiate forebearance agreements in their favor and many borrowers find it painful to complete the agreements. For this reason, I always advise my clients to hire a professional lender mediation firm to represent them to the Lender. The firm is aware of all the forebearance methodologies that can be deployed and will negotiate an agreement that is reasonable for both the borrower and lender. Having said that, in your case it appears you negotiated the agreement by yourself so it's too late to do lender mediation. If you want to keep your house, you have 3 options. The first is to continue with the forebearance agreement. The second is to refinance your house and the third is chapter 13. Refinancing makes sense if you have enough equity to pay off the note and whatever amount is included in the forebearance. The third option is chapter 13. The bankruptcy enables you to re-organize your existing debt and pay it off within a 3-5 year period (usually). You'll be able to keep your house and your financial situation won't be as painful for you. You may qualify for HUD approved FHA-insured financing 12 months after your chapter 13 filing date. This will enable you to refinance your house while you're in the chapter chapter 13, concluding your forebearance and chapter 13 plan early. A lot of my customers exercise this strategy if they don't have much equity in their house because the FHA down payment requirements are so low.
  
  : (0)
- Posted by Jake on February 24, 2005 at 15:17:45:
  
  In Reply to: Hardship assistance or Chapter 13 to stop foreclosure. Posted by Stevie on February 24, 2005 at 11:36:04:
  
  : Hi. We wanted to stop our home from foreclosure. We are 2 months behind on our mortgage. We were offered a repayment plan thru hardship assistance. The payments are $200.00 more each month now for 9 months. That seems high. Would filing a chapter 13 bankruptcy be just the same, or would the payments be lower or higher? Any advice would help. Thanks.
  
  Bankruptcy should be cheaper as the interest is not included. Bankruptcy is undergoing some changes and if it passes it will be impossible to pay off a house in bankruptcy because they are going to include the credit cards in the bankruptcy according to some lawyers. This all depends on what you owe and how much you make. That is for the judge to decide. I had a man in bankruptcy in our state to tell me that he did not have to pay interest in which is greater the first several years than the principal. Be advised to check with a good bankruptcy attorney in your area.
  
  : (0)
Posted by JJ on February 23, 2005 at 20:54:35:

Hi:I am trying to do a short sale in the state of Wisconsin and was wondering if after the shortsale, can I lease back the property to the original owner on a lease option?? I know in some states, that's not allowed---need to know about WISCONSIN.

Please advise. Thanks,

: (3)
- Posted by JJ on February 24, 2005 at 11:53:12:
  
  In Reply to: Short sale and then sale/leaseback?? Posted by JJ on February 23, 2005 at 20:54:35:
  
  California is one of them.
  
  : Hi:: I am trying to do a short sale in the state of Wisconsin and was wondering if after the shortsale, can I lease back the property to the original owner on a lease option?? : I know in some states, that's not allowed---need to know about WISCONSIN.
  
  : Please advise. Thanks,
  
  : (0)
- Posted by NJDave on February 24, 2005 at 09:57:27:
  
  In Reply to: Short sale and then sale/leaseback?? Posted by JJ on February 23, 2005 at 20:54:35:
  
  "I know in some states, that's not allowed"
  
  What states are those that do not allow (by law) that practice?
  
  : (0)
- Posted by NJDave on February 24, 2005 at 09:56:44:
  
  In Reply to: Short sale and then sale/leaseback?? Posted by JJ on February 23, 2005 at 20:54:35:
  
  "I know in some states, that's not allowed"
  
  What states are those do do not allow that practice?
  
  : (0)
Posted by susan on February 23, 2005 at 19:59:55:

from florida

: (0)
Posted by Susan on February 23, 2005 at 19:57:39:

My home will be sold on March 9th, due to late payments. I have a way to get the money due to the Bank, but will need about 20 days to get it. I do not want to file Bankruptcy. Can I file a motion with the court to delay the sale pending arrangements? If so what type?

: (1)
- Posted by Donnie H. Best, Sr. on February 28, 2005 at 08:43:53:
  
  In Reply to: Sale of FC home March 9, how can I stop with courts? Posted by Susan on February 23, 2005 at 19:57:39:
  
  : My home will be sold on March 9th, due to late payments. I have a way to get the money due to the Bank, but will need about 20 days to get it. I do not want to file Bankruptcy. Can I file a motion with the court to delay the sale pending arrangements? If so what type?
  
  : (0)
Posted by chris from memphis on February 23, 2005 at 13:20:42:

hi, i am getting close to having my house foreclosed on. if it sells for only half the loan, then who is responsible for the remainder, me? does the lender sue me and make me pay it?, thanks, chris

: (4)
- Posted by Jake on February 24, 2005 at 09:21:54:
  
  In Reply to: foreclosure question/what happens to the money owed? Posted by chris from memphis on February 23, 2005 at 13:20:42:
  
  : hi, i am getting close to having my house foreclosed on. if it sells for only half the loan, then who is responsible for the remainder, me? does the lender sue me and make me pay it?, thanks, chris
  
  I am sorry to take this much space but this is a copy of the quick facts of Tennessee.Subject: Quick facts on Tennessee foreclosuresDate: Thu, 24 Feb 2005 10:11:49 EST Show Full Headers Back To [INBOX]
  
  -------------------------------------------------------------------------------- I am assuming you are in Memphis Tennessee, not Memphis Missouri or Memphis. Ind. as it is a major city in the USA. I dug this up under Tennessee Foreclosures. 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 Tennessee, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
  
  Judicial Foreclosure The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, they will give them a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold.
  
  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. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
  
  A notice of sale must be published at least three (3) different times in a newspaper published in the county where the sale is to be made, with the first publication appearing at least twenty (20) days prior to the sale.
  
  Unless otherwise ordered, if no newspaper is published in said county, the notice of sale must be posted at least thirty (30) days in advance of the sale in at least five (5) public places within the county. At least one of these notices must be placed at the courthouse door and another in the neighborhood of the property itself.
  
  A notice of sale must also be served upon the borrower at least twenty (20) days prior to the date of sale if the borrower is in possession of the property. The sale must be held between the hours of 10:00 am and 4:00 pm for cash to the highest bidder. The sheriff of each county in the state of Tennessee may set a minimum acceptable price for the property as long as the price is equal to or greater than fifty percent (50%) of the fair market value. The successful bidder at the foreclosure sale will receive a certificate of sale and may be entitled to receive a deed once the borrowers right of redemption has expired. Deficiency judgments are allowed in Tennessee and the borrower has a period of two (2) years to redeem the property, unless their right of redemption was waived in the original deed of trust.
  
  More information on Tennessee foreclosure laws
  
  : (0)
- Posted by Jake on February 24, 2005 at 08:26:21:
  
  In Reply to: foreclosure question/what happens to the money owed? Posted by chris from memphis on February 23, 2005 at 13:20:42:
  
  : hi, i am getting close to having my house foreclosed on. if it sells for only half the loan, then who is responsible for the remainder, me? does the lender sue me and make me pay it?, thanks, chris
  
  In the research I have conducted it says that in many states if it is a house you live in (no rental) most of the time the house stood for the first loan. If there is a second and third lean they can come after you and attach your wages. Different states have different laws and it could be wise to ask an attorney in you state. It possibly can be found on the web but I don't know where.
  
  : (0)
- Posted by Stacy on February 23, 2005 at 16:14:51:
  
  In Reply to: foreclosure question/what happens to the money owed? Posted by chris from memphis on February 23, 2005 at 13:20:42:
  
  In doing some research I found this law. It depends on your state and how you signed. Some loans can come back on you, some can't.
  
  Some states have anti-deficiency laws which protect purchasers of residential real property used as his/her primary residence pursuant to a purchase money mortgage. In the event that the purchaser fails to make the mortgage payment and the property is foreclosed (title taken by the lender through a legal procedure) and sold to pay the mortgage, a deficiency between the sale price and the outstanding balance of the mortgage could occur. Under anti-deficiency laws, if the mortgage is a purchase money mortgage for the purchase of a dwelling occupied by the purchaser, the purchaser will not be held responsible for any deficiency - the lender can only recover the property and the proceeds of a subsequent sale - the purchaser does not pay any deficit between the sale proceeds and the outstanding loan balance.
  
  Anti-deficiency laws typically provide no protection for non-purchase money mortgages (such as a second mortgage obtained after the original acquisition) and there is no protection when the property is not used as the primary residence of the purchaser.
  
  : (0)
- Posted by Ray on February 23, 2005 at 14:54:44:
  
  In Reply to: foreclosure question/what happens to the money owed? Posted by chris from memphis on February 23, 2005 at 13:20:42:
  
  : hi, i am getting close to having my house foreclosed on. if it sells for only half the loan, then who is responsible for the remainder, me? does the lender sue me and make me pay it?, thanks, chris
  
  Yes in a lot of cases. They sue and garnish wages.There are cases that are under the old FHA insured loans that the insurance from FHA paid it off.
  
  : (0)
Posted by Kim on February 23, 2005 at 09:14:32:

I have a house in CO that I owe 337,000. It has been on the market for 6 months. we moved to NC and purchased another house. After 6 months of paying two mortgages, we can simply not afford to continue the payment on the CO house. How long do I have to not make any payments until the bank starts foreclosure proceedures? And is it best if I just call and volunteer foreclosure?

: (4)
- Posted by mike on April 05, 2005 at 16:20:58:
  
  In Reply to: How much time before the bank will foreclose Posted by Kim on February 23, 2005 at 09:14:32:
  
  : I have a house in CO that I owe 337,000. It has been on the market for 6 months. we moved to NC and purchased another house. After 6 months of paying two mortgages, we can simply not afford to continue the payment on the CO house. How long do I have to not make any payments until the bank starts foreclosure proceedures? And is it best if I just call and volunteer foreclosure?
  
  You could also run an ad in apper for a owner financing fo the house with small downpayment. This willget you a tenant that pays rent which will cover the mortage and a small cashflow as well as not messing your credit. Another thing I read was a seller stating they would sell a house for 330 then advertising it for 350 and get a free fancy sports car. The sports car bought at a local car dealership for 10 making the sale of the house done quicker with more buyers seeing a new car as a bonus not seeing the 10K you profit from the sale and removing off your books.
  
  I have been reading many websites and not done this so dont quote me on it just a story of success I came across and a creative to sell your house FAST
  
  : (0)
- Posted by Donnie H. Best, Sr. on February 28, 2005 at 08:53:16:
  
  In Reply to: How much time before the bank will foreclose Posted by Kim on February 23, 2005 at 09:14:32:
  
  : I have a house in CO that I owe 337,000. It has been on the market for 6 months. we moved to NC and purchased another house. After 6 months of paying two mortgages, we can simply not afford to continue the payment on the CO house. How long do I have to not make any payments until the bank starts foreclosure proceedures? And is it best if I just call and volunteer foreclosure?
  
  : (0)
- Posted by Donnie H. Best, Sr. on February 28, 2005 at 08:52:15:
  
  In Reply to: How much time before the bank will foreclose Posted by Kim on February 23, 2005 at 09:14:32:
  
  : I have a house in CO that I owe 337,000. It has been on the market for 6 months. we moved to NC and purchased another house. After 6 months of paying two mortgages, we can simply not afford to continue the payment on the CO house. How long do I have to not make any payments until the bank starts foreclosure proceedures? And is it best if I just call and volunteer foreclosure?
  
  : (0)
- Posted by Ray on February 23, 2005 at 15:04:26:
  
  In Reply to: How much time before the bank will foreclose Posted by Kim on February 23, 2005 at 09:14:32:
  
  : I have a house in CO that I owe 337,000. It has been on the market for 6 months. we moved to NC and purchased another house. After 6 months of paying two mortgages, we can simply not afford to continue the payment on the CO house. How long do I have to not make any payments until the bank starts foreclosure proceedures? And is it best if I just call and volunteer foreclosure?
  
  Does the loan company know where you work so they can garnish your earnings? You need to turn it over to a realty company who checks the credit of those who rent and let them get you a good renter. The realty companies will take out their part and send you the remainder to pay off the house payments. It could bring in more in rent in some cases that the payments.The realty companies takes care of all the business. If someone else rents and pays you it will be clear someday and you will still own the property. You ask the question how long will it be before the bank forecloses. I understand in about 3 months after they stop recieving money for payments.
  
  : (0)
Posted by Emily on February 23, 2005 at 02:03:31:

Washington State: Last December 2004 I got my Notice of Default from Washington Mutual, then on january 2005, a trustee attorney,place it on public notice on foreclosure and the auction sale is on May 6,2005. My daughter barrowed some money to a friend so I called the trustee attorney, left messages three times and but they are not responding to my call. I would like to pay-off all the delinquent amount but they won't call me back. Last February 4, 2005 my daughter go to the bank (Washington Mutual Bank)and paid all the late fee and late mortgage payments so I can reinstate my loan and the bank (Washington Mutual Bank)they accepted my payments. Last week when I called them they said that my payments now is up to date and up to april 2005. Is my house still on foreclosures? Do I have to send a letter to the County records that I have paid my mortgage? I also sent letters to the trustee attorney that the bank accepted my payments. What will I do now?

: (7)
- Posted by Don on February 23, 2005 at 23:41:15:
  
  In Reply to: Foreclosure/Trste Atty not respnding/Pay delinquent to bank Posted by Emily on February 23, 2005 at 02:03:31:
  
  : Washington State: Last December 2004 I got my Notice of Default from Washington Mutual, then on january 2005, a trustee attorney,place it on public notice on foreclosure and the auction sale is on May 6,2005. My daughter barrowed some money to a friend so I called the trustee attorney, left messages three times and but they are not responding to my call. I would like to pay-off all the delinquent amount but they won't call me back. Last February 4, 2005 my daughter go to the bank (Washington Mutual Bank)and paid all the late fee and late mortgage payments so I can reinstate my loan and the bank (Washington Mutual Bank)they accepted my payments. Last week when I called them they said that my payments now is up to date and up to april 2005. Is my house still on foreclosures? Do I have to send a letter to the County records that I have paid my mortgage? I also sent letters to the trustee attorney that the bank accepted my payments. What will I do now?
  
  I would go to the local courthouse and see who had the task of foreclosing. In our state it is all recorded at the couty court clerks office. They have people there who will pull up your records. If the people in charge of the foreclosure have taken it off it should show such. If it still show it is in foreclosure you could send a certified letter to that trustee in charge of the foreclosure and a copy of your receipts where it is paid and demand that they clear the records. Make sure you have all the account numbers correct so there can be no mistakes. You still have another problem as your credit will show that you are in foreclosure also.You will have to have them send a letter to the credit bureaus and have that removed also. Send your mail by certified mail so they will have to sign to get it. This way you have proof they have got copies of the receipts. This is your proof that everything is correct. Send a self addressed envelope so they can return information about your account. This is basically what I would do if I were in need to clear upsuch a problem. Tell them that you contacted the lender and spoke with them and they have told you it is current and you are following up make sure everything is correct. Give specifics as the dates and who you talked to. One thing I have found out is when the lender is going into foreclosure they take it out of the hands of the orginal trustee and turn it over to a special group of lawyers which will show at the courthouse. This is saying a whole lot to answer such a small question.
  
  : (0)
- Posted by Janie on February 23, 2005 at 21:50:58:
  
  In Reply to: Foreclosure/Trste Atty not respnding/Pay delinquent to bank Posted by Emily on February 23, 2005 at 02:03:31:
  
  Write a letter to the foreclosure company and its attorney basically stating what you have said here, but provide exact dates, such as on 1-1-05, payment made to Washington Mutual.
  
  On 1-5-05 Washington Mutual V.P. John Harland confirmed that my account is current.
  
  Ask them to send you a certifiable copy of the recision of the foreclosure.
  
  Send the letter, certified return receipt.
  
  : (0)
- Posted by Ray on February 23, 2005 at 07:51:21:
  
  In Reply to: Foreclosure/Trste Atty not respnding/Pay delinquent to bank Posted by Emily on February 23, 2005 at 02:03:31:
  
  : Washington State: Last December 2004 I got my Notice of Default from Washington Mutual, then on january 2005, a trustee attorney,place it on public notice on foreclosure and the auction sale is on May 6,2005. My daughter barrowed some money to a friend so I called the trustee attorney, left messages three times and but they are not responding to my call. I would like to pay-off all the delinquent amount but they won't call me back. Last February 4, 2005 my daughter go to the bank (Washington Mutual Bank)and paid all the late fee and late mortgage payments so I can reinstate my loan and the bank (Washington Mutual Bank)they accepted my payments. Last week when I called them they said that my payments now is up to date and up to april 2005. Is my house still on foreclosures? Do I have to send a letter to the County records that I have paid my mortgage? I also sent letters to the trustee attorney that the bank accepted my payments. What will I do now?
  
  Make sure you keep the reciepts. Call HUD in your local area and they have a staff to help at all times in all situations.
  
  : (1)
  - Posted by Jim V on February 23, 2005 at 21:59:28:
    
    In Reply to: Re: Foreclosure/Trste Atty not respnding/Pay delinquent to bank Posted by Ray on February 23, 2005 at 07:51:21:
    
    While I can appreciate that you are trying to help, you want to make sure that your answer is relevant to the question(s) asked. If you can't answer, or don't have enough energy at the moment to answer, don't post a response. It's pretty easy to state that someone should call HUD. In some cases it's appropriate, in others, it's a waste of time. The point of an open board is to provide as much accurate information as possible, leaving it up to the reader to determine what option will best suit their circumstance. Perhaps I misread your post, but it didn't really seem to have anything to do with the question.
    
    Jim V
    
    : : Washington State: Last December 2004 I got my Notice of Default from Washington Mutual, then on january 2005, a trustee attorney,place it on public notice on foreclosure and the auction sale is on May 6,2005. My daughter barrowed some money to a friend so I called the trustee attorney, left messages three times and but they are not responding to my call. I would like to pay-off all the delinquent amount but they won't call me back. Last February 4, 2005 my daughter go to the bank (Washington Mutual Bank)and paid all the late fee and late mortgage payments so I can reinstate my loan and the bank (Washington Mutual Bank)they accepted my payments. Last week when I called them they said that my payments now is up to date and up to april 2005. Is my house still on foreclosures? Do I have to send a letter to the County records that I have paid my mortgage? I also sent letters to the trustee attorney that the bank accepted my payments. What will I do now?
    
    : Make sure you keep the reciepts. Call HUD in your local area and they have a staff to help at all times in all situations.
    
    : (0)
Posted by Jeff on February 23, 2005 at 00:00:53:

I'm trying to purchase a property for $550000 which has the following outstanding debt:1st-$5590002nd-$1000003rd-$1500004th-Constuction lien-$430002004 property taxes-$7000Still trying to get a hold of the first holder, but have not been successful. My realtor was able to talk the 3rd into signing off on the $150, but the 2nd is claiming to want to buy the property and resell to recoop their loses. I always thought that banks were in the banking business. Is this bank just playing hardball? Supposedly, this 2nd has an appraisal for $850 and believes they can get it. This property has been for sale since spring 2004, starting at 850 and going down to 599. I have been the only offer on the property. Still wondering why realty company lowered price if short wasn't lined up, but just curious if anyone has any thoughts about what this 2nd really wants or would accept and the chances of the 1st coming down from what they are owed so we can satisfy the 2nd.Thanks in Advance!

: (1)
- Posted by Ray on February 23, 2005 at 08:01:43:
  
  In Reply to: Short Sale Posted by Jeff on February 23, 2005 at 00:00:53:
  
  : I'm trying to purchase a property for $550000 which has the following outstanding debt:: 1st-$559000: 2nd-$100000: 3rd-$150000: 4th-Constuction lien-$43000: 2004 property taxes-$7000: Still trying to get a hold of the first holder, but have not been successful. My realtor was able to talk the 3rd into signing off on the $150, but the 2nd is claiming to want to buy the property and resell to recoop their loses. I always thought that banks were in the banking business. Is this bank just playing hardball? Supposedly, this 2nd has an appraisal for $850 and believes they can get it. This property has been for sale since spring 2004, starting at 850 and going down to 599. I have been the only offer on the property. Still wondering why realty company lowered price if short wasn't lined up, but just curious if anyone has any thoughts about what this 2nd really wants or would accept and the chances of the 1st coming down from what they are owed so we can satisfy the 2nd.: Thanks in Advance!
  
  The way that works is the 2nd morgage lender is paying the 1st morgage note each month so they will not lose their money and they are going to sell it and recoup all their mony including the payments theyare making to keep the 1st mortgage lender from locking them out.If they continue to pay off the 1st mortgage off they will own the peoperty anyway.
  
  : (0)
Posted by lisa lopez on February 22, 2005 at 16:17:16:

should i rent a house in foreclosure

: (1)
- Posted by Ray on February 22, 2005 at 22:13:18:
  
  In Reply to: foreclosure home rental Posted by lisa lopez on February 22, 2005 at 16:17:16:
  
  : should i rent a house in foreclosure
  
  Why would you want to move into a place and move out in 3 or 4 weeks and maybe sooner. That would be the most stupid thing a person could do.
  
  : (0)
Posted by Greg L. on February 22, 2005 at 15:14:16:

Can anyone help me on the process of forclosing on my buyer. He purchased my home and I agreed to carry 71000 until Jan 4 2005. He still has not sent a payment. Can anyone guide me in the right direction?

: (1)
- Posted by Ray on February 22, 2005 at 22:17:17:
  
  In Reply to: Foreclosing on my buyer. Posted by Greg L. on February 22, 2005 at 15:14:16:
  
  : Can anyone help me on the process of forclosing on my buyer. He purchased my home and I agreed to carry 71000 until Jan 4 2005. He still has not sent a payment. Can anyone guide me in the right direction?
  
  Get yourself an attorney.
  
  : (0)
Posted by Agras01 on February 22, 2005 at 15:10:26:

Anybody can suggest a good service that provides info for properties in default, pre-foreclosure stage or REO?Lag time and acurate info is a problem that I have with some well known services so far.

Thank you

Agras

: (5)
- Posted by Don on February 24, 2005 at 06:46:16:
  
  In Reply to: Finding properties with Notice of default, preforeclosure... Posted by Agras01 on February 22, 2005 at 15:10:26:
  
  : Anybody can suggest a good service that provides info for properties in default, pre-foreclosure stage or REO?: Lag time and acurate info is a problem that I have with some well known services so far.
  
  : Thank you
  
  : Agras
  
  The most current information is at the courthouse. The records depts. gets the information as the information from the lender is being turned over to a different firm or lawyer to foreclose. It will give the name and address of the firm who is going to foreclose for them. Those records can be so new that the person who is being foreclosed on has not been notified yet or posted in a newspaper. That is the newest postings that there are.
  
  : (1)
  - Posted by MarcoMeraz on March 03, 2005 at 00:57:15:
    
    In Reply to: Re: Finding properties with Notice of default, preforeclosure... Posted by Don on February 24, 2005 at 06:46:16:
    
    : : Anybody can suggest a good service that provides info for properties in default, pre-foreclosure stage or REO?: : Lag time and acurate info is a problem that I have with some well known services so far.
    
    : : Thank you
    
    : : Agras
    
    : The most current information is at the courthouse. : The records depts. gets the information as the information from the lender is being turned over to a different firm or lawyer to foreclose. It will give the name and address of the firm who is going to foreclose for them. Those records can be so new that the person who is being foreclosed on has not been notified yet or posted in a newspaper. That is the newest postings that there are.
    
    : (0)
- Posted by Ed (NJ) on February 22, 2005 at 16:30:41:
  
  In Reply to: Finding properties with Notice of default, preforeclosure... Posted by Agras01 on February 22, 2005 at 15:10:26:
  
  Which state are you looking for? What have you tried so far?
  
  Ed
  
  : Anybody can suggest a good service that provides info for properties in default, pre-foreclosure stage or REO?: Lag time and acurate info is a problem that I have with some well known services so far.
  
  : Thank you
  
  : Agras
  
  : (2)
  - Posted by Agras01 on February 22, 2005 at 21:12:49:
    
    In Reply to: Re: Finding properties with Notice of default, preforeclosure... Posted by Ed (NJ) on February 22, 2005 at 16:30:41:
    
    : Which state are you looking for? What have you tried so far?
    
    : Ed
    
    Northeast.I tried RealtyTrack.Any info anyone?
    
    Agras01
    
    : : Anybody can suggest a good service that provides info for properties in default, pre-foreclosure stage or REO?: : Lag time and acurate info is a problem that I have with some well known services so far.
    
    : : Thank you
    
    : : Agras
    
    : (1)
    - Posted by Ed (NJ) on February 22, 2005 at 21:31:25:
      
      In Reply to: Re: Finding properties with Notice of default, preforeclosure... Posted by Agras01 on February 22, 2005 at 21:12:49:
      
      I don't know about all of NorthEast but I use http://www.njpforeclosures.com for my Lis Pendens (NOD) lists. I find the info pretty reliable and accurate when compared to realtytrack.com
      
      : : Which state are you looking for? What have you tried so far?
      
      : : Ed
      
      : Northeast.: I tried RealtyTrack.: Any info anyone?
      
      : Agras01
      
      : : : Anybody can suggest a good service that provides info for properties in default, pre-foreclosure stage or REO?: : : Lag time and acurate info is a problem that I have with some well known services so far.
      
      : : : Thank you
      
      : : : Agras
      
      : (0)
Posted by mason on February 22, 2005 at 14:11:05:

Is there anything I can do after I find out my house has been foreclosed on, what can I do to get it back? Please someone help me I've lived here 14yrs I just ran into hardtimes and didnt even know my house was foreclosed on until after the fact.If anyone can help I would be forever in your debt, thanks

: (2)
- Posted by Nick(Colorado) on February 23, 2005 at 10:49:29:
  
  In Reply to: after foreclosure Posted by mason on February 22, 2005 at 14:11:05:
  
  Mason:
  
  What jurisdictions?
  
  : (0)
- Posted by Ray on February 22, 2005 at 22:26:13:
  
  In Reply to: after foreclosure Posted by mason on February 22, 2005 at 14:11:05:
  
  : Is there anything I can do after I find out my house has been foreclosed on, what can I do to get it back? Please someone help me I've lived here 14yrs I just ran into hardtimes and didnt even know my house was foreclosed on until after the fact.If anyone can help I would be forever in your debt, thanks
  
  You really do not give enough information for anyone to help. Is it already gone? Do you have money to bring up the back payments? Do you now have a job to make payments? If you have a job and can make paymentsand keep them up and if your house is not already gone you could maybe try bankruptcy to stop foreclosure and pay the house payments through the court. If it has already been sold just wave goodbye.
  
  : (0)
Posted by Emie on February 22, 2005 at 14:09:09:

Washington state: Last december 2004 I got my trustee sale notice and on january 2005 they place it on public notice on foreclosure on may 6,2005 the sales date. Last February 4,2005 my daughter paid off all the late fee and late mortgage payments to Washington Mutual Bank and they accept it, last week when I called them they said that my payments now is up to date and up to april 2005. Is my house still on foreclosures? Do I have to send a letter to the County records that I have paid my mortgage? What will I do now?

