July - August 2005 Archives




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  • Posted by Kristi on August 23, 2005 at 16:25:21:

    In 2002 we filed for chapter 7, we had 2 mortgages, our BK Attorney told us we could file on our 2nd. We thought it was dischared, we never got a bill. Last year we refinanced the mortgage co. missed on the title work that we had another lien. June 24, 2005 we get a letter from an attorney, that we have been in default on our mortgage since 2002 with Blue View Corp. My house went up for sheriff sale August 17, 2005. Blue View bought the house. Screwed in Michigan

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    • Posted by Kristi on August 29, 2005 at 13:04:36:

      In Reply to: This is unique Posted by Kristi on August 23, 2005 at 16:25:21:

      : In 2002 we filed for chapter 7, we had 2 mortgages, our BK Attorney told us we could file on our 2nd. We thought it was dischared, we never got a bill. Last year we refinanced the mortgage co. missed on the title work that we had another lien. June 24, 2005 we get a letter from an attorney, that we have been in default on our mortgage since 2002 with Blue View Corp. My house went up for sheriff sale August 17, 2005. Blue View bought the house. Screwed in Michigan



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    • Posted by Kristi on August 24, 2005 at 18:00:42:

      In Reply to: This is unique Posted by Kristi on August 23, 2005 at 16:25:21:

      : In 2002 we filed for chapter 7, we had 2 mortgages, our BK Attorney told us we could file on our 2nd. We thought it was dischared, we never got a bill. Last year we refinanced the mortgage co. missed on the title work that we had another lien. June 24, 2005 we get a letter from an attorney, that we have been in default on our mortgage since 2002 with Blue View Corp. My house went up for sheriff sale August 17, 2005. Blue View bought the house. Screwed in Michigan



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    • Posted by Kristi on August 24, 2005 at 18:00:03:

      In Reply to: This is unique Posted by Kristi on August 23, 2005 at 16:25:21:

      : In 2002 we filed for chapter 7, we had 2 mortgages, our BK Attorney told us we could file on our 2nd. We thought it was dischared, we never got a bill. Last year we refinanced the mortgage co. missed on the title work that we had another lien. June 24, 2005 we get a letter from an attorney, that we have been in default on our mortgage since 2002 with Blue View Corp. My house went up for sheriff sale August 17, 2005. Blue View bought the house. Screwed in Michigan



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      • Posted by peter cuoci on November 22, 2005 at 13:22:57:

        In Reply to: Re: foreclosed by Blue View Corp in Michigan Posted by Kristi on August 24, 2005 at 18:00:03:

        : : In 2002 we filed for chapter 7, we had 2 mortgages, our BK Attorney told us we could file on our 2nd. We thought it was dischared, we never got a bill. Last year we refinanced the mortgage co. missed on the title work that we had another lien. June 24, 2005 we get a letter from an attorney, that we have been in default on our mortgage since 2002 with Blue View Corp. My house went up for sheriff sale August 17, 2005. Blue View bought the house. Screwed in Michigan



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    • Posted by Nick(Colorado) on August 24, 2005 at 14:05:59:

      In Reply to: This is unique Posted by Kristi on August 23, 2005 at 16:25:21:

      Kristi:

      Talk to the title company, the title insurance on the new loan may pull the property out of redeption,as they missed the lien.



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  • Posted by jo on August 23, 2005 at 16:18:45:

    What is the Minnesota Sate Law for how much time you have to recover from past due payments before you go into foreclosure? At what point does the foreclosure show up on your credit report, when law firm initiates prceedings or at sale?

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    • Posted by me on August 24, 2005 at 13:23:15:

      In Reply to: What is MN State Law? Posted by jo on August 23, 2005 at 16:18:45:

      might be more about who has your loan toofor us it was 2 payments and they changed the date on us were not willing to work anything out at all we came to them with the full amount owed one day late and they said no way and this was the 2nd not the first

      so once we were 2 payments behind they started foreclosure on our home and we made the HUGE mistake of still paying on the 1st the entire redemtion period because we were advised that since it was such a small amount of money that they - the bank- would work something out on the 2nd

      well a year later and we are finally out of that mess of lies

      i wish you the best of luckbe sure to stay on top of everything you are being told-document it all get them to commit in writting to anything they say to you



      : What is the Minnesota Sate Law for how much time you have to recover from past due payments before you go into foreclosure? At what point does the foreclosure show up on your credit report, when law firm initiates prceedings or at sale?



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    • Posted by Steele in Minnesota on August 24, 2005 at 12:05:20:

      In Reply to: What is MN State Law? Posted by jo on August 23, 2005 at 16:18:45:

      : What is the Minnesota Sate Law for how much time you have to recover from past due payments before you go into foreclosure? At what point does the foreclosure show up on your credit report, when law firm initiates prceedings or at sale?*****************************

      As Mark suggested it really isn't Minnesota statute per sec that determines this but rather the individual lender policy. Many now will start proceedings after 3 payments are missed and none made up. In other words, you are behind three payments and have not come to any workout agreement with them.

      Remember that they don't want your house, they want their payments. So some will take longer in getting the proceedings going.

      I believe once you have gone to Sheriff sale you can expect the foreclosure to start showing up on your credit. Your late payments may have already done some damage.

      Steele in MinnesotaForeclosure Specialist



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    • Posted by Mark in MN on August 24, 2005 at 07:35:53:

      In Reply to: What is MN State Law? Posted by jo on August 23, 2005 at 16:18:45:

      I'm not a lawyer, but am going through foreclosure myself. We went 7 months before our mortgage bank gave a 30 day notice of pending foreclosure. Our mortgage bank was located out of state. Foreclosure should show up on my credit report after the sheriff's sale.



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  • Posted by James on August 23, 2005 at 13:03:24:

    Don't laugh, but I don't understand the process of buying a home when it's in foreclosure. Do you just owe what's left on the original loan or what? Please help a man trying to buy his young family their first house. Thanks

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    • Posted by njdave on August 23, 2005 at 14:10:49:

      In Reply to: Explanations Please!!! Posted by James on August 23, 2005 at 13:03:24:

      Buying a home in foreclosure isn't really that much different than buying a home whose mortgage isn't in foreclosure.

      You agree on a sales price, go into contract, and proceed to closing. Depending upon the Seller's motivation due to time constraints... you may be able to negotiate a lower sales price if you can close quickly.

      Generally, the sale price will have some relationship to the property's fair market value... and less to do with what's remaining on the loan.

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  • Posted by Melonie on August 23, 2005 at 10:20:13:

    My home is going to be foreclosed after filing chapter 7..We want to keep our home if some one will buy and land contract it back to us...Please Help!!!

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  • Posted by MMC on August 22, 2005 at 18:26:48:

    We Filed BK in 2003 in Ohio. The foreclosure process was started. We just got a letter in the mail about our property saying the grass needed to be cut etc. etc. When I pulled up the info on the internet it said the property was sold in Dec. 2004. But on the county auditors web site it is still listing my husband and myself as the owner. All court related issues were settled in May of 2005. I looked that up on the clerks web site. So who is responsible?? Any help would be great. It said the house was purchased by HUD if that helps at all. Thanks

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    • Posted by njdave on August 23, 2005 at 07:12:15:

      In Reply to: two years after foreclosure...still have questions Posted by MMC on August 22, 2005 at 18:26:48:

      Present a copy of the Deed (Sheriff's Deed to HUD, or Trustee's Deed to HUD) to the local tax authority as proof that you are no longer the owner of the property.

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  • Posted by S. Spence Jones on August 22, 2005 at 18:10:11:

    Hello! I am an associate auctioneer with Auction Brokers of Baltimore, MD. We purchase, control and auction properties nationwide. These properties include ALL types of real estate: homes, commercial property, land, lots, waterfront -- you name it, we handle it if it's real estate. FSBO's, foreclosures, estate/inheritance real estate, all kinds and conditions. / Please call me at 1-888-524-4104 or email me at sspencejones@yahoo.com. We'd love to be of service!

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    • Posted by Spence on August 25, 2005 at 15:34:42:

      In Reply to: Auctions Posted by S. Spence Jones on August 22, 2005 at 18:10:11:

      Hello, All. I'm Spence. I'm an auctions associate with a leading national auction house and brokerage in the eastern US. / Real estate for auction has certain advantages. It is especially good for owners who are in pre-foreclosure and foreclosure, who are trying to sell their own properties (fsbo's), and those whose listings have expired with their chosen real estate agencies. / Auctioning your real estate usually means that, as the seller/owner, you can avoid closing costs (including real estate agents' commissions), and it often means you realize more from the sale of your property than you expected. Also, it takes the guesswork out of WHEN your property will actually sell (due to the setting of an auction date). / All properties auctioned are not marketed to "investors" and "flippers." The auction specialist markets your property to the most appropriate audience/end users as dictated by its type, present and potential use, location and other factors. / Auction Brokers boasts 40 years' experience in the real estate auction and brokerage business. Visit us at auctionbrokers.org. Please call me toll free at 1-888-524-4104 and/or email me at sspencejones@yahoo.com.

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      • Posted by Steele in Minnesota on August 26, 2005 at 17:36:02:

        In Reply to: Re: Auctions Posted by Spence on August 25, 2005 at 15:34:42:

        I think we all got the commercial the first time. No offense, but I think we are not supposed to be quite so blatant.

        An alternative, yes. A good one, yes. But no better than other marketing techniques. Works well in some areas, not so great in others.

        And how do you know it's so bad to market to investors? I market foreclosures for banks and we are equal opportunity to all. Investors and flippers too:>)

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        • Posted by Steele on August 28, 2005 at 15:59:43:

          In Reply to: Re: Auctions Posted by Steele in Minnesota on August 26, 2005 at 17:36:02:

          : I think we all got the commercial the first time. No offense, but I think we are not supposed to be quite so blatant.

          Actually, FYI, I unintentionally posted the more full-blown version of my message more than once. I posted it an an area by mistake where, if I could have, I'd have deleted it. / As for being "blatant," how would it have been possible for me to get my msg out more subtly??? If by "blatant" you refer to my sending it more than once, that's been explained above.

          : An alternative, yes. A good one, yes. But no better than other marketing techniques. Works well in some areas, not so great in others.

          Given. No news here.

          : And how do you know it's so bad to market to investors? I market foreclosures for banks and we are equal opportunity to all. Investors and flippers too:>)

          I never stated that flipping or investing is wrong. It's just that I know of real estate agents who think that auctions are good only for a quick flip. So, what does that tell us about non-real estate professionals, the regular buyers and sellers in the market? They deserve to know that there are other markets for their properties as well.

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          • Posted by Steele in MInnesota on August 28, 2005 at 19:19:13:

            In Reply to: Re: Auctions Posted by Steele on August 28, 2005 at 15:59:43:

            Actually the above post was not done by me, Steele. I really resent someone stealing my name and email and using it to further his business.

            Be brave and sign your own name in the future. Your message is lost when commiting fraud.

            Steele (the real one)Foreclosure SpecialistMinneapolis, MNsteelep@aol.com

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  • Posted by me on August 22, 2005 at 17:25:27:

    for doing something wrong??

    seems that when we moved out on June 1st had the gas company go out and the placed a lock on it.Well instead of calling the gas company like they SHOULD have done to let them know they now are in possession of the house...they BROKE the lock on it and LEFT IT IN OUR NAME FOR THE BILL!!!

    i am sooooooooooo angry right now i could just scream!!

    so how do i report this company for their unprofessional way of doing this?

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    • Posted by njdave on August 23, 2005 at 07:16:51:

      In Reply to: how do you report a relator in a foreclosing Posted by me on August 22, 2005 at 17:25:27:

      Are you saying that the Realtor broke a locked gas meter to restore heat and hot water? Is this a realtor hired by you to sell the home, or was it the realtor hired by the foreclosing lender to market their property?

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      • Posted by me on August 23, 2005 at 10:20:25:

        In Reply to: who did what to whom? Posted by njdave on August 23, 2005 at 07:16:51:

        Broke the meter and in doing so the gas company put it back into our name because they were not notified of who the proper owner was/is and that since gas was being used someone had to pay for it.But we did tell them who the bank was that owned it when we left the house in May i even gave them the info on the realtor at that time too.

        so i know there is a way to report this realtor for this kind of thing i just have to find the place to report it too.

        : Are you saying that the Realtor broke a locked gas meter to restore heat and hot water? Is this a realtor hired by you to sell the home, or was it the realtor hired by the foreclosing lender to market their property?



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        • Posted by Reinstatement Services, Inc. on August 23, 2005 at 12:35:16:

          In Reply to: the realtor hired by the foreclosing lender Posted by me on August 23, 2005 at 10:20:25:

          more time and energy. I think your issue more concerns who-should-pay.

          If you no longer owned the home nor were occupying the property and can document this then provide copies of the documentation to the gas company and move on.

          your time and stress level are worth something, aren't they?

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          • Posted by me on August 23, 2005 at 13:41:40:

            In Reply to: why waste... Posted by Reinstatement Services, Inc. on August 23, 2005 at 12:35:16:

            already know who should and will pay..that is not the point

            the point is was wrong for them to break the lock and not do the right thing on calling the gas company to put it in their name

            so just because it might take a little bit of my time that means we should let people like this get away with breaking laws??

            so by not saying anything and letting them get away with things like this what kind of example does that set and who knows what kinds of things they will try to get away with next..

            this leaves a bad name for the good companies that are out there so it is only right to let others know when people do shady things like this

            and it is not any stress to report them on this issue

            just funny that society thinks that things like this are ok to allow......



            : more time and energy. I think your issue more concerns who-should-pay.

            : If you no longer owned the home nor were occupying the property and can document this then provide copies of the documentation to the gas company and move on.

            : your time and stress level are worth something, aren't they?



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            • Posted by RSI on August 23, 2005 at 15:17:57:

              In Reply to: Re: why waste... Posted by me on August 23, 2005 at 13:41:40:

              I'm going to regret taking the time to post a response.

              Unless you have an abundance of time to chase every little infraction, mistake, or nuance that life throws your way ["it" happens], make a decision not to try to breathe life into this meaningless happening while you only come across as a semi-hostile irrational.

              You don't want to reach derranged lunatic status. Don't give them that kind of power over you.

              It sounds like the payment responsibility has been squared. You've got no proof concerning the realtor [shouldn't you have followed up with the gas co.to make certain that they had done what you had requested by way of termination?] Your story makes little sense...

              I'm just thinking [hoping] you've got better ways to INVEST your time.Why not donate the time you might have used to chase this [and other (if my hunch is correct)meaningless distractions] to an elder center or hospital or homeless shelter. These causes are more admirable and guaranteed to strip you of your bitterness [is this realtor an ex?].

              The world has got enough reactionaries it's time you started acting like a visionary. You CAN choose to wear a different hat.

              much success in your future endeavors...

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              • Posted by me on August 24, 2005 at 10:51:59:

                In Reply to: You're missing the point and I have a feeling Posted by RSI on August 23, 2005 at 15:17:57:

                make no sense at all to me...

                so you think it is ok for people to do illegal things??

                we did follow up on the gas company they did go place the lock on the propertythey were given the information on the realtorthe realtor did NOT call the CITY OR THE GAS company

                in fact we just found out we are STILL listed as homestead on this propery with the county..

                i think you are just judging me because we were foreclosed upon-yet you have no clue what our situation is

                it took me all of 5 min to file a complaint once i got the correct info from someone where to send the information to

                there are rules and laws that people have to abide bywe can not keep letting everyone get away with every single thing out there that they try to pull

                there is nothing hostile about what i am doingi am merely reporting what they did wrong

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  • Posted by Kim Miller on August 22, 2005 at 15:30:41:

    I rent a condo that is in foreclosure. I heard that it is in the sheriffs auction this month. How can I find out what it is listing for and how can I attend the auction?

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    • Posted by Audrey Nichols on September 16, 2005 at 12:09:41:

      In Reply to: Condo @ sheriffs auction Posted by Kim Miller on August 22, 2005 at 15:30:41:

      How can I find out what it is listing for and how can I attend the auction?



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    • Posted by Steele in Minnesota on August 24, 2005 at 00:39:24:

      In Reply to: Condo @ sheriffs auction Posted by Kim Miller on August 22, 2005 at 15:30:41:

      : I rent a condo that is in foreclosure. I heard that it is in the sheriffs auction this month. How can I find out what it is listing for and how can I attend the auction?

      ****************************

      Call the Sheriff's office for this information. It is usually posted at their offices or the county court house.

      Steele V. ProppForeclosure SpecialistSchatz Group GMACMinneapolis, MNsteelep@aol.com

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  • Posted by M-Minnesota on August 22, 2005 at 14:56:09:

    We received this notice with an original of the public notice clipped from the paper from the sheriff's dept. What does this notice mean? Do we need to bother desinating our house as homestead if we are letting it go? Anoka County, Minnesota.

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  • Posted by Reinstatement Services, Inc. on August 22, 2005 at 12:55:45:

    Thank you all for your expressed interest in the research paper. I have attempted to send it electronically in its entirety to several people who have personally requested it but due to the volume of the project [charts, graphs, pages [137, I think] I have not been successful.

    What I will do in the next few days is determine if our IT department can upload it to our website as a pdf file without too much interruption to our daily work. If so, then I will post the link under this thread before the end of the week updating you to its availability.

    Thanks again for your interest. It is truely a fascinating subject..this business called foreclosure.



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  • Posted by Tom on August 22, 2005 at 10:31:05:

    Hi All,

    I have gone to about a dozen TRust sales and the General Lack of Formality worries me

    How are Trustee Sales Regulated ?Many times the auctioneers don't show identificationsIf a sale goes South after we leave, how difficult is it to get the cashiers checks back ?Can I ask for Identification ?What kind of Due Diligence can I perform before TS ?

    It is very bothersome handing over $300,000 Cashier Checks when the process seems so informal.

    Thanks,Tom

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    • Posted by Jim V on August 22, 2005 at 22:15:37:

      In Reply to: Trustee Sale Characters- the auctioneers Posted by Tom on August 22, 2005 at 10:31:05:

      Hi Tom,

      Trustee Sales and informality seem to go hand-in-hand. It's normally the same basic core group of individuals and dress is more for comfort rather than providing a "professional" image. Conversations before, during, and after an auction, even amongst "competitors" isn't unusual or necessarily cause for alarm.

      Sales are often conducted by either an employee of the Trustee handling the foreclosure, or a sub-contracting company handling the posting and auction portion of the foreclosure process. Because the auctioneer is often spending a good amount of time in the field, or in their car, they are also dressed for comfort. Because they might see the third party bidders several times throughout the day, the general atmosphere is more like a normal workplace, where social interaction is casual.

      I'd recommend attending all the auctions you possibly can, even if you aren't bidding. You'll know who the auctioneers are, and learn who other significant bidders are. With some time, you'll become a lot more comfortable with the process, and the people involved until eventually it will seem "normal" to you.

      The most important part of your post, in my opinion, is the due diligence part prior to sale. Property condition, market value of the property, and knowing exactly what interest in the property you are purchasing is essential. If you don't have a real estate background, or don't fully understand title issues, I'd strongly recommend training. It's not cheap, but it's much cheaper than a major mistakes. I'm aware of training available in Northern and Southern California, I'd have to look around for training outside those areas. Let me know if you'd like a link, I'll see what I can find.

      : Hi All,

      : I have gone to about a dozen TRust sales and the General Lack of Formality worries me

      : How are Trustee Sales Regulated ?: Many times the auctioneers don't show identifications: If a sale goes South after we leave, how difficult is it to get the cashiers checks back ?: Can I ask for Identification ?: What kind of Due Diligence can I perform before TS ?

      : It is very bothersome handing over $300,000 Cashier Checks when the process seems so informal.

      : Thanks,: Tom



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      • Posted by Tom - NEV on August 23, 2005 at 04:11:17:

        In Reply to: Re: Trustee Sale Characters- the auctioneers Posted by Jim V on August 22, 2005 at 22:15:37:

        Hi Jim,

        Thanks for your positive Response to my questions. IAppreciate you answering the question which was asked

        Again, my main concern was handing over a Couple Hundred Thousand dollars in Checks to the TrusteeProcess which I don't completely understand yet.

        I will be taking some training soon and I will feel a bit better about the process.

        Regard,Tom



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  • Posted by Tom on August 22, 2005 at 10:30:31:

    Hi All,

    I have gone to about a dozen TRust sales and the General Lack of Formality worries me

    How are Trustee Sales Regulated ?Many times the auctioneers don't show identificationsIf a sale goes South after we leave, how difficult is it to get the cashiers checks back ?Can I ask for Identification ?What kind of Due Diligence can I perform before TS ?

    It is very bothersome handing over $300,000 Cashier Checks when the process seems so informal.

    Thanks,Tom

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  • Posted by b on August 21, 2005 at 14:23:10:

    Hi, I am about to purchase a home with a friend. The loan will be in my name since his credit is bad and both of our names will be on the title. He will go half with me on the mortgage every month. Does anyone have an agreement we could use for this? Thanks for your help.

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    • Posted by Irwin on August 21, 2005 at 21:08:25:

      In Reply to: Real Estate Agreement between Investors Posted by b on August 21, 2005 at 14:23:10:

      I agree with Bill. Don't do this unless a)you plan to rehab and re-sell it in less than a year; and b)your friend is contributing something tangible to the deal, like doing some of the repair work or paying for materials etc... At the very least, you should hold a Quitclaim Deed for his interest in case he defaults on the agreement to pay half the mortgage payments.

      : Hi, I am about to purchase a home with a friend. The loan will be in my name since his credit is bad and both of our names will be on the title. He will go half with me on the mortgage every month. Does anyone have an agreement we could use for this? Thanks for your help.



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    • Posted by Bill H on August 21, 2005 at 15:51:47:

      In Reply to: Real Estate Agreement between Investors Posted by b on August 21, 2005 at 14:23:10:

      : Hi, I am about to purchase a home with a friend. The loan will be in my name since his credit is bad and both of our names will be on the title. He will go half with me on the mortgage every month. Does anyone have an agreement we could use for this? Thanks for your help.

      I would recommend that you not do this. In my experience the best way to lose a friend or alienate the family is to invest with or loan to friends and family. In this case it looks especially bad to me as you will be totally responsiblie for the debt(s) and he/she will have half of the benefits for free.

      Think this over again and be absolutely certain that you want to do this.

      There is no form that I am aware of than can cover everything that can/will happen over the years.

      Read the archives about friends, family, lovers, etc. investing and the outcomes.

      Investigate BEFORE investing.

      Good Luck,Bill H



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  • Posted by me on August 20, 2005 at 09:31:58:

    i know that once it becomes public record there is a way to find out...i am just curious to see how much our home will end up going for since they have it listed for $20K more than what it was appraised out at and they have it listed for $45k above the cost of our combined loans.

    thanks

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    • Posted by Nick(Colorado) on August 22, 2005 at 10:40:39:

      In Reply to: how to find out what your foreclosed home sold for? Posted by me on August 20, 2005 at 09:31:58:

      Me:

      About 6 months to a year after the sale, look it upin the tax records. Its a matter of public record.

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    • Posted by Bill H on August 21, 2005 at 15:53:33:

      In Reply to: how to find out what your foreclosed home sold for? Posted by me on August 20, 2005 at 09:31:58:

      : i know that once it becomes public record there is a way to find out...: i am just curious to see how much our home will end up going for since they have it listed for $20K more than what it was appraised out at : and they have it listed for $45k above the cost of our combined loans.

      : thanks

      nt

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  • Posted by David on August 19, 2005 at 17:33:58:

    BC, Canada

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    • Posted by Jim V on August 22, 2005 at 17:00:36:

      In Reply to: How do I find pre-foreclosures in Canada? Posted by David on August 19, 2005 at 17:33:58:

      David,

      I put a link to a Canadian foreclosure site.You'll have to look around, but I know they have information on BC foreclosure procedures and property listings(might not all be foreclosures).

      Good Luck.

      : BC, Canada



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      • Posted by David Malulu on August 22, 2005 at 19:59:33:

        In Reply to: Re: How do I find pre-foreclosures in Canada? Posted by Jim V on August 22, 2005 at 17:00:36:

        Thanks Jim,David

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  • Posted by Marilyn on August 19, 2005 at 09:23:50:

    My home was sold at the sheriff sale and the 6 month redempation period is up on Monday Aug 22, 2005. Do you know what the next step will be and is a evication process normal for Michigan. I tried everything possible to save it but couldnt, Im heartbroken. Also can they come change the locks after the 22nd. Please help

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    • Posted by Steele in Minnesota on August 19, 2005 at 12:33:31:

      In Reply to: Please help-Michigan sale Posted by Marilyn on August 19, 2005 at 09:23:50:

      : My home was sold at the sheriff sale and the 6 month redempation period is up on Monday Aug 22, 2005. Do you know what the next step will be and is a evication process normal for Michigan. I tried everything possible to save it but couldnt, Im heartbroken. Also can they come change the locks after the 22nd. Please help

      ********************************

      If your area is like our area (we have 6 month redemption as well)the bank will check to see if you are still there after the 22nd. If so, a rep will probably contact you to ask you to leave. Or they may just go right to the sheriff dept and ask for an eviction order. As every area is slightly different it will really depend on your county and it's procedures. You may also find that they approach you and offer a small stipend if you leave the property in good condition and leave on an agreed date. This is called "cash for keys". Not all offer it but it is becoming more popular with lenders.

      Regardless, you will be contacted soon about leaving. I would be preparing to leave. You may not have much time.

      Sorry this wasn't better news.

      Steele V. ProppForeclosure SpecialistMinneapolis, MN

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  • Posted by Dani on August 18, 2005 at 15:16:53:

    I'm obtaining information on how many months does a person have to be behind before forclosure starts? When forclosure does start how long does a person have to be removed? Thank you.

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    • Posted by Steele in Minnesota on August 19, 2005 at 12:40:00:

      In Reply to: Vermont Forclosure Posted by Dani on August 18, 2005 at 15:16:53:

      : I'm obtaining information on how many months does a person have to be behind before forclosure starts? When forclosure does start how long does a person have to be removed? Thank you.

      *********Typically 3 payments behind. The foreclosure charts I have seen (not an attorney) place the Vermont timetable for the process at 7 months with no redemption period.

      Steele in Minnesota

      : (0)

  • Posted by Chris on August 18, 2005 at 14:20:16:

    I am currently invloved with a company that receives approximately 25 leads per day of people who have tried to save their house (already in foreclosure), but have been unable to...therefore these leads are perfect for short sales. If you're interested in any of these leads, please email me your contact information (including what counties youo're interested in) and we can discuss it.

    : (5)

    • Posted by TheShortSalePro on August 18, 2005 at 15:57:44:

      In Reply to: Short Sale leads in OH, KY, IN, and PA Posted by Chris on August 18, 2005 at 14:20:16:

      "therefore these leads are perfect for short sales"

      These may be candidates for workouts, refis, BNK, preforeclosure sale, and yes, perhaps even a preforeclosure short sale... but to suggest that they are "perfect" for short sale is misleading...

      : (3)

      • Posted by Chris on August 19, 2005 at 08:28:46:

        In Reply to: Re: Short Sale leads in OH, KY, IN, and PA Posted by TheShortSalePro on August 18, 2005 at 15:57:44:

        I certainly don't want to mislead anyone...my most sincere apologies. Let me re-phrase...these leads MAY be perfect for short sales.There. Is that better?

        : (2)

        • Posted by TSSP on August 19, 2005 at 08:33:59:

          In Reply to: Re: Short Sale leads in OH, KY, IN, and PA Posted by Chris on August 19, 2005 at 08:28:46:

          Thanks. Most people really don't understand what's involved in prequalifying a viable short sale scenario.

          : (1)

          • Posted by steele in minnesota on August 19, 2005 at 12:37:02:

            In Reply to: Re: Short Sale leads in OH, KY, IN, and PA Posted by TSSP on August 19, 2005 at 08:33:59:

            : Thanks. Most people really don't understand what's involved in prequalifying a viable short sale scenario.

            ***************************

            And it can be a very lengthy process with a low success rate. Not quite as easy as some of the real estate late nite TV gurus would lead you to believe.

            A growing number of banks are starting to put this alternative at the bottom of choices, if they will do them at all.

            Steele V. ProppForeclosure SpecialistMinneapolis, MNsteelep@aol.com

            : (0)

  • Posted by Van on August 18, 2005 at 12:00:29:

    I would love some viewpoints to be used in a survey conducted for a research paper. You are welcome to respond to my personal e-mail if rather not post answers here. I am trying to determine why foreclosures are not avoidable when there seems to be so many other options. Please respond to any of the following: Was financing sought as a way to resolve debt? If so, thru or outside of current lender? What type of hardship led to default, or was default result of too much other debt (need honest answer please)? Was default result of poor mortgage product (i/o or other faddish loan product)? Thanx to anyone willing to help out.

    : (1)

    • Posted by Reinstatement Services, Inc. on August 18, 2005 at 21:15:46:

      In Reply to: Psychology of Foreclosure Posted by Van on August 18, 2005 at 12:00:29:

      actually, I wrote my dissertation on the topic. Email me privately and I will attach a copy.

      : (0)

  • Posted by BARBARA on August 18, 2005 at 11:20:46:

    Has anyone had any dealings with Amerifirst Mortgage Corp.? They owe us $2,812 for an upfront mortgage insurance premium on a HUD mortgage that was never filed. HUD refunded the money back to Amerifirst. Amerifirst was suppose to send the refund back to us but never did. That was in 1998. I cannot get any sort of response from Amerifirst. I think it may be a one man operation and he is dodging my calls, correspondence and faxes.

    : (2)

    • Posted by Tom on August 25, 2005 at 13:43:25:

      In Reply to: Amerifirst Mortgage Co. Posted by BARBARA on August 18, 2005 at 11:20:46:

      Where is this AmeriFirst located?

      And who are "us"?



      : (1)

      • Posted by BARBARA IRISH on August 31, 2005 at 12:52:10:

        In Reply to: Re: Amerifirst Mortgage Co. Posted by Tom on August 25, 2005 at 13:43:25:

        : Where is this AmeriFirst located?

        : And who are "us"?"US" IS MY HUSBAND AND I. AMERIFIRST IS LOCATED IN HEMPSTEAD, NY. THEY HAVE NOT RESPONDED TO OUR REQUESTS FOR THIS REFUND.



        : (0)

  • Posted by Barbara on August 16, 2005 at 14:25:51:

    Our home was foreclosed in 2/05. Due to money we had in bank and fair credit scores, we have purchased a new home and are closing next week. One problem....we were just told we need an additional $4,000 than originally anticipated to close. How can I get a quick unsecured personal loan without a co-signer in my current credit situation. I NEED HELP FAST!

    : (11)

    • Posted by Reinstatement Services, Inc. on August 18, 2005 at 21:09:05:

      In Reply to: Need Personal Loan Advice Posted by Barbara on August 16, 2005 at 14:25:51:

      was a fair one. You just took it way too personally. Fact is, the majority of people who experience foreclosure DO NOT recover as quickly as you seem to have been able. Then again you haven't disclosed the terms of your new loan, have you...

      Rather than taking Jim's response personally, relish the thought that you've managed to fall outside the norm. And hope that you can secure the funding you are now seeking to close the deal. Your fair credit scores should allow you to do so.

      Regardless, I have every bit of faith in your ability...you've already proven you're a survivor.

