March - April 2005 Archives


  • Posted by James on April 12, 2005 at 12:01:56:

    I need info. Was out of town and found notice of commisioners sale for May 3, 2005. Stated that targeted goal was about 132,000. I owe 108,000 and a 2nd for 5,300. I need to know what I can do to keep the property. Both my wife's credit and mine are bad. I could possibly get some monetary assistance from my parents if absolutely necessary. We have discussed bankruptcy before because of the already existing bad debt. I really want to keep my house. Also will someone just show up and kick us out or does there have to be notification and what is that timeframe in KY

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    • Posted by James on April 12, 2005 at 12:06:20:

      In Reply to: Foreclosure in KY Posted by James on April 12, 2005 at 12:01:56:

      : I need info. Was out of town and found notice of commisioners sale for May 3, 2005. Stated that targeted goal was about 132,000. I owe 108,000 and a 2nd for 5,300. I need to know what I can do to keep the property. Both my wife's credit and mine are bad. I could possibly get some monetary assistance from my parents if absolutely necessary. We have discussed bankruptcy before because of the already existing bad debt. I really want to keep my house. Also will someone just show up and kick us out or does there have to be notification and what is that timeframe in KY

      Also the home is probably worth about 118,000

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  • Posted by Al Bert on April 12, 2005 at 05:54:58:



    I've been researching the area of buying into foreclosures for a profit for close to six months now, when I came across a report that claims to teach all the "ins and the outs" of this technique. I wonder whether any of you have used it or would vouch for it. Before I finally am persuaded to buy it ( its quite pricey) I would love for an independent assessment from someone who has looked thru it. They do give a money back guarantee, but that's usually a sales gimmick. The link is:

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    • Posted by Joe on April 14, 2005 at 18:36:27:

      In Reply to: Foreclosure Report Posted by Al Bert on April 12, 2005 at 05:54:58:

      Lists like that are JUNK and OUT DATED. The best site I have found is WWW.REALTY1JO.COM. It has a Foreclosure Search page that links to 5 or 6 Bank or REO companies that post Foreclosures when they have them and you can join some for FREE and they will alert you when a Foreclosure come up in your criteria.

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    • Posted by Dave NY on April 12, 2005 at 09:55:33:

      In Reply to: Foreclosure Report Posted by Al Bert on April 12, 2005 at 05:54:58:

      These people have an outdated list of foreclosures & do not give refunds as promised.

      Dave NY



      : I've been researching the area of buying into foreclosures for a profit for close to six months now, when I came across a report that claims to teach all the "ins and the outs" of this technique. I wonder whether any of you have used it or would vouch for it. Before I finally am persuaded to buy it ( its quite pricey) I would love for an independent assessment from someone who has looked thru it. They do give a money back guarantee, but that's usually a sales gimmick. The link is:



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  • Posted by Jon-CA on April 11, 2005 at 19:15:48:

    I have decided to sell one of my Trust Deeds that I hold on a property in San Diego, CA. I will give brief details here, serious requests please contact me directly @ traderone@gmail.com. Details:The Trust Deed is a one year ballon payment due payable in full on August 18th of this year (2005). The minimum payoff amount will be $99,000(+ a couple more thousand for extra costs, ect). Sale price will be $90,000. That computes to just over 9% discount on a note due payable in full in 4 months! There is one underlying Trust Deed for $221,000. LTV% on the house is just below 80%. Please email all inquiries to traderone@gmail.com. First come first served!

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  • Posted by EBathory on April 11, 2005 at 08:56:33:

    We are in the process of suing two lenders who made loans to us in 1998 for various RESPA violations (this is in New Jersey). Our current attorneys have just informed us that our original bankruptcy attorney neglected to add the two mortgage amounts on our Schedule D. The lenders are trying to get the lawsuit dismissed on those grounds. The new attorneys are attempting to re-open the Chapter 7 in order to add these two lenders.

    The property itself was put up for sheriff's sale in 4/2004 with no bidders. It was later sold through a realtor in 9/2004 (more info below). Our bankruptcy was discharged in 4/2003.

    I received two forms from the lenders this year--Form 1099-A re: acquisition of secured property and form 1098 showing supposed interest we paid in 2004.

    Here's the dilemma: First, we did not make any payments on these mortgages in 2004; we never re-affirmed either one in our Chapter 7. Therefore, the interest listed on 1098 is bogus; it must originate from the fact that lender #2 paid off the arrearages owed lender #1. We had nothing to do with that transaction. I am not including it on our tax form as a deduction (it is over $12,000) as we did not make mortgage payment.

    2. On form 1099-A the lender checked off we were personally responsible for the debt. This is due to the fact that our first attorney never listed them in our bankruptcy. We never knew this until this year, when a lawsuit was initiated. He never gave us any of the paperwork regarding the chapter 7. Please don't blame me for not knowing this beforehand. I am disabled and have cognitive problems and can barely hold things together. My hubby is so concerned with financial and health matters he was also unable to follow our bk as we should have. We paid our attorney to do his job and he didn't, resulting in a lot of misery and heartache for us.

    I need to just get our 1040 filed and out of the way. I am not listing the mortgage interest we supposedly paid, nor am I doing anything with the 1099-A. The fair market value as listed on the form is $62000 and the principal outstanding balance is $38000 according to lender #2. This lender held a sheriff's sale in 4/2004 without any takers and the house eventually sold through a "foreclosure realtor" for $110,000. The first mortgage debt was over $76000 so the house was "upside down" as far as any equity is concerned.

    Has anyone ever faced anything like this? Please help, I am going crazy over this huge mixup by the lenders. I also think our first attorney should be sued for negligence. One has to wonder how he ever missed putting in such large amounts into our Chapter 7.

    I just want to get our 1040 out of the way as we have numerous other problems we must contend with at present. We would be hard pressed to hire a tax attorney or accountant. The rest of our return minus these two forms is relatively simple and could be done is less then 10 minutes.

    This is confusing and I hope I have made it as clear as possible.

    Thanks in advance...

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    • Posted by NJDave on April 11, 2005 at 16:38:21:

      In Reply to: BK Lawyer Messed Up--Please Read Posted by EBathory on April 11, 2005 at 08:56:33:

      You might request some help from a CPA I know.... but since tax time is coming up fast.... I don't know if she'll be able to unravel your dilemma before the 4/15 filing date... but she may be able to give you an off the cuff response...

      email her at: CcTaxCare@aol.com

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  • Posted by Michele Robbins, CPA on April 11, 2005 at 01:00:48:

    Trying to flip a property can turn ugly when your end buyer cannot get financing because their lending institution requires title seasoning. Your options are to 1) find another lender; 2) find another buyer, 3) try to assign your Contract for your profit; or 4) find a creative strategy to get your deal closed. This article is about the last option  using creative financing to overcome traditional lending institutional guideline problems including, but not limited to the title seasoning issues.

    You may have heard about the strategy of creating a seller financed note to structure a deal and then selling the note at the closing table to a note investor to fund the deal. If you have not heard of this strategy, read up on it! It is a great tool to have in your back pocket when traditional financing is not possible  or not desired  for one reason or another. You can read about this on any note investor discussion board or on our website at http://www.notefunding.com under Creative Strategy to Buy/Sell Property. Assuming you are already aware of this strategy& you should also know that this is a great tool to use when FLIPPING a property  If  and only if - you have enough profit in the deal to cover the note discount. More about that later.

    When I use the term flipping, I am referring to simultaneously buying a property at a discount (i.e., pre-foreclosure, distressed seller, etc.) and then selling it at its true fair market value to an end buyer. In this article I am not talking about rehabbing properties. The same seller financing strategy can work (more easily, actually) with rehabbed properties, but for this discussion I am referring to strait FLIPS.

    This example deal is set up as follows: Assume you can purchase a property for $70,000 because the seller is 2 months behind and knows he will go into foreclosure if he doesnt act quickly. You then set up a Buyer to purchase the property from you for its true market value of $100,000. This end buyer can put down 5% in cash at closing and has reasonable credit (600+). You can either purchase the property outright and do a 2nd closing later  or set it up as a simultaneous closing and transfer the title twice at closing. Either way, your end buyers bank may not fund your deal because of this flip. If that happens, you can structure your deal as Seller Financed- even if there are underlying mortgages! Your title company / closing agent or note buyer will prepare the note and mortgage for you for the closing. The note buyer on this deal might want an additional 5% 2nd position note to be held by the seller. That would leave a 90% first lien. The interest rate might be between 8 and 9% depending upon the Buyers credit. The note buyer should buy the note for between 85% and 90% of the MORTGAGE balance ($90,000 x .87 = 78,300, for example) depending upon the property and the situation. So the flipper (thats YOU) would have $78,300 from the note buyer PLUS $5,000 cash down payment from the Buyer  for a total cash amount of $83,300 PLUS the $5,000 2nd position lien. The underlying payoff of $70,000 would be made to the original seller at closing and the balance of $13,300 plus the $5,000 note is all yours. Not bad for a deal that you didnt spend a dime on! While the discount on this flip might seem a bit steep at first, keep in mind that the only alternative is to hold the note. The time value of money tells us that cash now is worth more than cash payments streaming in over time.

    Rehabbed properties and properties without title seasoning problems can also be set up this way. These properties are currently being set up at 95%LTV (Loan to Value)  EVEN INVESTMENT RESIDENTIAL PROPERTIES! The discount on the note is usually about $6,000 -$7,000 if set up properly from the beginning. The buyer is really getting a deal here. Where can you buy investment property with 5% down?

    I hope you find this article informative and helpful. I hope it gets the creative juices flowing!

    Michele Robbins, CPANote Funding Resources, LLCOffice (410) 758-0098

  • Link: http://www.notefunding.com

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  • Posted by Richard on April 10, 2005 at 20:06:29:

    used in escrow projection for the up-coming year legal?

    It has my house payment severly nessed up

    Thanks

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  • Posted by Jeff on April 10, 2005 at 14:39:10:

    We have just went through a nut roll to get a short sale approved, was finally approved by our 2nd mortgage company. Long story short-we owed 72k on 1st mortgage, 23K on 2nd mortgage, modular home appraised at 84K after we had a buyer willing to pay that. I requested a short sale on 2 March, was not behind on any payments, never missed payments on anything, credit score-696. The 2nd mortgage company approved the sale, we will give them 5K at closing (made 4K with sale of home), and they refinanced the remaining amount for interest free loan reducing payments from 533 to 189..not bad at all. We have to close by 25 April which hopefully we can do..we have a mortgage broker who is not familiar with short sales, has his head up his...Anyway, we are trying to buy another home and everyone is freaking out because they say a short sale approval always means that someone is in financial difficulty and they cannot explain it to a underwriter that my case is nothing negative, as a matter of fact, my debt to income ratio was reduced, I will be released from the 2nd mortgage, and my payments are reduced. Getting to my point..According to the court house here, the 2nd mortgage company does not have a 2nd mortgage on the home and they could not find the lien themselves so apparently it was not recorded. The loan was 5 years ago. Can they go back and record now? In the short sale approval, they left the deed recorded info blank..they could not find where they recorded it as a 2nd mortgage; I don't think they did. Does it really matter?

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    • Posted by Dave NY on April 12, 2005 at 09:59:13:

      In Reply to: Short Sale Posted by Jeff on April 10, 2005 at 14:39:10:

      When you have a short sale approved, you must request the bank to waive any deficiency judgment in their favor against the homeowner who benfited.



      Dave NY

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    • Posted by Kathy Utiss on April 11, 2005 at 13:28:49:

      In Reply to: Short Sale Posted by Jeff on April 10, 2005 at 14:39:10:

      Hello! I was reviewing your post. A short sale is just that a short sale. A discount sometimes big. Anytime I did a short sale there were no other payments to be made. So I'm kinda confused unless you signed something to reinstate this loan after discount. But as far as title and broker goes you were upside down and I would assume that to be why they will discount. It doesn't have to be a financial hardship to get a discount. All you need is the payoff letter for closing. And it doesn't have to be notarized. Just on company letterhead from creditor.good luck

      Kathy

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  • Posted by cat on April 10, 2005 at 11:30:06:

    SILLY? but can't seem to find answers, sorry

    is a N.O.D. the "SAME" as a N.O.S.?do & when the borrower being foreclosed on get any paperwork (not just verbal) at all re: sale?, ie: what it sold for (& when do they get that). do they get a list of dispersement funds (& when) a HUD when all is done?

    thanks!!!

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  • Posted by cat on April 10, 2005 at 11:22:13:

    Hi!I have searched for days and hrs. for answers to my questions with no luck :(wondering... NOS said 30 days to come up w/ balance. Now, what if bidder can't? like on the 31st day are they out deposit or able to work it out for extension of say 20+ add'l days as long as keep in touch with trustee??? does the orig. debtor/owner have a say seeing how if the auction is cancelled, wouldn't that mean NOS's again and therefore more time to file BK., etc...?

    when does the affadavit, deed, etc., need to be filed? is it normal for it to be 56 days from successful auction date? I thought it had to be WITHIN 7 or very most 30? what happens if not within timeframe? Bottom line, is the trustee or P.O.S. attorney allowed to give the high bidder more time to come up with $$$ in order to avoid giving the current owner more time and risk they will satisfy the mtg., sell or file BK.? If the bidder doesn't come up with balance, then what?

    THANKS!!!

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    • Posted by Nick(Colorado) on April 11, 2005 at 11:56:04:

      In Reply to: POST FORECLOSURE IN MASS. Posted by cat on April 10, 2005 at 11:22:13:

      Cat:

      You appear to be confusing many pre and post sale events.

      1)The notice of sale is for the benefit of the defaulting owner of the property. The 30 days is the cure time.

      2)At auction I believe that Mass is a cash sale state. However if it is not, then the time to come up with the money will be outlined by the trustee, in which case you can assume failure will result in lose of any deposits.

      3)The owner of the property may stop the sale at almost any time by curing the default, or filing BNK 7/13. Depending on when the sale is stoped, the clocks may reset.

      4)The deed should be filed immediately upon transfer. If thehigh bidder fails to come up with the money, then generally the property will revert to the number two bidder, or the foreclosing entity. If the property makesit to public sale there is no post sale reversion to the previous owner unless: - It a redeption state. - BNK 7/13 filing successfully reverses sale.



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      • Posted by cat on April 13, 2005 at 08:42:18:

        In Reply to: Re: POST FORECLOSURE IN MASS. Posted by Nick(Colorado) on April 11, 2005 at 11:56:04:

        Thanks NICK!!!

        Oooops - No wonder my post was confusing, sorry! trying to keep it as short as possible w/out leaving out facts

        ok, when I say "NOS" I mean, that when it was published, it said that only $5k to be put down, and remainder WITHIN 30 days

        yet the sale (my home) was on 9/26, but nothing got filed (affadavit, deed, P. of A.) til' 11/19, which appears to be the day the purchaser came up with remainder of funds.

        wondering if the trustee 'HAS' to go by published NOS of sale, ie: only allowing 30 days to come up with $$$ (which compared to other states is pretty generous!) OR can they change the terms and allow the purchaser an add'l 30 days to come up with it??? If so, does the orig. owner have a say, seeing how if he can't come up with it w/on 30 days, why give him 30 more when there are tons of other bidders?

        Thanks!

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  • Posted by Loren on April 10, 2005 at 00:30:43:

    I really need some advice and info about my forclosure. I went trough a divorce in Aug. 2002 in Arapahoe County Colorado, My exwife stayed in the home with our children during the separation and divorce. the agreement in the divorece decree was i would not enter the home etc. while she my children and her boyfriend lived there, and we were both to pay 1/2 of the mortgage payments until the house was sold. She was ordered by the court to get the home ready for sale and in a contract with a realtor by Sept. 15 2002 which she never did. By Aug. 2004 she had only paid 3 months worth of her share of the 1/2 payments the rest was made up by me. she stoped paying the mortgage, her share of credit card payments as well as stopped the visitation of myself and the kids. This prompted my lawyer to file a contempt of court case against her which caused her to flee Colo. she quit her job, took the kids out of school turned off the power other utilites and even left the thanksgiving dinner out on the table this was in 2004 I was forced because of all this with $2574 or so debt each month more than my VA disability check is for I filed for BK in Aug. 2004. Now the bank wants to force a forcloser and I can not get in touch with her at all the courts signed over the ded and title over to me to effect the sale sooner. I am faced with the situation of what to do from here I now live in N.C. and have not seen or entered the home since April 2002, I have been told the home was left quick and in a mess which drops the value as well. Do I tell the bank 'fine take it theres not much for me to do to stop it' or what are my options I have a life here in N.C. now with no interest or reason to return to Co. I do not wish to keep or move back into the home can i settle this without destroying my credit any more what options may I have now any help or suggetions would be greatly appreciated. The courts and law enfocement are helping to locate her and the children because she ran from the courts but settling the house issue quickly will give me 1 less huge problem to be concerned with Thanks Again

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    • Posted by NJDave on April 10, 2005 at 07:37:27:

      In Reply to: Help what to do now?? Posted by Loren on April 10, 2005 at 00:30:43:

      Was the home financed with a VA insured mortgage loan?

      IMHO, I would hire a (local to you) Realtor with a franchised affiliated office (ReMAX, GMAC, C-21, etc.) near the subject home. Get it listed at the as-is, FMV.

      Since you don't mention values or amounts owed, I can only presume that you may owe more than it's worth, and you may need a preforeclosure short sale.

      You need to carefully examine your options before you plot a course. You'll have to learn how much is owed, and if there are any other liens against the property.

      You'll have to guestimate what it's worth in it's as-is condition. The Realtor can help with that. Hopefully, you still have a key. If not, you'll have to give permission to the Realtor to enter, change the lock, and provide you with a new key.

      Have the Realtor photograph the interior as well as the exterior.



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      • Posted by Loren on April 10, 2005 at 08:27:34:

        In Reply to: Re: Help what to do now?? Posted by NJDave on April 10, 2005 at 07:37:27:

        : Was the home financed with a VA insured mortgage loan?

        : IMHO, I would hire a (local to you) Realtor with a franchised affiliated office (ReMAX, GMAC, C-21, etc.) near the subject home. Get it listed at the as-is, FMV.

        : Since you don't mention values or amounts owed, I can only presume that you may owe more than it's worth, and you may need a preforeclosure short sale.

        : You need to carefully examine your options before you plot a course. You'll have to learn how much is owed, and if there are any other liens against the property.

        : You'll have to guestimate what it's worth in it's as-is condition. The Realtor can help with that. Hopefully, you still have a key. If not, you'll have to give permission to the Realtor to enter, change the lock, and provide you with a new key.

        : Have the Realtor photograph the interior as well as the exterior.

        : Hi Dave thanks for replying, yes it was gaurented by a VA loan a realtor apprased it at $200,900.00 for value and target sale price back in Aug. 2004 for the courts, we owe about 167,000.00 including back payments but those i have had view the home say since there are hole in the doors walls etc. carpet stains garbage throughout the house and food from the thanksgiving dinner still on the table and counters etc. it needsa lot of work to get up to the level of salability again. Would like to even just sell it for what i owe plus even just a few thousand if possable to walk away with. Thanks for your input or any other input from anyone else who may be able to help thanks.

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        • Posted by Kathy on April 11, 2005 at 13:42:38:

          In Reply to: Re: Help what to do now?? Posted by Loren on April 10, 2005 at 08:27:34:

          In reviewing your post I'm glad to see you tried to take responsibility to your actions. And the other post is on track. Just because the bankruptcy was filed and you thought you were done the house is still in your name. So until home is sold it will be and if someone gets hurt on the property someone can try to sue you. So getting home sold is good. You may want to see if it's a assumable mortgage since it's va it might be a seling point even with rehab work needed plus possibly a good discount depending on repairs needed.

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          • Posted by Loren on April 11, 2005 at 23:47:34:

            In Reply to: Re: Help what to do now?? Posted by Kathy on April 11, 2005 at 13:42:38:

            : In reviewing your post I'm glad to see you tried to take responsibility to your actions. And the other post is on track. Just because the bankruptcy was filed and you thought you were done the house is still in your name. So until home is sold it will be and if someone gets hurt on the property someone can try to sue you. So getting home sold is good. You may want to see if it's a assumable mortgage since it's va it might be a seling point even with rehab work needed plus possibly a good discount depending on repairs needed.

            And what may I ask are the actions of mine I need to take responsability for? She was the one sleeping around and got pregnent, I stayed for 14 1/2 years trying to make things work, she left myself and the children to sleep around,she challanged the judge by telling him to make her follow his orders, she ran illigally out of state from the courts and law enforcement with the children, since she was occupying the home she was ordered to make it available for the sale not me, I came close to having it sold 3 times and she just would not sign the sales papers to be difficult, She is the one who has illigally refused to make her fair share of her court ordered payments to the home,credit cards etc. I tried to keep her payments up while she did not at all. I have met all of my responsability and then some. Being a man does not nessesarly make me in the automatic wrong ! Even though she is a woman she to has reponsabilities for her actions, sorry but because she is a woman does not mean she is the "automatic innocent victim here" myself and our children are the only innocent victims in this case. She needs to be told she should take responsability for her actions.

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        • Posted by Nick(Colorado) on April 11, 2005 at 11:39:55:

          In Reply to: Re: Help what to do now?? Posted by Loren on April 10, 2005 at 08:27:34:

          Loren:

          Where is the property located?

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          • Posted by Loren on April 11, 2005 at 23:29:21:

            In Reply to: Re: Help what to do now?? Posted by Nick(Colorado) on April 11, 2005 at 11:39:55:

            : Loren:

            : Where is the property located?

            The home is in Arapahoe Co. in Centenial

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  • Posted by Tina K. on April 09, 2005 at 14:16:16:

    Ok, here's my situation....I (well, my ex & I) bought my house 8yrs ago for $35,000...3yrs ago, I refinanced my home w/Beneficial, it appraised for $70,000 at that time. My husband and I ended up having to file bankruptcy in March of 2003, we did *not* reaffirm the loan on the house (which technically means I can walk away free & clear from what I understand??), but just kept making monthly payments up until last year. (Jan. 2004), my husband and I split up and I could no longer afford the payments ($800 mortgage, plus almost $200 in unsecured $10,000 home equity loan, same company)....so here I am 2yrs after bankruptcy, and I'm in foreclosure. I signed with a company that helps you work through foreclosure last July (Foreclosure Management out of New Castle, PA)... they have been very helpful in stalling the process for me until I could figure out what I needed (could AFFORD) to do.... well today, I got a letter stating that my house goes up for sherrif's auction May 18th.. and that Beneficial has appraised it at $21,000????... how in the world did they ever come up with that amount??? and... does that mean that I could possibly BUY my house for $21,000, or have someone buy it for me, with the intentions of ME actually making the payments to them???? HELP PLEASE.. I'm lost and confused here.. and of course... my lawyer is OFF Today lol....

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    • Posted by Dave NY on April 12, 2005 at 10:03:39:

      In Reply to: NEED HELP IN OHIO *FAST*.... Posted by Tina K. on April 09, 2005 at 14:16:16:

      If you have 30% in equity, you should be able to get a bailout loan.

      Anyway try calling loss mitigation dept & ask what the 21K is for.



      Dave NY



      : Ok, here's my situation....: I (well, my ex & I) bought my house 8yrs ago for $35,000...3yrs ago, I refinanced my home w/Beneficial, it appraised for $70,000 at that time. My husband and I ended up having to file bankruptcy in March of 2003, we did *not* reaffirm the loan on the house (which technically means I can walk away free & clear from what I understand??), but just kept making monthly payments up until last year. (Jan. 2004), my husband and I split up and I could no longer afford the payments ($800 mortgage, plus almost $200 in unsecured $10,000 home equity loan, same company)....so here I am 2yrs after bankruptcy, and I'm in foreclosure. I signed with a company that helps you work through foreclosure last July (Foreclosure Management out of New Castle, PA)... they have been very helpful in stalling the process for me until I could figure out what I needed (could AFFORD) to do.... well today, I got a letter stating that my house goes up for sherrif's auction May 18th.. and that Beneficial has appraised it at $21,000????... how in the world did they ever come up with that amount??? and... does that mean that I could possibly BUY my house for $21,000, or have someone buy it for me, with the intentions of ME actually making the payments to them???? HELP PLEASE.. I'm lost and confused here.. and of course... my lawyer is OFF Today lol....



      : (1)

      • Posted by josh on April 20, 2005 at 18:25:41:

        In Reply to: Re: NEED HELP IN OHIO *FAST*.... Posted by Dave NY on April 12, 2005 at 10:03:39:

        : were exactly are you located in ohio? please reply by email as i do not check this forum often.thanks josh

        : If you have 30% in equity, you should be able to get a bailout loan.

        : Anyway try calling loss mitigation dept & ask what the 21K is for.

        : Dave NY

        : : : Ok, here's my situation....: : I (well, my ex & I) bought my house 8yrs ago for $35,000...3yrs ago, I refinanced my home w/Beneficial, it appraised for $70,000 at that time. My husband and I ended up having to file bankruptcy in March of 2003, we did *not* reaffirm the loan on the house (which technically means I can walk away free & clear from what I understand??), but just kept making monthly payments up until last year. (Jan. 2004), my husband and I split up and I could no longer afford the payments ($800 mortgage, plus almost $200 in unsecured $10,000 home equity loan, same company)....so here I am 2yrs after bankruptcy, and I'm in foreclosure. I signed with a company that helps you work through foreclosure last July (Foreclosure Management out of New Castle, PA)... they have been very helpful in stalling the process for me until I could figure out what I needed (could AFFORD) to do.... well today, I got a letter stating that my house goes up for sherrif's auction May 18th.. and that Beneficial has appraised it at $21,000????... how in the world did they ever come up with that amount??? and... does that mean that I could possibly BUY my house for $21,000, or have someone buy it for me, with the intentions of ME actually making the payments to them???? HELP PLEASE.. I'm lost and confused here.. and of course... my lawyer is OFF Today lol....



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  • Posted by Lin on April 08, 2005 at 21:06:34:

    After two years of having our home on the market with realtors to sell after my hubby and I both lost our jobs, we filed BK7 and surrendered our home back to mortgage co 5 days ago. Our attorney says to stay put until notified by lender. I'm packing now but am curious how long we may have before sheriff shows up at door? BK was filed 1 day prior to trustee sale. We have been told 2 days to 10 months...does anyone expert have a clue so I know how fast to pack?

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    • Posted by Dave NY on April 12, 2005 at 10:11:55:

      In Reply to: Chapter 7 & surrendered home Posted by Lin on April 08, 2005 at 21:06:34:

      I must say you have some confusion about the foreclosure process!

      You filed for bankrupcty & gave your home to the bank?Bankruptcy stalls the foreclosure. You could've had more time to live in your home! Even up to 1 yr free!!

      By giving or surrendering the home to the bank, you did a "deed in lieu of foreclosure". The home will not go to auction anymore because the bank owns it now.

      The sheriff appearing to your door depends on when the bank will file an eviction notice not foreclosure anymore because they own the home.

      Filing for bankrupcty & giving the home back was counter productive & will backfire.



      Dave NY

      : (0)

    • Posted by Lin on April 08, 2005 at 21:09:40:

      In Reply to: Chapter 7 & surrendered home Posted by Lin on April 08, 2005 at 21:06:34:

      : After two years of having our home on the market with realtors to sell after my hubby and I both lost our jobs, we filed BK7 and surrendered our home back to mortgage co 5 days ago. Our attorney says to stay put until notified by lender. I'm packing now but am curious how long we may have before sheriff shows up at door? BK was filed 1 day prior to trustee sale. We have been told 2 days to 10 months...does anyone expert have a clue so I know how fast to pack?



      : (1)

      • Posted by Jim V on April 08, 2005 at 23:23:31:

        In Reply to: Re: Chapter 7 & surrendered home Posted by Lin on April 08, 2005 at 21:09:40:

        Lin,

        While I won't say I'm an expert, I quite often have an opinion. In most every region of the US where I've looked at what transpires after foreclosure/transfer of title to the lender, there's a common thread. Once the lender takes title, it will usually take at least 30 days for them to have a "sheriff show up at the door", and it could take a lot longer than that.

        Here's the reason why. You can't evict anyone from a property you don't own. So, the lender, or any else who may take title, usually needs to have a recorded interest in the property, or other evidence of ownership to legally begin eviction proceedings. Nick(CO) stated in a different post, and I agree with his statement, that lenders are very slow to convey title. If your lender is prompt in conveying title, they'll then own the property, but they'll have to evict using your state's laws. I believe 30 days is the minimum realistic timeframe I've seen before anyone could "force" you from the property.I'd listen to your attorney.

        : : After two years of having our home on the market with realtors to sell after my hubby and I both lost our jobs, we filed BK7 and surrendered our home back to mortgage co 5 days ago. Our attorney says to stay put until notified by lender. I'm packing now but am curious how long we may have before sheriff shows up at door? BK was filed 1 day prior to trustee sale. We have been told 2 days to 10 months...does anyone expert have a clue so I know how fast to pack?



        : (0)

  • Posted by ME on April 08, 2005 at 14:02:27:

    where they take it to court to kick you out if you have not yet left the property??

    we were given until April 30th to stay here and i know they do not want to do the court thing since it costs so much money to do

    i am just wondering how long that process really is if we indeed are still here after the 30th of this month

    i have looked online for 3 days now and can not find anything about this procedure

    thank you

    : (0)

  • Posted by me on April 08, 2005 at 13:59:59:

    OUr home was placed in the redemtion period on Sept 14th...it ended March 14th...we have a letter from the attorney on the 2nd loan saying we can live here until the 30th of April yet when i ask them when was the sheriff sale of our home they will not disclose this information to me

    The people who have the 1st loan keep calling and asking for their payments and i told them they need to talk to the holder of the 2nd since they told us in March that they were indeed going to pay off the 1st and then sell the home to get their money back

    so i am just wondering how on earth do i find out when this did or will happen??

    then again not sure i could beleive any of them anyway since they have all been lying to us for the past 3 months anyway

    : (2)

    • Posted by Jim V on April 08, 2005 at 15:49:27:

      In Reply to: MN how do i find out when sheriff's sale is?? Posted by me on April 08, 2005 at 13:59:59:

      Sheriff's sale was probably held Sept. 14th in 2004. It sounds like your 6 month redemption was up March 14th, MN requires a written 30 day notice to vacate after the redemption period is over. Technically, the new owner of the property(the 2nd) could begin eviction proceedings on April 14th. That'll take at least a couple of weeks to complete, but it'll probably be better for you credit wise if you don't let it go that far.

      : OUr home was placed in the redemtion period on Sept 14th...it ended March 14th...we have a letter from the attorney on the 2nd loan saying we can live here until the 30th of April yet when i ask them when was the sheriff sale of our home they will not disclose this information to me

      : The people who have the 1st loan keep calling and asking for their payments and i told them they need to talk to the holder of the 2nd since they told us in March that they were indeed going to pay off the 1st and then sell the home to get their money back

      : so i am just wondering how on earth do i find out when this did or will happen??

      : then again not sure i could beleive any of them anyway since they have all been lying to us for the past 3 months anyway



      : (1)

      • Posted by me on April 08, 2005 at 16:14:52:

        In Reply to: Re: MN how do i find out when sheriff's sale is?? Posted by Jim V on April 08, 2005 at 15:49:27:

        well they (the 2nd) already sent us a letter stating that we can stay here until APril 30th

        we tried for weeks to work something out with them to pay it off even had another lender willing to pay them and they said no way

        so there is nothing i can do about letting it not go that far credit wiseat this point i could care less after the way we have been treated by everyone involved

        as it is we will either have to split the family up since there is no place to rent in the area and when i do try to rent i am told they will not rent to us some say it is because we have small kids and others flat out say it is because of our foreclosure

        so either i will have to take the kids and go live in another state or we will see about legally seperating so that i can at least get some help in finding a place to live with the kids

        : (0)

  • Posted by Ty on April 08, 2005 at 08:07:43:

    I made a big mistake in July 2003 by trying to negotiate to stay in my home after falling 60 days behind. I travel alot and kind of had my head in the clouds. I was lied to and convinced that I would be placed into a program to save my FHA Mortgage. I was very ignorant at the time about how foreclosure actually works anywhere in the US and Texas. Well, anyways the whole foreclosure process started. And I quickly learned alot about the whole process by sleeping 2 hours a night for 2 weeks. It's not funny, but once the ball starts to role its hard to stop it. I had the cash to get caught up and made that clear to them. Either I can get caught up or use the $5K to get an attorney.

    The end result was I got an attorney and settled out of court after all of the facts were reviewed. It was agreed that all attorney fees will be paid by each party plus some more legal verbage..etc. Here is my question situation::

    Mortgage company A was bought by Mortgage company B a month ago. Mortgage company B has placed attorney fees on my account for April 2005.

    Can they do this?

    And, since it is another Mortgage Company do the same documents apply to where I don't have to pay for their attorney fees.

    : (3)

    • Posted by Irwin on April 17, 2005 at 13:22:17:

      In Reply to: Foreclosure case won! Posted by Ty on April 08, 2005 at 08:07:43:

      Kathy has the right idea. Company B IS bound by settlement agreemnt made by Company A. Take this situation back to the lawyer who handled it. It shouldn't take more than a letter from him/her to clear this up.

      : I made a big mistake in July 2003 by trying to negotiate to stay in my home after falling 60 days behind. I travel alot and kind of had my head in the clouds. I was lied to and convinced that I would be placed into a program to save my FHA Mortgage. I was very ignorant at the time about how foreclosure actually works anywhere in the US and Texas. Well, anyways the whole foreclosure process started. And I quickly learned alot about the whole process by sleeping 2 hours a night for 2 weeks. It's not funny, but once the ball starts to role its hard to stop it. I had the cash to get caught up and made that clear to them. Either I can get caught up or use the $5K to get an attorney.

      : The end result was I got an attorney and settled out of court after all of the facts were reviewed. It was agreed that all attorney fees will be paid by each party plus some more legal verbage..etc. Here is my question situation::

      : Mortgage company A was bought by Mortgage company B a month ago. Mortgage company B has placed attorney fees on my account for April 2005.

      : Can they do this?

      : And, since it is another Mortgage Company do the same documents apply to where I don't have to pay for their attorney fees.



      : (0)

    • Posted by Kathy on April 11, 2005 at 13:49:06:

      In Reply to: Foreclosure case won! Posted by Ty on April 08, 2005 at 08:07:43:

      Hello! I would send these documents to company B who bought out company A and give them the right to talk to your attorney going forward. They shouldn't be able to do this.Good Luck

      Kathy

      : (1)

      • Posted by Ty on April 17, 2005 at 13:34:42:

        In Reply to: Re: Foreclosure case won! Posted by Kathy on April 11, 2005 at 13:49:06:

        : Hello! I would send these documents to company B who bought out company A and give them the right to talk to your attorney going forward. They shouldn't be able to do this.: Good Luck

        : Kathy

        Thanks for the reponses. This forum really helps. Sometimes it feels like you are out there all alone when you are having financial problems with large companies. You can either give up or fight. I like to fight!



        : (0)

  • Posted by Edward David on April 07, 2005 at 12:18:42:

    Property is in NY, valued at about 375K. Client is in FC and needs a bail out loan, its a friend of mine but I have never dealt with a FC bailout loan. I have tried several banks but the problem is that we'd have to do the deal as a stated wage earner. Hoping to possibly get 70% loan to value to get them out of the FC as well as pay off some tax liens.