: (1)
- Posted by Ray on February 22, 2005 at 22:30:37:
  
  In Reply to: Paid my late mortgage payment but still going foreclosure Posted by Emie on February 22, 2005 at 14:09:09:
  
  : Washington state: Last december 2004 I got my trustee sale notice and on january 2005 they place it on public notice on foreclosure on may 6,2005 the sales date. Last February 4,2005 my daughter paid off all the late fee and late mortgage payments to Washington Mutual Bank and they accept it, last week when I called them they said that my payments now is up to date and up to april 2005. Is my house still on foreclosures? Do I have to send a letter to the County records that I have paid my mortgage? What will I do now?
  
  Make sure you have those reciepts in writing and you may have to get an attorney.
  
  : (0)
Posted by Debbie on February 22, 2005 at 13:23:44:

It is my understanding that to do a Partial Claim, you have to be 4 months past due. I am about to be 2 months behind and would like to see if I could short-sale it and, if it doesn't within the timeframe they give me, can I turn it into a Partial Claim and possibly be able to stay in the house? Need help ASAP!

: (1)
- Posted by Donnie on February 28, 2005 at 09:06:53:
  
  In Reply to: STILL NEED HELP - Partial Claim after no Short Sale??? Posted by Debbie on February 22, 2005 at 13:23:44:
  
  : It is my understanding that to do a Partial Claim, you have to be 4 months past due. I am about to be 2 months behind and would like to see if I could short-sale it and, if it doesn't within the timeframe they give me, can I turn it into a Partial Claim and possibly be able to stay in the house? Need help ASAP!
  
  : (0)
Posted by me on February 21, 2005 at 23:47:38:

Here is our situation and i am hoping that someone can help me understand what will happen. We got behind on our 1st morgate last year due to an IRS situation. Had a letter of forclosure sale. We did work out with the bank in writing to get caught up and pay the back fees...sorry forget what that is called...anyway with the IRS situation we got behind on alot of bills then husbands pay was garnished up to close to $1K from the state taxes...so it put us in financial hardship..finally they realized this and decreased the amount they were taking

Well now our 2nd morgate fell behind and we are told that unless we come up with the amount in full by March 12th they will start forclosure proceedings on the home.

At this point our credit is so shot there is no way we can refinance that 2nd.I am so terrified about where we will live at this point.i have 4 young children and have tonight started packing and tossing stuff as i am scared everyday i will get a knock on my door saying this is it.

Can anyone help me to understand what is next for us?I know there is no hope to save our home at this pointany advice anyone has for me please email me and i can give more info on this situationthank youd

: (8)
- Posted by Donnie on February 28, 2005 at 09:11:14:
  
  In Reply to: Help please MN laws Posted by me on February 21, 2005 at 23:47:38:
  
  : Here is our situation and i am hoping that someone can help me understand what will happen. We got behind on our 1st morgate last year due to an IRS situation. Had a letter of forclosure sale. We did work out with the bank in writing to get caught up and pay the back fees...sorry forget what that is called...anyway with the IRS situation we got behind on alot of bills then husbands pay was garnished up to close to $1K from the state taxes...so it put us in financial hardship..finally they realized this and decreased the amount they were taking
  
  : Well now our 2nd morgate fell behind and we are told that unless we come up with the amount in full by March 12th they will start forclosure proceedings on the home.
  
  : At this point our credit is so shot there is no way we can refinance that 2nd.: I am so terrified about where we will live at this point.: i have 4 young children and have tonight started packing and tossing stuff as i am scared everyday i will get a knock on my door saying this is it.
  
  : Can anyone help me to understand what is next for us?: I know there is no hope to save our home at this point: any advice anyone has for me please email me and i can give more info on this situation: thank you: d
  
  : (0)
- Posted by Don ( I found the Answer) that is presently ineffect. on February 23, 2005 at 08:42:03:
  
  In Reply to: Help please MN laws Posted by me on February 21, 2005 at 23:47:38:
  
  : Here is our situation and i am hoping that someone can help me understand what will happen. We got behind on our 1st morgate last year due to an IRS situation. Had a letter of forclosure sale. We did work out with the bank in writing to get caught up and pay the back fees...sorry forget what that is called...anyway with the IRS situation we got behind on alot of bills then husbands pay was garnished up to close to $1K from the state taxes...so it put us in financial hardship..finally they realized this and decreased the amount they were taking
  
  : Well now our 2nd morgate fell behind and we are told that unless we come up with the amount in full by March 12th they will start forclosure proceedings on the home.
  
  : At this point our credit is so shot there is no way we can refinance that 2nd.: I am so terrified about where we will live at this point.: i have 4 young children and have tonight started packing and tossing stuff as i am scared everyday i will get a knock on my door saying this is it.
  
  : Can anyone help me to understand what is next for us?: I know there is no hope to save our home at this point: any advice anyone has for me please email me and i can give more info on this situation: thank you: d
  
  This is a follow up on taking bankruptcy against the IRS shouuld you be interested.
  
  1- You pass the 3 year rule.2- You pass the two year rule. You actuall filed the tax return at least 2 years before the bankruptcy.3- You pass the 240 day rule. The income tax was assessed 240 days before you file your bankruptcy petition. Or not yet been assessed.
  
  : (0)
- Posted by me on February 22, 2005 at 08:21:08:
  
  In Reply to: Help please MN laws Posted by me on February 21, 2005 at 23:47:38:
  
  thank you for that info...husband says it is too late to file but i do not understand that at all .. something about in order to file we still need the back money that we owe in order to save the house.. oh i am so confused my head is spinningthanks again
  
  : (0)
- Posted by Ray on February 22, 2005 at 07:41:42:
  
  In Reply to: Help please MN laws Posted by me on February 21, 2005 at 23:47:38:
  
  : Here is our situation and i am hoping that someone can help me understand what will happen. We got behind on our 1st morgate last year due to an IRS situation. Had a letter of forclosure sale. We did work out with the bank in writing to get caught up and pay the back fees...sorry forget what that is called...anyway with the IRS situation we got behind on alot of bills then husbands pay was garnished up to close to $1K from the state taxes...so it put us in financial hardship..finally they realized this and decreased the amount they were taking
  
  : Well now our 2nd morgate fell behind and we are told that unless we come up with the amount in full by March 12th they will start forclosure proceedings on the home.
  
  : At this point our credit is so shot there is no way we can refinance that 2nd.: I am so terrified about where we will live at this point.: i have 4 young children and have tonight started packing and tossing stuff as i am scared everyday i will get a knock on my door saying this is it.
  
  : Can anyone help me to understand what is next for us?: I know there is no hope to save our home at this point: any advice anyone has for me please email me and i can give more info on this situation: thank you: d
  
  Contact your local HUD office and see if they have any low cost rentals. If you have had that IRS thing going for a number of years I believe it is 3 yrs. and another little clause or two you can bankrupt chapter 7 and clear all that mess up. Also the IRS does not actually bill you the correct cost when they do this stuff. In most cases they bill you 10 fold. A bill that is $10,000 in actuality will be billed $100,000. At this point some sleasy lawyer will say I can get you off the hook for pennies on the dollar which is a lie. You did not owe that much in the first place. You need to log on search and go to bankruptcy websites and find out those three items that the IRS require so you can bankrupt if you feel this is a solution. I have never told anyone this before but they pushed me into bankruptcy a few years ago and I did not know all those rules but I fell into them and I bankrupted Mr IRS only to find out I did not owe any such thing they billed me for. I don't know the homestead laws in your state but they cannot take everything. You will keep your clothes, car if it is not a big fancy one so you can go to work, work tools, and lots of household items . Your lawyer should tell you how to do it. since it is all old use furniture and cars etc it is discounted like junk. So at junk price you can keep more of it. If a dealer was buying it he wuld only give junk price for it. Get the picture. I hope this will give you some hope.
  
  : (0)
- Posted by Ray on February 22, 2005 at 07:30:36:
  
  In Reply to: Help please MN laws Posted by me on February 21, 2005 at 23:47:38:
  
  : Here is our situation and i am hoping that someone can help me understand what will happen. We got behind on our 1st morgate last year due to an IRS situation. Had a letter of forclosure sale. We did work out with the bank in writing to get caught up and pay the back fees...sorry forget what that is called...anyway with the IRS situation we got behind on alot of bills then husbands pay was garnished up to close to $1K from the state taxes...so it put us in financial hardship..finally they realized this and decreased the amount they were taking
  
  : Well now our 2nd morgate fell behind and we are told that unless we come up with the amount in full by March 12th they will start forclosure proceedings on the home.
  
  : At this point our credit is so shot there is no way we can refinance that 2nd.: I am so terrified about where we will live at this point.: i have 4 young children and have tonight started packing and tossing stuff as i am scared everyday i will get a knock on my door saying this is it.
  
  : Can anyone help me to understand what is next for us?: I know there is no hope to save our home at this point: any advice anyone has for me please email me and i can give more info on this situation: thank you: d
  
  Contact your local HUD office and see if they have any low cost rentals. Or if your family has an income and if you have had that IRS thing going for a number of years I believe it is 3 yrs. and another little clause or two you can bankrupt chapter 7 and clear all that mess up. Also the IRS does not actually bill you the correct cost when they do this stuff. In most cases they bill you 10 fold. A bill that is $10,000 in actuality will be billed $100,000. At this point some sleasy lawyer will say I can get you off the hook for pennies on the dollar which is a lie. You did not owe that much in the first place. You need to log on search and go to bankruptcy websites and find out those three items that the IRS require so you can bankrupt if you feel this is a solution. I have never told anyone this before but they pushed me into bankruptcy a few years ago and I did not know all those rules but I fell into them and I bankrupted Mr IRS only to find out I did not owe any such thing they billed me for. I hope this will give you some hope.
  
  : (3)
  - Posted by me on February 26, 2005 at 10:37:50:
    
    In Reply to: Re: Help please MN laws Posted by Ray on February 22, 2005 at 07:30:36:
    
    Thank you for your help...this is all just so confusing to me...
    
    so then does anyone know...so the 2nd has to now pay off the 1st in order to take it??... and do we have to sell it or do they do that when we have to move out??
    
    am just wondering about the selling part since there are repairs that need to be done and if i don't have to do them i am not going to ...lol
    
    so far when i call the people who have the 1st to talk to them they still have no idea this is going on even though it is all owned by the same company/bank just 2 different areas of the company
    
    also are any of the places that do refinance bad credit sitations reputable/trust worthy??
    
    : Contact your local HUD office and see if they have any low cost rentals. Or if your family has an income and : if you have had that IRS thing going for a number of years I believe it is 3 yrs. and another little clause or two you can bankrupt chapter 7 and clear all that mess up. Also the IRS does not actually bill you the correct cost when they do this stuff. In most cases they bill you 10 fold. A bill that is $10,000 in actuality will be billed $100,000. At this point some sleasy lawyer will say I can get you off the hook for : pennies on the dollar which is a lie. You did not owe that much in the first place. You need to log on search and go to bankruptcy websites and find out those three items that the IRS require so you can bankrupt if you feel this is a solution. I have never told anyone this before but they pushed me into bankruptcy a few years ago and I did not know all those rules but I fell into them and I bankrupted Mr IRS only to find out I did not owe any such thing they billed me for. I hope this will give you some hope.
    
    : (2)
    - Posted by Ray on February 27, 2005 at 04:14:23:
      
      In Reply to: more questions Posted by me on February 26, 2005 at 10:37:50:
      
      : Thank you for your help...: this is all just so confusing to me...
      
      : so then does anyone know...so the 2nd has to now pay off the 1st in order to take it??... and do we have to sell it or do they do that when we have to move out??
      
      : am just wondering about the selling part since there are repairs that need to be done and if i don't have to do them i am not going to ...lol
      
      : so far when i call the people who have the 1st to talk to them they still have no idea this is going on even though it is all owned by the same company/bank just 2 different areas of the company
      
      : also are any of the places that do refinance bad credit sitations reputable/trust worthy??
      
      : : Contact your local HUD office and see if they have any low cost rentals. Or if your family has an income and : : if you have had that IRS thing going for a number of years I believe it is 3 yrs. and another little clause or two you can bankrupt chapter 7 and clear all that mess up. Also the IRS does not actually bill you the correct cost when they do this stuff. In most cases they bill you 10 fold. A bill that is $10,000 in actuality will be billed $100,000. At this point some sleasy lawyer will say I can get you off the hook for : : pennies on the dollar which is a lie. You did not owe that much in the first place. You need to log on search and go to bankruptcy websites and find out those three items that the IRS require so you can bankrupt if you feel this is a solution. I have never told anyone this before but they pushed me into bankruptcy a few years ago and I did not know all those rules but I fell into them and I bankrupted Mr IRS only to find out I did not owe any such thing they billed me for. I hope this will give you some hope.
      
      Your next question was if you had to pay off the 2nd mortgage by selling the place. (NO). The people who have the second mortgage will do all the legal work to foreclose on you and normally they pay on the 1st mortgage so the will not get left out. This is like a co-signer as if the 1st person does not pay the mortgage the co-signer is obligated or both get sued. Usually the investor on a 2nd mortgage and the lender on the 1st. mortgage work togather so the 1st mortgage holder will get the money from the investor on the 2nd mortgage as so they are assured to get their money. At this pointthe 2nd mortgage investor will give 3 to 10 days notice and if the arrears are not brought up they will start foreclosure so they will not have to pay anymore than possible. Too bad you do not have your loans through HUD as they could have gotten you up to $2,000,00 to bring thr 2nd mortgage current only 1 time. Or in other cases the money could be used to relocate. I wish Jim V and NJ Ed would type in some info for you as they are very knowledgable.
      
      : (0)
    - Posted by Ray on February 27, 2005 at 03:53:31:
      
      In Reply to: more questions Posted by me on February 26, 2005 at 10:37:50:
      
      : Thank you for your help...: this is all just so confusing to me...
      
      : so then does anyone know...so the 2nd has to now pay off the 1st in order to take it??... and do we have to sell it or do they do that when we have to move out??
      
      : am just wondering about the selling part since there are repairs that need to be done and if i don't have to do them i am not going to ...lol
      
      : so far when i call the people who have the 1st to talk to them they still have no idea this is going on even though it is all owned by the same company/bank just 2 different areas of the company
      
      : also are any of the places that do refinance bad credit sitations reputable/trust worthy??
      
      : : Contact your local HUD office and see if they have any low cost rentals. Or if your family has an income and : : if you have had that IRS thing going for a number of years I believe it is 3 yrs. and another little clause or two you can bankrupt chapter 7 and clear all that mess up. Also the IRS does not actually bill you the correct cost when they do this stuff. In most cases they bill you 10 fold. A bill that is $10,000 in actuality will be billed $100,000. At this point some sleasy lawyer will say I can get you off the hook for : : pennies on the dollar which is a lie. You did not owe that much in the first place. You need to log on search and go to bankruptcy websites and find out those three items that the IRS require so you can bankrupt if you feel this is a solution. I have never told anyone this before but they pushed me into bankruptcy a few years ago and I did not know all those rules but I fell into them and I bankrupted Mr IRS only to find out I did not owe any such thing they billed me for. I hope this will give you some hope.
      
      Since you say it is too late to bankrupt you need to contact an attorney and get specific information. I got quick facts from some websites on Mn laws but I don't seem to have the correct answer. Jim V. and NJ Ed are really up on all this information and I hope they can type in and give you the correct info. for your situation. If you are as you say you have no hopeand are losing your home and someone has already garnished your husbands wages they usually keep it up until they get all owed to them. If two or three garnish the wages on different weeks you will not have enough to eat on and pay the utilities. The quick facts in Mn. says there is a redemption period. Somepeople say this is a period to put a piece of property up for sale and pay off all the debts and if there is really any equity you may come out with some cash. Igot this information on a foreclosure website in Colorado. You can do better with a lawyer in finding your options at this point. Sorry I am not of any more help. I wish I had saved all this information butI don't have room on my computer to store it all.
      
      : (0)
Posted by Viv on February 21, 2005 at 14:37:15:

Hello,I am wondering if anyone could point me in the right direction as to:Where i could find the names, phones, and addresses of banks' foreclosure department managers.THANK YOU!

: (6)
- Posted by Thomas Dozier jr on April 27, 2005 at 05:48:04:
  
  In Reply to: banks' foreclosure dept information Posted by Viv on February 21, 2005 at 14:37:15:
  
  : Hello,: I am wondering if anyone could point me in the right direction as to:: Where i could find the names, phones, and addresses of banks' foreclosure department managers.: THANK YOU!
  
  : (0)
- Posted by Linda on February 21, 2005 at 16:17:28:
  
  In Reply to: banks' foreclosure dept information Posted by Viv on February 21, 2005 at 14:37:15:
  
  Hi Viv,
  
  Usually if you search on any of the Lending or Banks website they will have an REO link. Here are a few.. Hope it helps you. Linda :)
  
  http://bankofamerica.reo.com/search/
  
  http://www.ccombank.com/reofram.htm
  
  http://www.countrywide.com/purchase/f_reo.asp
  
  http://www.downeysavings.com/property/index.asp?i=1
  
  http://www.premierereo.com
  
  : (4)
  - Posted by LOUISE on April 25, 2005 at 20:45:37:
    
    In Reply to: Re: banks' foreclosure dept information Posted by Linda on February 21, 2005 at 16:17:28:
    
    : Hi Viv,
    
    : Usually if you search on any of the Lending or Banks website they will have an REO link. Here are a few.. Hope it helps you. Linda :)
    
    : http://bankofamerica.reo.com/search/
    
    : http://://wwwww.ccombank.com/reofram.htm
    
    : httpw.countrywide.com/purchase/f_reo.asp
    
    : http://www.downeysavings.com/property/index.asp?i=1
    
    : http://www.premierereo.com
    
    : (0)
  - Posted by LOUISE on April 25, 2005 at 19:43:58:
    
    In Reply to: Re: banks' foreclosure dept information Posted by Linda on February 21, 2005 at 16:17:28:
    
    : Hi Viv,
    
    : Usually if you search on any of the Lending or Banks website they will have an REO link. Here are a few.. Hope it helps you. Linda :)
    
    : http://bankofamerica.reo.com/search/
    
    : http://://wwwww.ccombank.com/reofram.htm
    
    : httpw.countrywide.com/purchase/f_reo.asp
    
    : http://www.downeysavings.com/property/index.asp?i=1
    
    : http://www.premierereo.com
    
    : (0)
  - Posted by Deborah on March 11, 2005 at 09:35:20:
    
    In Reply to: Re: banks' foreclosure dept information Posted by Linda on February 21, 2005 at 16:17:28:
    
    Hello, my name is Deborah, I work with Harbor Mortgage Company. I am writing to you concerning a borrower of ours in regards to her recent interestin a foreclosed property @ 5632 Emory Drive Savannah GA 31406. I would like to know that the status for sellers payoff will be ready for a closing no later than the 21st of March. And if possible sooner. We have recently experienced a delay in a closing due to the sellers not being sure of the exact payoff. If there is anyway to prevent this from ocurring with this buyer, we would like to do so. I thought mentioning the closing date for the property may help to prepare information for the event. Thanks, for any assistance with this matter and if you can update me with any information concerning the readiness of this payoff, you may do so @ 912-920-0770 or fax 912-920-9936 or email me @ hmcinfo7@aol.com Thanks, again for any assistance you can provide with this. Deborah Outlaw (Admin Asst)-- Harbor Mortgage Company
    
    : (0)
  - Posted by Linda on February 21, 2005 at 16:22:45:
    
    In Reply to: Re: banks' foreclosure dept information Posted by Linda on February 21, 2005 at 16:17:28:
    
    This website has most of them click on bank owned properties.. :)
    
    : (0)
Posted by ali rosenstein on February 21, 2005 at 12:08:25:

yes, there is financing available- I can do loans in California and Nevada. If you are in these states call toll free 866-528-0400 x230 my name is Ali- call I can help.

: (0)
Posted by Denise on February 21, 2005 at 11:30:14:

My husband was out of work for 8 months, we got behind on the house payments (USDA-RHS) we were getting a loan through his annuity to pay the arrearage and bring everything current. To get the loan we had to wait until the payments were 90 days behind, we did that, then another detail of the loan was to have an itemized statement form my mortage holder listing each month and the total due of the arrearage.. for the irs since the annuity program is governed by the irs.. for 2 months afterward the usda -rhs refused to send the statement even though it was explained to them that we needed it for the loan, they refused to work with my loan officer at the annuity place.. then I had to send authorization for my loan officer to discuss my acct with someone at usda -rhs... they gave him the number to some feild rep.. anyways that got worked out and they told him the amount of the loan we applied for was enough for the arrearage and once that was paid everything would be fine.. they kept telling us that too. that all we had to do was to catch up the payments, which were seriously behind now but that everything would be fine, so we got the loan and I overnighted the check to the mortgage holdere but they returned it saying that now my home was in foreclosure and they wouldnt take payment. what do I do? the mortage holder was called every week to tell them how the loan process was going and we begged them every week for the needed letter. They are the ones that kept me from getting the loan quicker by not giving a statement... what do I do now? any help would be welcome. We live in Illinois and the mortgae is through USDA - RHS formerly the FHA

: (4)
- Posted by Donnie H. Best, Sr. on February 28, 2005 at 09:17:04:
  
  In Reply to: USDA held up loan and is now foreclosing Posted by Denise on February 21, 2005 at 11:30:14:
  
  : My husband was out of work for 8 months, we got behind on the house payments (USDA-RHS) we were getting a loan through his annuity to pay the arrearage and bring everything current. To get the loan we had to wait until the payments were 90 days behind, we did that, then another detail of the loan was to have an itemized statement form my mortage holder listing each month and the total due of the arrearage.. for the irs since the annuity program is governed by the irs.. for 2 months afterward the usda -rhs refused to send the statement even though it was explained to them that we needed it for the loan, they refused to work with my loan officer at the annuity place.. then I had to send authorization for my loan officer to discuss my acct with someone at usda -rhs... they gave him the number to some feild rep.. anyways that got worked out and they told him the amount of the loan we applied for was enough for the arrearage and once that was paid everything would be fine.. they kept telling us that too. that all we had to do was to catch up the payments, which were seriously behind now but that everything would be fine, so we got the loan and I overnighted the check to the mortgage holdere but they returned it saying that now my home was in foreclosure and they wouldnt take payment. what do I do? the mortage holder was called every week to tell them how the loan process was going and we begged them every week for the needed letter. They are the ones that kept me from getting the loan quicker by not giving a statement... what do I do now? any help would be welcome. We live in Illinois and the mortgae is through USDA - RHS formerly the FHA
  
  : (0)
- Posted by Ray on February 21, 2005 at 22:30:55:
  
  In Reply to: USDA held up loan and is now foreclosing Posted by Denise on February 21, 2005 at 11:30:14:
  
  : My husband was out of work for 8 months, we got behind on the house payments (USDA-RHS) we were getting a loan through his annuity to pay the arrearage and bring everything current. To get the loan we had to wait until the payments were 90 days behind, we did that, then another detail of the loan was to have an itemized statement form my mortage holder listing each month and the total due of the arrearage.. for the irs since the annuity program is governed by the irs.. for 2 months afterward the usda -rhs refused to send the statement even though it was explained to them that we needed it for the loan, they refused to work with my loan officer at the annuity place.. then I had to send authorization for my loan officer to discuss my acct with someone at usda -rhs... they gave him the number to some feild rep.. anyways that got worked out and they told him the amount of the loan we applied for was enough for the arrearage and once that was paid everything would be fine.. they kept telling us that too. that all we had to do was to catch up the payments, which were seriously behind now but that everything would be fine, so we got the loan and I overnighted the check to the mortgage holdere but they returned it saying that now my home was in foreclosure and they wouldnt take payment. what do I do? the mortage holder was called every week to tell them how the loan process was going and we begged them every week for the needed letter. They are the ones that kept me from getting the loan quicker by not giving a statement... what do I do now? any help would be welcome. We live in Illinois and the mortgae is through USDA - RHS formerly the FHA
  
  Personally if it was me I'd go into bankruptcy and stop them cold. Your credit is apparently shot anywayby losing a home. It is harder to come back after a bankruptcy on something like another home but if you have the money and do not make too much money by state laws to file a chapter 13 and can pay the amount determined by the court for the 5 year period it works for some people. Just a thought that might save your home while you still have the time. Especially since it has gone into foreclosure, it can save the home, and you would get the last laugh.
  
  : (1)
  - Posted by Denise on February 28, 2005 at 02:28:47:
    
    In Reply to: Re: USDA held up loan and is now foreclosing Posted by Ray on February 21, 2005 at 22:30:55:
    
    ha ha you just wont believe this one. so I got the voided check back via regular us mail. I called the usda feild rep tues morning 8 a.m. 2-22-05 to find out the problem, he said they needed a cashiers check instead of a regular check so I had a nice chat with him and everyone was on the same page.. we wouldnt be in foreclosure any more and the arrearage was to be taken care of.. all sunshine and daisies, I called the usda rhs centralized servicing center like the feild rep said... they said yep everything would be fine if I sent a cashiers check that day.. but maybe it would be late so I should do western union.. no such animal in these parts of illinois so I said how about if I overnight it? they said perfect! so I went to bank for check.. got a money order since the bank didnt have a cc.. then I went to post and did the overnight.. all fine and good.. then came home and called the usda csc again to make sure they knew I was sending it and I even gave them the usps tracking numbers.. everybody was happy... I checked online the next day and they got the m.o. at 11 a.m. on 2-23.. so I know they got it... after work friday 2-25 I call them to request a reciept because I know they have the mo.. the guy there says they voided my money order and sent it back regular mail that day friday.. I asked why? he said it was coming up on the 45 day mark and that my feild office might want to add some fees and I might have to pay it in person at feild office... but they held the money order for 2 days until after the 45 day mark which was friday morning... best $15.65 I ever spent because now I can prove they held it... he (usda guy) said I should have called them first.. he didnt have an answer when I told him I had called 3 times that morning and no one said anything about extra fees.. they said I had the right amount and that it wouldnt be late and everything would be fine.. he said well they held it for 2 days before trying to post it to the account and by then there might be extra fees... I told him that wasnt my responsibility...I got it there in time so it wasnt late and it was in a payment format that they said it had to be.. now they mail bacK the voided mo and by the time it gets back to me it will be late... I think Im going to the feild office and I am considering getting a good atty.. not looking for advice or help this time.. just giving a follow up on the story *LOL* I have never had this much trouble paying someone!
    
    : (0)
Posted by cyndi on February 21, 2005 at 09:27:32:

we have a house that will be going to sheriff sale feb,23 in ohio...what if no one at the sheriff sale buyes it ..we have a renter in there does the bank give us time for the renters to move?

: (2)
- Posted by JCANO on April 22, 2005 at 01:12:21:
  
  In Reply to: sheriff sale in 2 days in ohio Posted by cyndi on February 21, 2005 at 09:27:32:
  
  IF YOU STILL WANT IT THEN HOPE NO ONE DOES THUS IT WOULD GIVE MORE TIME TO HELP SAVE IT BY SELLING OR DOING ANY OTHER APPROPORATE THING. STATE LAW GIVES CERTAIN RIGHT BEFORE EVICTION NOTICES ARE SENT. IN TEXAS ITS NORMALLY 90 DAYS WITHOUT SHERIFF INTERVENTION.
  