      : (1)

      • Posted by barbara on August 19, 2005 at 06:56:26:

        In Reply to: Jim V's answer... Posted by Reinstatement Services, Inc. on August 18, 2005 at 21:09:05:

        I agree that our situation is different from most. However, I do believe there are other folks out there who may have similar stories and I just want to let them know that with good steady income, money in the bank, good credit scores and determination, they too can get another mortgage. Our new loan is at 10% with 15% down for a 30 year fixed, but it is still affordable and reasonable and we can refinance down the line. We've come up with that extra money we'll need to close and we will once again be homeowners on 8/24/05 (less than 6 months from Sheriff's sale on our former home). It can be done!

        : (0)

    • Posted by Jim V on August 18, 2005 at 02:26:05:

      In Reply to: Need Personal Loan Advice Posted by Barbara on August 16, 2005 at 14:25:51:

      Barbara,

      With a foreclosure recorded six months ago, I'm surprised you have the money in the bank, and fair credit scores, to be able to purchase a new home.Unfortunately, I'm not aware of any lender who would lend unsecured money under those circumstances.

      : Our home was foreclosed in 2/05. Due to money we had in bank and fair credit scores, we have purchased a new home and are closing next week. One problem....we were just told we need an additional $4,000 than originally anticipated to close. How can I get a quick unsecured personal loan without a co-signer in my current credit situation. I NEED HELP FAST!



      : (7)

      • Posted by Michael on August 18, 2005 at 09:34:29:

        In Reply to: Re: Probably isn't going to happen. Posted by Jim V on August 18, 2005 at 02:26:05:

        WOW Jim,,, Great response... You posted just to say your surprized she was able to get another home.. I think your someone who just likes to Pee in People's wheaties... Get a Life Jim V ....

        : Barbara,

        : With a foreclosure recorded six months ago, I'm surprised you have the money in the bank, and fair credit scores, to be able to purchase a new home.: Unfortunately, I'm not aware of any lender who would lend unsecured money under those circumstances.

        : : Our home was foreclosed in 2/05. Due to money we had in bank and fair credit scores, we have purchased a new home and are closing next week. One problem....we were just told we need an additional $4,000 than originally anticipated to close. How can I get a quick unsecured personal loan without a co-signer in my current credit situation. I NEED HELP FAST!



        : (4)

        • Posted by Barbara on August 18, 2005 at 11:15:35:

          In Reply to: Great Response Jim V Posted by Michael on August 18, 2005 at 09:34:29:

          JIM: NOT ALL PEOPLE WHO HAVE A FORECLOSURE ON THEIR RECORD ARE DEADBEATS, UNEMPLOYED, LOOKING FOR AN EASY WAY OUT, ETC. SOMETIMES IT JUST HAPPENS. WE MAKE $100,000 A YEAR AND IT HAPPENED TO US BECAUSE WE HAD A TERRIBLE MORTGAGE COMPANY WHO REFUSED TO WORK WITH US OR OFFER US ANY WORKOUT PLANS AND WE FOUGHT THEM UNTIL THE VERY END. : WOW Jim,,, Great response... You posted just to say your surprized she was able to get another home.. I think your someone who just likes to Pee in People's wheaties... Get a Life Jim V ....

          : : : Barbara,

          : : With a foreclosure recorded six months ago, I'm surprised you have the money in the bank, and fair credit scores, to be able to purchase a new home.: : Unfortunately, I'm not aware of any lender who would lend unsecured money under those circumstances.

          : : : Our home was foreclosed in 2/05. Due to money we had in bank and fair credit scores, we have purchased a new home and are closing next week. One problem....we were just told we need an additional $4,000 than originally anticipated to close. How can I get a quick unsecured personal loan without a co-signer in my current credit situation. I NEED HELP FAST!



          : (3)

          • Posted by NJDave on August 18, 2005 at 17:18:49:

            In Reply to: Re: Great Response Jim V Posted by Barbara on August 18, 2005 at 11:15:35:

            I've known Jim V for quite awhile. He is always a straight shooter, and doesn't pull punches. He is supportive when support is needed, but doesn't hesitate to tell it like he sees it. And folks in distress need the straight poop...

            : (2)

            • Posted by Barbara on August 19, 2005 at 06:51:30:

              In Reply to: poop Posted by NJDave on August 18, 2005 at 17:18:49:

              I do agree that people who are in this situation need to be told the truth and not misled. That only leads to false hope and more disappointment. I do however feel that it is also important to post any positive outcomes. While it appears that the majority of folks are not in the same situation we are in, there may be some who are and I just wanted to let them know that there is hope for a bright future after foreclosure. We are only 6 months out of foreclosure and we are buying another home with fair terms (10% interest rate and 15% down, 30 year fixed). For those who care, I found that extra money I'll need to close and on 8/24/05 I will again be a homeowner! It can be done. Hard work, money in the bank, bills paid on time, good steady income, and most of all.....persistence!

              : (1)

              • Posted by NJDave on August 21, 2005 at 09:02:33:

                In Reply to: Re: poop Posted by Barbara on August 19, 2005 at 06:51:30:

                Barbara, when you are settled into your new home, I'd like to ask one more series of questions to be included in my story...

                : (0)

      • Posted by Barbara on August 18, 2005 at 07:00:27:

        In Reply to: Re: Probably isn't going to happen. Posted by Jim V on August 18, 2005 at 02:26:05:

        It seems that unlike most of the folks who have posted messages here, we did not lose our home because we could not pay our bills. We have great income, a savings account and we pay our bills on time. The foreclosure was due to a lengthy legal battle with WaMu regarding payments, that we obviously lost.

        : (1)

        • Posted by Jim V on August 18, 2005 at 13:03:18:

          In Reply to: Re: Probably isn't going to happen. Posted by Barbara on August 18, 2005 at 07:00:27:

          Barbara,

          I probably should have included ways some people obtain a little bit of extra money. A personal loan from family or friends is one way, if you have credit cards with cash advance capability is another, and if you have high ticket personal property that can be quickly sold is a third way. I still don't think you'll find a LENDER that'll provide the funds you need.

          : It seems that unlike most of the folks who have posted messages here, we did not lose our home because we could not pay our bills. We have great income, a savings account and we pay our bills on time. The foreclosure was due to a lengthy legal battle with WaMu regarding payments, that we obviously lost.



          : (0)

    • Posted by Tom on August 18, 2005 at 01:36:05:

      In Reply to: Need Personal Loan Advice Posted by Barbara on August 16, 2005 at 14:25:51:

      : Our home was foreclosed in 2/05. Due to money we had in bank and fair credit scores, we have purchased a new home and are closing next week. One problem....we were just told we need an additional $4,000 than originally anticipated to close. How can I get a quick unsecured personal loan without a co-signer in my current credit situation. I NEED HELP FAST!



      : (0)

  • Posted by M on August 16, 2005 at 13:57:40:

    I have a foreclosure open on my credit report. It has been open since Feb, 2005. I have never heard a word from the mortgage company on this. I am assuming it is a charge off? I don't know who to call either to find out the status of this and have them stop reporting to my credit report. I followed a "Keys for Cash" program relinquishing the home to them. At the time I had no choice. Now we are in a better situation and able to afford a home. Do I need a lawyer to see if this case is still open? Thanks for your help.

    : (2)

    • Posted by njdave on August 17, 2005 at 15:57:45:

      In Reply to: After Foreclosure Posted by M on August 16, 2005 at 13:57:40:

      You can ask that they instruct the credit reporting agency to remove the information, but it's accurate.

      If a foreclosure lawsuit was filed, then it happened and the credit reporting a foreclosure lawsuit is accurate.

      The fact that you didn't lose it at sheriff's sale or trustee sale is another matter.

      You can write a letter to the credit reporting agencies and include documentation that you turned in the house... voluntarily.

      : (1)

      • Posted by M on October 24, 2005 at 10:43:45:

        In Reply to: Re: After Foreclosure Posted by njdave on August 17, 2005 at 15:57:45:

        : You can ask that they instruct the credit reporting agency to remove the information, but it's accurate.

        : If a foreclosure lawsuit was filed, then it happened and the credit reporting a foreclosure lawsuit is accurate.

        : The fact that you didn't lose it at sheriff's sale or trustee sale is another matter.

        : You can write a letter to the credit reporting agencies and include documentation that you turned in the house... voluntarily.

        How long after this voluntarily relinquishment would I be able to apply for a home loan? What would you recommend a company, a broker, or a bank as to where I might apply for this loan? Any suggestions would be very helpful. Thank you!

        : (0)

  • Posted by April Hicks on August 16, 2005 at 09:05:51:

    I was wondering if any one knew any one who would buy my house before it forecloses. I live in Hamilton, Ga about 7 miles away from the resort Callaway Gardens. I have four bedrooms, 2 baths, a bonus room that I use as an office, indoor laundry room, big, kitchen, and functional living room.

    : (0)

  • Posted by tiredofitall on August 15, 2005 at 21:21:12:

    there is no point in trying to fight this. Had a letter today that says pay by 8/25 or foreclosure will start. Can someone give me a brief time line? I live in Missouri. I lost my job , am ill, in debt beyond belief. Cannot file BK. I would just like to know how long I have a roof over my head. Have not talked to anyone- I just don't ans the phone. Would at least like to get my photos before I am evicted.Thanks for your patience

    : (3)

    • Posted by Calvin Moody Jr. on August 16, 2005 at 14:18:06:

      In Reply to: How long for foreclosure Posted by tiredofitall on August 15, 2005 at 21:21:12:

      : there is no point in trying to fight this. Had a letter today that says pay by 8/25 or foreclosure will start. Can someone give me a brief time line? I live in Missouri. I lost my job , am ill, in debt beyond belief. Cannot file BK. I would just like to know how long I have a roof over my head. Have not talked to anyone- I just don't ans the phone. Would at least like to get my photos before I am evicted.: Thanks for your patience

      :You don't have to sit and watch them take your home. I can help or give you advice. E-mail me and we can talk.I want to helpCalvin (Don't watch them)

      : (1)

    • Posted by Calvin Moody Jr. on August 16, 2005 at 14:16:31:

      In Reply to: How long for foreclosure Posted by tiredofitall on August 15, 2005 at 21:21:12:

      : there is no point in trying to fight this. Had a letter today that says pay by 8/25 or foreclosure will start. Can someone give me a brief time line? I live in Missouri. I lost my job , am ill, in debt beyond belief. Cannot file BK. I would just like to know how long I have a roof over my head. Have not talked to anyone- I just don't ans the phone. Would at least like to get my photos before I am evicted.: Thanks for your patience

      :You don't have to sit and watch them take your home. I can help or give you advice. E-mail me and we can talk.I want to helpCalvin (Don't watch them)

      : (0)

  • Posted by Cathy on August 15, 2005 at 11:29:02:

    We have not had ANY correspondence from HomeComing Financial in over a year - not even stating that they transferred our account to someone else. We received notice from a collection attorney that they want to foreclose. I have left several phone calls at that office to get a pay-off amount - NO ONE RETURNS THE CALLS !!! WE WANT TO SELL VS FORECLOSURE, BUT NEED TO KNOW EXACTLY WHAT WE HAVE TO PAY THEM. DOES ANYONE KNOW OF A NUMBER OR SITE I CAN GO TO ?!

    : (4)

  • Posted by Happier Alone on August 15, 2005 at 00:59:11:

    I live in California, the state where the phrase "taken to the cleaners" was invented. Wife doesn't want to sell. After a divorce, wife&kids will always be allowed to stay in the house.Can I let the house slip into foreclosure intentionally BEFORE filing for divorce (mortgage is about 55%, equity is about 45%) and pocket the 45% (300 grand) ??? I understand that the 45% (300 grand) must be paid out to me.Has anyone done this?Does it work as planned?

    : (3)

    • Posted by Bill H on August 15, 2005 at 22:35:56:

      In Reply to: Can intentional foreclosure be a tactic before a divorce? Posted by Happier Alone on August 15, 2005 at 00:59:11:

      Like you? There is NO PART of you I would call a MAN!

      : I live in California, the state where the phrase "taken to the cleaners" was invented. Wife doesn't want to sell. After a divorce, wife&kids will always be allowed to stay in the house.: Can I let the house slip into foreclosure intentionally BEFORE filing for divorce (mortgage is about 55%, equity is about 45%) and pocket the 45% (300 grand) ??? : I understand that the 45% (300 grand) must be paid out to me.: Has anyone done this?: Does it work as plann



      : (0)

    • Posted by RSI on August 15, 2005 at 19:52:45:

      In Reply to: Can intentional foreclosure be a tactic before a divorce? Posted by Happier Alone on August 15, 2005 at 00:59:11:

      'happier alone' thing...BEFORE you decided to bed your way into having children.

      You'd have been better off starting with, I live in California, the state where scoundrels [people not wanting to be held accountable] are bred.

      Do the right thing for your children. Play it fair [even if this is the most money you'll probably see in one lump sum in your lifetime]. They will respect you more in the long run. If your wife doesn't want to sell then you might pursue a forced sale order from the court, which should allow you both to walk away with the divided equity.

      The fact that you'd consider stealing from your children [it is their home, too, isn't it?]is character revealing.

      Grow up. Be a man and stop the back door plotting and scheming.

      It's never too late to find the high road. A MAN will always be willing to take it.

      : (0)

    • Posted by Nick(Colorado) on August 15, 2005 at 10:07:52:

      In Reply to: Can intentional foreclosure be a tactic before a divorce? Posted by Happier Alone on August 15, 2005 at 00:59:11:

      It will work in the sense that the property will be irrevocablly transferred to a new owner. However as I recall California is a community property state. Your ex will have a very strong claim on half of any overbid from auction. You might as well sell via normal cannels.



      : (0)

  • Posted by Mark on August 14, 2005 at 23:03:00:

    We have Liens from IRS, MN Dept. of Rev., 1rst mortgage, second mortgage and a junior lien as a third. The second mortgage holder has moved forward on the foreclosure of their loan and sheriff's sale. There is more owed on the property than what it is worth. Since the sheriff's sale has been intiated by the second mortgage holder, what happens to the other liens against the property?

    : (2)

    • Posted by me on August 20, 2005 at 09:29:56:

      In Reply to: 2nd mortgage holder intiates sheriff's sale Posted by Mark on August 14, 2005 at 23:03:00:

      i could have written this post last yearsimilar thing happened to us last year.We did not have the leins though but were behind on 2nd morgate due to IRS and MN state taxes

      If i knew now what i knew then...arghAnyway for us we would have been better off selling the house on our own and then paying the 1st/2nd off

      But what happened is this...the 6 month redemtion passed we left the housenow we are rebuilding our credit will end up filing chapter 7 and move on.

      In our case the 2nd paid off the first and then they are selling it.

      Now what we did that we found out later we SHOULD NOT HAVE BEEN DOING is we were STILL paying on the first!!AKKK i wish i could have all that money back now..

      Right now the home is being listed for much more than it was even appriased at i think so that they can get the min owend on the house that way they have room to move when the buyer wants to make a deal.

      Not sure that i am much help to you.From what i have read online and read on forums it is rather rare for them to do a depreciations judgement against you for the difference (sorry if wrong spelling or wrong termonoligy)I have to say that MN is one of the most confusing states to deal with the Foreclosure process i even had someone in the business say such and he knows what he is doing!!

      The reason it is rare to file against people is they know that they can turn around and file CH7..though this is soon going to be much harder to do .

      again i do not know how much of a difference it is from what they can get for our home and how much you owe

      Good luck to you and just know there is a light at the end of the tunnelWe are now renting from a wonderful person and this home we are in though smaller in size is soooo much more a home than where we were before and we are now able to start saving up and get out of the mess we got into before.

      Want to email me feel free anytime



      We have Liens from IRS, MN Dept. of Rev., 1rst mortgage, second mortgage and a junior lien as a third. The second mortgage holder has moved forward on the foreclosure of their loan and sheriff's sale. There is more owed on the property than what it is worth. Since the sheriff's sale has been intiated by the second mortgage holder, what happens to the other liens against the property?



      : (1)

  • Posted by Deb on August 14, 2005 at 12:27:20:

    we have recently had TWO homes listed at a sheriffs sale,but have heard nothing,my BIG question is,IF someone else buys the home we are living WHAT will we be required by law and the new owns to do and how long will they give us?

    : (1)

    • Posted by Steele in Minnesota on August 15, 2005 at 14:57:04:

      In Reply to: NOW WHAT Posted by Deb on August 14, 2005 at 12:27:20:

      : we have recently had TWO homes listed at a sheriffs sale,but have heard nothing,my BIG question is,IF someone else buys the home we are living WHAT will we be required by law and the new owns to do and how long will they give us?*****************************

      Every state is different. We need to have everyone tell us the state that they are in when a question is asked.

      So, what state? We can't "now what" if we don't "know what", state that is. :>)

      Steele V. ProppForeclosure SpecialistSchatz Group GMACMinneapolis, MNsteelep@aol.com



      : (0)

  • Posted by Pam Weathers on August 13, 2005 at 20:40:14:

    Homecomings Financial bought our mortgage before the first payment was made. We donot have an escrow account but they are trying to force one. We pay our taxes and insurance our selves but they jump in an pay before they are due so our checks are returned to us. Homecomings does this without contacting us first.......we find out when we receive the payment slip.You try to contact them you get rude people that will put you on hold and not return, they hang up on you, and flat refuse to put you in contact with any management. PLEASE IF ANYONE GET A CLASS ACTION SUIT GOING CONTACT US........WE ARE INTERESTED.

    : (21)

    • Posted by Laura Rosas on November 18, 2005 at 09:39:06:

      In Reply to: Homecomings Financial dirty deals Posted by Pam Weathers on August 13, 2005 at 20:40:14:

      The same thing happened to us. No warning, they pay the taxes even before they are due, then are mortgage payment doubles! I am currently trying to re-finance with Champion. I would love to join a class action.

      Laura Rosas



      : (0)

    • Posted by JoAnna Ball on November 06, 2005 at 15:50:02:

      In Reply to: Homecomings Financial dirty deals Posted by Pam Weathers on August 13, 2005 at 20:40:14:

      I currently live in a home with my mother. This has been our home for 34 years. 3 years ago my mother re-financed to do home repairs, but NOT with Homecomings Financial. They purchased the mortagae after only 3 months. Since that time, they have also forced escrow on us thus raising our payment and forcing my mother into Chapter 7 bankruptcy (one year ago_ just to save our home. In one year since the bankruptcy they have raised our interest 3 times and we are not at 12%. We are both ill/disabled and on fixed incomes and we cannot pay the exorbitant mortgage payment. We are currently 4 months behind, it is winter and no one will refinance us both becuase of our low income and negative standing with Homecomings. 18 months ago, the clerk at my county attorney's office, advised me that Homecomings was "the worst" and that I should repot them to Consumer credit. I didn't. We are going to be forced out of our home and cannot pass a rental application becuase we have pets. We have NO ONE to turn to. If anyone has suggestions, PLEASE contact me by email or phone. 859/272-2842. JoAnna Ball Lexington Kentucky





      : (0)

    • Posted by db on November 06, 2005 at 15:24:38:

      In Reply to: Homecomings Financial dirty deals Posted by Pam Weathers on August 13, 2005 at 20:40:14:

      I am part of a class action law-suit against Homecomings Financial for their dirty work of my mortgage. You are welcome to contact my attorney at

      : www.wolfpopper.com and feel them out on your participation.



      : (0)

    • Posted by monico moore on October 31, 2005 at 13:39:18:

      In Reply to: Homecomings Financial dirty deals Posted by Pam Weathers on August 13, 2005 at 20:40:14:

      pls see the following site for class action lawsuit:www.lawyersand settlements.com/case/homecomings

      thank you and good luck:)

      : (0)

    • Posted by Lois Stevens on October 19, 2005 at 01:11:39:

      In Reply to: Homecomings Financial dirty deals Posted by Pam Weathers on August 13, 2005 at 20:40:14:

      We have a loan with home comings and the property description Is incorrect. I have notified them several times sent corrections By Fax and Now get the run around. I called the fellow I have been dealing with& now he tells me call and talk with any customer service person, Ha! like they will help me. Most don't know what is the company policy. Some are help full others not.I will get this corrected if takes last of my breath they only loaned on House and 5acres I want that on the paper work.And I want the delay stopped on getting it corrected. I have a lawyer that says this is illegal the way they have the property description Listed now.

      : (3)

      • Posted by Stacy on October 19, 2005 at 07:05:27:

        In Reply to: Property description Incorrect Posted by Lois Stevens on October 19, 2005 at 01:11:39:

        : We have a loan with home comings and the property description Is incorrect. I have notified them several times sent corrections By Fax and Now get the run around. I called the fellow I have been dealing with& now he tells me call and talk with any customer service person, Ha! like they will help me. Most don't know what is the company policy. Some are help full others not.I will get this corrected if takes last of my breath they only loaned on House and 5acres I want that on the paper work.And I want the delay stopped on getting it corrected. I have a lawyer that says this is illegal the way they have the property description Listed now.

        Is the legal description in your favor or not? Have they left any property out that was pledged for collatteral?

        This situation could be a homerun with basses loaded for you.

        Good Luck. Homecommings Deserves it

        : (2)

        • Posted by Lois Stevens on October 19, 2005 at 11:31:56:

          In Reply to: Re: Property description Incorrect Posted by Stacy on October 19, 2005 at 07:05:27:

          : : We have a loan with home comings and the property description Is incorrect. I have notified them several times sent corrections By Fax and Now get the run around. I called the fellow I have been dealing with& now he tells me call and talk with any customer service person, Ha! like they will help me. Most don't know what is the company policy. Some are help full others not.I will get this corrected if takes last of my breath they only loaned on House and 5acres I want that on the paper work.And I want the delay stopped on getting it corrected. I have a lawyer that says this is illegal the way they have the property description Listed now.

          : Is the legal description in your favor or not? Have they left any property out that was pledged for collatteral?

          : This situation could be a homerun with basses loaded for you.

          : Good Luck. Homecommings Deserves it

          Yes, I have the legal description of the home and 5 acres and dealing with bunch of folks that are very un concerned Takes 8-10 weeks to resolve I am told I got the Corporate Office Finally after searching the Internet and found it out of Minnisotta. Lady there talked like she knew what she was doing. With this day and age of Computers and Fax,there No way is 8-10 weeks is acceptable to me "NOT AT ALL">They have the house, barns , 41 acres listed. My appraisel was done on Home and 5 acres.That is all they would loan on.

          : (1)

          • Posted by Stacy on October 19, 2005 at 13:57:06:

            In Reply to: Re: Property description Incorrect Posted by Lois Stevens on October 19, 2005 at 11:31:56:

            : : : We have a loan with home comings and the property description Is incorrect. I have notified them several times sent corrections By Fax and Now get the run around. I called the fellow I have been dealing with& now he tells me call and talk with any customer service person, Ha! like they will help me. Most don't know what is the company policy. Some are help full others not.I will get this corrected if takes last of my breath they only loaned on House and 5acres I want that on the paper work.And I want the delay stopped on getting it corrected. I have a lawyer that says this is illegal the way they have the property description Listed now.

            : : Is the legal description in your favor or not? Have they left any property out that was pledged for collatteral?

            : : This situation could be a homerun with basses loaded for you.

            : : Good Luck. Homecommings Deserves it

            : Yes, I have the legal description of the home and 5 acres and dealing with bunch of folks that are very un concerned Takes 8-10 weeks to resolve I am told I got the Corporate Office Finally after searching the Internet and found it out of Minnisotta. Lady there talked like she knew what she was doing. With this day and age of Computers and Fax,there No way is 8-10 weeks is acceptable to me "NOT AT ALL">They have the house, barns , 41 acres listed. My appraisel was done on Home and 5 acres.That is all they would loan on.

            Ok, lets see if I understand what you are telling me.

            You have one deed for the forty one acres of property that you own. You borrowed money and pledged the deed to the 41 acres as collatteral. However when the proprty was appraised for the loan, the apprasial did not value the property for 41 acres but only 5. Now you want to change an agreement that you allready agreed to?



            : (0)

    • Posted by Lois Stevens on October 19, 2005 at 01:02:31:

      In Reply to: Homecomings Financial dirty deals Posted by Pam Weathers on August 13, 2005 at 20:40:14:

      : Homecomings Financial bought our mortgage before the first payment was made. We donot have an escrow account but they are trying to force one. We pay our taxes and insurance our selves but they jump in an pay before they are due so our checks are returned to us. Homecomings does this without contacting us first.......we find out when we receive the payment slip.You try to contact them you get rude people that will put you on hold and not return, they hang up on you, and flat refuse to put you in contact with any management. PLEASE IF ANYONE GET A CLASS ACTION SUIT GOING CONTACT US........WE ARE INTERESTED.



      : (4)

      • Posted by brian harrison on October 26, 2005 at 19:50:58:

        In Reply to: Re: Homecomings Financial dirty deals Posted by Lois Stevens on October 19, 2005 at 01:02:31:

        : : Homecomings Financial bought our mortgage before the first payment was made. We donot have an escrow account but they are trying to force one. We pay our taxes and insurance our selves but they jump in an pay before they are due so our checks are returned to us. Homecomings does this without contacting us first.......we find out when we receive the payment slip.You try to contact them you get rude people that will put you on hold and not return, they hang up on you, and flat refuse to put you in contact with any management. PLEASE IF ANYONE GET A CLASS ACTION SUIT GOING CONTACT US........WE ARE INTERESTED.

        WE had a similar experience as you, they paid our taxes and were not suppose to, we recieved our check back and they told us it was their obligation now we have a large increase in our mortgage payment.

        : (1)

        • Posted by db on November 06, 2005 at 15:20:59:

          In Reply to: Re: Homecomings Financial dirty deals Posted by brian harrison on October 26, 2005 at 19:50:58:

          I am part of a class action law-suit against Homecomings Financial for their dirty work of my mortgage. You are welcome to contact my attorney at

          www.wolfpopper.com and feel them out on your participation.



          : (0)

      • Posted by Erv on October 19, 2005 at 07:09:45:

        In Reply to: Re: Homecomings Financial dirty deals Posted by Lois Stevens on October 19, 2005 at 01:02:31:

        : : Homecomings Financial bought our mortgage before the first payment was made. We donot have an escrow account but they are trying to force one. We pay our taxes and insurance our selves but they jump in an pay before they are due so our checks are returned to us. Homecomings does this without contacting us first.......we find out when we receive the payment slip.You try to contact them you get rude people that will put you on hold and not return, they hang up on you, and flat refuse to put you in contact with any management. PLEASE IF ANYONE GET A CLASS ACTION SUIT GOING CONTACT US........WE ARE INTERESTED.

        Why wait for someone else to start a suit. If you are being harmed and have the proof, start the suit yourself! Why share your potentially huge damage claim with other in a class action suit?

        : (1)

        • Posted by brian harrison on October 26, 2005 at 19:46:10:

          In Reply to: Re: Homecomings Financial dirty deals Posted by Erv on October 19, 2005 at 07:09:45:

          : : : Homecomings Financial bought our mortgage before the first payment was made. We donot have an escrow account but they are trying to force one. We pay our taxes and insurance our selves but they jump in an pay before they are due so our checks are returned to us. Homecomings does this without contacting us first.......we find out when we receive the payment slip.You try to contact them you get rude people that will put you on hold and not return, they hang up on you, and flat refuse to put you in contact with any management. PLEASE IF ANYONE GET A CLASS ACTION SUIT GOING CONTACT US........WE ARE INTERESTED.

          : Why wait for someone else to start a suit. If you are being harmed and have the proof, start the suit yourself! Why share your potentially huge damage claim with other in a class action suit?



          : (0)

    • Posted by Bob Wesp on October 13, 2005 at 15:45:36:

      In Reply to: Homecomings Financial dirty deals Posted by Pam Weathers on August 13, 2005 at 20:40:14:

      : Homecomings Financial bought our mortgage before the first payment was made. We donot have an escrow account but they are trying to force one. We pay our taxes and insurance our selves but they jump in an pay before they are due so our checks are returned to us. Homecomings does this without contacting us first.......we find out when we receive the payment slip.You try to contact them you get rude people that will put you on hold and not return, they hang up on you, and flat refuse to put you in contact with any management. PLEASE IF ANYONE GET A CLASS ACTION SUIT GOING CONTACT US........WE ARE INTERESTED.I Was just checking into this company myself and saw your post and then this website about a class action.hope all works out.I'm going to stay away from this company!!

      https://www.lawyersandsettlements.com/ case/homecomings_financial_network_unfair_business_practices - 31k - Oct 12, 2005

      : (0)

    • Posted by Admin on August 15, 2005 at 16:14:13:

      In Reply to: Homecomings Financial dirty deals Posted by Pam Weathers on August 13, 2005 at 20:40:14:

      There is a post down this board about a Homecomings class action suit. I've included a link to that post.

      : Homecomings Financial bought our mortgage before the first payment was made. We donot have an escrow account but they are trying to force one. We pay our taxes and insurance our selves but they jump in an pay before they are due so our checks are returned to us. Homecomings does this without contacting us first.......we find out when we receive the payment slip.You try to contact them you get rude people that will put you on hold and not return, they hang up on you, and flat refuse to put you in contact with any management. PLEASE IF ANYONE GET A CLASS ACTION SUIT GOING CONTACT US........WE ARE INTERESTED.

    • Post about class action suit


    : (4)

    • Posted by Gail on September 28, 2005 at 14:01:10:

      In Reply to: Re: Class Action Suit Posted by Admin on August 15, 2005 at 16:14:13:

      EMAIL ME FOR HELP WITH HOMECOMINGS---WE HAVE A CLASS ACTION SUIT!! vgweston@yahoo.com : There is a post down this board about a Homecomings class action suit. I've included a link to that post.

      : : Homecomings Financial bought our mortgage before the first payment was made. We donot have an escrow account but they are trying to force one. We pay our taxes and insurance our selves but they jump in an pay before they are due so our checks are returned to us. Homecomings does this without contacting us first.......we find out when we receive the payment slip.You try to contact them you get rude people that will put you on hold and not return, they hang up on you, and flat refuse to put you in contact with any management. PLEASE IF ANYONE GET A CLASS ACTION SUIT GOING CONTACT US........WE ARE INTERESTED.



      : (3)

  • Posted by CJ on August 15, 2005 at 13:14:22:

    In Reply to: Homecomings Financial dirty deals Posted by Pam Weathers on August 13, 2005 at 20:40:14:

    : Homecomings Financial bought our mortgage before the first payment was made. We donot have an escrow account but they are trying to force one. We pay our taxes and insurance our selves but they jump in an pay before they are due so our checks are returned to us. Homecomings does this without contacting us first.......we find out when we receive the payment slip.You try to contact them you get rude people that will put you on hold and not return, they hang up on you, and flat refuse to put you in contact with any management. PLEASE IF ANYONE GET A CLASS ACTION SUIT GOING CONTACT US........WE ARE INTERESTED.

    Ask yourself some questions. How long will it be before and/or IF anyone starts one?Any reason why you couldnt start one yourself? Take the bull by the horns and help put a stop to such improper actions. You can do it.....

    : (1)

    • Posted by db on November 06, 2005 at 15:19:31:

      In Reply to: Re: Homecomings Financial dirty deals Posted by CJ on August 15, 2005 at 13:14:22:

      I am part of a class action law-suit against Homecomings Financial for their dirty work of my mortgage. You are welcome to contact my attorney at

      www.wolfpopper.com and feel them out on your participation.