    Thanks In Advance for any helpEdward David

    : (2)

    • Posted by Dave NY on April 12, 2005 at 10:13:56:

      In Reply to: Need help with a FC Bailout in NY Posted by Edward David on April 07, 2005 at 12:18:42:

      I have an excellent loan broker in NY. He can esily get you a bailout loan.

      Call Javier at: 718-382-2587



      Dave NY



      : (0)

    • Posted by Jeff on April 08, 2005 at 23:50:18:

      In Reply to: Need help with a FC Bailout in NY Posted by Edward David on April 07, 2005 at 12:18:42:

      Where in NY, what county?

      : Property is in NY, valued at about 375K. Client is in FC and needs a bail out loan, its a friend of mine but I have never dealt with a FC bailout loan. I have tried several banks but the problem is that we'd have to do the deal as a stated wage earner. Hoping to possibly get 70% loan to value to get them out of the FC as well as pay off some tax liens.

      : Thanks In Advance for any help: Edward David



      : (0)

  • Posted by dee on April 06, 2005 at 23:24:26:

    I am looking to purchase a home for family. Found home for sale offered by realtor but out of our price range. Did more research on home...It is going to be sold to the highest bidder @ auction. Original Principal Balance is in our price range. What is this process? Do I have a chance? State of Arizona

    : (2)

    • Posted by Kathy on April 11, 2005 at 13:54:58:

      In Reply to: Notice of Trustee Sale Posted by dee on April 06, 2005 at 23:24:26:

      Well your other option is to possibly contact owner and get a contract for deed, warranty deed advisable. if you have your own financing set up already and can get payoff before sale to attorney's office.

      Good luck

      Kathy

      : (0)

    • Posted by Nick(Colorado) on April 07, 2005 at 18:55:05:

      In Reply to: Notice of Trustee Sale Posted by dee on April 06, 2005 at 23:24:26:

      Dee:

      The process for Arizona is cash only. You will have to post certified funds for the full amount bid at auction by 5 PM the next day. No bank will loan moneyfor such bidding, so you would need a hard money lender. It does not sound like you are ready for that. Either wait for the property to become an REO, or look elsewhere.



      : (0)

  • Posted by Jerry on April 06, 2005 at 13:00:53:

    My wife and I live in Ohio and are currently going through a divorce, and neither one of us can afford the house independently. If this goes to foreclosure as it is already in the process of, how will this affect me purchasing a house in the future. We have had it on the market for five months, but it appears that the only people interested in it are the ones who cannot get any financing. Any information would be appreciated.

    : (2)

    • Posted by JJ on April 06, 2005 at 20:27:18:

      In Reply to: How will foreclosure affect me Posted by Jerry on April 06, 2005 at 13:00:53:

      Jerry:

      Even if you have had a foreclosure, you still can get a mortgage. There are programs where you can get 100% financing 1 day out of foreclosure if your credit scores are higher than 600 and can proof income. If scores are below 600, the loan to value drops depending on scores. Hope that helps.JJ

      : My wife and I live in Ohio and are currently going through a divorce, and neither one of us can afford the house independently. If this goes to foreclosure as it is already in the process of, how will this affect me purchasing a house in the future. We have had it on the market for five months, but it appears that the only people interested in it are the ones who cannot get any financing. Any information would be appreciated.



      : (0)

  • Posted by Gjones on April 06, 2005 at 12:31:11:

    Note! The following information should not be relied upon as legal authority nor should it be used as a substitute for reference to the U.S. bankruptcy code. Finally, this information should supplement, not substitute, for the advice of competent legal counsel. I am just giving some facts.

    Here are some facts to consider about bankruptcy:Filing bankruptcy can be expensive: Court costs and attorney's fees add up, and are non-dischargeable. Depending on your situation, this is money that potentially could be spent bringing past-due accounts current, or making payment arrangements. You may lose property: If your assets are worth more than state and federal exemption guidelines, they will be liquidated and the proceeds divided up among your creditors. This can include your home, car, heirlooms, and jewelry. If theirs any deficiency (meaning if your home and assets are liquidated and dont meet whats expected to divide amongst creditors) you will have to pay off. It doesn't solve spending problems: Bankruptcy won't be much use if you spend more than you make. Because credit is available even after discharge (usually with astronomical interest rates), many people quickly descend into debt again. Sadly, 87% of all bankruptcy will lose homes. 70% to 80% of the chapter 13 bankruptcy lose their homes. Only 3% homeowners make it. Almost 50 percent of all people who file do so again as soon as the laws allows (six years).Not everything can be discharged: You can only walk away from such unsecured debts as credit cards and signature loans. So if a good portion of what you owe consists of student loans, tax debt, legal fees, or back child support, bankruptcy won't help. Bankruptcy will stay on your credit report for seven to ten years: That's a daunting time frame for most people. The damage to your credit report can prevent you from renting an apartment, buying a home or car, or even acquiring life insurance. And many employers are now pulling credit reports to determine a candidate's responsibility and stability, so even your future job may be at stake. Instead of filing bankruptcy: Assistance is available to help make a logical decision and inform you of foreclosure options. There usually exists serious financial reasons that leads to foreclosure, which must be identified and dealt with. Money management skills, family problems, or illness must be overcome in order to secure your housing.Im advising you: Take advantage of the exposure to loss mitigation. It is a proven financial system that saves homes and can keep you in a comfort zone. Go to www.homeownersaa.org/4857 . Click on "application" and submit it.We do FREE ANALYSIS: We will prepare your free and confidential loss mitigation application of how to solve your current situation. Any question please feel free to contact me at the above web address. All contact information provided there.Get started today: HAA is a nonprofit organization assisting homeowners in saving their homes. Help is available.



    : (0)

  • Posted by Lisa on April 05, 2005 at 19:54:12:

    I would like to surrender my timeshare and let the lying pieces of garbage take it back - foreclose on it, I don't care. I can never use it when I want, the fees are out of this world, it was a total rip off and I want it gone...How bad will a foreclosure on a timeshare be on my credit report and can the timeshare company take legal action and win?

    : (1)

  • Posted by Trevor on April 05, 2005 at 17:48:16:

    Washington State.Wife and I just had a baby and have tons of bills. We can't afford the house any longer. We have no equity in it. We pay mortgage insurance in payment. We really don't want the house and can't afford to sell it, Closing costs and realty fees. We are not behind yet. We already have a place to go to live with friends. If our house is foreclosed on, do we owe any money after the house is no longer ours?

    : (2)

    • Posted by Rafael Asudulayev on April 12, 2005 at 10:19:31:

      In Reply to: I don't want the house, will I owe in a foreclosure? Posted by Trevor on April 05, 2005 at 17:48:16:

      Trevor,

      I can help you out. I'm interested in taking over your payments!

      Please call me at: 201-982-3001



      Rafael

      : (0)

  • Posted by Amy on April 05, 2005 at 16:43:04:

    I filed for bankruptcy which is now finalized and have a first and second mortgage on the house. It is now scheduled for a sheriff's sale the middle of next month. I do not want to keep the house and do not want to sell it myself or have anyone sell it for me. The combined mortgages are more than what would be an expected average selling price. Could my boyfriend who currently lives in the house and is not listed on the mortgage legally bid on the house? Probably not likely, but I thought I'd ask any experts out there. If it is possible, would the second mortgage again be my responsibility?

    : (4)

    • Posted by Nick(Colorado) on April 05, 2005 at 17:23:00:

      In Reply to: Can live-in friend legally bid on house in MN? Posted by Amy on April 05, 2005 at 16:43:04:

      Amy:

      I would think that the general answer to the "friend"question, is that there would be no problem. However in the specific there are two issues. First, the second is not going to totally go away with the foreclosure of the first. You may still be on line to pay the second, as an unsecured debt. If the BNK filing is a chapter 13, this may be an issue. The second issue, is that it is possible to dream up acase: Live-in boy friend yields common law marriage.In conjunction with communal property state meansyou still have beneficial interest in the property,and thus second is still secured.

      : (3)

      • Posted by Amy on April 05, 2005 at 17:33:44:

        In Reply to: Re: Can live-in friend legally bid on house in MN? Posted by Nick(Colorado) on April 05, 2005 at 17:23:00:

        Thanks for the reply, Nick. I thought that might be the case with the second. Although, it was a BNK Ch7. Does that help the situation? I also found something on MN marriage lic info, laws & requirements stating that common-law marriages are not allowed.

        : (2)

        • Posted by Nick(Colorado) on April 05, 2005 at 18:59:06:

          In Reply to: Re: Can live-in friend legally bid on house in MN? Posted by Amy on April 05, 2005 at 17:33:44:

          Amy:

          Actually MN is not a communal property state, so its not an issue. If the second was includedin your BNK 7 filling then you are no longer personally liable for it. The holder of the second may only seek recourse via the securedproperty. If it was not included in your chapter 7 filling, then I would immediately try and amend the creditor matrix of that filling.



          : (1)

          • Posted by Amy on April 05, 2005 at 19:31:33:

            In Reply to: Re: Can live-in friend legally bid on house in MN? Posted by Nick(Colorado) on April 05, 2005 at 18:59:06:

            Nick - The good news is that it was included in the BNK 7. Looks like it should be OK then. Thanks again for your replies!

            : (0)

  • Posted by Tad on April 05, 2005 at 08:41:08:

    We were trying to buy a modular home in PA, and made an offer which was accepted by the owners. We did not know that the sellers were delinquent on the mortgage payments to Washington Mutual, and by the time of our closing date, the matter was already in the hands of the foreclosure attorneys. Our attorney and realtor were not on top of this, and we had already sold our previous house. Our buyers had to move in to our old house, so the sellers allowed us to move in to their house, without rent, even though the house was soon to be in foreclosure. As I understand it, as of April 4, 2005, the house in which we currently reside, will be in foreclosure. We have found another house, FSBO, and we have made an offer, which was accepted by that owner. Unfortunately, that seller cannot close on the sale until May 13, 2005. I’m sure the nice people at WaMu will not appreciate us staying in the house for very long, but I’m not sure how long we have until the Sheriff appears at the door with an eviction notice. The sellers of our current house have stated that we may pay them rent (@$100/week) until we can move, but in my humble opinion, they are not really in the loop any more.

    Does anyone have an idea on how much time we have to stay in our current house without exposing our selves to any risk?

    Thanks, Tad

    : (2)

    • Posted by Nick(Colorado) on April 07, 2005 at 19:04:37:

      In Reply to: Foreclosure Convolutions in PA Posted by Tad on April 05, 2005 at 08:41:08:

      Tad:

      Realistically banks are none to fast when it comes to claiming their property, following sale. However Ifeel that 5+ weeks could probably be a issue. Youcould wait for the notice to quit to be posted onthe door. But I would be prepared to leave on quicknotice, at that point. If a forceable retainer (eviction)lawsuit is brought against you, it can cause all typesof credit, and potental future rental problems.



      : (1)

      • Posted by Tad on April 08, 2005 at 13:41:26:

        In Reply to: Re: Foreclosure Convolutions in PA Posted by Nick(Colorado) on April 07, 2005 at 19:04:37:

        Nick,

        Actually, the forclosure process is just starting, and I think that the bank has just filed the complaint, not the execution. I just spoke with the Sheriff's department (which is a great resource for forclosure info, BTW) and the nice lady there said that it will be at least 3 months until the sale is scheduled.

        Thank you for response and sound advice!

        Tad: Tad:

        : Realistically banks are none to fast when it comes to : claiming their property, following sale. However I: feel that 5+ weeks could probably be a issue. You: could wait for the notice to quit to be posted on: the door. But I would be prepared to leave on quick: notice, at that point. If a forceable retainer (eviction): lawsuit is brought against you, it can cause all types: of credit, and potental future rental problems.



        : (0)

  • Posted by DENNIS on April 04, 2005 at 17:34:46:

    BOUGHT PROPERTY AT AUCTION,LATER FOUND IRS TAX LIENBEFORE I BIB I LOOK IN COURT PUBLIC RECORD,FOUND ONLYONE MECH LIEN INWHICH IT WOULD BE SATISFY AT TIME OF AUCTION I PAY 45000.00 THE TAX LIEN IS 46000.00MY ATTY SAID I MAY LOSE MONEY CAN ANY GIVE ADVICE

    : (2)

    • Posted by Dennis on April 06, 2005 at 18:03:23:

      In Reply to: FOUND IRS TAX LIEN IN ALABAMA Posted by DENNIS on April 04, 2005 at 17:34:46:

      : BOUGHT PROPERTY AT AUCTION,LATER FOUND IRS TAX LIEN: BEFORE I BIB I LOOK IN COURT PUBLIC RECORD,FOUND ONLY: ONE MECH LIEN INWHICH IT WOULD BE SATISFY AT TIME OF AUCTION I PAY 45000.00 THE TAX LIEN IS 46000.00: MY ATTY SAID I MAY LOSE MONEY CAN ANY GIVE ADVICE

      can you tell diffence between jr and sr irs tax lien?this man took a mortgage aug 97' ,the tax lien april of98'

      : (0)

    • Posted by Bill H on April 04, 2005 at 21:58:00:

      In Reply to: FOUND IRS TAX LIEN IN ALABAMA Posted by DENNIS on April 04, 2005 at 17:34:46:

      : BOUGHT PROPERTY AT AUCTION,LATER FOUND IRS TAX LIEN: BEFORE I BIB I LOOK IN COURT PUBLIC RECORD,FOUND ONLY: ONE MECH LIEN INWHICH IT WOULD BE SATISFY AT TIME OF AUCTION I PAY 45000.00 THE TAX LIEN IS 46000.00: MY ATTY SAID I MAY LOSE MONEY CAN ANY GIVE ADVICE

      STOP....using all capitals....there are none of us that like to be yelled at and it makes the post harder to read.

      If the IRS lien is junior to the lien that was foreclosing then you are OK. If it was senior...you are in trouble...it will remain on the property and you will have to negotiate with the IRS to get it removed.

      Relax...If the IRS was properly notified, then they have 120 days to exercise their right of redemption.

      If the IRS is interested they will post the property on their website under "Looking for Guaranteed Bidders". This means they are looking for someone to buy the property. If they find one then you will be paid off and someone else will buy the property.

      If they do not want to exercise their right of redemption for the property, just wait out the 120 days, and the lien will be released.

      Good Luck,Bill H

      : (0)

  • Posted by Helen on April 04, 2005 at 11:48:43:

    I am renting a property that was up for sale - lease statesz I would have 90 days to move upon the completion of the sale.

    The condo is now in foreclouser - My question is, can the realtor still show the condo to anyone willing to buy?

    It is up for Sherrif sale 4/28

    Thanks

    : (1)

    • Posted by Nick(Colorado) on April 05, 2005 at 17:13:30:

      In Reply to: condo in forclouser Posted by Helen on April 04, 2005 at 11:48:43:

      Helen:

      Prior to the foreclosure sale, and during anyredeption period, the lease is binding. If the lease states that the owner has a right to show the property to prospective buyers, then the owner has that right. If ownership of the property changes hands due to foreclosure sale, the lease is generally not binding on the new owner.

      : (0)

  • Posted by Debbie Saunders on April 03, 2005 at 17:50:33:

    How long do I have to move out? My house will be sold on the court house steps in a few days. What time period do I have by new owners?

    : (4)

    • Posted by motreez on April 03, 2005 at 22:34:46:

      In Reply to: Texas forclosure Posted by Debbie Saunders on April 03, 2005 at 17:50:33:

      : How long do I have to move out? My house will be sold on the court house steps in a few days. What time period do I have by new owners?

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

      Sorry to hear that.

      Around 3 weeks the earliest. New owner needs to sendyou written notice, then waits 3 days to file evictionsuit, which takes 2-3 weeks to process.

      Then on eviction day, new owner will show up w/ a constable to move your belongings out on the curb.

      On the other hand, owner may want to avoid suchhassles to offer you some cash to move out early.

      : (3)

      • Posted by Karen on July 05, 2005 at 10:14:34:

        In Reply to: Re: Texas forclosure Posted by motreez on April 03, 2005 at 22:34:46:

        written lease, tenet never paid any rent, two months past due, selling house due to close in 20 days, how can I make them move out? They are working out of town and refuse calls on cell phone, what processes do I need to go to.

        : --------------

        : Sorry to hear that.

        : Around 3 weeks the earliest. New owner needs to send: you written notice, then waits 3 days to file eviction: suit, which takes 2-3 weeks to process.

        : Then on eviction day, new owner will show up w/ a : constable to move your belongings out on the curb.

        : On the other hand, owner may want to avoid such: hassles to offer you some cash to move out early.



        : (0)

      • Posted by Karen on July 05, 2005 at 10:14:13:

        In Reply to: Re: Texas forclosure Posted by motreez on April 03, 2005 at 22:34:46:

        written lease, tenet never paid any rent, two months past due, selling house due to close in 20 days, how can I make them move out? They are working out of town and refuse calls on cell phone, what processes do I need to go to.

        : --------------

        : Sorry to hear that.

        : Around 3 weeks the earliest. New owner needs to send: you written notice, then waits 3 days to file eviction: suit, which takes 2-3 weeks to process.

        : Then on eviction day, new owner will show up w/ a : constable to move your belongings out on the curb.

        : On the other hand, owner may want to avoid such: hassles to offer you some cash to move out early.



        : (0)

      • Posted by gus serna on April 04, 2005 at 20:58:18:

        In Reply to: Re: Texas forclosure Posted by motreez on April 03, 2005 at 22:34:46:

        our company works with homeowners that are in foreclosure, please e-mail us bank with your information and we'll contact you.



        : (0)

  • Posted by Kel on April 02, 2005 at 08:56:31:

    I filed chapter 13 about 3 yrs ago and my boyfriend who also ownes the house that we have lived in for 5 yrs lost his job due to the company going under we are now 3 months behind on our mortgage and got forclose papers in the mail. What can we do to keep our house. Why can't they work out a payment plan with my boyfriend who did not file Chapter 13? Is there any company that can help us to pay the past due amount? He's found a new job now and it's just a matter of time before we would be able to pay it back. We won't have a problem making our payment now but what do we do about the past due balance. Please help !!!!!!I don't want to lose my house. We bought it together I was 20 and he was 22 we've been her 5 yrs I've lost my job 3 times in 5 years and he's lost his twice in 5 yrs it's not something that we could of helped but our house always comes first when paying bills. He's now at a job making more money then before so paying the monthly payment will not be a hard but what about the past due amount? Please Help!!!!!!!

    : (3)

    • Posted by Gus Serna on April 04, 2005 at 21:05:17:

      In Reply to: Foreclosure Posted by Kel on April 02, 2005 at 08:56:31:

      Our company works with homeowners that are in foreclosure, please e-mail us back with your information and we'll contact you. We can help you.

      : (0)

    • Posted by NJDave on April 02, 2005 at 11:58:01:

      In Reply to: Foreclosure Posted by Kel on April 02, 2005 at 08:56:31:

      Are you still in the 13? If so, perhaps you can revisit the Plan in light of this most recent reversal.

      If your boyfriend is on the Mortgage & Deed but did not join in the Bankruptcy 3 years ago... perhaps he may be able to seek a Chapter 13 plan now.

      Or, you should just sell the place and move somewhere where the job market is a bit more stable....

      : (1)

      • Posted by Dave NY on April 02, 2005 at 20:11:05:

        In Reply to: Re: Foreclosure Posted by NJDave on April 02, 2005 at 11:58:01:

        YOu can also try calling the loss mitigation dept of the bank ask to arrange a payment plan.

        If you get really desperate, you can find someone to take over your payments & save your credit.



        Dave NY



        : (0)

  • Posted by Kel on April 02, 2005 at 08:55:21:

    I filed chapter 12 about 3 yrs ago and my boyfriend who also ownes the house that we have lived in for 5 yrs lost his job due to the company going under we are now 3 months behind onour mortgage and got forclose papers in the mail. What can we do to keep our house. Why can't they work out a payment plan with my boyfriend wo did not file Chapter 13? Is there any company that can help us to pay the past due amount? He's founf a new job now and it's just a matter of time before we would be able to pay it back. We won't have a problem making our payment now but what do we do about the past due balance. Please help !!!!!!I don't want to lose my house. We bought it together I was 20 and he was 22 we've been her 5 yrs I've lost my job 3 times in 5 years and he's lost his twice in 5 yrs it's not something that we could of helped but our house always comes first when paying bills. He's now at a job making more money then before so paying the monthly payment willnot be a hard but what about the past due amount? Please Help!!!!!!!

    : (0)

  • Posted by GJones on April 01, 2005 at 14:07:27:

    You have to clean up your mess first. There are specialist that can help you turn things around to your advantage. In order to get what your asking you have to show some positive income. Is your dad back to work? How is income coming to the home? You need to find someone that can help you turn things around. heres a link where you can get some assistance. They can help you and they give a free consultation.

    : (0)

  • Posted by jo on March 31, 2005 at 20:17:05:

    Our house was foreclosed on and went to auction at the court house. The sold price was 180,000 the amount due to the mortgage company was 150,000. Who gets the difference? Can I get the profit from the sale somehow?

    : (3)

    • Posted by Bill H on April 01, 2005 at 16:21:07:

      In Reply to: Sherrif auction got more than value of loan, who gets? Posted by jo on March 31, 2005 at 20:17:05:

      : Our house was foreclosed on and went to auction at the court house. : The sold price was 180,000 the amount due to the mortgage company : was 150,000. Who gets the difference? Can I get the profit from the : sale somehow?

      Normal payment of proceeds of a foreclosure sale are to (1) foreclosing TD, (2) junior td's and liens and (3)finally if anything is left to the prior owner.

      Varies a little from state to state. In some states the trustee or title company will send you a check in a few days to couple of weeks, etc. In other states it goes to the state treasure and you must file with them to collect.

      Best bet is to contact the trustee who handled the sale and ask them what they did with the excess $$.

      Good LUck,Bill H



      : (2)

      • Posted by jo on April 02, 2005 at 11:31:00:

        In Reply to: Re: Sherrif auction got more than value of loan, who gets? Posted by Bill H on April 01, 2005 at 16:21:07:

        thanks, bill. what does TD stand for?

        : (1)

        • Posted by Bill H on April 02, 2005 at 14:32:56:

          In Reply to: Re: Sherrif auction got more than value of loan, who gets? Posted by jo on April 02, 2005 at 11:31:00:

          : thanks, bill. what does TD stand for?

          TD====Trust Deed

          : (0)

  • Posted by Jeff on March 31, 2005 at 06:02:02:

    My parent's house went into foreclosure after my dad lost his job last year, due to the circumstances the lender accepted a deed in lieu of foreclosure in November. I was just wondering how long it will be before they will be able to get another home loan. I have read conflicting views on this forum and other websites. Some say the deed in lieu does not adversely affect credit, and some say it's just as bad as a foreclosure... Even if the loan they would be able to get were two or three points higher than going rates,I think it would be doable for them (since current rates are so low).

    Last they checked, during foreclosure proceedings, they had fico scores in the mid to upper 600's (even after about 9 months of missed mortgage payments), so their credit was pretty good before this situation. My question is, if they applied for a loan now would they automatically be turned down or will a bank look at the situation and just give them a higher rate? If they are turned down, how long before they will be able to get a loan?

    Thanks in advance!

    : (1)

    • Posted by JJ on March 31, 2005 at 14:12:04:

      In Reply to: Deed in lieu of Foreclosure, loan possibilities? Posted by Jeff on March 31, 2005 at 06:02:02:

      YES. 600+ scores get 100% LTV, below 600 scores will need some downpayment. Both scenerios, will allow seller to help pay closing cost up to 6%. FULL DOC income only.

      : My parent's house went into foreclosure after my dad lost his job last year, due to the circumstances the lender accepted a deed in lieu of foreclosure in November. I was just wondering how long it will be before they will be able to get another home loan. : : I have read conflicting views on this forum and other websites. Some say the deed in lieu does not adversely affect credit, and some say it's just as bad as a foreclosure... Even if the loan they would be able to get were two or three points higher than going rates,I think it would be doable for them (since current rates are so low).

      : Last they checked, during foreclosure proceedings, they had fico scores in the mid to upper 600's (even after about 9 months of missed mortgage payments), so their credit was pretty good before this situation. My question is, if they applied for a loan now would they automatically be turned down or will a bank look at the situation and just give them a higher rate? If they are turned down, how long before they will be able to get a loan?

      : Thanks in advance!



      : (0)

  • Posted by Ramon Del Rosario on March 30, 2005 at 23:12:56:

    I have a bank that can help you!If you are serious in trying to get a loan, email me your phone# or your email address with a brief message

    : (2)

    • Posted by Teddie Chavez on April 13, 2005 at 20:41:13:

      In Reply to: Under 500 FICO? I can help get a loan in CA Posted by Ramon Del Rosario on March 30, 2005 at 23:12:56:

      : I have a bank that can help you!: If you are serious in trying to get a loan, email me your phone# or your email address with a brief message

      I have a mid score of about 465, I have alot of lates on a car loan I am trying to get remove. I currently owe $270,000 appraised value is now $330,000.I am looking for a second, I will be able to pay back in about 6 months. Thank you

      : (1)

      • Posted by Martel Moore on April 18, 2005 at 10:25:21:

        In Reply to: Re: Under 500 FICO? I can help get a loan in CA Posted by Teddie Chavez on April 13, 2005 at 20:41:13:

        I'm in the same situation as far as credit score. Can you help me out as weel?

        : (0)

  • Posted by Patty on March 30, 2005 at 11:53:11:

    My house in Illinois was foreclosed on. How long does that stay on my credit report?

    : (2)

    • Posted by Gjones on April 01, 2005 at 14:37:10:

      In Reply to: Foreclosure & my credit report Posted by Patty on March 30, 2005 at 11:53:11:

      : My house in Illinois was foreclosed on. How long does that stay on my credit report?

      Has your house been sold yet? If it hasnt been sold you may still have time to save your home. You dont want that on your credit ever. your pretty much ruined. Go to the folloing link for help.

      : (1)

      • Posted by Ty on April 08, 2005 at 09:38:37:

        In Reply to: Re: Foreclosure & my credit report Posted by Gjones on April 01, 2005 at 14:37:10:

        : : My house in Illinois was foreclosed on. How long does that stay on my credit report?

        : Has your house been sold yet? If it hasnt been sold you may still have time to save your home. You dont want that on your credit ever. your pretty much ruined. Go to the folloing link for help.

        If your house was not sold.... Will foreclosure show up on your credit report?

        If so, what is the verbage to use to have it removed?

        : (0)

  • Posted by Vlad on March 30, 2005 at 09:53:12:

    Hi,

    I'm an student renting an apartment in Atlanta. Yesterday in the morning I found Dispossessory warrant on my front door. I have a lease and paying on time. I did not receive any prior notice. But a warrant says that I "Fail to vacate after 3/1/05 foreclosure sale". I contacted Landlord and she told me that she knew about situation and that she sent me email about it. I did not receive any emails from her. She failed to pay mortgage payments that's why an apartment went to foreclosure. Even she knew about it she deposited my check for April after March First. I also contacted an attorney who fail this warrant. She told me that she sent a notice on March 18 but it then returned on March 23 (I don't know why, that's first time mail sent to me returned and it happened to be this notice...). My graduation will be on May 15 and after graduation I plan to go out of state. I realise that it will be difficult find apartment for one and a half month. Please, give me any advice what to do. Please.

    Any help appreciated.

    Vlad

    : (2)

    • Posted by Tad on April 05, 2005 at 09:07:54:

      In Reply to: Tenancy after Foreclosure Posted by Vlad on March 30, 2005 at 09:53:12:

      Vlad,I'm in a similar situation (see my recent posting on this forum). An attorney advised me that we have specific legal rights and protections in the state of PA in our situation, and I would think that GA has similar laws. Jasna is absolutely correct; talk to someone experienced very soon.Good luck and congratulations on your graduation!Tad

      : Hi,

      : : I'm an student renting an apartment in Atlanta. Yesterday in the : morning I found Dispossessory warrant on my front door. I have a lease : and paying on time. I did not receive any prior notice. But a warrant : says that I "Fail to vacate after 3/1/05 foreclosure sale". I contacted : Landlord and she told me that she knew about situation and that she : sent me email about it. I did not receive any emails from her. She : failed to pay mortgage payments that's why an apartment went to : foreclosure. Even she knew about it she deposited my check for April : after March First. I also contacted an attorney who fail this warrant. : She told me that she sent a notice on March 18 but it then returned on : March 23 (I don't know why, that's first time mail sent to me returned : and it happened to be this notice...). My graduation will be on May 15 : and after graduation I plan to go out of state. I realise that it will : be difficult find apartment for one and a half month. : Please, give me any advice what to do. : Please.

      : : Any help appreciated.

      : : Vlad



      : (0)

    • Posted by Jasna on April 02, 2005 at 07:10:24:

      In Reply to: Tenancy after Foreclosure Posted by Vlad on March 30, 2005 at 09:53:12:

      Hi Vlad,

      The best thing to do would be to find out what your rights as a tenant are in your state. In Canada we have laws that protect tenants who have been paying their rent regulairly. Contact a lawyer or a free legal consultancy service and ask them for advice on what you should do. Alternately, see if someone at your college can help you get legal advice or tell you about your rights as a tenant.The fact that your landlady has to sell her house isn't your fault.

      Get informed! Good luck!!

      Jasna

    • Atlanta Legal aid -- Tenant Rights -- Googled


    : (0)

  • Posted by Jeff on March 29, 2005 at 15:28:59:

    My home was foreclosed on in 2001 and I am only now filing taxes for that year. I have none of my records from that time but I do know I had a 1st and 2nd. After the sale, I received a check for about 12K. I'm assuming my unpaid interest and property taxes were taken care of proceeds from the sale. Did I pay those costs or would the person who bought the house at auction pay that? I'm thinking I can use those as tax deductions but the old lender shows no record of my paying anything that year! Can you help me? Thank you.

    : (0)

  • Posted by Barbara Hickey on March 29, 2005 at 15:22:34:

    We purchased a mobile home for our daughter seveal years ago. She has now left her husband. How can we get rid of the house. We are retired, older citizens.

    : (1)

    • Posted by Jim V on March 29, 2005 at 22:34:39:

      In Reply to: voluntary foreclosure Posted by Barbara Hickey on March 29, 2005 at 15:22:34:

      Barbara,

      Who holds title to the mobile home? I understand you purchased it, but if your daughter/her husband holds title, it will affect the answer.

      : We purchased a mobile home for our daughter seveal years ago. She has now left her husband. How can we get rid of the house. We are retired, older citizens.



      : (0)

  • Posted by May on March 29, 2005 at 14:51:08:

    I have 2 rental properties that needs a lot of fixing and tenants are moving out so I can't afford to pay the mortgages. I guess I have to let it go. I don't know the foreclosure process. I want to know if I can do a home equity first so I get a little money then do the foreclosure? By doing the foreclosure will it effect my home that I live in? Can I get a loan for a car later in the future? How long is it going to be in my credit? Is there any cost to me by going through this foreclosure? I need help with what to do and how it's going to effect me by going through the foreclosure.

    : (4)

    • Posted by Kathie on March 31, 2005 at 05:56:29:

      In Reply to: rental properties Posted by May on March 29, 2005 at 14:51:08:

      : ANOTHER OPTION: Contact the lender about them going to auction on your properties before you're in default See: http://www.williamsauction.com/au_news.php?id=21

      I noticed that many of the properties sold for more than estimated - don't know what that would mean for you, but seems like a way to save your credit to an extent.



      : (0)

    • Posted by Kathie on March 30, 2005 at 21:45:28:

      In Reply to: rental properties Posted by May on March 29, 2005 at 14:51:08:

      :Do you have any equity in the rentals? What's the value of the property? How are sales in your area? If you can sell, even if you only break even, you'll be ahead.

      THINK CREATIVE: Any chance of renting to someone with the option to buy? or to someone at a reduced rent while you do a little repair? Could you rent your home, and live in a rental while you fix the other rental that's in the better condition up? If you can get an equity loan would you be able to improve even one of the rentals so that you could rent or sale it?

      I know it's tough, I hope you'll look at ways to hang in there. BEST OF LUCK!



      : (0)

    • Posted by Jim V on March 29, 2005 at 22:53:08:

      In Reply to: rental properties Posted by May on March 29, 2005 at 14:51:08:

      May,

      I agree with Nick(CO) that a home equity loan with the intention of letting it foreclose probably isn't the best possible option.

      My understanding at this point is that you have two properties, probably in different locations because you reference "mortgages", which means to me that they are seperate properties. If you reply to this post including the state where the properties are located, it'll make an answer a little bit easier.

      Things I can answer:Generally, a foreclosure on a rental property shouldn't have an impact on the home you live in. State laws vary, but I wouldn't worry too much about that until we know what state the properties are in.Car loans will be impacted by your credit history. If you have foreclosures on your credit history, you could expect higher interest rates for an auto loan. That doesn't mean you won't be able to get a car loan, it means the interest rate will be higher than if foreclosures weren't reported.Foreclosures are reported by the credit bureaus for 7 years.Costs incurred during foreclosure are included in the bid amounts when the properties are scheduled for public austion. If the public auction bids are greater than the amounts due the lender, you won't have to pay anything, it'll be covered by the bid.

      You can e-mail me by clicking on my name at the top of this reply. If you prefer to provide information "off-board", I'll try to walk you through it without trying to sell you something.

      Jim V

      : I have 2 rental properties that needs a lot of fixing and tenants are moving out so I can't afford to pay the mortgages. I guess I have to let it go. I don't know the foreclosure process. I want to know if I can do a home equity first so I get a little money then do the foreclosure? By doing the foreclosure will it effect my home that I live in? Can I get a loan for a car later in the future? How long is it going to be in my credit? Is there any cost to me by going through this foreclosure? I need help with what to do and how it's going to effect me by going through the foreclosure.



      : (0)

    • Posted by Nick(Colorado) on March 29, 2005 at 16:40:47:

      In Reply to: rental properties Posted by May on March 29, 2005 at 14:51:08:

      May:

      Seek a sale, short-sale, or DIL first. Takingout a home equity line of credit without the intent to pay it off, is crimial fraud.



      : (0)

  • Posted by Kevin on March 29, 2005 at 13:58:35:

    or rather a room in the house.

    I rented a room in a friends house in Texas. After living there for a year, I decided to take my friend up on his offer for a 25% discount for paying a year in advance. Little did I know that his house was in foreclosure. I just found out that the house is going up for Auction on April the 5th. He says he is filing for bankruptcy, and that will stop the foreclosure.

    Does anyone know if it actually is possible for him to save his house in that time, or is it pretty much a done deal, and I need to look for a new place. I looked up the foreclosure status, and it is now listed as bank owned.

    Any help would be appreciated.

    : (0)

  • Posted by chickp on March 26, 2005 at 18:47:51:

    Does anyone have REO contact information for Benefical Financial Corporation in Elmhurst, IL? The subject property is in NH.

    Thanks to anyone who can help put me in contact with the right people.

    chickp

    : (1)

    • Posted by S. Black on July 08, 2005 at 13:58:17:

      In Reply to: Beneficial Mortgage REO Dept Posted by chickp on March 26, 2005 at 18:47:51:

      Does anyone have Bank REO listings for Benefical Financial Corporation in WNY or any other lending institution.

      Thanks to anyone who can help put me in contact with the right people.