  : (0)
- Posted by JCANO on April 22, 2005 at 01:11:25:
  
  In Reply to: sheriff sale in 2 days in ohio Posted by cyndi on February 21, 2005 at 09:27:32:
  
  IF YOU STILL WANT IT THEN HOPE NO ONE DOES THUS IT WOULD GIVE MORE TIME TO HELP SAVE IT BY SELLING OR DOING ANY OTHER APPROPORATE THING. STATE LAW GIVES CERTAIN RIGHT BEFORE EVICTION NOTICES ARE SENT. IN TEXAS ITS NORMALLY 90 DAYS WITHOUT SHERIFF INTERVENTION.
  
  : (0)
Posted by Debbie on February 21, 2005 at 08:57:31:

It is my understanding that to do a Partial Claim, you have to be 4 months past due. I am about to be 2 months behind and would like to see if I could short-sale it and, if it doesn't within the timeframe they give me, can I turn it into a Partial Claim and possibly be able to stay in the house? Need help ASAP!

: (0)
Posted by chip on February 20, 2005 at 16:22:16:

Thanks for your response. The appraisal on the home was for 340k about 6 months ago, when I purchased it. I am asking 320k to cover my closing costs and loan. Comps in the area show I am below average in price.

Thanks.

: (0)
Posted by LMT on February 20, 2005 at 11:49:34:

I got behind on mortgage in divorce. worked it out with mort. co. to give them 2K x-mas eve and then start a payment plan of an added $225 on top of original payment to start in Jan. Well, made that months payment and Feb a week late ( but am made full payment) They were accepted. Now looked in paper and my foreclosure is listed in there. Sale date Mar. 28th. My question is, if I come up with the remaining arrears (which is about 4k plus att. fees and whatnot, will this stop the sherrif sale? Or do I have to file Bk to stop it?

: (6)
- Posted by Donnie H. Best, Sr. on February 28, 2005 at 09:23:25:
  
  In Reply to: Help me out in OH please... Posted by LMT on February 20, 2005 at 11:49:34:
  
  : I got behind on mortgage in divorce. worked it out with mort. co. to give them 2K x-mas eve and then start a payment plan of an added $225 on top of original payment to start in Jan. Well, made that months payment and Feb a week late ( but am made full payment) They were accepted. Now looked in paper and my foreclosure is listed in there. Sale date Mar. 28th. My question is, if I come up with the remaining arrears (which is about 4k plus att. fees and whatnot, will this stop the sherrif sale? Or do I have to file Bk to stop it?
  
  : (0)
- Posted by Donnie H. Best, Sr. on February 28, 2005 at 09:21:57:
  
  In Reply to: Help me out in OH please... Posted by LMT on February 20, 2005 at 11:49:34:
  
  : I got behind on mortgage in divorce. worked it out with mort. co. to give them 2K x-mas eve and then start a payment plan of an added $225 on top of original payment to start in Jan. Well, made that months payment and Feb a week late ( but am made full payment) They were accepted. Now looked in paper and my foreclosure is listed in there. Sale date Mar. 28th. My question is, if I come up with the remaining arrears (which is about 4k plus att. fees and whatnot, will this stop the sherrif sale? Or do I have to file Bk to stop it?
  
  : (0)
- Posted by Esther on February 20, 2005 at 18:03:38:
  
  In Reply to: Help me out in OH please... Posted by LMT on February 20, 2005 at 11:49:34:
  
  : I got behind on mortgage in divorce. worked it out with mort. co. to give them 2K x-mas eve and then start a payment plan of an added $225 on top of original payment to start in Jan. Well, made that months payment and Feb a week late ( but am made full payment) They were accepted. Now looked in paper and my foreclosure is listed in there. Sale date Mar. 28th. My question is, if I come up with the remaining arrears (which is about 4k plus att. fees and whatnot, will this stop the sherrif sale? Or do I have to file Bk to stop it?
  
  : (2)
  - Posted by LMT on February 21, 2005 at 04:19:19:
    
    In Reply to: Re: Help me out in OH please... Posted by Esther on February 20, 2005 at 18:03:38:
    
    So BK is my only option at this point? Doesn't seem very fair. I don't want to lose everything that I've worked so hard for. Situation was a temp. setback and I know I can make my payment. This all happened so fast!
    
    : (0)
  - Posted by Esther on February 20, 2005 at 18:11:01:
    
    In Reply to: Re: Help me out in OH please... Posted by Esther on February 20, 2005 at 18:03:38:
    
    There is no guarantee that your foreclosure will be stopped no matter how much money you give them unless they put it in writing that they will stop the foreclosure and most banks will not.
    
    It is best to file an Emergency Chapter 13 Bankruptcy the week of the foreclosure. Make sure you you get your case number and fax it over to both the foreclosure trustee and the bank. To be safe, email and call it in by phone too. If you really want to make sure they don't pull a fast one on you...bring your bankruptcy paper and take it to the courthouse the day of the expected sale to double check on the bank.
    
    Follow your Chapter 13 process correctly and you will have the opportunity to make a payment plan with the bank. YOu will have up to 5 years to pay the arrearages.
    
    Feel free to email me if you have any questions and yes you can do this all yourself, without an attorney. All forms are online.
    
    : I got behind on mortgage in divorce. worked it out with mort. co. to give them 2K x-mas eve and then start a payment plan of an added $225 on top of original payment to start in Jan. Well, made that months payment and Feb a week late ( but am made full payment) They were accepted. Now looked in paper and my foreclosure is listed in there. Sale date Mar. 28th. My question is, if I come up with the remaining arrears (which is about 4k plus att. fees and whatnot, will this stop the sherrif sale? Or do I have to file Bk to stop it?
    
    : (0)
Posted by Darryle-Ca on February 19, 2005 at 21:29:51:

The deed of trust is an interesting instrument that appears to establish a trust. There are some basic requirements for a trust to exist. There must be a trust corpus (legal description). There must be at least 3 parties � the creator, the trustee, and the beneficiary. These parties should be different. One party shouldn�t fill two positions. The creator appoints a trustee to hold in trust, the trust property for the benefit of the beneficiary. The trust can have more parties besides the mandatory three. The creator can also be the borrower/trustor (the one who puts the property into the trust), as well as the grantor (if the trust is intended to be a grantor trust). The creator, as trustor, can put the property into the trust without the trust being a grantor trust. You will notice on some deeds of trust, the words �trustor� and �grantor� are use interchangeably. You ... Read More-----http://www.thecreativeinvestor.com/News-index.html
Deed Of Un-Trust

: (3)

Posted by J.R. on April 03, 2005 at 00:00:27:

In Reply to: Deed Of Un-Trust Posted by Darryle-Ca on February 19, 2005 at 21:29:51:

What is your defense against eviction that always works?

: (0)
Posted by Jonathan Raven on April 02, 2005 at 23:51:04:

In Reply to: Deed Of Un-Trust Posted by Darryle-Ca on February 19, 2005 at 21:29:51:

What is the defense against eviction that always works?

: (0)
Posted by Jonathan Raven on April 02, 2005 at 23:49:37:

In Reply to: Deed Of Un-Trust Posted by Darryle-Ca on February 19, 2005 at 21:29:51:

: The deed of trust is an interesting instrument that appears to establish a trust. There are some basic requirements for a trust to exist. There must be a trust corpus (legal description). There must be at least 3 parties � the creator, the trustee, and the beneficiary. These parties should be different. One party shouldn�t fill two positions. The creator appoints a trustee to hold in trust, the trust property for the benefit of the beneficiary. The trust can have more parties besides the mandatory three. The creator can also be the borrower/trustor (the one who puts the property into the trust), as well as the grantor (if the trust is intended to be a grantor trust). The creator, as trustor, can put the property into the trust without the trust being a grantor trust. You will notice on some deeds of trust, the words �trustor� and �grantor� are use interchangeably. You ... : Read More-----http://www.thecreativeinvestor.com/News-index.html

: (0)

Posted by chip on February 19, 2005 at 15:00:59:

Hi, I'm looking for some help in doing a short sale for my home. I live in Austin, TX and I'm looking for an agent who can help me accomplish this. I've read about agents in other states who negotiate short sales for pre-foreclosure homes, anyone in Austin? If so, please email me. I need to get my home sold fast! It's only a year old and is gorgeous! But, I can no longer afford it. Also, can anyone tell me what the foreclosure process is like in Texas? Should I secure an apartment now given my credit is about to take a hit? Should I move out now? I am current but about to be 30 days late on a 305k loan.Thanks in advance.

: (4)

Posted by Donnie on February 28, 2005 at 09:25:47:

In Reply to: Need help with Short Sale Posted by chip on February 19, 2005 at 15:00:59:

: Hi, I'm looking for some help in doing a short sale for my home. I live in Austin, TX and I'm looking for an agent who can help me accomplish this. I've read about agents in other states who negotiate short sales for pre-foreclosure homes, anyone in Austin? : If so, please email me. I need to get my home sold fast! It's only a year old and is gorgeous! But, I can no longer afford it. Also, can anyone tell me what the foreclosure process is like in Texas? Should I secure an apartment now given my credit is about to take a hit? Should I move out now? I am current but about to be 30 days late on a 305k loan.: Thanks in advance.

: (0)
Posted by TheShortSalePro on February 20, 2005 at 11:13:49:

In Reply to: Need help with Short Sale Posted by chip on February 19, 2005 at 15:00:59:

Can you estimate the property's value in it's as-is (gorgeous) condition? Is your financial hardship temporary, or permanent? Are there any other liens against you and/or the property?

: (2)
- Posted by chip on February 20, 2005 at 16:23:50:
  
  In Reply to: Re: Need help with Short Sale Posted by TheShortSalePro on February 20, 2005 at 11:13:49:
  
  : Thanks for your response. The appraisal on the home was for 340k about 6 months ago, when I purchased it. I am asking far less, just to cover my closing costs and loan. Comps in the area show I am below average in price.
  
  : Can you estimate the property's value in it's as-is (gorgeous) condition? Is your financial hardship temporary, or permanent? Are there any other liens against you and/or the property?
  
  : (0)
- Posted by chip on February 20, 2005 at 16:23:47:
  
  In Reply to: Re: Need help with Short Sale Posted by TheShortSalePro on February 20, 2005 at 11:13:49:
  
  : Thanks for your response. The appraisal on the home was for 340k about 6 months ago, when I purchased it. I am asking far less, just to cover my closing costs and loan. Comps in the area show I am below average in price.
  
  : Can you estimate the property's value in it's as-is (gorgeous) condition? Is your financial hardship temporary, or permanent? Are there any other liens against you and/or the property?
  
  : (0)

Posted by Julianne Offerdahl on February 19, 2005 at 14:46:34:

15 months ago my position in NC was fazed out prompting a return to GA. The home in NC has not sold to date, the home in GA is a rental.If I decide to allow the NC home to be forclosed what can I expect?

: (2)

Posted by Ray on February 21, 2005 at 09:25:30:

In Reply to: Unsold home Posted by Julianne Offerdahl on February 19, 2005 at 14:46:34:

: 15 months ago my position in NC was fazed out prompting a return to GA. The home in NC has not sold to date, the home in GA is a rental.If I decide to allow the NC home to be forclosed what can I expect?

You can expect to lose your credit basically but you may have a chance to come out like a rose. There are some people I know who could not sell a certain home so as they had to move because of promotions etc they:1 Looked up a realty company to oversee the property.2 This means the realty rents the property on behalf of (you the client) and collects all rent and forwards it to you so you can make the payments. This way someone else pays off the property while you are in another state and you will have full equity after it ispaid off.

: (0)
Posted by esther on February 20, 2005 at 18:23:07:

In Reply to: Unsold home Posted by Julianne Offerdahl on February 19, 2005 at 14:46:34:

In NC there are situations where the banks may be allowed to come after you for the amount of loan debt not covered by the sale. It is called a "Deficiency Judgement" more than likely if it were a Judicial Foreclosure meaning they had to go to court to foreclose. In NC there is both Judicial and Non Judicial foreclosure.

Your credit will be the biggest issue of course.There will be both the debt and the public record of foreclosure on your credit report.

But you can pay to get those fixed.

: 15 months ago my position in NC was fazed out prompting a return to GA. The home in NC has not sold to date, the home in GA is a rental.If I decide to allow the NC home to be forclosed what can I expect?

: (0)

Posted by lisa newsom on February 19, 2005 at 07:50:02:

hi my name is lisa and i too am in forecloser on my home. who did you get to help you? i am a single mother and don't want to lose my home my daughter and i have no where else to go. please email me as soon as you can. thank you for your time. lisa

: (1)

Posted by Donnie H. Best, Sr. on February 28, 2005 at 09:32:23:

In Reply to: foreclorse help needed also Posted by lisa newsom on February 19, 2005 at 07:50:02:

: hi my name is lisa and i too am in forecloser on my home. who did you get to help you? i am a single mother and don't want to lose my home my daughter and i have no where else to go. please email me as soon as you can. thank you for your time. lisa

: (0)

Posted by lisa newsom on February 19, 2005 at 07:49:28:

: (2)

Posted by Ray on February 21, 2005 at 09:44:36:

In Reply to: foreclorse help needed also Posted by lisa newsom on February 19, 2005 at 07:49:28:

: hi my name is lisa and i too am in forecloser on my home. who did you get to help you? i am a single mother and don't want to lose my home my daughter and i have no where else to go. please email me as soon as you can. thank you for your time. lisa

You don't give enough information. Do you have an income to make any type of a payment? Is your lender hooked up with HUD? If your lender does loans through HUD they can help more than anyone. Contact HUD in your area and see what they say. Some people take chapter 13 bankruptcy that will stop foreclosure for a little time. This is only done as last resort because you still have to have an incometo make the payments of whatever the court decides you must pay. The bankruptcy only last for 5 years in most cases and you will have to go back to full payments. But in our state if you owe other debts theyare usually wiped off and you could possibly afford your house payments. Again you need an income to make payments or you will get in worse shape. If this fails get in touch with HUD and seek a low income rental as they are obligated to help any citizen in housing. If you cannot afford anything at all they may be able to put you in a low cost housing project for nothing if you have children or unable to work.

: (0)

Posted by Jeff on February 19, 2005 at 05:10:51:

Our home is currently for sale: $87,500.00. We owe 72,000 on 1st mortgage and 22,000. It looks like the house may sell for what we are asking even though it is not worth that (it is a double wide on 5 acres). By the time we pay the realtor, we will have 82K, will be able to pay off the 1st mortgage and our 2nd mortgage (homeq) has already said they will probably approve a short sale (I have the packet to complete now). We want to buy another home. My credit score is 696 currently. The mortgage broker that is working our potential loan for the new home said that a short sale will show up on our credit and will bring my score down..it will show up on the credit report as a write off. It may keep me from getting a loan approved according to him, or at least make the interest rate/down payment alot higher. I don't understand this, as I have not missed a payment on anything for 24 years. Also, getting rid of the 2nd mortgage will decrease my debt to income ratio and I will have 700-800 dollars excess income after paying my bills and a 600.00 house note. Isn't there some way I can get past this? Thanks for any advice.

: (2)

Posted by Ray on February 21, 2005 at 09:55:12:

In Reply to: Short Sale Posted by Jeff on February 19, 2005 at 05:10:51:

: Our home is currently for sale: $87,500.00. We owe 72,000 on 1st mortgage and 22,000. It looks like the house may sell for what we are asking even though it is not worth that (it is a double wide on 5 acres). By the time we pay the realtor, we will have 82K, will be able to pay off the 1st mortgage and our 2nd mortgage (homeq) has already said they will probably approve a short sale (I have the packet to complete now). We want to buy another home. My credit score is 696 currently. The mortgage broker that is working our potential loan for the new home said that a short sale will show up on our credit and will bring my score down..it will show up on the credit report as a write off. It may keep me from getting a loan approved according to him, or at least make the interest rate/down payment alot higher. I don't understand this, as I have not missed a payment on anything for 24 years. Also, getting rid of the 2nd mortgage will decrease my debt to income ratio and I will have 700-800 dollars excess income after paying my bills and a 600.00 house note. Isn't there some way I can get past this? Thanks for any advice.

Some people in your position turn the home over to a realty company so they can keep it rented. The realty companies have a way to get credit reports and keepreal good renters in a home in most case where the average person gets hooked on rent. The realty company will take care of all the business and collect the rent and pass it along to you so you can keep up the payments. It's worth a try.

: (0)
Posted by drew on February 19, 2005 at 09:51:45:

In Reply to: Short Sale Posted by Jeff on February 19, 2005 at 05:10:51:

Question:if your house is currently in foreclosure, which I assume it is since you are talking short sale, your credit is already damaged or will be once it shows up on your credit under the mortgage information unless your broker gets the loan done before the information hits the airwaves. A short sale wont show up on your credit, unless the state you live in allows for deficiency judgements but you should negotiate with the bank before you sell telling them you wont allow the sale unless the bank puts in writing that if you do a short sale on the property they wont pursue a deficiency judgement against you for the difference. (Keep in mind that the debt forgiveness on your loan will be reported as income and you will pay tax on it.) However all of your mortgage lates will show on your report. Sometimes it takes months for the information to update with the credit reporting bureaus. Some banks allow for this and if your credit report stays at a 696, which I dont know how thats possible with mortgage lates (which really damage credit scores) but Ive seen brokers get things done. PS- I would get a new broker, yours has no idea what they are talking about. Your knowledge is more correct than his.

: Our home is currently for sale: $87,500.00. We owe 72,000 on 1st mortgage and 22,000. It looks like the house may sell for what we are asking even though it is not worth that (it is a double wide on 5 acres). By the time we pay the realtor, we will have 82K, will be able to pay off the 1st mortgage and our 2nd mortgage (homeq) has already said they will probably approve a short sale (I have the packet to complete now). We want to buy another home. My credit score is 696 currently. The mortgage broker that is working our potential loan for the new home said that a short sale will show up on our credit and will bring my score down..it will show up on the credit report as a write off. It may keep me from getting a loan approved according to him, or at least make the interest rate/down payment alot higher. I don't understand this, as I have not missed a payment on anything for 24 years. Also, getting rid of the 2nd mortgage will decrease my debt to income ratio and I will have 700-800 dollars excess income after paying my bills and a 600.00 house note. Isn't there some way I can get past this? Thanks for any advice.

: (0)

Posted by Chris on February 18, 2005 at 11:01:19:

We have just been confirmed in our 13 BK and have receiced a letter from the attorneys representing the mortgage comp. requesting a relief of stay. In the documents it states we are behind on payments in the amount of @ $8,100. I have not been able to determine where this this figure has come from. What options are available to me? Will I be forced to foreclose? Help.

: (12)

Posted by Chris on February 21, 2005 at 12:11:47:

In Reply to: Relief of Stay - Texas Posted by Chris on February 18, 2005 at 11:01:19:

: We have just been confirmed in our 13 BK and have receiced a letter from the attorneys representing the mortgage comp. requesting a relief of stay. In the documents it states we are behind on payments in the amount of @ $8,100. I have not been able to determine where this this figure has come from. What options are available to me? Will I be forced to foreclose? Help.

Additional Comments from Chris:

We've made our payments to the mortgage company, just a little bit late each month, but w/in the month owed due to when our paychecks come in. I talked w/the attny and I have to prove that the payments have been made for Dec/Jan/Feb for him to file a motion...which they have told me was not part of the "original agreement" and will cost me more $$ for them to do this. Also, when we had our plan confirmed by the judge, the judge almost did not approve it...making the comment we should not be in his court but in a financial counselor's office...then begrudingly accepted our plan. So, my fear is that when this hearing goes to court before the same judge, he will grant the lenders request. This is such a nightmare and right now, I don't see any way out and I don't want to lose my house.

: (6)
- Posted by Donnie H. Best, Sr. on February 28, 2005 at 09:47:51:
  
  In Reply to: Re: Relief of Stay - Texas Posted by Chris on February 21, 2005 at 12:11:47:
  
  : : We have just been confirmed in our 13 BK and have receiced a letter from the attorneys representing the mortgage comp. requesting a relief of stay. In the documents it states we are behind on payments in the amount of @ $8,100. I have not been able to determine where this this figure has come from. What options are available to me? Will I be forced to foreclose? Help.
  
  : : Additional Comments from Chris:
  
  : We've made our payments to the mortgage company, just a little bit late each month, but w/in the month owed due to when our paychecks come in. I talked w/the attny and I have to prove that the payments have been made for Dec/Jan/Feb for him to file a motion...which they have told me was not part of the "original agreement" and will cost me more $$ for them to do this. Also, when we had our plan confirmed by the judge, the judge almost did not approve it...making the comment we should not be in his court but in a financial counselor's office...then begrudingly accepted our plan. So, my fear is that when this hearing goes to court before the same judge, he will grant the lenders request. This is such a nightmare and right now, I don't see any way out and I don't want to lose my house.
  
  : (0)
- Posted by Janie on February 22, 2005 at 13:40:50:
  
  In Reply to: Re: Relief of Stay - Texas Posted by Chris on February 21, 2005 at 12:11:47:
  
  What does this statement mean? I'm having trouble following your thought process.
  
  Chris wrote:
  
  "prove that the payments have been made for Dec/Jan/Feb for him to file a motion...which they have told me was not part of the "original agreement" and will cost me more $$ for them to do this."
  
  Are you saying you didn't make those payments because you thought it was part of an agreement?
  
  : (4)
  - Posted by Chris on February 22, 2005 at 14:52:42:
    
    In Reply to: Re: Relief of Stay - Texas Posted by Janie on February 22, 2005 at 13:40:50:
    
    I have been making these payments. I made the Jan payment a little late, but w/in the month of Jan. My attorney wants me to show proof to him that I made these payments (cancelled checks) before the he, attorney, will file a motion to deny...which has a 15 day time frame. For me to have the attorney file the motion to deny, he is going to charge me additional fees...stating that the original amount paid to him did not include this additional work on his part.
    
    : What does this statement mean? I'm having trouble following your thought process.
    
    : : Chris wrote:
    
    : "prove that the payments have been made for Dec/Jan/Feb for him to file a motion...which they have told me was not part of the "original agreement" and will cost me more $$ for them to do this."
    
    : : Are you saying you didn't make those payments because you thought it was part of an agreement?
    
    : (3)
    - Posted by Janie on February 22, 2005 at 18:35:44:
      
      In Reply to: Re: Relief of Stay - Texas Posted by Chris on February 22, 2005 at 14:52:42:
      
      Here we go again. Bankruptcy attorneys are notorius for bailing out when things get tough. The main reason being most are nothing more than paper preparers. Very few are litigators.
      
      You got a mess on your hands. If your a quick learn, then get busy and prepare the motion to oppose.
      
      It's not difficult and you can do it yourself. If you're out of time, file a motion for extension of time to respond. Tell the judge your attorney is refusing to help and you need more time.
      
      : (2)
      - Posted by Chris on February 22, 2005 at 22:07:29:
        
        In Reply to: Re: Relief of Stay - Texas Posted by Janie on February 22, 2005 at 18:35:44:
        
        My main fear is the judge will accept the lenders motion and grant it. When we had our confirmation hearing, the judge made comments about our financial situation, stating we should be in financial counseling and filing a chap. 7. Our attorney told us we were lucky he granted our plan and to hope we never have to appear before that judge again. Is there hope?
        
        : Here we go again. Bankruptcy attorneys are notorius for bailing out when things get tough. The main reason being most are nothing more than paper preparers. Very few are litigators.
        
        : : You got a mess on your hands. If your a quick learn, then get busy and prepare the motion to oppose.
        
        : It's not difficult and you can do it yourself. If you're out of time, file a motion for extension of time to respond. Tell the judge your attorney is refusing to help and you need more time.
        
        : (1)
        
        Posted by Janie on February 23, 2005 at 21:57:29:
        
        In Reply to: Re: Relief of Stay - Texas Posted by Chris on February 22, 2005 at 22:07:29:
        
        Look, you've got to stop focusing on the problem and focus on the solution. The worst thing to do is what you are doing - paralyzing yourself with fear.
        
        First off, did you and your attorney play funny with the facts on your plan? Why on earth would a judge make that comment, and worse, is it highly suspect that your attorney is making irresponsible comments.
        
        If your attorney pushed something through that should not have been, it would explain why he's bailing on you.
        
        You've got two options.
        
        1. Lie down and play dead and lose everything;
        
        2. File an opposition.
        
        If it were me, I'd fire that sorry excuse for an attorney.
        
        : (0)
Posted by esther on February 20, 2005 at 18:32:37:

In Reply to: Relief of Stay - Texas Posted by Chris on February 18, 2005 at 11:01:19:

: We have just been confirmed in our 13 BK and have receiced a letter from the attorneys representing the mortgage comp. requesting a relief of stay. In the documents it states we are behind on payments in the amount of @ $8,100. I have not been able to determine where this this figure has come from. What options are available to me? Will I be forced to foreclose? Help.

----------------

Ask your attorney to file a motion requesting a full audit of payments to the mortgage company because there are discrepancies and request the denial of the relief of stay until discrepancies resolved by court and a payment plan has been agreed upon.

Good Luck!!

: (0)
Posted by Janie on February 19, 2005 at 21:02:35:

In Reply to: Relief of Stay - Texas Posted by Chris on February 18, 2005 at 11:01:19:

Several things could be going on. Here are a few possibilities:

1. Your attorney did not include the full amount owed in your petition papers;

2. You have not made your payments directly to the lender in addition to the payments to the trustee;

3. The lender has errored;

Do not rely 100% on your BK attorney. There are horror stories a mile long about BK attorneys bailing on clients when times get rough.

Be pro-active. Read the Motion for Relief from Stay. The grounds for the request are in those papers.

: (1)
- Posted by Chris on February 21, 2005 at 10:51:13:
  
  In Reply to: Re: Relief of Stay - Texas Posted by Janie on February 19, 2005 at 21:02:35:
  
  : Several things could be going on. Here are a few possibilities:
  
  : 1. Your attorney did not include the full amount owed in your petition papers;
  
  : 2. You have not made your payments directly to the lender in addition to the payments to the trustee;
  
  : 3. The lender has errored;
  
  : : Do not rely 100% on your BK attorney. There are horror stories a mile long about BK attorneys bailing on clients when times get rough.
  
  : Be pro-active. Read the Motion for Relief from Stay. The grounds for the request are in those papers.
  
  :
  
  We've made our payments to the mortgage company, just a little bit late each month, but w/in the month owed due to when our paychecks come in. I talked w/the attny and I have to prove that the payments have been made for Dec/Jan/Feb for him to file a motion...which they have told me was not part of the "original agreement" and will cost me more $$ for them to do this. Also, when we had our plan confirmed by the judge, the judge almost did not approve it...making the comment we should not be in his court but in a financial counselor's office...then begrudingly accepted our plan. So, my fear is that when this hearing goes to court before the same judge, he will grant the lenders request. This is such a nightmare and right now, I don't see any way out and I don't want to lose my house.
  
  : (0)
Posted by Ray on February 18, 2005 at 11:42:47:

In Reply to: Relief of Stay - Texas Posted by Chris on February 18, 2005 at 11:01:19:

: We have just been confirmed in our 13 BK and have receiced a letter from the attorneys representing the mortgage comp. requesting a relief of stay. In the documents it states we are behind on payments in the amount of @ $8,100. I have not been able to determine where this this figure has come from. What options are available to me? Will I be forced to foreclose? Help.