      : (0)

  • Posted by Ruth Farr on August 13, 2005 at 13:29:52:

    Property is in Michigan. Would like to know what happens to tenant in house that is in foreclosure. The owner has 5 mos. to redeem property. What happens if he does not and what, if any option do I have to purchase the property if owner does not redeem it? I am considering moving but would like to save property if I can. Please advise Thank you Ruth Farr concerned tenant

    : (2)

    • Posted by Eva on August 27, 2005 at 18:05:35:

      In Reply to: tenant in residence that is in foreclosure Posted by Ruth Farr on August 13, 2005 at 13:29:52:

      Hello out there in Michigan -- I didn't see any answers to your questions -- did you receive any? I have a similar situation & am curious to know the legalities of living in a foreclosed home as a tenant & not the legal owner. Please let me know what you find out. Thank you!

      : (1)

      • Posted by Ruth on August 29, 2005 at 17:19:08:

        In Reply to: Re: tenant in residence that is in foreclosure Posted by Eva on August 27, 2005 at 18:05:35:

        : Hello out there in Michigan -- I didn't see any answers to your questions -- did you receive any? I have a similar situation & am curious to know the legalities of living in a foreclosed home as a tenant & not the legal owner. Please let me know what you find out. Thank you!



        : (0)

  • Posted by patrice garrick on August 13, 2005 at 08:40:13:

    I HAVE A HOUSE IN KY THAT I HAVE BEEN RENTING OUT FOR 4 YEARS DUE TO I AM IN THE ARMY IN LOUSIANA. I AM GETTING OUT IN NOV AND PLAN ON MOVING BACK IN TO MY HOUSE. THE PROMBLEM IS DUE TO MY HUSBAND UNEMPLOYMENT I HAVE GOTTEN BEHIND IN MY MORTAGAGE PAYMENTS. THE MORTGAGE COMPANY HAS STARTED FORECLOSURE PROCUDURES AND HAS INFORMED ME THEY HAVE SENT MY CASE TO AN ATTORNEY THREE DAYS AGO. WHAT DO I DO NOW?

    : (1)

    • Posted by Eric Chancy on August 15, 2005 at 20:54:26:

      In Reply to: help save home Posted by patrice garrick on August 13, 2005 at 08:40:13:

      Patrice,

      Please give me a call sometime this week. I have received new information on assisting people in preforeclosure/foreclosure. 919-418-4402.

      Eric

      : (0)

  • Posted by jean on August 12, 2005 at 21:43:46:

    I live in Ohio and just recieved notice that my time- share(already paid off and deeded) in Tennessee is in the process of foreclosure because I owe $674 in backmaintenance fees. What can I do to remedy this?

    : (3)

    • Posted by Erwin on September 18, 2005 at 20:53:03:

      In Reply to: timeshare foreclosure Posted by jean on August 12, 2005 at 21:43:46:

      : I live in Ohio and just recieved notice that my time- share(already paid off and deeded) in Tennessee is in the process of foreclosure because I owe $674 in back: maintenance fees. What can I do to remedy this?

      Why not rent out your week and use that money to pay your bill and stop them from foreclosing dead in there tracks! That will teach them a lesson not to mess with you again.





      : (0)

    • Posted by irwin on August 14, 2005 at 22:54:03:

      In Reply to: timeshare foreclosure Posted by jean on August 12, 2005 at 21:43:46:

      Short of paying the maintenance fees that you owe, not much. : I live in Ohio and just recieved notice that my time- share(already paid off and deeded) in Tennessee is in the process of foreclosure because I owe $674 in back: maintenance fees. What can I do to remedy this?



      : (1)

      • Posted by don smith on September 18, 2005 at 19:25:41:

        In Reply to: Re: timeshare foreclosure Posted by irwin on August 14, 2005 at 22:54:03:

        : Short of paying the maintenance fees that you owe, not much. : : I live in Ohio and just recieved notice that my time- share(already paid off and deeded) in Tennessee is in the process of foreclosure because I owe $674 in back: : maintenance fees. What can I do to remedy this?



        : (0)

  • Posted by Lisa on August 12, 2005 at 20:58:50:

    I live in Arizona. My father has a rent house that disabilty insurance was making payments on from 1999, when he was injured until Sept. 2004 when he reached age 66. He owed as much or more on the property after they had paid $42,000. during that time. He refused to make any payments after the insurance quit, we told them(household finance) to forclose, they wouldn't. I finally found some one that I thought was going to work with me on the finance charges that were so outraougous while the insurance was paying. The reduced the total owed by $1500. My dad still said no way would he pay them another penny. I offered deed in lieu, they don't do that. My question is- They finally are starting forclosure with the account in arrears almost a full year, but my father passed away last month. He was sole propieter, the house is worth less than what is now owed, Can they come after me for the dept? Also, the address doesn't match the legal descripton and a there is a different address recorded with the county, is this going to affect it? Thanks for any info.

    : (1)

    • Posted by Irwin on August 13, 2005 at 08:17:32:

      In Reply to: foreclosuer after deceased Posted by Lisa on August 12, 2005 at 20:58:50:

      If you have not signed any note, mortgage or contract or othewise assumed any debt personally with regard to this house, it's not your liability or problem and you can walk. The creditor(s) can make claims only against your father's estate, if any, and fortunately, a person' debts do not pass to their heirs. : I live in Arizona. My father has a rent house that disabilty insurance was making payments on from 1999, when he was injured until Sept. 2004 when he reached age 66. He owed as much or more on the property after they had paid $42,000. during that time. He refused to make any payments after the insurance quit, we told them(household finance) to forclose, they wouldn't. I finally found some one that I thought was going to work with me on the finance charges that were so outraougous while the insurance was paying. The reduced the total owed by $1500. My dad still said no way would he pay them another penny. I offered deed in lieu, they don't do that. My question is- They finally are starting forclosure with the account in arrears almost a full year, but my father passed away last month. He was sole propieter, the house is worth less than what is now owed, Can they come after me for the dept? Also, the address doesn't match the legal descripton and a there is a different address recorded with the county, is this going to affect it? Thanks for any info.



      : (0)

  • Posted by Ms,Davis on August 12, 2005 at 14:14:54:

    Thank you for taking my question. I want to by a lot in Arkansas that has been foreclosed on, can you tell me the legal right the former owner has and how long I will have to wait to build on it. Thank you

    : (3)

    • Posted by Jim V on August 12, 2005 at 18:16:33:

      In Reply to: Foreclosure Posted by Ms,Davis on August 12, 2005 at 14:14:54:

      I don't believe there is any right of redemption for foreclosed owners in Arkansas, but I could be wrong.If the property has been foreclosed, there is a new owner, which might be the lender. If you submit an offer to the new owner and your offer is accepted, then just make sure you obtain title insurance as part of your transaction. The insuring title company will make sure there are no remaining owner rights in the property.Building is normally controlled by the city or county where the property is located. You'd have to check with them to obtain accurate information. I know where I live plan checks are running about six weeks, land subdivision takes 6 months to a year assuming no problems arise.

      : Thank you for taking my question. I want to by a lot in Arkansas that has been foreclosed on, can you tell me the legal right the former owner has and how long I will have to wait to build on it. Thank you



      : (0)

    • Posted by Ms Davis on August 12, 2005 at 14:19:24:

      In Reply to: Foreclosure Posted by Ms,Davis on August 12, 2005 at 14:14:54:

      : Thank you for taking my question. I want to by a lot in Arkansas that has been foreclosed on, can you tell me the legal right the former owner has and how long I will have to wait to build on it. Thank you



      : (1)

      • Posted by Bill H on August 12, 2005 at 18:23:50:

        In Reply to: Re: Foreclosure Posted by Ms Davis on August 12, 2005 at 14:19:24:

        : : Thank you for taking my question. I want to by a lot in Arkansas that has been foreclosed on, can you tell me the legal right the former owner has and how long I will have to wait to build on it. Thank you

        In addition to the advice that Jim-V gave you....Check with you local building department and find out if it can be built on. It could have soil conditions or other problems which make it unbuildable.

        : (0)

  • Posted by Tim on August 12, 2005 at 13:57:34:

    I'm looking to subscribe to any list providers of preforclosure information in the states mentioned in the subject. If you know of anyone with these lists, please reply. Thanks much!

    : (1)

    • Posted by Jim Vinson on August 12, 2005 at 18:03:55:

      In Reply to: Preforeclosure Lists in IN, TN, KY, WI, PA, IA, MO, KS Posted by Tim on August 12, 2005 at 13:57:34:

      If you look at the top of the message board there's a link to "Preforeclosure Sources" that probably has info for some, if not all of the states.

      : I'm looking to subscribe to any list providers of preforclosure information in the states mentioned in the subject. If you know of anyone with these lists, please reply. Thanks much!



      : (0)

  • Posted by Pat on August 11, 2005 at 11:51:12:

    I'm living in Arkansas.We have a house with a 2ed.We owe more then the house is worth.The payments will soon be more then we will be able to pay.So we have decided to go back to California and let the house forclose.We are older and on SC.My husband works part time,but has to cut back because of health problems.Should we file BR in AR or when we go back to CA.Can you advise me what to do.

    : (2)

    • Posted by Pat on August 13, 2005 at 09:10:46:

      In Reply to: Will not be able to keep home Posted by Pat on August 11, 2005 at 11:51:12:

      : I'm living in Arkansas.We have a house with a 2ed.We owe more then the house is worth.The payments will soon be more then we will be able to pay.So we have decided to go back to California and let the house forclose.We are older and on SC.My husband works part time,but has to cut back because of health problems.Should we file BR in AR or when we go back to CA.Can you advise me what to do.

      Soon we will not be abel to make the payments.Can they come after our SC payments.Can any one help...Should we just let them forclose or file bankrupt.We cannot sell because of having a 2endand owing more then the house is worth..any advice at all.Thanks

      : (1)

      • Posted by Irwin on August 21, 2005 at 21:25:25:

        In Reply to: Re: Will not be able to keep home Posted by Pat on August 13, 2005 at 09:10:46:

        Is the house worth more than the first mortgage? If so, list it with a Realtor at a resonable market price and when push comes to shove, the second mortgage holder will usually release for less than its' total debt. I've seen instances where both the first AND second released for less.

        : : I'm living in Arkansas.We have a house with a 2ed.We owe more then the house is worth.The payments will soon be more then we will be able to pay.So we have decided to go back to California and let the house forclose.We are older and on SC.My husband works part time,but has to cut back because of health problems.Should we file BR in AR or when we go back to CA.Can you advise me what to do.

        : Soon we will not be abel to make the payments.Can they come after our SC payments.Can any one help...Should we just let them forclose or file bankrupt.We cannot sell because of having a 2endand owing more then the house is worth..any advice at all.Thanks



        : (0)

  • Posted by Jane on August 10, 2005 at 22:03:07:

    I reworked my loan last year and have now fallen behind. I sent a check last month for 4 payments but they didn't cash it. Received papers from court today. I have the money to make up payments (since they didn't cash the check the funds are still in my account) and atty's fees listed on papers. Will they let me pay this and get the loan back on track? Am I out of options since I already re-worked last year?

    TIA, for advice, Jane

    : (2)

    • Posted by Reinstatement Services, Inc. on August 11, 2005 at 11:25:27:

      In Reply to: Question about reinstatement with Chase in FL Posted by Jane on August 10, 2005 at 22:03:07:

      will require you to secure a formal reinstatement figure, preferably from the attorney hired to process the foreclosure action.

      The figure should be submitted to you in writing with a 'figure-good-through' date.

      As long as you pay the amount specified within the time frame alotted, you will be fine and your loan will return to a current status.

      : (1)

      • Posted by dennis kammerer on September 18, 2005 at 17:31:55:

        In Reply to: Reinstating the loan... Posted by Reinstatement Services, Inc. on August 11, 2005 at 11:25:27:

        : will require you to secure a formal reinstatement figure, preferably from the attorney hired to process the foreclosure action.

        : The figure should be submitted to you in writing with a 'figure-good-through' date.

        : As long as you pay the amount specified within the time frame alotted, you will be fine and your loan will return to a current status.



        : (0)

  • Posted by kd on August 10, 2005 at 20:44:12:

    I have a brief question without a lot of facts or details since it is a frind. There house is in Foreclosure and is set up for bid on Sept. 6th. The house was left to son in estate from his mother. Bankruptcy is not an option due to other issues. Can this house be saved ?

    : (3)

    • Posted by Irwin on August 13, 2005 at 08:08:43:

      In Reply to: Foreclosure - Is it too late ? Posted by kd on August 10, 2005 at 20:44:12:

      Based on the minimal facts you present, all that can be said is that generally, if the mortgage debt is paid in full (certainly) or at least brought current (probably) prior to the foreclosure sale, the house can be saved. : I have a brief question without a lot of facts or details since it is a frind. There house is in Foreclosure and is set up for bid on Sept. 6th. The house was left to son in estate from his mother. Bankruptcy is not an option due to other issues. Can this house be saved ?



      : (0)

  • Posted by Cos_Worthington on August 10, 2005 at 08:11:59:

    I got a listing of foreclosures in my area in NJ. The listing looks like it's a listing of court cases. It lists the Plaintiff (loan company?), Defendant (property owner?), Address, Town, Judgement (some dollar amount) and Status. I'm obviously new to this and I'm hoping to get some information. I'm guessing that the Judgement column indicates the amount of money the property owner owes. Is this correct? Under status there's a lot of different information (varies per listing). One example is that the Judgement is for $910,000 and under Status it says "Sold $170,000". Does this mean that this property was up for auction and the person paid $170,000 and that's it - or does it mean that they put down $170,000 and are responsible for the remaining $740,000. If someone could explain this I'd appreciate it. Also, if they did get the property for $170,000, did they have to pay the full amount or only a percentage of that amount?

    Thanks

    : (0)

  • Posted by j rossi on August 09, 2005 at 11:02:57:

    I just found a house in Ohio that I want to purchase. I also just found out that it was in foreclosure in 2003. I found that out by searching court docs. on line. I am seeing the house for the first time today with a realtor. If I like this house, how much do I offer them. The house has been empty since 2003. I know nothing about the house, utilites shut off, furnace, watet, etc. Is there anyone who knows what I sould be looking for?

    : (1)

    • Posted by c w on August 12, 2005 at 00:44:27:

      In Reply to: Wanted to buy a house that has been foreclosed. Posted by j rossi on August 09, 2005 at 11:02:57:

      Take someone with you that knows what to look for in terms of damage and such, some houses I have seen have been trashed/major structural damage and such. Don't make an offer unless you can fix the problems, beware septic systems can run into the tens of thousaned to fix as well as foundation problems. Where in ohio are you , im in youngstown.Chris

      : (0)

  • Posted by Lisa on August 09, 2005 at 03:07:28:

    I just had a chapter 13 bankruptcy case dismissed in Michigan. My plan was up on May 10. The case was dismissed on July 15. The Trustee did not stop deducting from my wages until 7/29/05 yet did not make any payments to my mortgage company in May, June or July. I am now being told that my property is going into forclosure. I have not received my wages ($2800)back from the trustee to give to the mortgage company. I have decided that I don't want the house anymore. I owe about $6.000 in property taxes. What will happen if I let the forclosure proceed?

    : (0)

  • Posted by Clint on August 08, 2005 at 21:26:17:

    Am in the process of selling my home. Have a contract. Just found out that there is a sherrifs sale set for 8/19. I never received a letter notifying me of this. Is there any recourse to stop this for about a week to get the sale done? I can get out free and clear on all debt with a FMV sale, as per contract, but need more time for the buyer to get the deal closed. Please help in anyway possible. clintwalker12@yahoo.com

    : (1)

    • Posted by Jim V on August 09, 2005 at 02:07:47:

      In Reply to: Foreclosure Posted by Clint on August 08, 2005 at 21:26:17:

      Clint,

      If you have a contract for the sale of your home where the lender will be made whole by such sale, let the lender know what you are doing.

      Some states do not require any notice other than publication in a newspaper that a foreclosure auction is going to be held, you need to be pro-active and let the lender know that you are solving the issue, you just need some time to close.

      Most lenders will be agreeable to extensions of a sale date if they know they will not have to complete a foreclosure action. They'll probably require a copy of the purchase contract faxed to them, and possibly other documentation, but it's not that difficult to provide your lender with enough information to convince them you are resolving the situation.

      : Am in the process of selling my home. Have a contract. Just found out that there is a sherrifs sale set for 8/19. I never received a letter notifying me of this. Is there any recourse to stop this for about a week to get the sale done? I can get out free and clear on all debt with a FMV sale, as per contract, but need more time for the buyer to get the deal closed. Please help in anyway possible. clintwalker12@yahoo.com



      : (0)

  • Posted by P on August 08, 2005 at 16:29:06:

    I defaulted in my forbearance plan so I'm sure foreclosure will start soon. How long do I have in Idaho? Do I have enough time to sell the house. I have equity.

    : (4)

    • Posted by Reinstatement Services, Inc. on August 10, 2005 at 11:38:07:

      In Reply to: Defaulted on forbearance plan... Posted by P on August 08, 2005 at 16:29:06:

      If the foreclosure action was already underway and if a sale date had been previously set, you might have less time than previously thought.

      Why not contact the workout department and try to get them to put another workout in place.

      : (1)

      • Posted by P on August 10, 2005 at 14:30:40:

        In Reply to: Re: Defaulted on forbearance plan... Posted by Reinstatement Services, Inc. on August 10, 2005 at 11:38:07:

        I tried, but they want more money than I can come up with. I'm trying to sell it. But no foreclosure date has ever been set to my knowledge. But that doesn't meen anything.

        : If the foreclosure action was already underway and if a sale date had been previously set, you might have less time than previously thought.

        : Why not contact the workout department and try to get them to put another workout in place.



        : (0)

    • Posted by Tony Costanzo on August 09, 2005 at 13:58:34:

      In Reply to: Defaulted on forbearance plan... Posted by P on August 08, 2005 at 16:29:06:

      : I defaulted in my forbearance plan so I'm sure foreclosure will start soon. How long do I have in Idaho? Do I have enough time to sell the house. I have equity.

      You have six months for land parcels of less than 20 acres, 20 acres or more it can be redeemed up to a year after sale, Who is your lender?

      : (1)

      • Posted by P on August 09, 2005 at 18:36:32:

        In Reply to: Re: Defaulted on forbearance plan... Posted by Tony Costanzo on August 09, 2005 at 13:58:34:

        My lender is AMC aka Ameriquest.

        : : I defaulted in my forbearance plan so I'm sure foreclosure will start soon. How long do I have in Idaho? Do I have enough time to sell the house. I have equity.

        : You have six months for land parcels of less than 20 acres, 20 acres or more it can be redeemed up to a year after sale, Who is your lender?



        : (0)

  • Posted by Diana on August 07, 2005 at 18:08:11:

    Let's say the house in foreclosure doesn't sell for the amount owed at the sheriff sale. I have ANOTHER investment house that is current. Can they take my SECOND house away to make up for the loss?

    : (2)

    • Posted by Irwin on August 13, 2005 at 08:04:17:

      In Reply to: LAWSUIT?! Posted by Diana on August 07, 2005 at 18:08:11:

      In some states, a foreclosure judgment against one property becomes a statutory lien against ALL property owned by the judgment debtor in that county. If there is a deficiency from the sale of the foreclosed property, the remaining balance will be a lien against the other property and that property could also be seized, or levied against and sold. It doesn't work the same in all states, so contact a local lawyer for more specific advice. : Let's say the house in foreclosure doesn't sell for the amount owed at the sheriff sale. I have ANOTHER investment house that is current. Can they take my SECOND house away to make up for the loss?



      : (0)

    • Posted by bill oehme on August 08, 2005 at 18:11:31:

      In Reply to: LAWSUIT?! Posted by Diana on August 07, 2005 at 18:08:11:

      Diana,I help people save their homes from foreclosure. YOu may not have to sell your home or lose it to the auction. Please respond if you want more details.

      Bill O706 380-4286



      : Let's say the house in foreclosure doesn't sell for the amount owed at the sheriff sale. I have ANOTHER investment house that is current. Can they take my SECOND house away to make up for the loss?



      : (0)

  • Posted by Linda in Michigan on August 07, 2005 at 15:58:01:

    How can I find out status of lost house, sold at sheriffs sale? Michigan. Is there a website for sheriffs Dept? Insite, Inc. is the Co. that say they are buying properties, from sister and her neighbors for the purpose of building a new shopping center in her neighborhood., but there is no sign of any new construction. Many other people have also stopped making house payments thinking they will close soon with Insite, but Insite delayed closing and now people are getting foreclosed. I think it is all a big scam by Insite to get these properties cheap. My sis fell for it and now thinks all is ok

    : (1)

    • Posted by Irwin on August 13, 2005 at 07:57:28:

      In Reply to: Mi. sheriff sale Posted by Linda in Michigan on August 07, 2005 at 15:58:01:

      I just responded to your posting below. No one should ever stop making mortgage payments based on some stranger's statement that they are going to buy the property. That's just plain idiotic. Your sister and others in her position should contact the Michigan Attorney General's department that handles consumer fraud complaints and do it NOW, i.e. Monday at 9:00 a.m.

      : How can I find out status of lost house, sold at sheriffs sale? Michigan. Is there a website for sheriffs Dept? Insite, Inc. is the Co. that say they are buying properties, from sister and her neighbors for the purpose of building a new shopping center in her neighborhood., but there is no sign of any new construction. Many other people have also stopped making house payments thinking they will close soon with Insite, but Insite delayed closing and now people are getting foreclosed. I think it is all a big scam by Insite to get these properties cheap. My sis fell for it and now thinks all is ok



      : (0)

  • Posted by Steve on August 07, 2005 at 12:48:05:

    I have a house (for which I have a mortgage) in KS that had been my residence. After moving out of state, due to a job loss, the house was rented(no longer rented) and has since been on the market for some time with no offers. My current residence is mortgaged as well.I'm considering foreclosing on the house in KS, since I can no longer afford mortgage and upkeep on the KS house without using credit. What are the steps involved and my obligations?

    : (0)

  • Posted by Linda on August 07, 2005 at 00:51:47:

    My Sis had her sheriff sale Aug.3 and nothing has happened. She is now buying new drapes for living room and going on as usual. So what is the big worry? Nothing happened to her, noboby kicked her out or padlocked door or put her stuff on the street. Is the threat of foreclosure and sheriff sales etc. just things to scare people?

    : (3)

    • Posted by Irwin on August 13, 2005 at 07:51:45:

      In Reply to: Sheriff sale..no big deal,nothing happens Posted by Linda on August 07, 2005 at 00:51:47:

      Sis needs to get a lawyer NOW to advise her what her options are. Apparently (according to other posters) she might have until Feb 3 to redeem the property. If she has equity, she can still sell the home during the redemption period,subject to the foreclosure. If I were her, I would not be putting money into new drapes (or anything else) at this stage. Also, she shouldn't listen to anyone telling her "not to worry". She needs to worry, and worry now.

      : My Sis had her sheriff sale Aug.3 and nothing has happened. She is now buying new drapes for living room and going on as usual. So what is the big worry? Nothing happened to her, noboby kicked her out or padlocked door or put her stuff on the street. Is the threat of foreclosure and sheriff sales etc. just things to scare people?



      : (0)

    • Posted by njdave on August 07, 2005 at 13:22:08:

      In Reply to: Sheriff sale..no big deal,nothing happens Posted by Linda on August 07, 2005 at 00:51:47:

      Some states have a longer Right of Redemption than others. Some don't have any at all. Your sister no longer owns the house. Whoever does will keep an eye on the clock and ask her to leave.

      : (0)

    • Posted by Mark on August 07, 2005 at 01:16:46:

      In Reply to: Sheriff sale..no big deal,nothing happens Posted by Linda on August 07, 2005 at 00:51:47:

      : My Sis had her sheriff sale Aug.3 and nothing has happened. She is now buying new drapes for living room and going on as usual. So what is the big worry? Nothing happened to her, noboby kicked her out or padlocked door or put her stuff on the street. Is the threat of foreclosure and sheriff sales etc. just things to scare people?

      This is very real and she needs to make alternative living arrangements now while she still has a chance



      : (0)

  • Posted by Mark Fruen on August 07, 2005 at 00:48:38:

    Apparently, a judgement can be entered into the court to reduce the redemption period to 5 weeks from 6 months in Minnesota. How is this decided and how will we know if it happens?

    : (0)

  • Posted by Linda on August 07, 2005 at 00:41:51:

    Sheriff sale has come and gone. Nothing has happened. My sister is buying new curtains for living room! We have not heard from anyone, so do you think she will luck out and just get to stay in house? I thought they would kick her out and padlock door, I told her to move and at least get her stuff out so she wouldn't lost it but she buries her head in the sand and nothing happens. So what is the big deal about a sheriffs sale if they don't do anything to you? All of you should just don't stress out, its no big deal.

    : (3)

    • Posted by Linda on August 07, 2005 at 15:42:46:

      In Reply to: Sale was Aug.3...nothinghas happened,still in house Posted by Linda on August 07, 2005 at 00:41:51:

      : Sheriff sale has come and gone. Nothing has happened. My sister is buying new curtains for living room! We have not heard from anyone, so do you think she will luck out and just get to stay in house? I thought they would kick her out and padlock door, I told her to move and at least get her stuff out so she wouldn't lost it but she buries her head in the sand and nothing happens. So what is the big deal about a sheriffs sale if they don't do anything to you? All of you should just don't stress out, its no big deal.

      Sister is listening to investor that is buying all houses in neighborhood to build a Home Depot shopping center. He told her not to worry, he would bid on house and still pay her in Nov. for house. Dah!?! I try to tell her, why should he pay you when you have already lost house and IF he did bid, then he already OWNS house!! How long is redemption period in Michigan? What will happen next? Will she get to stay another year or whatever without paying?

      : (0)

    • Posted by Mark on August 07, 2005 at 01:11:21:

      In Reply to: Sale was Aug.3...nothinghas happened,still in house Posted by Linda on August 07, 2005 at 00:41:51:

      : Sheriff sale has come and gone. Nothing has happened. My sister is buying new curtains for living room! We have not heard from anyone, so do you think she will luck out and just get to stay in house? I thought they would kick her out and padlock door, I told her to move and at least get her stuff out so she wouldn't lost it but she buries her head in the sand and nothing happens. So what is the big deal about a sheriffs sale if they don't do anything to you? All of you should just don't stress out, its no big deal.

      I am not a lawyer or expert on the subject, but from what I have been told, she is in the "redemption period" and has a limited amount of time to stay in the house. Eventually, they (the lender) will evict her. So, it is a big deal and she should start making plans on future living arrangements.

      : (1)

      • Posted by sweetkathy44 on August 07, 2005 at 18:31:52:

        In Reply to: Re: Sale was Aug.3...nothinghas happened,still in house Posted by Mark on August 07, 2005 at 01:11:21:

        Michigan redemption rights is 6 months from the date of the sheriffs sale. Exacally 6 months from that date they will send the sheriffs department to the door and if someone is still living in the home then they will start moving things , furniture, ect and place them out on the lawn and give the occupient 24 hours to vacate.They do and will come equipt the next day with an evictio notice. :



        : Sheriff sale has come and gone. Nothing has happened. My sister is buying new curtains for living room! We have not heard from anyone, so do you think she will luck out and just get to stay in house? I thought they would kick her out and padlock door, I told her to move and at least get her stuff out so she wouldn't lost it but she buries her head in the sand and nothing happens. So what is the big deal about a sheriffs sale if they don't do anything to you? All of you should just don't stress out, its no big deal.

        : I am not a lawyer or expert on the subject, but from what I have been told, she is in the "redemption period" and has a limited amount of time to stay in the house. Eventually, they (the lender) will evict her. So, it is a big deal and she should start making plans on future living arrangements.



        : (0)

  • Posted by wing on August 05, 2005 at 16:10:37:

    (Thanks to my @#$%! ex) my house was to be supposedly sold at public auction July 20th. I'm already moved out of state, and they have my address, however I haven't recieved anything in the way of information since. Is that it? Do I just no longer owe them anything and keep only the ugly black mark on my credit for a souvenir? I'm pretty sure it was worth more than we owed, but what if the sale was for less? Will they be coming after me for that next?

    Any help appreciated, thank you!

    : (1)

  • Posted by Matt on August 05, 2005 at 14:54:50:

    My house is currently in foreclosure now and can make the payments agreed with the lender but I do not want the house. Its something that I bought without really realizing what I was getting (a lifetime of work that I just can not afford). Question is what will I be responsible for? The amount I owe or the amout left after the sale of the house if it does not sale for I owe? Thank you

    : (3)

    • Posted by john on August 07, 2005 at 01:01:42:

      In Reply to: ?????? in MI Posted by Matt on August 05, 2005 at 14:54:50:

      (sorry for first comment hit wrong button) you would be nutz if you let it go to sale.Take control of your situation.you have a lot of options available to you.You can try to sell it,you can work out some thing with your lender .You could lease it out .Improve it .Many other options are available.Dont let it go youll regret it.

      : (0)

  • Posted by CHARLOTTE LAWSON on August 05, 2005 at 12:31:50:

    i sold my home that i shared with my ex- husband on December 29, 2004. i was in the process of refinancing my home when i was told the oold loan was a foreclosure. i went to the closing/sale of the home and Country wide was paid more than $159,000. what can i do this is ruining my credit.

    : (0)

  • Posted by ESMERALDA HERNANDEZ on August 05, 2005 at 09:31:54:

    WHAT OTHER OPTIONS DO I HAVE OTHER THEN FORECLOSURE IF I CAN'T AFFORD THE MORTGAGE ANYMORE. CAN I GET MY MORTGAGE TO TRY AND SELL THE HOME OR DO I HAVE TO GET AN AGENT MYSELF. WHAT ARE THE FEES IF I GET AN AGENT? I LIVE IN TEXAS AND DO NOT KNOW THE PROCESS. FIRST TIME OWNER AND THE HOME IS ONLY 1 YR OLD. MY HOUSE IS APPRAISED AT 61,000 AND I OWE 58,000.

    : (1)

    • Posted by Reinstatement Services, Inc. on August 05, 2005 at 11:01:43:

      In Reply to: ?ON SELLING HOME Posted by ESMERALDA HERNANDEZ on August 05, 2005 at 09:31:54:

      You might consider renting the property until such time as your financial postiion brightens.

      You could list the property with a reputable broker who will handle the sale for you.

      Or, you might try petitioning your lender for a short sale since it sounds like your numbers might be a little tight in terms of raising enough for a pay off.



      : (0)

  • Posted by Todd on August 04, 2005 at 20:22:39:

    I recently moved to Tennessee from California. Our mobile home in California will be repossessed as we have stopped paying the lender. And the park, so I guess I'll get evicted too.

    Can I be sued for the deficiency?Which state's laws apply, TN or CA?Should I tell the loan company that I surrender or should I just ignore them and wait for a letter?

    : (2)

    • Posted by lipshitz on August 27, 2005 at 00:32:54:

      In Reply to: Mobile Home Repo in California Posted by Todd on August 04, 2005 at 20:22:39:

      No you cant be sued for deficiancy. Yes Tn Laws Apply and no wait to hear from the bank thing will need to work out first wait to hear from them then email me and I'll buyit.Lipps

      : (1)

      • Posted by Todd on September 08, 2005 at 19:14:00:

        In Reply to: Re: Mobile Home Repo in California Posted by lipshitz on August 27, 2005 at 00:32:54:

        If anyone wants the place:

        The bank has put us in default on our home and is threatening to sell it. A sign in the window says to call 800-607-9992 for information regarding "Bank Repo". The property address is:

        3637 Snell Avenue Space 153 San Jose, CA 95136

        The park name is California Hawaiian. They can be reached at (408) 227-0330.