      : chickp



      : (0)

  • Posted by Alex on March 25, 2005 at 08:47:06:

    My wife and I found a house that is in foreclosuer an is currently owned by Freddie Mac. On a flyer on the front window it says that it will be sold by homesteps in the near future, I have been trying to figure out if this property will be at market value. Has anyone purchased a house through homesteps.com and if so do they take offers under the listed price, and what type of deal should I expect to get from a freddiemac owned house.

    : (3)

    • Posted by jm in NC on April 29, 2005 at 20:18:05:

      In Reply to: Homesteps.com/Freddie Mac Posted by Alex on March 25, 2005 at 08:47:06:

      : My wife and I found a house that is in foreclosuer an is currently owned by Freddie Mac. On a flyer on the front window it says that it will be sold by homesteps in the near future, I have been trying to figure out if this property will be at market value. Has anyone purchased a house through homesteps.com and if so do they take offers under the listed price, and what type of deal should I expect to get from a freddiemac owned house.



      : (0)

    • Posted by Bill H on March 26, 2005 at 18:04:06:

      In Reply to: Homesteps.com/Freddie Mac Posted by Alex on March 25, 2005 at 08:47:06:

      : My wife and I found a house that is in foreclosuer an is currently owned by Freddie Mac. On a flyer on the front window it says that it will be sold by homesteps in the near future, I have been trying to figure out if this property will be at market value. Has anyone purchased a house through homesteps.com and if so do they take offers under the listed price, and what type of deal should I expect to get from a freddiemac owned house.

      Go to the freddiemac website and find your property. You will probably also find it listed with an agent.

      There sales are similar to VA/FHA, etc. They are almost a silent auction type thing. YOu can submit any offer that you wish.

      Normally if the property sits more that 90 days they will start to reduce it until someone purchases it.

      However, do not rely on it sitting for 90 days, et. Bid for it, they will respond and perhaps you can purchase the property.

      Good Luck,Bill H



      : (1)

      • Posted by Steele in Minnesota on March 31, 2005 at 00:24:28:

        In Reply to: Re: Homesteps.com/Freddie Mac Posted by Bill H on March 26, 2005 at 18:04:06:

        : : My wife and I found a house that is in foreclosuer an is currently owned by Freddie Mac. On a flyer on the front window it says that it will be sold by homesteps in the near future, I have been trying to figure out if this property will be at market value. Has anyone purchased a house through homesteps.com and if so do they take offers under the listed price, and what type of deal should I expect to get from a freddiemac owned house.

        : Go to the freddiemac website and find your property. You will probably also find it listed with an agent.

        : There sales are similar to VA/FHA, etc. They are almost a silent auction type thing. YOu can submit any offer that you wish.

        : Normally if the property sits more that 90 days they will start to reduce it until someone purchases it.

        : However, do not rely on it sitting for 90 days, et. Bid for it, they will respond and perhaps you can purchase the property.

        : Good Luck,: Bill H

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

        Actually HomeSteps is not anything like HUD and their silent bid process. Homesteps uses local brokers to market their properties, yes. And typically they are priced to reflect condition. They look at offers and will negotiate with a potential buyer. Most properties are sold in the condition that they got it but more and more they are doing some fixing and repairs. Now, there may be a lag time as to when the house is actually up for sale so continue to monitor the website on a regular basis.

        Homesteps is like most conventional banks with foreclosures. They market through local brokers that specialize in bank owned properties. Price adjustments will occur about every 30 days if the properties stays on the market. Don't be afraid to make an offer. If they feel you are a legitimate buyer they will try and work with you. But in most markets there is a growing pool of potential buyers for these properties. If interested get a purchase agreement in as soon as you can. Competition may not be far behind.

        Steele V. ProppForeclosure Specialist

        : (0)

  • Posted by Melissa on March 24, 2005 at 11:45:48:

    Can someone please tell me if I file a Deed in leiu of foreclosure if it will hurt my credit???

    : (3)

    • Posted by GJones on April 01, 2005 at 14:32:20:

      In Reply to: Deed in Leiu of Foreclosure Posted by Melissa on March 24, 2005 at 11:45:48:

      : Can someone please tell me if I file a Deed in leiu of foreclosure if it will hurt my credit???

      A deed in lieu of foreclosure is a kind of friendly foreclosure in which the lender agrees not to pursue you for the balance of what is owed. It will hurt your credit rating, but not as badly as a foreclosure. Lenders accept a deed in lieu of foreclosure when they believe the only alternative is foreclosure. If they know the borrower is well-heeled, they will want to be paid in full. Sometimes partial payments are negotiated. Im guessing you havent spoke to a specialist have you? I would recommend this link for services. Free consultation.



      : (0)

    • Posted by NJDave on March 24, 2005 at 13:46:28:

      In Reply to: Deed in Leiu of Foreclosure Posted by Melissa on March 24, 2005 at 11:45:48:

      Simply filing a "Deed in Lieu of Foreclosure" doesn't mean that your lender will accept it.

      Despite public perception that such practice is commonplace, lenders rarely accept a DIL.

      : (1)

      • Posted by jackie on April 03, 2005 at 20:27:12:

        In Reply to: Re: Deed in Leiu of Foreclosure Posted by NJDave on March 24, 2005 at 13:46:28:

        : Simply filing a "Deed in Lieu of Foreclosure" doesn't mean that your lender will accept it.

        : Despite public perception that such practice is commonplace, lenders rarely accept a DIL.



        : (0)

  • Posted by Dee on March 23, 2005 at 20:51:15:

    A timeshare vacation property I purchased in FL a few years ago as a naive 23 year-old is now being foreclosed, I do not wish to keep it. I do wish to proceed with the foreclosure as it's my only option to get rid of it. The property was purchased in FL, my former state of residence, where the foreclosure is being filed and pursued.Can anyone give me any legal advice regarding this? Also, I've been getting letters from the Resort Financial Services of the group threatening legal action if I do not pay my maintenance fees which have accrued over the past few years, totaling $2,211.59. Am I legally obliged to pay these fees or can I avoid paying them?Thanks much!

    : (0)

  • Posted by vanis on March 23, 2005 at 20:16:15:

    I posted before about a home in GA that I might have tolet go. I tries to rent and sell, but it's not working. I have a home in the NE. No equity just got it in Oct. 04. If I forclose on the G home, will I lose my other home? Different lender, GA is FHA, th other is conventional. Any responses would be appreciated.

    : (1)

    • Posted by AVF incorporated. on April 05, 2005 at 17:08:17:

      In Reply to: Will I lose my home Posted by vanis on March 23, 2005 at 20:16:15:

      please contact me at (908) 752 - 8992 and i can help you to avoid the foreclosure. thanks.

      AVF Incorporated , Gus Serna

      : (0)

  • Posted by Jerry on March 23, 2005 at 19:11:09:

    Does any one know about USDA foreclosures? I know a little about conventional foreclosures, but do not know a thing about the USDA kind. For instance, where in the hierarchy does the USDA sit? Are they in front of a "first mortgage" or behind? If I clear the USDA "loan" is most other debt wiped out, or do I still owe on a first or second or????Are they in line with an IRS lien or well below?Any help would be greatly appreciated.Jerry

    : (3)

    • Posted by cheryl taylor on March 28, 2005 at 17:08:09:

      In Reply to: USDA Foreclosures Posted by Jerry on March 23, 2005 at 19:11:09:

      : Does any one know about USDA foreclosures? I know a little about conventional foreclosures, but do not know a thing about the USDA kind. For instance, where in the hierarchy does the USDA sit? Are they in front of a "first mortgage" or behind? If I clear the USDA "loan" is most other debt wiped out, or do I still owe on a first or second or????Are they in line with an IRS lien or well below?: Any help would be greatly appreciated.: Jerry



      : (0)

    • Posted by Bill H on March 23, 2005 at 22:10:26:

      In Reply to: USDA Foreclosures Posted by Jerry on March 23, 2005 at 19:11:09:

      : Does any one know about USDA foreclosures? I know a little about conventional foreclosures, but do not know a thing about the USDA kind. For instance, where in the hierarchy does the USDA sit? Are they in front of a "first mortgage" or behind? If I clear the USDA "loan" is most other debt wiped out, or do I still owe on a first or second or????Are they in line with an IRS lien or well below?: Any help would be greatly appreciated.: Jerry

      Jerry:

      In general I would say leave the USDA foreclosures alone. They are always more than you expect. They have a low interest, loan foregiveness, all sorts of clauses that come into play if the borrower has not lived there almost forever. They also have program and non-progarm loans that some you can buy and some you cannot unless you meet certain criteria

      In short....PASS.

      If you buy it pre-foreclosure...you inherit all the back payments, etc.

      I had one for 70K that turned in to 105K when the USDA told me what they would tack on...I passed.

      Their website is ......http://www.resales.usda.gov/.....

      Good Luck,Bill H

      : (1)

      • Posted by Billy on July 12, 2005 at 13:50:49:

        In Reply to: Re: USDA Foreclosures Posted by Bill H on March 23, 2005 at 22:10:26:

        I strongly agree. I feel this program isn't helpful at all. The representatives rush you off the phone, they don't tell you all the information you need. I feel they are full of games. What do they do with this money. I know of five people in this town who tried to get a low income loan throught them and it isn't worth it. My application had been on file for a year and I worked my little fingers and wracked my brain trying to satisfy them in every way. Once my application was complete, they told me rules have changed. I asked what other options did I have. Nevertheless, I don't have the house, and I'm happy. They do not know what they are doing. And I wonder do they ever help anyone purchase or build homes. Where does all of the money go and are they ever monitered by state officials? In other words I would pass on anything that say USDA Rural Development.

        : (0)

  • Posted by Brian on March 23, 2005 at 08:30:22:

    My home is set for a foreclosure sale, How long after the foreclosure sale will I have to leave the property? What is the process? Thanks!

    : (1)

    • Posted by AVF Incorporated on April 05, 2005 at 17:10:18:

      In Reply to: Texas Foreclosure - How long to leave after foreclosure? Posted by Brian on March 23, 2005 at 08:30:22:

      Avoid foreclosure, please contact me as soon as you get this at (908) 752 - 8992. I can help.

      AVF Incorporated, Gus Serna

      : (0)

  • Posted by Chris on March 22, 2005 at 22:48:45:

    I have found a house that we have been trying to get. Come to find out it is being foreclosed on. I can't get a loan right now because of some credit issues that I am working on. We were going to buy it CFD. I talked to the people and they said they are six months behind on payments. They said the mortgage company said they could catch them up to stop the foreclosure, but would raise the payment of the mortgage 100 dollars per month and raise the amount of the loan appr. $10,000. That doesnt make sense if you pay the past payments how can it raise your future payments and loan amount. Any info would be greatly appreciated. Thank you

    : (2)

    • Posted by AVF Incorporated on April 05, 2005 at 17:12:08:

      In Reply to: Land Contract on foreclosure house in IL Posted by Chris on March 22, 2005 at 22:48:45:

      Contact me as soon as you get this message, i can help you avoid the foreclosure.

      AVF Incorporated, Gus Serna.

      : (0)

    • Posted by Dave NY on March 23, 2005 at 19:49:29:

      In Reply to: Land Contract on foreclosure house in IL Posted by Chris on March 22, 2005 at 22:48:45:

      If the lender is willing to work with them, you can tell sellers that you can take over their payments.

      First though make sure what the home is worth & what the balance on the loan is.

      This way you cab get into a home without any money down & qualifying.



      Dave NY



      : (0)

  • Posted by Lea on March 22, 2005 at 13:35:08:

    I confess, I made a huge blunder. I did not check the title report, only checked the county recorders office and got bad information on which I based my purchase.

    Soo, it went down like this. Bought a property being foreclosed on by WA Mutual. Thought it was the only lien except unpaid taxes. Turns out they foreclosed on the 2nd and not the first. We paid more than what was owed on the foreclosure and the excess is now with the courts in the matter. Two months have gone by and we receive this demand letter from WA Mutual attorney saying we owe the balance for the 1st. Since we thought we were bidding on the first, we thought we were getting in for a decent deal even though the house was an older model manufactured home. Now we know there is problems with the water, the house (a manufactured home) has been broken into, and quite frankly, the bank should be thanking us for paying what we did.

    So, any advice where to go from here? The foreclosure was $23K, we paid $31K, back taxes are $2K and the demand is for $47K. We will need to sink a couple grand into the well, praying to increase the output. We had a bid for repairs at $20K, although we could do them for less ourselves. The bank says they can't ask for the excess because they are not a junior lien holder, so that money will go back to the people who apparently paid absolutely nothing down in principal on their loans. Since WA Mutual was holding both notes, I feel like they intentionally pulled a fast one, hoping to find some chump (wouldn't take my original text suc-ker)- like me - to step into this nightmare.

    Our thoughs are to 1) ask them to take less than the $47K since they would never get that if they foreclose on the first. 2) walk away.

    According to a realtor, if we cleaned the place up we should be able to get $75 - $85K. This house is not a good one for the bank inventory because of the water issues and the age of the home. Do you think there is room for negotiation? Any thoughts or comments (other than kicking the dog when it is down)would be welcome.

    IF NOTHING ELSE - LET THIS BE A WARNING TO THOSE OF YOU NEW TO THE GAME. YOU CAN GET HURT!



    : (9)

    • Posted by Bill H on March 23, 2005 at 11:44:48:

      In Reply to: HELP! Didn't check the title report - now what? Posted by Lea on March 22, 2005 at 13:35:08:

      : I confess, I made a huge blunder. I did not check the title report, only checked the county recorders office and got bad information on which I based my purchase.

      : Soo, it went down like this. Bought a property being foreclosed on by WA Mutual. Thought it was the only lien except unpaid taxes. Turns out they foreclosed on the 2nd and not the first. We paid more than what was owed on the foreclosure and the excess is now with the courts in the matter. Two months have gone by and we receive this demand letter from WA Mutual attorney saying we owe the balance for the 1st. Since we thought we were bidding on the first, we thought we were getting in for a decent deal even though the house was an older model manufactured home. Now we know there is problems with the water, the house (a manufactured home) has been broken into, and quite frankly, the bank should be thanking us for paying what we did.

      : So, any advice where to go from here? The foreclosure was $23K, we paid $31K, back taxes are $2K and the demand is for $47K. We will need to sink a couple grand into the well, praying to increase the output. We had a bid for repairs at $20K, although we could do them for less ourselves. The bank says they can't ask for the excess because they are not a junior lien holder, so that money will go back to the people who apparently paid absolutely nothing down in principal on their loans. Since WA Mutual was holding both notes, I feel like they intentionally pulled a fast one, hoping to find some chump (wouldn't take my original text suc-ker)- like me - to step into this nightmare.

      : Our thoughs are to 1) ask them to take less than the $47K since they would never get that if they foreclose on the first. 2) walk away.

      : According to a realtor, if we cleaned the place up we should be able to get $75 - $85K. This house is not a good one for the bank inventory because of the water issues and the age of the home. Do you think there is room for negotiation? Any thoughts or comments (other than kicking the dog when it is down)would be welcome.

      : IF NOTHING ELSE - LET THIS BE A WARNING TO THOSE OF YOU NEW TO THE GAME. YOU CAN GET HURT!

      Lea: Sound to me like you are in the Blaine, WA area....an area hot a a firecracker!

      If I were you I would immediately.1. Show WAMU pictures of the proerty to evidence the lower value.2. Present evidence of lack of water in the summer>

      3. Present WAMU with all the financial data I could to convince them to work with me for a takover of the loan.

      4. in short, present them with reasons to work with you.

      Otherwise I think, especially if you are in the Blaine, WA area you are headed for disaster. There will be enough bidders at the first td sale, now that you have provided 23K equity, to pay off WAMU and perhaps then some ...you might get luck and get part of yor $$$ back.

      WAMU will sit tight...the onus is on you to show them why they should work with you.

      Good Luck,Bill H



      : (3)

      • Posted by Lea on March 24, 2005 at 04:03:56:

        In Reply to: Re: HELP! Didn't check the title report - now what? Posted by Bill H on March 23, 2005 at 11:44:48:

        : : I confess, I made a huge blunder. I did not check the title report, only checked the county recorders office and got bad information on which I based my purchase.

        : : Soo, it went down like this. Bought a property being foreclosed on by WA Mutual. Thought it was the only lien except unpaid taxes. Turns out they foreclosed on the 2nd and not the first. We paid more than what was owed on the foreclosure and the excess is now with the courts in the matter. Two months have gone by and we receive this demand letter from WA Mutual attorney saying we owe the balance for the 1st. Since we thought we were bidding on the first, we thought we were getting in for a decent deal even though the house was an older model manufactured home. Now we know there is problems with the water, the house (a manufactured home) has been broken into, and quite frankly, the bank should be thanking us for paying what we did.

        : : So, any advice where to go from here? The foreclosure was $23K, we paid $31K, back taxes are $2K and the demand is for $47K. We will need to sink a couple grand into the well, praying to increase the output. We had a bid for repairs at $20K, although we could do them for less ourselves. The bank says they can't ask for the excess because they are not a junior lien holder, so that money will go back to the people who apparently paid absolutely nothing down in principal on their loans. Since WA Mutual was holding both notes, I feel like they intentionally pulled a fast one, hoping to find some chump (wouldn't take my original text suc-ker)- like me - to step into this nightmare.

        : : Our thoughs are to 1) ask them to take less than the $47K since they would never get that if they foreclose on the first. 2) walk away.

        : : According to a realtor, if we cleaned the place up we should be able to get $75 - $85K. This house is not a good one for the bank inventory because of the water issues and the age of the home. Do you think there is room for negotiation? Any thoughts or comments (other than kicking the dog when it is down)would be welcome.

        : : IF NOTHING ELSE - LET THIS BE A WARNING TO THOSE OF YOU NEW TO THE GAME. YOU CAN GET HURT!

        : Lea:: Sound to me like you are in the Blaine, WA area....an area hot a a firecracker!

        : If I were you I would immediately.: 1. Show WAMU pictures of the proerty to evidence the lower value.: 2. Present evidence of lack of water in the summer>

        : 3. Present WAMU with all the financial data I could to convince them to work with me for a takover of the loan.

        : 4. in short, present them with reasons to work with you.

        : Otherwise I think, especially if you are in the Blaine, WA area you are headed for disaster. There will be enough bidders at the first td sale, now that you have provided 23K equity, to pay off WAMU and perhaps then some ...you might get luck and get part of yor $$$ back.

        : WAMU will sit tight...the onus is on you to show them why they should work with you.

        : Good Luck,: Bill H

        Bill,

        Thanks so much for your words of encouragement. This property is actually outside of Spokane. The market conditions in Spokane have been quite good for the right property. I have only noticed a few foreclosures purchased by a third party over $100k. (Not that the comment is relative in this post.) As I said before, because of the age of the home, the fact that it is a manufactured home, and location, I can't imagine anyone being willing to pay over $50,000 for this one. There is a similar property for sale with waterfront for $75,000 and it hasn't sold.

        Would love your (or anyone elses) opinion on this. If WAMU had both the 1st and 2nd, why can't they petition the court for the excess funds we paid? There is $7-$8,000 sitting there. How can it be that they aren't entitled to that money simply because they are the senior lienholder? They held both notes.

        Thanks again! I appreciate your input.

        : (2)

        • Posted by Bill H on March 24, 2005 at 16:31:02:

          In Reply to: Re: HELP! Didn't check the title report - now what? Posted by Lea on March 24, 2005 at 04:03:56:

          : : : I confess, I made a huge blunder. I did not check the title report, only checked the county recorders office and got bad information on which I based my purchase.

          : : : Soo, it went down like this. Bought a property being foreclosed on by WA Mutual. Thought it was the only lien except unpaid taxes. Turns out they foreclosed on the 2nd and not the first. We paid more than what was owed on the foreclosure and the excess is now with the courts in the matter. Two months have gone by and we receive this demand letter from WA Mutual attorney saying we owe the balance for the 1st. Since we thought we were bidding on the first, we thought we were getting in for a decent deal even though the house was an older model manufactured home. Now we know there is problems with the water, the house (a manufactured home) has been broken into, and quite frankly, the bank should be thanking us for paying what we did.

          : : : So, any advice where to go from here? The foreclosure was $23K, we paid $31K, back taxes are $2K and the demand is for $47K. We will need to sink a couple grand into the well, praying to increase the output. We had a bid for repairs at $20K, although we could do them for less ourselves. The bank says they can't ask for the excess because they are not a junior lien holder, so that money will go back to the people who apparently paid absolutely nothing down in principal on their loans. Since WA Mutual was holding both notes, I feel like they intentionally pulled a fast one, hoping to find some chump (wouldn't take my original text suc-ker)- like me - to step into this nightmare.

          : : : Our thoughs are to 1) ask them to take less than the $47K since they would never get that if they foreclose on the first. 2) walk away.

          : : : According to a realtor, if we cleaned the place up we should be able to get $75 - $85K. This house is not a good one for the bank inventory because of the water issues and the age of the home. Do you think there is room for negotiation? Any thoughts or comments (other than kicking the dog when it is down)would be welcome.

          : : : IF NOTHING ELSE - LET THIS BE A WARNING TO THOSE OF YOU NEW TO THE GAME. YOU CAN GET HURT!

          : : Lea:: : Sound to me like you are in the Blaine, WA area....an area hot a a firecracker!

          : : If I were you I would immediately.: : 1. Show WAMU pictures of the proerty to evidence the lower value.: : 2. Present evidence of lack of water in the summer>

          : : 3. Present WAMU with all the financial data I could to convince them to work with me for a takover of the loan.

          : : 4. in short, present them with reasons to work with you.

          : : Otherwise I think, especially if you are in the Blaine, WA area you are headed for disaster. There will be enough bidders at the first td sale, now that you have provided 23K equity, to pay off WAMU and perhaps then some ...you might get luck and get part of yor $$$ back.

          : : WAMU will sit tight...the onus is on you to show them why they should work with you.

          : : Good Luck,: : Bill H

          : Bill,

          : Thanks so much for your words of encouragement. This property is actually outside of Spokane. The market conditions in Spokane have been quite good for the right property. I have only noticed a few foreclosures purchased by a third party over $100k. (Not that the comment is relative in this post.) As I said before, because of the age of the home, the fact that it is a manufactured home, and location, I can't imagine anyone being willing to pay over $50,000 for this one. There is a similar property for sale with waterfront for $75,000 and it hasn't sold.

          : Would love your (or anyone elses) opinion on this. If WAMU had both the 1st and 2nd, why can't they petition the court for the excess funds we paid? There is $7-$8,000 sitting there. How can it be that they aren't entitled to that money simply because they are the senior lienholder? They held both notes.

          : Thanks again! I appreciate your input.

          *****Would love your (or anyone elses) opinion on this. If WAMU had both the 1st and 2nd,

          : (1)

          • Posted by Lea on March 25, 2005 at 02:10:56:

            In Reply to: Re: HELP! Didn't check the title report - now what? Posted by Bill H on March 24, 2005 at 16:31:02:

            : : : : I confess, I made a huge blunder. I did not check the title report, only checked the county recorders office and got bad information on which I based my purchase.

            : : : : Soo, it went down like this. Bought a property being foreclosed on by WA Mutual. Thought it was the only lien except unpaid taxes. Turns out they foreclosed on the 2nd and not the first. We paid more than what was owed on the foreclosure and the excess is now with the courts in the matter. Two months have gone by and we receive this demand letter from WA Mutual attorney saying we owe the balance for the 1st. Since we thought we were bidding on the first, we thought we were getting in for a decent deal even though the house was an older model manufactured home. Now we know there is problems with the water, the house (a manufactured home) has been broken into, and quite frankly, the bank should be thanking us for paying what we did.

            : : : : So, any advice where to go from here? The foreclosure was $23K, we paid $31K, back taxes are $2K and the demand is for $47K. We will need to sink a couple grand into the well, praying to increase the output. We had a bid for repairs at $20K, although we could do them for less ourselves. The bank says they can't ask for the excess because they are not a junior lien holder, so that money will go back to the people who apparently paid absolutely nothing down in principal on their loans. Since WA Mutual was holding both notes, I feel like they intentionally pulled a fast one, hoping to find some chump (wouldn't take my original text suc-ker)- like me - to step into this nightmare.

            : : : : Our thoughs are to 1) ask them to take less than the $47K since they would never get that if they foreclose on the first. 2) walk away.

            : : : : According to a realtor, if we cleaned the place up we should be able to get $75 - $85K. This house is not a good one for the bank inventory because of the water issues and the age of the home. Do you think there is room for negotiation? Any thoughts or comments (other than kicking the dog when it is down)would be welcome.

            : : : : IF NOTHING ELSE - LET THIS BE A WARNING TO THOSE OF YOU NEW TO THE GAME. YOU CAN GET HURT!

            : : : Lea:: : : Sound to me like you are in the Blaine, WA area....an area hot a a firecracker!

            : : : If I were you I would immediately.: : : 1. Show WAMU pictures of the proerty to evidence the lower value.: : : 2. Present evidence of lack of water in the summer>

            : : : 3. Present WAMU with all the financial data I could to convince them to work with me for a takover of the loan.

            : : : 4. in short, present them with reasons to work with you.

            : : : Otherwise I think, especially if you are in the Blaine, WA area you are headed for disaster. There will be enough bidders at the first td sale, now that you have provided 23K equity, to pay off WAMU and perhaps then some ...you might get luck and get part of yor $$$ back.

            : : : WAMU will sit tight...the onus is on you to show them why they should work with you.

            : : : Good Luck,: : : Bill H

            : : Bill,

            : : Thanks so much for your words of encouragement. This property is actually outside of Spokane. The market conditions in Spokane have been quite good for the right property. I have only noticed a few foreclosures purchased by a third party over $100k. (Not that the comment is relative in this post.) As I said before, because of the age of the home, the fact that it is a manufactured home, and location, I can't imagine anyone being willing to pay over $50,000 for this one. There is a similar property for sale with waterfront for $75,000 and it hasn't sold.

            : : Would love your (or anyone elses) opinion on this. If WAMU had both the 1st and 2nd, why can't they petition the court for the excess funds we paid? There is $7-$8,000 sitting there. How can it be that they aren't entitled to that money simply because they are the senior lienholder? They held both notes.

            : : Thanks again! I appreciate your input.

            : : *****Would love your (or anyone elses) opini WAMU to see what can be worked out.

            Lea

            : (0)

    • Posted by NJDave on March 22, 2005 at 14:34:19:

      In Reply to: HELP! Didn't check the title report - now what? Posted by Lea on March 22, 2005 at 13:35:08:

      Why do you think that the first won't get $47,000 if they foreclose on you

      : (4)

      • Posted by Lea on March 22, 2005 at 18:33:04:

        In Reply to: Re: HELP! Didn't check the title report - now what? Posted by NJDave on March 22, 2005 at 14:34:19:

        : Why do you think that the first won't get $47,000 if they foreclose on you

        I guess my initial opinion is based on the fact that those bidding at the auction I was at were not willing to bid over $30k. However, thinking about it, they MIGHT have known what we did not but I simply can't imagine that they knew. The property wasn't worth $70-$80k cash as is. I was willing to go as high as $35-$40k total. And if I had known the well wasn't producing in the summer...

        That being said, once you tack on the foreclosure fees, I don't think the property, in its present condition, could bring $50-$55k. Unimproved land in that community is listing around $50k for waterfront and considerably less for a secondary lot, which this is. There are a lot of other more desirable properties with considerably more potential to an investor within the county, assuming you had the cash.

        Now maybe someone who wanted to live there would be interested in buying it for that price, but in the area, I would not expect your average Joe to have that kind of cash lying around, and in the State of Washington you have to have all the money available at the auction.

        Thanks for your comments. It helps to walk through my position. I welcome further input.

        : (3)

        • Posted by Jim V on March 22, 2005 at 20:45:09:

          In Reply to: Re: HELP! Didn't check the title report - now what? Posted by Lea on March 22, 2005 at 18:33:04:

          Lea,

          I'm not aware of current real estate market conditions in WA. What, in your estimation, is the market like in the area the property is located?

          I believe you stated a local Realtor felt that the property could be re-sold for 75-85k to an end-user. If their numbers are at all close, you might be able to salvage something from this. Repost with some market conditions, and I'll give you an opinion.

          : : Why do you think that the first won't get $47,000 if they foreclose on you

          : I guess my initial opinion is based on the fact that those bidding at the auction I was at were not willing to bid over $30k. However, thinking about it, they MIGHT have known what we did not but I simply can't imagine that they knew. The property wasn't worth $70-$80k cash as is. I was willing to go as high as $35-$40k total. And if I had known the well wasn't producing in the summer...

          : That being said, once you tack on the foreclosure fees, I don't think the property, in its present condition, could bring $50-$55k. Unimproved land in that community is listing around $50k for waterfront and considerably less for a secondary lot, which this is. There are a lot of other more desirable properties with considerably more potential to an investor within the county, assuming you had the cash.

          : Now maybe someone who wanted to live there would be interested in buying it for that price, but in the area, I would not expect your average Joe to have that kind of cash lying around, and in the State of Washington you have to have all the money available at the auction.

          : Thanks for your comments. It helps to walk through my position. I welcome further input.



          : (2)

          • Posted by Lea on March 24, 2005 at 04:14:31:

            In Reply to: Re: What's the market like? Posted by Jim V on March 22, 2005 at 20:45:09:

            : Lea,

            : I'm not aware of current real estate market conditions in WA. What, in your estimation, is the market like in the area the property is located?

            : I believe you stated a local Realtor felt that the property could be re-sold for 75-85k to an end-user. If their numbers are at all close, you might be able to salvage something from this. Repost with some market conditions, and I'll give you an opinion.

            : : : : Why do you think that the first won't get $47,000 if they foreclose on you

            : : I guess my initial opinion is based on the fact that those bidding at the auction I was at were not willing to bid over $30k. However, thinking about it, they MIGHT have known what we did not but I simply can't imagine that they knew. The property wasn't worth $70-$80k cash as is. I was willing to go as high as $35-$40k total. And if I had known the well wasn't producing in the summer...

            : : That being said, once you tack on the foreclosure fees, I don't think the property, in its present condition, could bring $50-$55k. Unimproved land in that community is listing around $50k for waterfront and considerably less for a secondary lot, which this is. There are a lot of other more desirable properties with considerably more potential to an investor within the county, assuming you had the cash.

            : : Now maybe someone who wanted to live there would be interested in buying it for that price, but in the area, I would not expect your average Joe to have that kind of cash lying around, and in the State of Washington you have to have all the money available at the auction.

            : : Thanks for your comments. It helps to walk through my position. I welcome further input.

            Jim,

            Please see reply to Bill H for general market conditions. Basically, the Spokane market has been very active. They say prices have increased 10% in the past year, which is good. My parents realized a big increase in the sale price of their home recently. I think the average home price is around $129,000 but that could be the median price. However, this property is located 30 minutes NE of Spokane in a rural area. There are more people moving out to the country, but I haven't seen a large increase in values out there. Let me know if that is enough information for you.

            I appreciate your input.



            : (1)

            • Posted by Jim V on March 25, 2005 at 23:56:59:

              In Reply to: Re: What's the market like? Posted by Lea on March 24, 2005 at 04:14:31:

              Lea,

              From your other postings, I'm assuming the market is reasonably strong, although the property isn't in the strongest of resale areas.

              My view:You're in at about 80k, purchase at 31k, taxes at 2k, and first at 47k. Walking away doesn't make any sense to me. You had Realtor input saying the property could be worth 85k to an end user. If you used a Realtor to sell, and your cost of sale were 10% of the sale price, you'd still have a rough net of 75k. Assuming payoff of the first is 47k, and taxes are 2k, there's still a bit of difference between what needs to be paid and what you might net. I'd personally look at how I could economically get the well operational/functional to at least the minimum standard and market the property as best you can. My personal preference would be to use a Realtor, at a reduced commission, knowing that the reduced market time (by using a Realtor)will reduce my carrying costs.

              WaMu isn't going to be able/want to: do anything to help you out. That's wasted effort.

              The only thing you need to be concerned with is how to minimize your losses. A quick, retail sale will get most of your investment back. That's what I'd shoot for.

              My best learning experiences were deals I either made no money on, or ones I lost money on. My first adventure I lost some money on, about the tenth, I made no money on. I've never done either of those things again, I have no plan to in the future.

              : : Lea,

              : : I'm not aware of current real estate market conditions in WA. What, in your estimation, is the market like in the area the property is located?

              : : I believe you stated a local Realtor felt that the property could be re-sold for 75-85k to an end-user. If their numbers are at all close, you might be able to salvage something from this. Repost with some market conditions, and I'll give you an opinion.

              : : : : : : Why do you think that the first won't get $47,000 if they foreclose on you

              : : : I guess my initial opinion is based on the fact that those bidding at the auction I was at were not willing to bid over $30k. However, thinking about it, they MIGHT have known what we did not but I simply can't imagine that they knew. The property wasn't worth $70-$80k cash as is. I was willing to go as high as $35-$40k total. And if I had known the well wasn't producing in the summer...

              : : : That being said, once you tack on the foreclosure fees, I don't think the property, in its present condition, could bring $50-$55k. Unimproved land in that community is listing around $50k for waterfront and considerably less for a secondary lot, which this is. There are a lot of other more desirable properties with considerably more potential to an investor within the county, assuming you had the cash.

              : : : Now maybe someone who wanted to live there would be interested in buying it for that price, but in the area, I would not expect your average Joe to have that kind of cash lying around, and in the State of Washington you have to have all the money available at the auction.

              : : : Thanks for your comments. It helps to walk through my position. I welcome further input.

              : Jim,

              : Please see reply to Bill H for general market conditions. Basically, the Spokane market has been very active. They say prices have increased 10% in the past year, which is good. My parents realized a big increase in the sale price of their home recently. I think the average home price is around $129,000 but that could be the median price. However, this property is located 30 minutes NE of Spokane in a rural area. There are more people moving out to the country, but I haven't seen a large increase in values out there. Let me know if that is enough information for you.

              : I appreciate your input.



              : (0)

  • Posted by Heather on March 22, 2005 at 10:21:07:

    My fiance and I found a home being sold throught a local realtor. We called to tour the property and they informaed us that the home is a foreclosure owned by the bank. We don't have any intentions of buying and then re-selling, we want this home for our home. What does this all mean? Do we need to get a special kind of mortgage? Any info. you can tell us would be great!

    : (1)

    • Posted by NJDave on March 22, 2005 at 14:31:52:

      In Reply to: foreclosure owned by bank being sold thru realtor Posted by Heather on March 22, 2005 at 10:21:07:

      If it's being offered as a straight sale... the fact that it's bank owned shouldn't have an much of an impact... only that the Seller is a corporate entity and you won't meet the seller face to face... the property will likely be sold in it's as-is condition (no repairs), and all negotiations thru the broker.

      If this is a gov't owned property and the sale is subject to a mandated bidding process... this willchange the process.

      The broker can explain this to you.