Why don't you contact your attorney who filed your chapter 13 and let him explain everything. In our state we get our information from the attorney who did the bk for you and from what the court says. In our state the bankrupt court dictates what you pay per month and for how long. It even enclude the attorneys fees. If the court has taken over the payments they should be able to tell you how much per month you are able to pay according to your income. You are to give the court a breakdown of all your expenses that you are paying including food, laundry, utilities, insurance, auto payments, auto insurance, school activities of the children, tuition, and anything else that involves money. Good luck

: (0)

Posted by Rod on February 18, 2005 at 02:07:57:

San Bernardino, Ca, Foreclosure has not started yet but will soon will be 3 months behind the 1st of March, I have Renters in the house, what are there options and how long do they have before they have to move. Just can not help it and want to give them oportunity to stay as long as they can.

: (4)

Posted by Ward-CA- on February 18, 2005 at 09:01:45:

In Reply to: 3 months behind San Bernardino, CA have Renters Posted by Rod on February 18, 2005 at 02:07:57:

Rod,

In CA, tenants that hold over after the trustee's sale are entitled to a 30 day notice to vacate from the winning bidder.

If they don't move out within the time period stated in the notice they will be subject to an eviction (unlawful detainer) which could appear on their credit report for years.

Hope this helps,

Ward

~~~~~~~~~~~~~~~~

: San Bernardino, Ca, Foreclosure has not started yet but will soon will be 3 months behind the 1st of March, I have Renters in the house, what are there options and how long do they have before they have to move. Just can not help it and want to give them oportunity to stay as long as they can.

: (0)
Posted by Rod on February 18, 2005 at 02:10:00:

In Reply to: 3 months behind San Bernardino, CA have Renters Posted by Rod on February 18, 2005 at 02:07:57:

: San Bernardino, Ca, Foreclosure has not started yet but will soon will be 3 months behind the 1st of March, I have Renters in the house, what are there options and how long do they have before they have to move. Just can not help it and want to give them opportunity to stay as long as they can.

: (1)
- Posted by Rod on February 18, 2005 at 02:11:05:
  
  In Reply to: Re: 3 months behind San Bernardino, CA have Renters Posted by Rod on February 18, 2005 at 02:10:00:
  
  : : San Bernardino, Ca, Foreclosure has not started yet but will soon will be 3 months behind the 1st of March, I have Renters in the house, what are there options and how long do they have before they have to move. Just can not help it and want to give them opportunity to stay as long as they can.
  
  : (0)

Posted by TB in OHIO on February 17, 2005 at 19:10:57:

Our house will be sold at auction shortly. Is the above ground pool considerd part of the house? There is no big deck or anything around it but it is dug down about 2 ft. and is 24 ft across. Would I be in trouble if I took the pool and left the hole? Thanks for your help

: (5)

Posted by Ray on February 18, 2005 at 08:18:07:

In Reply to: is pool part of house Posted by TB in OHIO on February 17, 2005 at 19:10:57:

: Our house will be sold at auction shortly. Is the above ground pool considerd part of the house? There is no big deck or anything around it but it is dug down about 2 ft. and is 24 ft across. Would I be in trouble if I took the pool and left the hole? Thanks for your help

I don't guess what I am telling you is any help in the sense that you want. In most states anything that is attached to the property in some way as an out buildingbarn, shed are considered part of the property. A mobile home can be oved because it has wheels on on it ans of course other things as cars, trucks, and personal belongings. The same is true with any thing attached to the house that your nailed there. If you only dug down a portion of the top of a hill to level it up I personall take it with me if I wanted it. If it is uuried into a concrete foundation I would leave it there. The only thing they could do is take you to court and let a judge rule on such a trival matter. I really doubt that they would do such a thing if you had just scraped the upper corner to level a pool for a child. After all if the land had been level and it had been setting there wouldn't you have been able to take it? Since you are losing your home all the small things in life you have accumulate do become more prescious. You wouldn't leave your clothes would you? You wouldn't leave the dog house would you? Basically I say if it is not in a concrete foundation of some sort and you only leveled a spot to set it you should be home free.

: (0)
Posted by Jim V on February 17, 2005 at 21:34:59:

In Reply to: is pool part of house Posted by TB in OHIO on February 17, 2005 at 19:10:57:

but is retention of the above ground pool really the most important part of this process to you?I read lots of really bad situations, and you're worried about your pool? Sorry, but that's just a litle too materialistic for me.

: Our house will be sold at auction shortly. Is the above ground pool considerd part of the house? There is no big deck or anything around it but it is dug down about 2 ft. and is 24 ft across. Would I be in trouble if I took the pool and left the hole? Thanks for your help

: (3)
- Posted by Ward-CA- on February 18, 2005 at 09:03:36:
  
  In Reply to: I'm sorry... Posted by Jim V on February 17, 2005 at 21:34:59:
  
  : but is retention of the above ground pool really the most important part of this process to you?: I read lots of really bad situations, and you're worried about your pool? Sorry, but that's just a litle too materialistic for me.
  
  : : Our house will be sold at auction shortly. Is the above ground pool considerd part of the house? There is no big deck or anything around it but it is dug down about 2 ft. and is 24 ft across. Would I be in trouble if I took the pool and left the hole? Thanks for your help
  
  : (2)
  - Posted by Jim V on February 18, 2005 at 14:28:41:
    
    In Reply to: Why not fill the hole?? (nt) Posted by Ward-CA- on February 18, 2005 at 09:03:36:
    
    Hi Ward,
    
    I think that's something just over 900 cubic feet of dirt that I'm guessing isn't piled up next to the pool. I'm willing to bet the hole will be filled, but it'll be by a future property owner
    
    : (1)
    - Posted by Bill H on February 19, 2005 at 18:36:32:
      
      In Reply to: Re: Pretty big hole!!! Posted by Jim V on February 18, 2005 at 14:28:41:
      
      : : Hi Ward,
      
      : I think that's something just over 900 cubic feet of dirt that I'm guessing isn't piled up next to the pool. I'm willing to bet the hole will be filled, but it'll be by a future property owner
      
      Now Jim....why not dig it deeper and make an in ground pool? Think Positive....If you get lemons...make lemonade. Bill H
      
      : (0)

Posted by Cindy on February 17, 2005 at 16:14:57:

My Uncle and Aunt own a Motel in KS and it is in foreclosure, along with a home and storage area. Apparently they owe $50,000 in back taxes. The motel is not making any money and they are up for a "friendly foreclosure". They have tried to sell the motel for almost a year. This is my question.....Should they also declare bankruptcy? If there is a Friendly Foreclosure do they still owe the back taxes? We want to help them but do not want to throw good money at a bad situation. Please advise

: (1)

Posted by Don on February 18, 2005 at 08:47:57:

In Reply to: Motel Foreclosure Posted by Cindy on February 17, 2005 at 16:14:57:

: My Uncle and Aunt own a Motel in KS and it is in foreclosure, along with a home and storage area. Apparently they owe $50,000 in back taxes. The motel is not making any money and they are up for a "friendly foreclosure". They have tried to sell the motel for almost a year. This is my question.....Should they also declare bankruptcy? If there is a Friendly Foreclosure do they still owe the back taxes? We want to help them but do not want to throw good money at a bad situation. Please advise

In most case the property stands for the taxes and the person who has that property is responsible. If the lender takes back the property he is the person who will have to pay those back taxes at least that is the way it is in our state. Maybe you should call an attorney in your area with the pretense you are going into bankruptcy so he will open up and tell you what you need to know. Call three or four if you need to but do not take bankruptcy as the property is already gone. What can they do? You don't have the property anymore and the property stands for the taxes. They cannot sell you but they can sell the property no matter who owns it. Get the picture. I have assumed this is property taxes but I may have the wrong idea and you may be talking income taxes. There are several rules that apply before you can go into bankruptcy on income taxes. Those taxes must have been owed for a certain time plus three of four other things. Go into a search ingine like google and type in bankruptcies and see what everything says if you are talking of income tax. Even than if your folks own no property there is a homestead act in each state that allows the so much property as a car and if both work maybe two cars as work vehicles and clothes and hosehold items. Another case like Willie Nelson let them go to court and settle it once and for all. The IRS has a habit of billing a $3,500 tax bill andthey will multiply it by 10 making it a $35,000.00 tax bill and they will take it if you give it to them. Soit may be well to consider bk if it is the IRS because they will shorten your life and drive you to the grave. By all means if it is an IRS tax you will have to take bankruptcy to clear it or they will follow your aunt and uncle from job to job and attach their wages. You are talking ablut a 4 headed monster. Don't agree to trying to pay anuthing on a monthly basis because they take what you give and the interest and penalties still get bigger and bigger. Do not take bankruptcy until all those requirements are fulfilled or you can not bankrupt the IRS.

: (0)

Posted by Nathan on February 16, 2005 at 20:45:07:

I'm in Texas . . . .if there is a deed in lieu of foreclosure will this still be reported in my credit report and if so will it have as big of an effect.

: (6)

Posted by Bill H on February 17, 2005 at 21:18:12:

In Reply to: Deed in lieu of Forcelosure Posted by Nathan on February 16, 2005 at 20:45:07:

:nt I'm in Texas . . . .if there is a deed in lieu of foreclosure will this still be reported in my credit report and if so will it have as big of an effect.

: (2)
- Posted by Jim V on February 17, 2005 at 21:44:38:
  
  In Reply to: Your Call...Roll the dice...take your chances.... (nt) Posted by Bill H on February 17, 2005 at 21:18:12:
  
  You called odds on whether I'd get a response or not. Haven't seen a response, do I owe you a dinner or something? I'll gladly set it up, tell me what and where, I'll do it. Within reason, of course, I'm not going to pop for a dinner in Greece. :)
  
  Thanks for contributing.
  
  Jim
  
  : (1)
  - Posted by Bill H on February 18, 2005 at 01:58:41:
    
    In Reply to: Re:Different thread, but I guess you're a winner. Posted by Jim V on February 17, 2005 at 21:44:38:
    
    : : You called odds on whether I'd get a response or not. Haven't seen a response, do I owe you a dinner or something? I'll gladly set it up, tell me what and where, I'll do it. Within reason, of course, I'm not going to pop for a dinner in Greece. :)
    
    : Thanks for contributing.
    
    : Jim
    
    Hi Jim:
    
    No dinner, just your friendship and the opportunity to contribute now and then.
    
    Having been around this business for some time now, these "fly by night" "get rich quick" guys are a dime a dozen and I have yet to see on respond responsibility.
    
    Thansk again for the offer and thanks for running a very nice board.
    
    Good Luck,Bill H
    
    Two things we all need to remember
    
    There is a God and you are not Him.
    
    : (0)
Posted by Reinstatement Services, Inc. on February 17, 2005 at 10:32:01:

In Reply to: Deed in lieu of Forcelosure Posted by Nathan on February 16, 2005 at 20:45:07:

: I'm in Texas . . . .if there is a deed in lieu of foreclosure will this still be reported in my credit report and if so will it have as big of an effect.

: (2)
- Posted by Nathan on February 17, 2005 at 11:34:31:
  
  In Reply to: more likely, yes. [nt] Posted by Reinstatement Services, Inc. on February 17, 2005 at 10:32:01:
  
  I just had my credit report pulled about a month ago to check my credit and see where I stand. My property loan is a hard money loan and not through a conventional lender so when I pulled my credit score my mortgage loan was not on my credit score and I've had it for over 7 months, I actually have two properties from the same lender and they were not on my credit report. So I was thinking that if I had a Deed in Lieu of Foreclosure that it probably would not show up on my credit score either being that it's not a full blown foreclosure but rather a voluntary conveyance. What do you think about my situation? Do you think the DEED IN LIEU will show up on my credit report given these circumstances?
  
  : I'm in Texas . . . .if there is a deed in lieu of foreclosure will this still be reported in my credit report and if so will it have as big of an effect.
  
  : (1)
  - Posted by Jim V on February 17, 2005 at 21:28:53:
    
    In Reply to: Re: more likely, yes. [nt] Posted by Nathan on February 17, 2005 at 11:34:31:
    
    If your mortgage loan isn't being reported by the hard money lender, it's possible that they also wouldn't report a DIL. But, the actions by an individual lender are really impossible to predict. A DIL is going to be somewhat better than a foreclosure, if it is reported, but not by a whole lot. Short sale, if you can, it's really not a lot better, but at least establishes that you are attempting to resolve the problem.
    
    : (0)

Posted by chris on February 16, 2005 at 18:22:16:

I'm looking for some advice. I own a home in Texas, and i'm about 30 days past due. I really don't believe I will be able to save the house. It's about a year old, I have it for sale. But, I don't know if I will get what I owe. What should I do? I have heard of "quick sales". How do they work? What if I'm short of the debt. I have no savings left. Also, I need to try to get an apartment before it's too late...my credit will be ruined soon, right? Please help me...I need to get a plan, quick. Also, I have a 1st and 2nd loan--total 305k. Both are with the same company. Does that make any difference? My husband lost his job. Thanks in advance.

: (4)

Posted by charles on February 16, 2005 at 21:06:28:

In Reply to: Foreclosure in Texas Posted by chris on February 16, 2005 at 18:22:16:

: I'm looking for some advice. I own a home in Texas, and i'm about 30 days past due. I really don't believe I will be able to save the house. It's about a year old, I have it for sale. But, I don't know if I will get what I owe. What should I do? I have heard of "quick sales". How do they work? What if I'm short of the debt. I have no savings left. Also, I need to try to get an apartment before it's too late...my credit will be ruined soon, right? Please help me...I need to get a plan, quick. : Also, I have a 1st and 2nd loan--total 305k. Both are with the same company. Does that make any difference? My husband lost his job. Thanks in advance.

: (3)
- Posted by charles on February 16, 2005 at 21:34:02:
  
  In Reply to: Re: Foreclosure in Texas Posted by charles on February 16, 2005 at 21:06:28:
  
  : : I'm looking for some advice. I own a home in Texas, and i'm about 30 days past due. I really don't believe I will be able to save the house. It's about a year old, I have it for sale. But, I don't know if I will get what I owe. What should I do? I have heard of "quick sales". How do they work? What if I'm short of the debt. I have no savings left. Also, I need to try to get an apartment before it's too late...my credit will be ruined soon, right? Please help me...I need to get a plan, quick. : : Also, I have a 1st and 2nd loan--total 305k. Both are with the same company. Does that make any difference? My husband lost his job. Thanks in advance.
  
  Sorry if this posted more than once. It took me a moment to figure out how to reply.I am a Realtor. I am required to disclose that.My reply to you is based on my personal experience as I lost my home to forclosure.First and formost, what are the prospects of your husband obtaining a job in the next 30 -45 days?Your mortgage company will not start forclosure proceedings until you are behind 3 payments. They do not want to forclose on your home! They will, if you contact them, work with you to help you stay in your home. If you can't work out a resolution ( their resolutions may not work for you) you still have time to make your transition. Since you are in your home less than a year, you probably have no equity so you will be hard pressed to sell. What is the market like where you live? Are there alot of homes for sale , in forclosure, builder still building in the area?I am, unfortunatly not familar with short sales and such( I came to this site to learn) or I would not habve lost my home. However adressing your getting an apartment etc, If you are not going to be able to save your home know that you have at least 90 -120 days or more depending on what part of Texas you are in. The "foreclosure" will take an additional 30 days or more to show up on your report so you don't necessarily need to get an apartment right away. Are you keeping up you other credit obligations?If you credit is good, you might be able to get an interest only re finance.Bottom Line. You have some time, don't panic. There may be options to save your home and if they don't pan out there are other options. This is not the end of the world and you will be able to buy again.Remember, this is not professional advice, nor legal advice, just a person who just experienced the process trying to you comfort so you can sleep withoutstressing prematurely.E mail me if you like charleshendrix@kw.com
  
  : (0)
- Posted by charles on February 16, 2005 at 21:07:20:
  
  In Reply to: Re: Foreclosure in Texas Posted by charles on February 16, 2005 at 21:06:28:
  
  : : I'm looking for some advice. I own a home in Texas, and i'm about 30 days past due. I really don't believe I will be able to save the house. It's about a year old, I have it for sale. But, I don't know if I will get what I owe. What should I do? I have heard of "quick sales". How do they work? What if I'm short of the debt. I have no savings left. Also, I need to try to get an apartment before it's too late...my credit will be ruined soon, right? Please help me...I need to get a plan, quick. : : Also, I have a 1st and 2nd loan--total 305k. Both are with the same company. Does that make any difference? My husband lost his job. Thanks in advance.
  
  : (1)
  - Posted by joann huffhines on February 23, 2005 at 12:06:44:
    
    In Reply to: Re: Foreclosure in Texas Posted by charles on February 16, 2005 at 21:07:20:
    
    : : : I'm looking for some advice. I own a home in Texas, and i'm about 30 days past due. I really don't believe I will be able to save the house. It's about a year old, I have it for sale. But, I don't know if I will get what I owe. What should I do? I have heard of "quick sales". How do they work? What if I'm short of the debt. I have no savings left. Also, I need to try to get an apartment before it's too late...my credit will be ruined soon, right? Please help me...I need to get a plan, quick. : : : Also, I have a 1st and 2nd loan--total 305k. Both are with the same company. Does that make any difference? My husband lost his job. Thanks in advance.
    
    where in Texas is the house located. I am looking for a house in Texas and I may be able to help you. My email address is jhuff23@msn.com
    
    : (0)

Posted by Bill on February 16, 2005 at 15:24:36:

My house was recently sold at foreclosure auction. there will be some extra money left over after the mortgage companies debts are paid. How do i go about collecting this myself. As soon as possible. There are people asking to help me for 10 percent of the money i am entitled to. I really need all the cash I can get so i dont want to involve anyone else. Can anyone tell me the steps i have to take to get my money so i can start my new life. Thank you

: (2)

Posted by Bill H on February 16, 2005 at 21:37:19:

In Reply to: collecting overage on foreclosure? Posted by Bill on February 16, 2005 at 15:24:36:

: My house was recently sold at foreclosure auction. there will be some extra money left over after the mortgage companies debts are paid. How do i go about collecting this myself. As soon as possible. There are people asking to help me for 10 percent of the money i am entitled to. I really need all the cash I can get so i dont want to involve anyone else. Can anyone tell me the steps i have to take to get my money so i can start my new life. Thank you

DO NOT pay anyone to help you get the overage.

Normally what happens, and it may take a few days, is the trustee will ascertain that ALL liens are paid in full and then the money will be sent to you.

You can check this process by calling the trustee who held the sale and inquiring. They will most likely need the sale number, date, time, etc. verification of the fact that you were the owner.

Do not know where you are so these answers are general. Some states have different requirement. Ask your trustee.

Good Luck,Bill H

: (1)
- Posted by Queti on March 06, 2005 at 00:30:17:
  
  In Reply to: Re: collecting overage on foreclosure? Posted by Bill H on February 16, 2005 at 21:37:19:
  
  : :Could you please make the answer specific to New York
  
  ThanksQueti
  
  : (0)

Posted by Mark Cicero on February 15, 2005 at 17:48:56:

If your looking to pursue a different way to make money in foreclosure real estate and want to create a win/win situation for yourself and the person in foreclosure, contact me to find out how. We are looking for agents in major metro areas that are self starters looking for a new career that will make them 10k plus per month. E-mail me at foreclosureconsultantsinc@hotmail.com

: (9)

Posted by Jim V on February 15, 2005 at 19:54:11:

In Reply to: foreclosure consultants Posted by Mark Cicero on February 15, 2005 at 17:48:56:

Mark,

Since ads aren't allowed on this board, this conversation will pretty much be skating on thin ice, but here goes.

What makes you believe an average person has the skills and/or capability for successful foreclosure mediation? What makes your company so sure that someone not experienced in this business can make 10k a month?

Although your original post really seemed to me like late night infomercial type spam, I'd really like to explore this topic without this turning into a "hostile" type thread.

Hopefully, you can expand on what it would actually take for a person to successfully help other people save their homes from foreclosure.

: If your looking to pursue a different way to make money in foreclosure real estate and want to create a win/win situation for yourself and the person in foreclosure, contact me to find out how. We are looking for agents in major metro areas that are self starters looking for a new career that will make them 10k plus per month. E-mail me at foreclosureconsultantsinc@hotmail.com

: (8)
- Posted by Bill H on February 15, 2005 at 23:21:19:
  
  In Reply to: Re: foreclosure consultants Posted by Jim V on February 15, 2005 at 19:54:11:
  
  : Mark,nt: Since ads aren't allowed on this board, this conversation will pretty much be skating on thin ice, but here goes.
  
  : What makes you believe an average person has the skills and/or capability for successful foreclosure mediation? What makes your company so sure that someone not experienced in this business can make 10k a month?
  
  : Although your original post really seemed to me like late night infomercial type spam, I'd really like to explore this topic without this turning into a "hostile" type thread.
  
  : Hopefully, you can expand on what it would actually take for a person to successfully help other people save their homes from foreclosure.
  
  : : If your looking to pursue a different way to make money in foreclosure real estate and want to create a win/win situation for yourself and the person in foreclosure, contact me to find out how. We are looking for agents in major metro areas that are self starters looking for a new career that will make them 10k plus per month. E-mail me at foreclosureconsultantsinc@hotmail.com
  
  : (7)
  - Posted by drew on February 19, 2005 at 09:56:04:
    
    In Reply to: Jim... 8 to 5 you do not get a reply (nt) Posted by Bill H on February 15, 2005 at 23:21:19:
    
    Foreclosure consultants-dumpster divers=taking advantage of victims of foreclosure. Why do you think they want to hire people to do their dirtywork? They are either charging a $495 stop foreclosure fee, which the person in foreclosure can do themselves or they are knocking on doors trying to pick up distressed owners homes. Both of which are shady and why they are looking for people to do all of the henchmans leg work. $10K a month? Give me a break. Do you think people in foreclosure want an uninvited door knocker at their home? Do you think losing their home is their only problem?
    
    : : Mark,: nt: : Since ads aren't allowed on this board, this conversation will pretty much be skating on thin ice, but here goes.
    
    : : What makes you believe an average person has the skills and/or capability for successful foreclosure mediation? What makes your company so sure that someone not experienced in this business can make 10k a month?
    
    : : Although your original post really seemed to me like late night infomercial type spam, I'd really like to explore this topic without this turning into a "hostile" type thread.
    
    : : Hopefully, you can expand on what it would actually take for a person to successfully help other people save their homes from foreclosure.
    
    : : : If your looking to pursue a different way to make money in foreclosure real estate and want to create a win/win situation for yourself and the person in foreclosure, contact me to find out how. We are looking for agents in major metro areas that are self starters looking for a new career that will make them 10k plus per month. E-mail me at foreclosureconsultantsinc@hotmail.com
    
    : (6)
    - Posted by jack nichols on March 20, 2005 at 22:05:57:
      
      In Reply to: Re: Jim... 8 to 5 you do not get a reply (nt) Posted by drew on February 19, 2005 at 09:56:04:
      
      : Foreclosure consultants-dumpster divers=taking advantage of victims of foreclosure. Why do you think they want to hire people to do their dirtywork? They are either charging a $495 stop foreclosure fee, which the person in foreclosure can do themselves or they are knocking on doors trying to pick up distressed owners homes. Both of which are shady and why they are looking for people to do all of the henchmans leg work. $10K a month? Give me a break. Do you think people in foreclosure want an uninvited door knocker at their home? Do you think losing their home is their only problem?
      
      : : : Mark,: : nt: : : Since ads aren't allowed on this board, this conversation will pretty much be skating on thin ice, but here goes.
      
      : : : What makes you believe an average person has the skills and/or capability for successful foreclosure mediation? What makes your company so sure that someone not experienced in this business can make 10k a month?
      
      : : : Although your original post really seemed to me like late night infomercial type spam, I'd really like to explore this topic without this turning into a "hostile" type thread.
      
      : : : Hopefully, you can expand on what it would actually take for a person to successfully help other people save their homes from foreclosure.
      
      : : : : If your looking to pursue a different way to make money in foreclosure real estate and want to create a win/win situation for yourself and the person in foreclosure, contact me to find out how. We are looking for agents in major metro areas that are self starters looking for a new career that will make them 10k plus per month. E-mail me at foreclosureconsultantsinc@hotmail.com
      
      : (1)
      - Posted by bill nichols on March 20, 2005 at 22:07:55:
        
        In Reply to: Re: Jim... 8 to 5 you do not get a reply (nt) Posted by jack nichols on March 20, 2005 at 22:05:57:
        
        : : Foreclosure consultants-dumpster divers=taking advantage of victims of foreclosure. Why do you think they want to hire people to do their dirtywork? They are either charging a $495 stop foreclosure fee, which the person in foreclosure can do themselves or they are knocking on doors trying to pick up distressed owners homes. Both of which are shady and why they are looking for people to do all of the henchmans leg work. $10K a month? Give me a break. Do you think people in foreclosure want an uninvited door knocker at their home? Do you think losing their home is their only problem?
        
        : : : : Mark,: : : nt: : : : Since ads aren't allowed on this board, this conversation will pretty much be skating on thin ice, but here goes.
        
        : : : : What makes you believe an average person has the skills and/or capability for successful foreclosure mediation? What makes your company so sure that someone not experienced in this business can make 10k a month?
        
        : : : : Although your original post really seemed to me like late night infomercial type spam, I'd really like to explore this topic without this turning into a "hostile" type thread.
        
        : : : : Hopefully, you can expand on what it would actually take for a person to successfully help other people save their homes from foreclosure.
        
        : : : : : If your looking to pursue a different way to make money in foreclosure real estate and want to create a win/win situation for yourself and the person in foreclosure, contact me to find out how. We are looking for agents in major metro areas that are self starters looking for a new career that will make them 10k plus per month. E-mail me at foreclosureconsultantsinc@hotmail.com
        
        : (0)
    - Posted by Mark Cicero on February 19, 2005 at 17:14:44:
      
      In Reply to: Re: Jim... 8 to 5 you do not get a reply (nt) Posted by drew on February 19, 2005 at 09:56:04:
      
      I don't check message boards often enough, but I don't mind replying to posts. Why the negativity? Does it stem from lack of understanding or jealousy that there are people out there doing the right thing and being compensated for it. Not all homeowners can handle the loss mitigation work on their own. Compare it to changing oil on a car, is it that easy? maybe, but I have never done it, I would rather leave it to the experts. As for how can one make 10k per month, well our average revenue per client is $800, and of that the independent agent recieves 50%, so $400 per client and the average agent closes 8 deals per week, which brings the total commision to 3,200 per week, factor in expenses of about $300 and that leaves $2,900 per week, which is well over 10k per month. We help hundreds of homeowners every month with what we find to be the best and most economical solution available to them. They keep their home and save it from foreclosure for the cost of a mortgage payment. And lastly, our agents only help facilitate the transaction, ie the help fill out the loss mitigation paperwork and so forth. We have a loss mitigatiion team in house that does all the negotiations with the clients lender. So yes the average person can, and does do well. We look for self starters and those highly motivated. Is it that easy? no, it is a lot of work, usually 50 hours per week, but how many jobs are out there paying 6 figures? Amd we charge no up front fees to join our company. So hope this clarifies things more for those that dont think some things are possible.
      
      : (3)
      - Posted by Jim V on March 01, 2005 at 22:57:20:
        
        In Reply to: 8 to 5, well looks like you loose Posted by Mark Cicero on February 19, 2005 at 17:14:44:
        
        Mark,
        
        Sorry for the delay, but there were things higher priority for me.
        