        : No you cant be sued for deficiancy. Yes Tn Laws Apply and no wait to hear from the bank thing will need to work out first wait to hear from them then email me and I'll buyit.: Lipps



        : (0)

  • Posted by Thomas on August 04, 2005 at 16:22:26:

    Hi Al,

    Can anyone show me a Online GLossary for Real Estate Terms thats complete ?

    I am trying to find information on the "Theory of Advances".

    I dont understand why a person in the second position would lose their position, if they chose to not take over the First Loan ?

    Ant help out there ?

    Regard,Thomas



    : (1)

    • Posted by Jim V on August 05, 2005 at 14:12:09:

      In Reply to: Theory of Advances Posted by Thomas on August 04, 2005 at 16:22:26:

      Thomas,

      I'll take a shot at answering your question, apologies if you know some of this already. Home loans are generally comprised of two parts, one is the note or promise to make payments, the other is a security instrument that defines the collateral for the note and what happens if payments aren't made. I've included below, in quotes, a segment of a deed of trust(security instrument).

      "FOR THE PURPOSE OF SECURING: (1) payment of the indebtedness evidencedby promissory note dated October 12, 2003, and any extensions or renewalsthereof, in the principal amount of $100,000.00; (2) the payment of anysubstitute notes, renewals, reamortizations and extensions of all indebtednesssecured by this Deed of Trust; (3) the performance of every obligation andagreement of Trustor whether contained or incorporated by reference in this Deedof Trust, or contained in any loan document or guaranty executed by Trustor infavor of Beneficiary, with respect to any loan or advance secured by this Deedof Trust; and (4) the payment of all sums expended or advanced by Beneficiaryunder or pursuant to the terms of this Deed of Trust, together with interestthereon as herein provided."

      If you look at section 4, you see that the borrower will be agreeing to repay the lender for all "sums expended or advanced" by the lender(beneficiary). Any amount advanced by a lender, whether it's to a senior lender, property taxes, or a municipal lien, will put that lender's loan in default.

      Using an example of a theoretical property in foreclosure that has both a first and second loan, with the second being kept current, but the first is in default. The second does nothing, and the first proceeds to foreclosure auction where the bid is sufficient to pay the first in full. Because home loans are generally in two parts, the note and the security instrument, the borrower will have their first note paid by the auction bid, but they will still owe on the note to the second. In this situation, the high bidder at the foreclosure auction will take title to the property, with the second's security instrument wiped from the property's title. The second ends up with a note that isn't secured and is probably uncollectable.

      Commonly, a second will reinstate a first in default, keep that first current, and proceed with their own foreclosure action to prevent the loss of security. Some will allow the first to foreclose and bid at the first's auction to protect their second interest. Others will just let it go to auction, either hoping or expecting their will be sufficient overbid to cover their loan also.

      Hope that helps some.

      : (0)

  • Posted by Diana on August 03, 2005 at 17:26:55:

    If the house doesn't sell for the amount owed at the sheriff sale, can they take my other assets? (2nd house, car, seize my accounts) I live in Illinois.

    : (5)

    • Posted by Steele in Minnesota on August 04, 2005 at 18:45:33:

      In Reply to: Will I get SUED? Posted by Diana on August 03, 2005 at 17:26:55:

      : If the house doesn't sell for the amount owed at the sheriff sale, can they take my other assets? (2nd house, car, seize my accounts) I live in Illinois.************************

      Not an attorney but according to the forums chart on State Foreclosure laws Illinois does allow a former borrower to be sued for the difference.

      Now how often that actually happens...in most areas not alot. If you don't have the money to bill the mortgage, why would you have money for a deficiency judgement.

      But if they find that you have other assets... maybe.

      Steele V. ProppForeclosure SpecialistREO Department ManagerSchatz Group GMAC Real Estatesteelep@aol.com



      : (4)

      • Posted by Joe Hass on August 08, 2005 at 22:34:12:

        In Reply to: Re: Will I get SUED? Posted by Steele in Minnesota on August 04, 2005 at 18:45:33:

        : : If the house doesn't sell for the amount owed at the sheriff sale, can they take my other assets? (2nd house, car, seize my accounts) I live in Illinois.: ************************

        : Not an attorney but according to the forums chart on State Foreclosure laws Illinois does allow a former borrower to be sued for the difference.

        : Now how often that actually happens...in most areas not alot. If you don't have the money to bill the mortgage, why would you have money for a deficiency judgement.

        : But if they find that you have other assets... maybe.

        : Steele V. Propp: Foreclosure Specialist: REO Department Manager: Schatz Group GMAC Real Estate: steelep@aol.com



        : (0)

      • Posted by Diana on August 05, 2005 at 00:17:08:

        In Reply to: Re: Will I get SUED? Posted by Steele in Minnesota on August 04, 2005 at 18:45:33:

        I have a house that's worth 150,000. I owe 134,000. The mortgage is current. Can they take my house?

        : (2)

        • Posted by steele in minnesota on August 05, 2005 at 00:40:26:

          In Reply to: Re: Will I get SUED? Posted by Diana on August 05, 2005 at 00:17:08:

          : I have a house that's worth 150,000. I owe 134,000. The mortgage is current. Can they take my house?

          ************************************

          If you are current with your payments why would you be worried about this. You have to be behind in payments in order to start the foreclosure process.

          Am I missing something?

          Steele V. ProppForeclosure SpecialistREO Department ManagerSchatz Group GMAC Real EstateMinneapolis, MN

          : (1)

          • Posted by Diana on August 05, 2005 at 23:50:38:

            In Reply to: Re: Will I get SUED? Posted by steele in minnesota on August 05, 2005 at 00:40:26:

            No. I have ANOTHER besides the one that's getting foreclosed. Can they take that for a defiency judgement?

            : (0)

  • Posted by Amanda on August 03, 2005 at 16:15:49:

    Its been alittle over a year since they foreclosed my home. They have been trying to sell it for about a year now and nobody is buying it. Is there a way to get my house back anymore???????Thanks Mandy

    : (1)

    • Posted by steele in minnesota on August 04, 2005 at 18:41:11:

      In Reply to: Can I get my foreclosed house back.... Posted by Amanda on August 03, 2005 at 16:15:49:

      : Its been alittle over a year since they foreclosed my home. They have been trying to sell it for about a year now and nobody is buying it. Is there a way to get my house back anymore???????: Thanks Mandy*******************888888

      Yes, make an acceptable offer. You can be a buyer too. But don't expect this lender to offer terms. You will need to come up with the money yourself (new financing, cash, etc.)

      Steele V. ProppForeclosure SpecialistREO Division ManagerSchatz Group GMAC Real Estatesteelep@aol.com



      : (0)

  • Posted by Michael on August 02, 2005 at 22:43:11:

    Ok, some you asked for more information in regards to the guidelines of a bailout loan... This is a 12 month Lease and Buy back loan... A Lease and buy back is when a lender will enter into a contractual agreement with you to purchase the home for a 12 month period and then sell you the home back (At the same price) The Max. LTV for approval is 85% (Meaning you must have atleast 15% equity in the home).. There is an actual LTV formula but I will spare you the calculations.... Your credit score and employement history will be checked, however, they are not a factor on whether your loan is approved or not...The borrower must have the ability to pay the monthly payments... The interest rate is a hard money status (10-12%) However, the best thing about this bailout company is that they will write you a Neg-am (Negative ammorization) loan (It's kind of like an interest only) so that the homeowner can make the payments on time...After 12 months, and since the home is no longer in foreclosure,. Ownership will be transfered back to the homeowner at the same price it was bought... You do not need to put any money down when the home is transfered back into your name.. You will receive a "Gift of Equity" which constitutes the down payment.. (That's why you must have 15% equity or more in the home).. This company is NOT in the business of taking homes... They don't want your home, they just want the interest on the loan for a 12 month period....I hope that outlines the program enough, please feel free to email me with any questions you might have... Thank you

    : (10)

    • Posted by Keith(CA) on August 03, 2005 at 01:37:11:

      In Reply to: Foreclosure Bailout Loan Guidelines Posted by Michael on August 02, 2005 at 22:43:11:

      How well does this work in California (seeing as how it's backed by...what did you call it...a California banking commission registered lender)?

      What happens if after months 2 or 3 things go from bad to worse and I can't make any more payments...what recourse do you have (eviction, non-judicial foreclosure, judicial foreclosure, something else)?

      Does a California grant deed actually transfer title to you, or is it limited strictly to secure performance from the seller/borrower?

      : Ok, some you asked for more information in regards to the guidelines of a bailout loan... This is a 12 month Lease and Buy back loan... A Lease and buy back is when a lender will enter into a contractual agreement with you to purchase the home for a 12 month period and then sell you the home back (At the same price) The Max. LTV for approval is 85% (Meaning you must have atleast 15% equity in the home).. There is an actual LTV formula but I will spare you the calculations.... Your credit score and employement history will be checked, however, they are not a factor on whether your loan is approved or not...The borrower must have the ability to pay the monthly payments... The interest rate is a hard money status (10-12%) However, the best thing about this bailout company is that they will write you a Neg-am (Negative ammorization) loan (It's kind of like an interest only) so that the homeowner can make the payments on time...After 12 months, and since the home is no longer in foreclosure,. Ownership will be transfered back to the homeowner at the same price it was bought... You do not need to put any money down when the home is transfered back into your name.. You will receive a "Gift of Equity" which constitutes the down payment.. (That's why you must have 15% equity or more in the home).. This company is NOT in the business of taking homes... They don't want your home, they just want the interest on the loan for a 12 month period....I hope that outlines the program enough, please feel free to email me with any questions you might have... Thank you



      : (0)

    • Posted by Jim V on August 03, 2005 at 00:17:19:

      In Reply to: Foreclosure Bailout Loan Guidelines Posted by Michael on August 02, 2005 at 22:43:11:

      Michael,

      What you have outlined is a property transfer, NOT a foreclosure bailout loan.

      A bailout loan will leave the homeowner in possession, and ownership, of their property with a new loan that might have less than preferable terms, but ownership is still in their name.

      If the property is transferred(sold) to a new owner, there should be no need for hard money interest rates. Title is held by a presumably "A" credit entity, with the previous homeowner having only a lease allowing them to retain possession(as long as they make on-time lease payments). I'll admit I'm having some difficulty understanding how the loan, with the hard money interest rate, comes into play since the homeowner no longer owns the property.Am I misunderstanding what you've outlined, if so, could you please explain how the lease-holder is charged for interest on a loan?



      : Ok, some you asked for more information in regards to the guidelines of a bailout loan... This is a 12 month Lease and Buy back loan... A Lease and buy back is when a lender will enter into a contractual agreement with you to purchase the home for a 12 month period and then sell you the home back (At the same price) The Max. LTV for approval is 85% (Meaning you must have atleast 15% equity in the home).. There is an actual LTV formula but I will spare you the calculations.... Your credit score and employement history will be checked, however, they are not a factor on whether your loan is approved or not...The borrower must have the ability to pay the monthly payments... The interest rate is a hard money status (10-12%) However, the best thing about this bailout company is that they will write you a Neg-am (Negative ammorization) loan (It's kind of like an interest only) so that the homeowner can make the payments on time...After 12 months, and since the home is no longer in foreclosure,. Ownership will be transfered back to the homeowner at the same price it was bought... You do not need to put any money down when the home is transfered back into your name.. You will receive a "Gift of Equity" which constitutes the down payment.. (That's why you must have 15% equity or more in the home).. This company is NOT in the business of taking homes... They don't want your home, they just want the interest on the loan for a 12 month period....I hope that outlines the program enough, please feel free to email me with any questions you might have... Thank you



      : (6)

      • Posted by Michael on August 03, 2005 at 07:18:01:

        In Reply to: Re: Foreclosure Bailout Loan Guidelines Posted by Jim V on August 03, 2005 at 00:17:19:

        : : Jim, You are correct, poor choice of Title on my part.. Reason for the hard money interest rate: That is how the company makes it's money for the 12 month period of time... They DONT add $10k to the price when transfered back but they do charge a hefty interest rate.. The interest the homeowner is charged constitutes the "Lease" part of the program.. You can also call it Rent... either way, in my opinion when dealing with LTV's at 80-85% it is a suitable alternative to being foreclosed on... Thanx for your question Jim, keep them coming.

        : What you have outlined is a property transfer, NOT a foreclosure bailout loan.

        : A bailout loan will leave the homeowner in possession, and ownership, of their property with a new loan that might have less than preferable terms, but ownership is still in their name.

        : If the property is transferred(sold) to a new owner, there should be no need for hard money interest rates. Title is held by a presumably "A" credit entity, with the previous homeowner having only a lease allowing them to retain possession(as long as they make on-time lease payments). : I'll admit I'm having some difficulty understanding how the loan, with the hard money interest rate, comes into play since the homeowner no longer owns the property.: Am I misunderstanding what you've outlined, if so, could you please explain how the lease-holder is charged for interest on a loan?

        : : Ok, some you asked for more information in regards to the guidelines of a bailout loan... This is a 12 month Lease and Buy back loan... A Lease and buy back is when a lender will enter into a contractual agreement with you to purchase the home for a 12 month period and then sell you the home back (At the same price) The Max. LTV for approval is 85% (Meaning you must have atleast 15% equity in the home).. There is an actual LTV formula but I will spare you the calculations.... Your credit score and employement history will be checked, however, they are not a factor on whether your loan is approved or not...The borrower must have the ability to pay the monthly payments... The interest rate is a hard money status (10-12%) However, the best thing about this bailout company is that they will write you a Neg-am (Negative ammorization) loan (It's kind of like an interest only) so that the homeowner can make the payments on time...After 12 months, and since the home is no longer in foreclosure,. Ownership will be transfered back to the homeowner at the same price it was bought... You do not need to put any money down when the home is transfered back into your name.. You will receive a "Gift of Equity" which constitutes the down payment.. (That's why you must have 15% equity or more in the home).. This company is NOT in the business of taking homes... They don't want your home, they just want the interest on the loan for a 12 month period....I hope that outlines the program enough, please feel free to email me with any questions you might have... Thank you



        : (5)

        • Posted by amana on September 09, 2005 at 20:21:25:

          In Reply to: Re: Foreclosure Bailout Loan Guidelines Posted by Michael on August 03, 2005 at 07:18:01:

          : : Hey Jim and Micheal,

          I have been reading your threads--how much does each of these deals usually cost (upfront) and have either of you heard of nobullmortgage?

          : : Jim, You are correct, poor choice of Title on my part.. Reason for the hard money interest rate: That is how the company makes it's money for the 12 month period of time... They DONT add $10k to the price when transfered back but they do charge a hefty interest rate.. The interest the homeowner is charged constitutes the "Lease" part of the program.. You can also call it Rent... either way, in my opinion when dealing with LTV's at 80-85% it is a suitable alternative to being foreclosed on... Thanx for your question Jim, keep them coming.

          : : What you have outlined is a property transfer, NOT a foreclosure bailout loan.

          : : A bailout loan will leave the homeowner in possession, and ownership, of their property with a new loan that might have less than preferable terms, but ownership is still in their name.

          : : If the property is transferred(sold) to a new owner, there should be no need for hard money interest rates. Title is held by a presumably "A" credit entity, with the previous homeowner having only a lease allowing them to retain possession(as long as they make on-time lease payments). : : I'll admit I'm having some difficulty understanding how the loan, with the hard money interest rate, comes into play since the homeowner no longer owns the property.: : Am I misunderstanding what you've outlined, if so, could you please explain how the lease-holder is charged for interest on a loan?

          : : : : Ok, some you asked for more information in regards to the guidelines of a bailout loan... This is a 12 month Lease and Buy back loan... A Lease and buy back is when a lender will enter into a contractual agreement with you to purchase the home for a 12 month period and then sell you the home back (At the same price) The Max. LTV for approval is 85% (Meaning you must have atleast 15% equity in the home).. There is an actual LTV formula but I will spare you the calculations.... Your credit score and employement history will be checked, however, they are not a factor on whether your loan is approved or not...The borrower must have the ability to pay the monthly payments... The interest rate is a hard money status (10-12%) However, the best thing about this bailout company is that they will write you a Neg-am (Negative ammorization) loan (It's kind of like an interest only) so that the homeowner can make the payments on time...After 12 months, and since the home is no longer in foreclosure,. Ownership will be transfered back to the homeowner at the same price it was bought... You do not need to put any money down when the home is transfered back into your name.. You will receive a "Gift of Equity" which constitutes the down payment.. (That's why you must have 15% equity or more in the home).. This company is NOT in the business of taking homes... They don't want your home, they just want the interest on the loan for a 12 month period....I hope that outlines the program enough, please feel free to email me with any questions you might have... Thank you



          : (0)

        • Posted by Jim V on August 04, 2005 at 14:30:07:

          In Reply to: Re: Foreclosure Bailout Loan Guidelines Posted by Michael on August 03, 2005 at 07:18:01:

          Michael,

          Thanks for clarifying the issue, I do have one more question. About a year ago, a friend of mine was looking at participating in a similar program in a lender capacity. At that time, owners were only able to complete their buy-back roughly 35% of the time. Are your percentages any different, if so, why would they be?

          IMHO, the best option for most homeowners in foreclosure will be a workout plan with their existing lender. The Loan To Value percentage isn't a restriction, but it will require some amount of money to put "down" on the workout plan, and require the homeowner to have a continuing source of income sufficient to make the future payments. Using an outside company to facilitate a workout would be the number two choice, because it's going to cost something for the facilitator's efforts.

          I don't know that I'd put your plan as a number three choice because I really don't like the concept of transferring title, but I'll agree it's a possible solution for someone who's loan is greater than the 70-75% LTV sub-prime lender rquirements, or someone who's lender absolutely refuses any workout option.

          : (3)

          • Posted by Michael on August 18, 2005 at 09:20:42:

            In Reply to: Re: Foreclosure Bailout Loan Guidelines Posted by Jim V on August 04, 2005 at 14:30:07:

            The reason this program has a 76% success rating is because there is a silient 2nd written, which is then forgiven upon transfer back... This constitutes a "Gift of Equity" at 15% when then constitutes the "Down Payment".. This is why the program works so well...

            : Michael,

            : Thanks for clarifying the issue, I do have one more question. About a year ago, a friend of mine was looking at participating in a similar program in a lender capacity. At that time, owners were only able to complete their buy-back roughly 35% of the time. Are your percentages any different, if so, why would they be?

            : IMHO, the best option for most homeowners in foreclosure will be a workout plan with their existing lender. The Loan To Value percentage isn't a restriction, but it will require some amount of money to put "down" on the workout plan, and require the homeowner to have a continuing source of income sufficient to make the future payments. Using an outside company to facilitate a workout would be the number two choice, because it's going to cost something for the facilitator's efforts.

            : I don't know that I'd put your plan as a number three choice because I really don't like the concept of transferring title, but I'll agree it's a possible solution for someone who's loan is greater than the 70-75% LTV sub-prime lender rquirements, or someone who's lender absolutely refuses any workout option.



            : (0)

          • Posted by Janie on August 12, 2005 at 23:02:05:

            In Reply to: Re: Foreclosure Bailout Loan Guidelines Posted by Jim V on August 04, 2005 at 14:30:07:



            Dear homeowners considering any kind of foreclosure bailout loan.

            Visit the Where's the Justice For All? web site and click on the foreclosure scam link and then read all the news stories about victims that lost their homes to people "just wanting to help them, really."



            http://www.wjfa.net



            : (1)

    • Posted by Linda on August 02, 2005 at 23:13:20:

      In Reply to: Foreclosure Bailout Loan Guidelines Posted by Michael on August 02, 2005 at 22:43:11:

      : Ok, some you asked for more information in regards to the guidelines of a bailout loan... This is a 12 month Lease and Buy back loan... A Lease and buy back is when a lender will enter into a contractual agreement with you to purchase the home for a 12 month period and then sell you the home back (At the same price) The Max. LTV for approval is 85% (Meaning you must have atleast 15% equity in the home).. There is an actual LTV formula but I will spare you the calculations.... Your credit score and employement history will be checked, however, they are not a factor on whether your loan is approved or not...The borrower must have the ability to pay the monthly payments... The interest rate is a hard money status (10-12%) However, the best thing about this bailout company is that they will write you a Neg-am (Negative ammorization) loan (It's kind of like an interest only) so that the homeowner can make the payments on time...After 12 months, and since the home is no longer in foreclosure,. Ownership will be transfered back to the homeowner at the same price it was bought... You do not need to put any money down when the home is transfered back into your name.. You will receive a "Gift of Equity" which constitutes the down payment.. (That's why you must have 15% equity or more in the home).. This company is NOT in the business of taking homes... They don't want your home, they just want the interest on the loan for a 12 month period....I hope that outlines the program enough, please feel free to email me with any questions you might have... Thank you

      We were warned about you and your BailOut Loan! People will lose their homes for sure with that kind of deal. Don't take advantage of people who are already in trouble and will try anything they can to save their homes!

      : (1)

      • Posted by Steele in Minnesota on August 03, 2005 at 12:33:02:

        In Reply to: Re: Foreclosure Bailout Loan Guidelines Posted by Linda on August 02, 2005 at 23:13:20:

        : We were warned about you and your BailOut Loan! People will lose their homes for sure with that kind of deal. Don't take advantage of people who are already in trouble and will try anything they can to save their homes!**************************

        Actually we haven't had any facts with regards to this program and it being a bad one. It is true that there are alot of scams out there. I was the one that originally posted the report done by the National Consumer Law Center.

        This program does not fit the typical scam of this type. It does appear to have several "safety" features for the consumer that are just not there with the scam artists. The typical scam usually has terms so horrendous that the former owner can never redeem. This one seems pretty straight forward.

        One thing we have to careful about here is that while there are scams and one needs to be careful there are legitimate programs out there. As always check out the program and do your homework. Many of these con artists are posted on various consumer websites and with the State Attorney General office. And the Better Business Bureau for that matter. Check them out. Also, if no one has ever heard of them then I would pass.

        To think that all investors or various programs are bad because of some bad ones is similar to using stereotypes. Don't typecast the group based on the bad apples. Instead use common sense.

        As a foreclosure specialist working with a number of the banks doing foreclosures I can say from experience that this fear is hurting homeowners as much as helping. People who may have worked out alternatives are so fearful, that they simply lose the house rather than checking things out that may have hurt them. They do nothing until it is too late.

        Being careful is different than being paranoid.

        Just my opinion.

        Oh, and I am not associated with any of these programs.

        Steele V. ProppForeclosure SpecialistMinneapolis, Mn



        : (0)

  • Posted by Diana on August 02, 2005 at 21:35:23:

    After the sheriff sale, when should we get leave the house? The lawyer for the mortgage co. told me we have until Oct.1. Is that true??????

    : (2)

    • Posted by Steele in Minnesota on August 03, 2005 at 12:36:14:

      In Reply to: Sheriff sale in 16 days in Illinois Posted by Diana on August 02, 2005 at 21:35:23:

      : After the sheriff sale, when should we get leave the house? The lawyer for the mortgage co. told me we have until Oct.1. Is that true??????

      *********************************

      Ill. has no redemption period from what I see. However, if the trustee says you have until Oct. 1 why wouldn't you believe it? What would they have to gain by tricking you?

      Oh, I would try and get it in writing just to be safe. You could offer to leave the house in good condition as part of the deal.

      Steele in Minnesota

      : (0)

    • Posted by Tony Costanzo on August 03, 2005 at 12:26:25:

      In Reply to: Sheriff sale in 16 days in Illinois Posted by Diana on August 02, 2005 at 21:35:23:

      : After the sheriff sale, when should we get leave the house? The lawyer for the mortgage co. told me we have until Oct.1. Is that true??????

      Hi Diana.The right of redemption may be waived by the borower in the mortgage instument, or after commencement of foreclosure by written consent filed with the clerk of the court, but only if the lender there upon waives the right to a deficiency. How ever, waivers signed prior to July 1987 may still be valid. Otherwise the borower has the right to redeem property with in seven months from the date the lawsuite was filed., or three months after the judgement was entered by the court. I hope this answers your question, but if you would like to keep your house please contact me as soon as possible.

      Sincerely Tony Costanzo @ GFR

      : (0)

  • Posted by KELVIN DE JULIO on August 02, 2005 at 19:08:49:

    I WON'T MAKE THIS TOO LONG AND DRAWN OUT. I DID A REFY IN JAN.01 WITH BNC MORTGAGE HERE IN DENVER(THE PROPERTY IS IN MONTROSE,COLORADO.MONTROSE COUNTY) THEY IN TURN SOLD IT TO OPTIONS ONE IN CALIFORNIA,THEY IN TURN SOLD IT TO OCWEN. FEB-AUGUST 0 1PAYMENTS WENT TO OPTIONS ONE. FIRST PAYMENT WENT TO OCWEN IN SEPTEMBER 01.RECEIVED A LETTER FROM OCWEN(STILL HAVE) STATING THAT THEY WERE,OCWEN,GOING TO APPLY THE MONEY FROM ESCROW FROM OPTIONS ONE TO MY NOVEMBER PAYMENT.GREAT I THOUGHT,SENT IN OCTOBER PAYMENT THEN DECEMBER PAYMENT THEN RECEIVED MONTHLTY BILLING STATMENT FOR JANUARY AND IT WAS FOR $3091.87, MY MORTGAGE PAYMENT WAS $950.00 A MONTH. THIS ISN'T CORRECT. CALLED OCWEN GOT RECORDING AND NO RESPONSE FROM OCWEN.MAILED $950.00 PAYMENT.THEN RECEIVED FEB.02 STATEMENT,$3089.56.YOU GOT TO BE KIDDING. CALLED OCWEN AND LEFT MESSAGE. OF COURSE NO RESPONSE. WROTE LETTER SURPRISE! NO RESPONSE. SENT PAYMENT $950.00 FOR FEB 02 AND THEN WELLS FARGO MESSED UP AND FEB. CHECK BOUNCED(TRUSTEE ON MORTGAGE...WELLS FARGO BANK...SURPRISE) WROTE LETTER TO OCWEN AND TOLD THEM WHAT HAPPENED I LET ME KNOW WHAT LATE CHARGES ARE DUE. SURPRISE...NO RESPONSE. APRIL STATEMENT COMES FOR $3089.66. SENT IN TWO SEPERATE CHECKS FOR $950.00 EACH...SURPRISE ONE CHECK RETURNED TO ME WITH A CURE DEFAULT LETTER. CALLED OCWEN AND LEFT MESSAGE.. SURPRISE NO RESPONES SAME WITH LETTERS SENT TO OCWEN. NO USE SENDING PAYMENTS IN WHEN THEY ARE SENT BACK. GOT FIRST LETTER FROM OCWEN, BELINDA ITSON. OCWEN HAD RECEIVED FIVE PAYMENTS EACH $950.00 BUT I AM PAST DUE OF $3089.66 AND THEY HAVE HAD MY MORTGAGE SINCE SEPTEMBER 2001.THEN ON SEPTEMBER 12, 2001 OCWEN HAD APPLIED A PAYMENT OF $2369.65 TO MY ACCOUNT,PROBLEM THAT WAS SOMEONE ELSES PAYMENT THAT WAS APPLIED TO MY LOAN. ANY FURTHER PROBLEMS WILL BE HANDLED BY DEREK DALLAS. HIS RESPONSE TO MY LETTERS,NOTHING. NOW OCWEN IS APPLING FOR A RULE 120 MOTION HEARING FOR FORECLOSUER. I HAVE NO IDEA WHY. ATTORNEY DAVID SHORES WON'T TALK WITH ME.HE WON'T RETURN MY ATTORNEYS PHONE CALLS. WE GO TO COURT JULY,30 2002. THEY PUT PUBLIC NOTICE IN MONTROSE PAPER. MY MOTHER CALLS CRYING AND UPSET BECAUSE SHE HAS NO IDEA WHATS GOING ON. NEITHER DO I. GO TO COURT,JUDGE POSTPONES RULE 120 MOTION SO I COULD SHOW JUST CAUSE. GO BACH TO COURT AUGUST 2002. DAVID BELL OCWENS ATTORNEY TELLS THE JUDGE THEY ARE TRYING TO FORECLOSE FOR NON-PAYMENT IN NOVEMBER 2001. I PULL OUT LETTER FROM OCWEN ABOUT ESCROWS, ATTORNEYS MOUTH DROPS TO FLOOR. HE AND A REPRESENTIVE FROM OCWEN ADMITTS IT IS THERE FAULT. TELLS JUDGE WE CAN AGREE ON A SETTLEMENT.(BUT ONLY ON THERE TERMS) SO SINCE 2002 OCWEN HAS USED THREE DIFFERENT LAW FIRMS AND ALL ENDS UP THE SAME WAY. NO SETTLEMENT AGREEMNET NO MORTGAGE PAYMENTS RELEASE. WE GO BACK TO COURT FOR ANOTHER RULE 120 MOTION HEARING IN MAY 2005. WILL POSTPONE UNTIL AUGUST AGREEING I CAN SELL HOME. GET THREE CONTRACTS ON HOME IN TWO DAYS.TAKES OCWEN MORE THAN THREE WEEKS TO GET ME PAY OFF. OCWEN AGREES TO WAVE ALL FEES. THEN WHEN OCWEN FINES OUT MUCH I WILL GET OUT OF HOSU NOW THEY WANT ALL THE PROFITS OFF HOUSE. SO NOW WE GO BACK TO COURT AUGUST 4,2005. IF THEY LOSS IN COURT AGAIN THEY WILL JUST APPEAL TO HIGHER COURT. I NEED TO SEE IF SOMEONE IN COLORADO IS IN THE SAME BOAT WITH OCWEN AS I AM. IS THERE AN ATTORNEY,REALESTATE, THAT WE CAN TALK WITH ABOUT A CIVIL LAWSUIT OR CLASS ACTION LAWSUIT AGINIST OCWEN. THIS CAN'T KEEP GOING ON. SOMEONE PLEASE HELP.

    : (3)

    • Posted by steele in minnesota on August 03, 2005 at 12:38:26:

      In Reply to: OCWEN,YES ANOTHER ONE Posted by KELVIN DE JULIO on August 02, 2005 at 19:08:49:

      Typing an email in all caps is the same as screaming at the top of your lungs.

      Please stop yelling at us and maybe someone will have some ideas for you.

      steele

      : (2)

      • Posted by jeff on August 12, 2005 at 17:03:31:

        In Reply to: Re: OCWEN,YES ANOTHER ONE Posted by steele in minnesota on August 03, 2005 at 12:38:26:

        : Typing an email in all caps is the same as screaming at the top of your lungs.

        : Please stop yelling at us and maybe someone will have some ideas for you.

        : steele



        You must be pretty sensitive if CAPS bother you. WHO CARES??

        : (1)

        • Posted by steele in Minnesota on August 13, 2005 at 09:00:18:

          In Reply to: Re: OCWEN,YES ANOTHER ONE Posted by jeff on August 12, 2005 at 17:03:31:

          : : Typing an email in all caps is the same as screaming at the top of your lungs.

          : : Please stop yelling at us and maybe someone will have some ideas for you.

          : : steele

          : You must be pretty sensitive if CAPS bother you. WHO CARES??

          ********************************

          Basic internet courtesy. Most people when they realize that they are doing sometime like this typically acknowledge it and don't do it any more. They are not doing it on purpose.