      : (0)

  • Posted by Jennifer on March 22, 2005 at 01:14:35:

    Hi there, Maybe someone can help. I'm going through a divorce and he isn't helping me with the bills even though he's on the notes. I'm currently behind 3 months and trying to sell the house. we had a contract on it a week ago and it fell through. now there only giving me till the 31st of march to bring up the payment. I actually just recieved my tax return and it's enough. But If I take the chance of using the $3,000 how much longer do you thik it would take them to try to foreclose again because I still couldn't pay the note afterwards. And if it dosen't sell then that's $3,000 down the hole. Or if I let it foreclose How bad would it mess my credit up? Could I still get credit cars, a new car etc. ??? Jennifer

    : (6)

    • Posted by AVF Incorporated on April 05, 2005 at 17:14:07:

      In Reply to: foreclosure and credit HELP ME DECIDE!!!!!! Posted by Jennifer on March 22, 2005 at 01:14:35:

      Please, Contact me as soon as you get this message, i can help you avoid the foreclosure.

      AVF Incorporated, Gus Serna. (908) 752 - 8992

      : (0)

    • Posted by Dave NY on March 23, 2005 at 19:51:30:

      In Reply to: foreclosure and credit HELP ME DECIDE!!!!!! Posted by Jennifer on March 22, 2005 at 01:14:35:

      Try selling your home via owner financing. You can ask full price & 5-10% downpayment. You start all over, save your credit & have walking away money.



      Dave NY



      : (0)

    • Posted by Debbie on March 22, 2005 at 09:19:05:

      In Reply to: foreclosure and credit HELP ME DECIDE!!!!!! Posted by Jennifer on March 22, 2005 at 01:14:35:

      I'm not a pro, but am in a similar position as you. I've been trying to sell my house for almost a year since my divorce; my daughter decided to live with her dad (age 14) and lost the substantial child support income after 11 yrs. of getting it, and beginning May I have to PAY child support. I, too, had a contract in December and it fell through. My lender has been great in that they have approved me to "short sale" my home and I have 90 days to sell it (by June) BELOW what I owe on it, and I will also get $1,000 @ closing for assisting, etc. You have to be at least 2 months behind; they also gave me the option of qualifying for a Partial Claim (HUD would tack a lien on to the home for the amount I'm behind, as long as I could make the payments from here on). If it doesn't sell after 90 days, I can sign it back over (Deed in Lieu), but I'm going to beg for a Partial Claim at that point if it is possible. I've asked for input on this site about whether I could do a partial claim after a pre-foreclosure/short sale doesn't work and have received no response here except soliciting my business.

      Talk to your lender - there are other options such as these. My home (5.66 acres, 2 year-old Cape Cod) appraised 2 years ago for $173,000; the balance is $165,000; they approved a short sale at $159,900 just last week and you wouldn't believe the traffic I've gotten and a possible contract (ha! Buyers are mostly liars!). Hang in there.

      : (2)

      • Posted by Debbie on March 22, 2005 at 09:24:34:

        In Reply to: Re: foreclosure and credit HELP ME DECIDE!!!!!! Posted by Debbie on March 22, 2005 at 09:19:05:

        : I'm not a pro, but am in a similar position as you. I've been trying to sell my house for almost a year since my divorce; my daughter decided to live with her dad (age 14) and lost the substantial child support income after 11 yrs. of getting it, and beginning May I have to PAY child support. I, too, had a contract in December and it fell through. My lender has been great in that they have approved me to "short sale" my home and I have 90 days to sell it (by June) BELOW what I owe on it, and I will also get $1,000 @ closing for assisting, etc. You have to be at least 2 months behind; they also gave me the option of qualifying for a Partial Claim (HUD would tack a lien on to the home for the amount I'm behind, as long as I could make the payments from here on). If it doesn't sell after 90 days, I can sign it back over (Deed in Lieu), but I'm going to beg for a Partial Claim at that point if it is possible. I've asked for input on this site about whether I could do a partial claim after a pre-foreclosure/short sale doesn't work and have received no response here except soliciting my business.

        : Talk to your lender - there are other options such as these. My home (5.66 acres, 2 year-old Cape Cod) appraised 2 years ago for $173,000; the balance is $165,000; they approved a short sale at $159,900 just last week and you wouldn't believe the traffic I've gotten and a possible contract (ha! Buyers are mostly liars!). Hang in there. P.S. All of these options don't look as bad as a foreclosure. My suggestion/advice is to keep in close contact with your lender/mortgage company and explain your current hardship, etc. If you are in constant contact with them and willing to do what it takes to help in whatever has to happen to the home, hopefully they will be amenable to these types of options for you.



        : (0)

      • Posted by Debbie on March 22, 2005 at 09:23:34:

        In Reply to: Re: foreclosure and credit HELP ME DECIDE!!!!!! Posted by Debbie on March 22, 2005 at 09:19:05:

        : I'm not a pro, but am in a similar position as you. I've been trying to sell my house for almost a year since my divorce; my daughter decided to live with her dad (age 14) and lost the substantial child support income after 11 yrs. of getting it, and beginning May I have to PAY child support. I, too, had a contract in December and it fell through. My lender has been great in that they have approved me to "short sale" my home and I have 90 days to sell it (by June) BELOW what I owe on it, and I will also get $1,000 @ closing for assisting, etc. You have to be at least 2 months behind; they also gave me the option of qualifying for a Partial Claim (HUD would tack a lien on to the home for the amount I'm behind, as long as I could make the payments from here on). If it doesn't sell after 90 days, I can sign it back over (Deed in Lieu), but I'm going to beg for a Partial Claim at that point if it is possible. I've asked for input on this site about whether I could do a partial claim after a pre-foreclosure/short sale doesn't work and have received no response here except soliciting my business.

        : Talk to your lender - there are other options such as these. My home (5.66 acres, 2 year-old Cape Cod) appraised 2 years ago for $173,000; the balance is $165,000; they approved a short sale at $159,900 just last week and you wouldn't believe the traffic I've gotten and a possible contract (ha! Buyers are mostly liars!). Hang in there. P.S. All of these options don't look as bad as a foreclosure. My suggestion/advice is to keep in close contact with your lender/mortgage company and explain your current hardship, etc. If you are in constant contact with them and willing to do what it takes to help in whatever has to happen to the home.



        : (0)

    • Posted by Don on March 22, 2005 at 04:30:29:

      In Reply to: foreclosure and credit HELP ME DECIDE!!!!!! Posted by Jennifer on March 22, 2005 at 01:14:35:

      : Hi there,: Maybe someone can help. I'm going through a divorce and he isn't helping me with the bills even though he's on the notes. I'm currently behind 3 months and trying to sell the house. we had a contract on it a week ago and it fell through. now there only giving me till the 31st of march to bring up the payment. I actually just recieved my tax return and it's enough. But If I take the chance of using the $3,000 how much longer do you thik it would take them to try to foreclose again because I still couldn't pay the note afterwards. And if it dosen't sell then that's $3,000 down the hole. Or if I let it foreclose How bad would it mess my credit up? Could I still get credit cars, a new car etc. ???: Jennifer*******************************************************If you are going to loose the house anyway why not save the money as you will surely need it to relocateinto a rental unit somewhere. As you say you can't keep up the payments anyway.



      : (0)

  • Posted by Jay on March 21, 2005 at 22:20:53:

    Does the realty track really work when it comes to pre foreclosures in Dallas Tx.What type of deed does the owner have to sign so that I can take control of property after he agrees to give up possession

    : (7)

    • Posted by Jim V on March 21, 2005 at 23:28:50:

      In Reply to: Pre FORECLOSURE LISTING Posted by Jay on March 21, 2005 at 22:20:53:

      Jay,

      No data service "works" unless you do. There really isn't any magic source for data that is going to give you something that other people don't have access to. If you're interested in doing pre-foreclosure type deals, the key is really finding out what the owner needs to solve their current problem. That's assuming, of course, that you have the tools and knowledge to help, rather than make their situation worse.

      I'd suggest buying some books about foreclosure procedures, with an emphasis on the TX process, and seeking more knowledge on how you can help people through a difficult time in their lives.

      I don't know that I've ever seen a simple "take control of the property after he agrees to give up possession" type deal. There are an awful lot of ways to structure a transaction to where everyone comes out better off than before the transaction began.Asking what kind of deed to use means to me that you don't have enough knowledge yet to truly help.

      Not trying to bash you, just trying to move you in a good direction.

      : Does the realty track really work when it comes to pre foreclosures in Dallas Tx.What type of deed does the owner have to sign so that I can take control of property after he agrees to give up possession



      : (6)

      • Posted by chris on April 01, 2005 at 11:30:59:

        In Reply to: Re: Pre FORECLOSURE LISTING Posted by Jim V on March 21, 2005 at 23:28:50:

        : Jay,

        : No data service "works" unless you do. There really isn't any magic source for data that is going to give you something that other people don't have access to. If you're interested in doing pre-foreclosure type deals, the key is really finding out what the owner needs to solve their current problem. That's assuming, of course, that you have the tools and knowledge to help, rather than make their situation worse.

        : I'd suggest buying some books about foreclosure procedures, with an emphasis on the TX process, and seeking more knowledge on how you can help people through a difficult time in their lives.

        : I don't know that I've ever seen a simple "take control of the property after he agrees to give up possession" type deal. There are an awful lot of ways to structure a transaction to where everyone comes out better off than before the transaction began.: Asking what kind of deed to use means to me that you don't have enough knowledge yet to truly help.

        : Not trying to bash you, just trying to move you in a good direction.

        : : : Does the realty track really work when it comes to pre foreclosures in Dallas Tx.What type of deed does the owner have to sign so that I can take control of property after he agrees to give up possession

        If you are looking for pre-forclosures I can help with that call me at 800 968-0727. My company is partnered with Experian and can provide you with lists of people whom are 30+ days in default that is not public knowledge.

        : (1)

        • Posted by chris on April 01, 2005 at 11:32:36:

          In Reply to: Re: Pre FORECLOSURE LISTING Posted by chris on April 01, 2005 at 11:30:59:

          Forgot to give my extentention: 3775

          : (0)

  • Posted by Flipp on March 21, 2005 at 19:09:54:

    how do you get the foreclosure listing as soon as the bank receives.

    : (1)

    • Posted by Nancy Garcie on May 20, 2005 at 07:17:38:

      In Reply to: pre foreclosure in Shreveport and Bossier ,La Posted by Flipp on March 21, 2005 at 19:09:54:

      : how do you get the foreclosure listing as soon as the bank receives.



      : (0)

  • Posted by Jiggaman on March 21, 2005 at 19:07:34:

    I would like to now where to find before foreclosure prperties in the Dallas , Tx surrounding areas.And when I find property How do I redeem after the seller agrees to sell .And isnt it a deed of trust state.Or can someone give me a dependable online listing resource. Thanks

    : (4)

    • Posted by allison on June 06, 2005 at 10:49:27:

      In Reply to: FORECLOSURE IN DALLAS TX AREA Posted by Jiggaman on March 21, 2005 at 19:07:34:

      : I would like to now where to find before foreclosure prperties in the Dallas , Tx surrounding areas.And when I find property How do I redeem after the seller agrees to sell .And isnt it a deed of trust state.Or can someone give me a dependable online listing resource. Thanks



      : (0)

    • Posted by James on March 22, 2005 at 02:42:03:

      In Reply to: FORECLOSURE IN DALLAS TX AREA Posted by Jiggaman on March 21, 2005 at 19:07:34:

      There are a couple of foreclosure listing services in Dallas (or maybe more). Texas does not have a right of redemption for foreclosures (except tax sales and in some cases HOA dues.

      Purchasing pre-foreclosure a real competitive area. To foreclose the trustee must post at the county courthouse 21 days prior to the sale--the sale is the first Tuesday of the month. The foreclosure lists come out a day or two later.You can do this yourself. In many cases the trustee posts the notices days prior to this twenty one day deadline and you can get the jump on many people by watching the boards. The notices are posted on the boards in Dallas on the first floor of the building just south of the Old Red Courthouse. They are also posted in a binder in the Records building (just north of the "Old Red" on the second floor.

      : I would like to now where to find before foreclosure prperties in the Dallas , Tx surrounding areas.And when I find property How do I redeem after the seller agrees to sell .And isnt it a deed of trust state.Or can someone give me a dependable online listing resource. Thanks



      : (1)

      • Posted by H. Mayberry on May 12, 2005 at 13:48:25:

        In Reply to: Re: FORECLOSURE IN DALLAS TX AREA Posted by James on March 22, 2005 at 02:42:03:

        : There are a couple of foreclosure listing services in Dallas (or maybe more). Texas does not have a right of redemption for foreclosures (except tax sales and in some cases HOA dues.

        : Purchasing pre-foreclosure a real competitive area. To foreclose the trustee must post at the county courthouse 21 days prior to the sale--the sale is the first Tuesday of the month. The foreclosure lists come out a day or two later.: You can do this yourself. In many cases the trustee posts the notices days prior to this twenty one day deadline and you can get the jump on many people by watching the boards. The notices are posted on the boards in Dallas on the first floor of the building just south of the Old Red Courthouse. They are also posted in a binder in the Records building (just north of the "Old Red" on the second floor.

        : : I would like to now where to find before foreclosure prperties in the Dallas , Tx surrounding areas.And when I find property How do I redeem after the seller agrees to sell .And isnt it a deed of trust state.Or can someone give me a dependable online listing resource. Thanks



        : (0)

    • Posted by Jim V on March 21, 2005 at 22:09:44:

      In Reply to: FORECLOSURE IN DALLAS TX AREA Posted by Jiggaman on March 21, 2005 at 19:07:34:

      If you look towards the top of the board, there is a link that says something like "Pre-Foreclosure Properties". Click on the link, then scroll down to TX, you should find a link for Dallas pre-foreclosure properties. If the owner agrees to sell to you, you'd have to pay any past due payments and fees prior to the scheduled sale date, or else the property will go to sale at auction. Yes, TX is a trust deed state with a very short foreclosure timeline.

      : I would like to now where to find before foreclosure prperties in the Dallas , Tx surrounding areas.And when I find property How do I redeem after the seller agrees to sell .And isnt it a deed of trust state.Or can someone give me a dependable online listing resource. Thanks



      : (0)

  • Posted by Mike on March 21, 2005 at 11:39:30:

    What rights do tenants have when a foreclosed property is transfered to a new owner? Can they be protected in PA by age or years of residence? Can the new owner be forced to pay for repairs?

    : (0)

  • Posted by cindy on March 21, 2005 at 09:42:07:

    hi, my name is cindy. i am from germantown, ohio. zip is 45327. i am trying to find out if you can purchase a foreclosure by land contract, or lease option, and which is the best way. i am in the process of getting my credit straightened out, but may take awhile, and am in the middle of a divorce. need to keep my payments down as much as possible. will probably not have a down payment. any info would be much appreciated. thanks so much. if you need more info to answer my questions, just let me know. thanks, cindy

    : (1)

    • Posted by Angela on July 16, 2005 at 07:30:23:

      In Reply to: lease option purchase on a foreclosure??? Posted by cindy on March 21, 2005 at 09:42:07:

      Hi Cindy, my name is Angela & I am hoping that you can share with me any information or help you may have received from the posting you wrote below for I am in the very same situation and do not quite know where to turn.

      : hi, my name is cindy. i am from germantown, ohio. zip is 45327. i am trying to find out if you can purchase a foreclosure by land contract, or lease option, and which is the best way. i am in the process of getting my credit straightened out, but may take awhile, and am in the middle of a divorce. need to keep my payments down as much as possible. will probably not have a down payment. any info would be much appreciated. thanks so much. if you need more info to answer my questions, just let me know. thanks, cindy



      : (0)

  • Posted by Fabio on March 21, 2005 at 07:42:02:

    I live in Missouri. I have a condo and it has a first mort of 56,000 and a 2nd mort. of almost 44,ooo. this is pretty much the value. I lost my job and chances of me finding a job paying what I made is nil. I also have a lot of credit card debt on top of this. If I can get out of the house payment, I might be able to keep my head above water. I don't want to lose my car since it's my only means of working. I am still current, but don't think after this month I'll be able to keep up. Can anyone give me a suggestion how to go about this? I contacted several companies, but because it's a condo and no equity, no one wants to touch it. I put a couple ads in the paper but no response. Now I don't have to much time. I have never been late on anything and have never had to deal with collection agencies etc. This really scares me- where will i live etc. Please, someone give me some suggestions before i worry myself to death!Thanks

    : (5)

    • Posted by Don on March 22, 2005 at 04:58:55:

      In Reply to: How do I do this? Posted by Fabio on March 21, 2005 at 07:42:02:

      : I live in Missouri. I have a condo and it has a first mort of 56,000 and a 2nd mort. of almost 44,ooo. this is pretty much the value. I lost my job and chances of me finding a job paying what I made is nil. I also have a lot of credit card debt on top of this. If I can get out of the house payment, I might be able to keep my head above water. I don't want to lose my car since it's my only means of working. I am still current, but don't think after this month I'll be able to keep up. Can anyone give me a suggestion how to go about this? I contacted several companies, but because it's a condo and no equity, no one wants to touch it. I put a couple ads in the paper but no response. Now I don't have to much time. I have never been late on anything and have never had to deal with collection agencies etc. This really scares me- where will i live etc. Please, someone give me some suggestions before i worry myself to death!: Thanks*******************************************************Bankruptcy is to give a person a new start and you seem to need that chance before the new law takes place. Since you lost your job and your credits is going to be gone anyway you should go ahead and file a chapter 7 bk. A chapter 7 stays on your credit record for 10 years but that is not a death sentence. It is better to be free of all the stress and worry and people garnisheeing your wages or trying to find a new job so they will not know where you work for years to come.



      : (1)

      • Posted by mike on April 05, 2005 at 12:03:24:

        In Reply to: Re: How do I do this? Posted by Don on March 22, 2005 at 04:58:55:

        Dont do the BK!!!! Stay clear of the bankrupcy if at all possible.

        Call a non profit organization for rdebt reduction

        Talk to each creditor ahead of time to give them the story as some have grace periods where you can pay interest only until you have new job as some cards offer insurance when you got it may have this covered.

        Look at moving in a room mate or moving out to a smaller place and rent yours out till it is a better scenario for you to get back into it. this would pay your payments with a renter and the ability for you to relocate to another place to obtain proper employemnt which your seeking. It also allows you time to get the renter to be told the house is an option to lease to own or be put on market while they rent and bring down your costs.

        Get a title loan against your car to carry you over if you need to while arranging all this.

        Loans are more forgiving especially if YOU call them and not them hunt you.

        Put a ad in paper offering a lease option for the condo. Owner finance it for them with 5% down.Let them give you the down to relocate then instead of them refinancing for a bank keep enough of the downpayment they gave you in escrow to the mortgage company in case they mess up for a couple months. (safety net) Then If your mortgage is at 7% charge them (% for them to hold it which creates a positive cashflow as well as the payment for you. Use the money to pay your credit card with the longest tradeline NOT just the highest interest. The tradelines mean more than the interest at the point you are in.

        Keep your chin up as all can be done if you put your creaive mind to it.

        : (0)

    • Posted by Jim V on March 21, 2005 at 22:18:37:

      In Reply to: How do I do this? Posted by Fabio on March 21, 2005 at 07:42:02:

      I'd say Chapter 7 Bankruptcy. You have no equity in the property, you have significant amounts of unsecured debt(credit cards). BK, with home loans included, will prevent any possibility of a deficiency judgment from the lenders who may take a loss, plus most likely clear your CC debt.That's what bankruptcy is for, to make a fresh start.It will be on your credit report for 10 years, so it's not a step to take lightly, but if you work to re-establish your credit, you'll be able to buy property again in a few years.

      : I live in Missouri. I have a condo and it has a first mort of 56,000 and a 2nd mort. of almost 44,ooo. this is pretty much the value. I lost my job and chances of me finding a job paying what I made is nil. I also have a lot of credit card debt on top of this. If I can get out of the house payment, I might be able to keep my head above water. I don't want to lose my car since it's my only means of working. I am still current, but don't think after this month I'll be able to keep up. Can anyone give me a suggestion how to go about this? I contacted several companies, but because it's a condo and no equity, no one wants to touch it. I put a couple ads in the paper but no response. Now I don't have to much time. I have never been late on anything and have never had to deal with collection agencies etc. This really scares me- where will i live etc. Please, someone give me some suggestions before i worry myself to death!: Thanks



      : (2)

      • Posted by Sadie on March 24, 2005 at 07:16:54:

        In Reply to: Re: While others may disagree... Posted by Jim V on March 21, 2005 at 22:18:37:

        What's the RUSH! Get busy, doing something, ANYTHING! You could find work doing something in a small town setting. Is it really worth jumping right into Chpt 7 Bankruptcy. Does it really make sense to throw all your years of good credit down the drain instantaneously and file bankruptcy....WHICH WILL AFFECT YOU FOR TEN YEARS SOLID!!!!

        THINK LONG...............AND HARD............ABOUT ALL OF THIS BECAUSE YOU AND YOU ONLY ARE GOING TO HAVE TO FACE THIS.

        Can you work two or even three part-time jobs for awhile and cut way back on expenses. Maybe you could consolidate your debt with a not-for-profit debt organization which will lower your monthly payments as well as the credit interest. I would think that working a couple part-time jobs (even at fast food places) or doing odd jobs for people would be so much more satisfying to a man's ego that laying back. Hard work and having a great attitude through difficult times is very gratifying and worth it in the long run.

        WE SHOULD KNOW! WE LOST OUR JOB FOR A YEAR AND THREE-FOURTHS!! WE DIDN'T LOSE OUR HOUSE ($1600/mo payments) and kept our higher credit cards paid up.

        Don't get down, worried and depressed!!! GET UP AND GET GOING......

        MAY YOU BE TRULY BLESSED!

        Sadie

        : (1)

        • Posted by Kathie on March 30, 2005 at 21:33:02:

          In Reply to: WHAT'S THE BIG RUSH! Get busy, DOING SOMETHING...ANYTHING! Posted by Sadie on March 24, 2005 at 07:16:54:

          :I Agree with Sadie. Can you get a room mate? Can you live with someone else and rent your condo?

          GOOD LUCK!

          : What's the RUSH! Get busy, doing something, ANYTHING! You could find work doing something in a small town setting. Is it really worth jumping right into Chpt 7 Bankruptcy. Does it really make sense to throw all your years of good credit down the drain instantaneously and file bankruptcy....WHICH WILL AFFECT YOU FOR TEN YEARS SOLID!!!!

          : THINK LONG...............AND HARD............ABOUT ALL OF THIS BECAUSE YOU AND YOU ONLY ARE GOING TO HAVE TO FACE THIS.

          : Can you work two or even three part-time jobs for awhile and cut way back on expenses. Maybe you could consolidate your debt with a not-for-profit debt organization which will lower your monthly payments as well as the credit interest. I would think that working a couple part-time jobs (even at fast food places) or doing odd jobs for people would be so much more satisfying to a man's ego that laying back. : : Hard work and having a great attitude through difficult times is very gratifying and worth it in the long run.

          : WE SHOULD KNOW! WE LOST OUR JOB FOR A YEAR AND THREE-FOURTHS!! WE DIDN'T LOSE OUR HOUSE ($1600/mo payments) and kept our higher credit cards paid up.

          : Don't get down, worried and depressed!!! GET UP AND GET GOING......

          : MAY YOU BE TRULY BLESSED!

          : Sadie



          : (0)

  • Posted by Craig on March 20, 2005 at 22:58:30:

    We just sold our home -- at least signed an initial offer sheet -- we will end up eating about 14K since the home went for less than our loan -- long time on the market..blah blah..Anyway, we were told to contact our mortgage company about a short sale.My questions are:1. Will it show up on my credit report and thus hurt my credit?2. Will it hurt me getting another bank/mortgage loan say for another house? Plus, if I want to get a new home this year..is damage done and hurt us getting a new loan -- by say high interest rate or denials? We moved for a new job and hence, are seeking a new home. 4. If yes, to the above, how long does this hurt us? 2 years? 7 years? ..thank you in advance

    : (2)

    • Posted by Phyllis Thompson on March 21, 2005 at 20:13:30:

      In Reply to: Short Sale Posted by Craig on March 20, 2005 at 22:58:30:

      Since you didn't indicate the house was the subject of a pending foreclosure, I'm not assuming it was. Therefore, simply put, you still owe the bank money. Just because you sold the house for less than the loan doesn't mean you don't owe the balance of the loan. And if the bank forgives some of what you owe it, and if they notify the IRS that they have forgiven part of the mortgage debt, the IRS can tax you on the money you now don't have to pay. After all, it IS a gift, isn't it? Maybe you can hope that the buyer finds something wrong with the house and backs out (!). But I'd sure get in touch with the bank right away and see what they plan on doing. When you are at the settlement table and the papers are being signed it's way too late.

      : (0)

    • Posted by TheShortSalePro on March 21, 2005 at 10:42:03:

      In Reply to: Short Sale Posted by Craig on March 20, 2005 at 22:58:30:

      The time to structure a preforeclosure short sale is BEFORE you enter into a contract.... or at least have a contingency in the Contract such that the Sale is subject to and contingent upon mortgagee short sale approval at terms which are acceptable to you.



      : (0)

  • Posted by Craig on March 20, 2005 at 22:38:37:

    We sold our house for a loss -- downturn in the market -- anyway, our friend - an accountant- told us to just walk away on the amount and let the mortgage company take it. He says it won't hurt our credit report nor getting a future bank/mortgage loan. We think it will. Also, he told us to talk to the mortgage company to do a short pay. Again, he says it wont hurt our credit report nor bank/mortgage loan. Again, we think it will and it will hurt us in terms of having companies shy away from us or cause us to pay significantly more for a loan, etc. Please provide any feedback..thank you.

    : (0)

  • Posted by SoCal Investor on March 20, 2005 at 10:57:56:

    I am seeking investor (s) interested in NO-MONEY-DOWN deals that will produce positive cash flow and generate significant appreciation with minimal risk. As an investor, you will need good credit, minimum credit score of 680. For More Information, please e-mail me at socalinvestor@sendfree.com

    : (1)

    • Posted by Jim V on March 20, 2005 at 21:10:31:

      In Reply to: (SoCal) Seeking Partners For No Money Down Deal Posted by SoCal Investor on March 20, 2005 at 10:57:56:

      Assuming we're talking about SoCal, since your screen name includes it, could you tell me how a "no money down" deal will produce positive cash flow?The follow-up question is, of course, how probable is a continued positive cash flow assuming interest rates rise?

      : (0)

  • Posted by Gerald in LA on March 17, 2005 at 20:45:46:

    Can anyone tell me about states or areas with high foreclosure rates, where there's less competition at the auction. I would just like to see an auction where there's less that 20 bidders and the property goes for less than FMV (fair market value). Thanks!!!!

    : (2)

    • Posted by John B on March 19, 2005 at 04:09:47:

      In Reply to: States with high foreclosure rates Posted by Gerald in LA on March 17, 2005 at 20:45:46:

      : Can anyone tell me about states or areas with high foreclosure rates, where there's less competition at the auction. I would just like to see an auction where there's less that 20 bidders and the property goes for less than FMV (fair market value). Thanks!!!!*******************************************************

      Michigan, around the detroit area.

      : (0)

    • Posted by Jim V on March 17, 2005 at 22:11:59:

      In Reply to: States with high foreclosure rates Posted by Gerald in LA on March 17, 2005 at 20:45:46:

      Gerald,

      There really isn't any great place or time for foreclosure investing. My assumption is that you're looking for a place where auctions are held, most of the properties have equity, and there isn't a lot of third party competitive bidding.There are two choices. Either look for the niches, where a lot of other investors aren't looking, or,play the bidding game, knowing that you have a better grasp on area values than anyone potentially bidding against you.

      Southern California has been tough for quite a few years due to market appreciation. Knowing that the market appreciation isn't quite as likely as it once was, the key is determining what will be a likely profit center as the market slows.

      Short sales on an over-encumbered property is something that strikes me as having some potential over the next few years. Just an opinion.

      : Can anyone tell me about states or areas with high foreclosure rates, where there's less competition at the auction. I would just like to see an auction where there's less that 20 bidders and the property goes for less than FMV (fair market value). Thanks!!!!



      : (0)

  • Posted by Wondering in OHIO on March 17, 2005 at 16:54:04:

    Are house will be sold at auction soon, and I relize that if a person buys it we will then have to leave in 30 days or so. But if nobody buys it and Countrywide buys it or takes it back, will Countrywide at that point evict you or would they let you stay untill they sell it?? Thanks for the help

    : (1)

    • Posted by Don on March 17, 2005 at 20:30:47:

      In Reply to: Is it time to go Posted by Wondering in OHIO on March 17, 2005 at 16:54:04:

      : Are house will be sold at auction soon, and I relize that if a person buys it we will then have to leave in 30 days or so. But if nobody buys it and Countrywide buys it or takes it back, will Countrywide at that point evict you or would they let you stay untill they sell it?? Thanks for the help

      *******************************************************They will evict you.



      : (0)

  • Posted by LeeAnn on March 17, 2005 at 12:33:30:

    Our mortgage was included in BK7 in 03. We have continued to make payments until Dec., had problems with them paying insurance, no phone calls, lied to, no statements just been in mortgage hell. We found out in Jan that we did not reaffirm loan. Met with attorney who wanted us to do a deed in lieu,but he wants alot of money. After months mortgage co finally calls, we tell them what attorney said to do, they want us to do a short sale. Ok they do appraisal. I do comps in the area maybe in the 90s. Original loan 103k in 2000. They said the appraisal was for 110k and I said we don't owe that much that would not be a short sale, she said the payoff is 109.5k. I am so ready to be done with these people. Why are they inflating the payoff? They want to list for more than it will ever go for. We are agreeing to make payments until June and put it on the market. This will supposidley(sp) stop the foreclosure, is this just another way for them to continue to file because if they are going to file we might as well stay here and save our money. Is this normal for a short sale considering they cant collect a judgement because of bk? Is it also normal to not receive a notice of default because of bk?Well as I was typing I received a repayment agreement, oh please they say we are 8 payments behind. Lets see dec, jan and feb yep that = 8. It also says they sent us a default acceleration notice which they did not. Then it says we understand and agree that we will remain liable for all sums owing under the note of deed of trust/mortgage, including but not limited to, any installment amount changes, insurance proemiums, taxes, or other sums no paid through this agreement. By signing this agreement we acknowledge that we understand the tems yada yada. It also states foreclosure will continue. No way. if we sign it gives them what they don't have.

    : (1)

    • Posted by anthony on March 17, 2005 at 15:17:13:

      In Reply to: short sale,they want to list for more Posted by LeeAnn on March 17, 2005 at 12:33:30:

      : Our mortgage was included in BK7 in 03.(WAS YOUR BK IN 2003 DISCHARGED? ) (IF YOUR MORTGAGE WAS INCLUDED IN YOU BK7 YOU ARE NO LONGER RESPONSEBLE FOR THAT MORTGAGE) We have continued to make payments until Dec., ( MORTGAGE COMPANYS LOVE PEOPLE TO STAY IN THE PROPERTIES TO AVOID VANDELIZAM)had problems with them paying insurance, no phone calls, lied to, no statements( YOU WILL NO LONGER RECIEVE STATEMENTS) just been in mortgage hell. We found out in Jan that we did not reaffirm loan(THIS IS CORRECT YOU WERE DISCHARED FROM THIS DEBT IN OTHER WORDS YOU WERE FORGIVEN AND NO LONGER RESPONSOBLE FOR THIS AMOUNT). (YOU NO LONGER OWN THE PROPERTY) Met with attorney who wanted us to do a deed in lieu,but he wants alot of money. After months mortgage co finally calls, we tell them what attorney said to do, they want us to do a short sale. Ok they do appraisal. I do comps in the area maybe in the 90s. Original loan 103k in 2000. They said the appraisal was for 110k( THIS MEANS THAT THE PROPERTY IS WORTH 110K NOT THAT YOU OWE 110K) and I said we don't owe that much that would not be a short sale, she said the payoff is 109.5k.(109.5K IS THE BALANCE OF WHAT YOU OWED PLUS LATE FEES PLUS FORCLOSURE FEES, ATTORNEY FEE, THIS FEE... THAT FEE.. THEY LOVE TO AD FEE'S...) I am so ready to be done with these people. Why are they inflating the payoff? (THE PAYOFF IS NOTHING MORE THEN THE TOTAL OF ALL THE COST TO FORCLOSE PLUS LATE PAYMENTS OWED0 They want to list for more than it will ever go for(YOU SAID THAT THEY APPRAISED IT AT 110,000 WHAT THAT MEANS IS THAT THEY ARE GOING TO SELL IT TO SOMEONE ELSE FOR 110,000 OR MORE AND THEY WILL SUBTRACT WHAT YOU OWED THEM WHICH WAS 109.5K THAT MEANS YOU COULD WALK AWAY WITH ABOUT $500 CASH IF THEY DONT AD ANY MORE FEE'S.. )0e are agreeing to make payments until June and put it on the market. This will supposidley(sp) stop the foreclosure, is this just another way for them to continue to file because if they are going to file we might as well stay here and save our money. Is this normal for a short sale considering they cant collect a judgement because of bk? Is it also normal to not receive a notice of default because of bk?: Well as I was typing I received a repayment agreement, oh please they say we are 8 payments behind. Lets see dec, jan and feb yep that = 8. It also says they sent us a default acceleration notice which they did not. Then it says we understand and agree that we will remain liable for all sums owing under the note of deed of trust/mortgage, including but not limited to, any installment amount changes, insurance proemiums, taxes, or other sums no paid through this agreement. (CONSULT WITH YOUR ATTORNEY) HE WILL PROBABLE ADVICE YOU NOT TO SIGN. BUT I AM NOT AN ATTORNEY SO CONSULT WITH HIM, IF YOU DO NOT HAVE THE MONEY CONTACT LEGAL AID. FREE SERVICE THEY WILL GUIDE YOU)By signing this agreement we acknowledge that we understand the tems yada yada. It also states foreclosure will continue. No way. if we sign it gives them what they don't have.

      IF YOU HAVE BEEN GRANTED A DISCHARGE FROM BK AND YOU CAN'T MAKE UP THE BACK PAYMENTS. PLACE A SMALL AD $2000 TAKE OVER MY PAYMENTS AND MAKE UP BACK PAYMENTS AND MOVE ON WITH YOUR LIFE. )

      : (0)

  • Posted by Emily on March 17, 2005 at 11:50:35:

    In November it came to my attention that my fiance is in a lot of debt. He is very behind in just about every bill he has. We started getting caught up and then the people that were renting his house decided to move. We've been trying to find someone else to rent it, but since he has 2 mortgages on it, the rent is pretty high. Now taxes are due and we just don't have the means to pay them. The other day we got a letter (the second one in like 4 months) saying they were going to foreclose if he didn't get caught up in like 30 days. There is just no way we can come up with the money in that amount of time. We've been trying to rent it, sell it, we've called those people who buy problem houses and we just can't get rid of it as quickly as we need to. My fiance mentioned DIL but after reading through some of these posts, it doesn't sound like that's an option. His credit is completely crap now anyway...we've got collection agencies calling us constantly and what not. I was just wondering if anyone had any advice. Since my name wasn't on it in any way (i didn't even know him when he bought it) I could still buy a house in my name, right? He owes around $50,000 on the house still and we're currently about $1500 behind. We're in Nebraska. Any info or suggestions would be greatly appreciated.

    : (5)

    • Posted by Phyllis Thompson on March 20, 2005 at 19:01:03:

      In Reply to: Need out, but don't know how Posted by Emily on March 17, 2005 at 11:50:35:

      Emily, I am one of those people who can and does buy houses like your financee's. I likely can solve the problem very quickly. If you want to discuss this, get in touch with me. Check out my website (http://www.homesdatabase.com/housecalls) and call me at the office at your convenience.