        I think we can throw the "lack of understanding, jealousy, doing the right thing" stuff right out the window.
        
        I have, in fact, changed oil in a car more than a few times. I also drove over 50 miles, each way, this past weekend to deal with a vehicle mechanical issue. That's what I'd consider a bad analogy.
        
        If we can get back to the point, why do you feel that a person, with no lending or real estate background, can both provide a beneficial solution to a person in distress, and convince the lender that the proposed solution is, in fact, realistic.
        
        So, without quoting from brochures, or sales material, what does a person need to know to successfully represent and obtain a viable workout plan from a lender?
        
        You state that you have a loss mitigation team "in house", so I'm assuming a quick trip down the hall will be all that it takes to get answers to my questions.
        
        However, I won't hold my breath waiting for the response from your "in house" people.
        
        : (0)
      - Posted by Tom(MI) on February 20, 2005 at 09:41:04:
        
        In Reply to: 8 to 5, well looks like you loose Posted by Mark Cicero on February 19, 2005 at 17:14:44:
        
        Do you return the $800 if you are unable to save the home from foreclosure?
        
        : (1)
        
        Posted by Mark Cicero on February 20, 2005 at 18:43:54:
        
        In Reply to: Re: 8 to 5, well looks like you loose Posted by Tom(MI) on February 20, 2005 at 09:41:04:
        
        : Do you return the $800 if you are unable to save the home from foreclosure?
        
        We only charge the consulting fee if we are able to help the homeowner. If we cannot work out a payment restructuring thru their foreclosing lender we do not charge them anything. Their are several companies out their that are MLM based that do not offer refunds which is unfortunate and they are giving everyone in the consulting/ loss mitigation business a bad name. I do not tear down my competition to build myself up, but those companies that are taking homeowners money and doing nothing for them know who they are. If anyone wants to get into a legitemate loss mitigation company and are willing to work hard and earn a good living please contact us at foreclosureconsultantsinc@hotmail.com
        
        : (0)

Posted by nohope on February 15, 2005 at 15:55:33:

Knowing that foreclosure is the WORST thing to have on my credit report, are there any hopes of me getting another home. I have a good start on my savings as far as a down payment. Any help/info is appreciated.

: (5)

Posted by ali rosenstein on February 21, 2005 at 12:04:26:

In Reply to: Any hope on purchasing a new property after foreclosure? Posted by nohope on February 15, 2005 at 15:55:33:

: Knowing that foreclosure is the WORST thing to have on my credit report, are there any hopes of me getting another home. I have a good start on my savings as far as a down payment. Any help/info is appreciated.

: (0)
Posted by JJ on February 15, 2005 at 23:23:21:

In Reply to: Any hope on purchasing a new property after foreclosure? Posted by nohope on February 15, 2005 at 15:55:33:

Hi Nohope:

Not true...you can get a new mortgage 1 day after you are out of foreclosure and bankruptcy. You do not need to wait the usual 2 yrs. And if you still have a FICO score of 600+, show FULL DOC income, you can get up to 100% LTV loan.Hope that helps.

: Knowing that foreclosure is the WORST thing to have on my credit report, are there any hopes of me getting another home. I have a good start on my savings as far as a down payment. Any help/info is appreciated.

: (0)
Posted by Ray on February 15, 2005 at 18:42:30:

In Reply to: Any hope on purchasing a new property after foreclosure? Posted by nohope on February 15, 2005 at 15:55:33:

: Knowing that foreclosure is the WORST thing to have on my credit report, are there any hopes of me getting another home. I have a good start on my savings as far as a down payment. Any help/info is appreciated.

Sure there is as many have found out. It can take a little time in some cases such as two years or so and not over 5 years as the credit bureaus normally drop the bad credit reports except in a bankruptcy. There are several ways to to start a clean record in creditand they are too in depth to explain. But I will give you a good way. 1 Go to your local bank and make a savings deposit of $1,000.00 andask for a line of credit on a credit card from them and ues your savings as collateral to the limit of $1,000.00. Then use the credit card a few times and pay it off early each time and have a zero balance.2 Go to a second bank and do the same thing over again.3 Go to the 3rd bank and do the same thing again and you will show credit with 3 different banks.

: (0)
Posted by Ray on February 15, 2005 at 18:40:50:

In Reply to: Any hope on purchasing a new property after foreclosure? Posted by nohope on February 15, 2005 at 15:55:33:

: Knowing that foreclosure is the WORST thing to have on my credit report, are there any hopes of me getting another home. I have a good start on my savings as far as a down payment. Any help/info is appreciated.

Sure ther is as many have found out. It can take a little time in some cases such as two years or so and not over 5 years as the credit bureaues normally drop the bad credit reports except in a bankruptcy. There are several ways to to start a clean record in creditand they are too in depth to explain. But I will give you a good way. 1 Go to your local bank and make a savings deposit andask for a line of credit on a credit card from them and ues your savings as collateral to the limit of $1,000.00. Then use the credit card a few times and pay it off early each time and have a zero balance.2 Go to a second bank and do the same thing over again.3 Go to the 3rd bank and do the same thing again and you will show credit with 3 different banks.

: (0)

Posted by Debbie on February 15, 2005 at 14:47:17:

My lender sent me a Loss Mitigation Package for several options (forebearance, partial claim, etc.) to apply for and also one for a pre-foreclosure sale/short sale. Can someone give me any information on this this would work? Do I stay in the home? Do I make the payments during this time period? Thanks!!

: (4)

Posted by Donnie H. Best, Sr. on February 28, 2005 at 09:56:34:

In Reply to: Need Info on Pre-Foreclosure Sale in GA Posted by Debbie on February 15, 2005 at 14:47:17:

: My lender sent me a Loss Mitigation Package for several options (forebearance, partial claim, etc.) to apply for and also one for a pre-foreclosure sale/short sale. Can someone give me any information on this this would work? Do I stay in the home? Do I make the payments during this time period? Thanks!!

: (0)
Posted by Ray on February 15, 2005 at 18:49:28:

In Reply to: Need Info on Pre-Foreclosure Sale in GA Posted by Debbie on February 15, 2005 at 14:47:17:

: My lender sent me a Loss Mitigation Package for several options (forebearance, partial claim, etc.) to apply for and also one for a pre-foreclosure sale/short sale. Can someone give me any information on this this would work? Do I stay in the home? Do I make the payments during this time period? Thanks!!

Sure you stay in the home. Why don't you call your local HUD office and let them handle it for you. You must have money or an income to keep the home or you will have to short sale or some other option. If HUD is in any way hooked up with that lender they have several ways to help you.

: (0)

Posted by Ann-Marie Stewart on February 15, 2005 at 13:43:55:

we are currently not in foreclosure because we have filed chapter 7 bankruptcy, discharge date 3/12/05. I have contacted the mortgage company for a repayment plan and they want half of the arrearage up front which isn't possible, I need more options can anyone help.

: (3)

Posted by Donnie H. Best, Sr. on February 28, 2005 at 10:02:49:

In Reply to: Foreclosure after bankruptcy Colorado Posted by Ann-Marie Stewart on February 15, 2005 at 13:43:55:

: we are currently not in foreclosure because we have filed chapter 7 bankruptcy, discharge date 3/12/05. I have contacted the mortgage company for a repayment plan and they want half of the arrearage up front which isn't possible, I need more options can anyone help.

: (0)
Posted by Janie on February 20, 2005 at 13:05:27:

In Reply to: Foreclosure after bankruptcy Colorado Posted by Ann-Marie Stewart on February 15, 2005 at 13:43:55:

Options:

Refinance to include the arrearages.

Keep in mind that if you were in foreclosure before filing bankruptcy, the foreclosure is not over.

The bankruptcy only tolled it until the discharge. The foreclosure company can then pick up where they left off.

That means if you are like so many that filed at the 11th hour, you won't have any wiggle room come March 15.

Start calling lenders, ASAP. Once you have one that is committed to carry your note, they can work a deal with the lender to postpone the foreclosure to allow escrow to close.

: we are currently not in foreclosure because we have filed chapter 7 bankruptcy, discharge date 3/12/05. I have contacted the mortgage company for a repayment plan and they want half of the arrearage up front which isn't possible, I need more options can anyone help.

: (0)

Posted by Ron on February 14, 2005 at 17:21:11:

Does anyone know where to find the CT Notice of Default listing and the process to follow to get a hold of it. I have been on line, to the library, courthouse etc.

: (1)

Posted by Jim V on February 15, 2005 at 19:43:15:

In Reply to: CT Notice of Default listing Posted by Ron on February 14, 2005 at 17:21:11:

Connecticut Foreclosure Alert.860-345-2100

I have no idea whether they are still in business, area availability or price, although I think they used to be $72/mo.If you have success tracking them down, please post back here with any new information you may get, someone else might find it useful in the future.

: (0)

Posted by SHERRY on February 14, 2005 at 16:39:14:

I ATTENDED THE FORECLOSURE MEETING ON THE MANUFACTURED HOME THAT I HAVE BEEN LEASING TO OWN. I PAID THE OWNERES AND THEY DIDN'T PAY SOME OF THE PAYMENTS. THE OWNERS NEVER SHOWED UP AND I HAD ALL OF MY RECEIPTS. THE ATTORNEY FOR THE FINANCE COMPANY TOLD ME I SHOULD BE ABLE TO BUY IT FROM THE BACK AT A MUCH LOWER MONTHLY PAYMENT. SALE IS FEB 25. WHAT AM I SUPPOSE TO DO.

: (3)

Posted by Janie on February 15, 2005 at 11:45:23:

In Reply to: FORECLOSURE MEETING Posted by SHERRY on February 14, 2005 at 16:39:14:

Sherry,

What happened to you is called Fraud. Go directly to your district attorney and file a criminal complaint. Most D.A.'s across the country have real estate fraud divisions.

If they try to brush you off, persist. Demand to know with whom you file a criminal complaint.

They will tell you that they can't get your home back for you. Smile and say, yeah that's nice. Then ask if they are going to provide justice?

If they deny you justice, contact Where's the Justice For All? There are a whole lot of us that have been in your shoes and we help each other and others through a difficult time. A lot of smart people that have been in the trenches of real estate crimes and they can help you.

Sherry, don't waste any time. Listen, don't kid yourself that the finance attorney and his clients are not scared of you. With a good attorney you can muck up the works.

The question to ask yourself is, do you want to? How much time and money do you want to spend on your home?

I wish the best for you. It's hell being cheated out of your home. I know. If you need support, go to the Where's the Justic For All?

: (0)
Posted by Bob on February 15, 2005 at 08:32:50:

In Reply to: FORECLOSURE MEETING Posted by SHERRY on February 14, 2005 at 16:39:14:

: I ATTENDED THE FORECLOSURE MEETING ON THE MANUFACTURED HOME THAT I HAVE BEEN LEASING TO OWN. I PAID THE OWNERES AND THEY DIDN'T PAY SOME OF THE PAYMENTS. THE OWNERS NEVER SHOWED UP AND I HAD ALL OF MY RECEIPTS. THE ATTORNEY FOR THE FINANCE COMPANY TOLD ME I SHOULD BE ABLE TO BUY IT FROM THE BACK AT A MUCH LOWER MONTHLY PAYMENT. SALE IS FEB 25. WHAT AM I SUPPOSE TO DO.

1) Don't write any more checks to the owners. 2)Do your research as to what the Mfg home is worth to prepare for the foreclosure sale. Get a good RE atty and have them assist you. You want to make sure that if your the high bidder what prior liens will have to be paid by you (e.g. taxes).

: (0)
Posted by Bob on February 15, 2005 at 08:29:37:

In Reply to: FORECLOSURE MEETING Posted by SHERRY on February 14, 2005 at 16:39:14:

: I ATTENDED THE FORECLOSURE MEETING ON THE MANUFACTURED HOME THAT I HAVE BEEN LEASING TO OWN. I PAID THE OWNERES AND THEY DIDN'T PAY SOME OF THE PAYMENTS. THE OWNERS NEVER SHOWED UP AND I HAD ALL OF MY RECEIPTS. THE ATTORNEY FOR THE FINANCE COMPANY TOLD ME I SHOULD BE ABLE TO BUY IT FROM THE BACK AT A MUCH LOWER MONTHLY PAYMENT. SALE IS FEB 25. WHAT AM I SUPPOSE TO DO.

: (0)

Posted by InfoSeeker on February 13, 2005 at 09:49:17:

My spouse and I have two mortgaged properties, under different lenders. One house has not been finished as the builder took the money and went under. Due to the fact that my spouse is disabled and can't work and I was out of work for a year, the unfinished property is now under foreclosure. I do not expect the lender to get all of their money back on a sale.

If a deficiency judgement comes out of this, what can it effect? My spouse has some stock and we have one other property located in another state, it's just land, two acres, no home. Can they force us to sell the land and stock? Can they put a lien against the home we live in? I do not intend to let these people destroy everything I have worked for just because we have been down on our luck. Especially seeing as to how they gave the builder the last large draw without inspecting to see what he had done.

What can I do to protect my assets? Can we sign them over to my In Laws if need be?

Thanks for any info.

: (3)

Posted by Bob on February 15, 2005 at 08:28:04:

In Reply to: Ohio deficiency judgement - what can it effect? Posted by InfoSeeker on February 13, 2005 at 09:49:17:

: My spouse and I have two mortgaged properties, under different lenders. One house has not been finished as the builder took the money and went under. Due to the fact that my spouse is disabled and can't work and I was out of work for a year, the unfinished property is now under foreclosure. I do not expect the lender to get all of their money back on a sale.

: If a deficiency judgement comes out of this, what can it effect? My spouse has some stock and we have one other property located in another state, it's just land, two acres, no home. Can they force us to sell the land and stock? Can they put a lien against the home we live in? I do not intend to let these people destroy everything I have worked for just because we have been down on our luck. Especially seeing as to how they gave the builder the last large draw without inspecting to see what he had done.

: What can I do to protect my assets? Can we sign them over to my In Laws if need be?

: Thanks for any info.

First, if you sign over any property to another party within (if memory serves) 3 years it is presumed to have been in complication of bankruptcy. How much do you expect the deficiency to be in $? The bank can get a lien against your out-of-state land, but it's highly unlikely that they would go to the time and expense to do so. If they did they can't force to sell, but you can't see it until you satisify the judgement. They could foreclose upon the lien if there are no liens ahead of them, but again that's highly unlikely to happen. Not sure about OH, but in some/most states a holder of a judgment can attach assets in bank & financial institutions, but I doubt if a bank would do that as they don't want the adverse publicity. Usually it's individuals, lenders of last resort, etc that use this option. The purpose is generally to wake up the debtor and get them to come to some agreement. Find a good bankrutpcy atty and discuss with them. Doesn't sound like you should take bankruptcy, but you need to be informed. If the atty says take BK, I'd get a second and third opinon before doing so.

: (0)
Posted by Don on February 14, 2005 at 07:39:05:

In Reply to: Ohio deficiency judgement - what can it effect? Posted by InfoSeeker on February 13, 2005 at 09:49:17:

: My spouse and I have two mortgaged properties, under different lenders. One house has not been finished as the builder took the money and went under. Due to the fact that my spouse is disabled and can't work and I was out of work for a year, the unfinished property is now under foreclosure. I do not expect the lender to get all of their money back on a sale.

: If a deficiency judgement comes out of this, what can it effect? My spouse has some stock and we have one other property located in another state, it's just land, two acres, no home. Can they force us to sell the land and stock? Can they put a lien against the home we live in? I do not intend to let these people destroy everything I have worked for just because we have been down on our luck. Especially seeing as to how they gave the builder the last large draw without inspecting to see what he had done.

: What can I do to protect my assets? Can we sign them over to my In Laws if need be?

: Thanks for any info.

You could also sue the builder for a couple of million dollars for fraud and make it clear you are going to put him in jail. This way you can tie up his property if he has any and have it sold to pay damages. Check the court records and see if he has anything in his name in the local counties. If he does not have anything you may have to settle for putting him in jail. Seek the advice of a good lawyer.

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Posted by Bobby on February 13, 2005 at 23:54:43:

In Reply to: Ohio deficiency judgement - what can it effect? Posted by InfoSeeker on February 13, 2005 at 09:49:17:

: The problem is that you are going to spend a lot of money defending your position.First off dont ever talk about hiding assets in public! There is a big difference between civil and criminal!All of you holdings are now subject to lien,levy and various legal costs, and as you might have figured out,Disposal!If you can come to terms with the bank and keep the Attorneys out of it, you will be ahead of the game. If not seek legal counsel ASAP. :

: (0)

Posted by marnie on February 12, 2005 at 23:40:07:

What can I do? My home was foreclosed on without much notice. I was on a repayment plan, sent my payment in late, was never contacted that they would not accept my payment. While out of town working, I received notice the night before the auction. Never received notice to vacate. When I returned to vacate, everything was gone. The realtor told me the mortgage co. told them to "trash everything because I had abandoned the property and moved." Trying to settle but they are not offering anything. What should I do? This occured in Virginia. Thanks.

: (2)

Posted by Don on February 14, 2005 at 08:04:57:

In Reply to: foreclosure in va. Posted by marnie on February 12, 2005 at 23:40:07:

: What can I do? My home was foreclosed on without much notice. I was on a repayment plan, sent my payment in late, was never contacted that they would not accept my payment. While out of town working, I received notice the night before the auction. Never received notice to vacate. When I returned to vacate, everything was gone. The realtor told me the mortgage co. told them to "trash everything because I had abandoned the property and moved." Trying to settle but they are not offering anything. What should I do? This occured in Virginia. Thanks.

Did you still have the electricity and the water turned on? If the utilities were still intact or turned on this is proof that you had not abandoned the property. This is the case in many states. If you can prove this by having lights and water you can sue them for damages of destroying all your property. In fact they went in early according to the way I understand it, before the foreclosure. You may lose the property (home) by being so late but you can put a stinger on them that they will not forget and I bet they will not go into another home with the utilities still hooked up with out a court order. At least you haven't taken bankruptcy and you can easily rebuild your credit. It may take a couple of years but that is not the end of the world. If you have equity and they have sold the property the law in most states require that they pay you all over the amount you owed and the lawyer fees or expenses etc. PS. If they had the utilities cut off see who authorized it and the dates. You can sue the utilities company as well unless you were behind and they had already turned everything off. Man you should have them where you can turn the tables on them in a hurry unless the utilities were behind and the utilities companies turned it off by being in default.This is something only you and the people involved know. Good Luck.

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Posted by Mary Radlick on February 12, 2005 at 21:39:11:

I have been trying to be my own attorney in circuit court because attorneys in my area are friends of the attorneys for the lender who is foreclosing. As is, I am finding it difficult to believe anything I am being told,and,I am being told the following. The lender will work out the problems that he created by an illegal foreclosure by advertisement at my eviction hearing and not in circuit court beforhand. I am to wait for my eviction to occur. Is this right. I know that the forelosure was done without reason but I do not feel that I have any power to fight anymore. Does anyone know of a high price lawyer with strength who can fight a big lender. I have the money to pay but do not know who to connect with.

: (4)

Posted by Don on February 12, 2005 at 22:58:19:

In Reply to: foreclosure vs eviction Posted by Mary Radlick on February 12, 2005 at 21:39:11:

: I have been trying to be my own attorney in circuit court because attorneys in my area are friends of the attorneys for the lender who is foreclosing. As is, I am finding it difficult to believe anything I am being told,and,I am being told the following. The lender will work out the problems that he created by an illegal foreclosure by advertisement at my eviction hearing and not in circuit court beforhand. I am to wait for my eviction to occur. Is this right. I know that the forelosure was done without reason but I do not feel that I have any power to fight anymore. Does anyone know of a high price lawyer with strength who can fight a big lender. I have the money to pay but do not know who to connect with.

Why don't you pick up your phone and call HUD. HUD is connected to lenders through HUD loans,Va loans, FmHAlenders and conventional loans. They are a part of the government and if you tell them you cannot afford a lawyer they will help you free of charge. This goes for the agencies also who are under HUD. This is worth a try. In fact many homes have been saved by going through HUD.

: (0)
Posted by Don on February 12, 2005 at 22:56:12:

In Reply to: foreclosure vs eviction Posted by Mary Radlick on February 12, 2005 at 21:39:11:

: I have been trying to be my own attorney in circuit court because attorneys in my area are friends of the attorneys for the lender who is foreclosing. As is, I am finding it difficult to believe anything I am being told,and,I am being told the following. The lender will work out the problems that he created by an illegal foreclosure by advertisement at my eviction hearing and not in circuit court beforhand. I am to wait for my eviction to occur. Is this right. I know that the forelosure was done without reason but I do not feel that I have any power to fight anymore. Does anyone know of a high price lawyer with strength who can fight a big lender. I have the money to pay but do not know who to connect with.

Why don't you pick up yourphone and call HUD. HUD is connected to lenders through HUD loans,Va loans, FmHAlenders and conventional loans. They are a part of the government and if you tell them you cannotafford a lawyer they will help you free of charge. This goes for the agencies also who are under HUD. This is worht a try. In fact many homes have been saved by going through HUD.

: (2)
- Posted by tina on February 13, 2005 at 16:37:55:
  
  In Reply to: Re: foreclosure vs eviction Posted by Don on February 12, 2005 at 22:56:12:
  
  Do you have to have an FHA/VA/HUD loan for HUD to be able to help you or can anybody get help from them?
  
  : (1)
  - Posted by Don on February 14, 2005 at 07:26:49:
    
    In Reply to: does it have to be a HUD loan? Posted by tina on February 13, 2005 at 16:37:55:
    
    : Do you have to have an FHA/VA/HUD loan for HUD to be able to help you or can anybody get help from them?
    
    Many banking institutions lend both conventional and HUD and if they are with HUD in other ways they may be able to help you. If you have an income and can bring the account current etc. Why don't you call HUD and see what they can do. They have offices in all major cities in the USA. In your phone book there will be an 800 number (toll free) and they will tell you of the nearest office in your area. In turn when you call your nearest office they will give you the phone numbers of the agencies in your area. Good Luck
    
    : (0)

Posted by Mary Radlick on February 12, 2005 at 21:27:11:

I have been trying to be my own attorney in circuit court because attorneys in my area are friends of the attorneys for the lender who is foreclosing. As is, I am finding it difficult to believe anything I am being told and I am being told the following. The lender will work out the problems behind an illegal foreclosure by advertisement at the eviction hearing and not in circuit court beforhand. I am to wait for my eviction to occur. Is this right. I know that the forelosure was done without reason but I do not feel that I have any power to fight anymore. Does anyone know of a high price lawyer with strength who can fight a big lender. I have the money to pay but do not know who to connect with.

: (2)

Posted by Donnie H. Best, Sr. on February 28, 2005 at 10:16:54:

In Reply to: foreclosure eviction Posted by Mary Radlick on February 12, 2005 at 21:27:11:

: I have been trying to be my own attorney in circuit court because attorneys in my area are friends of the attorneys for the lender who is foreclosing. As is, I am finding it difficult to believe anything I am being told and I am being told the following. The lender will work out the problems behind an illegal foreclosure by advertisement at the eviction hearing and not in circuit court beforhand. I am to wait for my eviction to occur. Is this right. I know that the forelosure was done without reason but I do not feel that I have any power to fight anymore. Does anyone know of a high price lawyer with strength who can fight a big lender. I have the money to pay but do not know who to connect with.

: (0)

Posted by Kitty Martin on February 12, 2005 at 12:08:26:

I am renting a house in Dearborn Heights, the owner did not mention that he was in foreclosue when We rented the house. We moved in The week before christmas, but we paid him for the full month of December. Plus a deposit. Then we paid January and Febuary rent. He came friday and told us not to pay anymore rent,that the house was in foreclosure. How long do I have before I have to move. I dont want to come home from work one day and find everthing out on the street

: (2)

Posted by drew on February 19, 2005 at 09:41:31:

In Reply to: Forclosure while Renting Posted by Kitty Martin on February 12, 2005 at 12:08:26:

First off, foreclosure is not an overnight process. If the owner was collecting rents from you while he was in foreclosure and didnt let you he was in foreclosure, thats an act which you should sue him over. You should get damages and at least a judgement against this person so he doesnt go out and do it again. As for an answer to you question, you shouldnt move until the sherrif comes knocking on your door. If the property is sold at auction, chances are that the investor that buys the home may let you stay and pay rent to them. Even if the bank gets it back, whoever buys it has to formally evict you according to state law and that takes at least 30 days in most jurisdictions.

: I am renting a house in Dearborn Heights, the owner did not mention that he was in foreclosue when We rented the house. We moved in The week before christmas, but we paid him for the full month of December. Plus a deposit. Then we paid January and Febuary rent. He came friday and told us not to pay anymore rent,that the house was in foreclosure. How long do I have before I have to move. I dont want to come home from work one day and find everthing out on the street

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Posted by Ray on February 12, 2005 at 15:45:52:

In Reply to: Forclosure while Renting Posted by Kitty Martin on February 12, 2005 at 12:08:26:

: I am renting a house in Dearborn Heights, the owner did not mention that he was in foreclosue when We rented the house. We moved in The week before christmas, but we paid him for the full month of December. Plus a deposit. Then we paid January and Febuary rent. He came friday and told us not to pay anymore rent,that the house was in foreclosure. How long do I have before I have to move. I dont want to come home from work one day and find everthing out on the street

You can take a day off and go to the county courthouse and get a clerk to look it up and it should tell the day the sale is on a designed place. Whoever buys theplace may very well want you to stay there as a renter.

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Posted by Christy Brown on February 12, 2005 at 10:45:53:

I have decided to let my rental property go during my bankruptcy. I am still taking care of my tenants during this process, shoveling snow, paying the water bill, paying to have the parking lot plowed, fixing things if they break, etc... Can I still collect monthly rents from my tenants to help cover these costs until foreclosure proceedings are over?

: (5)

Posted by drew on February 19, 2005 at 09:35:44:

In Reply to: During foreclosure can you collect rent from your tenants? Posted by Christy Brown on February 12, 2005 at 10:45:53:

Sorry for being so sarcastic in saying this, but are you people for real? You idiots are the ones that really make possible clients scared to death. You all have no idea what you are talking about and you spread your stupidity around these boards for others to read. Listen carefully, you taking payments and not making them to the banruptcy court or the lender is called EQUITY SKIMMING. You morons! That is criminal and you can go to jail for it. Take a quick gander under google under "EQUITY SKIMMING" and read about all the fun people going to jail for it. As far as the rest of you $25.00 armchair book pseudo-miionaire all knowing investors, stick to what you are good at, which is waiting tables at Denny's and keep your lack of knowledge to the junk books you are reading to educate yourselves.

: I have decided to let my rental property go during my bankruptcy. I am still taking care of my tenants during this process, shoveling snow, paying the water bill, paying to have the parking lot plowed, fixing things if they break, etc... Can I still collect monthly rents from my tenants to help cover these costs until foreclosure proceedings are over?

: (0)
Posted by Ward-CA- on February 18, 2005 at 09:19:44:

In Reply to: During foreclosure can you collect rent from your tenants? Posted by Christy Brown on February 12, 2005 at 10:45:53:

Christy,

You have the absolute legal right to collect rent from your tenants without anyone's approval until you lose title to your property at the foreclosure auction.

For a lender to utilize any power under any assignment of rents clause in their mortgage they'd have to give you formal notice of a judicial hearing on the matter beforehand.

So, until that happens feel free and comfortable in collecting the ongoing rents during the foreclosure process.

Ward

~~~~~~~~~~~~~~~

: I have decided to let my rental property go during my bankruptcy. I am still taking care of my tenants during this process, shoveling snow, paying the water bill, paying to have the parking lot plowed, fixing things if they break, etc... Can I still collect monthly rents from my tenants to help cover these costs until foreclosure proceedings are over?