          Since basic manners are becoming a thing of the past, I suppose there are those who don't care. Thanks for yelling :>)



          : (0)

  • Posted by Linda on August 02, 2005 at 12:47:19:

    This is Linda again. My sisters house will be sold tomorrow at sheriffs sale tomorrow, Aug. 3. She is not paying or trying to do anything. She is in denial and hoping all will just "work out ok". I am going crazy!! WHAT will happen exactly tomorrow, at sale and after sale?? Will she be evicted tomorrow?? Will they padlock the door?? I have never been through this and do not know how it all works. PLEASE tell me anything that you all know about Michigan laws and how the sheriff does this. Can I go to any sheriff web site and check status of house?? She is not even getting stuff out of house because I told her to at least do that so she doesn't lose clothes, belongings etc. Thank-you all for any help. Linda

    : (6)

    • Posted by Tonya on August 04, 2005 at 10:44:16:

      In Reply to: Mi. sheriffs sale tomorrow!! 19360 Lenore Det.Mi homeless?? Posted by Linda on August 02, 2005 at 12:47:19:

      Linda:

      I do not know Michigan law, but I did go thru a foreclosure in Illinois 3 years ago.I tried everything from shortsale, to shady appearing characters that appear on your doorstep to help, etc.I too, was in denial like your sister. I had never been in a situation of what felt like a magnitude of failure. I had lost my job, car, then house. The one thing I regret not handling during this period was getting my things moved. I froze and in holding out hope everything would would work out, I lost most of my life's possessions (20 year) history) because when the sheriff does move after a forclosure, it is pretty swift. I was one day late with the moving truck when I had nearly a year in Illinois to get my things. For now, please just get your sister's things moved, even to storage. At least when all of this passes (and it will) she will have her memories.



      : (0)

    • Posted by Tony Costanzo on August 02, 2005 at 13:46:58:

      In Reply to: Mi. sheriffs sale tomorrow!! 19360 Lenore Det.Mi homeless?? Posted by Linda on August 02, 2005 at 12:47:19:

      : This is Linda again. My sisters house will be sold tomorrow at sheriffs sale tomorrow, Aug. 3. She is not paying or trying to do anything. She is in denial and hoping all will just "work out ok". I am going crazy!! WHAT will happen exactly tomorrow, at sale and after sale?? Will she be evicted tomorrow?? Will they padlock the door?? I have never been through this and do not know how it all works. PLEASE tell me anything that you all know about Michigan laws and how the sheriff does this. Can I go to any sheriff web site and check status of house?? She is not even getting stuff out of house because I told her to at least do that so she doesn't lose clothes, belongings etc. Thank-you all for any help. Linda

      I am sorry you are experiencing this with your sister. The borrower may redeem by paying the lender the sum for which the property was sold @ foreclosure, plus interest as the same rate as the mortgage, If the foreclosure buyer stated or recorded an affidavit how much in taxes and insurance the foreclosure buyer paid, following the forclosure sale, then the borrower must repay that amount as part of the redemtion process., If the property is over four units or threeacres then the remption period is one year instead of six months. So realisticly she could be in the house for up to 7 months, but I would not want to do this. If the lender and the lenders attorney screwed up on the process of foreclosure we could file papers in court contesting the sale.

      : (4)

      • Posted by Tonya on August 04, 2005 at 10:32:48:

        In Reply to: Re: Mi. sheriffs sale tomorrow!! 19360 Lenore Det.Mi homeless?? Posted by Tony Costanzo on August 02, 2005 at 13:46:58:

        Linda:

        I do not know Michigan law, but I did go thru a foreclosure in Illinois 3 years ago.I tried everything from shortsale, to shady appearing characters that appear on your doorstep to help, etc.I too, was in denial like your sister. I had never been in a situation of what felt like a magnitude of failure. I had lost my job, car, then house. The one thing I regret not handling during this period was getting my things moved. I froze and in holding out hope everything would would work out, I lost most of my life's possessions (20 year) history) because when the sheriff does move after a forclosure, it is pretty swift. I was one day late with the moving truck when I had nearly a year in Illinois to get my things. For now, please just get your sister's things moved, even to storage. At least when all of this passes (and it will) she will have her memories.

        : (3)

        • Posted by Diana on August 05, 2005 at 00:20:56:

          In Reply to: Re: Mi. sheriffs sale tomorrow!! 19360 Lenore Det.Mi homeless?? Posted by Tonya on August 04, 2005 at 10:32:48:

          Linda,

          How soon after the sheriff sale did you have to move? Did they give you the usual thirty days?

          : (0)

        • Posted by Diana on August 05, 2005 at 00:20:48:

          In Reply to: Re: Mi. sheriffs sale tomorrow!! 19360 Lenore Det.Mi homeless?? Posted by Tonya on August 04, 2005 at 10:32:48:

          Linda,

          How soon after the sheriff sale did you have to move? Did they give you the usual thirty days?

          : (0)

        • Posted by Diana on August 05, 2005 at 00:20:39:

          In Reply to: Re: Mi. sheriffs sale tomorrow!! 19360 Lenore Det.Mi homeless?? Posted by Tonya on August 04, 2005 at 10:32:48:

          Linda,

          How soon after the sheriff sale did you have to move? Did they give you the usual thirty days?

          : (0)

  • Posted by lisa on August 02, 2005 at 12:27:41:

    I am in South Jesey and i was wondering if anybody couls point me in the right direction to fined some bank foreclosure out here. Thanks Please email angel2239@aol.com

    : (0)

  • Posted by LinPA on August 02, 2005 at 07:15:59:

    I went through a pretty messy divorce and our home was foreclosed in July 2002. I was never on the loan/mortgage but my name was on the deed. As a result the judgment is showing on my credit report. The house has since been sold. Is there anyway to get this info off of my credit report since I was never on the mortgage? If not, does the fact that the house belongs to someone else serve as a form of satisfaction of this judgment? I've tried calling WAMU and keep hitting a brick wall!! Does anyone know anything about PA law?

    : (0)

  • Posted by WATCH OUT!!! on August 01, 2005 at 17:30:49:

    Watch out for this Michael and his forclosure bailout scam!!! He full of BS!!!! They will rip you off!!! You will lose your home if you deal with them. I assure you!!!

    : (7)

    • Posted by Steele in Minnesota on August 01, 2005 at 20:17:04:

      In Reply to: WATCH OUT FOR MICHAEL and his "Foreclosure Bailout " SCAM!!! Posted by WATCH OUT!!! on August 01, 2005 at 17:30:49:

      : Watch out for this Michael and his forclosure bailout scam!!! He full of BS!!!! They will rip you off!!! You will lose your home if you deal with them. I assure you!!!

      *********************************

      Now which site is this one?

      Steele in Minnesota

      : (6)

      • Posted by WATCH OUT on August 02, 2005 at 06:58:43:

        In Reply to: Re: WATCH OUT FOR MICHAEL and his "Foreclosure Bailout " SCAM!!! Posted by Steele in Minnesota on August 01, 2005 at 20:17:04:

        : : Watch out for this Michael and his forclosure bailout scam!!! He full of BS!!!! They will rip you off!!! You will lose your home if you deal with them. I assure you!!!******************************************I'm not sure of the site. But I would stay away from this. It is completely predatory. They supposedly pay off your loan and you make them payments for a year at 10-15% interest! At the end of the year you would probably find out that the loan still exists in your name and be foreclosed on.

        : *********************************

        : Now which site is this one?

        : Steele in Minnesota



        : (5)

        • Posted by Jim V on August 02, 2005 at 14:42:15:

          In Reply to: Re: WATCH OUT FOR MICHAEL and his "Foreclosure Bailout " SCAM!!! Posted by WATCH OUT on August 02, 2005 at 06:58:43:

          : : : Watch out for this Michael and his forclosure bailout scam!!! He full of BS!!!! They will rip you off!!! You will lose your home if you deal with them. I assure you!!!: ******************************************: I'm not sure of the site. But I would stay away from this. It is completely predatory. They supposedly pay off your loan and you make them payments for a year at 10-15% interest! At the end of the year you would probably find out that the loan still exists in your name and be foreclosed on.

          : : *********************************

          Watch Out,

          Lending money to homeowners who are not currently making their payments is a fairly high risk proposition. Lenders who specialize in this type of loan usually limit any loan amount to less than 75% of a home's current market value and of course, the interest rate is going to be much higher than the published "A" credit interest rates.

          If a loan default is caused by an event outside the control of the homeowner, and the homeowner now has the capability to resume making payments, the most cost effective way to resolve the default is establishing a foreclosure workout plan with the existing lender. If the homeowner can't make payments and isn't eligible for a workout, but needs to "buy" some time before a foreclosure auction, a bailout loan might be one of the options. I agree it's expensive, but it's better than loosing a lot of equity.

          You make a lot of accusations based on what might happen, I think discussions based on facts or actual experiences will be far more helpful and productive.



          : (0)

        • Posted by Steele in Minnesota on August 02, 2005 at 07:13:13:

          In Reply to: Re: WATCH OUT FOR MICHAEL and his Posted by WATCH OUT on August 02, 2005 at 06:58:43:

          : : : Watch out for this Michael and his forclosure bailout scam!!! He full of BS!!!! They will rip you off!!! You will lose your home if you deal with them. I assure you!!!

          : I'm not sure of the site name.

          ********************I must be dense this morning (just having my first cup of coffee.) Who is Michael and what is his company called? A cryptic "Michael" is tough to figure. Forgive me if it is obvious who these guys are but could you spell it out for me :>)

          If anyone has good or bad to say about certain websites or companies, let's give full names and websites as well as the "why".

          Many here are in the foreclosure process. A wise person learns from the experiences of others. Let's share but with details please.

          Steele V. ProppForeclosure SpecialistMinneapolis, MNsteelep@aol.com

          : (3)

          • Posted by WATCH OUT on August 07, 2005 at 08:52:18:

            In Reply to: Re: WATCH OUT FOR MICHAEL and his "Foreclosure Bailout " SCAM!!! Posted by Steele in Minnesota on August 02, 2005 at 07:13:13:

            You notice 'Michael' doesn't post any info regarding this company or likewise. It is predatory. If you can afford the payments they want they you could most likely work it out with the lender! Lets see some hard fast evidence how this works to help the borrower and not stick them deeper in trouble.

            : : : : Watch out for this Michael and his forclosure bailout scam!!! He full of BS!!!! They will rip you off!!! You will lose your home if you deal with them. I assure you!!!

            : : I'm not sure of the site name.

            : ********************: I must be dense this morning (just having my first cup of coffee.) Who is Michael and what is his company called? A cryptic "Michael" is tough to figure. Forgive me if it is obvious who these guys are but could you spell it out for me :>)

            : If anyone has good or bad to say about certain websites or companies, let's give full names and websites as well as the "why".

            : Many here are in the foreclosure process. A wise person learns from the experiences of others. Let's share but with details please.

            : Steele V. Propp: Foreclosure Specialist: Minneapolis, MN: steelep@aol.com



            : (0)

          • Posted by Michael on August 02, 2005 at 14:30:01:

            In Reply to: Re: WATCH OUT FOR MICHAEL and his Posted by Steele in Minnesota on August 02, 2005 at 07:13:13:

            Why would you people say that ??? This a real program given by a real lender who is registered by the California banking commission... Some of you people need to open your eyes to innovative ways to get yourselfs out of the current jam your in... I will go Head to Head with any of you non believers as long as you post an apology once you realize this is credible..

            : (1)

            • Posted by Jim V on August 02, 2005 at 14:47:57:

              In Reply to: Re: WATCH OUT FOR MICHAEL and his "Foreclosure Bailout " SCAM!!! Posted by Michael on August 02, 2005 at 14:30:01:

              : Why would you people say that ??? This a real program given by a real lender who is registered by the California banking commission... Some of you people need to open your eyes to innovative ways to get yourselfs out of the current jam your in... I will go Head to Head with any of you non believers as long as you post an apology once you realize this is credible..

              Michael,

              While I don't classify myself as either a bailout believer or non-believer, perhaps you could post some guidelines on what you're offering. It's very difficult to discuss something without knowing just what that "something" is.

              : (0)

  • Posted by Bewildered on August 01, 2005 at 15:04:01:

    My home was foreclosed on 6-21-05. The property is still not showing transfered from my name to new owner (bank) and taxes are still showing owed. My attorney said all back taxes would have to have been paid before anyone could transfer deed to their name. Generally what length of time does it take for taxes to be paid off and deed transfered in a foreclosure?

    : (2)

    • Posted by Tony Costanzo on August 03, 2005 at 12:32:11:

      In Reply to: time period of deed recording for foreclosure Posted by Bewildered on August 01, 2005 at 15:04:01:

      : My home was foreclosed on 6-21-05. The property is still not showing transfered from my name to new owner (bank) and taxes are still showing owed. My attorney said all back taxes would have to have been paid before anyone could transfer deed to their name. Generally what length of time does it take for taxes to be paid off and deed transfered in a foreclosure?

      Depends on what State you are in.!

      : (1)

      • Posted by Bewildered on August 03, 2005 at 13:42:31:

        In Reply to: Re: time period of deed recording for foreclosure Posted by Tony Costanzo on August 03, 2005 at 12:32:11:

        : It's NC. The deed is already recorded in the bank's name on the register of deeds website but the tax office tells me taxes have not been paid and property still showing in my name.

        : (0)

  • Posted by Brian on August 01, 2005 at 13:40:41:

    I have a forecloser open on my credit report. It has been open for 9 months. I have never heard a word from the bank on this. I am assuming it is a charge off? I don;t know who to call either to find out the status of this. Do I need a lawyer to see if this case is still open? Thanks for your help.

    : (0)

  • Posted by Pat on August 01, 2005 at 11:57:52:

    I defaulted in my forbearance plan so I'm sure foreclosure will start soon. How long do I have in Idaho? Do I have enough time to sell the house. I have equity.

    : (0)

  • Posted by P M on August 01, 2005 at 11:49:21:

    What ever you do DO NOT use Palmer Brock & Associates! They will take your money and just make your situation worse. I know several other people this has happened to with this company. Beware!

    : (3)

    • Posted by Steele in Minnesota on August 02, 2005 at 07:17:13:

      In Reply to: Stay AWAY from Palmer Brock & Associates!!! Posted by P M on August 01, 2005 at 11:49:21:

      : What ever you do DO NOT use Palmer Brock & Associates! They will take your money and just make your situation worse. I know several other people this has happened to with this company. Beware!

      ***************************

      Again, could you be a little more detailed? Does this group have a website? Is this the full name of the company? Where do they operate?

      Appreciate the help.

      Steele V. ProppForeclosure SpecialistMinneapolis, MNsteelep@aol.com

      : (2)

      • Posted by Harry M on August 14, 2005 at 11:39:23:

        In Reply to: Re: Stay AWAY from Palmer Brock & Associates!!! Posted by Steele in Minnesota on August 02, 2005 at 07:17:13:

        : : What ever you do DO NOT use Palmer Brock & Associates! They will take your money and just make your situation worse. I know several other people this has happened to with this company. Beware!

        : ***************************

        : Again, could you be a little more detailed? Does this group have a website? Is this the full name of the company? Where do they operate?

        : Appreciate the help.

        : Steele V. Propp: Foreclosure Specialist: Minneapolis, MN: steelep@aol.com



        : (0)

      • Posted by P M on August 07, 2005 at 08:46:41:

        In Reply to: Re: Stay AWAY from Palmer Brock & Associates!!! Posted by Steele in Minnesota on August 02, 2005 at 07:17:13:

        They operate out of Gilbert, Arizona. Phone 1-800-868-8566 Web- www.palmerbrock.com Stay far away from them I am not the only one they have taken advantage of. They will only make matters worse!!!

        : : What ever you do DO NOT use Palmer Brock & Associates! They will take your money and just make your situation worse. I know several other people this has happened to with this company. Beware!

        : ***************************

        : Again, could you be a little more detailed? Does this group have a website? Is this the full name of the company? Where do they operate?

        : Appreciate the help.

        : Steele V. Propp: Foreclosure Specialist: Minneapolis, MN: steelep@aol.com



        : (0)

  • Posted by Travis on August 01, 2005 at 11:18:22:

    detroit 2 family home for sale. New updates rented out at 1000 per month. valued at 80k asking 52k. possible land contract terms available. please call 248.388.8401

    : (0)

  • Posted by chantel on July 31, 2005 at 13:01:47:

    if the property is still in my name do i still have a chance to get it back? looked at the court doc too and the read case closed. they stated they had no address for me and mailed returned from address i have 11 yrs ago?! do understand that one. i called them. anyway please help with any info you'll got. since losing my house me and my 4 kids have moved twiced. the area we live in now is drug infested and high crime. yestersay a drunk driver side swiped my car parked infront of my rental house and almost hit my son when he ran onto the sidewalk. thank in advance for your comments.

    : (0)

  • Posted by chantel on July 31, 2005 at 12:56:12:

    around april 2004, i filed bankrupcy and moved out of my home of 8 yrs to avoid the sheriff putting me and my 4 kids out. we move not too far so we continued to maintain the lawn and outside. the bank set me several notice. i called them letting them know my address and telephone number. my bankrupcy atty said there was nothing left for me to do. the city said it ws still my responsiblity to keep the grass cut and property litter free, did that. seen my property in the newspaper for foreclosed and said well it is now offical. looked up that property on the county auditors web page today and it is still in my name.

    : (0)

  • Posted by Tom Hollenbeck on July 30, 2005 at 14:10:51:

    New Jersey> I figured I would put some info out for all of us little people that Mortgage Companies pick on. I recieved help from a company, I would put there name here but I havent asked them if they would mind. Any one interested can email me and I will give info. They saved me after the sale, they helped me file court papers to contest the shiriff sale. The lender agreed to do a loan modification on a conventional loan, simply said they kicked butt. Without them My wife and our 11 month old daughter and my self would of lost our home of 7 years.

    : (3)

    • Posted by Steele in Minnesota on August 01, 2005 at 08:19:30:

      In Reply to: I Recieved Help Posted by Tom Hollenbeck on July 30, 2005 at 14:10:51:

      : New Jersey> : I figured I would put some info out for all of us little people that Mortgage Companies pick on. I recieved help from a company, I would put there name here but I havent asked them if they would mind. **************************************

      No legitimate company would mind a plug. Besides, some of us would like to cross reference this company against the list of less than legit companies out there doing Loss Mitigation work.

      Would be nice to have the name of someone who actually does what they say they will do.

      So please give us the name.

      Steele in Minnesota

      : (1)

      • Posted by Paul Hollenbeck on August 01, 2005 at 10:20:23:

        In Reply to: Re: I Recieved Help Posted by Steele in Minnesota on August 01, 2005 at 08:19:30:

        : : New Jersey> :The company name is Get Foreclosure Results, there web site is Get foreclosure Results.com I didnt put there name because it said no adverstisement's on this site. They dont charge up front fee's like other companies do. I had called them first, and then I called four others, They were the most proffesional and were not pushy, and they listen: : I figured I would put some info out for all of us little people that Mortgage Companies pick on. I recieved help from a company, I would put there name here but I havent asked them if they would mind. : **************************************

        : No legitimate company would mind a plug. Besides, some of us would like to cross reference this company against the list of less than legit companies out there doing Loss Mitigation work.

        : Would be nice to have the name of someone who actually does what they say they will do.

        : So please give us the name.

        : Steele in Minnesota



        : (0)

    • Posted by Frances on August 01, 2005 at 03:15:22:

      In Reply to: I Recieved Help Posted by Tom Hollenbeck on July 30, 2005 at 14:10:51:

      : New Jersey> : I figured I would put some info out for all of us little people that Mortgage Companies pick on. I recieved help from a company, I would put there name here but I havent asked them if they would mind. Any one interested can email me and I will give info. They saved me after the sale, they helped me file court papers to contest the shiriff sale. The lender agreed to do a loan modification on a conventional loan, simply said they kicked butt. Without them My wife and our 11 month old daughter and my self would of lost our home of 7 years.

      Hello,

      I read what you wrote about some company helping you to save your home. I would greatly appreciate if you could give me their name and contact information. Any additional information you might have that could help me will be greatly appreciated. Thank you and God bless you. Frances

      : (0)

  • Posted by Kay on July 29, 2005 at 19:35:14:

    Can anyone please advise? Long story try to summarize best I can....

    Refied my loan in June 02 - day after refi - hit by drunk driver on way to work.... couldnt walk right... went on short term disability.... rec'd 1 check in 7 weeks time... called lender to advise of situtation and ask for help... was told "loan too new... sell your house"... not an option at that time... was facing a spinal fusion surgery...

    went back to work cuz couldnt count on Short Term Disability timely payments.. returned to work in pain and worked while awaiting surgery in Feb 03...

    Dec 02 saw Bankrupcty Atty... was advised to have surgery... continue to fall behind mort pymts till back at work... rerturned to work in April 03 filed Chapt 13...

    resumed pymnts to lender in May 03 with copy of signed filing notice of Chapt 13...they were supposed to keep May 03 pymt and did not - returned it to me saying I was in foreclosure... contacted BK Atty who told me to replace it with a cashiers check to his office and he would turn it over to lenders atty (found out 14 mths later check never cashed - lender is claiming late fees since that time)...

    June of 03 sent another mort pymt it was cashed and I assumed everything was now on track... June of 03 rec'd new pymnt coupons from lender indicating approx $200.00 increase in mort pymt... called BK atty... he advised lender could raise amount due to taxes... etc... but I could avoid an increase by paying the escrow shortage in full... I did that with a letter explaining what my intentions were and also rqstd updated coupons to insure I was paying the correct amount... never heard a word... all checks in the original mortgage amount (outlined in the plan) continued to be cashed by the lender....

    while recovering from the fusion surgery... on my way home from work in Aug 03.. was rearened at 45mph and went numb from my right hip to my foot... few months later was diagnosed with Mulptiple Sclerosis and no longer able to work as of Jan 04)

    February 04 lender again sought to reinstate the foreclosure saying I was not paying the correct mortgage amnt... the Plan states that the lender must notify Trustee of changes to the monthly mort amnt... Trustee would approve change and notofy debtor.... THIS NEVER HAPPENED...

    April 04 Rc'd settlement from drunk drive accident by suing my underinsured... turned over all monies to Trustee... Trust was to pay per May 04 order the amnt due Mort lender...

    Rc'd "Dishcarge of Debt" from Trustee... rc'd new pymnt coupons from lender indicating next pymnt Aug 04... paid Aug 04 only to have it returned stating I was in foreclosure... Trustee refunded fees left over after Chapt 13 in Aug 04...

    tried to work with lenders attys and BK atty to find out what went wrong... to date.. still in the dark...

    filed response to mortion to procede with foreclosure Pro Se and went to court against lenders atty in Sept 04 thru April 04-Cook county changed judges... was to rc'v postcard with next court date.. did not rcv= there was a court date May 9th I was unaware of.. new judge figured since I wasnt there... he would proceed with judgement... now I have a sale date of Aug 11th...

    SSD is just now coming thru- at cash pymnt ctr in Baltimore since May 15, 05 .. first deposit is to be Aug 3rd and still dont know monthly amount cuz intrvw is set for Aug 3rd for dependent... also dont have a clue about the back pay due me yet....

    hoping/praying a wise soul will see this quagmire and be able to help somehow.... God bless you in advance....

    : (4)

    • Posted by ajazzed1 on July 30, 2005 at 16:14:46:

      In Reply to: Sheriffs Sale in 2 Weeks - Illinois Posted by Kay on July 29, 2005 at 19:35:14:

      ....wonder now...should I just file another chapter 13 and let the bankruptcy judge figure out what went wrong... or should I contact a foreclosure "save me" kinda place as suggested? thanks again!

      : (2)

      • Posted by Kay on July 30, 2005 at 16:15:18:

        In Reply to: Re: Sheriffs Sale in 2 Weeks - Illinois Posted by ajazzed1 on July 30, 2005 at 16:14:46:

        : ....wonder now...should I just file another chapter 13 and let the bankruptcy judge figure out what went wrong... or should I contact a foreclosure "save me" kinda place as suggested? thanks again!



        : (1)

        • Posted by Kay on July 30, 2005 at 16:16:51:

          In Reply to: Re: Sheriffs Sale in 2 Weeks - Illinois Posted by Kay on July 30, 2005 at 16:15:18:

          : : ....wonder now...should I just file another chapter 13 and let the bankruptcy judge figure out what went wrong... or should I contact a foreclosure "save me" kinda place as suggested? thanks again!



          : (0)

    • Posted by Paul on July 30, 2005 at 15:02:38:

      In Reply to: Sheriffs Sale in 2 Weeks - Illinois Posted by Kay on July 29, 2005 at 19:35:14:

      : Can anyone please advise? Long story try to summarize best I can....

      : Refied my loan in June 02 - day after refi - hit by drunk driver on way to work.... couldnt walk right... went on short term disability.... rec'd 1 check in 7 weeks time... called lender to advise of situtation and ask for help... was told "loan too new... sell your house"... not an option at that time... was facing a spinal fusion surgery...

      : went back to work cuz couldnt count on Short Term Disability timely payments.. returned to work in pain and worked while awaiting surgery in Feb 03...

      : Dec 02 saw Bankrupcty Atty... was advised to have surgery... continue to fall behind mort pymts till back at work... rerturned to work in April 03 filed Chapt 13...

      : resumed pymnts to lender in May 03 with copy of signed filing notice of Chapt 13...they were supposed to keep May 03 pymt and did not - returned it to me saying I was in foreclosure... contacted BK Atty who told me to replace it with a cashiers check to his office and he would turn it over to lenders atty (found out 14 mths later check never cashed - lender is claiming late fees since that time)...

      : June of 03 sent another mort pymt it was cashed and I assumed everything was now on track... June of 03 rec'd new pymnt coupons from lender indicating approx $200.00 increase in mort pymt... called BK atty... he advised lender could raise amount due to taxes... etc... but I could avoid an increase by paying the escrow shortage in full... I did that with a letter explaining what my intentions were and also rqstd updated coupons to insure I was paying the correct amount... never heard a word... all checks in the original mortgage amount (outlined in the plan) continued to be cashed by the lender....

      : while recovering from the fusion surgery... on my way home from work in Aug 03.. was rearened at 45mph and went numb from my right hip to my foot... few months later was diagnosed with Mulptiple Sclerosis and no longer able to work as of Jan 04)

      : February 04 lender again sought to reinstate the foreclosure saying I was not paying the correct mortgage amnt... the Plan states that the lender must notify Trustee of changes to the monthly mort amnt... Trustee would approve change and notofy debtor.... THIS NEVER HAPPENED...

      : April 04 Rc'd settlement from drunk drive accident by suing my underinsured... turned over all monies to Trustee... Trust was to pay per May 04 order the amnt due Mort lender...

      : Rc'd "Dishcarge of Debt" from Trustee... rc'd new pymnt coupons from lender indicating next pymnt Aug 04... paid Aug 04 only to have it returned stating I was in foreclosure... Trustee refunded fees left over after Chapt 13 in Aug 04...

      : tried to work with lenders attys and BK atty to find out what went wrong... to date.. still in the dark...

      : filed response to mortion to procede with foreclosure Pro Se and went to court against lenders atty in Sept 04 thru April 04-Cook county changed judges... was to rc'v postcard with next court date.. did not rcv= there was a court date May 9th I was unaware of.. new judge figured since I wasnt there... he would proceed with judgement... now I have a sale date of Aug 11th...

      : SSD is just now coming thru- at cash pymnt ctr in Baltimore since May 15, 05 .. first deposit is to be Aug 3rd and still dont know monthly amount cuz intrvw is set for Aug 3rd for dependent... also dont have a clue about the back pay due me yet....

      : hoping/praying a wise soul will see this quagmire and be able to help somehow.... God bless you in advance....

      See I recived help. Good Luck.

      : (0)

  • Posted by Helen on July 28, 2005 at 21:55:32:

    Can I take my appliances such as a dishwasher and refrigerator from my home that is being foreclosed on? I live in Texas.

    : (1)

    • Posted by Steele in Minnesota on July 29, 2005 at 08:42:56:

      In Reply to: foreclosure rights Posted by Helen on July 28, 2005 at 21:55:32:

      : Can I take my appliances such as a dishwasher and refrigerator from my home that is being foreclosed on? I live in Texas.****************************Attached items are typically considered as fixtures and as such are part of the real estate. So a built in dishwasher should be left alone. A free standing refrigerator would usually be considered as personal property.

      Steele V. ProppForeclosure SpecialistSchatz Real Estate GroupMinneapolis, Mn

      : (0)

  • Posted by misty martinez on July 28, 2005 at 20:21:59:

    yes, the loan is scheduled to default on 7/29, how lon does it take to go through forclosure before you are served to be removed off the property

    : (1)

    • Posted by Kawika_CA on July 29, 2005 at 09:55:13:

      In Reply to: forclosure Posted by misty martinez on July 28, 2005 at 20:21:59:

      Which state are you in?

      : (0)

  • Posted by Linda on July 28, 2005 at 18:13:51:

    My sister is in neighborhood where an investment company is supposed to be buying all the houses to build a Home Depot store and more. A lot of people stop making mortgage payments, thinking they were closing in July or August. Now her house is being sold at sheriffs sale on Aug.3!! I am worried..she thinks all is still ok. Will she be evicted? She cannot buy it back. What happens after sheriffs sale? Any help or advice would be greatly appreciated. Thank-you :Linda

    : (2)

    • Posted by Charles on July 28, 2005 at 20:47:29:

      In Reply to: sale, Aug.3,Investor said don't worry Posted by Linda on July 28, 2005 at 18:13:51:

      : My sister is in neighborhood where an investment company is supposed to be buying all the houses to build a Home Depot store and more. A lot of people stop making mortgage payments, thinking they were closing in July or August. Now her house is being sold at sheriffs sale on Aug.3!! I am worried..she thinks all is still ok. Will she be evicted? She cannot buy it back. What happens after sheriffs sale? Any help or advice would be greatly appreciated. Thank-you :Linda

      Why would they stop making payments? I would think even if there property is purchase by the investment company the missed payments would become part of her credit history. What about a signed purchase agreement from the investment company?

      : (1)

      • Posted by Linda on July 28, 2005 at 22:36:10:

        In Reply to: Re: sale, Aug.3,Investor said don't worry Posted by Charles on July 28, 2005 at 20:47:29:

        : : My sister is in neighborhood where an investment company is supposed to be buying all the houses to build a Home Depot store and more. A lot of people stop making mortgage payments, thinking they were closing in July or August. Now her house is being sold at sheriffs sale on Aug.3!! I am worried..she thinks all is still ok. Will she be evicted? She cannot buy it back. What happens after sheriffs sale? Any help or advice would be greatly appreciated. Thank-you :Linda

        : Why would they stop making payments? I would think even if there property is purchase by the investment company the missed payments would become part of her credit history. What about a signed purchase agreement from the investment company?

        She is listening to all the BS from the investor. He tells her not to worry about it but I worry she will end up in the street...or my house.

        : (0)

  • Posted by Linda on July 28, 2005 at 18:13:14:

    My sister is in neighborhood where an investment company is supposed to be buying all the houses to build a Home Depot store and more. A lot of people stop making mortgage payments, thinking they were closing in July or August. Now her house is being sold at sheriffs sale on Aug.3!! I am worried..she thinks all is still ok. Will she be evicted? She cannot buy it back. What happens after sheriffs sale? Any help or advice would be greatly appreciated. Thank-you :Linda

    : (1)

    • Posted by steele in minnesota on July 29, 2005 at 08:45:31:

      In Reply to: sale, Aug.3,Investor said don't worry Posted by Linda on July 28, 2005 at 18:13:14:

      : My sister is in neighborhood where an investment company is supposed to be buying all the houses to build a Home Depot store and more. A lot of people stop making mortgage payments, thinking they were closing in July or August. Now her house is being sold at sheriffs sale on Aug.3!! I am worried..she thinks all is still ok. Will she be evicted? She cannot buy it back. What happens after sheriffs sale? Any help or advice would be greatly appreciated. Thank-you :Linda

      ****************************

      Forgive me if you already said this, but what state are you in?