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    • Posted by Ray on March 18, 2005 at 13:23:58:

      In Reply to: Need out, but don't know how Posted by Emily on March 17, 2005 at 11:50:35:

      : In November it came to my attention that my fiance is in a lot of debt. He is very behind in just about every bill he has. We started getting caught up and then the people that were renting his house decided to move. We've been trying to find someone else to rent it, but since he has 2 mortgages on it, the rent is pretty high. Now taxes are due and we just don't have the means to pay them. The other day we got a letter (the second one in like 4 months) saying they were going to foreclose if he didn't get caught up in like 30 days. There is just no way we can come up with the money in that amount of time. We've been trying to rent it, sell it, we've called those people who buy problem houses and we just can't get rid of it as quickly as we need to. My fiance mentioned DIL but after reading through some of these posts, it doesn't sound like that's an option. His credit is completely crap now anyway...we've got collection agencies calling us constantly and what not. I was just wondering if anyone had any advice. Since my name wasn't on it in any way (i didn't even know him when he bought it) I could still buy a house in my name, right? He owes around $50,000 on the house still and we're currently about $1500 behind. We're in Nebraska. Any info or suggestions would be greatly appreciated.******************************************************* It would not effect your credit if you are not married to him. In fact there are only 9 states that have common property laws where the husband and wife both are held responsible on the same debt if it was in one or the others name. I forgot the states but I don't believe Oregon is one of them. The answer to your question about it effecting your personal credit is no. It will not. It will not effect you buying another house in your name. After all, why should itif for some reason you two split up and they tried to connect you to the property that is in another persons name. Does this make sense?



      : (1)

      • Posted by Richard on March 20, 2005 at 07:23:28:

        In Reply to: Re: Need out, but don't know how Posted by Ray on March 18, 2005 at 13:23:58:

        : : In November it came to my attention that my fiance is in a lot of debt. He is very behind in just about every bill he has. We started getting caught up and then the people that were renting his house decided to move. We've been trying to find someone else to rent it, but since he has 2 mortgages on it, the rent is pretty high. Now taxes are due and we just don't have the means to pay them. The other day we got a letter (the second one in like 4 months) saying they were going to foreclose if he didn't get caught up in like 30 days. There is just no way we can come up with the money in that amount of time. We've been trying to rent it, sell it, we've called those people who buy problem houses and we just can't get rid of it as quickly as we need to. My fiance mentioned DIL but after reading through some of these posts, it doesn't sound like that's an option. His credit is completely crap now anyway...we've got collection agencies calling us constantly and what not. I was just wondering if anyone had any advice. Since my name wasn't on it in any way (i didn't even know him when he bought it) I could still buy a house in my name, right? He owes around $50,000 on the house still and we're currently about $1500 behind. We're in Nebraska. Any info or suggestions would be greatly appreciated.: *******************************************************: It would not effect your credit if you are not married to him. In fact there are only 9 states that have common property laws where the husband and wife both are held responsible on the same debt if it was in one or the others name. I forgot the states but I don't believe Oregon is one of them. The answer to your question about it effecting your personal credit is no. It will not. It will not effect you buying another house in your name. After all, why should it: if for some reason you two split up and they tried to connect you to the property that is in another persons name. Does this make sense?



        : (0)

    • Posted by anthony on March 17, 2005 at 13:01:56:

      In Reply to: Need out, but don't know how Posted by Emily on March 17, 2005 at 11:50:35:

      :Emilywhat can you do? You can give it away for what you owe. Get a quit claim sign. there are people out there that will take it. they will bring the back payments and bring it current.What do you think the house is worth? is it more then what you owe? Place a small ad. NO CREDIT CHECK, NO QUALIFING, FREE HOUSE' MAKE UP BACK PAYMENT AND ITS YOURS CALL 123-4567 YOUR NUMBER

      You should get a ton of callshope this helps bye

      In November it came to my attention that my fiance is in a lot of debt. He is very behind in just about every bill he has. We started getting caught up and then the people that were renting his house decided to move. We've been trying to find someone else to rent it, but since he has 2 mortgages on it, the rent is pretty high. Now taxes are due and we just don't have the means to pay them. The other day we got a letter (the second one in like 4 months) saying they were going to foreclose if he didn't get caught up in like 30 days. There is just no way we can come up with the money in that amount of time. We've been trying to rent it, sell it, we've called those people who buy problem houses and we just can't get rid of it as quickly as we need to. My fiance mentioned DIL but after reading through some of these posts, it doesn't sound like that's an option. His credit is completely crap now anyway...we've got collection agencies calling us constantly and what not. I was just wondering if anyone had any advice. Since my name wasn't on it in any way (i didn't even know him when he bought it) I could still buy a house in my name, right? He owes around $50,000 on the house still and we're currently about $1500 behind. We're in Nebraska. Any info or suggestions would be greatly appreciated.



      : (1)

      • Posted by Phyllis Thompson on March 20, 2005 at 18:51:18:

        In Reply to: Re: Need out, but don't know how Posted by anthony on March 17, 2005 at 13:01:56:

        : :Emily: what can you do? You can give it away for what you owe. Get a quit claim sign. : there are people out there that will take it. they will bring the back payments and bring it current.: What do you think the house is worth? is it more then what you owe?: Place a small ad. NO CREDIT CHECK, NO QUALIFING, FREE HOUSE' MAKE UP BACK PAYMENT AND ITS YOURS CALL 123-4567 YOUR NUMBER

        : You should get a ton of calls: hope this helps : bye

        : In November it came to my attention that my fiance is in a lot of debt. He is very behind in just about every bill he has. We started getting caught up and then the people that were renting his house decided to move. We've been trying to find someone else to rent it, but since he has 2 mortgages on it, the rent is pretty high. Now taxes are due and we just don't have the means to pay them. The other day we got a letter (the second one in like 4 months) saying they were going to foreclose if he didn't get caught up in like 30 days. There is just no way we can come up with the money in that amount of time. We've been trying to rent it, sell it, we've called those people who buy problem houses and we just can't get rid of it as quickly as we need to. My fiance mentioned DIL but after reading through some of these posts, it doesn't sound like that's an option. His credit is completely crap now anyway...we've got collection agencies calling us constantly and what not. I was just wondering if anyone had any advice. Since my name wasn't on it in any way (i didn't even know him when he bought it) I could still buy a house in my name, right? He owes around $50,000 on the house still and we're currently about $1500 behind. We're in Nebraska. Any info or suggestions would be greatly appreciated.



        : (0)

  • Posted by NJDave on March 17, 2005 at 11:13:53:

    A copyrighted 'how to' manual was illegally copied, and offered for sale on Ebay.

    Since the intended proceeds from authorized sales were pledged to a charitable organization, this amounts to stealing from a charity...

    Please do not infer from this post an accusation, but does anyone know where I could get in touch with David Garcia and/or Daryl Sandoval?

    To continue my research, I'd like to have a chat with him.



    : (1)

    • Posted by Jim V on March 17, 2005 at 19:16:43:

      In Reply to: need info Posted by NJDave on March 17, 2005 at 11:13:53:

      Hi Dave,

      ©Copyrighted 'how to' manual was illegally copied, and offered for sale on Ebay.

      : Since the intended proceeds from authorized sales were pledged to a charitable organization, this amounts to stealing from a charity...

      : Please do not infer from this post an accusation, but does anyone know where I could get in touch with David Garcia and/or Daryl Sandoval?

      : To continue my research, I'd like to have a chat with him.:



      : (0)

  • Posted by MissLori on March 17, 2005 at 04:02:15:

    Im confused, after the auction of the property sold on a foreclosure, the owner that was forclosed on can still come back and repurchase the property??

    : (8)

    • Posted by Ray on March 19, 2005 at 04:26:31:

      In Reply to: Oregon-after the auction the prior owner can get it back? Posted by MissLori on March 17, 2005 at 04:02:15:

      : Im confused, after the auction of the property sold on a foreclosure, the owner that was forclosed on can still come back and repurchase the property??*******************************************************Copy of quick facts on Oregon: According if property was judicial or non-judicial. Read the rule of how to delay it etc. Oregon Foreclosure Law Summary





      Quick Facts - Judicial Foreclosure Available: Yes- Non-Judicial Foreclosure Available: Yes- Primary Security Instruments: Deed of Trust, Mortgage- Timeline: Typically 180 days- Right of Redemption: Yes- Deficiency Judgments Allowed: Yes In Oregon, 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, your home will be auctioned off to the highest bidder.

      In this type of foreclosure, the borrower may redeem the property by paying the purchase price, with interest, the foreclosure costs and the purchaser's expenses in operating and maintaining the property within 180 days after the date of sale. The borrower must file a notice no less than two (2) days and not more than thirty (30) with the sheriff to redeem.

      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: A notice of default must be recorded in the county where the property is located and the borrower and/or occupant of the property must be served with a copy of the notice at least 120 days before the scheduled foreclosure sale date.

      A copy of the notice must be published once a week for four (4) successive weeks, with the last notice being published at least twenty (20) days prior to the foreclosure sale.

      Said notice must contain a property description, recording information on the trust deed, a description of the default, the sum owing on the loan, the lender's election to sell and the date, time and place of sale. The borrower may cure the default at any time prior to foreclosure by paying all past due amounts, plus costs. The sale must be at auction to the highest bidder for cash. Any person, except the trustee, may bid at the sale, which take place between 9:00 am and 4:00 pm at the location stated in the notice of record.

      The sale may be postponed for up to 180 days from the original sale date if at least twenty (20) days advance notice is given, by mail, to the original recipients of the notice. A deficiency judgment cannot be obtained through a non-judicial foreclosure, but may be pursued when other foreclosure methods are used.

      Click here for more information on Oregon foreclosure laws.







      : (1)

      • Posted by Jim V on March 19, 2005 at 12:33:28:

        In Reply to: Re: Oregon-after the auction the prior owner can get it back? Posted by Ray on March 19, 2005 at 04:26:31:

        Ray,

        While perhaps you felt adding an Oregon synopsis was helpful, I think it kind of clouds the issue. The vast majority of Oregon foreclosures will be non-judicial, so there won't be any redemption. I don't know where you're getting your synopsis info from, but Hud doesn't even address judicial foreclosures in their timelines. Most insurers/servicers follow pretty much the same guidelines. The link is below, you have to scroll down a bit on that page to get to the timeline table. : : Im confused, after the auction of the property sold on a foreclosure, the owner that was forclosed on can still come back and repurchase the property??: *******************************************************: Copy of quick facts on Oregon: According if property was judicial or non-judicial. Read the rule of how to delay it etc. : Oregon Foreclosure Law Summary



        : Quick Facts : - Judicial Foreclosure Available: Yes: - Non-Judicial Foreclosure Available: Yes: - Primary Security Instruments: Deed of Trust, Mortgage: - Timeline: Typically 180 days: - Right of Redemption: Yes: - Deficiency Judgments Allowed: Yes : In Oregon, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

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

        : In this type of foreclosure, the borrower may redeem the property by paying the purchase price, with interest, the foreclosure costs and the purchaser's expenses in operating and maintaining the property within 180 days after the date of sale. The borrower must file a notice no less than two (2) days and not more than thirty (30) with the sheriff to redeem.

        : 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 default must be recorded in the county where the property is located and the borrower and/or occupant of the property must be served with a copy of the notice at least 120 days before the scheduled foreclosure sale date.

        : A copy of the notice must be published once a week for four (4) successive weeks, with the last notice being published at least twenty (20) days prior to the foreclosure sale.

        : Said notice must contain a property description, recording information on the trust deed, a description of the default, the sum owing on the loan, the lender's election to sell and the date, time and place of sale. : : The borrower may cure the default at any time prior to foreclosure by paying all past due amounts, plus costs. : : The sale must be at auction to the highest bidder for cash. Any person, except the trustee, may bid at the sale, which take place between 9:00 am and 4:00 pm at the location stated in the notice of record.

        : The sale may be postponed for up to 180 days from the original sale date if at least twenty (20) days advance notice is given, by mail, to the

        : (0)

    • Posted by Jim V on March 17, 2005 at 11:11:23:

      In Reply to: Oregon-after the auction the prior owner can get it back? Posted by MissLori on March 17, 2005 at 04:02:15:

      In Oregon, there is no legal redemption right for the owner to re-purchase the property.

      : Im confused, after the auction of the property sold on a foreclosure, the owner that was forclosed on can still come back and repurchase the property??



      : (5)

      • Posted by Nick(Colorado) on March 17, 2005 at 11:17:01:

        In Reply to: Re: Oregon-after the auction the prior owner can get it back Posted by Jim V on March 17, 2005 at 11:11:23:

        Jim V:

        There is a 180 day ROR in Oregon, if the sale was judicial.

        : (4)

        • Posted by Jim V on March 17, 2005 at 13:24:33:

          In Reply to: Re: Oregon-after the auction the prior owner can get it back Posted by Nick(Colorado) on March 17, 2005 at 11:17:01:

          Hi Nick,

          I debated about stating that was for non-judicial sales and decided not to. Good call, accuracy is more important than brevity.I don't know how many judicial sales there are, but I put a link that shows some of the non-judicial sales tomorrow in OR.

          : Jim V:

          : There is a 180 day ROR in Oregon, if the sale : was judicial.



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  • Posted by liz on March 16, 2005 at 21:05:59:

    I have found some good homes that are going into forclosure and have a trustee sale set up a couple of months from now. I want to try and purchase the home before the trustee sale. Do I just contact the current owner and offer to take over their mortgage and compensate them well if they deed the property over to me? I have seen some posting for houses assessed at 300k with a loan amount of 50k. What does this mean - can I get the property for 50k + whatever I have to give to the seller to have them deed it to me? It seems too good to be true...there must be more involved. Does anyone have any understanding of how the pre foreclosure process actually works? I would greatly appreciate and knowledge or insight you could pass on.Thanks!

    : (5)

    • Posted by Anthony on March 17, 2005 at 13:26:58:

      In Reply to: How to buy a Pre-forclosure - Does anyone know how it works? Posted by liz on March 16, 2005 at 21:05:59:

      :lizYou are right. You do contact the current owner, talk to them about there problem, offer to take over their mortage and most of the times they dont want compensation. all they want is out of the burden, the stress, the bills, and just plain feed-up.. It seems to good to be true... Yes it does, but its true. and yes There is more involved. you must have a contract, a Guarntee deed prepaired, and every property is different. You say you have seen posting for housese assessed at 300k with a loan amount of 50k and you want to know what that means. it means they owe 50k could be a first note, a second, a third and on and on. check with the title company. request for a preliminary title report. find out what the house is worth. call a realtor and as him what the neighborhood is going for (dont give him the address) he will go out and get the listing. pretend your trying to sell your house in that neighborhood. tell him you get back with him if you decided to sell. He will provide you with an estimate of value based on sqft. if indeed you find that there is but 50k on a 300k house you have just found a niddle in the haystack. What do you offer? Find out! How? contact the owners! What do i say? It all depends! depends on what? Your approach. What do you Mean? I mean are you going there to help. are you going there to do a win-win offer. are you there to take all you can take. Its all up to you. If you you want to make this work, be understanding, these folks are in deep do-do and they know it, they hate it. and they are being boombarded with all kind of letters, rude people knocking at there front door. so just be sensitive to their situation. and yes you can make a lot of money. If you find a property that is a jem. you will need assess your next step. what am i going to do with it? do i have the money to bring up the payments? is it worth bring up the back payments? Is the interst rate on the existing loan a loan worth keeping? What is the montly payment? what can i rent it for? and on and on....anyway if you do find something worth persueing and you dont know what to do email. me. i can walk you thru it or we can partner up on the deal and we can do it together, it only takes doing one deal or two and then your off and runing buy yourself. email me at anthonycelis@hotmail.com

      I have found some good homes that are going into forclosure and have a trustee sale set up a couple of months from now. I want to try and purchase the home before the trustee sale. Do I just contact the current owner and offer to take over their mortgage and compensate them well if they deed the property over to me? I have seen some posting for houses assessed at 300k with a loan amount of 50k. What does this mean - can I get the property for 50k + whatever I have to give to the seller to have them deed it to me? It seems too good to be true...there must be more involved. Does anyone have any understanding of how the pre foreclosure process actually works? I would greatly appreciate and knowledge or insight you could pass on.: Thanks!



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      • Posted by cynthia bolton on June 26, 2005 at 00:11:16:

        In Reply to: Re: How to buy a Pre-forclosure - Does anyone know how it works? Posted by Anthony on March 17, 2005 at 13:26:58:

        : :liz: You are right. You do contact the current owner, talk to them about there problem, offer to take over their mortage and most of the times they dont want compensation. all they want is out of the burden, the stress, the bills, and just plain feed-up.. It seems to good to be true... Yes it does, but its true. and yes There is more involved. you must have a contract, a Guarntee deed prepaired, and every property is different. You say you have seen posting for housese assessed at 300k with a loan amount of 50k and you want to know what that means. it means they owe 50k could be a first note, a second, a third and on and on. check with the title company. request for a preliminary title report. find out what the house is worth. call a realtor and as him what the neighborhood is going for (dont give him the address) he will go out and get the listing. pretend your trying to sell your house in that neighborhood. tell him you get back with him if you decided to sell. He will provide you with an estimate of value based on sqft. if indeed you find that there is but 50k on a 300k house you have just found a niddle in the haystack. What do you offer? Find out! How? contact the owners! What do i say? It all depends! depends on what? Your approach. What do you Mean? I mean are you going there to help. are you going there to do a win-win offer. are you there to take all you can take. Its all up to you. : If you you want to make this work, be understanding, these folks are in deep do-do and they know it, they hate it. and they are being boombarded with all kind of letters, rude people knocking at there front door. so just be sensitive to their situation. : and yes you can make a lot of money. : If you find a property that is a jem. you will need assess your next step. what am i going to do with it? do i have the money to bring up the payments? is it worth bring up the back payments? Is the interst rate on the existing loan a loan worth keeping? What is the montly payment? what can i rent it for? and on and on....: anyway if you do find something worth persueing and you dont know what to do email. me. : i can walk you thru it or we can partner up on the deal and we can do it together, it only takes doing one deal or two and then your off and runing buy yourself. email me at anthonycelis@hotmail.com

        : I have found some good homes that are going into forclosure and have a trustee sale set up a couple of months from now. I want to try and purchase the home before the trustee sale. Do I just contact the current owner and offer to take over their mortgage and compensate them well if they deed the property over to me? I have seen some posting for houses assessed at 300k with a loan amount of 50k. What does this mean - can I get the property for 50k + whatever I have to give to the seller to have them deed it to me? It seems too good to be true...there must be more involved. Does anyone have any understanding of how the pre foreclosure process actually works? I would greatly appreciate and knowledge or insight you could pass on.: : Thanks!



        : (1)

        • Posted by charlyrafael on July 31, 2005 at 16:13:01:

          In Reply to: Re: How to buy a Pre-forclosure - Does anyone know how it works? Posted by cynthia bolton on June 26, 2005 at 00:11:16:

          : : :liz: : You are right. You do contact the current owner, talk to them about there problem, offer to take over their mortage and most of the times they dont want compensation. all they want is out of the burden, the stress, the bills, and just plain feed-up.. It seems to good to be true... Yes it does, but its true. and yes There is more involved. you must have a contract, a Guarntee deed prepaired, and every property is different. You say you have seen posting for housese assessed at 300k with a loan amount of 50k and you want to know what that means. it means they owe 50k could be a first note, a second, a third and on and on. check with the title company. request for a preliminary title report. find out what the house is worth. call a realtor and as him what the neighborhood is going for (dont give him the address) he will go out and get the listing. pretend your trying to sell your house in that neighborhood. tell him you get back with him if you decided to sell. He will provide you with an estimate of value based on sqft. if indeed you find that there is but 50k on a 300k house you have just found a niddle in the haystack. What do you offer? Find out! How? contact the owners! What do i say? It all depends! depends on what? Your approach. What do you Mean? I mean are you going there to help. are you going there to do a win-win offer. are you there to take all you can take. Its all up to you. : : If you you want to make this work, be understanding, these folks are in deep do-do and they know it, they hate it. and they are being boombarded with all kind of letters, rude people knocking at there front door. so just be sensitive to their situation. : : and yes you can make a lot of money. : : If you find a property that is a jem. you will need assess your next step. what am i going to do with it? do i have the money to bring up the payments? is it worth bring up the back payments? Is the interst rate on the existing loan a loan worth keeping? What is the montly payment? what can i rent it for? and on and on....: : anyway if you do find something worth persueing and you dont know what to do email. me. : : i can walk you thru it or we can partner up on the deal and we can do it together, it only takes doing one deal or two and then your off and runing buy yourself. email me at anthonycelis@hotmail.com

          : : I have found some good homes that are going into forclosure and have a trustee sale set up a couple of months from now. I want to try and purchase the home before the trustee sale. Do I just contact the current owner and offer to take over their mortgage and compensate them well if they deed the property over to me? I have seen some posting for houses assessed at 300k with a loan amount of 50k. What does this mean - can I get the property for 50k + whatever I have to give to the seller to have them deed it to me? It seems too good to be true...there must be more involved. Does anyone have any understanding of how the pre foreclosure process actually works? I would greatly appreciate and knowledge or insight you could pass on.: : : Thanks!



          : (0)

      • Posted by DrBalch on June 24, 2005 at 23:27:01:

        In Reply to: Re: How to buy a Pre-forclosure - Does anyone know how it works? Posted by Anthony on March 17, 2005 at 13:26:58:

        Buy the 2nd deed of trust direct from a Trustee Service pre-forclosure and forclose on them yourself. The only trick is to keep the 1st deed in good standing and all the equity is yours in the end...

        e-mail me if you want more info on how to do this.



        : (0)

    • Posted by Anthony on March 17, 2005 at 13:25:49:

      In Reply to: How to buy a Pre-forclosure - Does anyone know how it works? Posted by liz on March 16, 2005 at 21:05:59:

      :lizYou are right. You do contact the current owner, talk to them about there problem, offer to take over their mortage and most of the times they dont want compensation. all they want is out of the burden, the stress, the bills, and just plain feed-up.. It seems to good to be true... Yes it does, but its true. and yes There is more involved. you must have a contract, a Guarntee deed prepaired, and every property is different. You say you have seen posting for housese assessed at 300k with a loan amount of 50k and you want to know what that means. it means they owe 50k could be a first note, a second, a third and on and on. check with the title company. request for a preliminary title report. find out what the house is worth. call a realtor and as him what the neighborhood is going for (dont give him the address) he will go out and get the listing. pretend your trying to sell your house in that neighborhood. tell him you get back with him if you decided to sell. He will provide you with an estimate of value based on sqft. if indeed you find that there is but 50k on a 300k house you have just found a niddle in the haystack. What do you offer? Find out! How? contact the owners! What do i say? It all depends! depends on what? Your approach. What do you Mean? I mean are you going there to help. are you going there to do a win-win offer. are you there to take all you can take. Its all up to you. If you you want to make this work, be understanding, these folks are in deep do-do and they know it, they hate it. and they are being boombarded with all kind of letters, rude people knocking at there front door. so just be sensitive to their situation. and yes you can make a lot of money. If you find a property that is a jem. you will need assess your next step. what am i going to do with it? do i have the money to bring up the payments? is it worth bring up the back payments? Is the interst rate on the existing loan a loan worth keeping? What is the montly payment? what can i rent it for? and on and on....anyway if you do find something worth persueing and you dont know what to do email. me. i can walk you thru it or we can partner up on the deal and we can do it together, it only takes doing one deal or two and then your off and runing buy yourself. email me at anthonycelis@hotmail.com

      I have found some good homes that are going into forclosure and have a trustee sale set up a couple of months from now. I want to try and purchase the home before the trustee sale. Do I just contact the current owner and offer to take over their mortgage and compensate them well if they deed the property over to me? I have seen some posting for houses assessed at 300k with a loan amount of 50k. What does this mean - can I get the property for 50k + whatever I have to give to the seller to have them deed it to me? It seems too good to be true...there must be more involved. Does anyone have any understanding of how the pre foreclosure process actually works? I would greatly appreciate and knowledge or insight you could pass on.: Thanks!



      : (0)

  • Posted by Blaine Landreman on March 16, 2005 at 16:15:47:

    After researching the foreclosure "lists" I have realized that they are limited lists. I have found many other foreclosed properties in my area that are not on these lists. It seems one has to contact local banks or other lending agencies to find these hidden properties. I understand these properties represent a loss for these agencies and therefore are not giving the information on them to the general pblic. Does anyone know any resources to get these forclosures without going through the bank? If not, then does anyone have any strategies to get this information out of the banks? So far all I have found is being a personal friend of someone in the bank.

    : (4)

  • Posted by angi on March 16, 2005 at 15:31:29:

    there was no signed paperwork.

    : (0)

  • Posted by angi hunter on March 16, 2005 at 12:37:52:

    Can a landlord evict us when the rent is paid up and there is no damage to the property. the only reason he wants me and my children to move is because my "ex" that i had put in jail for domestic violence is a friend of his. can he just tell us we have to move?

    : (2)

    • Posted by Nick(Colorado) on March 16, 2005 at 14:37:54:

      In Reply to: eviction rights Posted by angi hunter on March 16, 2005 at 12:37:52:

      Angi Hunter:

      Depends on local statue, but if the initialrental agrement has expired, the generalanswer is yes.

      : (1)

      • Posted by angi hunter on March 17, 2005 at 11:01:06:

        In Reply to: Re: eviction rights Posted by Nick(Colorado) on March 16, 2005 at 14:37:54:

        : Angi Hunter:

        : Depends on local statue, but if the initial: rental agrement has expired, the general: answer is yes.

        Nothing was ever signed, it was all verbal.Angi



        : (0)

  • Posted by me on March 15, 2005 at 11:26:43:

    after the end dates??

    ours ended yetsterday but here is the KICKER we just found out that the people who were going to loan us the money to pay it off called them to get the total amount and they told them they already OWNED the home BEFORE our time period was up!!!!

    i am beyond angry at this point and want to know if it is possible to get an extension on the redemtion period because if so we do have someone who is willing to pay this off for us

    live in MN

    thanks

    : (5)

    • Posted by Nick(Colorado) on March 15, 2005 at 12:28:04:

      In Reply to: ANyway to get a redemption period extended?? MN Posted by me on March 15, 2005 at 11:26:43:

      Me:

      You can check with local case law, but theend of the redeption period is a hard date.So no extention, unless you filed BNK 7/13 before the period was up.



      : (4)

      • Posted by me on March 15, 2005 at 15:56:53:

        In Reply to: Re: ANyway to get a redemption period extended?? MN Posted by Nick(Colorado) on March 15, 2005 at 12:28:04:

        well that just stinks!! lolthey kept telling us NOT to do that arghhhh!!!

        and the part that really makes me MAD MAD at myself is we kept paying on the 1st this entire time wahhhhhhhh

        : You can check with local case law, but the: end of the redeption period is a hard date.: So no extention, unless you filed BNK 7/13 : before the period was up.



        : (3)

        • Posted by Nick(Colorado) on March 15, 2005 at 18:05:53:

          In Reply to: thanks for the info Posted by me on March 15, 2005 at 15:56:53:

          Me:Me:

          You should contact the second, and seeif they will sell you the property. Just get tothem before it gets transferred to the REO department.

          : (2)

          • Posted by me on March 15, 2005 at 20:06:09:

            In Reply to: Re: thanks for the info Posted by Nick(Colorado) on March 15, 2005 at 18:05:53:

            would love it if they would havebut the people who were doing the consildation loan called them yesterday telling them they were working with us and that they could do it if they would give them a day or two longer and they told them no way that they own it and they are taking it over and selling it to get their money back...

            how crazy this has all been

            : (0)

          • Posted by Nick(Colorado) on March 15, 2005 at 18:06:29:

            In Reply to: Re: thanks for the info Posted by Nick(Colorado) on March 15, 2005 at 18:05:53:

            Me:

            You should contact the second, and seeif they will sell you the property. Just get tothem before it gets transferred to the REO department.

            : (0)

  • Posted by me on March 15, 2005 at 09:50:02:

    can sometimes come in and take your homeloan undewriters or something like thatwhere it has all kinds of horror stories about people that this has happened to and it gives you steps to take to protect yourself

    there is no doubt we were steamrolled out of our home and i want to find out if others have had this happen with the same company

    : (0)

  • Posted by Lesa on March 14, 2005 at 22:48:15:

    I am in Missouri. My home was bought with FHA assistance - have since refinanced 2x. MortgaGE now with Wilshire. They bought mortgage in November 2004. Previous forbearance agreement with prior mortgage co BUT Wilshire did not know about until they called asking "why are you paying $200 extra a month?" Faxed them forbearance agreement and all was cool. Late on Feb payment and received notice of intent letter with info on HUD help (specifically partial claim which would be perfect for my situation). Called Wilshire and they told me I could not do any of the HUD remedies since I "had no payment history with them (Wilshire)." Did work out another forbearance agreement with Wilshire, but it is going to be a real stretch.

    Is it worth it to call HUD or can I only get partial claim through Wilshire/lender?

    Any chance I could refi this year?

    If I could just get the back due part squared away, I am great going forward with the "normal" payment with no problem.

    Thanks.

    : (0)

  • Posted by mario on March 14, 2005 at 21:38:26:

    I have the opportunity to purchase property on the court house steps, but my main conecrn is after i win the bid will i be responsible for any iens on the property or are they wiped out clean. Arent the creditors given the opportunity to purchase thier share at auction. I will be attending the auction in broward county.

    : (1)

    • Posted by Nick(Colorado) on March 15, 2005 at 12:25:50:

      In Reply to: are liens wiped out after forecloser auction Posted by mario on March 14, 2005 at 21:38:26:

      Mario:

      Some liens will be wiped from title, somewill remain, some will have an ROR. You needto learn which is which.

      : (0)

  • Posted by me on March 14, 2005 at 19:40:43:

    ok here is the short of it...we did find someone to give us a conslidation loan .. however i guess it is a day too late!!!

    our redemtion period ended today and when they called the lawyer for the 2nd who is the ones who foreclosed they told the people working on our loan that there was no way they would extend it at all not even one more day to let the bank get them the money

    here is the KICKERWells Fargo home Equity is the ones who closedWells Fargo Home Mortgage is who has our 1st and the big one

    guess who was willing to bail us out...Wells Fargo Financial

    argh i am sooo angry!!!when we called that lawyer to get the pay off amount last thursday telling him that we needed in to pay him monday he said oh well am not sure what it is and just have them call me monday...

    ugh i can not beleive this is happening!!! and that we have someone who was willing to help us out and now that will not happen

    yet we got a letter from the lawyer saying we can indeed stay here until April 31st while we look for another place to live

    and i have the people from the 1st telling me not to move out until they tell us to since we are/were current with them until this week as i am not going to pay them now that the 2nd is not willing to work it out

    so anyone have any advice for us at all at this point

    i am so angry that we have been railroaded like this from the start of it all !!!

    they changed the pay date on us and that is how this got started to begin with

    thanks for any thoughts anyone can share!!

    : (3)

    • Posted by SpyBoy on March 30, 2005 at 17:04:30:

      In Reply to: so angry now at Wells Fargo!!!-MN Posted by me on March 14, 2005 at 19:40:43:

      : ok here is the short of it...we did find someone to give us a conslidation loan .. however i guess it is a day too late!!!

      : our redemtion period ended today and when they called the lawyer for the 2nd who is the ones who foreclosed they told the people working on our loan that there was no way they would extend it at all not even one more day to let the bank get them the money

      : here is the KICKER: Wells Fargo home Equity is the ones who closed: Wells Fargo Home Mortgage is who has our 1st and the big one

      : guess who was willing to bail us out...: Wells Fargo Financial

      : argh i am sooo angry!!!: when we called that lawyer to get the pay off amount last thursday telling him that we needed in to pay him monday he said oh well am not sure what it is and just have them call me monday...

      : ugh i can not beleive this is happening!!! and that we have someone who was willing to help us out and now that will not happen

      : yet we got a letter from the lawyer saying we can indeed stay here until April 31st while we look for another place to live

      : and i have the people from the 1st telling me not to move out until they tell us to since we are/were current with them until this week as i am not going to pay them now that the 2nd is not willing to work it out

      : so anyone have any advice for us at all at this point

      : i am so angry that we have been railroaded like this from the start of it all !!!

      : they changed the pay date on us and that is how this got started to begin with

      : thanks for any thoughts anyone can share!!

      As To WELLS FARGO, and its subsidiaries, and how they operate, check out this "Issue Paper";

      www.responsiblelending.orglink to Issue Papersto "A Review of Well Fargo's Subprime Lending"

      You'll see that there is:

      Wells Fargo & Company;

      Wells Fargo Financial;

      Wells Fargo Home Mortgage; AND

      a "special default management team" which is not named (pg 4, paragraph 3).

      Knowledge is potential power, its how we use it (apply it) that determines its value, and results.

      SpyBoy

      : (0)

    • Posted by SpyBoy on March 30, 2005 at 16:55:16:

      In Reply to: so angry now at Wells Fargo!!!-MN Posted by me on March 14, 2005 at 19:40:43:

      : ok here is the short of it...we did find someone to give us a conslidation loan .. however i guess it is a day too late!!!

      : our redemtion period ended today and when they called the lawyer for the 2nd who is the ones who foreclosed they told the people working on our loan that there was no way they would extend it at all not even one more day to let the bank get them the money

      : here is the KICKER: Wells Fargo home Equity is the ones who closed: Wells Fargo Home Mortgage is who has our 1st and the big one

      : guess who was willing to bail us out...: Wells Fargo Financial

      : argh i am sooo angry!!!: when we called that lawyer to get the pay off amount last thursday telling him that we needed in to pay him monday he said oh well am not sure what it is and just have them call me monday...

      : ugh i can not beleive this is happening!!! and that we have someone who was willing to help us out and now that will not happen

      : yet we got a letter from the lawyer saying we can indeed stay here until April 31st while we look for another place to live

      : and i have the people from the 1st telling me not to move out until they tell us to since we are/were current with them until this week as i am not going to pay them now that the 2nd is not willing to work it out

      : so anyone have any advice for us at all at this point

      : i am so angry that we have been railroaded like this from the start of it all !!!

      : they changed the pay date on us and that is how this got started to begin with

      : thanks for any thoughts anyone can share!!



      : (0)

    • Posted by me on March 15, 2005 at 09:46:17:

      In Reply to: so angry now at Wells Fargo!!!-MN Posted by me on March 14, 2005 at 19:40:43:

      for a loan??we now are going to go and file Chapter7 since the house will be foreclosed onand we are wondering how long after all this mess can we think about trying for a loan on a new place to live??

      : (0)

  • Posted by Stan on March 14, 2005 at 16:33:13:

    Does anyone know if you can get a mortgage loan through a traditional lender to buy a foreclosure or do you need to have all cash in order to buy.

    : (3)

    • Posted by Jim V on March 15, 2005 at 00:39:25:

      In Reply to: Buying a foreclosure Posted by Stan on March 14, 2005 at 16:33:13:

      If you are looking to buy a foreclosure after the auction, you can use a traditional lender.