: (1)
- Posted by Keith(CA) on February 18, 2005 at 09:31:34:
  
  In Reply to: Yes, absolutely... Posted by Ward-CA- on February 18, 2005 at 09:19:44:
  
  : Christy,
  
  : You have the absolute legal right to collect rent from your tenants without anyone's approval until you lose title to your property at the foreclosure auction.
  
  : For a lender to utilize any power under any assignment of rents clause in their mortgage they'd have to give you formal notice of a judicial hearing on the matter beforehand.
  
  : So, until that happens feel free and comfortable in collecting the ongoing rents during the foreclosure process.
  
  : Ward
  
  : ~~~~~~~~~~~~~~~
  
  : : I have decided to let my rental property go during my bankruptcy. I am still taking care of my tenants during this process, shoveling snow, paying the water bill, paying to have the parking lot plowed, fixing things if they break, etc... Can I still collect monthly rents from my tenants to help cover these costs until foreclosure proceedings are over?
  
  Ward...thanks for setting me straight :)
  
  : (0)
Posted by Keith(CA) on February 12, 2005 at 17:37:31:

In Reply to: During foreclosure can you collect rent from your tenants? Posted by Christy Brown on February 12, 2005 at 10:45:53:

: I have decided to let my rental property go during my bankruptcy. I am still taking care of my tenants during this process, shoveling snow, paying the water bill, paying to have the parking lot plowed, fixing things if they break, etc... Can I still collect monthly rents from my tenants to help cover these costs until foreclosure proceedings are over?

Christy,

You really need to seek the expert advice of a professional in your area. Some security instruments (mortgage/trust deed) contain an assignment of rents clause that allows a lender, once you're in default, to legally demand and collect rent from your tenant...bypassing you entirely. Add to this the fact that you are in bankruptcy, your court appointed trustee may have other things to say about you collecting rent as well. Why not instead get permission from your trustee to sell and then make your tenants an offer?

: (0)
Posted by Ray on February 12, 2005 at 15:42:00:

In Reply to: During foreclosure can you collect rent from your tenants? Posted by Christy Brown on February 12, 2005 at 10:45:53:

: I have decided to let my rental property go during my bankruptcy. I am still taking care of my tenants during this process, shoveling snow, paying the water bill, paying to have the parking lot plowed, fixing things if they break, etc... Can I still collect monthly rents from my tenants to help cover these costs until foreclosure proceedings are over?

Why most certainly you can collect until the court determines that it goes back to the lender or you decide to bring it up to current status.

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Posted by srb on February 12, 2005 at 08:13:48:

PLEASE!!!! No e-mail solicitations from foreclosure prevention agents. I just need an answer to the eviction question, if anyone knows it. Thanks.

: (0)

Posted by Sibyl on February 11, 2005 at 19:39:14:

I live in Alabama. My home is set for foreclosure sale on February 16, 2005. I am in the process of trying to negotiate a work-out plan with my mortgage company (who is being very difficult). If my home is sold on the 16th, how much time after that do I have to move out my things and vacate the premises?

: (4)

Posted by Janie on February 12, 2005 at 20:49:58:

In Reply to: pending foreclosure and eviction Posted by Sibyl on February 11, 2005 at 19:39:14:

Sibyl,

Do you have a plan B in the event Plan A, i.e., "work out plan" does not gell?

: (0)
Posted by Keith(CA) on February 12, 2005 at 17:22:25:

In Reply to: pending foreclosure and eviction Posted by Sibyl on February 11, 2005 at 19:39:14:

: I live in Alabama. My home is set for foreclosure sale on February 16, 2005. I am in the process of trying to negotiate a work-out plan with my mortgage company (who is being very difficult). If my home is sold on the 16th, how much time after that do I have to move out my things and vacate the premises?

Sibyl,

Good advice from Don. If you hit a brick wall with the county offices already mentioned, try your local county Sheriff's department. Since they are likely responsible for forced evictions, they might be a good source of info.

: (0)
Posted by Don on February 12, 2005 at 15:52:39:

In Reply to: pending foreclosure and eviction Posted by Sibyl on February 11, 2005 at 19:39:14:

: I live in Alabama. My home is set for foreclosure sale on February 16, 2005. I am in the process of trying to negotiate a work-out plan with my mortgage company (who is being very difficult). If my home is sold on the 16th, how much time after that do I have to move out my things and vacate the premises?

Different states have different laws and the one I live in simply give what ever the judge allows that person to get out. You can call the courthouse and they can tell you after the judge rules on your vacating. In ourstate if it does not go to court and the owners tells you to move you have 30 days and I have read where some states allow 60 days. It would best to call the county courthouse and talk to a countycourt clerk.

: (0)

Posted by Jean on February 11, 2005 at 16:47:36:

I live in Ohio. I am currently in bankruptcy, including my house. I am being forced to vacate my house temporarily while EPA mandated repairs are beingmade. Will my temporary absence from the house affect the foreclosure proceedings, i.e., could the lender prevent my moving back into the house or retrieving any belongings.

: (3)

Posted by Janie on February 12, 2005 at 20:47:24:

In Reply to: Bankruptcy & Foreclosure Posted by Jean on February 11, 2005 at 16:47:36:

Your post is disjointed.

The short answer is no. They can only prevent you after an eviction.

: I live in Ohio. I am currently in bankruptcy, including my house. I am being forced to vacate my house temporarily while EPA mandated repairs are being: made. Will my temporary absence from the house affect the foreclosure proceedings, i.e., could the lender prevent my moving back into the house or retrieving any belongings.

: (2)
- Posted by Steele V. Propp, Bank Owned Real Estate Specialist on February 13, 2005 at 08:48:11:
  
  In Reply to: Re: Bankruptcy & Foreclosure Posted by Janie on February 12, 2005 at 20:47:24:
  
  : The short answer is no. They can only prevent you after an eviction.-----------------------------
  
  The longer answer is usually "no". If an owner leaves the property during the process of foreclosure and the lender can convince a judge that the property was abandoned they are often allowed to change the locks and prevent any "reentry".
  
  Your case does not sound like this.-----------------------------: : I live in Ohio. I am currently in bankruptcy, including my house. I am being forced to vacate my house temporarily while EPA mandated repairs are being: : made. Will my temporary absence from the house affect the foreclosure proceedings, i.e., could the lender prevent my moving back into the house or retrieving any belongings.
  
  : (1)
  - Posted by Janie on February 13, 2005 at 16:32:15:
    
    In Reply to: Re: Bankruptcy & Foreclosure Posted by Steele V. Propp, Bank Owned Real Estate Specialist on February 13, 2005 at 08:48:11:
    
    Perhaps, but claiming abandonment and proving it are two different things. If the person is leaving because of a mandated cleanup, then the lender would not stand a rats chance in hell.
    
    Equally, a lender is not likely to spend the funds.
    
    : The longer answer is usually "no". If an owner leaves the property during the process of foreclosure and the lender can convince a judge that the property was abandoned they are often allowed to change the locks and prevent any "reentry".
    
    : Your case does not sound like this.
    
    : -----------------------------: : : I live in Ohio. I am currently in bankruptcy, including my house. I am being forced to vacate my house temporarily while EPA mandated repairs are being: : : made. Will my temporary absence from the house affect the foreclosure proceedings, i.e., could the lender prevent my moving back into the house or retrieving any belongings.
    
    : (0)

Posted by Bob on February 11, 2005 at 14:49:31:

How's the best way to get a rather significant used motor oil out of a concrete driveway. If I tear out that section of driveway the new concrete will not matched the cured portion. If I tear up the whole driveway, the sidewalks will not match. Is there a product on the market which will take the oil stain out. The stain appears to have been there presumably several years.

: (0)

Posted by Wendy on February 10, 2005 at 17:48:53:

I just want to say thank you to all of you. This a very helpful website and if I would have known about it in November, I probably could have saved some money.I want to say thank you to the response telling me to call HUD for counseling. My sale date was changed to Feb.23, today I called a counseling center and I have an appt. to go over my situation with them. Thank you again for the help.I hope we can at least get more time to sell the house.

Wendy

: (1)

Posted by Keith(CA) on February 10, 2005 at 18:09:44:

In Reply to: Foreclosure in Colorado,Thank you, Thank You!!! Posted by Wendy on February 10, 2005 at 17:48:53:

: I just want to say thank you to all of you. This a very helpful website and if I would have known about it in November, I probably could have saved some money.: I want to say thank you to the response telling me to call HUD for counseling. My sale date was changed to Feb.23, today I called a counseling center and I have an appt. to go over my situation with them. : Thank you again for the help.: I hope we can at least get more time to sell the house.

: Wendy

Wendy,

It's great when someone takes the time to follow up and provide an update on their situation whether one of us was helpful or not. I'm glad to have helped in some small way...you made my day!

: (0)

Posted by Kia on February 10, 2005 at 15:11:54:

My husband and I have missed our mortgage payments on our townhome for 3 months. (our renter moved out). We have been trying to sell it. The bank has started sending letters about forclosure. My question is - What can we do to stop the forclosure? My husband is not working right now. We live in our current home and are paying that mortgage on time. We do not want to jeopardize both properties. If we file bankruptcy or forclosure, how will that affect the house we are living in right now? We are willing to lose the townhome, but do not want our house to be jeopardized. We have no experience in this area..Please help!

: (4)

Posted by Alicia on February 11, 2005 at 21:31:30:

In Reply to: Forclosure looming-Washington State Posted by Kia on February 10, 2005 at 15:11:54:

Dear Kia,I saw your e-mail asking for help and wanted to reply.I own a real estate investment company called "NW House Buyers" and would be willing to help you. You said you are trying to sell your house, our company specializes in quick close purchases. I would be interested in buying your townhouse. This will end the possibility of forclosure, save your credit and protect the house you are currently living in. Please answer these questions:1. How many sq feet is the townhouse?2. How many bedrooms / bath?3. Do you have a 1st & 2nd mortgage? How much is owned?4. What is the taxed assessed value?

Write back so I can begin to help!Alicia

: My husband and I have missed our mortgage payments on our townhome for 3 months. (our renter moved out). We have been trying to sell it. The bank has started sending letters about forclosure. My question is - What can we do to stop the forclosure? My husband is not working right now. We live in our current home and are paying that mortgage on time. We do not want to jeopardize both properties. If we file bankruptcy or forclosure, how will that affect the house we are living in right now? We are willing to lose the townhome, but do not want our house to be jeopardized. We have no experience in this area..Please help!

: (0)
Posted by Bob on February 11, 2005 at 10:44:01:

In Reply to: Forclosure looming-Washington State Posted by Kia on February 10, 2005 at 15:11:54:

: My husband and I have missed our mortgage payments on our townhome for 3 months. (our renter moved out). We have been trying to sell it. The bank has started sending letters about forclosure. My question is - What can we do to stop the forclosure? My husband is not working right now. We live in our current home and are paying that mortgage on time. We do not want to jeopardize both properties. If we file bankruptcy or forclosure, how will that affect the house we are living in right now? We are willing to lose the townhome, but do not want our house to be jeopardized. We have no experience in this area..Please help!

The most critical issue is probably how long can you continue to make payments on your home under your current situation? What is the worse case scenario that you can withstand?

: (2)
- Posted by Kia on February 11, 2005 at 10:57:20:
  
  In Reply to: Re: Forclosure looming-Washington State Posted by Bob on February 11, 2005 at 10:44:01:
  
  : : My husband and I have missed our mortgage payments on our townhome for 3 months. (our renter moved out). We have been trying to sell it. The bank has started sending letters about forclosure. My question is - What can we do to stop the forclosure? My husband is not working right now. We live in our current home and are paying that mortgage on time. We do not want to jeopardize both properties. If we file bankruptcy or forclosure, how will that affect the house we are living in right now? We are willing to lose the townhome, but do not want our house to be jeopardized. We have no experience in this area..Please help!
  
  : The most critical issue is probably how long can you continue to make payments on your home under your current situation? What is the worse case scenario that you can withstand?
  
  We can stand to lose the townhome. We have accepted that. We DO NOT want any decisions we make to affect our current home. We can afford to continue making payments on the home we are living in. All bills fit in our budget EXCEPT the townhome. Our renter was taking care of that, but since we no longer have a renter, that mortgage is not getting paid. The townhome is the only problem in our budget. We accept that there would be a major blot on our credit for 10 years. My husband called an attorney just for advice, and he said to continue trying to sell. I guess in Washington, they threaten foreclosure at 3 months, but won't actually do anything until 190 days. Does that sound right? He said that once we sell it, our first mortgage can get paid in full, but the company in 2nd position may accept a short sale. I understand what that means, but I think they would try to attach to our current home if we do that. Doesn't a short sale hurt your credit also?
  
  : (1)
  - Posted by Bob on February 11, 2005 at 12:53:43:
    
    In Reply to: Re: Forclosure looming-Washington State Posted by Kia on February 11, 2005 at 10:57:20:
    
    : : : My husband and I have missed our mortgage payments on our townhome for 3 months. (our renter moved out). We have been trying to sell it. The bank has started sending letters about forclosure. My question is - What can we do to stop the forclosure? My husband is not working right now. We live in our current home and are paying that mortgage on time. We do not want to jeopardize both properties. If we file bankruptcy or forclosure, how will that affect the house we are living in right now? We are willing to lose the townhome, but do not want our house to be jeopardized. We have no experience in this area..Please help!
    
    : : The most critical issue is probably how long can you continue to make payments on your home under your current situation? What is the worse case scenario that you can withstand?
    
    : We can stand to lose the townhome. We have accepted that. We DO NOT want any decisions we make to affect our current home. We can afford to continue making payments on the home we are living in. All bills fit in our budget EXCEPT the townhome. Our renter was taking care of that, but since we no longer have a renter, that mortgage is not getting paid. The townhome is the only problem in our budget. We accept that there would be a major blot on our credit for 10 years. My husband called an attorney just for advice, and he said to continue trying to sell. I guess in Washington, they threaten foreclosure at 3 months, but won't actually do anything until 190 days. Does that sound right? He said that once we sell it, our first mortgage can get paid in full, but the company in 2nd position may accept a short sale. I understand what that means, but I think they would try to attach to our current home if we do that. Doesn't a short sale hurt your credit also?
    
    I'd also try to rent the townhome, as it have more investor appeal rented. The downside is that somebody who wants to use it as their primary residence may not be as interested. Most properties should rent in 30 days if the property is in good-excellent condition and reasonable rent for the area.
    
    As a practical matter, the 3 month/190 day foreclosure time frame sounds likely especially if it's a large mortgage servicer and foreclosures are increasing. And the 190 is when they start foreclosure not have the sale.
    
    Unless the previous tenant trashed the place, there shouldn't be any reason why you can't rent the place soon or even get an acceptable offer (though not necessarily closed) with the 190.
    
    I'm not sure about short sales affecting your credit, but it surely wouldn't affect it as much as a bankruptcy. I suspect it varies from institution to institution. They may even forget to report it. As far as attaching the deficiency to your home, you'd have to made that (forgoing the deficiency) part of the terms of the lender accepting a short sale. A second mortgage lender usually doesn't have a lot of leverage, hence the higher interest rate to reflect the additional risk.
    
    You also don't state your husband's age, profession, job prospects, etc. There's about a 99% chance he'll never regain his former salary, benefits, etc. I was downsized five years ago and it took two years and a 2000 mile move to regain about 94% of my downsized salary with lesser benefits. And I am extremely fortunate (underscore extremely). I would assume that you will have to pay your home mortgage out of savings (if that's where the $ are coming) until the day your husband starts a new job, and even then his job might be tenuous with cutbacks, mergers, economy, etc. Cut out every unnecessary and maybe some necessary expense in the budget that you can. Good luck & support your husband. He feels worse than you.
    
    : (0)

Posted by Victoria on February 10, 2005 at 00:24:14:

I was just served with my foreclosure papers on January 31st. In the papers it says. "You are hereby summoned and required to serve upon the plaintiff's attorney a copy of an answer to the complaint within 28 days of receiving the summons. It also says " Your answer must be filed with this court within 3 days after service of a copy of the answer on the plaintiff's attorney. What is it that I should do now? Also, I live in Lorain county in Ohio and am wondering how long this process should take before I have to move out...

: (5)

Posted by Reinstatement Services, Inc. on February 10, 2005 at 09:56:14:

In Reply to: Just served with papers. Have question... Ohio Posted by Victoria on February 10, 2005 at 00:24:14:

such as bankruptcy filing or loss mitigation efforts, the foreclosure process time is typically 5-6 months. According to HUD mandates, if the loan is government sponsored then the process cannot take longer than 10 months to complete.

You should know that just because the foreclosure process has been initiated it does not preclude you from selling the property or exploring any number of other alternatives that might assist you in retaining the property should this be your desire.

: I was just served with my foreclosure papers on January 31st. In the papers it says. "You are hereby summoned and required to serve upon the plaintiff's attorney a copy of an answer to the complaint within 28 days of receiving the summons. It also says " Your answer must be filed with this court within 3 days after service of a copy of the answer on the plaintiff's attorney. : What is it that I should do now? Also, I live in Lorain county in Ohio and am wondering how long this process should take before I have to move out...

: (0)
Posted by Janie on February 10, 2005 at 00:56:49:

In Reply to: Just served with papers. Have question... Ohio Posted by Victoria on February 10, 2005 at 00:24:14:

You have one of three choices:

1. Lie down play dead, which means do nothing and let the court date come and go and the Plaintiff will get a judgment by default against you;

2. Hire an attorney to respond; or

3. Respond to the summons yourself.

Basically, what you or your attorney have to do, on a legal pleading sheet, either admit or deny all the allegations and then set forth your defense.

You've already wasted too much time. Get an attorney ASAP. If you can't afford one, call the local bar association and ask for a list of the pro bono organizations in your area.

: (1)
- Posted by Don on February 10, 2005 at 08:02:24:
  
  In Reply to: Re: Just served with papers. Have question... Ohio Posted by Janie on February 10, 2005 at 00:56:49:
  
  : You have one of three choices:
  
  : 1. Lie down play dead, which means do nothing and let the court date come and go and the Plaintiff will get a judgment by default against you;
  
  : : 2. Hire an attorney to respond; or
  
  : : 3. Respond to the summons yourself.
  
  : Basically, what you or your attorney have to do, on a legal pleading sheet, either admit or deny all the allegations and then set forth your defense.
  
  : : You've already wasted too much time. Get an attorney ASAP. If you can't afford one, call the local bar association and ask for a list of the pro bono organizations in your area.
  
  What kind of loan do you have? If it is through HUD, VA, FmHA, and sometimes conventional loans Hud can help save a home when no one else can. You need to speak with your HUD (Housing of Urban Development) andtheycan call the lender if that lender does business through them in other business tranactions with other people. HUD will tell you to stay in the home and not move out until evicted.
  
  1 Hud has a program that will pay up to $2,000.00 to help you move or pay on a 2nd mortgage.
  
  2 HUD can work out a program where you can stay put and put the house up for sale and all the paperwork be taken care of after the sale even if it is for 6 months. During this time while the home is up for sale you havto pay no payments.
  
  3 Or HUD may be able to work out an agreement where you can bring up the payments through a loan against the insurance that is carried against the mortgage. This money against the insurance can only be recieved one time. This thpe program is only available to a FHA backed loan if it is still in existence. There have ben some changes lately but it is best you contact HUD and find out your options. Your local HUD is only a phone call away. And if you have no money they are required to do it free. This also goes for the independent counseling agencies as well. Free unless you spout off you can pay some big amount that you really can't.
  
  : (0)

Posted by Linda on February 09, 2005 at 20:24:25:

Things have changed and I no longer can afford the agreed amount with Countrywide. I was preapproved verally for short sale. not guaranteed until the packet I sent is reviewed. House is in my husbands and his best friends name due to what I call creative mortgaging. We live in Ill. If the short sale is not approved can I immediately try for DIL? Should quit claim deed the friend now? Also I want to move out on Mar 5th to a nice rental home I found. Is this wise. I have to think of my children and keep them in the same schools. I don't want to screw up my children and thier good grades because of me and my troubles. How much would a DIL cost me to file? Quit claim cost? Should I seek a lawyer for DIL?, Short Sale? Foreclosure? All of the above.

: (6)

Posted by Bob on February 10, 2005 at 13:26:07:

In Reply to: special forebearance, short sale and DIL Posted by Linda on February 09, 2005 at 20:24:25:

: Things have changed and I no longer can afford the agreed amount with Countrywide. I was preapproved verally for short sale. not guaranteed until the packet I sent is reviewed. House is in my husbands and his best friends name due to what I call creative mortgaging. We live in Ill. If the short sale is not approved can I immediately try for DIL? Should quit claim deed the friend now? Also I want to move out on Mar 5th to a nice rental home I found. Is this wise. I have to think of my children and keep them in the same schools. I don't want to screw up my children and thier good grades because of me and my troubles. How much would a DIL cost me to file? Quit claim cost? Should I seek a lawyer for DIL?, Short Sale? Foreclosure? All of the above.

This doesn't make any sense at all from your husband's or his friend's aspect. You're going to have to spell out the details assuming there is no hidden agenda they're not telling you about.

: (0)
Posted by NJDave on February 10, 2005 at 08:20:40:

In Reply to: special forebearance, short sale and DIL Posted by Linda on February 09, 2005 at 20:24:25:

Is your name on either the deed, or mortgage? How is it that the mortgage lender would speak with you about any, non foreclosure alternative?

Unlikely any lender will easily accept a DIL, despite what they may say...

If you have no contractual obligation to the property or the mortgage(s), then there is nothing for you to "quit claim" to anyone.

So, what is your interest?

: (2)
- Posted by Linda on February 10, 2005 at 08:29:49:
  
  In Reply to: Re: what is your interest? Posted by NJDave on February 10, 2005 at 08:20:40:
  
  : Is your name on either the deed, or mortgage? How is it that the mortgage lender would speak with you about any, non foreclosure alternative?
  
  : Unlikely any lender will easily accept a DIL, despite what they may say...
  
  : If you have no contractual obligation to the property or the mortgage(s), then there is nothing for you to "quit claim" to anyone.
  
  : So, what is your interest?
  
  The house is the names of my husband, his friend and myself as the third signer. I signed all documents when we initally refinanced to place us back on the house. The friend is the one who has no interest in the house, does not contribute, does not live in or near us, it is my husband and myself who have agreed to special forebearance agreement and now short sale. It is my understanding that if short sale does not get approved I may try a DIL. Why would they not first agree to short sale, second DIL rather than expensive foreclosure?
  
  : (1)
  - Posted by njdave on February 10, 2005 at 17:14:25:
    
    In Reply to: Re: what is your interest? Posted by Linda on February 10, 2005 at 08:29:49:
    
    If the 'friend' has assets, and/or good credit... they'll go after him, as well... instead of taking a loss.
    
    Forget about the DIL. In 99.9% of the cases, it simply doesn't happen. Yes, a preforeclosure short would be considered, first.
    
    But again, if one owner/mortgagor is solvent... they'll go after him.. before easily agreeing to any type of relief.
    
    : (0)
Posted by Ray on February 09, 2005 at 21:12:07:

In Reply to: special forebearance, short sale and DIL Posted by Linda on February 09, 2005 at 20:24:25:

: Things have changed and I no longer can afford the agreed amount with Countrywide. I was preapproved verally for short sale. not guaranteed until the packet I sent is reviewed. House is in my husbands and his best friends name due to what I call creative mortgaging. We live in Ill. If the short sale is not approved can I immediately try for DIL? Should quit claim deed the friend now? Also I want to move out on Mar 5th to a nice rental home I found. Is this wise. I have to think of my children and keep them in the same schools. I don't want to screw up my children and thier good grades because of me and my troubles. How much would a DIL cost me to file? Quit claim cost? Should I seek a lawyer for DIL?, Short Sale? Foreclosure? All of the above.

If you plan to move out anyway youare leaving the house that does not legally belong to you since it is in someone elses name. In fact if your name is not on the deed of trust you are paying off a house that could someday belong to them. I assume it was your ex-husband sort of the way the letter reads. Otherwise why is his and your name as husband and wife not on the papers. If you are divorced and if you paid off the house he could come in and evict you after you paid it off. You don't seem to have a leg to stand onand if you just move out as you intend the lender and the trustee will not come after you but your husband or your ex-husband which ever the case may be and the friend who is on the papers with him. You should contact them and tell them you cannot pay for the house so they can pay it off. If your name is not on it anywhere you cannot sell it in any way or form. Sobe lady enough to tell the people who are on the papersthat you are moving out so they can save their credit and they can and should be paying the note. If you give it back to the ones who are on the papers it will not cost you anything. But it will sure cost them something to clear up the mess. Good Luck.

: (0)
Posted by Ray on February 09, 2005 at 21:12:05:

In Reply to: special forebearance, short sale and DIL Posted by Linda on February 09, 2005 at 20:24:25:

: Things have changed and I no longer can afford the agreed amount with Countrywide. I was preapproved verally for short sale. not guaranteed until the packet I sent is reviewed. House is in my husbands and his best friends name due to what I call creative mortgaging. We live in Ill. If the short sale is not approved can I immediately try for DIL? Should quit claim deed the friend now? Also I want to move out on Mar 5th to a nice rental home I found. Is this wise. I have to think of my children and keep them in the same schools. I don't want to screw up my children and thier good grades because of me and my troubles. How much would a DIL cost me to file? Quit claim cost? Should I seek a lawyer for DIL?, Short Sale? Foreclosure? All of the above.

If you plan to move out anyway youare leaving the house that does not legally belong to you since it is in someone elses name. In fact if your name is not on the deed of trust you are paying off a house that could someday belong to them. I assume it was your ex-husband sort of the way the letter reads. Otherwise why is his and your name as husband and wife not on the papers. If you are divorced and if you paid off the house he could come in and evict you after you paid it off. You don't seem to have a leg to stand onand if you just move out as you intend the lender and the trustee will not come after you but your husband or your ex-husband which ever the case may be and the friend who is on the papers with him. You should contact them and tell them you cannot pay for the house so they can pay it off. If your name is not on it anywhere you cannot sell it in any way or form. Sobe lady enough to tell the people who are on the papersthat you are moving out so they can save their credit and they can and should be paying the note. If you give it back to the ones who are on the papers it will not cost you anything. But it will sure cost them something to clear up the mess. Good Luck.

: (0)

Posted by B wittmer on February 09, 2005 at 14:18:17:

My documents were returned to me because this trust is out of buisness. they have a good scam going until you need them then they dissapear. Dont send theese monkeys any money or it will dissapear just like the company.I didnt send these jerks any money thank God. Just a warning to you all.stay away from this trust, there just a headach waiting to happen for you. good ridince.!!!!!!!!!!!!!!!!!