      Steele

      : (0)

  • Posted by JULIE R MILES on July 28, 2005 at 15:46:41:

    KNOWING I WAS ABLE TO MAKE PAYMENT AND WORK OUT PLAN AND HAD PROBLEMS I SENT MY APPRAISAL TO WORK OUT DEPARTMENT TO GET PLAN , THEY ENDED UP FORECLOSING AND SELLING HOME AND THEN ARE TRYING TO EVICT ME AND I COULD HAVE GOTTEN A LOAN OF 65% OF THE APPRAISEL TO STAY BUT THEY TOLD ME I COULD BUY THE HOME AFTER FORECLOSURE. HOW MANY FORECLOSURES WERE DONE WHERE YOU WANTED THEM TO WORK WITH YOU AND COULDNOT GET THEM TO , I HAD OVER 70000 IN EQUITY IN THE HOME AND I COULD NOT PULL OUT DUE TO CREDIT SCORING AND CREDIT BEREAU AND FEDERAL GUIDLINES WHICH ARE TOO HIGH AT THIS TIME , THE REPORTS DON'T MATCH IT IS AN ACT OF CONGRESS TO GET THEM TO CHANGE A REPORT CORRECTLY AND ON TIME FOR A SCORE TO GO UP THERE IS NO REGULATION ON THIS AND THE INVESTOR IS GETTING EVERYONES EQUITY BECAUSE YOU CAN NOT CONSOLIDATE WITHOUT A SCORE OR A ONE CREDIT , EVEN IF YOU HAVE EQUITY YOU WORKED FOR , HOW MANY FORECLOSURES DOES HOMECOMINGS, WELLS FARGO, OCWEN FEDERAL , NEW CENTURY , SPS SELECT PORTFOLIO SERVICING HAVE. INVESTORS ARE REGAINING OUR EQUITIES WITH THE SCORE AND CREDIT BUREAU GUIDELINES AND BANKS ONLY ALL HAVE ONE COMPUTER PROGRAM THAT ONLY FITS THE NEEDS OF HIGHER SCORES .

    : (1)

    • Posted by NJDave on July 28, 2005 at 17:55:47:

      In Reply to: FORECLOSURES Posted by JULIE R MILES on July 28, 2005 at 15:46:41:

      ALL CAPS notwithstanding, I don't even know where to begin answering this post. Not all states allow foreclosing leinholder to keep surplus sale proceeds.

      Let's start by asking in what state the property is located? Is there a ROR? From the tone of your post, chances are you won't want honest responses to the various segments of your complaint... but simply want to be soothed.

      : (0)

  • Posted by C.Evans on July 28, 2005 at 14:14:01:

    I have property in South Carolina. I received notification on July 5th, stating the home has gone into foreclosure; however, the mortgage company cashed a check, that was sent prior, on July 17th. I was under the impression that payments can not be accepted after the home has gone into foreclosure.

    Also, I have a letter stating "my loan had been modified", I had never modified ANY loan. When I questioned this, I was told the letter was sent out in error. But it has my name, address, account number etc.

    Also, I have letters stating my past due charges were one thing, then a representative told me, those letters were even incorrect.

    So, I asked for a total account history to do my own research.

    My questions are: If one is in foreclosure, is the mortgage company still allowed to accept and cash payment received after the foreclosure date?

    Also, since I have the letter to prove certain amounts and the mortgage company is stating something different--which documentation would be correct? What I received or what they see in the computer?

    Do I have a legal ground, in your opinion, to fight this because of all the inconsistencies given and sent out via mail.

    : (2)

    • Posted by steele in minnesota on July 28, 2005 at 14:40:34:

      In Reply to: Foreclosure Posted by C.Evans on July 28, 2005 at 14:14:01:

      : My questions are: If one is in foreclosure, is the mortgage company still allowed to accept and cash payment received after the foreclosure date?

      : Also, since I have the letter to prove certain amounts and the mortgage company is stating something different--which documentation would be correct? What I received or what they see in the computer?

      : Do I have a legal ground, in your opinion, to fight this because of all the inconsistencies given and sent out via mail.

      **************************

      Of course, only a South Carolina Real Estate attorney versed in foreclosure law can give you a definitive answer on this. I would say the numbers are constantly changing however. Every day you owe them more. On top of that there may be late fees, attorney fees etc. So you can hear different numbers depending on when you get them.

      The fact that they cashed a check doesn't seem block the fact that payments are behind and the foreclosure process started. And remember that the typical loan company is dealing with thousands of loans and has various departments doing different things. Believe me, inconsistancies are fairly common.

      I would check with an attorney as how to proceed but I would doubt you have grounds to stop the foreclosure. That's a non-legal opinion, of course.

      Steele V. ProppForeclosure SpecialistMinneapolis, MN

      : (1)

      • Posted by C.Evans on July 29, 2005 at 20:04:02:

        In Reply to: Re: Foreclosure Posted by steele in minnesota on July 28, 2005 at 14:40:34:

        Thank you so much for the response.

        The mortgage company sent me a letter stating my loan had been modified--WHICH I NEVER MODIFIED. I still have proof of that. I was told by the mortgage company, it was sent out in error. Which I still do not understand because it had all my information and spoke about payments that I never agreed to.

        I had a letter stating one amount (MONTHS BEFORE FORECLOSURE) and now I am being told those letters were sent out in error because that total was not correct. For instance: I have a letter stating I was behind 262, as of March (which is not one full mortgage payment), but, I was told by the mortgage company I was behind 100 dollars.

        I sent payments for April, May, June. They stated the april and may payments were received but stated they never received my june payments. The two checks I sent was never cashed by the mortgage company. I was told, by the mortgage company, no payments were received for the month of June. I then asked if a letter was received inquiring about the June checks because they had not been cashed. I was told the letter was received. I included the letter with the payment for June. No answer could be given for that.

        I sent my regular payment for July because I had not received any paperwork concerning foreclosure. The letter stated for me not to send any payments and gave me a total on what it would take to correct my account. I was told checks could not be accepted, but they cashed a check WEEKS after my home went into foreclosure.

        I am a little aware of foreclosure policies and I know many companies have many inconsistencies. Something seems wrong with this to me.

        Please help

        C



        : : My questions are: If one is in foreclosure, is the mortgage company still allowed to accept and cash payment received after the foreclosure date?

        : : Also, since I have the letter to prove certain amounts and the mortgage company is stating something different--which documentation would be correct? What I received or what they see in the computer?

        : : Do I have a legal ground, in your opinion, to fight this because of all the inconsistencies given and sent out via mail.

        : **************************

        : Of course, only a South Carolina Real Estate attorney versed in foreclosure law can give you a definitive answer on this. I would say the numbers are constantly changing however. Every day you owe them more. On top of that there may be late fees, attorney fees etc. So you can hear different numbers depending on when you get them.

        : The fact that they cashed a check doesn't seem block the fact that payments are behind and the foreclosure process started. And remember that the typical loan company is dealing with thousands of loans and has various departments doing different things. Believe me, inconsistancies are fairly common.

        : I would check with an attorney as how to proceed but I would doubt you have grounds to stop the foreclosure. : That's a non-legal opinion, of course.

        : Steele V. Propp: Foreclosure Specialist: Minneapolis, MN



        : (0)

  • Posted by THOMAS on July 27, 2005 at 19:09:11:

    I LIVE IN MO. I HAVE A HOME THAT I OWE 137.000 ON. I HAVE BEEN OFF WORK SINCE 1-07-05 DUE TO BACK PROBLEMS. MY LENDER SAYS I NEED TO PAY MY PAST DUE AMOUNT,WHICH IS 3,300.00 OR THEY WILL FORECLOSE. IS THERE ANY TYPE OF SHORT TERM LOAN FOR THIS AMOUNT? I HAVE EQUITY IN MY HOME OF 35,000.00

    : (0)

  • Posted by Corinne Kinney on July 27, 2005 at 14:02:49:

    My husband's father passed away recently, just after his housed was foreclosed upon. Someone told us that in KY the owner (or his estate, in this case) is entitled to a certain percentage of the equity in the house after foreclosure. Can anyone support or refute this? Many thanks in advance. ĖCorinne

    : (2)

    • Posted by Jim V on July 27, 2005 at 20:28:32:

      In Reply to: KY - Equity in Foreclosed House to Owner? Posted by Corinne Kinney on July 27, 2005 at 14:02:49:

      Corinne,

      I think Steele covered the "Who gets the Equity?" question pretty well, if the final bid at the public foreclosure auction was higher than the amounts owed the lender, that overage will go either to junior lienholders, or the owner/heirs.

      Kentucky has different individual county procedures, but there should be a Master Commissioner who conducted the foreclosure auction. They should be able to give you access to the opening bid amount(amounts owed to the lender), the final bid amount, and the appraised value of the property at the time of the auction. If the final bid was less than 2/3rds of the appraised value of the home, your husband might have a 1 year right to redeem the property.

      : My husband's father passed away recently, just after his housed was foreclosed upon. Someone told us that in KY the owner (or his estate, in this case) is entitled to a certain percentage of the equity in the house after foreclosure. Can anyone support or refute this? Many thanks in advance. ĖCorinne



      : (0)

    • Posted by Steele in Minnesota on July 27, 2005 at 18:56:38:

      In Reply to: KY - Equity in Foreclosed House to Owner? Posted by Corinne Kinney on July 27, 2005 at 14:02:49:

      : My husband's father passed away recently, just after his housed was foreclosed upon. Someone told us that in KY the owner (or his estate, in this case) is entitled to a certain percentage of the equity in the house after foreclosure. Can anyone support or refute this? Many thanks in advance. ĖCorinne

      ******************************88

      Typically if the property goes to the Sheriff/Trustee auction and sells for more than what is owed the bank (and anyone else in line) the difference will go to the owner.

      If, however, the bank gets the bid and thus the house they will put the house on the market. Whatever they get they keep. At least as I understand it.

      Anyone know differently? I don't believe Kentucky has a redemption period.

      Steele V. ProppForeclosure SpecialistMinneapolis, MN

      : (0)

  • Posted by Ernest Little on July 27, 2005 at 12:37:34:

    I recently sold my property in a short sale. My credit report is showing foreclosure. I had a very rude call with the customer service manager and she said a short sale is a foreclosure and she is not changing anything. Is this correct?

    : (1)

    • Posted by NJDave on July 27, 2005 at 13:40:32:

      In Reply to: Short Sale vs. Foreclosure Posted by Ernest Little on July 27, 2005 at 12:37:34:

      That depends. Selling via preforeclosure sale won't change the fact that foreclosure proceedings were initiated and will remain on record. You might submit a letter to the credit reporting agency that the loan was satisfied, the property was not exposed to Sheriff's Sale or Trustee's Sale. Include a copy of the cancelled mortgage, and request that the credit reporting agency revise the report.

      : (0)

  • Posted by tiffany on July 26, 2005 at 06:49:54:

    I own one house (is paid off) and have a loan on another property. If I let the property go back that I currently have the loan , is it possible that "they" could take the house that I own?

    Thanks for your Advice!

    : (2)

    • Posted by Irwin on July 30, 2005 at 16:14:15:

      In Reply to: 2 properties Posted by tiffany on July 26, 2005 at 06:49:54:

      If letting one house "go back" ends up creating a personal debt, i.e. deficiency judgment against you, then your other home is subject to being taken to satisfy it. Only a local attorney can to advise you on that.

      : I own one house (is paid off) and have a loan on another property. If I let the property go back that I currently have the loan , is it possible that "they" could take the house that I own?

      : Thanks for your Advice!



      : (0)

    • Posted by Steele in Minnesota on July 26, 2005 at 10:30:42:

      In Reply to: 2 properties Posted by tiffany on July 26, 2005 at 06:49:54:

      : I own one house (is paid off) and have a loan on another property. If I let the property go back that I currently have the loan , is it possible that "they" could take the house that I own?*****************************

      Not quite that way. However, if a house was foreclosed upon, then sold by the lender at a loss it is possible for that lender (in most states) to go after you for the difference. If your only asset is the other house...

      Steele V. ProppForeclosure SpecialistMinneapolis, Mnsteelep@aol.com



      : (0)

  • Posted by Steele in Minnesota on July 25, 2005 at 15:03:49:

    Saw an interest article on real estate foreclosure problems. Had this link to a very good report by the National Consumer Law Center.

    www.consumerlaw.org/news/ForeclosureReportFinal.pdf

    It's fairly long but well worth printing out a copy.

    Steele V. ProppForeclosure SpecialistMinneapolis, MNsteelep@aol.com

    : (2)

    • Posted by Jim V on July 28, 2005 at 00:58:22:

      In Reply to: New report out on foreclosure Posted by Steele in Minnesota on July 25, 2005 at 15:03:49:

      That's a pretty long report.

      What I find interesting is that some of the practices the authors condemn, are quite often used by legitimate investors providing a "possible solution" to a foreclosure situation. Although I don't necessarily like to see investors being all portrayed as vultures, I'll admit that I've seen my share of those who are obviously harming the homeowner in distress.

      Your post kind of struck a chord with me because I got a call on my cell phone today from someone in Georgia looking to resolve/get information on the foreclosure process. I got some basic information from the husband, called him back about an hour later, then had to repeat the information several hours later to the wife. My costs for doing this were fairly nominal, other than my time, my profit expectations from the time I spent are zero.

      I suppose what I'm slowly getting around to, is that there are people who are willing to help others, and there's not always a fee attached.

      Thanks for your posts, Steele, and thanks for the link.

      Jim V

      : Saw an interest article on real estate foreclosure problems. Had this link to a very good report by the National Consumer Law Center.

      : www.consumerlaw.org/news/ForeclosureReportFinal.pdf

      : It's fairly long but well worth printing out a copy.

      : Steele V. Propp: Foreclosure Specialist: Minneapolis, MN: steelep@aol.com



      : (1)

      • Posted by steele in minnesota on July 28, 2005 at 12:12:18:

        In Reply to: Re: You weren't kidding... Posted by Jim V on July 28, 2005 at 00:58:22:

        : : That's a pretty long report.

        : What I find interesting is that some of the practices the authors condemn, are quite often used by legitimate investors providing a "possible solution" to a foreclosure situation. Although I don't necessarily like to see investors being all portrayed as vultures, I'll admit that I've seen my share of those who are obviously harming the homeowner in distress.

        : : www.consumerlaw.org/news/ForeclosureReportFinal.pdf

        : : It's fairly long but well worth printing out a copy.

        *******************************

        For me it was especially sad to see my state of Minnesota as one of those specifically cited. Our Attorney General estimated that 1 out of 4 foreclosure purchases involved some kind of scam.

        As a result a number of statutes went into effect a year ago August to protect consumers in foreclosure from unscrupulous buyers.

        The sad part, as you imply, is that the legitimate investor is branded along with the con artist. It is kind of like using a shotgun to hit one person standing in a group.

        A point of interest in the report. It stated that along with increases in these buyer abuses there has been a direct rise in investor type real estate gurus peddling worthless or near worthless product to people that buy these courses in order to "get rich quick".

        Just another kind of scam.

        As this is a forum that really caters to people in foreclosure I would recommend printing out a copy of this report. You can see some of the basic scams out there and perhaps can avoid them. Just remember that there are many legitimate investor buyers out there. Always double check the offered situation with a professional.

        Steele V. ProppForeclosure SpecialistMinneapolis, MNsteelep@aol.com

        : (0)

  • Posted by Lois on July 24, 2005 at 14:13:07:

    I know what you are talking about the Place is a disaster, They find all kids of fees to add to your loan and it is terrible, they need stopped and now

    : (0)

  • Posted by kathy on July 23, 2005 at 19:22:44:

    What would be the alternatives that would be available to redeem the property at this time?

    : (1)

    • Posted by Steele in Minnesota on July 25, 2005 at 08:44:54:

      In Reply to: re refinancing or repurchasing during redemption period Posted by kathy on July 23, 2005 at 19:22:44:

      : What would be the alternatives that would be available to redeem the property at this time?

      **********************************

      During the redemption period if the former borrower can come up with the money to buy back the Sheriff Sale certificate (or whatever it is called in your area)it really doesn't matter where the money comes from. Well, illegal money is frowned on :>)

      But understand that the certicate is not just the auction amount. It is typically that "plus interest and other costs". In essense most of the lenders holding these certicates will continue to add a daily charge equal to what the orignal payment daily fee would have been. So the longer the clock ticks the bigger the redemption cost.

      Getting the money to purchase the certicate can be difficult. What regular lender is going to lend money to someone in such circumstances. Few. So you will have to go to high risk/high cost lenders. And there are many scams you need to be watching for these days. Mixed in with legitimate investors and lenders are a whole new crew of con artists.

      Double check everything.

      Steele V. ProppForeclosure SpecialistMinneapolis, MNsteelep@aol.com

      : (0)

  • Posted by kathy on July 23, 2005 at 05:12:33:

    I need information on how to find someone to either refinance or purchase a home and or rent/lease back to me that was foreclosed on and is in the 6 month redemption period in Michigan. My home was forclosed on in March and i am now in a better financial position and would like to stay in the home if possible and need to find someone who buys the property and rent/lease it back to me so that i dont have to move out of the house. Can anyone help?

    : (5)

    • Posted by Bill H on July 24, 2005 at 19:45:35:

      In Reply to: refinancing or repurchasing during redemption period Posted by kathy on July 23, 2005 at 05:12:33:

      : I need information on how to find someone to either refinance or purchase a home and or rent/lease back to me that was foreclosed on and is in the 6 month redemption period in Michigan. My home was forclosed on in March and i am now in a better financial position and would like to stay in the home if possible and need to find someone who buys the property and rent/lease it back to me so that i dont have to move out of the house. Can anyone help?

      Kathy:

      Here is a nutshell portion of a case that is going to affect your situation.....The London v. Gregory Decision In an unpublished decision, the Michigan Court of Appeals has upheld a trial court decision declaring that a deed given by an owner in foreclosure would be treated as an equitable mortgage, where the facts indicated the parties had unequal bargaining power and there was inadequate consideration for a conveyance. The case is London v. Gregory, No. 216473 (Mich. App. Ct. Feb. 23, 2001)...go to your local law library and read the entire case.

      In everyday language what this means is that anyone who buys(redeems) the property out of foreclosure and sells or leases it back can be in violation and subject to this case and its ramifications.

      You are probably best off if you can find a hard money lender or convince your present lender that you nbow have the capability to pay.....and refinance or reinstate the mortgage and start over.

      Good Luck, Bill H



      : (1)

      • Posted by Steele in Minnesota on July 25, 2005 at 08:56:04:

        In Reply to: refinancing or repurchasing during redemption period Posted by Bill H on July 24, 2005 at 19:45:35:

        : : I need information on how to find someone to either refinance or purchase a home and or rent/lease back to me that was foreclosed on and is in the 6 month redemption period in Michigan.

        ************************************: You are probably best off if you can find a hard money lender or convince your present lender that you nbow have the capability to pay.....and refinance or reinstate the mortgage and start over.

        **************************

        Excellent citation. Of course, once the auction has occured and one is in redemption there is no mortgage to reinstate. The old mortgage is gone, at least according to our legal people. New financing or money from whatever source would be needed. In working for a number of banks I am regularly watching properties in redemption. In my experience about 1 in 5 find a source of money to redeem. And some of these may just be selling their rights to investors.

        Steele V. ProppForeclosure SpecialistMinneapolis, MNsteelep@aol.com



        : (0)

    • Posted by Nick(Colorado) on July 23, 2005 at 18:17:34:

      In Reply to: refinancing or repurchasing during redemption period Posted by kathy on July 23, 2005 at 05:12:33:

      Kathy:

      If you can now afford the property there should not be any problem finding 80% financing at this point in time. If the numbers are there, this is the preferred path. There are some legal problems with the lease option buy-back that you would not aware of. So the people that you will find to do the lease option are not going to be the greatest.

      : (2)

      • Posted by kathy on July 23, 2005 at 19:25:26:

        In Reply to: Re: refinancing or repurchasing during redemption period Posted by Nick(Colorado) on July 23, 2005 at 18:17:34:

        : Kathy:

        : If you can now afford the property there should not : be any problem finding 80% financing at this point : in time. If the numbers are there, this is the preferred : path. There are some legal problems with the lease : option buy-back that you would not aware of. So the : people that you will find to do the lease option are : not going to be the greatest.

        What would be the alternatives that would be available to him in order to keep him in his home?

        : (0)

      • Posted by kathy on July 23, 2005 at 19:25:19:

        In Reply to: Re: refinancing or repurchasing during redemption period Posted by Nick(Colorado) on July 23, 2005 at 18:17:34:

        : Kathy:

        : If you can now afford the property there should not : be any problem finding 80% financing at this point : in time. If the numbers are there, this is the preferred : path. There are some legal problems with the lease : option buy-back that you would not aware of. So the : people that you will find to do the lease option are : not going to be the greatest.

        What would be the alternatives that would be available to him in order to keep him in his home?

        : (0)

  • Posted by nanette on July 22, 2005 at 11:23:36:

    I live in indiana, I received my home in a divorce so it's in my name only. Remarried now and he has his own home that we are renting out. The problem is that we can't afford my home now due to both of us being layed off from our jobs. My question is can they go after his home to help pay for mine? he also has his own business equipment,can they take that? I thought that I also read somewhere that I could sign a waiver to go ahead with sale sooner than the 60 or 90 days. And that with signing this waiver they can not come back on me for the difference after the sale, is this true? and will this affect my husbands credit? I also still owe sping taxes on this property, will that go with the foreclosure or will I still owe them?thak you for any help you can give me,nanette

    : (4)

    • Posted by nanette on July 22, 2005 at 11:26:41:

      In Reply to: indiana foreclosure?'s Posted by nanette on July 22, 2005 at 11:23:36:

      : I live in indiana, I received my home in a divorce so it's in my name only. Remarried now and he has his own home that we are renting out. The problem is that we can't afford my home now due to both of us being layed off from our jobs. My question is can they go after his home to help pay for mine? he also has his own business equipment,can they take that? I thought that I also read somewhere that I could sign a waiver to go ahead with sale sooner than the 60 or 90 days. And that with signing this waiver they can not come back on me for the difference after the sale, is this true? and will this affect my husbands credit? I also still owe sping taxes on this property, will that go with the foreclosure or will I still owe them?: thak you for any help you can give me,: nanette

      ALSO: do I need to move out before the sale or after? and how long after the sale do you usually have?

      : (3)

      • Posted by Irwin on July 30, 2005 at 08:26:01:

        In Reply to: Re: indiana foreclosure?'s Posted by nanette on July 22, 2005 at 11:26:41:

        If your present husband has never signed on the note or mortgage to your home (and I can't understand why he would have) then there's no way that your mortgage company can go after him. There is a 90 day redemption period from the time the f/c suit is filed during which the sheriff sale cannot be requested, even though a default judgment can be entered after 23 days. If BOTH parties agree (in writing, which is contained in the actual judgment) that period can be waived to permit a quicker sheriff's sale. In that case there can be no deficiency judgment. In general, in Indiana, if personal or copy service of summons is obtained, the creditor can obtain a personal judgment. Then, if the bid at the sheriff's sale is less than the full judgment amount, the deficiency automatically becomes a judgment against the borrower and can be collected by garnishment etc... This is quite common in Indiana. Also, you have very little time to move out after the sheriff's sale. It will vary from a few days to perhaps a week to ten days, depending on how quickly the attorney for the mortgage company choses to push it. You don't owe the real estate taxes personally. They'll be paid by the mortgage company though and added to the deficiency, if any. P.S. If your mortgage is FHA or HUD insured, there will probably be no deficiency. HUD's practice is to bid the full debt amount. : : I live in indiana, I received my home in a divorce so it's in my name only. Remarried now and he has his own home that we are renting out. The problem is that we can't afford my home now due to both of us being layed off from our jobs. My question is can they go after his home to help pay for mine? he also has his own business equipment,can they take that? I thought that I also read somewhere that I could sign a waiver to go ahead with sale sooner than the 60 or 90 days. And that with signing this waiver they can not come back on me for the difference after the sale, is this true? and will this affect my husbands credit? I also still owe sping taxes on this property, will that go with the foreclosure or will I still owe them?: : thak you for any help you can give me,: : nanette

        : ALSO: do I need to move out before the sale or after? and how long after the sale do you usually have?



        : (0)

      • Posted by Steele in Minnesota on July 22, 2005 at 15:10:47:

        In Reply to: Re: indiana foreclosure?'s Posted by nanette on July 22, 2005 at 11:26:41:

        : : I live in indiana, I received my home in a divorce so it's in my name only. Remarried now and he has his own home that we are renting out. The problem is that we can't afford my home now due to both of us being layed off from our jobs. My question is can they go after his home to help pay for mine? he also has his own business equipment,can they take that? I thought that I also read somewhere that I could sign a waiver to go ahead with sale sooner than the 60 or 90 days. And that with signing this waiver they can not come back on me for the difference after the sale, is this true? and will this affect my husbands credit? I also still owe sping taxes on this property, will that go with the foreclosure or will I still owe them?: : thak you for any help you can give me,: : nanette

        : ALSO: do I need to move out before the sale or after? and how long after the sale do you usually have?

        *********************

        Not an attorney but if the house and mortgage on the first house is just in your name I am not sure how they can go after your husband's house directly. If they foreclose on the property Indiana does have a deficiency judgement possibility but as I understand it, it is rarely used.

        The redemption period in Indiana is 3 months according to the charts I have. You could live in the house right up until the end.

        Sounds like you are talking about voluntary foreclosure (your waiver comment). I know in Minnesota if the parties agree to this if there isn't enough money the bank can't go after you and if there is extra you won't get it.

        Hope this helps a little.

        Steele V. ProppForeclosure SpecialistMinneapolis, MN

        : (1)

        • Posted by Paula on July 24, 2005 at 23:51:15:

          In Reply to: Re: indiana foreclosure?'s Posted by Steele in Minnesota on July 22, 2005 at 15:10:47:

          Nanette: I live in IN too and am looking to buy homes pre-foreclosure. Please email me if you would be interested in working out a deal in lieu of foreclosure. If I don't hear from you, good luck! I hope everything works out well for you.



          : (0)

  • Posted by Laura on July 21, 2005 at 23:36:03:

    I have a 1st and 2nd mortgage on home. Both are behind 3 mths. 2nd mortgage is home equity with 23.9 interest - of course the amount owed is more than the value of home. We need to move because we can no longer afford to live here. Which is worse, chapter 13 or foreclosure. Did I mention that we filed Chapter 7 three years ago??? (Husband on smaller income due to work injury) Lawyers says if we foreclose or short sale, the 2nd holder can come after us for the balance. How likely is this?

    : (1)

    • Posted by Kathy on July 24, 2005 at 16:29:44:

      In Reply to: Help! chapter 13 or foreclosure - MO Posted by Laura on July 21, 2005 at 23:36:03:

      Well, here it goes. Chapter 7 3 years ago. Can't do that for another few years. Chap 13 yes you can do it. However, will it just delay the outcome? Another tarnishment on your credit history and still no way to pay? It's unfortunate some of the things that occur in life. However, another chapter 13 may not help delay the inevitable. Another, thing did you buy this home before or after the chp 7 bankruptcy? You don't state that here but if you purchased before banko did you reinstate your loan or just make payments? They may have nothing to hold over your head if you just paid payments after the bankruptcy. Or if you bought it after bankruptcy MO laws state that there can be no deficiency judgement against you should the home foreclose. Depending on the lender it may be in their best interest to do a short sale if you get an interested investor to help you. It may even put a couple of bucks back in your pocket if you get the banks to play with discounting what they usually don't want back anyway. Here's the MO state foreclosure laws I mentioned. Since you have access to this posting you have access to them as well. But here they areQuick Facts - Judicial Foreclosure Available: Yes- Non-Judicial Foreclosure Available: Yes- Primary Security Instruments: Deed of Trust, Mortgage- Timeline: Typically 60 days- Right of Redemption: Yes- Deficiency Judgments Allowed: No

      Hope this helps. Good Luck and God Bless,

      Kathy

      : (0)

  • Posted by Sam on July 21, 2005 at 23:32:55:

    I am going through a foreclosure in Colorado. As I Read The postings on this site I am relieved to know that so many people are going through similar situations like me. Howeven I am not happy we are all going through this all together. My issue is a basic 1st and 2nd the 1st forclosing and auction sale set for aug 15. the 1st is selling the home for the amount owed. I noticed that the 2nd was not added in the sum amount. This will leave me with a negative balance of 30,000.00. Counrtywide has been hard ball. Some tell me that the second mortgage (wilshire) WILL sue me for the 30k some tell me that it will be worked out between both mortgages. I am already 3 yrs bankrupt and my truck got repossesed. I just about lost my family. And now to top it all I developed an ulcer. to boot i am in law enforcement. My friends tell me to just walk away. But going through this is hard enough. I am nearley on edge and cant take this no more. out of this whole post I just hope that someone can hear my cry and just aknowlege with prayer. that all I ask. thanks all for hearing me vent.

    : (4)

    • Posted by Sam on August 27, 2005 at 18:38:38:

      In Reply to: what more can I lose? Posted by Sam on July 21, 2005 at 23:32:55:

      Well Its the 27th of august and the sheriffs sale has come and gone. We tried to work everything possible out that we could and got nowhere. I dont know if the house has been sold or not at the auction. But I decided not to wait around, I went ahead and made arrangment s to rent another place and we are moving at teh end of this month. I have to think about my family. My question is this. who will contact me? when? and should I just vacate the home?

      : (0)

    • Posted by Steele in Minnesota on July 22, 2005 at 07:00:18:

      In Reply to: what more can I lose? Posted by Sam on July 21, 2005 at 23:32:55:

      : I am going through a foreclosure in Colorado. As I Read The postings on this site I am relieved to know that so many people are going through similar situations like me. Howeven I am not happy we are all going through this all together. My issue is a basic 1st and 2nd the 1st forclosing and auction sale set for aug 15. the 1st is selling the home for the amount owed. I noticed that the 2nd was not added in the sum amount. This will leave me with a negative balance of 30,000.00. Counrtywide has been hard ball. Some tell me that the second mortgage (wilshire) WILL sue me for the 30k some tell me that it will be worked out between both mortgages. I am already 3 yrs bankrupt and my truck got repossesed. I just about lost my family. And now to top it all I developed an ulcer. to boot i am in law enforcement. My friends tell me to just walk away. But going through this is hard enough. I am nearley on edge and cant take this no more. out of this whole post I just hope that someone can hear my cry and just aknowlege with prayer. that all I ask. thanks all for hearing me vent.

      ************************In the typical situation if the 1st mortgage is doing the foreclosing the 2nd mortgage has a choice. They can buy the property at the auction for a total of the 1st AND 2nd, or they are gone forever. When a 1st mortgage forecloses and gets the house, all secondary financing is wiped out. (If the 2nd had foreclosed and got the house the 1st mortgage would still be there, but that's a different situation.)

      As I understand it, in Colorado you have a 75 day redemption period as well during which you could buy back the house. You may also continue to live there during that timeframe.

      Colorado does allow a deficiency judgement, where if the house can't be sold to cover the debt the lender could still come after the debter for the difference. But this is fairly rare, as I understand it.

      As always consult a local real estate attorney versed in foreclosure law in your area.