      If you are looking to buy what I would call either a pre-foreclosure, or auction property, you'll either need cash, or a quickly available source of funds.I can't provide a more concise answer without knowing exactly what you consider a "foreclosure".

      : Does anyone know if you can get a mortgage loan through a traditional lender to buy a foreclosure or do you need to have all cash in order to buy.



      : (2)

      • Posted by Stan on March 16, 2005 at 16:27:10:

        In Reply to: Re: That depends. Posted by Jim V on March 15, 2005 at 00:39:25:

        I keep hearing that you should be able to get into a "foreclosure" for a lot less than the market price. If you are trying to get financing through a bank or mortgage company on one of these then you will have to have an appraisal, title work and home inspection. What happens is that you are out of luck if all of a sudden the foreclosed seller is able to come up with the money to bring their payments current. Now I have paid for an appraisal and home inspection and I got to look else where for a home to purchase. It's a tough call.

        : If you are looking to buy a foreclosure after the auction, you can use a traditional lender.

        : If you are looking to buy what I would call either a pre-foreclosure, or auction property, you'll either need cash, or a quickly available source of funds.: I can't provide a more concise answer without knowing exactly what you consider a "foreclosure".

        : : Does anyone know if you can get a mortgage loan through a traditional lender to buy a foreclosure or do you need to have all cash in order to buy.



        : (0)

      • Posted by Stan on March 16, 2005 at 16:21:16:

        In Reply to: Re: That depends. Posted by Jim V on March 15, 2005 at 00:39:25:

        : If you are looking to buy a foreclosure after the auction, you can use a traditional lender.

        : If you are looking to buy what I would call either a pre-foreclosure, or auction property, you'll either need cash, or a quickly available source of funds.: I can't provide a more concise answer without knowing exactly what you consider a "foreclosure".

        : : Does anyone know if you can get a mortgage loan through a traditional lender to buy a foreclosure or do you need to have all cash in order to buy.



        : (0)

  • Posted by Patti Andries on March 14, 2005 at 13:46:05:

    My property was in Louisiana. After my divorce, I had to file bankruptcy. Before filing, I was asked to sign a quit deed claim on my home. I included my home in the bankruptcy. My ex-husband kept the home for over a year and then let it go into foreclosure. Should my credit be affected by the bankruptcy and the foreclosure. I was turned down for a loan because of the foreclosure. However, the loan officer said that if I could get something from the credit bureau that would state that I should not have a foreclosure on my report, they would reconsider. Could you please explain foreclosure after bankruptcy as well as how signing the quit deed claim affected me? Thank You

    : (3)

    • Posted by Janie on March 16, 2005 at 21:55:37:

      In Reply to: foreclosure after bankruptcy Posted by Patti Andries on March 14, 2005 at 13:46:05:

      I'm not an expert, but I know a little about bankruptcy, God Help.

      You say you included the home in the bankruptcy? What you did and how you did will determine if you have any recourse.

      Check your bankruptcy papers for the Statement of Intention page. There is where you would have listed the home as a secured asset and then made claim for either retaining that debtor, or surrendering it the creditor i.e. lien holder.

      If you surrendered it to the lien holder, make a certified copy of that page and send copies to all the credit reporting bureaus demanding they remove the erroneous information.

      Now, on a different note. You say you quit claimed the property to your husband.

      Are you aware that a Quit Claim does not hold the legal ties that a Grant Deed does? Did you verify if the deed had been recorded with the local county registrar?

      There are so many variables that its near impossible to guide you.

      Check your BK papers but also check the county recorders for who held title on the property when it was auctioned.



      : My property was in Louisiana. After my divorce, I had to file bankruptcy. Before filing, I was asked to sign a quit deed claim on my home. I included my home in the bankruptcy. My ex-husband kept the home for over a year and then let it go into foreclosure. : Should my credit be affected by the bankruptcy and the foreclosure. I was turned down for a loan because of the foreclosure. However, the loan officer said that if I could get something from the credit bureau that would state that I should not have a foreclosure on my report, they would reconsider. Could you please explain foreclosure after bankruptcy as well as how signing the quit deed claim affected me? Thank You



      : (2)

      • Posted by David on June 13, 2005 at 15:40:12:

        In Reply to: Re: foreclosure after bankruptcy Posted by Janie on March 16, 2005 at 21:55:37:

        Subsequent question:

        I had the same issue, I filed a bankruptcy in 02 and had quitclaimed the title to a home in 99 to a buyer (it was a simple assumption). That buyer subsequently went into foreclosure on the property and even though (as a pre-caution)I declared the debt in the Chapter 7, they hit me with the foreclosure on my credit report. Even though their attorney filed a motion to release me since after his review, realized the home was declared in the Chapter 7. What recourse is available? The bankruptcy is bad enough, but the subsequent damage to the credit for the foreclosure has made it worse!

        : (1)

        • Posted by Janie on June 23, 2005 at 09:03:29:

          In Reply to: Re: foreclosure after bankruptcy Posted by David on June 13, 2005 at 15:40:12:



          Here's an excellent place to start. It's the Where's the Justice For All? web site. Don't let the name put you off. It is a wealth of information. The site is for victims of fraud denied justice and then dumped into the civil courts to undo the crime against them.

          The site has excellent information and insight for people having to represent themselves in civil court to undo the damage.

          One of the sections is undoing false information on your credit report.

          Go to the link below and you'll see a list of items with a brief description of what the page is about. Click on the one that fits.

          I recommend starting with the one about the national study showing that 4 out of 5 credit reports are false.

          The pages have a list of places to contact and how to undo the damage.

          Where's the Justice For All?

          http://www.wjfa.net/cc/credit.html



          : Subsequent question:

          : I had the same issue, I filed a bankruptcy in 02 and had quitclaimed the title to a home in 99 to a buyer (it was a simple assumption). That buyer subsequently went into foreclosure on the property and even though (as a pre-caution)I declared the debt in the Chapter 7, they hit me with the foreclosure on my credit report. Even though their attorney filed a motion to release me since after his review, realized the home was declared in the Chapter 7. What recourse is available? The bankruptcy is bad enough, but the subsequent damage to the credit for the foreclosure has made it worse!



          : (0)

  • Posted by Debbie on March 14, 2005 at 13:32:46:

    I've tried selling for six months, short-sale and nothing has happened. Deadline is approaching - if I do a Deed in Lieu, how is it reported on my credit report? Lates every month even after I quitclaim it back to the lender??

    : (1)

    • Posted by anthony on March 17, 2005 at 14:40:27:

      In Reply to: DIL-What is reported on credit report???? Posted by Debbie on March 14, 2005 at 13:32:46:

      : Most lender will not accept a deed inlieu if the loan is an FHA loan. the federal government guarentees the loan so they have noting to loose. how is it reported on your credit report? they report it as a forclosure. even if you quitclaim the property back to them they still did not get monthly payments and they show because I've tried selling for six months, short-sale and nothing has happened. Deadline is approaching - if I do a Deed in Lieu, how is it reported on my credit report? Lates every month even after I quitclaim it back to the lender??



      : (0)

  • Posted by KT on March 13, 2005 at 15:31:07:

    omg someone please help me. To make long story short...bankruptcy will be 2 years old in July 2005, just got sommons for foreclosure on mobile home that we owe more on than we borrowed 4 1/2 years ago, listened to stupid soon to be X-hubby and reafirmed in bankruptcy,I could have caught up payments but unemployment office is dragging, told mortgage company that I can catch up when I get my money, mortgage company let me make one payment and gave me a deferment til April but still went ahead with the foreclosure. How do I answer the summons? It doesn't come with instructions. Bankruptcy was chapter 7, can this be reopened? or Is it possible to do chapter 13?

    : (5)

    • Posted by Janie on March 16, 2005 at 22:03:08:

      In Reply to: foreclosure and bankruptcy Indiana Posted by KT on March 13, 2005 at 15:31:07:

      No you cannot reopen the BK for this debt because you reaffirmed. This why creditors push for reaffirming to keep doing what you want to do.

      As for answering the summons, you're in the wrong group. These people here are not legal types and even if they were, they would be prohibited from doling out advice.

      Try some yahoo groups that are pro pers helping eaching other:

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

      http://groups.yahoo.com/group/pro-se/

      Try to stay calm. I know its hard, but if you panic, you won't be able to focus on what needs to be done.

      Have you thought about selling and starting over?







      : omg someone please help me. To make long story short...bankruptcy will be 2 years old in July 2005, just got sommons for foreclosure on mobile home that we owe more on than we borrowed 4 1/2 years ago, listened to stupid soon to be X-hubby and reafirmed in bankruptcy,I could have caught up payments but unemployment office is dragging, told mortgage company that I can catch up when I get my money, mortgage company let me make one payment and gave me a deferment til April but still went ahead with the foreclosure. How do I answer the summons? It doesn't come with instructions. Bankruptcy was chapter 7, can this be reopened? or Is it possible to do chapter 13?



      : (0)

    • Posted by Ray on March 13, 2005 at 18:11:52:

      In Reply to: foreclosure and bankruptcy Indiana Posted by KT on March 13, 2005 at 15:31:07:

      : omg someone please help me. To make long story short...bankruptcy will be 2 years old in July 2005, just got sommons for foreclosure on mobile home that we owe more on than we borrowed 4 1/2 years ago, listened to stupid soon to be X-hubby and reafirmed in bankruptcy,I could have caught up payments but unemployment office is dragging, told mortgage company that I can catch up when I get my money, mortgage company let me make one payment and gave me a deferment til April but still went ahead with the foreclosure. How do I answer the summons? It doesn't come with instructions. Bankruptcy was chapter 7, can this be reopened? or Is it possible to do chapter 13?

      Sure it should be able to gt it taken care of thru the court. Contact your lawyer.



      : (2)

      • Posted by KT on March 13, 2005 at 18:14:33:

        In Reply to: Re: foreclosure and bankruptcy Indiana Posted by Ray on March 13, 2005 at 18:11:52:

        : : omg someone please help me. To make long story short...bankruptcy will be 2 years old in July 2005, just got sommons for foreclosure on mobile home that we owe more on than we borrowed 4 1/2 years ago, listened to stupid soon to be X-hubby and reafirmed in bankruptcy,I could have caught up payments but unemployment office is dragging, told mortgage company that I can catch up when I get my money, mortgage company let me make one payment and gave me a deferment til April but still went ahead with the foreclosure. How do I answer the summons? It doesn't come with instructions. Bankruptcy was chapter 7, can this be reopened? or Is it possible to do chapter 13?

        : Sure it should be able to gt it taken care of thru the court. Contact your lawyer.

        Would you happen to know how I go about replying to the summons?

        : (1)

        • Posted by Darrell Taylor on March 17, 2005 at 11:51:25:

          In Reply to: Re: foreclosure and bankruptcy Indiana Posted by KT on March 13, 2005 at 18:14:33:

          : : : omg someone please help me. To make long story short...bankruptcy will be 2 years old in July 2005, just got sommons for foreclosure on mobile home that we owe more on than we borrowed 4 1/2 years ago, listened to stupid soon to be X-hubby and reafirmed in bankruptcy,I could have caught up payments but unemployment office is dragging, told mortgage company that I can catch up when I get my money, mortgage company let me make one payment and gave me a deferment til April but still went ahead with the foreclosure. How do I answer the summons? It doesn't come with instructions. Bankruptcy was chapter 7, can this be reopened? or Is it possible to do chapter 13?

          : : Sure it should be able to gt it taken care of thru the court. Contact your lawyer.

          : Would you happen to know how I go about replying to the summons?

          My company helps people in foreclosure thru Loss Mitigation. We deal directly with the mortgage company to help people save their homes. Shoot me an email and let's see what we can do. DT

          : (0)

    • Posted by Ray on March 13, 2005 at 18:10:33:

      In Reply to: foreclosure and bankruptcy Indiana Posted by KT on March 13, 2005 at 15:31:07:

      : omg someone please help me. To make long story short...bankruptcy will be 2 years old in July 2005, just got sommons for foreclosure on mobile home that we owe more on than we borrowed 4 1/2 years ago, listened to stupid soon to be X-hubby and reafirmed in bankruptcy,I could have caught up payments but unemployment office is dragging, told mortgage company that I can catch up when I get my money, mortgage company let me make one payment and gave me a deferment til April but still went ahead with the foreclosure. How do I answer the summons? It doesn't come with instructions. Bankruptcy was chapter 7, can this be reopened? or Is it possible to do chapter 13?

      Sure it should be able to gt it taken care of thru the court. Contact your lawyer.



      : (0)

  • Posted by So Cal Investor on March 12, 2005 at 14:34:24:

    I am seeking investor (s) interested in NO-MONEY-DOWN deals that will produce positive cash flow and generate significant appreciation with minimal risk. As an investor, you will need good credit, minimum credit score of 680. For More Information, please e-mail me at socalinvestor@sendfree.com

    : (0)

  • Posted by Mike on March 11, 2005 at 22:06:48:

    In Iowa how do you file a "Demand for delay of sale"?Do i need any special forms? Where do i file the demand?

    : (2)

    • Posted by Darrell Taylor on March 17, 2005 at 11:55:08:

      In Reply to: Delay of sale Posted by Mike on March 11, 2005 at 22:06:48:

      : In Iowa how do you file a "Demand for delay of sale"?: Do i need any special forms? Where do i file the demand?

      Are you in foreclosure now? What is the sale date?



      : (1)

      • Posted by Paul Hobson on April 02, 2005 at 01:10:09:

        In Reply to: Re: Delay of sale Posted by Darrell Taylor on March 17, 2005 at 11:55:08:

        : : In Iowa how do you file a "Demand for delay of sale"?: : Do i need any special forms? Where do i file the demand?

        : Are you in foreclosure now? What is the sale date?

        Darrell, I specialize in the Des Moines, Iowa market and you can be assured the only way to get a delay of sale is approval by the foreclosing attorney in very unique situations. By Iowa law, the attorney can delay the sale for 2 times of 3 days each for (basically) filing release paperwork and verifying all expenses have been paid. I bought a pre-foreclosure 2 weeks ago and even though I had a cashiers check for the entire amount in the attorney's hands the afternoon before, he had to get authorization from the lender to delay it. This week a realtor didn't get through to the attorney in time before sale and an already recorded (warranty deed) for a property was sold post closing.

        : (0)

  • Posted by Sue on March 11, 2005 at 09:21:36:

    We are also in foreclosure by our 1st mortgage,our 2nd is Homecoming. We have not really heard much from Homecoming these last few months until we received a letter from them saying that they had transfered our mortgage to another Co. Rescomm Holdings No. 2, LLC. Isurfed the web on this Co. and found nothing. What are they up too, I don't trust these snakes at all.

    : (20)

    • Posted by Alicia Bradley on July 19, 2005 at 19:16:48:

      In Reply to: Homecoming Financial Posted by Sue on March 11, 2005 at 09:21:36:

      I may be able to you you all I cna reached by email above even if you are in BK or foreclosure status.

      : (0)

    • Posted by Sue on June 06, 2005 at 21:49:50:

      In Reply to: Homecoming Financial Posted by Sue on March 11, 2005 at 09:21:36:

      Well I guess I made some people a little uneasy with my opinions on Rescomm, Homecoming, United Mortgage andMERS. Funny how that works I posted my comments on MERS, as I read it in RIP OFF.COM, and mysteriously it disappears off the site. H-MMMM good thing I printed it out and sent it to my attorney. Also I went on the Dept. of finance in North Carolina, and now mysteriously United Mortgage and Loan has changed owners. WOW........ There all hooked together (MERS,Homecoming, Rescomm I,II., United Mortgage and Loan, which also by the way is United Collections. I think we've got WOLVES on here in sheeps clothing!!!!!wouldn't you say so Bill H , Steele........Predatory investors, whatever LOOSERS LOL



      : (2)

      • Posted by Ricky Banks on July 08, 2005 at 11:25:36:

        In Reply to: Re: Homecoming Financial Posted by Sue on June 06, 2005 at 21:49:50:

        : Well I guess I made some people a little uneasy with my opinions on Rescomm, Homecoming, United Mortgage and: MERS. Funny how that works I posted my comments on MERS, as I read it in RIP OFF.COM, and mysteriously it disappears off the site. H-MMMM good thing I printed it out and sent it to my attorney. Also I went on the Dept. of finance in North Carolina, and now mysteriously United Mortgage and Loan has changed owners. WOW........ There all hooked together (MERS,Homecoming, Rescomm I,II., United Mortgage and Loan, which also by the way is United Collections. I think we've got WOLVES on here in sheeps clothing!!!!!: wouldn't you say so Bill H , Steele........Predatory investors, whatever LOOSERS LOL



        : (0)

      • Posted by Admin on June 07, 2005 at 01:45:30:

        In Reply to: Re: Homecoming Financial Posted by Sue on June 06, 2005 at 21:49:50:

        Sue,

        People post their opinions/thoughts, whether you agree with them is something different, but most posters try to keep personal frustrations out of the discussion.There were two posts I found that might be what you are referring to, but they aren't part of this thread, so you'd have to look for their position on the board.http://www.all-foreclosure.com/forum/messages/16950.htmlhttp://www.all-foreclosure.com/forum/messages/17011.html

        Messages normally don't get deleted unless they are an ad, contain profanity, or are a blatant attack on another poster's opinion. Discussion is welcomed.

        As I see this situation so far, you're implying Bill H and Steele are predatory investors although if you read the board it's obvious they freely provide information and advice for those who need it. You're claiming your messages are deleted when, in fact, they are still where you posted them, and this Homecoming Financial thread is still on the board for those who have an interest in the subject.

        So, really, you're making unfounded accusations that conflict with the spirit of sharing knowledge which is what makes any decent board work.

        : Well I guess I made some people a little uneasy with my opinions on Rescomm, Homecoming, United Mortgage and: MERS. Funny how that works I posted my comments on MERS, as I read it in RIP OFF.COM, and mysteriously it disappears off the site. H-MMMM good thing I printed it out and sent it to my attorney. Also I went on the Dept. of finance in North Carolina, and now mysteriously United Mortgage and Loan has changed owners. WOW........ There all hooked together (MERS,Homecoming, Rescomm I,II., United Mortgage and Loan, which also by the way is United Collections. I think we've got WOLVES on here in sheeps clothing!!!!!: wouldn't you say so Bill H , Steele........Predatory investors, whatever LOOSERS LOL



        : (0)

    • Posted by Sue on June 06, 2005 at 21:49:19:

      In Reply to: Homecoming Financial Posted by Sue on March 11, 2005 at 09:21:36:

      Well I guess I made some people a little uneasy with my opinions on Rescomm, Homecoming, United Mortgage andMERS. Funny how that works I posted my comments on MERS, as I read it in RIP OFF.COM, and mysteriously it disappears off the site. H-MMMM good thing I printed it out and sent it to my attorney. Also I went on the Dept. of finance in North Carolina, and now mysteriously United Mortgage and Loan has changed owners. WOW........ There all hooked together (MERS,Homecoming, Rescomm I,II., United Mortgage and Loan, which also by the way is United Collections. I think we've got WOLVES on here in sheeps clothing!!!!!wouldn't you say so Bill H , Steele........Predatory investors, whatever LOOSERS LOL



      : (0)

    • Posted by Sue on June 06, 2005 at 21:39:35:

      In Reply to: Homecoming Financial Posted by Sue on March 11, 2005 at 09:21:36:

      : We are also in foreclosure by our 1st mortgage,our 2nd is Homecoming. We have not really heard much from Homecoming these last few months until we received a letter from them saying that they had transfered our mortgage to another Co. Rescomm Holdings No. 2, LLC. I: surfed the web on this Co. and found nothing. What are they up too, I don't trust these snakes at all.



      : (0)

    • Posted by Sharon Walker on June 06, 2005 at 14:39:43:

      In Reply to: Homecoming Financial Posted by Sue on March 11, 2005 at 09:21:36:

      : We are also in foreclosure by our 1st mortgage,our 2nd is Homecoming. We have not really heard much from Homecoming these last few months until we received a letter from them saying that they had transfered our mortgage to another Co. Rescomm Holdings No. 2, LLC. I: surfed the web on this Co. and found nothing. What are they up too, I don't trust these snakes at all.



      : (0)

    • Posted by Pieri Burton on May 11, 2005 at 09:58:33:

      In Reply to: Homecoming Financial Posted by Sue on March 11, 2005 at 09:21:36:

      : We are also in foreclosure by our 1st mortgage,our 2nd is Homecoming. We have not really heard much from Homecoming these last few months until we received a letter from them saying that they had transfered our mortgage to another Co. Rescomm Holdings No. 2, LLC. I: surfed the web on this Co. and found nothing. What are they up too, I don't trust these snakes at all.

      I hear stories like these everyday.. Please call me and we can discuss ways to help you re-establish your credit and save your home.. my number is 1-800-210-8505 ext 3698

      : (0)

    • Posted by celeste patterson on May 11, 2005 at 07:25:16:

      In Reply to: Homecoming Financial Posted by Sue on March 11, 2005 at 09:21:36:

      : We are also in foreclosure by our 1st mortgage,our 2nd is Homecoming. We have not really heard much from Homecoming these last few months until we received a letter from them saying that they had transfered our mortgage to another Co. Rescomm Holdings No. 2, LLC. I: surfed the web on this Co. and found nothing. What are they up too, I don't trust these snakes at all.



      : (0)

    • Posted by Darrell Taylor on March 17, 2005 at 11:57:36:

      In Reply to: Homecoming Financial Posted by Sue on March 11, 2005 at 09:21:36:

      : We are also in foreclosure by our 1st mortgage,our 2nd is Homecoming. We have not really heard much from Homecoming these last few months until we received a letter from them saying that they had transfered our mortgage to another Co. Rescomm Holdings No. 2, LLC. I: surfed the web on this Co. and found nothing. What are they up too, I don't trust these snakes at all.

      Have you considered Loss Mitigation to help save your home?



      : (9)

    • Posted by Bill on March 14, 2005 at 14:30:56:

      In Reply to: Homecoming Financial Posted by Sue on March 11, 2005 at 09:21:36:

      : We are also in foreclosure by our 1st mortgage,our 2nd is Homecoming. We have not really heard much from Homecoming these last few months until we received a letter from them saying that they had transfered our mortgage to another Co. Rescomm Holdings No. 2, LLC. I: surfed the web on this Co. and found nothing. What are they up too, I don't trust these snakes at all.

      I suspect that your mortgage along with others was sold in bulk to the new mortgage holder and that Homecoming is just notifying the mortgagors so they know where to make their payments. Second lien holders rarely bid at foreclosures, as they don't want to advance the money to pay off the first for the little if any equity that they may have in the property. Depending upon the state if the 2nd can make the back and monthly payments on the 1st, this could change their decision but not likely. The 2nd would have to have a ton of equity to induce them to do it.

      : (0)

  • Posted by Joe on March 10, 2005 at 16:22:54:

    Hi,

    I was wondering if you can recover money from as the holder of a second Trust Deed after foreclosure. Lets say that after foreclosure, the money is only enough to satisfy the gov't lien and the 1st Trust Deed. Could I, as a 2nd sue the borrower? Or am I just screwed?

    Any help would be appreciated. Could you guys please e-mail me an answer. Thanks

    : (6)

    • Posted by Don on March 12, 2005 at 21:27:29:

      In Reply to: 2nd Trust Deed Question Posted by Joe on March 10, 2005 at 16:22:54:

      : Hi,

      : I was wondering if you can recover money from as the holder of a second Trust Deed after foreclosure. Lets say that after foreclosure, the money is only enough to satisfy the gov't lien and the 1st Trust Deed. Could I, as a 2nd sue the borrower? Or am I just screwed?

      : Any help would be appreciated. Could you guys please e-mail me an answer. Thanks

      The question is AFTER foreclosure. I don't know of any way you can use the property as colleteral AFTERforeclosure. If you had paid the arrears before theforeclosure you could have sued first to protect yourself. But the debt is a debt and a good attorney may garnish his wages to get his attention unless it has gone into a bankruptcy and has been dismissed. This is not to be misconstrued as legal advice.



      : (0)

    • Posted by Don on March 12, 2005 at 21:26:13:

      In Reply to: 2nd Trust Deed Question Posted by Joe on March 10, 2005 at 16:22:54:

      : Hi,

      : I was wondering if you can recover money from as the holder of a second Trust Deed after foreclosure. Lets say that after foreclosure, the money is only enough to satisfy the gov't lien and the 1st Trust Deed. Could I, as a 2nd sue the borrower? Or am I just screwed?

      : Any help would be appreciated. Could you guys please e-mail me an answer. Thanks

      The question is AFTER foreclosure. I don't know of any way you can use the property as colleteral AFTERforeclosure. If you had paid the arrears before theforeclosure you could have sued first to protect yourself. But the debt is a debt and a good attorney may garnish his wages to get his attention unless it has gone into a bankruptcy and has been dismissed. This is not to be misconstrued as legal advice.



      : (0)

    • Posted by Bill H on March 11, 2005 at 19:43:57:

      In Reply to: 2nd Trust Deed Question Posted by Joe on March 10, 2005 at 16:22:54:

      : Hi,

      : I was wondering if you can recover money from as the holder of a second Trust Deed after foreclosure. Lets say that after foreclosure, the money is only enough to satisfy the gov't lien and the 1st Trust Deed. Could I, as a 2nd sue the borrower? Or am I just screwed?

      : Any help would be appreciated. Could you guys please e-mail me an answer. Thanks

      You say you are in a scond position but in the text you say....."Lets say that after foreclosure, the money is only enough to satisfy the gov't lien and the 1st Trust Deed...." That puts something out of whack.Ist TD is First.2nd TD is Second.Gov't Lien is ???

      ---OR---1st TD is First.Gov't liens is second.

      Your TD is ???? position?

      IN either case you are not completely screwed as you put it. Your Td is wiped from the title to the property and becomes and unsecured lien. YOu would have to go to court, etc and perfect it and then try and get $$$.

      Good Luck,Bill H



      : (2)

      • Posted by Jim V on March 11, 2005 at 21:28:11:

        In Reply to: Re: 2nd Trust Deed Question Posted by Bill H on March 11, 2005 at 19:43:57:

        I agree with your interpretation, but the question does remain "What is that gov't lien?". If it's IRS, it's quite possible that they are junior to the second, and as such would be paid after excess proceeds were paid to Joe.

        I suppose we wait and see if Joe can add enough additional information to take some of the guesswork out of it.

        Only thing I'd potentially disagree on is the pontential collectability of an unsecured debt after a borrower has gone through foreclosure. Your comment "try and get $$$" pretty much sums it up, I'd say it's more likely to be written off, rather than collected.

        : : Hi,

        : : I was wondering if you can recover money from as the holder of a second Trust Deed after foreclosure. Lets say that after foreclosure, the money is only enough to satisfy the gov't lien and the 1st Trust Deed. Could I, as a 2nd sue the borrower? Or am I just screwed?

        : : Any help would be appreciated. Could you guys please e-mail me an answer. Thanks

        : You say you are in a scond position but in the text you say....."Lets say that after foreclosure, the money is only enough to satisfy the gov't lien and the 1st Trust Deed...." That puts something out of whack.: Ist TD is First.: 2nd TD is Second.: Gov't Lien is ???

        : ---OR---: 1st TD is First.: Gov't liens is second.

        : Your TD is ???? position?

        : IN either case you are not completely screwed as you put it. Your Td is wiped from the title to the property and becomes and unsecured lien. YOu would have to go to court, etc and perfect it and then try and get $$$.

        : Good Luck,: Bill H



        : (1)

        • Posted by Bill H on March 12, 2005 at 14:36:30:

          In Reply to: Re: Thanks Bill. Posted by Jim V on March 11, 2005 at 21:28:11:

          : I agree with your interpretation, but the question does remain "What is that gov't lien?". If it's IRS, it's quite possible that they are junior to the second, and as such would be paid after excess proceeds were paid to Joe.

          : I suppose we wait and see if Joe can add enough additional information to take some of the guesswork out of it.

          : Only thing I'd potentially disagree on is the pontential collectability of an unsecured debt after a borrower has gone through foreclosure. Your comment "try and get $$$" pretty much sums it up, I'd say it's more likely to be written off, rather than collected.

          Good Afternoon Jim:

          I agree, chances are slim and none and slim just left town. However, I use "Breaka Your Knees Collection Agency" and the do good work.

          Keep at it....I'm gonna go play 18 holes this afternoon, bright sunny clear as a bell, slight breeze...start on the second hole right outside the front door, what else can you ask for?

          Good Luck,Bill H

          : : : Hi,

          : : : I was wondering if you can recover money from as the holder of a second Trust Deed after foreclosure. Lets say that after foreclosure, the money is only enough to satisfy the gov't lien and the 1st Trust Deed. Could I, as a 2nd sue the borrower? Or am I just screwed?

          : : : Any help would be appreciated. Could you guys please e-mail me an answer. Thanks

          : : You say you are in a scond position but in the text you say....."Lets say that after foreclosure, the money is only enough to satisfy the gov't lien and the 1st Trust Deed...." That puts something out of whack.: : Ist TD is First.: : 2nd TD is Second.: : Gov't Lien is ???

          : : ---OR---: : 1st TD is First.: : Gov't liens is second.

          : : Your TD is ???? position?

          : : IN either case you are not completely screwed as you put it. Your Td is wiped from the title to the property and becomes and unsecured lien. YOu would have to go to court, etc and perfect it and then try and get $$$.

          : : Good Luck,: : Bill H



          : (0)

    • Posted by Sam on March 11, 2005 at 01:32:43:

      In Reply to: 2nd Trust Deed Question Posted by Joe on March 10, 2005 at 16:22:54:

      YOu can bring the first current then foreclose on the property.

      Sam

      : Hi,

      : I was wondering if you can recover money from as the holder of a second Trust Deed after foreclosure. Lets say that after foreclosure, the money is only enough to satisfy the gov't lien and the 1st Trust Deed. Could I, as a 2nd sue the borrower? Or am I just screwed?

      : Any help would be appreciated. Could you guys please e-mail me an answer. Thanks



      : (0)

  • Posted by Debbie on March 10, 2005 at 09:08:54:

    After a divorce and a custody battle, my house has been on the market for almost a year with no luck. My lender will accept a short sale but it would have to happen soon. I am in a position to lease/purchase a new home if I do it right away (next 30-60 days). I am now three months behind because my lender will not accept a payment unless it's the entire amount. I've been debating on trying to do a Partial Claim at the end of the short sale deadline, but that puts me more months behind and more hits on the credit. I'd like to get started re-building my credit, possibly with the lease/purchase option I can do soon. WHAT ARE THE OPTIONS OF BEING ABLE TO PURCHASE IT IN A YEAR IF I WENT AHEAD A DID A DEED IN LIEU??

    : (1)

    • Posted by Maggie on March 10, 2005 at 16:43:41:

      In Reply to: When can I purchase after a Deed In Lieu (Ga)? Posted by Debbie on March 10, 2005 at 09:08:54:

      Are you interested in getting help getting your mortgage up to date. Please e-mail me I think we can help you.Let's talk. materrell@comcast.net

      : (0)

  • Posted by Kristin Wilson on March 09, 2005 at 11:06:28:

    Hi folks. I'm just learning about all this stuff and am finding great resources on the web and locally. However, I don't know how to begin finding pre-forclosures without paying for some subscription service. How do they find them and how can I for free? Any suggestions?

    : (9)

    • Posted by mandana parsa on May 06, 2005 at 14:42:49:

      In Reply to: How do I find pre-forclosures w/o paying? Posted by Kristin Wilson on March 09, 2005 at 11:06:28:

      : Hi folks. I'm just learning about all this stuff and am finding great resources on the web and locally. However, I don't know how to begin finding pre-forclosures without paying for some subscription service. How do they find them and how can I for free? Any suggestions?



      : (2)

      • Posted by Steve on June 07, 2005 at 12:09:15:

        In Reply to: Re: How do I find pre-forclosures w/o paying? Posted by mandana parsa on May 06, 2005 at 14:42:49:

        Mandana,what state do you live in?

        : : Hi folks. I'm just learning about all this stuff and am finding great resources on the web and locally. However, I don't know how to begin finding pre-forclosures without paying for some subscription service. How do they find them and how can I for free? Any suggestions?



        : (0)

      • Posted by Steve on June 02, 2005 at 13:47:38:

        In Reply to: Re: How do I find pre-forclosures w/o paying? Posted by mandana parsa on May 06, 2005 at 14:42:49:

        What state do you live in?

        : : Hi folks. I'm just learning about all this stuff and am finding great resources on the web and locally. However, I don't know how to begin finding pre-forclosures without paying for some subscription service. How do they find them and how can I for free? Any suggestions?



        : (0)

    • Posted by Jewell McClelland on April 25, 2005 at 06:36:58:

      In Reply to: How do I find pre-forclosures w/o paying? Posted by Kristin Wilson on March 09, 2005 at 11:06:28:

      : Hi folks. I'm just learning about all this stuff and am finding great resources on the web and locally. However, I don't know how to begin finding pre-forclosures without paying for some subscription service. How do they find them and how can I for free? Any suggestions?



      : (1)

      • Posted by Kristin Wilson on April 25, 2005 at 10:45:15:

        In Reply to: Re: How do I find pre-forclosures w/o paying? Posted by Jewell McClelland on April 25, 2005 at 06:36:58:

        Okay, here's an update on what I've learned on finding foreclosures in WI. It may be different in your state.

        For Wisconsin, we have a website where we can look up court cases, including foreclosures. I can do a search on that site for mortgage foreclosures under civil cases. It's called the Wisconsin Circuit Court Access. You can do a search on Yahoo or Google to find one for your state.

        I can look in the legal notices of my newspaper for the original lis pendens (default) notice or notice of foreclosure sale.

        I can go to the register of deeds office and look in their system for lis pendens filed by date or other criteria.

        These are the best ways I know. The latter being the one that gets my foot in the door with the home owner first. I can see who's had a default filed on them within the past two weeks and send them a letter, call, or visit them to see if I can help or buy the home.

        No matter what, it takes research and footwork. I've found that some of the free listing services on the web, even paid ones!, are outdated.

        I hope this helps!

        : (0)

    • Posted by Darryle-Ca on March 09, 2005 at 13:16:01:

      In Reply to: How do I find pre-forclosures w/o paying? Posted by Kristin Wilson on March 09, 2005 at 11:06:28:

      : Hi folks. I'm just learning about all this stuff and am finding great resources on the web and locally. However, I don't know how to begin finding pre-forclosures without paying for some subscription service. How do they find them and how can I for free? Any suggestions?

      Look in the legal section of your local newspaper or go to the county recorder's office .



      : (3)

      • Posted by David on May 09, 2005 at 09:25:27:

        In Reply to: Re: How do I find pre-forclosures w/o paying? Posted by Darryle-Ca on March 09, 2005 at 13:16:01:

        When I go to the county recorder's office, do I simply ask for pre-foreclosures or should I ask for something else?

        : (0)

      • Posted by ALFONSO TRUJILLO on March 26, 2005 at 18:37:13:

        In Reply to: Re: How do I find pre-forclosures w/o paying? Posted by Darryle-Ca on March 09, 2005 at 13:16:01:

        : : Hi folks. I'm just learning about all this stuff and am finding great resources on the web and locally. However, I don't know how to begin finding pre-forclosures without paying for some subscription service. How do they find them and how can I for free? Any suggestions?

        : Look in the legal section of your local newspaper or go to the county recorder's office .