: (2)

Posted by Keith(CA) on February 12, 2005 at 19:21:13:

In Reply to: this trust is out of business dont wast your time in Mn. Posted by B wittmer on February 09, 2005 at 14:18:17:

In consideration of some of the hate (e)mail and threats I received regarding my stance on Redwood Trust, I must say that I find the following article rather vindicating. Funny how folks swearing up and down that this is a humanitarian organization resort to threats and other such juvenile, not-so-humanitarian nonsense.

: (0)
Posted by Jim V on February 09, 2005 at 15:24:45:

In Reply to: this trust is out of business dont wast your time in Mn. Posted by B wittmer on February 09, 2005 at 14:18:17:

: My documents were returned to me because this trust is out of buisness. they have a good scam going until you need them then they dissapear. Dont send theese monkeys any money or it will dissapear just like the company.I didnt send these jerks any money thank God. Just a warning to you all.stay away from this trust, there just a headach waiting to happen for you. good ridince.!!!!!!!!!!!!!!!!!

: (0)

Posted by Monique Melendez on February 09, 2005 at 13:10:35:

I am doing some research regarding what are the top foreclosure market's According to your records what do you think are the top 4 by county or state.

: (2)

Posted by marnie on February 12, 2005 at 23:32:49:

In Reply to: top 4 foreclosure markets Posted by Monique Melendez on February 09, 2005 at 13:10:35:

: I am doing some research regarding what are the top foreclosure market's According to your records what do you think are the top 4 by county or state.

believe me, Virginia has got to be one. My home was foreclosed on when I was out of town. Then they moved everything out, I am in the process of civil suit.

: (0)
Posted by marnie on February 12, 2005 at 23:31:05:

In Reply to: top 4 foreclosure markets Posted by Monique Melendez on February 09, 2005 at 13:10:35:

: I am doing some research regarding what are the top foreclosure market's According to your records what do you think are the top 4 by county or state.

: (0)

Posted by Ms.Worry nomore on February 08, 2005 at 21:10:09:

I contacted the attorneys office once again this morning and they were able to give me my reinstatement amount. My attorney fees were only $453.61... I will drop by at lunch time tomorrow(since they are close by) to pay my months past due payments + my late fees and of course the attorney fees. A total of $3981.15 to reinstate my loan. I was given till feb 28th to pay. Thanks for everyones support on this board and specially those who answered my questions. You all were tremendous help...thx!

: (1)

Posted by Bill H on February 09, 2005 at 16:41:56:

In Reply to: My TX attorney fees... Posted by Ms.Worry nomore on February 08, 2005 at 21:10:09:

nt: I contacted the attorneys office once again this morning and they were able to give me my reinstatement amount. My attorney fees were only $453.61... I will drop by at lunch time tomorrow(since they are close by) to pay my months past due payments + my late fees and of course the attorney fees. A total of $3981.15 to reinstate my loan. I was given till feb 28th to pay. Thanks for everyones support on this board and specially those who answered my questions. You all were tremendous help...thx!

: (0)

Posted by b on February 07, 2005 at 17:23:33:

I'd like to learn more about the process of buying pre-foreclosures in CA and also how to obtain listings. If anyone is knowledgable in this aspect of real estate, please let me know. Thanks.

: (5)

Posted by rajeev mehra on February 10, 2005 at 21:01:01:

In Reply to: Pre-foreclosures in CA Posted by b on February 07, 2005 at 17:23:33:

: I'd like to learn more about the process of buying pre-foreclosures in CA and also how to obtain listings. If anyone is knowledgable in this aspect of real estate, please let me know. Thanks.

: (0)
Posted by b on February 07, 2005 at 17:36:26:

In Reply to: Pre-foreclosures in CA Posted by b on February 07, 2005 at 17:23:33:

I am located in Los Angeles county.

: I'd like to learn more about the process of buying pre-foreclosures in CA and also how to obtain listings. If anyone is knowledgable in this aspect of real estate, please let me know. Thanks.

: (2)
- Posted by Kawika_CA on February 07, 2005 at 20:26:34:
  
  In Reply to: Re: Pre-foreclosures in CA Posted by b on February 07, 2005 at 17:36:26:
  
  County Records Research serves LA county and breaks it up into 4 chunks. They charge $82/month for each chunk and provide the data in a couple different formats
  
  As for the proces this is a study in itself. If you want to do it right get Bruce Norris's foreclosure course or spend some time with your local guru. Ward Hanigan is the choice I made here in San Diego. He can train you at his offices down here.
  
  If you have any specific questions ask away.
  
  : (1)
  - Posted by Jim V on February 08, 2005 at 00:14:20:
    
    In Reply to: Re: Pre-foreclosures in CA Posted by Kawika_CA on February 07, 2005 at 20:26:34:
    
    Kawika,
    
    I think you provided some decent assets with CRR and all-foreclosure, they both have value.
    
    I've never actually tried to explore Bruce Norris' materials. Is there something new, different, insightful that can't be gleaned from other sources?Looking for education, as best I can.
    
    Mahalo Nui,
    
    Jim: County Records Research serves LA county and breaks it up into 4 chunks. They charge $82/month for each chunk and provide the data in a couple different formats.
    
    : As for the proces this is a study in itself. If you want to do it right get Bruce Norris's foreclosure course or spend some time with your local guru. Ward Hanigan is the choice I made here in San Diego. He can train you at his offices down here.
    
    : If you have any specific questions ask away.
    
    : (0)
Posted by Kawika_CA on February 07, 2005 at 17:30:54:

In Reply to: Pre-foreclosures in CA Posted by b on February 07, 2005 at 17:23:33:

What county are you in?

: (0)

Posted by Dwight Andersen on February 07, 2005 at 16:40:42:

In California-the home is occupied by the holder of a life estate lifetime right to occupy who will not make the mortgage payments. The home is owned by the Trust of the deceased owner. If the home goes to foreclosure and is sold by the lender to satisfy the loan (about half the value of the home), will the Trust receive the remaining money from the sale?

: (1)

Posted by Janie on February 07, 2005 at 16:53:12:

In Reply to: Life Estate Posted by Dwight Andersen on February 07, 2005 at 16:40:42:

Who is the trustee of this trust and why haven't they stepped in to protect the interests of the trust?

If its the trustee that is being degligent, then the other memebers need to step in and remove the trustee for malfeasance.

As for the foreclosure, the answer is NO! The lender will only auction for the amount owed, plus foreclosure costs and whatever late fees and penalties that have occured.

: In California-the home is occupied by the holder of a life estate lifetime right to occupy who will not make the mortgage payments. The home is owned by the Trust of the deceased owner. If the home goes to foreclosure and is sold by the lender to satisfy the loan (about half the value of the home), will the Trust receive the remaining money from the sale?

: (0)

Posted by Chanelle Scott on February 07, 2005 at 12:50:25:

I am looking for a real estate agent in Miami, FL who specializes in foreclosure homes. Can anyone help?

: (3)

Posted by henry on April 30, 2005 at 22:49:32:

In Reply to: Real Estate Agents in Miami FL for foreclosure homes Posted by Chanelle Scott on February 07, 2005 at 12:50:25:

: I am looking for a real estate agent in Miami, FL who specializes in foreclosure homes. Can anyone help?

: (0)
Posted by dobre on April 18, 2005 at 10:47:10:

In Reply to: Real Estate Agents in Miami FL for foreclosure homes Posted by Chanelle Scott on February 07, 2005 at 12:50:25:

I represent one financial company from USA which can find loan or venture capital for your projects (projects 1 Million USD to 60 Million USD).. No up front fee!This offer is ONLY for real estate construction/development/commercial in USA. The company is in touch with numerous lending sources who make all typesof business, such as: Expansion loans, Equipmentloans, Working Capital Loans, Construction & Development loans, AccountsReceivables loans, Factoring of Accounts Receivables, Start-up financing, etc....Email contact: cvdob@yahoo.comThanks you!

With considerationDobre Valentin

: (0)

Posted by Penny on February 07, 2005 at 10:55:21:

We live in NY and were just served foreclosure papers. I was told by someone to get a Notice of Appearance Form so that I am kept in on the process. Does anyone know about that form or have it? Also does anyone know the time frame we may be looking at before this all happens. We have been going through financial troubles for a couple years and have managed to stay afloat until now...we just can't do it anymore. I know there are programs out there, but my husband is looking for a job so our income doesn't prove to be sufficient enough for the debt. Also we are in trying to find a good realtor as we have a small amount of equity that would be a tremendous help if we could sell it for a small profit (I assume we can still sell it at this point???) Please any help would be appreciated. Thank you!

: (1)

Posted by TheShortSalePro on February 07, 2005 at 12:09:51:

In Reply to: In foreclosure Posted by Penny on February 07, 2005 at 10:55:21:

Find locally an established broker with a national franchise. Talk directly to the Broker, not a brokers' agent. The broker, was properly advised, can then assign an agent to schedule a listing appointment at your home.

Be direct. Be honest. Tell him you want the property listed for sale at it's realistic, as-is fair market value and that you'll need to get it under contract within 30-45 days.

If the Broker rolls his/her eyes and thinks that taking your listing will be problematic... then ask him to recommend another broker....

If you still can't find a decent broker, then email me. I have a network of brokers that I can call and articulate your needs.. who will then list and sell for you.

: (0)

Posted by RICHARD J YOPP JR on February 07, 2005 at 08:02:40:

Are all trustee sales the same as foreclosure salesmeaning, if there is an auction for a house @ town hall is that conisdered a trustee sale.

: (1)

Posted by Janie on February 10, 2005 at 01:00:23:

In Reply to: foreclsure (trustee sale) Posted by RICHARD J YOPP JR on February 07, 2005 at 08:02:40:

Yes. The Trustee conducts the auction to the sell the home. Before that happens, the homeowner received a Notie of Trustee's Sale, which states the date, time, and location of the auction.

: Are all trustee sales the same as foreclosure sales: meaning, if there is an auction for a house @ town hall is that conisdered a trustee sale.

: (0)

Posted by Robin on February 07, 2005 at 07:45:08:

I forgot to add to our situation that we have a VA loan. I was told that this guarantees up to 36K to the mortgage company, sort of a insurance policy. Does that change the situation? It seems that the mortgage company would not want a short sale, because even if they get 50K for the house in forelcosure sales, won't VA give them the rest up to 36K to payoff the loan? If so, then I don't think neither the 1st or 2nd will allow a short sale knowing they have that moeny from VA. I hope I am missing something.

: (0)

Posted by Robin on February 07, 2005 at 07:29:26:

Currently we owe about 74K on our modular home on the 1st mortgage and owe 26K on the 2nd Mortgage. The home is 13 years old and many things were wrong with it when we purchased it and many things are wrong with it now, even though we have put about 10K into trying to fix it. We have 4 1/2 acres with the home, it has 2300 square feet. Asthetically, it is a nice home, but there are things going wrong with it that will require alot of money. I have been reading posts on here and this is what I have come up with. We are going to put the house on the market this week for what we owe on both mortgages. I am not sure it will appraise at anywhere near that, but we are going to try, because that will help us do a short sale after a month or 2..this way we can show our mortgage companies we did try to sell the house and they should be more likely to accept a short sale. My questions are: 1) If we only get enough on a short sale to cover the 1st mortgage, will the 2nd release the lein, because they have nothing to gain anyway. 2) If we don't get enough to even cover the 1st, will both the 1st and 2nd come after us for the difference (a deficiency judgement is allowed in tn) or more than likely issue a 1099. 3) If we don't sale our property within 3 months, that means to us it will not sale..we will probably have to miss a few mortgage payments to get money to move, knowing the house will go into foreclosure anyway..won't the mortgage companies be more inlcined to do a short sale if we miss payments first? Also, I really believe the house is not worth anything near what we owe, so doesn't a short sale benefit the mortgage companies? If we have to go to foreclosure, which is likely, and they do go after us for the deficiency, can't we file bankruptcy at that time to protect us..will a chapter 13 do that? We make about 50K a year. I was told a chapter 7 is better if you have to do that, because it wipes the slate clean and gives you more diposable income while your credit is being repaired, knowing you cannot get credit for a few years. Thanks for any advice.

: (1)

Posted by Ray on February 08, 2005 at 13:07:46:

In Reply to: Possible Foreclosure Posted by Robin on February 07, 2005 at 07:29:26:

: Currently we owe about 74K on our modular home on the 1st mortgage and owe 26K on the 2nd Mortgage. The home is 13 years old and many things were wrong with it when we purchased it and many things are wrong with it now, even though we have put about 10K into trying to fix it. We have 4 1/2 acres with the home, it has 2300 square feet. Asthetically, it is a nice home, but there are things going wrong with it that will require alot of money. I have been reading posts on here and this is what I have come up with. We are going to put the house on the market this week for what we owe on both mortgages. I am not sure it will appraise at anywhere near that, but we are going to try, because that will help us do a short sale after a month or 2..this way we can show our mortgage companies we did try to sell the house and they should be more likely to accept a short sale. My questions are: 1) If we only get enough on a short sale to cover the 1st mortgage, will the 2nd release the lein, because they have nothing to gain anyway. 2) If we don't get enough to even cover the 1st, will both the 1st and 2nd come after us for the difference (a deficiency judgement is allowed in tn) or more than likely issue a 1099. 3) If we don't sale our property within 3 months, that means to us it will not sale..we will probably have to miss a few mortgage payments to get money to move, knowing the house will go into foreclosure anyway..won't the mortgage companies be more inlcined to do a short sale if we miss payments first? Also, I really believe the house is not worth anything near what we owe, so doesn't a short sale benefit the mortgage companies? If we have to go to foreclosure, which is likely, and they do go after us for the deficiency, can't we file bankruptcy at that time to protect us..will a chapter 13 do that? We make about 50K a year. I was told a chapter 7 is better if you have to do that, because it wipes the slate clean and gives you more diposable income while your credit is being repaired, knowing you cannot get credit for a few years. Thanks for any advice.

HUD have many programs to help keep a home but you apparently do not want the home any longer. HUD always advises a person not to move out so they can utilize all options. One option is that if you continue to live there and not pay any payments, HUD has a program that will pay up to $2,000.00 in moving expenses for people if they qualify. Why not get the money and also save the payments at the same time and have some money if it is going down the drain anyway. Forget about the Bankrupt as if it is a Ch23 you will have to payments through the court anyway. If it is a Chapter 7 they will take everything except some exempt items and strip you of most everything even the money in your billfold. Worse yet with a bankrupt is that it is 10 years before it is supposed to drop from your credit record and that is not the case because they seem to want to punish a person who had the gall to take bankruptcy and they tell you it is their practice to leave it on the record. Then if you want to go into court to get it removed it requires some things that most people want to do. You must write some letters and have them certified so they have to sign to get them and threaten them and after about the third letter sue them for not removing it. This is supposed to be a law but I don't know where to find it.It is not hard to rebuild credit but it is harder to rebuild a bankruptcy.

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Posted by jeff on February 07, 2005 at 07:13:42:

Please read the post titled jenie written on Feb 3..that was meant for your initial response to my post. Thanks

: (1)

Posted by Janie on February 07, 2005 at 16:48:06:

In Reply to: Janie Posted by jeff on February 07, 2005 at 07:13:42:

Hello Jeff,

You got a mess. Sorry to hear it. I know it must be frustrating.

First, what you describe is what is known as being bottomed up with your mortgage.

Have you consulted with an attorney about what your options for recourse against whomever sold the home to you? Did you have the windows installed? There is another cause of action.

You really showed review those options before discharging a debt in bankruptcy court.

It appears the BK attorney that advised may have been mistaken. If you are bottomed up, then there is no equity. Assuming you have no other equity you can liquidate, there is little to hang your hat on.

The BK courts typically look at your income to debt ratio and then factor in your net worth. In your case, if there are no tangible assets, then you are basically down to the debt to income ratio.

You could throw yourself on the mercy of the court, and it's done quite often, that you have a money pit that is eating away at your estate and will only continue to do so.

If it were me, I would a certified estimate from at least two contractors detailing the damage and outlining the costs to repair and or replace everything.

I wouldn't tell the contractors that its for BK. I'd ask for bids as if I was actually going to remodel.

If you are serious about BK, let me know I will give some guidlines and things to talk to an attorney about.

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Posted by Ryan on February 06, 2005 at 19:26:26:

Hello,

I currently have a property that is in foreclosure, and the sheriff sale date is Feb 25th. I ended up getting 6 figures stolen from my business partner and I last spring, and had to cancel the project. I was without work from about May till December. The original loan amount was $933,000, my credit score used to be 690. I've been self employed for 4 years. Since everything happened, my score has dropped to 494, and I have no substantial income records, but things are starting to build back up and should be good in 1-2months.

I am behind on my payments for the house, and am behind on my property tax by about $31k. If there is anyone out there who could help me please drop me an email. I really wish to save my home. I had signed up for Red wood Trust in October, but it seems as though that is a lost cause.

Thank you in advance. I only have about 14 days.

: (5)

Posted by Reinstatement Services, Inc. on February 07, 2005 at 10:29:31:

In Reply to: Foreclosure Sale Feb 25th, need help!! Posted by Ryan on February 06, 2005 at 19:26:26:

is the best possible scenario and should be thoroughly explored prior to considering any other measures of relief .

You'll want to get a forbearance agreement in place relatively quickly given the time constraints. Bankruptcy should be considered only if all else fails. a last

: (1)
- Posted by ANDRIA FRETT on February 15, 2005 at 14:51:00:
  
  In Reply to: A workout from your lender... Posted by Reinstatement Services, Inc. on February 07, 2005 at 10:29:31:
  
  : is the best possible scenario and should be thoroughly explored prior to considering any other measures of relief .
  
  : You'll want to get a forbearance agreement in place relatively quickly given the time constraints. Bankruptcy should be considered only if all else fails. a last
  
  : (0)
Posted by Janie on February 06, 2005 at 22:32:47:

In Reply to: Foreclosure Sale Feb 25th, need help!! Posted by Ryan on February 06, 2005 at 19:26:26:

RJ,

Welcome to the worst club in the world - victims of white-collar crimes. I know your fear and frustration.

Have you tried talking to hard lenders? Countrywide, Ameriquest, Beneficial, etc. The costs will be high and terms unbearable, but think of it as a short-term situation toward a long-term goal.

Don't worry about the time line. If you can get a lender ASAP, your current lender will more than likely postpone the foreclosure pending escrow. They will only do if you have a viable lender who is seriously going to refinance.

Worst case scenario, you can file a Chapter 13 or Chapter 11, whichever fits your situation. That will stay the foreclosure while you workout a plan. It's a 3 to 5 year pay back plan. You put all of your arrearages in the plan and make monthly payments, while making all your other payments. Up shot is no high interest rates. Your current lender is forced to work with you and accept your payments.

The way it works is that all the past due goes on the BK plan and your lender has to wipe the slate clean, sort of, and allow you to begin making payments as though everything is ok. Meanwhile, you're also paying the BK trustee, who pays the lender for the past due amount.

: Hello,

: I currently have a property that is in foreclosure, and the sheriff sale : date is Feb 25th. I ended up getting 6 figures stolen from my business : partner and I last spring, and had to cancel the project. I was without : work from about May till December. The original loan amount was : $933,000, my credit score used to be 690. I've been self employed for : 4 years. Since everything happened, my score has dropped to 494, : and I have no substantial income records, but things are starting to : build back up and should be good in 1-2months.

: I am behind on my payments for the house, and am behind on my : property tax by about $31k. If there is anyone out there who could : help me please drop me an email. I really wish to save my home. I had : signed up for Red wood Trust in October, but it seems as though that : is : a lost cause.

: Thank you in advance. I only have about 14 days.

: RJ

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- Posted by Debbie on February 14, 2005 at 15:44:29:
  
  In Reply to: Re: Foreclosure Sale Feb 25th, need help!! Posted by Janie on February 06, 2005 at 22:32:47:
  
  I've been told about a Partial Claim or Deed in Lieu/Loss Mitigation, etc. Is this not an option?
  
  : (0)

Posted by Mark W on February 06, 2005 at 16:54:16:

My House is in foreclosure. I have 5 weeks to bring the loan current or sell the house. I owe 21K to bring current. My payoff(principal) is 141K. I can sell for 179K. Is the 21K in back payments going to be added to the payoff of 141K?

: (4)

Posted by Steele V. Propp on February 07, 2005 at 23:16:57:

In Reply to: Foreclosure Payoff Questions Posted by Mark W on February 06, 2005 at 16:54:16:

: My House is in foreclosure. I have 5 weeks to bring the loan current or sell the house. I owe 21K to bring current. My payoff(principal) is 141K. I can sell for 179K. Is the 21K in back payments going to be added to the payoff of 141K?-------------------------

Plus any late fees and legal fees. However, the lender will be able to give you an exact figure.

Steele in Minnesota

: (2)
- Posted by Kristina on April 30, 2005 at 13:44:49:
  
  In Reply to: Re: Foreclosure Payoff Questions Posted by Steele V. Propp on February 07, 2005 at 23:16:57:
  
  Call me and we'll sort the mess and refinance your home1-877-511-8811
  
  : : My House is in foreclosure. I have 5 weeks to bring the loan current or sell the house. I owe 21K to bring current. My payoff(principal) is 141K. I can sell for 179K. Is the 21K in back payments going to be added to the payoff of 141K?: -------------------------
  
  : Plus any late fees and legal fees. However, the lender will be able to give you an exact figure.
  
  : Steele in Minnesota
  
  : (0)
- Posted by Kristina on April 30, 2005 at 13:44:01:
  
  In Reply to: Re: Foreclosure Payoff Questions Posted by Steele V. Propp on February 07, 2005 at 23:16:57:
  
  : : My House is in foreclosure. I have 5 weeks to bring the loan current or sell the house. I owe 21K to bring current. My payoff(principal) is 141K. I can sell for 179K. Is the 21K in back payments going to be added to the payoff of 141K?: -------------------------
  
  : Plus any late fees and legal fees. However, the lender will be able to give you an exact figure.
  
  : Steele in Minnesota
  
  : (0)

Posted by Kwai Lin on February 06, 2005 at 11:21:56:

Does a foreclosure action takes presidence over a landlord tenant statues? i.e., House was being foreclosed and the owner abandoned his personal property. Now he claims that he should have been given notice, like a tenant to store his goods.

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Posted by Nick(Colorado) on February 07, 2005 at 10:29:11:

In Reply to: Foreclosure vs. Landlord Tenant Statues Posted by Kwai Lin on February 06, 2005 at 11:21:56:

Kwai Lin:

Normally post-foreclosure hold-over property is handled like an eviction. I was unable to find the Hawaiian statues that governs this. So you will have to look them up yourself. Most likely, Hawaii has a storage requirement for items of value over a certain dollar value.

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Posted by Reinstatement Services, Inc. on February 06, 2005 at 13:43:53:

In Reply to: Foreclosure vs. Landlord Tenant Statues Posted by Kwai Lin on February 06, 2005 at 11:21:56:

really doesn't make much sense. But...if you've stolen the man's personal property...give it back.

: (5)
- Posted by Kwai Lin on February 07, 2005 at 10:20:22:
  
  In Reply to: Your question as it stands... Posted by Reinstatement Services, Inc. on February 06, 2005 at 13:43:53:
  
  : really doesn't make much sense. But...if you've stolen the man's personal property...give it back.
  
  : (4)
  - Posted by Kwai Lin on February 07, 2005 at 10:24:24:
    
    In Reply to: Re: Your question as it stands... Posted by Kwai Lin on February 07, 2005 at 10:20:22:
    
    The personal items were disposed. Air Conditioners were removed, only a few items left. Electricity wasturned off...unable to contact former owner.
    
    : (2)
    - Posted by Reinstatement Services, Inc. on February 07, 2005 at 10:38:59:
      
      In Reply to: Re: Your question as it stands... Posted by Kwai Lin on February 07, 2005 at 10:24:24:
      
      have mandates in place relating to the handling of unclaimed personal property that has been left behind upon the completion of a foreclosure action. Most require storage of such itmes for a certain period of time.
      
      It would be prudent to check your state statutes for laws governing foreclosure property and disposal of personal effects that might be held over.
      
      : (1)
      - Posted by Jim V on February 07, 2005 at 10:51:50:
        
        In Reply to: Most states... Posted by Reinstatement Services, Inc. on February 07, 2005 at 10:38:59:
        
        Hawaii's landloard tenant laws require minimal noticing and storage. It's something like mailing notice to the tenant's forwarding address, 3 days newspaper publication, then wait three weeks. The landlord can then dispose of, give to charity, or keep the proceeds.I have not found anything in the foreclosure statutes to contradict or require any other procedure, but it might be there.
        
        : have mandates in place relating to the handling of unclaimed personal property that has been left behind upon the completion of a foreclosure action. Most require storage of such itmes for a certain period of time.
        
        : It would be prudent to check your state statutes for laws governing foreclosure property and disposal of personal effects that might be held over.
        
        : (0)

Posted by tj on February 05, 2005 at 15:58:43:

I did a Google search but can't find anyone who will lend a small amount of money (5-10K).

thanks for any help

: (1)

Posted by John Eakins on February 11, 2005 at 23:12:51:

In Reply to: How to find hard money lender for 2nd? Posted by tj on February 05, 2005 at 15:58:43:

: I did a Google search but can't find anyone who will lend a small amount of money (5-10K).

: thanks for any help

If you are in CA I can do this

: (0)

Posted by Keith Cassinger on February 05, 2005 at 15:11:19:

Hoping someone can help me here, I am not a lawyer.

I live in South Carolina and am attempting (key word) to buy a home. We have found a home (from the MLS listings) and looked it over with our agent and loved it, it had everything we wanted including the neighborhood. We bid $500 over asking price (which is pretty much what other homes in the area of this type are worth). The owner (Power of attorney) accepted our bid.

Then we find he has to send it to the bank for approval. ??

We find out that his son is active military and he is now acting as POA for his son. This next part I am unclear on since I am getting info from a bunch of realtors which seem to have no clue:

They tell me the house is being foreclosed on, and that it is illegal to foreclose on active military. That sounds fine with me, but now...

All I know now is that we have been waiting for 30 days now for an answer from this lender. They claim they only got the papers on the 20th of January and today is the 29th (The listing agent sent them our bid and ratified contract). I am getting tired of this but we we didn't want to walk away without understanding this. The listing agent is now acting as POA which the father gave him.

Why is the lender taking so long? Shouldn't this be simple? (Uhh, they owe us this much...they are offering this much...accepted!) Or am I simplifying this way too much? Is this "normal?"

Now we are staring at another long wait perhaps! I would wait if someone can tell me why I should and if this is normal or is someone playing with us and why? We have the money, the house is just sitting there...what's up?

Keith

: (3)

Posted by Janie on February 06, 2005 at 23:34:38:

In Reply to: Buying a foreclosed home...I think? Help! Posted by Keith Cassinger on February 05, 2005 at 15:11:19:

You've got some conflicting items that appear to be red flags.

It is true that a lender cannot foreclosure on an active duty military. But you say the house is in foreclosure.

I'm fairly sure that an agent cannot transfer or give away to a third party. Only the principal can designate whom will act on their behalf as an agent.

If you want a clue as to why the lender is being cautious, one reason could be that real estate crimes are the leading crimes in this country.

Of even more alarm, is that the weapon of choice is a power of attorney and used against a family member.

Family on family crimes are the most common of crimes in this country. Never mind the stranger, its the person you love and trust that can and will do the most harm.