      Steele V. ProppForeclosure SpecialistMinneapolis, MN

      : (2)

      • Posted by colorado resident on July 27, 2005 at 18:13:46:

        In Reply to: Re: what more can I lose? Posted by Steele in Minnesota on July 22, 2005 at 07:00:18:

        : : I am going through a foreclosure in Colorado. As I Read The postings on this site I am relieved to know that so many people are going through similar situations like me. Howeven I am not happy we are all going through this all together. My issue is a basic 1st and 2nd the 1st forclosing and auction sale set for aug 15. the 1st is selling the home for the amount owed. I noticed that the 2nd was not added in the sum amount. This will leave me with a negative balance of 30,000.00. Counrtywide has been hard ball. Some tell me that the second mortgage (wilshire) WILL sue me for the 30k some tell me that it will be worked out between both mortgages. I am already 3 yrs bankrupt and my truck got repossesed. I just about lost my family. And now to top it all I developed an ulcer. to boot i am in law enforcement. My friends tell me to just walk away. But going through this is hard enough. I am nearley on edge and cant take this no more. out of this whole post I just hope that someone can hear my cry and just aknowlege with prayer. that all I ask. thanks all for hearing me vent.

        : ************************: In the typical situation if the 1st mortgage is doing the foreclosing the 2nd mortgage has a choice. They can buy the property at the auction for a total of the 1st AND 2nd, or they are gone forever. When a 1st mortgage forecloses and gets the house, all secondary financing is wiped out. (If the 2nd had foreclosed and got the house the 1st mortgage would still be there, but that's a different situation.)

        : As I understand it, in Colorado you have a 75 day redemption period as well during which you could buy back the house. You may also continue to live there during that timeframe.

        : Colorado does allow a deficiency judgement, where if the house can't be sold to cover the debt the lender could still come after the debter for the difference. But this is fairly rare, as I understand it.

        : As always consult a local real estate attorney versed in foreclosure law in your area.

        : Steele V. Propp: Foreclosure Specialist: Minneapolis, MN

        I'm sorry to see so many people having to go through this. We too got the foreclosure letter, etc. In fact, our house was scheduled to go to sherriff's sale this morning, but was cancelled. As soon as we got the foreclosure notice, I contacted the Colorado regional HUD office and they referred us to the Consumer Credit Counseling Service in Colorado Springs (they do foreclosure and predatory lending counseling for a nominal fee, I believe about $20), and they contacted our lender to work out a loan modification program. For us, we had to come up with about 1/2 of what we owed, then the remaining balance was tacked onto the end of our loan. It made our payments go up about $8/mo but the alternative was losing our home and the equity we have in it. Have you tried contacting HUD or CCCS to see if this is an option for you? I don't know much about Countrywide, but I wanted a third party involved to act as a 'watchdog', and keep and document every piece of correspondence!! I really hope and pray that everything will turn out OK for you!!!

        : (0)

      • Posted by angel on July 22, 2005 at 08:39:33:

        In Reply to: Re: what more can I lose? Posted by Steele in Minnesota on July 22, 2005 at 07:00:18:

        I am praying for you & remember God is with you.

        : (0)

  • Posted by greg on July 21, 2005 at 18:26:32:

    My parents sold there house as an owner finace and have a deed of trust. The people who bought it filed bankruptcy and quit paying. The bankruptcy is final and the house was released from the trust. Do they have to file forclosure papers or what?? This is in Texas.

    : (1)

    • Posted by Kathy on July 24, 2005 at 16:05:42:

      In Reply to: foreclosure help Posted by greg on July 21, 2005 at 18:26:32:

      Usually yes. I don't see how it would be out of the other people's name if they don't. Just because they filed banko and quit paying doesn't mean your parents shouldn't be able to take possession. Have them contact their attorney to start the foreclosure process or get the best advice since there was a bankruptcy you can't collect. Unless you can get them to do a deed in lieu.Otherwise here's some of texas foreclosure lawsTexas Foreclosure Law Summary



      --------------------------------------------------------------------------------Quick Facts - Judicial Foreclosure Available: Yes- Non-Judicial Foreclosure Available: Yes- Primary Security Instruments: Deed of Trust, Mortgage- Timeline: Typically 60 days- Right of Redemption: No- Deficiency Judgments Allowed: Yes In Texas, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

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

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

      Power of Sale Foreclosure Guidelines If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows: Prior to proceeding with a foreclosure, Texas laws state that the lender must mail the borrower a letter of demand, informing the buyer he has twenty (20) days to pay the delinquent payments or foreclosure proceedings will begin. At some point after the borrowers twenty (20) days have expired, but at least twenty one (21) days before the foreclosure sale, a foreclosure notice must be: 1) filed with the county clerk; 2) mailed to the borrower at their last known address; and 3) posted on the county courthouse door. The foreclosure sale must take place on the first Tuesday of any month, even if said Tuesday falls on a legal holiday, but only after the proper preliminary notices have been given. The sale is on the courthouse steps by auction to the highest bidder for cash. Anyone may bid, including the lender, who bids by canceling out the balance due on the note, or some part of it. Lenders may obtain deficiency judgments, but they are limited to the difference between the fair market value of the property at the time of sale and the balance of the loan in default.



      : (0)

  • Posted by Crystal Moore on July 21, 2005 at 14:35:20:

    Does anyone know the laws about what can be reported on your credit report if you save your home from foreclosure. We recieved a notice and then worked with the bank to sell the home. The property was paid for in full but the bank is reporting to the credit bureaus as forclosed, since "it was in foreclosure" before it was sold. This was not a short sale, it was paid in FULL. Can they do this?

    : (1)

    • Posted by Kathy on July 24, 2005 at 16:12:12:

      In Reply to: Credit Report after we saved it from Foreclosing Posted by Crystal Moore on July 21, 2005 at 14:35:20:

      They ought to be able to change it. They have forms they use to report your credit. It won't take away the late payments showing but they ought to be able to explain it as paid in full. No deficiency was due. May be necessary to work with a real estate attorney or a good credit person or contact them your self. You can dispute it. That away it shows you tried to rectify it before it foreclosed. they can't report the amount as due still . They should have a special dept that handles this with your lender. Or contact all 3 credit bureau reporting agencies for dispute forms.

      : (0)

  • Posted by Michael Guzman on July 20, 2005 at 04:08:45:

    If you purchase a forclosure home and it has a 2nd mortgage are you responsible for that too?

    : (5)

    • Posted by Steele in Minnesota on July 20, 2005 at 08:13:25:

      In Reply to: Mortgages after original loan Posted by Michael Guzman on July 20, 2005 at 04:08:45:

      : If you purchase a forclosure home and it has a 2nd mortgage are you responsible for that too?

      ---------------------------------------If the first mortgage foreclosed on the house and that is completed any secondary loans are wiped clear. So it depends what you mean by a "foreclosure house".

      Tell us more about how you purchased it and from whom.

      SteeleForeclosure SpecialistMinneapolis, MNsteelep@aol.com

      : (4)

      • Posted by Michael Guzman on July 20, 2005 at 08:55:57:

        In Reply to: Re: Mortgages after original loan Posted by Steele in Minnesota on July 20, 2005 at 08:13:25:

        : : If you purchase a forclosure home and it has a 2nd mortgage are you responsible for that too?

        : ---------------------------------------: If the first mortgage foreclosed on the house and that is completed any secondary loans are wiped clear. So it depends what you mean by a "foreclosure house".

        : Tell us more about how you purchased it and from whom.

        : Steele: Foreclosure Specialist: Minneapolis, MN: steelep@aol.com

        I haven't purchased a forclosed home, I'd like to in the future. Right now I'm just doing my homework and learning how to do this the right way.

        : (2)

        • Posted by Steele in Minnesota on July 20, 2005 at 09:15:35:

          In Reply to: Re: Mortgages after original loan Posted by Michael Guzman on July 20, 2005 at 08:55:57:

          : : : If you purchase a forclosure home and it has a 2nd mortgage are you responsible for that too?

          : : ---------------------------------------: : If the first mortgage foreclosed on the house and that is completed any secondary loans are wiped clear. So it depends what you mean by a "foreclosure house".

          : : Tell us more about how you purchased it and from whom.

          : : Steele: : Foreclosure Specialist: : Minneapolis, MN: : steelep@aol.com

          : I haven't purchased a forclosed home, I'd like to in the future. Right now I'm just doing my homework and learning how to do this the right way.

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

          Good. The first thing missing from most of these posts are clarifications. Like where you are purchasing (state) and more specifics of the particular situation.

          In this case the term "foreclosure house" is a very broad one. It could cover any situation from preforeclosure to REO/bank ownership.

          Typically if a sheriff sale/auction has occured and the first mortgage has bought the rights to the house any secondary loans will be wiped out should the bank take possession. But sometimes these secondary loans may have some redemption rights as well. It is very important to know exactly what loans are against a property, who is foreclosing and where in the process you are.

          Should you buy a true REO property, title is clear and what you see is what you get. That is the main advantage of buying from a bank/lender. No surprises (at least from this end).

          Steele

          : (1)

          • Posted by Michael Guzman on July 20, 2005 at 09:38:24:

            In Reply to: Re: Mortgages after original loan Posted by Steele in Minnesota on July 20, 2005 at 09:15:35:

            : : : : If you purchase a forclosure home and it has a 2nd mortgage are you responsible for that too?

            : : : ---------------------------------------: : : If the first mortgage foreclosed on the house and that is completed any secondary loans are wiped clear. So it depends what you mean by a "foreclosure house".

            : : : Tell us more about how you purchased it and from whom.

            : : : Steele: : : Foreclosure Specialist: : : Minneapolis, MN: : : steelep@aol.com

            : : I haven't purchased a forclosed home, I'd like to in the future. Right now I'm just doing my homework and learning how to do this the right way.

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

            : Good. The first thing missing from most of these posts are clarifications. Like where you are purchasing (state) and more specifics of the particular situation.

            : In this case the term "foreclosure house" is a very broad one. It could cover any situation from preforeclosure to REO/bank ownership.

            : Typically if a sheriff sale/auction has occured and the first mortgage has bought the rights to the house any secondary loans will be wiped out should the bank take possession. But sometimes these secondary loans may have some redemption rights as well. It is very important to know exactly what loans are against a property, who is foreclosing and where in the process you are.

            : Should you buy a true REO property, title is clear and what you see is what you get. That is the main advantage of buying from a bank/lender. No surprises (at least from this end).

            : Steele

            Thanks for the great info....what would you recommend for a beginner like myself. I'm doing alot of reading and researching and I want to make sure I have my s#$@ together before I seriously start looking.

            : (0)

      • Posted by Michael Guzman on July 20, 2005 at 08:48:53:

        In Reply to: Re: Mortgages after original loan Posted by Steele in Minnesota on July 20, 2005 at 08:13:25:

        : : If you purchase a forclosure home and it has a 2nd mortgage are you responsible for that too?

        : ---------------------------------------: If the first mortgage foreclosed on the house and that is completed any secondary loans are wiped clear. So it depends what you mean by a "foreclosure house".

        : Tell us more about how you purchased it and from whom.

        : Steele: Foreclosure Specialist: Minneapolis, MN: steelep@aol.com



        : (0)

  • Posted by char on July 19, 2005 at 19:16:33:

    wyoming is where i live, my home was up for sherrif sale on 4/1/05 and now there is a notice on door about the mortgage company and having find it vacant they change the locks on the door. so does this mean that the mortgage company bought at the sherrif sale? i have not got any more letters from the lawyer. the yard has been clean up so what happens next? there is no way we can buy it back we do not have the funds.

    : (3)

    • Posted by Steele in Minnesota on July 20, 2005 at 08:09:26:

      In Reply to: forecloures-wyoming Posted by char on July 19, 2005 at 19:16:33:

      : wyoming is where i live, my home was up for sherrif sale on 4/1/05 and now there is a notice on door about the mortgage company and having find it vacant they change the locks on the door. so does this mean that the mortgage company bought at the sherrif sale? i have not got any more letters from the lawyer. the yard has been clean up so what happens next? there is no way we can buy it back we do not have the funds.--------------------------

      As (I believe) Wyoming has a 3 month redemption period during which the former borrower can buy back the property, I would say that the bank now owns the house. Probably as of July 1. It is normal operating procedure to change locks on vacant/abandoned houses to protect the banks interest. At this point it probably wouldn't matter as locks are changed soon after the redemption period is offically over anyway.

      Frankly, the only way you could buy the house back at this point is to wait for it to offically go up for sale and buy it on the open market. If you do not have funds, then even this is doubtful.

      Steele V. ProppForeclosure SpecialistMinneapolis, Mn

      Sorry.

      : (2)

      • Posted by char on July 20, 2005 at 18:34:02:

        In Reply to: Re: forecloures-wyoming Posted by Steele in Minnesota on July 20, 2005 at 08:09:26:

        : : wyoming is where i live, my home was up for sherrif sale on 4/1/05 and now there is a notice on door about the mortgage company and having find it vacant they change the locks on the door. so does this mean that the mortgage company bought at the sherrif sale? i have not got any more letters from the lawyer. the yard has been clean up so what happens next? there is no way we can buy it back we do not have the funds.: --------------------------

        : As (I believe) Wyoming has a 3 month redemption period during which the former borrower can buy back the property, I would say that the bank now owns the house. Probably as of July 1. It is normal operating procedure to change locks on vacant/abandoned houses to protect the banks interest. At this point it probably wouldn't matter as locks are changed soon after the redemption period is offically over anyway.

        : Frankly, the only way you could buy the house back at this point is to wait for it to offically go up for sale and buy it on the open market. If you do not have funds, then even this is doubtful.

        : Steele V. Propp: Foreclosure Specialist: Minneapolis, Mn

        : Sorry.

        so the mortgage company will sell the house? then what happens? if they do not get what is owed on the loan? will we have topaythe balance? or what if they sell it for more then what is owed who gets that money?

        : (1)

        • Posted by Steele in Minnesota on July 20, 2005 at 18:50:31:

          In Reply to: Re: forecloures-wyoming Posted by char on July 20, 2005 at 18:34:02:

          : : As (I believe) Wyoming has a 3 month redemption period during which the former borrower can buy back the property, I would say that the bank now owns the house. Probably as of July 1. It is normal operating procedure to change locks on vacant/abandoned houses to protect the banks interest. At this point it probably wouldn't matter as locks are changed soon after the redemption period is offically over anyway.

          : : Frankly, the only way you could buy the house back at this point is to wait for it to offically go up for sale and buy it on the open market. If you do not have funds, then even this is doubtful.

          : : Steele V. Propp: : Foreclosure Specialist: : Minneapolis, Mn

          : : Sorry. ***********: so the mortgage company will sell the house? then what happens? if they do not get what is owed on the loan? will we have topaythe balance? or what if they sell it for more then what is owed who gets that money?

          ************Normally the bank will put the property up for sale with a local real estate agent who works with such bank owned properties. They will have the house appraised, perhaps do some clean up and repairs. So it may be a couple of weeks before it is actually up for sale.

          Could they go after you for a loss? Yes, it is legal in Wyoming. Will they do it? Probably not.

          If they get an overage at this point...they get to keep it. Only if the bid at auction had been over and above with something left over after all the various creditors had been paid would the homeowner get anything.

          And they usually don't make any money on foreclosed houses. More they try to limit their losses.

          Steele in MinnesotaForeclosure Specialist

          : (0)

  • Posted by JLG on July 19, 2005 at 15:23:55:

    I left OH and have a former residence unable to sell, rented it for a while, on the market for some time with no offers. The lender will give me a deed in lieu but wants to charge me to cover their loss -- I'm thinking its not worth it and just go with foreclosure. Is the credit impact enough to make it worthwhile to pay a fee for deed in lieu? (I would have to pay it out monthly over several years) Also, if house forecloses and sells for less than mortgage, how likely is it that lender will sue for difference?

    : (2)

    • Posted by Kathy on July 24, 2005 at 16:41:47:

      In Reply to: foreclosure vs deed in lieu (with fee) in OH Posted by JLG on July 19, 2005 at 15:23:55:

      Jlg, Ohio foreclosure laws state that yes you can be sued for a deficiency judgement. Have you talked to any investors or section 8 to make it a rental? You want to avoid the foreclosure. I think even the deed in lieu as you stated they want monthly payments for several years. Short sale may be the way to go. Maybe do an owner finance deal with a wrap around mortgage or reg mortgage where you sell for enough to pay off your existing debt. Try to do with someone with good credit so you can get more money for the note you create that can be resold. I have various note buyers across the country. Whose your lender what kind of equity do you have? These aren't nosy questions it's just anything that an investor would want to know. Depending on what bank it is means who neogitates. Hope this helps.

      Good Luck!

      Kathy

      Oops! Here's Oh Foreclosure lawsQuick Facts - Judicial Foreclosure Available: Yes- Non-Judicial Foreclosure Available: No- Primary Security Instrument: Mortgage- Timeline: Typically 150 days- Right of Redemption: Yes- Deficiency Judgments Allowed: Yes In Ohio, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

      Judicial ForeclosureGenerally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, the clerk of the court then advertises the property for sale.

      At some point prior to the scheduled date of foreclosure, an appraisal of the property must be made by three disinterested freeholders of the county. A copy of the appraised value must be filed with the court clerk and the property must be offered for sale at a price of not less than two-thirds of said value.

      The sale may not take place until the notice of sale has been published once a week for three (3) consecutive weeks in a newspaper of general circulation in the county in which the property is located. The sheriff will conduct the sale at the courthouse and the property will be sold to the highest bidder.

      Lender's may obtain a deficiency judgment and the borrower may redeem the property at any time before the court confirms the foreclosure sale by paying the amount of the judgment, plus costs and interest.



      : (0)

    • Posted by Kathy on July 24, 2005 at 16:40:50:

      In Reply to: foreclosure vs deed in lieu (with fee) in OH Posted by JLG on July 19, 2005 at 15:23:55:

      Jlg, Ohio foreclosure laws state that yes you can be sued for a deficiency judgement. Have you talked to any investors or section 8 to make it a rental? You want to avoid the foreclosure. I think even the deed in lieu as you stated they want monthly payments for several years. Short sale may be the way to go. Maybe do an owner finance deal with a wrap around mortgage or reg mortgage where you sell for enough to pay off your existing debt. Try to do with someone with good credit so you can get more money for the note you create that can be resold. I have various note buyers across the country. Whose your lender what kind of equity do you have? These aren't nosy questions it's just anything that an investor would want to know. Depending on what bank it is means who neogitates. Hope this helps.

      Good Luck!

      Kathy

      : (0)

  • Posted by TIMOTHY HEMPLE on July 19, 2005 at 00:36:42:

    BOTH FIRST AND SECOND MORTGAGE COMPANIES ARE THREATENING FORECLOUSURE, WAS INJURED AT WORK AND WE HAVE FELL BEHIND! WHAT IS A "LENDER WORKOUT"? I NEED HELP, HAVE A FAMILY AND WE HAVE NO WHERE ELSE TO GO.

    : (3)

    • Posted by Andrew on July 26, 2005 at 18:54:05:

      In Reply to: LENDER WORKOUT Posted by TIMOTHY HEMPLE on July 19, 2005 at 00:36:42:

      : BOTH FIRST AND SECOND MORTGAGE COMPANIES ARE THREATENING FORECLOUSURE, WAS INJURED AT WORK AND WE HAVE FELL BEHIND! WHAT IS A "LENDER WORKOUT"? I NEED HELP, HAVE A FAMILY AND WE HAVE NO WHERE ELSE TO GO.

      Was in a similar situation but got out of it about 2 months ago after a LOT of work!

      Call and talk to the Loss Mitigation Department of your mortgage company. They will be able to advise you of your options but they will NOT give you ALL possible options!

      Normally, they will suggest a workout payment plan where you start making increased payments for X amount of time to catch up with the payments you are behind. Forecosure is stalled by them and as long as you follow the plan as agreed, when you make the last repayment, the foreclosure is stopped completely.

      Another option that the majority of people don't know about is asking for a Loan Modification. This is slightly more complicated and there have to be some mitigating circumstances (like yours) to qualify for. Basically, ALL past due payments are being either added to the end of the loan or distributed across the *life* of the loan. You start making payments again a month or two after the agreement and you normally HAVE to put down the 1st month payment when this is approved. Can only do it once in the life of the loan and can allow you to skip up to 6 months of payments.

      Call and talk to them, I just did this.

      GL

      : (0)

    • Posted by Steele in Minnesota on July 19, 2005 at 08:07:52:

      In Reply to: LENDER WORKOUT Posted by TIMOTHY HEMPLE on July 19, 2005 at 00:36:42:

      : BOTH FIRST AND SECOND MORTGAGE COMPANIES ARE THREATENING FORECLOUSURE, WAS INJURED AT WORK AND WE HAVE FELL BEHIND! WHAT IS A "LENDER WORKOUT"? I NEED HELP, HAVE A FAMILY AND WE HAVE NO WHERE ELSE TO GO.

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

      Lenders are saying that they are willing to talk and work something out to let you stay in the house. Sometimes also known as Loss Mitigation. It can take many forms so get in touch right away and find out what they are thinking. These compromises can be a very good thing.

      An unfeeling lender could just foreclose. These guys are offering to help. Now you need to find out what kind of help is available.

      Steele in MinnesotaForeclosure SpecialistMinneapolis, MNsteelep@aol.com

      : (1)

      • Posted by Sande on September 08, 2005 at 22:47:44:

        In Reply to: Re: LENDER WORKOUT Posted by Steele in Minnesota on July 19, 2005 at 08:07:52:

        : : BOTH FIRST AND SECOND MORTGAGE COMPANIES ARE THREATENING FORECLOUSURE, WAS INJURED AT WORK AND WE HAVE FELL BEHIND! WHAT IS A "LENDER WORKOUT"? I NEED HELP, HAVE A FAMILY AND WE HAVE NO WHERE ELSE TO GO.

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

        : Lenders are saying that they are willing to talk and work something out to let you stay in the house. Sometimes also known as Loss Mitigation. It can take many forms so get in touch right away and find out what they are thinking. These compromises can be a very good thing.

        : An unfeeling lender could just foreclose. These guys are offering to help. Now you need to find out what kind of help is available.

        : Steele in Minnesota: Foreclosure Specialist: Minneapolis, MN: steelep@aol.com



        : (0)

  • Posted by Aaron Ensign on July 18, 2005 at 21:33:10:

    We just purchased a property (today). Stopped by to get inside and found an abundance of personal property partially packed up. Property has been vacant for some time, but just received call from owner claiming that we're tresspassing and stealing. We haven't taken anything, but we're curious about our/their rights now that we own the property, and particularly since their being aggressive.

    Many thanks!

    : (1)

    • Posted by Steele in Minnesota on July 19, 2005 at 08:04:15:

      In Reply to: Personal Property in Oregon Posted by Aaron Ensign on July 18, 2005 at 21:33:10:

      : We just purchased a property (today). Stopped by to get inside and found an abundance of personal property partially packed up. Property has been vacant for some time, but just received call from owner claiming that we're tresspassing and stealing. We haven't taken anything, but we're curious about our/their rights now that we own the property, and particularly since their being aggressive.

      : Many thanks!

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

      You are in Oregon, right? And did you purchase at Sheriff Sale?

      In areas where there is a redemption period one buys a Sheriff Sale certificate, not immediate rights to the house. Here in Minnesota, if I find a house has been vacated after the Sheriff Sale I will rekey the property for security purposes on the orders of the lender that usaully has bought the certificate. We will leave personal property alone. At the most we might consolidate it in the garage or one of the rooms. We always allow the former owner to come back (under strict supervision) and get their stuff. As you are in Oregon and there seems to be no redemption period I don't think there can be a claim of trespassing. I believe you have a right to secure the property.

      You need to find out the timetables for your area and if, indeed, these guys have any rights. Might want to check with the Sheriff's department that did the sale. Those guys should know procedure. Just be aware that premature action on your part (like throwing things away) could be trouble.

      If you have full rights to the property you might want to offer a short timeframe for them to get their stuff with a notice that after that...

      Find out right away what procedure in your county is.

      Steele in MinnesotaForeclosure SpecialistMinneapolis, MNsteelep@aol.com

      : (0)

  • Posted by Lisa on July 18, 2005 at 18:38:27:

    I have rec'd a forecloser letter on my TX home. I am currently 4 months past due. I have already refinanced several times. My credit is lousy. I owe $145,000. and the house is appraised at $175,000. Any suggestions??Should I start packing?

    : (6)

    • Posted by Steele in Minnesota on July 19, 2005 at 08:09:12:

      In Reply to: Need Help...TX Foreclosure Posted by Lisa on July 18, 2005 at 18:38:27:

      : I have rec'd a forecloser letter on my TX home. I am currently 4 months past due. I have already refinanced several times. My credit is lousy. I owe $145,000. and the house is appraised at $175,000. Any suggestions??Should I start packing?-=------You have some $30,000 in equity. Seriously think about selling the house.

      Steele



      : (5)

      • Posted by lisa on July 19, 2005 at 09:46:20:

        In Reply to: Re: Need Help...TX Foreclosure Posted by Steele in Minnesota on July 19, 2005 at 08:09:12:

        Thanks for the advice. I now hope it sales in time.

        : (4)

        • Posted by Scott on July 20, 2005 at 10:02:03:

          In Reply to: Re: Need Help...TX Foreclosure Posted by lisa on July 19, 2005 at 09:46:20:

          : Thanks for the advice. I now hope it sales in time.

          Lisa,What part of Texas are you in?

          Scott

          : (3)

          • Posted by lisa on July 20, 2005 at 10:36:26:

            In Reply to: Re: Need Help...TX Foreclosure Posted by Scott on July 20, 2005 at 10:02:03:

            : : Thanks for the advice. I now hope it sales in time.

            : Lisa,: What part of Texas are you in?

            DFW

            : Scott



            : (2)

            • Posted by Jim Matthews on July 24, 2005 at 22:00:02:

              In Reply to: Re: Need Help...TX Foreclosure Posted by lisa on July 20, 2005 at 10:36:26:

              LIsa,I am in the D/FW area and may be able to help you. My specialty is stalling the foreclosure and gettingyour home sold. I am honest an have been in this business for severalyears and have references.

              You may email me here at this address or you may call me @ (972) 613-3034.the only thing I can promise you is straight talk.

              Yours,

              Jim Matthews(972) 613-3034



              : : : Thanks for the advice. I now hope it sales in time.

              : : Lisa,: : What part of Texas are you in?

              : DFW

              : : Scott



              : (0)

            • Posted by Scott on July 21, 2005 at 15:05:57:

              In Reply to: Re: Need Help...TX Foreclosure Posted by lisa on July 20, 2005 at 10:36:26:

              : : : Thanks for the advice. I now hope it sales in time.

              : : Lisa,: : What part of Texas are you in?

              : DFW

              : : Scott

              Lisa,

              If you are having trouble selling your home quickly try running an ad in your paper, use words to the tone of "instant equity", "investors will love this one", etc.. If you have 30K in equity I'm sure there will be investors calling!

              Good LuckScott

              : (0)

  • Posted by karen simmerman on July 18, 2005 at 10:24:49:

    she lives in tennessee

    : (0)

  • Posted by Fay on July 18, 2005 at 08:38:51:

    My home was foreclosed on a by-owner financed loan, without my knowledge, and I need to know how much time I have to move out. I am in Georgia. I received a letter stating that an Affadavit of Dispossessery would be served "shortly". Not sure what that means! Help, please!!!

    : (1)

    • Posted by steele in minnesota on July 18, 2005 at 09:59:48:

      In Reply to: by-owner foreclosure Posted by Fay on July 18, 2005 at 08:38:51:

      : My home was foreclosed on a by-owner financed loan, without my knowledge, and I need to know how much time I have to move out. I am in Georgia. I received a letter stating that an Affadavit of Dispossessery would be served "shortly". Not sure what that means! Help, please!!!

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

      Fay,

      You need to talk to a real estate attorney right away. I wouldn't be dependent on non-legal specialists in this case, well meaning as all of us are.

      In my area a contract for deed (owner financing) is a whole different animal when compared to other foreclosure procedures. It seems to be faster.

      Steele in MinnesotaForeclosure SpecialistMinneapolis, MNsteelep@aol.com

      : (0)

  • Posted by Wendy on July 17, 2005 at 11:55:52:

    Hello!

    I have a question regarding non payment of property taxes. In Texas, what is the difference when a property is pending a tax suit versus once it has a tax judgement? Which property is availabe for purchasing? Thank you.

    : (1)

    • Posted by Bill H on July 17, 2005 at 12:50:39:

      In Reply to: Texas: Tax Suit versus Tax Judgement Posted by Wendy on July 17, 2005 at 11:55:52:

      : Hello!nt:

      : I have a question regarding non payment of property taxes. In Texas, what is the difference when a property is pending a tax suit versus once it has a tax judgement? Which property is availabe for purchasing? Thank you.



      : (0)

  • Posted by Cathy on July 16, 2005 at 05:53:52:

    I keep reading in online forums like this one that it is possible to get a home loan one day out of foreclosure or bankruptcy, and that you can even get 100% financing if you have a 600 fico or higher. So, my question is, who do I contact to get such a loan? I have contacted a couple of lenders that I found online and one said that I could only get a loan for 75% one year after the foreclosure. The other said that I could get a loan now (7 months after deed in lieu of foreclosure) but I would have to have 20% down and the interest rate would be 9.8%. Are all of these stories of 100% financing after foreclosure and interest rates below nine percent that I have read just been total b.s., or I have I just been talking to the wrong lenders? If it helps, my middle fico is around 600 and I have no other blemishes to my credit record other than the deed in lieu of foreclosure that was signed in November of 2004. If I can't get a loan at 9% interest or below I will rent until my credit improves in a couple of years.

    Any help would be greatly appreciated,Thanks

    : (4)

    • Posted by Dwight Brown on July 22, 2005 at 23:49:58:

      In Reply to: Loans after foreclosure, who to contact? Posted by Cathy on July 16, 2005 at 05:53:52:

      Hey Cathy, you can get 100% financing the day after your bankruptcy has been discharged. If your middle score is 600,: I keep reading in online forums like this one that it is possible to get a home loan one day out of foreclosure or bankruptcy, and that you can even get 100% financing if you have a 600 fico or higher. So, my question is, who do I contact to get such a loan? I have contacted a couple of lenders that I found online and one said that I could only get a loan for 75% one year after the foreclosure. The other said that I could get a loan now (7 months after deed in lieu of foreclosure) but I would have to have 20% down and the interest rate would be 9.8%. Are all of these stories of 100% financing after foreclosure and interest rates below nine percent that I have read just been total b.s., or I have I just been talking to the wrong lenders? If it helps, my middle fico is around 600 and I have no other blemishes to my credit record other than the deed in lieu of foreclosure that was signed in November of 2004. If I can't get a loan at 9% interest or below I will rent until my credit improves in a couple of years.

      : Any help would be greatly appreciated,: Thanks



      : (0)

    • Posted by Barbara on July 18, 2005 at 15:50:21:

      In Reply to: Loans after foreclosure, who to contact? Posted by Cathy on July 16, 2005 at 05:53:52:

      My husband and I are in the same situation. Our home was foreclosed on 2/28/05. We were told that with our credit and the money we had in the bank we could buy another home right away. We have been waiting for over 2 months now for a commitment on a house we put an offer on. The bank is now coming back saying that they will fund our mortgage with 85% down and 6 points, but they now claim that their rules have just changed and the foreclosure has to be 6 months in the past. That brings us to the end of August. We only hope that the sellers are willing to wait for that to happen! If you can find a bank willing to take a chance earlier than 6 months out of foreclosure, then please send them my way! We are desperate to close on this loan and get on with our lives.