        : (0)

      • Posted by Kristin on March 09, 2005 at 13:21:10:

        In Reply to: Re: How do I find pre-forclosures w/o paying? Posted by Darryle-Ca on March 09, 2005 at 13:16:01:

        On my way now! Thanks!

        : : Hi folks. I'm just learning about all this stuff and am finding great resources on the web and locally. However, I don't know how to begin finding pre-forclosures without paying for some subscription service. How do they find them and how can I for free? Any suggestions?

        : Look in the legal section of your local newspaper or go to the county recorder's office .



        : (0)

  • Posted by Deanne on March 08, 2005 at 19:35:39:

    We have been notified of pending foreclosure on our house. Do we continue to pay the homeowners insurance during the proceedings?

    : (2)

    • Posted by linda on March 17, 2005 at 11:29:31:

      In Reply to: Homeowners Insurance Posted by Deanne on March 08, 2005 at 19:35:39:

      : can you still file a claim after home has been forcloused on?



      : (0)

    • Posted by Maggie on March 09, 2005 at 18:26:52:

      In Reply to: Homeowners Insurance Posted by Deanne on March 08, 2005 at 19:35:39:

      e-mail me at materrell@comcast.net and I will get back with you.

      : (0)

  • Posted by Chris on March 08, 2005 at 13:24:20:

    My house is not in foreclosure, however I have recently lost my job due to my position being moved overseas. I am thinking of selling my house, moving into an appartment and going back to school. What if I am not able to sell my house for the full amount of my mortgage ? I assume if I can not cover the balance, I would then need to file bankruptcy ? (something I dont want to do)

    Thanks

    : (1)

    • Posted by Patrick on March 10, 2005 at 15:56:02:

      In Reply to: Short sale Posted by Chris on March 08, 2005 at 13:24:20:

      Chris,

      There a few options you have depending on the time you have before you ran out of money to pay your mortgage on time each month.

      What first came to my mind was for the to lease-to-own your propery. E-mail at patsl@juno.com and I will share the info with you.

      Patrick

      : My house is not in foreclosure, however I have recently lost my job due to my position being moved overseas. I am thinking of selling my house, moving into an appartment and going back to school. What if I am not able to sell my house for the full amount of my mortgage ? I assume if I can not cover the balance, I would then need to file bankruptcy ? (something I dont want to do)

      : Thanks



      : (0)

  • Posted by Jeff Reynolds on March 08, 2005 at 12:23:31:

    Hello. I filed and was granted bankruptcy in 2001. My home in Iowa is still going to be forclosed on. (Divorce, illness) There is no stopping it now, however the original Mortgage Company has sold the loan, I'm assuming because of the bankruptcy on the First loan. Anyway my question is, will I be resposible for the difference in the sale price and the original loan?? Can they come after me for that or should I hope they won't sell it for more than I borrowed? What about the back taxes? Are those includede in the sale price or do I still owe those? I'm so confused. Help please.

    : (1)

    • Posted by Patrick on March 10, 2005 at 16:06:08:

      In Reply to: Iowa Foreclosure Posted by Jeff Reynolds on March 08, 2005 at 12:23:31:

      Jeff,

      Did you file Chapter 7 or 13? My best advise is to contact the lawyer who handled your bankruptcy, if you can, ask them whether it included the mortgage on home.

      Generally, if it was Chapter 7, you would be protected for the difference.

      By the way, have you tried to sell the house? Let me know, patsl@juno.com.

      Patrick

      : Hello. I filed and was granted bankruptcy in 2001. My home in Iowa is still going to be forclosed on. (Divorce, illness) There is no stopping it now, however the original Mortgage Company has sold the loan, I'm assuming because of the bankruptcy on the First loan. Anyway my question is, will I be resposible for the difference in the sale price and the original loan?? Can they come after me for that or should I hope they won't sell it for more than I borrowed? What about the back taxes? Are those includede in the sale price or do I still owe those? I'm so confused. Help please.



      : (0)

  • Posted by MS in Texas on March 08, 2005 at 11:39:57:

    I did not know that my home was in foreclosure, but the mortgage company says they mailed notice. I found out that it was sold back to the lender 3 days after the sale. How can I get my property back? Please help immediately!

    : (0)

  • Posted by shelby on March 07, 2005 at 09:21:32:

    We are currently in foreclosure process in N.Y. state and were told about redwood trust last December. We sent papers to them and never heard another word and now can't find the information we had to contact them. Anyone that can give us info on this? I know it was in Schenectady. Thanx!

    : (9)

    • Posted by Keith(CA) on March 07, 2005 at 12:28:15:

      In Reply to: how to contact redwood trust Posted by shelby on March 07, 2005 at 09:21:32:

      : We are currently in foreclosure process in N.Y. state and were told about redwood trust last December. We sent papers to them and never heard another word and now can't find the information we had to contact them. Anyone that can give us info on this? I know it was in Schenectady. Thanx!

      Looks like they no longer exist. The Fed's shut them down mid-January, and they announced on their website that they were unable to accept any new clients. Now, it appears that even their website is gone...poof! Rumor is that they used the funds advanced by later clients to "help" early clients which is classic of certain scams people use to bilk others out of their hard-earned money. If you're facing foreclosure, you need to find a legitimate way of dealing with your problem...mortgage elimination ain't it.

      : (8)

      • Posted by Charlotte Powers on April 29, 2005 at 21:06:11:

        In Reply to: Re: how to contact redwood trust Posted by Keith(CA) on March 07, 2005 at 12:28:15:

        :I am a christian woman, and I want you to know that redwood trust is a legetimit org. They are trying to do what God's Word says for each Christian person to do and satan has come against them. DO NOT FILL OUT THE PAPERS THAT THE ATTORNEY GENERAL WANTS YOU TO. THIS IS TO STOP REDWOODTRUST FROM CONTINUEING TO DO WHAT THEY SET OUT TO DO. THIS IS OUR GOVERNMENT FOR YOU. Please have faith in Ken Titus. He is a real born-again christian and I will stand beside him no matter what. He has not committed any fraud.



        : (6)

        • Posted by anti-titus on April 29, 2005 at 21:32:39:

          In Reply to: Re: how to contact redwood trust Posted by Charlotte Powers on April 29, 2005 at 21:06:11:

          :I am a christian woman,

          ...so you say...many a wolf in sheep's clothing have uttered similar words.

          :and I want you to know that redwood trust is a legetimit org.

          ...your word of this is not sufficient evidence.

          :They are trying to do what God's Word says for each Christian person to do and satan has come against them.

          ...it's very typical of the conspiracy cult members (like yourself) to refer to the gov't authority as satan.

          DO NOT FILL OUT THE PAPERS THAT THE ATTORNEY GENERAL WANTS YOU TO. THIS IS TO STOP REDWOODTRUST FROM CONTINUEING TO DO WHAT THEY SET OUT TO DO. THIS IS OUR GOVERNMENT FOR YOU.

          ...ah! now we have the motive for this post...an appeal to disuade those who have been robbed from from joining in the fray against "poor" Mr. Titus...actions have consequences,

          :Please have faith in Ken Titus.

          ...look, he is either diabolically sinister in his ploy to bilk poor, uneducated people (such as yourself) out of thousands of dollars at a time...or he is incredibly stupid to be raking in fees for over a full calendar year when the alleged-humanitarian program hadn't even launched.

          :He is a real born-again christian and I will stand beside him no matter what.

          ...good for you...doesn't convince us of your innocence nor of the worthyness of Mr. Titus...actually, it does say a lot about you, shill.

          :He has not committed any fraud.

          ...that will be for a jury to decide.

          : (5)

          • Posted by gman on July 20, 2005 at 14:22:33:

            In Reply to: Re: how to contact redwood trust Posted by anti-titus on April 29, 2005 at 21:32:39:

            I am so ashamed that I wasted my vote for george war bush. What was I thinking? Why did I let my right wing extremist, neo-conservative, neo-evangelical thinking get in the way of exercising sound personal judgment? Growing up, I was led to believe that the republican party was a grass roots party of the people & for the people. In retrospect, it is clear that the last 3 presidents produced by the republican party were nothing more then the rich man's rich man hiding under the disguise of the overly misused term, "conservative". The economic dark ages of reagonomics fleeced the middle and lower classes of this county simply to benefit the rich and wealthy. George warmonger bush has quietly shifted this country back to those economic dark ages. Bush inherited a strong economy and ruined that real quick. And even though 9 -11 did happen, none of bush’s reckless irresponsible decisions are justified by that day in history. It is clear that he never had any real salient foreign & domestic policies when he became president in 2000. Now we have 4 more years of republican lies and a growing body count overseas. If we ever actually do get out of Iraq, nothing will have changed and nothing will have been gained. The American people have never been given a specific objective in Iraq or a clear definition of exactly what victory in Iraq is from the president. Invading Iraq never had anything to do with, WMD, freeing the Iraqi people or making Americans safer and secure. Statements about WMD, Freeing Iraq or Making America Safer are nothing more then a marketing spin used to hide the ugly truth and make the lies palatable to the American public and justifiable to the red necks who voted for him. Bush likes to make statements such as “It’s worth the price” but he never says just what exactly “it” is. If he really believes that, then he should put his money where his mouth is and send his daughters to go fight in Iraq. The republican party claims to be for smaller less wasteful government but the current administration is responsible for the waste of more money, resources and human lives then any past democrat presidency. I have a hard time sleeping at night knowing that the blood of Americans and innocent civilians is on my hands and the hands of those who voted for george warmonger bush. The real legacy of the bush cabinet is going to be one characterized by lots of wrongful deaths, lots of money and resources wasted, unnecessary tax increases for our children and grandchildren and the unnecessary destruction of various social programs that good decent people count on. Thanks to bush and his power hungry cabinet who all want to control congress, the senate & the supreme court, the USA is now a third world country hiding under the disguise of prosperity. Now that the USA owes all these hundreds of millions of dollars to countries like China, Germany, Russia & Japan, I wonder which language I need to learn for the day when these countries come to collect…

            : (0)

          • Posted by Reality on June 28, 2005 at 08:59:25:

            In Reply to: Re: how to contact redwood trust Posted by anti-titus on April 29, 2005 at 21:32:39:

            Come on now!! Would you hipnotized Ken Titus defenders just shut up and THINK for one second. There was almost 3 Million of your money in an account with Ken Titus as the signee on the account. Why was this 3 Million not PAYING OFF MORTGAGES???????? Why did he forbid people from using the U.S. Postal Service?? He called himself PASTOR, yet now for his Grand Jury hearing he admits he has never "PASTORED" a church at all, he has SPOKEN a few times to pastors about DEBT!!! It is amazing how many idiots are still sending him money to help his defense. He has done this BEFORE with other SCAMS, DO YOUR RESEARCH!! Maybe you should research Jim Jones and how well his pasoral work turned out!!!

            : (0)

          • Posted by charlotte on April 30, 2005 at 07:36:34:

            In Reply to: Re: how to contact redwood trust Posted by anti-titus on April 29, 2005 at 21:32:39:

            First of all, no one has ask for money up-front for forclosures. There is you people's first mistake. Second of all, when are people going to get the mind of God and start being a doer of the Word instead of just a hearer of the Word. Ken Titus has done just that. I pray for his protection against the powers of darkness. God will pervail. His church always will. Things that are so simple, people just don't get. It is because they are no believers in Jesus Christ and will not understand. I still stand on what I believe and I believe that Redwoodtrust is NOT a fraud and God will make sure it continues. God will not be mocked.

            : (2)

            • Posted by charlotte on May 02, 2005 at 08:54:12:

              In Reply to: Re: how to contact redwood trust Posted by charlotte on April 30, 2005 at 07:36:34:

              I will stand by Ken and the Word of God in loving my neighbor as Jesus loved us. It is the government that kept Ken from doing "Thus saith the Lord" and the government that is trying to trap Redwood Trust. I will believe in them until I die and no one will take that away from me. I just wish everyone would open their eyes as to the corrupt gov. in the world. Wake up to who the real enemy is. (The Vatican.)

              : (0)

            • Posted by anti-titus on May 01, 2005 at 08:41:43:

              In Reply to: Re: how to contact redwood trust Posted by charlotte on April 30, 2005 at 07:36:34:

              Examine the replies...you won't find a single instance where we EVER accused the up front monies as coming from foreclosures. So, get off your high horse and stop drawing irrelevant inferences in order to skirt the real issue.

              Just how many millions of dollars were collected UP FRONT from people NOT in foreclosure? Since you're oh so close to Mr. Titus, surely you can answer this simple question.

              It's too bad you are too immature to see through the guy. Lot's of cults claim to believe in Jesus Christ. Many are called but few are chosen.

              : First of all, no one has ask for money up-front for forclosures. There is you people's first mistake. Second of all, when are people going to get the mind of God and start being a doer of the Word instead of just a hearer of the Word. Ken Titus has done just that. I pray for his protection against the powers of darkness. God will pervail. His church always will. Things that are so simple, people just don't get. It is because they are no believers in Jesus Christ and will not understand. I still stand on what I believe and I believe that Redwoodtrust is NOT a fraud and God will make sure it continues. God will not be mocked.



              : (0)

      • Posted by Maggie on March 09, 2005 at 21:09:20:

        In Reply to: Re: how to contact redwood trust Posted by Keith(CA) on March 07, 2005 at 12:28:15:

        Are you needing help in solving your situation? If so perhaps I can help. I help people save their home from foreclosure. E-mial me at; materrell@comcast.net

        : (0)

  • Posted by jodi on March 05, 2005 at 21:13:50:

    In May of last year I was forced to leave my home with my infant daughter because of my abusive husband. The home is located in Houston, Texas. I am now living in Michigan with my family. The house went on the market in August of 2004, but has not sold. It is now in forclosue with the auction date of April 5, 2005. I have many questions.

    First of all, I have never been deliquent on any bill or account in my entire life and have no idea how these things work.

    Secondly, my name is the only name on the mortgage, but both of our names are on the title. That being the reason that I have been responsible for the payments, but can't remove him from the house. When we purchased the house I thought they told us that if for any reason I defaulted on the loan it would go into his name since he was the other person on the title. I was told that Texas was a community property state (or something like that) and that was the process. Now I am thinking that I did not understand that fully because it seems like that is not happening. They are just forclosing without ever transferring the mortgage to his name.

    Also, I am under the understanding that after the house is auctioned off I will be responsible to pay for the remaining debt. How much is that usually? Are we talking $3000, $10,000, $20,000? I have no idea what to expect. Either way, given the current situation I am not working with a lot of extra money. What happens if I can't pay the remainder? Is bankruptcy the only option?

    Any help and information that anyone can provide I would really appreciate it.

    : (2)

    • Posted by Phyllis Thompson on March 20, 2005 at 19:18:05:

      In Reply to: forclosure in texas Posted by jodi on March 05, 2005 at 21:13:50:

      If you believe the bank would be willing to have someone buy the house and not go through with the foreclosure, I'd be happy to speak with them about making an offer. I realize there's not much time, but it may be possible to avoid the problems. If you want to discuss this, get in touch with me. Check out my website (http://www.homesdatabase.com/housecalls) and call me at your convenience. My business cell is 443-223-5781.



      : (0)

    • Posted by Bill H on March 06, 2005 at 00:13:44:

      In Reply to: forclosure in texas Posted by jodi on March 05, 2005 at 21:13:50:

      : In May of last year I was forced to leave my home with my infant daughter because of my abusive husband. The home is located in Houston, Texas. I am now living in Michigan with my family. The house went on the market in August of 2004, but has not sold. It is now in forclosue with the auction date of April 5, 2005. I have many questions.

      : First of all, I have never been deliquent on any bill or account in my entire life and have no idea how these things work.

      : Secondly, my name is the only name on the mortgage, but both of our names are on the title. That being the reason that I have been responsible for the payments, but can't remove him from the house. When we purchased the house I thought they told us that if for any reason I defaulted on the loan it would go into his name since he was the other person on the title. I was told that Texas was a community property state (or something like that) and that was the process. Now I am thinking that I did not understand that fully because it seems like that is not happening. They are just forclosing without ever transferring the mortgage to his name.

      : Also, I am under the understanding that after the house is auctioned off I will be responsible to pay for the remaining debt. How much is that usually? Are we talking $3000, $10,000, $20,000? I have no idea what to expect. Either way, given the current situation I am not working with a lot of extra money. What happens if I can't pay the remainder? Is bankruptcy the only option?

      : Any help and information that anyone can provide I would really appreciate it.

      In Texas foreclosures are held under Chaptr 51 of the Texas State Statutes. Go to the folowing website ....http://www.capitol.state.tx.us/statutes/pr.toc.htm... look on the left hand side down where it says Property Code, double click that, then go down to Chapter 51 and download that in a format that you can work with. Read this data and it will explain what you can expect.

      Good Luck,Bill H



      : (0)

  • Posted by Rhonda on March 05, 2005 at 18:47:10:

    Hi,Due to divorce/job loss my house is in foreclosure and the sale is set for March 16, '05 in Wayne County, Michigan. I understand that I have 6 months to redeem or sell the house, as long as I am still occupy the home. My question is in regards to my credit report. If I sell the home within the 6 months and pay the full amount due (foreclosure sale, interest, etc) will the foreclosure be reported on my credit report or not? If so would a Chpt 13 look better on my report? I'd like to avoid bankruptcy if possible as I only have about $3000 in debt (not including my past due mortgage payments) and my cc are current. Thanks in advance for any input.Great site, have learned alot here.

    : (5)

    • Posted by Travis on March 05, 2005 at 19:13:03:

      In Reply to: MI Foreclosure/Credit Report Posted by Rhonda on March 05, 2005 at 18:47:10:

      Rhonda

      I represent an investment company in Michigan who will help you to save your house and credit. if you would like a no cost consultation call me at 888-438-4669

      : Hi,: Due to divorce/job loss my house is in foreclosure and the sale is set for March 16, '05 in Wayne County, Michigan. I understand that I have 6 months to redeem or sell the house, as long as I am still occupy the home. My question is in regards to my credit report. If I sell the home within the 6 months and pay the full amount due (foreclosure sale, interest, etc) will the foreclosure be reported on my credit report or not? If so would a Chpt 13 look better on my report? I'd like to avoid bankruptcy if possible as I only have about $3000 in debt (not including my past due mortgage payments) and my cc are current. Thanks in advance for any input.: Great site, have learned alot here.



      : (4)

      • Posted by Rhonda on March 06, 2005 at 16:50:54:

        In Reply to: Re: MI Foreclosure/Credit Report Posted by Travis on March 05, 2005 at 19:13:03:

        Thanks Travis, I will give your company a call and see what you have to offer. But I'd still like to know if the foreclosure appears on my credit report if I sell the home after the sheriffs sale. Anyone know the answer?

        : Rhonda

        : I represent an investment company in Michigan who will help you to save your house and credit. if you would like a no cost consultation call me at 888-438-4669

        : : Hi,: : Due to divorce/job loss my house is in foreclosure and the sale is set for March 16, '05 in Wayne County, Michigan. I understand that I have 6 months to redeem or sell the house, as long as I am still occupy the home. My question is in regards to my credit report. If I sell the home within the 6 months and pay the full amount due (foreclosure sale, interest, etc) will the foreclosure be reported on my credit report or not? If so would a Chpt 13 look better on my report? I'd like to avoid bankruptcy if possible as I only have about $3000 in debt (not including my past due mortgage payments) and my cc are current. Thanks in advance for any input.: : Great site, have learned alot here.



        : (3)

        • Posted by Been There on March 09, 2005 at 23:21:15:

          In Reply to: Re: MI Foreclosure/Credit Report Posted by Rhonda on March 06, 2005 at 16:50:54:

          No, foreclosure has nothing to do with your credit report but recorded in your County recorder office. For re-fi or buy another home (next 6 to 12 months) you are going to pay higher rate.I am not sure you can file chapter 13 because of no income and chapter 7 give you extra 90 days IF your lender not file any motion to foreclose sooner or chapter 7 discharged.All depends on equity in your home.

          : Thanks Travis, I will give your company a call and see what you have to offer. But I'd still like to know if the foreclosure appears on my credit report if I sell the home after the sheriffs sale. Anyone know the answer?

          : : Rhonda

          : : I represent an investment company in Michigan who will help you to save your house and credit. if you would like a no cost consultation call me at 888-438-4669

          : : : Hi,: : : Due to divorce/job loss my house is in foreclosure and the sale is set for March 16, '05 in Wayne County, Michigan. I understand that I have 6 months to redeem or sell the house, as long as I am still occupy the home. My question is in regards to my credit report. If I sell the home within the 6 months and pay the full amount due (foreclosure sale, interest, etc) will the foreclosure be reported on my credit report or not? If so would a Chpt 13 look better on my report? I'd like to avoid bankruptcy if possible as I only have about $3000 in debt (not including my past due mortgage payments) and my cc are current. Thanks in advance for any input.: : : Great site, have learned alot here.



          : (0)

        • Posted by Reinstatement Services, Inc. on March 07, 2005 at 10:53:18:

          In Reply to: Re: MI Foreclosure/Credit Report Posted by Rhonda on March 06, 2005 at 16:50:54:

          : Thanks Travis, I will give your company a call and see what you have to offer. But I'd still like to know if the foreclosure appears on my credit report if I sell the home after the sheriffs sale. Anyone know the answer?

          : : Rhonda

          : : I represent an investment company in Michigan who will help you to save your house and credit. if you would like a no cost consultation call me at 888-438-4669

          : : : Hi,: : : Due to divorce/job loss my house is in foreclosure and the sale is set for March 16, '05 in Wayne County, Michigan. I understand that I have 6 months to redeem or sell the house, as long as I am still occupy the home. My question is in regards to my credit report. If I sell the home within the 6 months and pay the full amount due (foreclosure sale, interest, etc) will the foreclosure be reported on my credit report or not? If so would a Chpt 13 look better on my report? I'd like to avoid bankruptcy if possible as I only have about $3000 in debt (not including my past due mortgage payments) and my cc are current. Thanks in advance for any input.: : : Great site, have learned alot here.



          : (1)

          • Posted by Patrick on March 10, 2005 at 16:23:36:

            In Reply to: in all likelihood, yes[nt] Posted by Reinstatement Services, Inc. on March 07, 2005 at 10:53:18:

            Rhonda,

            Who is foreclosing on your house? Is it the County, the mortgage company or some one else? If you are foreclosed on it will definitely appear on your credit report. If the foreclosure is with the County, the laws have been changed recently where the process has been condensed and the time to re-claim tightened (21 or 31 days after it goes to the Judge). You need to seek the advise of a lawyer before it is too later.

            Patrick : : Thanks Travis, I will give your company a call and see what you have to offer. But I'd still like to know if the foreclosure appears on my credit report if I sell the home after the sheriffs sale. Anyone know the answer?

            : : : Rhonda

            : : : I represent an investment company in Michigan who will help you to save your house and credit. if you would like a no cost consultation call me at 888-438-4669

            : : : : Hi,: : : : Due to divorce/job loss my house is in foreclosure and the sale is set for March 16, '05 in Wayne County, Michigan. I understand that I have 6 months to redeem or sell the house, as long as I am still occupy the home. My question is in regards to my credit report. If I sell the home within the 6 months and pay the full amount due (foreclosure sale, interest, etc) will the foreclosure be reported on my credit report or not? If so would a Chpt 13 look better on my report? I'd like to avoid bankruptcy if possible as I only have about $3000 in debt (not including my past due mortgage payments) and my cc are current. Thanks in advance for any input.: : : : Great site, have learned alot here.



            : (0)

  • Posted by vanis on March 05, 2005 at 13:22:21:

    I bought a house in GA using an FHA mortgage about 4 years ago. Two years ago, after losing my job in Ga, I refinanced for a lower rate.I currently owe about 117000 on the house and need to sell it. I've had it on the market for about 5 months and still cannot sell it. I even made 3000 in repairs to prepare to get it sold.

    I now own a home in the northeast and have a mortgage of about $180000. There is no way that I can continue paying on both mortgages. At the time I bought the second house, I had a friend renting the property, but has since left.

    I'm stressed and don't know what to do next. The houses in my neighborhood are selling very sloly for about 123000. I wouldn't mind letting it go for what I we, but when real estate costs are tacked on, i makes the house too expensive to sell. Five months later, I'm still trying to hang in there. Also, I only have about $2500 that I can afford to spend to upkeep the GA house. I'm working a temporary job, that could end at any minute. I had pretty good credit and don't want to see it go down the drain. I have no other debt, no Credit cars, car notes or anything else.

    Please help. Much Thanks.

    : (11)

    • Posted by Phyllis Thompson on March 20, 2005 at 19:10:06:

      In Reply to: Help needed in GA Posted by vanis on March 05, 2005 at 13:22:21:

      Assuming you haven't yet found a solution, I am one of those people who can and does buy houses like yours. My goal is to solve your problem fairly and honestly, and I suspect I can do that very quickly. If you want to discuss this, get in touch with me. Check out my website (http://www.homesdatabase.com/housecalls) and call me at your convenience. My business cell is 443-223-5781.



      : (0)

    • Posted by Don on March 11, 2005 at 09:37:33:

      In Reply to: Help needed in GA Posted by vanis on March 05, 2005 at 13:22:21:

      : I bought a house in GA using an FHA mortgage about 4 years ago. Two years ago, after losing my job in Ga, I refinanced for a lower rate.I currently owe about 117000 on the house and need to sell it. I've had it on the market for about 5 months and still cannot sell it. I even made 3000 in repairs to prepare to get it sold.

      : I now own a home in the northeast and have a mortgage of about $180000. There is no way that I can continue paying on both mortgages. At the time I bought the second house, I had a friend renting the property, but has since left.

      : I'm stressed and don't know what to do next. The houses in my neighborhood are selling very sloly for about 123000. I wouldn't mind letting it go for what I we, but when real estate costs are tacked on, i makes the house too expensive to sell. Five months later, I'm still trying to hang in there. Also, I only have about $2500 that I can afford to spend to upkeep the GA house. I'm working a temporary job, that could end at any minute. I had pretty good credit and don't want to see it go down the drain. I have no other debt, no Credit cars, car notes or anything else.

      : Please help. Much Thanks.

      Georgia has a deficiency law that would allow them tocome back after what was left if the house did not sell for enough to cover all that was owed. They could garnish your wages if they know where you work. So if you are thinking of going into foreclosure it is best not to let them know where you live or work.



      : (0)

    • Posted by Vince on March 10, 2005 at 20:50:35:

      In Reply to: Help needed in GA Posted by vanis on March 05, 2005 at 13:22:21:

      : I bought a house in GA using an FHA mortgage about 4 years ago. Two years ago, after losing my job in Ga, I refinanced for a lower rate.I currently owe about 117000 on the house and need to sell it. I've had it on the market for about 5 months and still cannot sell it. I even made 3000 in repairs to prepare to get it sold.

      : I now own a home in the northeast and have a mortgage of about $180000. There is no way that I can continue paying on both mortgages. At the time I bought the second house, I had a friend renting the property, but has since left.

      : I'm stressed and don't know what to do next. The houses in my neighborhood are selling very sloly for about 123000. I wouldn't mind letting it go for what I we, but when real estate costs are tacked on, i makes the house too expensive to sell. Five months later, I'm still trying to hang in there. Also, I only have about $2500 that I can afford to spend to upkeep the GA house. I'm working a temporary job, that could end at any minute. I had pretty good credit and don't want to see it go down the drain. I have no other debt, no Credit cars, car notes or anything else.

      : Please help. Much Thanks.



      : (0)

    • Posted by Reinstatement Services, Inc. on March 07, 2005 at 10:56:15:

      In Reply to: Help needed in GA Posted by vanis on March 05, 2005 at 13:22:21:

      lowering the asking price, securing a buyer, and petitioning your lender for a short sale.

      The other alternative that might work in your favor is to advertise for a new renter.

      : (2)

      • Posted by vanis on March 07, 2005 at 21:23:51:

        In Reply to: you might try Posted by Reinstatement Services, Inc. on March 07, 2005 at 10:56:15:

        Thanks for the advise. I've just lowered the price to a point that if it does sell I will have to pay a few thousand out of pocket. I've also enlisted a new rental agency to see if they will have any luck renting it.

        One of my major concern is my current home. What are the ramifications of foreclosing on the GA home? Could I be in danger of losing this home too? I didn't use the GA property as collateral or anything. However, the rent income was factored into my income.

        I don't know how much longer I can hold on to the property. I don't want to foreclose on it, but that might be an option.





        : (1)

        • Posted by Patrick on March 10, 2005 at 16:30:10:

          In Reply to: Re: you might try Posted by vanis on March 07, 2005 at 21:23:51:

          Vanis,

          Instead of lowing the price, have you considered Leasing-to-Own were you as the seller finance the sale? If you need more info, e-mail me patsl@juno.com

          Patrick



          : Thanks for the advise. I've just lowered the price to a point that if it does sell I will have to pay a few thousand out of pocket. I've also enlisted a new rental agency to see if they will have any luck renting it.

          : One of my major concern is my current home. What are the ramifications of foreclosing on the GA home? Could I be in danger of losing this home too? I didn't use the GA property as collateral or anything. However, the rent income was factored into my income.

          : I don't know how much longer I can hold on to the property. I don't want to foreclose on it, but that might be an option.



          : (0)

    • Posted by Jake on March 06, 2005 at 09:50:18:

      In Reply to: Help needed in GA Posted by vanis on March 05, 2005 at 13:22:21:

      : I bought a house in GA using an FHA mortgage about 4 years ago. Two years ago, after losing my job in Ga, I refinanced for a lower rate.I currently owe about 117000 on the house and need to sell it. I've had it on the market for about 5 months and still cannot sell it. I even made 3000 in repairs to prepare to get it sold.

      : I now own a home in the northeast and have a mortgage of about $180000. There is no way that I can continue paying on both mortgages. At the time I bought the second house, I had a friend renting the property, but has since left. Yes there is a way to save the home. Turn it over to a Real Estate Agency who will keep it rented. They check out the people's credit before they rent it. There are people who have done this for years after moving to another state and were in your situation. They will rent it collect the rent and send you the extra money to pay the mortgage. Of cours they take out the 1st payment as a fee for services rendered. Ipersonall know of these people but I do not know all the business arrangements so contact the realty agencies in the Georgia are near the home.

      : I'm stressed and don't know what to do next. The houses in my neighborhood are selling very sloly for about 123000. I wouldn't mind letting it go for what I we, but when real estate costs are tacked on, i makes the house too expensive to sell. Five months later, I'm still trying to hang in there. Also, I only have about $2500 that I can afford to spend to upkeep the GA house. I'm working a temporary job, that could end at any minute. I had pretty good credit and don't want to see it go down the drain. I have no other debt, no Credit cars, car notes or anything else.

      : Please help. Much Thanks.



      : (4)

      • Posted by Patrick on March 10, 2005 at 16:32:51:

        In Reply to: Re: Help needed in GA Posted by Jake on March 06, 2005 at 09:50:18:

        Also, if the house was purchased through FHA, it may well be an assumable loan. Let me know.

        Patrick

        : : I bought a house in GA using an FHA mortgage about 4 years ago. Two years ago, after losing my job in Ga, I refinanced for a lower rate.I currently owe about 117000 on the house and need to sell it. I've had it on the market for about 5 months and still cannot sell it. I even made 3000 in repairs to prepare to get it sold.

        : : I now own a home in the northeast and have a mortgage of about $180000. There is no way that I can continue paying on both mortgages. At the time I bought the second house, I had a friend renting the property, but has since left.: Yes there is a way to save the home. Turn it over to a Real Estate Agency who will keep it rented. They check out the people's credit before they rent it. There are people who have done this for years after moving to another state and were in your situation. They will rent it collect the rent and send you the extra money to pay the mortgage. Of cours they take out the 1st payment as a fee for services rendered. I: personall know of these people but I do not know all the business arrangements so contact the realty agencies in the Georgia are near the home.

        : : I'm stressed and don't know what to do next. The houses in my neighborhood are selling very sloly for about 123000. I wouldn't mind letting it go for what I we, but when real estate costs are tacked on, i makes the house too expensive to sell. Five months later, I'm still trying to hang in there. Also, I only have about $2500 that I can afford to spend to upkeep the GA house. I'm working a temporary job, that could end at any minute. I had pretty good credit and don't want to see it go down the drain. I have no other debt, no Credit cars, car notes or anything else.

        : : Please help. Much Thanks.



        : (3)

        • Posted by Jake on March 11, 2005 at 09:20:16:

          In Reply to: Re: Help needed in GA Posted by Patrick on March 10, 2005 at 16:32:51:

          : Also, if the house was purchased through FHA, it may well be an assumable loan. Let me know.

          : Patrick : : : : I bought a house in GA using an FHA mortgage about 4 years ago. Two years ago, after losing my job in Ga, I refinanced for a lower rate.I currently owe about 117000 on the house and need to sell it. I've had it on the market for about 5 months and still cannot sell it. I even made 3000 in repairs to prepare to get it sold.

          : : : I now own a home in the northeast and have a mortgage of about $180000. There is no way that I can continue paying on both mortgages. At the time I bought the second house, I had a friend renting the property, but has since left.: : Yes there is a way to save the home. Turn it over to a Real Estate Agency who will keep it rented. They check out the people's credit before they rent it. There are people who have done this for years after moving to another state and were in your situation. They will rent it collect the rent and send you the extra money to pay the mortgage. Of cours they take out the 1st payment as a fee for services rendered. I: : personall know of these people but I do not know all the business arrangements so contact the realty agencies in the Georgia are near the home.

          : : : I'm stressed and don't know what to do next. The houses in my neighborhood are selling very sloly for about 123000. I wouldn't mind letting it go for what I we, but when real estate costs are tacked on, i makes the house too expensive to sell. Five months later, I'm still trying to hang in there. Also, I only have about $2500 that I can afford to spend to upkeep the GA house. I'm working a temporary job, that could end at any minute. I had pretty good credit and don't want to see it go down the drain. I have no other debt, no Credit cars, car notes or anything else.

          : : : Please help. Much Thanks.No realty co. is going to charge you to ask to rent the house. They will rent the house and collect the rent and take the 1st month's rent and a small collection fee to cover the cost of bookkeeping for the rent collection. They are very thorough in respect that they will check the credit of a person who rents it before letting them rent it. They most likely will get more in rent for you than you ever could and it would cover the extra collection fee. You would have to call one of the realty companies to find about all the details. Many people do this and are verysuccessful. This way you could save your credit and sometime when it is paid off you could have 2 homes. If the house is in bad shape and you cannot keep it upyou do have another problem. I don't know what you could do except take a quick sale from someone who deals in houses and fixes them up and resales them. If you don't pay the payments they will foreclose and take the house back. It may pay to take bankruptcy now before the law takes effect that they passed yesterday or they can garnish your wages for years ifthey can keep up with where you work. It is up to you.One thing for certain you don't have much time to decide now what options you need to do. I hope I have given you some insight. Oh by the way there is a federal law that if you or your family have to go intoa hospital that has an emergency room you can obtain free medical treatment. You can look it up under COBRA/EMTALA

          : (0)

        • Posted by Jake on March 11, 2005 at 09:18:54:

          In Reply to: Re: Help needed in GA Posted by Patrick on March 10, 2005 at 16:32:51:

          : Also, if the house was purchased through FHA, it may well be an assumable loan. Let me know.