60 Minutes did a segment on it called All in the Family. Where's the Justice For All? web site has the transcript.

: (1)
- Posted by Keith Cassinger on February 08, 2005 at 05:32:18:
  
  In Reply to: Re: Buying a foreclosed home...I think? Help! Posted by Janie on February 06, 2005 at 23:34:38:
  
  Thanks Janie, I think it's just "me" using words like they are "in" foreclosure. I know so little about what's happening. Yesterday we got word that the bank called (the other Realtor) to ask the owner for more info and once they get it the file will be sent to the senior something or other. I am taking this as progress. But I am not certain what kind of progress.
  
  : (0)
Posted by Ray on February 05, 2005 at 22:51:51:

In Reply to: Buying a foreclosed home...I think? Help! Posted by Keith Cassinger on February 05, 2005 at 15:11:19:

: Hoping someone can help me here, I am not a lawyer.

: I live in South Carolina and am attempting (key word) to buy a home. We have found a home (from the MLS listings) and looked it over with our agent and loved it, it had everything we wanted including the neighborhood. We bid $500 over asking price (which is pretty much what other homes in the area of this type are worth). The owner (Power of attorney) accepted our bid.

: Then we find he has to send it to the bank for approval. ??

: We find out that his son is active military and he is now acting as POA for his son. This next part I am unclear on since I am getting info from a bunch of realtors which seem to have no clue:

: They tell me the house is being foreclosed on, and that it is illegal to foreclose on active military. That sounds fine with me, but now...

: : All I know now is that we have been waiting for 30 days now for an answer from this lender. They claim they only got the papers on the 20th of January and today is the 29th (The listing agent sent them our bid and ratified contract). I am getting tired of this but we we didn't want to walk away without understanding this. The listing agent is now acting as POA which the father gave him.

: Why is the lender taking so long? Shouldn't this be simple? (Uhh, they owe us this much...they are offering this much...accepted!) Or am I simplifying this way too much? Is this "normal?"

: Now we are staring at another long wait perhaps! I would wait if someone can tell me why I should and if this is normal or is someone playing with us and why? We have the money, the house is just sitting there...what's up?

: Keith

It is illegal to sell a person's home while they are in the active military. Maybe you should get the son's address and write him to see if the father has power of attorney. Maybe the bank is cautous since the son is not there and want to know if the father really has power of attorney. Even if everything is on the up and up it takes time to get all the info togather and run credit checks etc. and go before the boards to approve the loans.

: (0)

Posted by Sherry Marsh on February 05, 2005 at 15:03:46:

The property I have leased to own for two years has a foreclosure sale date soon. I was advised that I have proof that I made all of my payments that I should be able to buy it from the bank. They said I would have first choice. Is this true and how do I do this?

: (4)

Posted by drew on February 19, 2005 at 10:06:06:

In Reply to: lease to own - I pd payment to owner and owner didn't pay Posted by Sherry Marsh on February 05, 2005 at 15:03:46:

Your selling point is that if you can prove that you made payments on time for 2 years, you should be able to get a home loan pretty easy since some lenders treat this as a refinance instead of a purchase. You should contact a mortgage specialist immediately to see if you can qualify to buy the home..--provided the seller will sell. If he doesnt, you need to hire a good lawyer since the owner was equity skimming in which he can go to jail for and you can definately make a stand forcing him to either sell you the property in which you agree not to sue him. Another key here is determine if your state law allows for an ownership interest in the property due to the fact that this was a lease to own and you may have accumulated enough equity to hold an equity position in the title, in which case if you do you may have a positive note to work with the foreclosing bank.

: The property I have leased to own for two years has a foreclosure sale date soon. I was advised that I have proof that I made all of my payments that I should be able to buy it from the bank. They said I would have first choice. Is this true and how do I do this?

: (0)
Posted by Kansas4me on February 16, 2005 at 15:46:12:

In Reply to: lease to own - I pd payment to owner and owner didn't pay Posted by Sherry Marsh on February 05, 2005 at 15:03:46:

: The property I have leased to own for two years has a foreclosure sale date soon. I was advised that I have proof that I made all of my payments that I should be able to buy it from the bank. They said I would have first choice. Is this true and how do I do this?

We are attempting to buy a property right now that was sent to foreclosure. The house is empty and was owned by a development company. We were buying it from the person who represented himself as the owner, but in reality he wasn't. The bank has been great in helping us through this. You will find that 99% of the time the banks don't want the house in anyway, for any amount of time. They want them gone. So go talk to the bank, you might call first as this may be handled out of a specific branch, and odds are they can work something otu with you!

: (0)
Posted by Ray on February 05, 2005 at 22:43:31:

In Reply to: lease to own - I pd payment to owner and owner didn't pay Posted by Sherry Marsh on February 05, 2005 at 15:03:46:

: The property I have leased to own for two years has a foreclosure sale date soon. I was advised that I have proof that I made all of my payments that I should be able to buy it from the bank. They said I would have first choice. Is this true and how do I do this?

Simply go to the bank and find out who is in charge of the account and talke to them. It could be the mitigation department.

: (0)
Posted by Ray on February 05, 2005 at 22:42:19:

In Reply to: lease to own - I pd payment to owner and owner didn't pay Posted by Sherry Marsh on February 05, 2005 at 15:03:46:

: The property I have leased to own for two years has a foreclosure sale date soon. I was advised that I have proof that I made all of my payments that I should be able to buy it from the bank. They said I would have first choice. Is this true and how do I do this? Simply go to the bank and find out who is in charge of the account and talke to them. It could be the mitigation department.

: (0)

Posted by Ed on February 05, 2005 at 12:11:54:

my house was foreclosed early last year and sold late last year for 85K about 20 less that what my note was worth. Will there be a judgment against me for the difference

: (4)

Posted by Reinstatement Services, Inc. on February 06, 2005 at 13:41:08:

In Reply to: foreclosure Posted by Ed on February 05, 2005 at 12:11:54:

The state the property is located in will determine the statutes regulating the foreclosure process and whether a deficiency judgment is possible.

Ultimately, however, for states allowing a deficiency judgment, only the lender will be able to answer your question with any real authority as to whether a DJ will be pursued.

: (3)
- Posted by Ed on February 06, 2005 at 22:14:28:
  
  In Reply to: Perhaps Posted by Reinstatement Services, Inc. on February 06, 2005 at 13:41:08:
  
  : The state the property is located in will determine the statutes regulating the foreclosure process and whether a deficiency judgment is possible.
  
  : Ultimately, however, for states allowing a deficiency judgment, only the lender will be able to answer your question with any real authority as to whether a DJ will be pursued.
  
  Is Texas one of the states that allow deficiency judgments.
  
  : (1)
  - Posted by Reinstatement Services, Inc. on February 07, 2005 at 10:40:17:
    
    In Reply to: Re: Perhaps Posted by Ed on February 06, 2005 at 22:14:28:
    
    : : The state the property is located in will determine the statutes regulating the foreclosure process and whether a deficiency judgment is possible.
    
    : : Ultimately, however, for states allowing a deficiency judgment, only the lender will be able to answer your question with any real authority as to whether a DJ will be pursued.
    
    : : Is Texas one of the states that allow deficiency judgments.
    
    : (0)
- Posted by Ed on February 06, 2005 at 22:13:33:
  
  In Reply to: Perhaps Posted by Reinstatement Services, Inc. on February 06, 2005 at 13:41:08:
  
  : The state the property is located in will determine the statutes regulating the foreclosure process and whether a deficiency judgment is possible.
  
  : Ultimately, however, for states allowing a deficiency judgment, only the lender will be able to answer your question with any real authority as to whether a DJ will be pursued.
  
  : (0)

Posted by Ray P on February 05, 2005 at 10:38:39:

I have been renovating and renting properties for the past 20 years and am now interested in getting started in foreclosures in new jersey. Any good books to read,should I concentrate on pre-foreclosure, bank owned?

: (1)

Posted by Lou Finberg on February 07, 2005 at 13:20:54:

In Reply to: getting started Posted by Ray P on February 05, 2005 at 10:38:39:

Ray... I too am getting started in the aquisition & rehab of distressed real estate. I own a General Contracting company since 1992 & live near Trenton, NJ... if you are interested please email me your contact information... maybe we can learn & profit from eachother

: (0)

Posted by Barb on February 05, 2005 at 09:51:02:

Our house was foreclosed on and the bank bought it back at the auction. We have a 6 month redemption period. But what happens when that ends if we are still in the house? Does the sheriff give you another 30-60 days?

: (2)

Posted by barb on February 07, 2005 at 21:31:38:

In Reply to: Foreclosure MN Eviction ? Posted by Barb on February 05, 2005 at 09:51:02:

Does anyone know if they give you 30 or 60 days on a foreclosure eviction? Just trying to make it until school is out if we can.

: (0)
Posted by Joe Ulferts on February 07, 2005 at 15:40:57:

In Reply to: Foreclosure MN Eviction ? Posted by Barb on February 05, 2005 at 09:51:02:

They have to go through an eviction process and have you legally removed. They may also offer Keys for cash whereby they will offer you money to voluntarily give them the keys and move out.

Did you have other liens beside theirs? Email me the lien amount they foreclosed and other details. Email me at: jwulferts@yahoo.com

: Our house was foreclosed on and the bank bought it back at the auction. We have a 6 month redemption period. But what happens when that ends if we are still in the house? Does the sheriff give you another 30-60 days?

: (0)

Posted by Sandra on February 04, 2005 at 17:37:59:

I am in CA and have fallen behind on 4 mortgage payments due to a temporary disability. The bank said that they would work with me on this, but instead has sent my loan to an attorney to begin foreclosure proceedings. I have requested a withdraw from my 401K and should be reciving a check any day now. I will have the money to pay the past ammount due plus whatever attorney fees are added (I contacted the attorney and was told it would be 3-5 business days before they would get back to me). Will I be allowed to pay the amount and reinstate my loan or am I basically facing foreclosure? Thanks in advance for your help!

: (6)

Posted by Reinstatement Services, Inc. on February 06, 2005 at 13:36:44:

In Reply to: Allowed to reinstate loan? Posted by Sandra on February 04, 2005 at 17:37:59:

While the experience is definitely unsettling, there is no need for panic. Since you plan on reinstating the loan you might contact the attorney hired to process the foreclosure action action in writing. Request a written reinstatement figure. Make sure the figure is good through the end of the month.Once the reinstatement figure is received follow the instructions in the communication to the letter and you will be fine...end of story.

Really, there is no need for all of the fuss. Just make certain that you ge the figure and get the account brought current.

If you are unable to bring the account current then you might want to consider other available workout remedies that will allow you to either establish a repayment schedule with your lender or qualify for a loan modification.

Since TX foreclosure process is relatively quick, you will want to obtain the reinstatement figure quickly. Most attorney offices require 7-10 days for processing a reinstatement figure request for homeowners.

: (0)
Posted by Jim V on February 04, 2005 at 18:05:03:

In Reply to: Allowed to reinstate loan? Posted by Sandra on February 04, 2005 at 17:37:59:

Sandra,

Borrowers in CA can reinstate a loan up to 5 business days before the sale. The earliest a sale could possibly take place is almost 4 months from now.

: I am in CA and have fallen behind on 4 mortgage payments due to a temporary disability. The bank said that they would work with me on this, but instead has sent my loan to an attorney to begin foreclosure proceedings. I have requested a withdraw from my 401K and should be reciving a check any day now. I will have the money to pay the past ammount due plus whatever attorney fees are added (I contacted the attorney and was told it would be 3-5 business days before they would get back to me). Will I be allowed to pay the amount and reinstate my loan or am I basically facing foreclosure? Thanks in advance for your help!

: (4)
- Posted by Sandra on February 04, 2005 at 19:44:27:
  
  In Reply to: Re: Yes Posted by Jim V on February 04, 2005 at 18:05:03:
  
  Thank you for your response! I am very confused by a statement in the letter...it says "You are hereby notified that, due to the default under the terms of the mortgage or deed of trust, the entire balance is due and payable." Is this is entire amount past due or the entire amount of the loan? Thank you again! Like I said, I contacted the attorney but was told I need to wait 3-5 business days for a response and I am going crazy worrying myself to death!
  
  : Sandra,
  
  : Borrowers in CA can reinstate a loan up to 5 business days before the sale. The earliest a sale could possibly take place is almost 4 months from now.
  
  : (3)
  - Posted by Jim V on February 04, 2005 at 20:17:06:
    
    In Reply to: Re: Yes Posted by Sandra on February 04, 2005 at 19:44:27:
    
    Sandra,
    
    When a lender forecloses, they foreclose on the total amount due, so if they are preparing to proceed with foreclosure, that's the number you will see. The first real step in a CA foreclosure is the Notice of Default. On that notice, there is always a default amount(past due payments and fees) that needs to be paid to bring the loan current. The Notice of Default period lasts for three months. It's way too early in the process to panic about it. You have a plan, I'm sure you'll be fine.
    
    : Thank you for your response! I am very confused by a statement in the letter...it says "You are hereby notified that, due to the default under the terms of the mortgage or deed of trust, the entire balance is due and payable." Is this is entire amount past due or the entire amount of the loan? Thank you again! Like I said, I contacted the attorney but was told I need to wait 3-5 business days for a response and I am going crazy worrying myself to death!
    
    : : : Sandra,
    
    : : Borrowers in CA can reinstate a loan up to 5 business days before the sale. The earliest a sale could possibly take place is almost 4 months from now.
    
    : (2)
    - Posted by Ms.Worry on February 04, 2005 at 20:31:52:
      
      In Reply to: Re: Yes Posted by Jim V on February 04, 2005 at 20:17:06:
      
      Whats the procedure for the state of Tx?Thanks for your help! hope you recvd my email as well Jim..
      
      : Sandra,
      
      : When a lender forecloses, they foreclose on the total amount due, so if they are preparing to proceed with foreclosure, that's the number you will see. The first real step in a CA foreclosure is the Notice of Default. On that notice, there is always a default amount(past due payments and fees) that needs to be paid to bring the loan current. The Notice of Default period lasts for three months. It's way too early in the process to panic about it. You have a plan, I'm sure you'll be fine.
      
      : : Thank you for your response! I am very confused by a statement in the letter...it says "You are hereby notified that, due to the default under the terms of the mortgage or deed of trust, the entire balance is due and payable." Is this is entire amount past due or the entire amount of the loan? Thank you again! Like I said, I contacted the attorney but was told I need to wait 3-5 business days for a response and I am going crazy worrying myself to death!
      
      : : : : : Sandra,
      
      : : : Borrowers in CA can reinstate a loan up to 5 business days before the sale. The earliest a sale could possibly take place is almost 4 months from now.
      
      : (1)
      - Posted by Jim V on February 04, 2005 at 22:44:07:
        
        In Reply to: Re: Yes..what about for Tx Jim? Posted by Ms.Worry on February 04, 2005 at 20:31:52:
        
        Ms. Worry,
        
        Texas and California use generally the same procedure for foreclosure, Texas just has a much quicker timeframe.
        
        Bill H, who knows a heck of a lot more than I do about Texas, provided a synopsis of the Texas procedure for you. As Bill said, there will be a time for curing the default, then things accelerate fairly quickly.
        
        If that doesn't answer your question, you'll have to re-phrase and re-post. Hopefully, it comes close.
        
        : : Whats the procedure for the state of Tx?: Thanks for your help! hope you recvd my email as well Jim..
        
        : : : Sandra,
        
        : : When a lender forecloses, they foreclose on the total amount due, so if they are preparing to proceed with foreclosure, that's the number you will see. The first real step in a CA foreclosure is the Notice of Default. On that notice, there is always a default amount(past due payments and fees) that needs to be paid to bring the loan current. The Notice of Default period lasts for three months. It's way too early in the process to panic about it. You have a plan, I'm sure you'll be fine.
        
        : : : Thank you for your response! I am very confused by a statement in the letter...it says "You are hereby notified that, due to the default under the terms of the mortgage or deed of trust, the entire balance is due and payable." Is this is entire amount past due or the entire amount of the loan? Thank you again! Like I said, I contacted the attorney but was told I need to wait 3-5 business days for a response and I am going crazy worrying myself to death!
        
        : : : : : : : Sandra,
        
        : : : : Borrowers in CA can reinstate a loan up to 5 business days before the sale. The earliest a sale could possibly take place is almost 4 months from now.
        
        : (0)

Posted by Jim V on February 04, 2005 at 15:53:43:

Interesting story that kind of mirrors what some people have said about Ameriquest. The link is below.

: (0)

Posted by Mary on February 04, 2005 at 00:38:39:

My home foreclosed in KY in 2004. Today in the mail, I received a 1099A. Outstanding balance is 71,645.97. FMV is listed as 94,495.00. Ok here is the problem. First and foremost, Fairbanks Capital was the lender. Not my choice, it was sold to them. Also, after the foreclosure, I have yet to hear anything about the sale. I know there has been at least 2 different owners of the house since it foreclosed. Is there anyway I can find out what it sold for. Also, is there a chance that they could owe me money. According to the Tax assesser, it was valued at 140,000.Also, how would I begin to figure my taxes. Where would I have to enter the info on the 1040 form.

I also will add, that I haven't declared bankruptcy. Should I..Sorry to be so lengthy. Any and all answers are appreciated.

: (4)

Posted by Jim V on February 07, 2005 at 22:17:21:

In Reply to: Help with 1099A Posted by Mary on February 04, 2005 at 00:38:39:

Mary,

KY uses a judicial foreclosure process, which means that relevant documents will be filed with the Clerk of the Courts, rather than the County Recorder. It is highly probable though, that the recorder has information on when, and for how much, the property transferred for. That sounds a little confusing even to me, so I'll rephrase.

Go to the county buildings in the county where the property was located. Ask for the County Recorder's office. Go there, hopefully they are computerized, and ask how to search property records llsted under your name. Search your name, you should find a transfer listing you, and the buyer of the property at the foreclosure auction. There should also be a value listed for the transfer, that would be the amount paid at the foreclosure auction. If the transfer value was greater than the amount of the outstanding balance, plus past due amounts, plus foreclosure costs, and there weren't any other loans/liens against the property, you should be entitled to the excess proceeds. I know it sounds like a lot of work, but it really could be done in a couple of hours. It's well worth it if money is due you. Start with that, keep track of whatever results, and repost the information as a new message rather than replying to this one.Older message threads go down the board and are hard to find, new messages get posted on the top. Feel free to put my name in the subject, it will call my attention to it.

: My home foreclosed in KY in 2004. Today in the mail, I received a 1099A. Outstanding balance is 71,645.97. FMV is listed as 94,495.00. Ok here is the problem. First and foremost, Fairbanks Capital was the lender. Not my choice, it was sold to them. Also, after the foreclosure, I have yet to hear anything about the sale. I know there has been at least 2 different owners of the house since it foreclosed. Is there anyway I can find out what it sold for. Also, is there a chance that they could owe me money. According to the Tax assesser, it was valued at 140,000.: Also, how would I begin to figure my taxes. Where would I have to enter the info on the 1040 form.

: I also will add, that I haven't declared bankruptcy. Should I..: Sorry to be so lengthy. Any and all answers are appreciated.

: (0)
Posted by Jim V on February 06, 2005 at 01:48:28:

In Reply to: Help with 1099A Posted by Mary on February 04, 2005 at 00:38:39:

Mary,

I'll probably take a look at this again on Monday, but meanwhile I put a link to a site that has some info about 1099A implications. Check it and see if it answers some of your questions.

: My home foreclosed in KY in 2004. Today in the mail, I received a 1099A. Outstanding balance is 71,645.97. FMV is listed as 94,495.00. Ok here is the problem. First and foremost, Fairbanks Capital was the lender. Not my choice, it was sold to them. Also, after the foreclosure, I have yet to hear anything about the sale. I know there has been at least 2 different owners of the house since it foreclosed. Is there anyway I can find out what it sold for. Also, is there a chance that they could owe me money. According to the Tax assesser, it was valued at 140,000.: Also, how would I begin to figure my taxes. Where would I have to enter the info on the 1040 form.

: I also will add, that I haven't declared bankruptcy. Should I..: Sorry to be so lengthy. Any and all answers are appreciated.
Foreclosure Tax Link

: (0)

Posted by Jeff on February 05, 2005 at 08:30:27:

In Reply to: Help with 1099A Posted by Mary on February 04, 2005 at 00:38:39:

I live in ky as well..am getting ready to go through the process you just did. I would like to ask you some questions regarding this. Please respond via my email address if you can. Thanks, Jeff

: (0)

Posted by Ms.Worry on February 03, 2005 at 21:50:45:

back in November I was late in making my payment, mortgage co said they could not take my payment unless I made 2.Now were in December and they said they cant post my payment unless I make 3 see the pattern here? Finally I said I would just make all deliquent payments around the first of feb when I got my tax return. They said I didnt qualify for a payment plan I said fine lets just agree that I make all deliquent fees and payments by the 1st or so of Feb.....they agreed....Here I am calling to make my all my deliquent payments(nov,dec,jan,and feb)They lady said that she can no longer take payments because they have turned it over to their attorney for FORECLOSURE...I said WHAT? nobody even mentioned that word to me and plus these are the arrangements I agreed to. I know almost 4months deliquent sounds bad but only cuz they would not accept my payments...not cuz I didnt have the money..I was late in November only cuz I had an expensive car repair thats all and I am able to make my payments. So can anybody tell me what happens now? the lady said to contact the attorney but the letter to them was just sent out today. she said there might be other fees involved wasnt sure. She also said to contact loss mitigation in the morning to see if they could maybe help...does anybody know what might possibly happen now?? I have my full delinquent amt..late fees and all..seems like they set me up for this...ASC mortgage.. Any advice?No sleepin tonight for me....grrrr....another problem a single mom has to worry about..Do you think I will be fine by calling loss litigation and them possible taking my payment? anybody know if i can still prevent this from going to AN ATTORNEY???? Pls help!

: (18)

Posted by Dan Smith on February 27, 2005 at 12:17:50:

In Reply to: TxForeclosure Maybe? Posted by Ms.Worry on February 03, 2005 at 21:50:45:

I have the misfortune of having the same mortgage company. I ran accross this link attempting to find the companies headquarters to file crimanal charges against them as they have taken my money and refuse to credit my account. In fact they have in the first 90 days reported me as 60 days delinquent when I am paid up. They have cashed my checks and refused to credit me. I have also found numerous complaints about these rip off artists. This is not accidental. This company is in business to commit theft and fraud and nothing more.

I am looking for other victems of this company. Please email me if you have had problems with ASC and or ANY information about them. They refuse to divulge thier home office location to me. Nor can I find them listed anywhere except in accusations of fraud and incompentence such as this. Do a Google search on America's Servicing company and you find no shortage of victems from this company.

: (11)
- Posted by Suzanne Henry on March 27, 2005 at 18:23:44:
  
  In Reply to: Re: TxForeclosure Maybe? Posted by Dan Smith on February 27, 2005 at 12:17:50:
  
  I have also had several of the same types of problems. For 3 months in a row, I have sent copies of the fronts and backs of my checks where they cashed them. They are still sending me a late charge. I have made several attempts to call, they keep telling me it will be solved in 15 days. I heard that for 3 months now. They also told me they would flag my phone number and to expect a phone call, with no calls from them.
  
  This company needs to be stopped. I am not about to give up and have this company walk all over me. If I have the opportunity, I will try to have someone else service my loan.
  
  After I found all these bad messages about them, I wish I could have stopped the transfer of my loan.
  
  : (2)
  - Posted by Dan Smith on April 13, 2005 at 10:08:42:
    
    In Reply to: Re: TxForeclosure Maybe? Posted by Suzanne Henry on March 27, 2005 at 18:23:44:
    
    So far the best remedy I've been able to find has been to contact the local BBB and file a complaint there. This has started a chain of positive steps towards getting my issues resolved. Turns out ASC is likley to be investigated by the FTC over unfair practices. Numerous complaints about them are likened to Fairbanks which many people think ASC is a front for Fairbanks due to the similarities in how they service mortgages.
    
    I was filmed yesterday discussing my problems with ASC again thanks to my local BBB contact. The FBI needs more total damages, I need about 10 more before they can open a full investigation into ASC. I am filing a complaint with the FTC as suggested in a long series of complaints about ASC on http://www.badbusinessbureau.com/reports/ripoff116406.htmland by the BBB here in Houston.
    
    Another step to take is to file a complaint with your former lender. It will not help you but may save some other poor soul the misery of having to deal with ASC.
    
    : I have also had several of the same types of problems. For 3 months in a row, I have sent copies of the fronts and backs of my checks where they cashed them. They are still sending me a late charge. I have made several attempts to call, they keep telling me it will be solved in 15 days. I heard that for 3 months now. They also told me they would flag my phone number and to expect a phone call, with no calls from them.
    
    : This company needs to be stopped. I am not about to give up and have this company walk all over me. If I have the opportunity, I will try to have someone else service my loan.
    
    : After I found all these bad messages about them, I wish I could have stopped the transfer of my loan.
    
    : (1)
    - Posted by Dan Smith on April 13, 2005 at 10:10:14:
      
      In Reply to: Re: TxForeclosure Maybe? Posted by Dan Smith on April 13, 2005 at 10:08:42:
      
      : So far the best remedy I've been able to find has been to contact the local BBB and file a complaint there. This has started a chain of positive steps towards getting my issues resolved. Turns out ASC is likley to be investigated by the FTC over unfair practices. Numerous complaints about them are likened to Fairbanks which many people think ASC is a front for Fairbanks due to the similarities in how they service mortgages.
      
      : I was filmed yesterday by a local TV station discussing my problems with ASC again thanks to my local BBB contact. The FBI needs more total damages, I need about 10 more before they can open a full investigation into ASC. I am filing a complaint with the FTC as suggested in a long series of complaints about ASC on http://www.badbusinessbureau.com/reports/ripoff116406.html: and by the BBB here in Houston.
      
      : Another step to take is to file a complaint with your former lender. It will not help you but may save some other poor soul the misery of having to deal with ASC.
      
      : : I have also had several of the same types of problems. For 3 months in a row, I have sent copies of the fronts and backs of my checks where they cashed them. They are still sending me a late charge. I have made several attempts to call, they keep telling me it will be solved in 15 days. I heard that for 3 months now. They also told me they would flag my phone number and to expect a phone call, with no calls from them.
      
      : : This company needs to be stopped. I am not about to give up and have this company walk all over me. If I have the opportunity, I will try to have someone else service my loan.
      
      : : After I found all these bad messages about them, I wish I could have stopped the transfer of my loan.
      
      : (0)
- Posted by denise williams on March 14, 2005 at 13:47:22:
  
  In Reply to: Re: TxForeclosure Maybe? Posted by Dan Smith on February 27, 2005 at 12:17:50:
  
  : I have the misfortune of having the same mortgage company. I ran accross this link attempting to find the companies headquarters to file crimanal charges against them as they have taken my money and refuse to credit my account. In fact they have in the first 90 days reported me as 60 days delinquent when I am paid up. They have cashed my checks and refused to credit me. I have also found numerous complaints about these rip off artists. This is not accidental. This company is in business to commit theft and fraud and nothing more.
  
  : I am looking for other victems of this company. Please email me if you have had problems with ASC and or ANY information about them. They refuse to divulge thier home office location to me. Nor can I find them listed anywhere except in accusations of fraud and incompentence such as this. Do a Google search on : America's Servicing company and you find no shortage of victems from this company.
  
  : (3)