          : Patrick : : : : I bought a house in GA using an FHA mortgage about 4 years ago. Two years ago, after losing my job in Ga, I refinanced for a lower rate.I currently owe about 117000 on the house and need to sell it. I've had it on the market for about 5 months and still cannot sell it. I even made 3000 in repairs to prepare to get it sold.

          : : : I now own a home in the northeast and have a mortgage of about $180000. There is no way that I can continue paying on both mortgages. At the time I bought the second house, I had a friend renting the property, but has since left.: : Yes there is a way to save the home. Turn it over to a Real Estate Agency who will keep it rented. They check out the people's credit before they rent it. There are people who have done this for years after moving to another state and were in your situation. They will rent it collect the rent and send you the extra money to pay the mortgage. Of cours they take out the 1st payment as a fee for services rendered. I: : personall know of these people but I do not know all the business arrangements so contact the realty agencies in the Georgia are near the home.

          : : : I'm stressed and don't know what to do next. The houses in my neighborhood are selling very sloly for about 123000. I wouldn't mind letting it go for what I we, but when real estate costs are tacked on, i makes the house too expensive to sell. Five months later, I'm still trying to hang in there. Also, I only have about $2500 that I can afford to spend to upkeep the GA house. I'm working a temporary job, that could end at any minute. I had pretty good credit and don't want to see it go down the drain. I have no other debt, no Credit cars, car notes or anything else.

          : : : Please help. Much Thanks.No realty co. is going to charge you to ask to rent the house. They will rent the house and collect the rent and take the 1st month's rent and a small collection fee to cover the cost of bookkeeping for the rent collection. They are very thorough in respect that they will check the credit of a person who rents it before letting them rent it. They most likely will get more in rent for you than you ever could and it would cover the extra collection fee. You would have to call one of the realty companies to find about all the details. Many people do this and are verysuccessful. This way you could save your credit and sometime when it is paid off you could have 2 homes. If the house is in bad shape and you cannot keep it upyou do have another problem. I don't know what you could do except take a quick sale from someone who deals in houses and fixes them up and resales them. If you don't pay the payments they will foreclose and take the house back. It may pay to take bankruptcy now before the law takes effect that they passed yesterday or they can garnish your wages for years ifthey can keep up with where you work. It is up to you.One thing for certain you don't have much time to decide now what options you need to do. I hope I have given you some insight. Oh by the way there is a federal law that if you or your family have to go intoa hospital that has an emergency room you can obtain free medical treatment. You can look it up under COBRA/EMTALA

          : (0)

        • Posted by vanis on March 10, 2005 at 22:41:54:

          In Reply to: Re: Help needed in GA Posted by Patrick on March 10, 2005 at 16:32:51:

          Yes, the home in GA was an FHA. The home in the NE is a conventional.



          : (0)

  • Posted by Lucia on March 04, 2005 at 14:35:21:

    I have read some reponses regarding the pre foreclosed purchases and they all state to go to courthouse but what I would like more info on is what from there? Say we found the home drove by , loved it then what? Confused First time homebuyer too so just clueless andy one have any advice??

    : (1)

    • Posted by Nick(Colorado) on March 05, 2005 at 15:45:34:

      In Reply to: Pre Foreclosed Purchase Posted by Lucia on March 04, 2005 at 14:35:21:

      Lucia:

      The only entity that may sell a property, is the current owner. If you find a property that you like, you will need to seek sale from the current owner. Property owners are normally listed in the tax records.



      : (0)

  • Posted by k on March 04, 2005 at 13:27:42:

    If a note (loan) is in foreclosure and i buy it, do i have to start the foreclosure process over again from the beginning, or can i just take over where the other debtor left off? I am in California, if that matters...

    : (2)

    • Posted by kawika_CA on March 04, 2005 at 15:07:06:

      In Reply to: Forclosure process.. Posted by k on March 04, 2005 at 13:27:42:

      By buy it I assume you mean you were assigned the note and you didn't satisfy the note. That being the case the foreclosure process and timeline continues and does not start over.

      Kawika Ohumukiniwww.foreclosure-info.us

      : (1)

      • Posted by Paul Hobson on April 02, 2005 at 01:23:23:

        In Reply to: Re: Forclosure process.. Posted by kawika_CA on March 04, 2005 at 15:07:06:

        : By buy it I assume you mean you were assigned the note and you didn't satisfy the note. That being the case the foreclosure process and timeline continues and does not start over.

        : Kawika Ohumukini: www.foreclosure-info.us

        The mortgage which was assigned to you can be stopped by judges approval prior to sale in some circumstances. The best way I've accomplished my objective is to have the mortgage assigned to me then approach the homeowner to make a new contract sale agreement and cancel the sale. What this does is put you in a better position to foreclose on the property owner in a "loose contract", so someone else doesn't have the ability to bid over your foreclosure price. Since, as the mortgage holder you can not bid over the mortgage balance, plus interest, attorney fees, taxes and misc. expenses.



        : (0)

  • Posted by Fred on March 04, 2005 at 11:32:35:

    After two years of lack of emplyment we had to file bankruptcy in 2004 it was discharged in November 2004. We have waited hopin I could get employed and reaffirm our mortagage but now the foreclosure date (Feb 16, 2005) has come and gone. My question is this what do we do now? I know we have up to 73 days after sale to reaffirm but time is flying and job prospects do not look good. I am too old and experienced to start over and job market is flooded. Anyway when does the count down for 73 days begin with foreclosure sale of when our home is actually sold to a buyer. It hasn't been listed by a realtor as most realtors didn't want to touch us because of BK and impending foreclosure. Now no one wants anything to do with our home. When do we actually have to move out? What other options still remain for us if I do find employment within the next month? We live in Golden, CO. HELP!!!

    : (2)

    • Posted by Nick(Colorado) on March 05, 2005 at 15:43:21:

      In Reply to: Post Foreclosure Posted by Fred on March 04, 2005 at 11:32:35:

      Fred:

      It appears that you have been giving some bad information.Or miss understand the two terms, "reaffirm" and "redeption."If the property in question went to auction on Feb 16, thenyou have 75 days to redeem the property. This means that youmay purchase the foreclosing instrument by April 4th. To dothis you must pay the full amount of the foreclosure, plus costs and interest. To reaffirm, means to once again placeyour name as the responsible person on a loan. This may ormay not be done, post bankruptcy, depending on juristicalrequirements, or personal preference.

      >When do we actually have to move out?

      If you do nothing, then you will need to move out after the redeption period, April 4th. If the bank took back the property, it may take them a while to get around to you.

      >What other options still remain for us[,] if I do find employment within the next month?

      Do you have equity in the property? If there is somethingworth saving, then refinance, seek a sale, or short sale.If there is nothing worth saving, look for cheeper digs.

      : (0)

    • Posted by fred on March 04, 2005 at 11:34:26:

      In Reply to: Post Foreclosure Posted by Fred on March 04, 2005 at 11:32:35:

      : After two years of lack of employment we had to file bankruptcy in 2004 it was discharged in November 2004. We have waited hoping I could get employed and reaffirm our mortagage but now the foreclosure date (Feb 16, 2005) has come and gone. My question is this what do we do now? I know we have up to 73 days after sale to reaffirm but time is flying and job prospects do not look good. I am too old and experienced to start over and job market is flooded. Anyway when does the count down for 73 days actually begin? With foreclosure sale or when our home is actually sold to a buyer. It hasn't been listed by a realtor as most realtors didn't want to touch us because of BK and impending foreclosure. Now no one wants anything to do with our home. When do we actually have to move out? What other options still remain for us if I do find employment within the next month? We live in Golden, CO. HELP!!!



      : (0)

  • Posted by Patricia on March 03, 2005 at 18:56:52:

    My husband and I lost our home about a year ago due to a business venture gone wrong- We have gotten back on our feet, my husband is re-employed with great stability and income, and we desperately want to own our own home once again for us and our two children.

    We are pretty embarrassed and don't know what to expect when we go to a bank to see how we would qualify for any new house loans. Can anyone tell me, do we have a chance, and what is the criteria our possibilities may be based on? i.e. level of income? duration of new employment? Would it carry more weight for our credibility with a bank if we were to wait until we can save up a downpayment? or would our interest rates be at the same high no matter our potential downpayment? Thanks so much-Desperate in North Carolina

    : (4)

    • Posted by JJ on March 08, 2005 at 09:51:19:

      In Reply to: How to qualify for house loan after previous foreclosure? Posted by Patricia on March 03, 2005 at 18:56:52:

      Patricia and Cheryl:

      Getting a mortgage after foreclosure is possible. You DO NOT HAVE TO WAIT 2 yrs. You can get a 100% LTV mortgage (no down payment) 1 day after foreclosure and or bankruptcy. To get 100%, your credit scores will need to be 600 and be able to document full income. If you are below 600 credit scores, then you will need some downpayment. But please don't expect a 3% or 5% interest rate. Your rates will be higher but still reasonable and it gets you into the house. With the new mortgage, your on time payments will increase your credit scores some more and you can always refi in a year to a lower rate and better terms.What qualifies you is the ability to proof income and the credit scores.Hope that helps.JJmygenesis@hotmail.com

      : My husband and I lost our home about a year ago due to a business venture gone wrong- We have gotten back on our feet, my husband is re-employed with great stability and income, and we desperately want to own our own home once again for us and our two children.

      : We are pretty embarrassed and don't know what to expect when we go to a bank to see how we would qualify for any new house loans. Can anyone tell me, do we have a chance, and what is the criteria our possibilities may be based on? i.e. level of income? duration of new employment? Would it carry more weight for our credibility with a bank if we were to wait until we can save up a downpayment? or would our interest rates be at the same high no matter our potential downpayment? Thanks so much-: Desperate in North Carolina



      : (0)

    • Posted by Cheryl on March 06, 2005 at 11:35:49:

      In Reply to: How to qualify for house loan after previous foreclosure? Posted by Patricia on March 03, 2005 at 18:56:52:

      I went through a nasty divorce a few years ago, ended up filing bankruptcy and foreclosing on my home...Since I divorced the cause of most of my financial problems, I've been able to re-establish credit by purchasing a (used) vehicle, getting a store-brand credit card, and paying all my bills on time. I have money saved for a down payment on a new home, as well.

      My question that Fannie Mae, my lawyer, or anyone else at this time can't seem to answer is this: I was told that I would be eligible to buy a home 2 years AFTER the foreclosure. What does that mean exactly? Is it the 2-year anniversary date from when the judgement was entered into the court records? Or is it from when the order was entered? There's a 2+ month difference.

      There's a home I wish to make an offer on, but I need to know the answer to this question first. My apartment complex was sold and being turned into condos, so my time here is short and I'll need to move soon anyway.

      Has anybody had this experience before? Any thoughts and resources are greatly appreciated.

      : (0)

    • Posted by Jake on March 05, 2005 at 07:24:12:

      In Reply to: How to qualify for house loan after previous foreclosure? Posted by Patricia on March 03, 2005 at 18:56:52:

      : My husband and I lost our home about a year ago due to a business venture gone wrong- We have gotten back on our feet, my husband is re-employed with great stability and income, and we desperately want to own our own home once again for us and our two children.

      : We are pretty embarrassed and don't know what to expect when we go to a bank to see how we would qualify for any new house loans. Can anyone tell me, do we have a chance, and what is the criteria our possibilities may be based on? i.e. level of income? duration of new employment? Would it carry more weight for our credibility with a bank if we were to wait until we can save up a downpayment? or would our interest rates be at the same high no matter our potential downpayment? Thanks so much-: Desperate in North Carolina You talk as if you have no down payment and want someone to give credit with nothing down. HUD requires 3% down. Or at least they did when you run a home through their chosen lenders. There are ways of rebuilding credit but it takes a little time. (1) Somepeople have put $1,000.00 in a "saving account" in a bank and talked the bank into giving them a credit card against that collateral. They used the credit card about 6 months and kept it paid off each month with no carry over and there was no interest except the annual fee of the card. (2) They returned the card after about 6 months and withdrew their $1,000.00and went to a second bank and did the same thing. They used a credit card from the second bank for 6 months and kept it paid clear each month so there was no interest except the annual fee. They turned in the credit card and released their $1,000.00 and withdrew it. Most of the time the bank will hold your money a few days so to see if there are any charges been madeagainst the card so they won't get burned. (3) They did the same thing at a third bank and at that point they had established new credit at 3 different banks and it was all current. This gives you time to save up a down payment and show any new bankers you are honest. There are some people at this point who will lend to you again.



      : (0)

    • Posted by Wendy on March 04, 2005 at 13:40:17:

      In Reply to: How to qualify for house loan after previous foreclosure? Posted by Patricia on March 03, 2005 at 18:56:52:

      : My husband and I lost our home about a year ago due to a business venture gone wrong- We have gotten back on our feet, my husband is re-employed with great stability and income, and we desperately want to own our own home once again for us and our two children.

      : We are pretty embarrassed and don't know what to expect when we go to a bank to see how we would qualify for any new house loans. Can anyone tell me, do we have a chance, and what is the criteria our possibilities may be based on? i.e. level of income? duration of new employment? Would it carry more weight for our credibility with a bank if we were to wait until we can save up a downpayment? or would our interest rates be at the same high no matter our potential downpayment? Thanks so much-: Desperate in North Carolina

      Hi,Don't be embarrased. Things happen and your are back on your feet. I am in a similair situation, except our house is in the redemption period. I have been talking with several mortgage companies and you can get a loan after foreclosure, you'll need a down payment and you have to be re-building your credit or have it in good shape. It does take a year or so and yes some companies won't even look at you, but you'll never know unless you try. I would just call and talk to a mortgage company, make sure you trust them. You'll never know what you need to do unless you call and talk to a loan person.Good luck, and remember, I am not in the field, just someone who has been trying to find info as well.Wendy



      : (0)

  • Posted by Darcy on March 03, 2005 at 15:38:46:

    We live in Wa state. We filed bk about 2.5 yrs ago. We currently own a single wide mobile. We intend to move and let a friend take over payments, even though the loan isn't assumable. My question is, if she decides she doesn't want to live here or whatever and IF we can't keep making the payments. When they foreclose, does it show up as one on my credit. The home was listed under Bk, but the debt was re-affirmed or so it says in the bk papers. Any help is appreciated. Thanks in advance.

    : (6)

    • Posted by Janie on March 04, 2005 at 22:24:22:

      In Reply to: Foreclosure after chp.7 bk Posted by Darcy on March 03, 2005 at 15:38:46:

      First, you are not using good judgment to walk away and assume everything will be okay. Why haven't sold the home? Why haven't made the friend sign a purchase agreement?

      Second, when you agreed to reaffirm the debt, you royally screwed yourself. Reaffirming is what lenders and creditors want you to do so you cannot BK the home or whatever, later on.

      Had you not reaffirmed, you could motion the court to reopen your old BK because the home was listed as an asset you intended to keep, and with the reopened case, list the home but this time as an asset you're surrendering.

      The surrender means the lender gets the home and you walk away.

      Here's something else to ponder, if the friend does not maintain the property, is negligent, causes damage, the lender can go after you and possible get additional damages because of the fraud.

      You know the loan is not assumable, therefore, it could be argued that you intended to fraud the lender.

      Your best best is to deal with this and not walk away because it will come back and bite you in the rear end.



      : We live in Wa state. We filed bk about 2.5 yrs ago. We currently own a single wide mobile. We intend to move and let a friend take over payments, even though the loan isn't assumable. My question is, if she decides she doesn't want to live here or whatever and IF we can't keep making the payments. When they foreclose, does it show up as one on my credit. The home was listed under Bk, but the debt was re-affirmed or so it says in the bk papers. Any help is appreciated. Thanks in advance.



      : (4)

      • Posted by Darcy on March 18, 2005 at 15:24:47:

        In Reply to: Re: Foreclosure after chp.7 bk Posted by Janie on March 04, 2005 at 22:24:22:





        Just a quick question. I found out that the debt has not been re-affirmed. So, if we had to stop making payments. After they foreclose would it show up as one or would we have to surrender it under bankruptcy?



        : First, you are not using good judgment to walk away and assume everything will be okay. Why haven't sold the home? Why haven't made the friend sign a purchase agreement?

        : : Second, when you agreed to reaffirm the debt, you royally screwed yourself. Reaffirming is what lenders and creditors want you to do so you cannot BK the home or whatever, later on.

        : : Had you not reaffirmed, you could motion the court to reopen your old BK because the home was listed as an asset you intended to keep, and with the reopened case, list the home but this time as an asset you're surrendering.

        : : The surrender means the lender gets the home and you walk away.

        : : Here's something else to ponder, if the friend does not maintain the property, is negligent, causes damage, the lender can go after you and possible get additional damages because of the fraud.

        : You know the loan is not assumable, therefore, it could be argued that you intended to fraud the lender.

        : : Your best best is to deal with this and not walk away because it will come back and bite you in the rear end.

        : : : We live in Wa state. We filed bk about 2.5 yrs ago. We currently own a single wide mobile. We intend to move and let a friend take over payments, even though the loan isn't assumable. My question is, if she decides she doesn't want to live here or whatever and IF we can't keep making the payments. When they foreclose, does it show up as one on my credit. The home was listed under Bk, but the debt was re-affirmed or so it says in the bk papers. Any help is appreciated. Thanks in advance.



        : (1)

        • Posted by Janie on March 24, 2005 at 21:12:10:

          In Reply to: Re: Foreclosure after chp.7 bk Posted by Darcy on March 18, 2005 at 15:24:47:

          If it we're me, I would immediately file a motion to reopen my old bankruptcy case to amend the page of Statement of Intent. I would do this before a foreclosure is filed.

          My amendment would state that I tried but am unable to continue making payments, so I'm surrendering it to lender.

          This looks better on my credit because I didn't go into foreclosure and then bankruptcy. Plus its nicer to the lender because they don't have the hassle of foreclosure.

          An attorney can do this for and explain the ins and outs.



          : Just a quick question. I found out that the debt has not been re-affirmed. So, if we had to stop making payments. After they foreclose would it show up as one or would we have to surrender it under bankruptcy?

          : (0)

      • Posted by Darcy on March 05, 2005 at 16:28:53:

        In Reply to: Re: Foreclosure after chp.7 bk Posted by Janie on March 04, 2005 at 22:24:22:

        : First, you are not using good judgment to walk away and assume everything will be okay. Why haven't sold the home? Why haven't made the friend sign a purchase agreement?

        : : Second, when you agreed to reaffirm the debt, you royally screwed yourself. Reaffirming is what lenders and creditors want you to do so you cannot BK the home or whatever, later on.

        : : Had you not reaffirmed, you could motion the court to reopen your old BK because the home was listed as an asset you intended to keep, and with the reopened case, list the home but this time as an asset you're surrendering.

        : : The surrender means the lender gets the home and you walk away.

        : : Here's something else to ponder, if the friend does not maintain the property, is negligent, causes damage, the lender can go after you and possible get additional damages because of the fraud.

        : You know the loan is not assumable, therefore, it could be argued that you intended to fraud the lender.

        : : Your best best is to deal with this and not walk away because it will come back and bite you in the rear end.

        : : : We live in Wa state. We filed bk about 2.5 yrs ago. We currently own a single wide mobile. We intend to move and let a friend take over payments, even though the loan isn't assumable. My question is, if she decides she doesn't want to live here or whatever and IF we can't keep making the payments. When they foreclose, does it show up as one on my credit. The home was listed under Bk, but the debt was re-affirmed or so it says in th bk papers. Any help is appreciated. Thanks in advance.

        Thanks for all your input. I know that it is going to come back and get me. But I had another question, It says in my bk papers that debt WILL be re-affirmed. But I don't think we ever did that cause we cannot recieve bills. So how would we motion the court? Is there a time limit as to when you have to do this by? We know it won't sell cause nothing in our park has sold in yrs.Thanks again.

        : (1)

        • Posted by Janie on March 06, 2005 at 17:54:55:

          In Reply to: Re: Foreclosure after chp.7 bk Posted by Darcy on March 05, 2005 at 16:28:53:



          There is no hard and fast rule about amending a Chapter 7 Bankruptcy, so, the answer is probably yes you can.

          Go to your local law library and peruse the Bankruptcy Practice Guide or Manual. These are the templates the attorneys use. It also provides a step by step of what to do and how the motion should look. These are typically preprinted forms you fill in the blanks.

          Try looking at web site for the Bankruptcy Court near you. I probably has the forms on the site.

          If you intend to do this, you should act quickly as the Bankruptcy Abuse Prevention Bill is moving through the House rather quickly and it looks as though the Republicans will get their way, which is to make near impossible for people to access the BK system for relief.







          : Thanks for all your input. I know that it is going to come back and get me. But I had another question, It says in my bk papers that debt WILL be re-affirmed. But I don't think we ever did that cause we cannot recieve bills. So how would we motion the court? Is there a time limit as to when you have to do this by? : We know it won't sell cause nothing in our park has sold in yrs.: Thanks again.



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    • Posted by NJDave on March 04, 2005 at 06:36:55:

      In Reply to: Foreclosure after chp.7 bk Posted by Darcy on March 03, 2005 at 15:38:46:

      "When they foreclose, does it show up as one on my credit?"

      To my thinking, since you reaffirmed the debt, yes.

      : (0)

  • Posted by Debbie on March 03, 2005 at 15:03:19:

    My ex-husband has a judgment against him and the creditor put a lien on my home (he quitclaimed to me after divorce last year). My mortgage company was evaluating for a pre-foreclosure sale and the title company found this lien! If the ex-husband filed bankruptcy, would that lien come off??

    : (1)

    • Posted by Nick(Colorado) on March 05, 2005 at 16:00:22:

      In Reply to: Urgent! Lien on home from creditor/can't short sale??? Posted by Debbie on March 03, 2005 at 15:03:19:

      Debbie:

      You will receive more accurate bankruptcy responses here:

      http://chat-cards.com/wwwboard/bankruptcy/messages.html

      It is my understanding that if you just "found" this lien,than the lien has been is place for some time. If that is the case, it is most likely perfected. In which case,you can only really make an offer. A bankruptcy-13 on the part of the ex-husband, might get the debt discharged, meaningthat he will have no responsibility for it. However I donot see the court lien striping a property in which the trustor has no material interest.



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  • Posted by H B Martin on March 03, 2005 at 13:06:51:

    Purchased owner financed mobile home on rented lot. Paperwork does not state one way or other about early payoff. Sell refused to provide balance owed or interest amount they are charging. Purchased for $35,000 with $7,000 cash down, payments of $XXXX for 99 months. I have made 27 payments on time and would like to get information for refinancing. Seller told me over one year ago it was not by business. I want info, I think they are running scam. The lot floods. The seller and the lot owner did not disclose this information. By flood I mean water comes up to the floor when it rains hard. I cannot find out what my rights are regarding the loan, the failure to disclose the flooding by home owner or lot owner. Does anyone know if for sale by owner property is foreclosed or if the tenants are evicted? I am ready to cut my losses and leave, but I want to know my rights. I cannot locate anything on rights of buyers for owner-financed home loans on my search. Help!!!Thanks!!!!

    : (2)

    • Posted by Kristin Wilson on March 09, 2005 at 11:13:33:

      In Reply to: Owner of owner financed home will not disclose $$$$ owed. Posted by H B Martin on March 03, 2005 at 13:06:51:

      He HAS to provide you with that information!!!! Call a lawyer or threaten to call the DA on him. It is your RIGHT to know what you owe, the payoff, and the interest you are paying. It should be included, except the payoff, in any statements he sends you to pay on. About the flooding, I think you may be out of luck on that one. Buyer beware in this market, but check into your state laws anyway. Usually, a lawyer will help answer a few questions without charging you. Just try calling one to get some advice on direction here.

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

      : Purchased owner financed mobile home on rented lot. Paperwork does not state one way or other about early payoff. Sell refused to provide balance owed or interest amount they are charging. Purchased for $35,000 with $7,000 cash down, payments of $XXXX for 99 months. I have made 27 payments on time and would like to get information for refinancing. Seller told me over one year ago it was not by business. I want info, I think they are running scam. The lot floods. The seller and the lot owner did not disclose this information. By flood I mean water comes up to the floor when it rains hard. I cannot find out what my rights are regarding the loan, the failure to disclose the flooding by home owner or lot owner. Does anyone know if for sale by owner property is foreclosed or if the tenants are evicted? I am ready to cut my losses and leave, but I want to know my rights. I cannot locate anything on rights of buyers for owner-financed home loans on my search. Help!!!Thanks!!!!



      : (0)

    • Posted by Jake on March 05, 2005 at 08:16:37:

      In Reply to: Owner of owner financed home will not disclose $$$$ owed. Posted by H B Martin on March 03, 2005 at 13:06:51:

      : Purchased owner financed mobile home on rented lot. Paperwork does not state one way or other about early payoff. Sell refused to provide balance owed or interest amount they are charging. Purchased for $35,000 with $7,000 cash down, payments of $XXXX for 99 months. I have made 27 payments on time and would like to get information for refinancing. Seller told me over one year ago it was not by business. I want info, I think they are running scam. The lot floods. The seller and the lot owner did not disclose this information. By flood I mean water comes up to the floor when it rains hard. I cannot find out what my rights are regarding the loan, the failure to disclose the flooding by home owner or lot owner. Does anyone know if for sale by owner property is foreclosed or if the tenants are evicted? I am ready to cut my losses and leave, but I want to know my rights. I cannot locate anything on rights of buyers for owner-financed home loans on my search. Help!!!Thanks!!!! TO BAD THE TRAILER CAN'T BE RAISED UP AND PUT A FEW BLOCKS UNDER IT SO IT WILL NOT FLOOD. It's got a tongue anda frame so get a 20 ton hydraulic jack from a cheap store and a 4x4 long enough to cross the frame and jack ti up using blocks and bricks a little at a time in different places. This way it will lift the trailerat these points without breaking it into. If you do not understand what I am saying ask someone who understands construction and they can help you. No big deal. When you give up and abondon the trailer he will just sell it to someone else and laugh all the way to the bank. Now You paid $35,000 less $7,000 for a difference of $28,000. 99 payments divided into the $28,000 show a payment of$282.83 if my cal. is correct. Now 282.83 x 99 = $28,000 in principal only. Any bank or lender will charge you inerest so let's say he charge 12% your payments should be $446.86 with the 12% interest. If the caluclator is right. Without knowing your payment it is hard to tell you much. I hope this helps give you a general idea. If your payment is less than the $446.86 your interest rate is less than the 12%. OK



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  • Posted by ida on March 02, 2005 at 18:26:22:

    My sister in law moved away from town about 6 months ago. She owed a trailer house and is on a lot that she rents out for $75 a month. She is behind in her payments and told me if I want the trailer, I could have it. She will be sending me the title. I went yesterday and try to pay $300 on the lot, and the gentlemen told me no that he want 1500. up front for a whole year of rent and that if i didn't pay they would take the trailer. Can they do this? She had signed an agreement with the previous owner of the lots, which he sold about 5 months ago to this new gentleman. He told me he would see me in court.I would like any information on this. Thank you in advance.

    Ida

    : (2)

    • Posted by Ray on March 05, 2005 at 08:39:18:

      In Reply to: HELP Posted by ida on March 02, 2005 at 18:26:22:

      : My sister in law moved away from town about 6 months ago. She owed a trailer house and is on a lot that she rents out for $75 a month. She is behind in her payments and told me if I want the trailer, I could have it. She will be sending me the title. I went yesterday and try to pay $300 on the lot, and the gentlemen told me no that he want 1500. up front for a whole year of rent and that if i didn't pay they would take the trailer. Can they do this? She had signed an agreement with the previous owner of the lots, which he sold about 5 months ago to this new gentleman. He told me he would see me in court.: I would like any information on this. Thank you in advance.

      : Ida No he can't take your trailer as long as you have the title. If your sister-in-law owed no more than 6months rent that is all he can get. Different states have different laws and maybe he can attach a mechinics lein for the past due rent but that is all he is intitled to. You can pay the back rent and pull the trailer somewhere else. He know this and it will cost that much to move it so there is a delima as he want all cash for a year at a time. $75.00 per month is only $900.00 per year so there must be more than 6 months owed on the trailer rent. A tow truck would pull that thing for you surely for a couple of hundred bucks. Hunt another trailer park and check your options. He don't have any court order against you totie up the trailer so pull it out after you get the title. Move it to another park or wreck it by sticking ice pick hole into the refrigerator coils andwreck so he can't possibly rent it without putting 3 or 4 thousand into it. If you can't have your own home make sure he don't get it nice and clean. If you ice pick the area where the ice is made he will have a problem for sure. If the trailer is worth a whole lotmove it. It is yours so do what you like.



      : (0)

    • Posted by Jake on March 02, 2005 at 22:44:37:

      In Reply to: HELP Posted by ida on March 02, 2005 at 18:26:22:

      : My sister in law moved away from town about 6 months ago. She owed a trailer house and is on a lot that she rents out for $75 a month. She is behind in her payments and told me if I want the trailer, I could have it. She will be sending me the title. I went yesterday and try to pay $300 on the lot, and the gentlemen told me no that he want 1500. up front for a whole year of rent and that if i didn't pay they would take the trailer. Can they do this? She had signed an agreement with the previous owner of the lots, which he sold about 5 months ago to this new gentleman. He told me he would see me in court.: I would like any information on this. Thank you in advance. The law in my state allows you to move the trailer out if it is your because it has wheels and it is not considered permanent property. Check with a lawyer and see if it is not the same in your state. He is running a bluff. Unless the trailer was bought from the park owner and he is carrying a note on it. Check with a lawyer in your area. If your sister had built a house on his property it would stay with the land. At least that is the way it is in our state. Hope you luck

      : Ida



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  • Posted by Ty on March 02, 2005 at 15:24:36:

    Situation: I have a car that is almost 7 months behind on payments. I think the car loan people have issued a repossession. I only have liability insurance on the car plus I was just in a accident.

    Is there some kind of law to just having liability insurance on a car that has a loan on it?

    Will there be some type legal action against me if the car loan people find out about the wreck?

    : (0)

  • Posted by me on March 02, 2005 at 12:20:22:

    that have the ads that say they can help even if you have bad credit??we are trying to see if someone can refinacne our 2nd but i don't want to bother if it will get us in more trouble than we already are...currently i have called the bank...i get no place.. can not get any answer about how much longer we have before our redemtion period is over and how long after that before we have to leave the property

    i have called the lawyer on the 1st and the lawyer on the 2nd ... no real answers there either...

    half the people i have talked to about the loan have no clue what i am talking about

    ugh this is so frustratingthank youd

    : (4)

    • Posted by kelly green on March 03, 2005 at 20:57:17:

      In Reply to: Are any of these places reputable Posted by me on March 02, 2005 at 12:20:22:

      : that have the ads that say they can help even if you have bad credit??: we are trying to see if someone can refinacne our 2nd but i don't want to bother if it will get us in more trouble than we already are...: currently i have called the bank...i get no place.. can not get any answer about how much longer we have before our redemtion period is over and how long after that before we have to leave the property

      : i have called the lawyer on the 1st and the lawyer on the 2nd ... no real answers there either...

      : half the people i have talked to about the loan have no clue what i am talking about

      : ugh this is so frustrating: thank you: d



      : (1)

      • Posted by kelly green on March 03, 2005 at 20:58:23:

        In Reply to: Re: Are any of these places reputable Posted by kelly green on March 03, 2005 at 20:57:17:

        : : that have the ads that say they can help even if you have bad credit??: : we are trying to see if someone can refinacne our 2nd but i don't want to bother if it will get us in more trouble than we already are...: : currently i have called the bank...i get no place.. can not get any answer about how much longer we have before our redemtion period is over and how long after that before we have to leave the property

        : : i have called the lawyer on the 1st and the lawyer on the 2nd ... no real answers there either...

        : : half the people i have talked to about the loan have no clue what i am talking about

        : : ugh this is so frustrating: : thank you: : d

        CALL ME AT 619-838-2700 I CAN HELP YOU...KELLY

        : (0)

    • Posted by njd on March 02, 2005 at 15:04:04:

      In Reply to: Are any of these places reputable Posted by me on March 02, 2005 at 12:20:22:

      Whate state?

      How much do you owe on the 1st?

      How much do you owe on the 2nd?

      Property Taxes? Other judgments?

      How much is the property worth in it's as-is condition?



      : (0)

    • Posted by njd on March 02, 2005 at 15:03:29:

      In Reply to: Are any of these places reputable Posted by me on March 02, 2005 at 12:20:22:

      Whate state?

      How much do you owe on the 1st?

      How much do you owe on the 2nd?

      Property Taxes? Other judgments?



      : (0)

  • Posted by sal on March 01, 2005 at 18:59:38:

    I looking into getting into this what are good site or resource's to get curent listings.thanks for the help

    : (2)

    • Posted by Chris Perkins on March 17, 2005 at 16:26:56:

      In Reply to: Where to get a list of foreclosure's Posted by sal on March 01, 2005 at 18:59:38:

      : I looking into getting into this what are good site or resource's to get curent listings.: thanks for the help

      My company Merchants Information can sell you these lists. We were partnered with Experian for years so the data is good. I can get you a list of people who are 30+ delinquent on thier mortgage, the original amount, cmv of home, date of mortgage, anything you want pretty much. I can do it by zip code, state, city. I will have addresses and telephone numbers. I can even tell you what brand of bar soap they buy and how often they buy it. Call me at 602-744-3775 or 1-800-968-0727 ex 3775

      : (0)

    • Posted by Linda Garinger on March 02, 2005 at 18:05:00:

      In Reply to: Where to get a list of foreclosure's Posted by sal on March 01, 2005 at 18:59:38:

      Hi Sal,

      This site that you posted on has want you need, click on Pre-Foreclosure Sources and look for your area.

      Always ask the service provider how current is their data. In CA the trustee will record a notice of default and notice of trustee sale document at the County Recorder’s office. So, ask them how soon after the recording do they publish the information; you would be surprise how many foreclosure services sell outdated information.

      Take a trip down to your local County Recorder’s office and talk to the clerks, they know who is coming daily and collecting the information. Good Luck, Linda

      : (0)

  • Posted by d on March 01, 2005 at 13:34:26:

    We lost rental property to unpaid property taxes. The lender sent us to a collection agency and We've been sending in minimal payments since 2003. Since the loan is no longer tied to the property, is it legal for the lender to continue to try to collect? The lender claims that they were not notified that the property got sold for unpaid taxes. Can we/should we stop making these payments since we no longer own the property? Is it possible to force the lender to write it off as bad debt and provide us a 1099? We believe we have enough passive activity losses to offset what ever might be considered income of we can get them to provide a cancellation of debt.

    Any thoughts, suggestions would be appreciated. We just want to know what our options are...

    : (0)

  • Posted by RG on February 28, 2005 at 20:25:24:

    Any body know of posts or forums about what happens to the people after foreclosure???? How they came out of it...thanks....

    : (1)

    • Posted by Don on March 01, 2005 at 00:11:00:

      In Reply to: post foreclosure forums Posted by RG on February 28, 2005 at 20:25:24:

      : Any body know of posts or forums about what happens to the people after foreclosure???? How they came out of it...thanks....

      I know how some people come out of it. It is acording to the state you live in. If you live in a state that have a deficiency law you must be careful not to let anyone know where you work so they cannot attach your wages if you owe more than the place sold for in the fair market value. There are some other things you can do to rebuild your credit but it tells the world where you live, work etc.



      : (0)

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