      : (2)

      • Posted by Cathy on July 19, 2005 at 07:01:57:

        In Reply to: Re: Loans after foreclosure, who to contact? Posted by Barbara on July 18, 2005 at 15:50:21:

        I can totally understand your situation, but I have yet to find a bank that will offer anything remotely doable (9.8% and 20% down are crazy when going rates are in the 6% range). Someone emailed me the name of a bank that specialized in sub-prime loans, so I thought great I'll call them and maybe I can get something going. I called and told the woman our situation and all she said was "It's hard to get a loan after foreclosure" and that was it, a complete waste of time, she didn't offer any options or insight. I have given up, almost every lender I have talked to said you would have to wait at least a year after foreclosure unless you have a very hefty down payment. I think all of these stories of loans one day after foreclosure are complete B.S., but I would love to be proven wrong if someone can point me in the right direction.

        : (1)

        • Posted by Barbara on July 19, 2005 at 07:14:46:

          In Reply to: Re: Loans after foreclosure, who to contact? Posted by Cathy on July 19, 2005 at 07:01:57:

          To be honest, we have been offered a 9.8% rate with 15% down and we are actually happy with that and are trying to pursue this loan. Unfortunately, Wells Fargo has just changed their policy and we now have to wait 6 months post foreclosure before they can fund the loan. It is embarrasing to us because we signed a contract on a home in early May and the realtor and sellers are still waiting on us. Thank goodness the home is currently unoccupied and is just to settle an estate, otherwise, we probably would have lost out on this deal a long time ago. We hope Wells Fargo comes thru for us and we can at least get into this home and then refinance in a year or so when the foreclosure is that much further behind us and we can prove ourselves financially trustworthy to a lender once again. Our FICO scores were not completely damaged by the foreclosure because we have otherwise paid our bills timely and used credit wisely and our salaries are steady and excellent. Good luck to all of us in this position!

          : (0)

  • Posted by Carla on July 15, 2005 at 19:11:22:

    How do people generally go about redeeming their house after a foreclosure sale. I mean if you've been forclosed on, nobody's going to lend to you. So isn't it pretty much impossible to get the house back, even if that's the route they want to go?

    : (1)

    • Posted by Irwin on July 15, 2005 at 21:12:26:

      In Reply to: another question Posted by Carla on July 15, 2005 at 19:11:22:

      Most people don't redeem at all. Those who do, will usually do it via a sale of the property after the foreclosure sale which pays off the debt and leaves them some equity. I won't say that re-financing can't be done, but the foreclosure is such a credit killer that it would require extraordinary circumstances. Say, a sudden, verifiable and huge income increase.

      : How do people generally go about redeeming their house after a foreclosure sale. I mean if you've been forclosed on, nobody's going to lend to you. So isn't it pretty much impossible to get the house back, even if that's the route they want to go?



      : (0)

  • Posted by Darrell on July 15, 2005 at 18:04:37:

    We have 3 weeks to move out of our home. Is there anything we can do to stop the foreclosure? The mortgage company wants us to pay the whole $260,000 or no payment. We're 3 months behind payment due to sitbacks, and the houses appraisal was at $510,000. Any help would be greatly appreciated.

    : (4)

    • Posted by KELLY on August 11, 2005 at 02:15:36:

      In Reply to: **Home being foreclosed, need advice** Posted by Darrell on July 15, 2005 at 18:04:37:

      ALL THESE PEOPLE ANSWERING TO YOUR HELP IS A BUNCH OF VULTURES AND HONESTLY COULD OR RATHER DO PREY ON PEOPLE LIKE YOU... I REALLY CAN HELP YOU IN A GOOD AND HONEST WAY NOT HELPING YOU LIKE THOSE OTHERS PROBALY TELLING YOU TO GIVE THEM YOUR HOUSE AND THAT WOULD BE HELPING YOU,,,



      : We have 3 weeks to move out of our home. Is there anything we can do to stop the foreclosure? The mortgage company wants us to pay the whole $260,000 or no payment. We're 3 months behind payment due to sitbacks, and the houses appraisal was at $510,000. Any help would be greatly appreciated.



      : (0)

    • Posted by Dwight on July 23, 2005 at 00:11:46:

      In Reply to: **Home being foreclosed, need advice** Posted by Darrell on July 15, 2005 at 18:04:37:

      Hey Darrell I might be able to help you. Please email me with you contact information.

      : (0)

    • Posted by New Vision Investments on July 16, 2005 at 06:17:15:

      In Reply to: **Home being foreclosed, need advice** Posted by Darrell on July 15, 2005 at 18:04:37:

      Darrell, give us a call @ 214 476-3211 we might be interested in helping you so thier will not be a foreclosure.





      : We have 3 weeks to move out of our home. Is there anything we can do to stop the foreclosure? The mortgage company wants us to pay the whole $260,000 or no payment. We're 3 months behind payment due to sitbacks, and the houses appraisal was at $510,000. Any help would be greatly appreciated.



      : (0)

    • Posted by Marie Bolante on July 15, 2005 at 20:30:11:

      In Reply to: **Home being foreclosed, need advice** Posted by Darrell on July 15, 2005 at 18:04:37:

      Hi. My name is Marie Bolante and I have a business dealing with people in foreclosures. I am based in Encino, CA. First, I would like to know what city and state your property is in. Secondly, time has never been more critical. Your options are very limited. I would like the opportunity to help but you need to act now. Contact me via email (MarieBolante@aol.com) so we can discuss your options. : We have 3 weeks to move out of our home. Is there anything we can do to stop the foreclosure? The mortgage company wants us to pay the whole $260,000 or no payment. We're 3 months behind payment due to sitbacks, and the houses appraisal was at $510,000. Any help would be greatly appreciated.



      : (0)

  • Posted by Dee on July 15, 2005 at 12:20:18:

    My home goes to the sheriff sale August 18. When should me annd my tenant leave the house? His lease expires August 31, 2005.

    : (1)

    • Posted by Steele in Minnesota on July 16, 2005 at 10:28:36:

      In Reply to: Chicago foreclosure Posted by Dee on July 15, 2005 at 12:20:18:

      : My home goes to the sheriff sale August 18. When should me annd my tenant leave the house? His lease expires August 31, 2005.

      ------

      As I understand it there is no redemption period in IL so be prepared to relatively soon after the sale. Not sure what the eviction procedure and timetable is for your area. You might want to check on that with your local county Sheriff's Department.

      The new owner will probably want you out immediately. I don't think your tenant's lease will mean anything as you will no longer will own the house but might want to check with an attorney on that aspect.

      Steele

      : (0)

  • Posted by karen simmerman on July 15, 2005 at 11:15:38:

    I have a friend who is very young (early 20's) who lost her husband to a vehicle accident and has moved out of their home for various reasons. She has made several payments, but now cannot keep paying them. She has been sent foreclosure letters. What exactly does this all mean. If she loses her home, will she still owe any of the money or just how does it work? If the home is sold by the mortgage company, can they sell it for less and charge her for the rest or what?

    : (2)

    • Posted by Steele in Minnesota on July 16, 2005 at 10:30:57:

      In Reply to: foreclosure Posted by karen simmerman on July 15, 2005 at 11:15:38:

      : I have a friend who is very young (early 20's) who lost her husband to a vehicle accident and has moved out of their home for various reasons. She has made several payments, but now cannot keep paying them. She has been sent foreclosure letters. What exactly does this all mean. If she loses her home, will she still owe any of the money or just how does it work? If the home is sold by the mortgage company, can they sell it for less and charge her for the rest or what?

      -----As Marie said every state has different foreclosure laws. Where is the property located so we could give some advise?

      Steele

      : (0)

    • Posted by Marie on July 15, 2005 at 20:47:30:

      In Reply to: foreclosure Posted by karen simmerman on July 15, 2005 at 11:15:38:

      Every state is different as far as the foreclosure timeline goes. In California, a Notice of Default is sent to the homeowner to bring the loan current. There is a 90-day timeline. After the 90-days, a 21-day Notice of Sale is sent. If loan is not made current, the house will be put in auction for sale to pay for the loan. Your friend loses the house and will have a foreclosure on her credit.

      : (0)

  • Posted by Denise on July 14, 2005 at 23:43:44:

    my house was sold as a foreclosure back to the mortgage holder. i just rec'd letter from atty saying we have 10 days to move and in order to do a redemption. they said if we didn't move, we would be ejected. how long after a letter requesting you to move does the sherrif come out to serve papers to evict you. and do they give you 30 days after the sherrif comes out?

    : (2)

    • Posted by chevella ingram on July 15, 2005 at 02:27:41:

      In Reply to: Foreclosure Sale done, Lawyer said I have 10 Days to move Posted by Denise on July 14, 2005 at 23:43:44:

      : my house was sold as a foreclosure back to the mortgage holder. i just rec'd letter from atty saying we have 10 days to move and in order to do a redemption. they said if we didn't move, we would be ejected. how long after a letter requesting you to move does the sherrif come out to serve papers to evict you. and do they give you 30 days after the sherrif comes out?



      : (1)

      • Posted by Irwin on July 15, 2005 at 06:59:09:

        In Reply to: Re: Foreclosure Sale done, Lawyer said I have 10 Days to move Posted by chevella ingram on July 15, 2005 at 02:27:41:

        I don't know what "in order to do a redemption" means in the context of the attorney's letter. If you are living in a state that does not have post sale redemption rights (or if your redemption period has ended), the Sheriff might be ready to move you out on the eleventh day. Check with your county sheriff's office and ask them what their eviction procedure is after a foreclosure sale. It varies from state to state and county to county.

        : : my house was sold as a foreclosure back to the mortgage holder. i just rec'd letter from atty saying we have 10 days to move and in order to do a redemption. they said if we didn't move, we would be ejected. how long after a letter requesting you to move does the sherrif come out to serve papers to evict you. and do they give you 30 days after the sherrif comes out?



        : (0)

  • Posted by Kevin Cassady on July 14, 2005 at 09:11:09:

    Purchased property which upon initial inspection found problems. Owner agreed to fix problems and upon final inspection all appeared well. Two weeks into house problems appeared again and worse. Former owner lied on disclosure statement. I can not afford to correct problems. Is a short sale an option? Will bank take my situation into account? Have meeting with lawyer to persue legal problems, however I am trying to plan for the worse case -

    : (0)

  • Posted by Carla on July 13, 2005 at 19:37:53:

    Who does a person contact after their house is foreclosed on? My house was supposed to have been sold in the sheriff sale on June 17. The notice in the newspaper was posted by a mortgage company that I've never heard of. Also, I've been told that I have 6 months to recover the property or vacate, but the same newspaper post read 1 year from the date of sale. A man knocked on the door last week and was asking my teenage daughter about whether or not we were still living here because he had to change the locks.

    : (3)

    • Posted by Irwin on July 14, 2005 at 23:05:42:

      In Reply to: Foreclosure in Michigan Posted by Carla on July 13, 2005 at 19:37:53:

      Carla: The person who knocked on the door possibly meant that he had to change the locks IF no one was living there, and your daughter perhaps misunderstood him. What intrigues me is the apparent error in the notice of sale, which sounds like someone used an old form under a prior statute which provided a one year redemption period. I would have this looked into by a foreclosure lawyer. If that mistake earns you a 1 year redemption, you might live payment free for that long and save up a bundle. On the other hand, the lender might only have to re-publish the sale with a 6 month notice. It's worth consulting a lawyer - a specialist for sure.

      : Who does a person contact after their house is foreclosed on? My house was supposed to have been sold in the sheriff sale on June 17. The notice in the newspaper was posted by a mortgage company that I've never heard of. Also, I've been told that I have 6 months to recover the property or vacate, but the same newspaper post read 1 year from the date of sale. A man knocked on the door last week and was asking my teenage daughter about whether or not we were still living here because he had to change the locks.



      : (1)

      • Posted by Tony Costanzo on July 30, 2005 at 17:25:30:

        In Reply to: Re: Foreclosure in Michigan Posted by Irwin on July 14, 2005 at 23:05:42:

        : Carla: The person who knocked on the door possibly meant that he had to change the locks IF no one was living there, and your daughter perhaps misunderstood him. What intrigues me is the apparent error in the notice of sale, which sounds like someone used an old form under a prior statute which provided a one year redemption period. I would have this looked into by a foreclosure lawyer. If that mistake earns you a 1 year redemption, you might live payment free for that long and save up a bundle. On the other hand, the lender might only have to re-publish the sale with a 6 month notice. It's worth consulting a lawyer - a specialist for sure.

        : : Who does a person contact after their house is foreclosed on? My house was supposed to have been sold in the sheriff sale on June 17. The notice in the newspaper was posted by a mortgage company that I've never heard of. Also, I've been told that I have 6 months to recover the property or vacate, but the same newspaper post read 1 year from the date of sale. A man knocked on the door last week and was asking my teenage daughter about whether or not we were still living here because he had to change the locks.

        Carla, hope all is going well for you, I am sorry you had your house foreclosed on, to answer your concern on published information regarding your property in the classified's. Foreclosure law in Michagan states if you have over four units, or three acres redemption period is one year, there is a claus in this, if property has been abandoned, and if the balance is over two -thirds over the original loan, then the redemption period is one month. If the property is four units or less and does not exceed three acres in size, then two different redemption periods apply. If you would like more advice feel free to email me @ . Sincerely Tony

        : (0)

    • Posted by Steele in Minnesota on July 14, 2005 at 09:14:35:

      In Reply to: Foreclosure in Michigan Posted by Carla on July 13, 2005 at 19:37:53:

      : Who does a person contact after their house is foreclosed on? My house was supposed to have been sold in the sheriff sale on June 17. The notice in the newspaper was posted by a mortgage company that I've never heard of. Also, I've been told that I have 6 months to recover the property or vacate, but the same newspaper post read 1 year from the date of sale. A man knocked on the door last week and was asking my teenage daughter about whether or not we were still living here because he had to change the locks.

      --------------------------Loans are sold back and forth every day so it is not surprising that the latest lender is someone you may not be familiar with.

      As I understand it the redemption period is 6 months in Michigan but there are some exceptions that extend it to a year. You might want to contact the Sheriff's Department that did the sale. Ask for the department that handles the foreclosure sales. They may be able to answer your basic questions. If nothing else they should be able to give you the names of the attorneys that were acting for the lender. You should contact them if you are not getting answers to your questions.

      As for someone showing up at the door, the lender does have a right to protect it's interests if a property is abandoned. My understanding is that as long as you are living there during the redemption period they can not change any locks or take possession. In my experience from the lender end of things (I am a Foreclosure Specialist) they will have me check redemption properties about once a week to see if they are occupied. However, if it is obviously lived in we don't bother the occupants.

      But if we were verifying occupancy and found someone home we would never mention changing the locks. That is only for abandoned properties. What you experienced was bad form in my opinion.

      Steele in Minnesota

      : (0)

  • Posted by Sue on July 13, 2005 at 15:02:27:

    Still yet another unsatisfied customer. Good luck!I'am surprised they haven't sold you off to one of their fine associates. Rescomm Holdings, United Mortgage or MERS they give new meaning to the wordInvestors..... Sue

    : (5)

    • Posted by Lyle on August 26, 2005 at 10:20:53:

      In Reply to: Class action/ Homecoming Financial Posted by Sue on July 13, 2005 at 15:02:27:

      You mean to tell me there are other people out there that are having/have had problems with Homecomings?

      That's a suprise!

      Lyle

      : (1)

      • Posted by darren boykins on September 12, 2005 at 21:38:46:

        In Reply to: Re: Class action/ Homecoming Financial Posted by Lyle on August 26, 2005 at 10:20:53:

        : You mean to tell me there are other people out there that are having/have had problems with Homecomings?

        : That's a suprise! you should have seen the sheriff sale list in new orleans, la homecoming believes in taking people's home

        : Lyle



        : (0)

    • Posted by Steele in Minnesota on July 13, 2005 at 15:19:31:

      In Reply to: Class action/ Homecoming Financial Posted by Sue on July 13, 2005 at 15:02:27:

      : Still yet another unsatisfied customer. Good luck!: I'am surprised they haven't sold you off to one of their fine associates. Rescomm Holdings, United Mortgage or MERS they give new meaning to the word: Investors..... Sue

      -----------------------MERS is not a lender. They do holding during the foreclosure process.

      Steele in Minnesota

      : (2)

      • Posted by Naimah Fuller on September 29, 2005 at 21:44:44:

        In Reply to: Re: Class action/ Homecoming Financial Posted by Steele in Minnesota on July 13, 2005 at 15:19:31:

        I need help with this company. I can't get any writting info from them. Just thretening phone calls. Are they a legitimate company. Is there a class action suit I can join.



        : (1)

        • Posted by Doug Oehmke on November 15, 2005 at 12:15:51:

          In Reply to: Re: Class action/ Homecoming Financial Posted by Naimah Fuller on September 29, 2005 at 21:44:44:

          We, too, would like to join any class action suits against Homecming Financial. It is impossible, and should be illegal for a company to run its business like this. Anyone please feel free to contact me if they get a suit going.



          : (0)

  • Posted by Tammy on July 13, 2005 at 09:33:15:

    i also have homecomings who has raised my escrow to over $400 a month. My payments are $1616. Thats 4800.00 a year i pay for taxes and insurance

    : (1)

    • Posted by Steele in Minnesota on July 13, 2005 at 12:56:03:

      In Reply to: class action lawsuit against homecomings financial Posted by Tammy on July 13, 2005 at 09:33:15:

      : i also have homecomings who has raised my escrow to over $400 a month. My payments are $1616. Thats 4800.00 a year i pay for taxes and insurance

      As I understand it there is a legal limit of "extra" that can be in the escrow account. Seems to me it was four months or so that can be legally held as a "reserve". There were huge class actions on this very subject not that many years ago. Some lenders would ask for up to a year of extra taxes and insurance. And they were just collecting interest on the money as an extra source of income.

      I think it is now regulated by law. Figure out your monthly taxes and insurance. Then see how much extra is being collected. I would double check as to how much extra that they can have.

      Also, as I remember they are to do an audit at least once a year to make sure that they haven't collected too much or that they aren't collecting too little (yes, that can happen as well).

      Steele in Minnesota

      : (0)

  • Posted by LRogers on July 13, 2005 at 07:40:36:

    I live in the state of Michigan and just received a foreclosure notice. My home was purchased through the USDA's Rural Development program. I don't know what to do. I've only been here over a year, but want desperately to save my home. Any suggestions would be greatly appreciated. Thank you!

    : (2)

    • Posted by njdave on July 13, 2005 at 09:08:50:

      In Reply to: USDA Rural Development Foreclosure...immediate HELP needed ! Posted by LRogers on July 13, 2005 at 07:40:36:

      Contact them immediately... be prepared to fully document your financial hardship... and convey that you want to keep your home. They (the USDA) want you to keep it, too!

      : (1)

      • Posted by brad hill on September 14, 2005 at 02:44:36:

        In Reply to: Re: USDA Rural Development Foreclosure...immediate HELP needed ! Posted by njdave on July 13, 2005 at 09:08:50:

        Hi, I try to search out the foreclosure info and some prevent foreclosure too and found this URL www.foreclosure4sale.com they have foreclosure listing info which is very usefull for me but i am unable to search prevent foreclosure info.

        : (0)

  • Posted by mary on July 12, 2005 at 18:05:43:

    Do Irish banks foreclose on properties in the same way the US ones do

    : (1)

    • Posted by Bill H on July 12, 2005 at 21:11:20:

      In Reply to: foreclosing in Ireland Posted by mary on July 12, 2005 at 18:05:43:

      : Do Irish banks foreclose on properties in the same way the US ones dont

      : (0)

  • Posted by Kevin on July 12, 2005 at 14:49:31:

    Me and my wife started negotiation months ago to buy this house. We found out the seller is near to foreclosure.Thing is we had some problems getting a mortgage and so we agreed to move in and pay the owners mortgage payments until we got financing. Well we got financing eventually and were supposed to close this week Unfortunatlly I lost my job last week and I have 10 days to find another so we can close. The house is due to be foreclosed at the end of August, my question was if I cant find a job in the next ten days.Would me and the wife who are already in the house have a better chance of buying the house from the foreclosing institutions?She has a great income a goodish credut.

    : (0)

  • Posted by NYBarb on July 11, 2005 at 14:33:41:

    Our home was foreclosed 2/28/05. Credit scores were not completely damaged, we have some money in the bank and we are trying to purchase a new home with 15% down. Bank has pre-approved us but underwriting came back and policy states they cannot write the loan until we are 6 months post foreclosure. Do they mean from the time of Sheriff's sale or the actual sale of the home? I believe our former just sold within the past 1-2 months.

    : (1)

    • Posted by JJ on July 11, 2005 at 16:33:31:

      In Reply to: New Home Purchase after Foreclosure Posted by NYBarb on July 11, 2005 at 14:33:41:

      NO need to wait 6 months. Do the 1 day out of foreclosure, 1 day out of BK or a combo of both. Usually a TRUSTEE SALE DATE should do the trick. If you have the 15% down---that should do it---WHY wait???

      : Our home was foreclosed 2/28/05. Credit scores were not completely damaged, we have some money in the bank and we are trying to purchase a new home with 15% down. Bank has pre-approved us but underwriting came back and policy states they cannot write the loan until we are 6 months post foreclosure. Do they mean from the time of Sheriff's sale or the actual sale of the home? I believe our former just sold within the past 1-2 months.



      : (0)

  • Posted by frank thompson jr on July 10, 2005 at 06:26:25:

    i owned some land in ga i ran a buisness out of it . i took a partner on and he put money into the buisnes. in return i signed a warrant deed for 13,000 dollars i paid this money back by work i did for him he stole the reciets he gave me when i was going through a divorce i filed chapter 13 and paid back the money i owed him and some wright at the end i lost my job and he foreclosed on me is there any way to get my land back . the only money i owed him was some other money he said my x wife borrowed that was put on my chapter 13

    : (1)

    • Posted by Reinstatement Services, Inc. on July 11, 2005 at 11:02:30:

      In Reply to: my land was foreclosed on and they didnt contact me Posted by frank thompson jr on July 10, 2005 at 06:26:25:

      you need the specialized help/opinion of an attorney who can look at the whole of your situation to determine if you have been wronged, and therefore entitled to remedy under the law.

      : (0)

  • Posted by erin on July 09, 2005 at 19:33:48:

    I have a 2 morgtgages my first is my major mortgage and my second mortgage only $8000. I got a letter that foreclosure started on the 2nd mortgage. can u say if this will overwrite the 1st mortgage. how does this works. state of NY

    : (1)

    • Posted by Steele in Minnesota on July 11, 2005 at 10:20:25:

      In Reply to: 2nd mortgage foreclosure Posted by erin on July 09, 2005 at 19:33:48:

      : I have a 2 morgtgages my first is my major mortgage and my second mortgage only $8000. I got a letter that foreclosure started on the 2nd mortgage. can u say if this will overwrite the 1st mortgage. how does this works. state of NY

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

      First mortgage is still the first mortgage. Only an underlying mortgage (second mortgage, etc.) can be pushed aside by a first mortgage foreclosure.

      Is this what you were asking?

      Steele



      : (0)

  • Posted by lisa on July 08, 2005 at 22:50:32:

    This is probably a really stupid question. My husband and I divorced and our house in NC foreclosed in November of last year. Both our names were on the mortgage. The house did not sell at the sheriff's auction and is still on the market. (We had just recently refinanced a year before and the mortgage was for a good deal more than I'm sure it will ever sell for) I am in better shape now and looking to rent for about the same as my old mortgage payment. Is there any chance the mortgage company would let me buy back the house? Aren't they the ones who still hold the deed? This sounds like a crazy question to me but I would like an answer.

    : (1)

    • Posted by Gerald A. Mitchell on July 11, 2005 at 10:27:20:

      In Reply to: buyback after foreclosure Posted by lisa on July 08, 2005 at 22:50:32:

      : This is probably a really stupid question. My husband and I divorced and our house in NC foreclosed in November of last year. Both our names were on the mortgage. The house did not sell at the sheriff's auction and is still on the market. (We had just recently refinanced a year before and the mortgage was for a good deal more than I'm sure it will ever sell for) I am in better shape now and looking to rent for about the same as my old mortgage payment. Is there any chance the mortgage company would let me buy back the house? Aren't they the ones who still hold the deed? This sounds like a crazy question to me but I would like an answer.



      : (0)

  • Posted by Mike on July 08, 2005 at 21:51:09:

    Chicago area

    : (0)

  • Posted by Becky on July 08, 2005 at 11:38:21:

    (Kansas) I am single and currently on short term disability following bypass surgery and second heart attack; filing for Social Security Disability which who knows can take how long. I am getting $275/week after FICA comes out on short term. My cobra insurance and meds and dr. visits will run about $550/mo - my house payment is $547/mo. I saw a lawyer about bankruptcy and he suggested letting house go rather than bankruptcy as I don't have money to fix up to sell or if I don't get what loan is, can't pay difference. I have only had 3 years and will have to move in with an aunt. This is first payment I have missed. Do I need to call loan company about what is going on with me or wait til I hear from them? I understand my car and belongs should be ok. What will they do to me besides take the house back? The lawyer said I have 6 months or so before they can evict me. Do they sue you too? I'm a little frightened about all this.

    : (4)

    • Posted by Reinstatement Services, Inc. on July 08, 2005 at 12:34:41:

      In Reply to: Foreclosure in Kansas Posted by Becky on July 08, 2005 at 11:38:21:

      Your best effort will be spent either securing a workout from your lender [such as a short sale] or renting/leasing the property with perhaps an option to purchase.Although in some cases foreclosure is unavoidable, unless you're considering filing a chapter 7, you run the risk of being exposed to further collection efforts even after foreclosure [based on your state mandates] if the situation is not resolved to your lender's liking.

      : (0)

    • Posted by steele in minnesota on July 08, 2005 at 11:52:50:

      In Reply to: Foreclosure in Kansas Posted by Becky on July 08, 2005 at 11:38:21:

      : (Kansas) I am single and currently on short term disability following bypass surgery and second heart attack; filing for Social Security Disability which who knows can take how long. I am getting $275/week after FICA comes out on short term. My cobra insurance and meds and dr. visits will run about $550/mo - my house payment is $547/mo. I saw a lawyer about bankruptcy and he suggested letting house go rather than bankruptcy as I don't have money to fix up to sell or if I don't get what loan is, can't pay difference. I have only had 3 years and will have to move in with an aunt. This is first payment I have missed. Do I need to call loan company about what is going on with me or wait til I hear from them? I understand my car and belongs should be ok. What will they do to me besides take the house back? The lawyer said I have 6 months or so before they can evict me. Do they sue you too? I'm a little frightened about all this.

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

      Can't give you any legal advice but in my opinion your attorney isn't really giving you much either.

      By all means talk to the lender at this early stage and explain what is going on. You might be surprised how well they treat your situation. Most are very willing to see if something can be worked out.

      Don't lose the house if you don't have to. Talk to your lender NOW.

      Steele

      : (2)

      • Posted by Becky on July 08, 2005 at 12:21:42:

        In Reply to: Re: Foreclosure in Kansas Posted by steele in minnesota on July 08, 2005 at 11:52:50:

        But there is no way I can afford a house and pay utilities, food, gas, credit card bills, etc. with what will be getting on disability. My medical each month is about the same as the house payment and that will take everything. If I live with my aunt, I will just help with utilities. There will be no money to keep up a house. I just don't know what to expect as the process moves along. The short term disability may run out before I get approved for social seciity disability. 69% are turned down first try. I am wondering what happens as this procedure re. foreclosure moves along. Thanks

        : (1)

        • Posted by steele in minnesota on July 08, 2005 at 12:41:31:

          In Reply to: Re: Foreclosure in Kansas Posted by Becky on July 08, 2005 at 12:21:42:

          : But there is no way I can afford a house and pay utilities, food, gas, credit card bills, etc. with what will be getting on disability. My medical each month is about the same as the house payment and that will take everything. If I live with my aunt, I will just help with utilities. There will be no money to keep up a house. I just don't know what to expect as the process moves along. The short term disability may run out before I get approved for social seciity disability. 69% are turned down first try. I am wondering what happens as this procedure re. foreclosure moves along. Thanks

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

          Understand. But don't miss the main message I am giving to you. Talk to the lender to see what alternatives might exist. Keeping the house may not be an option. But maybe a short sale would be considered. Or a deed in lieu. Something less damaging than foreclosure.

          You won't know if there are options if you don't start the conversation. Don't wait for the bank to call you. You are going to come across 100% better by being the first to call. Explain your situation like you have to us. I think it will be worth it. But you won't know if you don't try.

          Steele in Minnesota

          : (0)

  • Posted by Art on July 08, 2005 at 08:05:25:

    Sheriff sale is 7/14/05- in Minnesota, during 6 month redemption period after sheriff sale can homeowner sell home thru a realtor?

    : (3)

    • Posted by Steele in Minnesota on July 08, 2005 at 11:58:15:

      In Reply to: sheriff sale 7/14/05 & redemption period in Minnesota Posted by Art on July 08, 2005 at 08:05:25:

      : Sheriff sale is 7/14/05- in Minnesota, during 6 month redemption period after sheriff sale can homeowner sell home thru a realtor?

      Yes, of course. But remember that the clock is continuing to tick. You will have a sheriff sale amount on 7/14/05, but each day thereafter the cost of the old loan will be calculated. I say this because if the house sells during the redemption period you won't just be paying off the sheriff sale certificate. You will also be paying off a per day charge largely based on your old payment. So the amount will gradually increasing.

      In any listing I would place the language "sale subject to lender approval".

      FYI.

      SteeleRealtor/Foreclosure Specialist

      : (0)

    • Posted by Nick(Colorado) on July 08, 2005 at 11:40:55:

      In Reply to: sheriff sale 7/14/05 & redemption period in Minnesota Posted by Art on July 08, 2005 at 08:05:25:

      Art:

      Yes you can.

      : (0)

    • Posted by Nick(Colorado) on July 08, 2005 at 11:13:08:

      In Reply to: sheriff sale 7/14/05 & redemption period in Minnesota Posted by Art on July 08, 2005 at 08:05:25:

      Art:

      Yes

      : (0)

  • Posted by sue on July 07, 2005 at 14:49:06:

    My ex of 12 years is letting his house go into foreclosure. My name is on the mortgage, but not on the property. Most likely, a sale of the home will pay off the mortgage, as there are over 15 years of equity. What can I do to protect myself? I found out about it because it is on my credit report. Can I get it off of my credit report?

    : (1)

    • Posted by Irwin on July 07, 2005 at 21:29:58:

      In Reply to: foreclosure after divorce Posted by sue on July 07, 2005 at 14:49:06:

      Hasn't your ex tried to sell it and salvage some of his equity? He's foolish not to. You might convince him to give you a deed and you take over the mortgage payments until you can re-sell at a profit. If there's sufficient equity, there are any number of possibilities. I don't think that the mortgage company that is reporting to the credit bureau will agree to take your name off the account, so PYA the best you can.

      : My ex of 12 years is letting his house go into foreclosure. My name is on the mortgage, but not on the property. Most likely, a sale of the home will pay off the mortgage, as there are over 15 years of equity. What can I do to protect myself? I found out about it because it is on my credit report. Can I get it off of my credit report?



      : (0)

  • Posted by Allen Winokur on July 07, 2005 at 12:53:07:

    In Florida. A lien holder starts forclosure procedings on a home. 2 months later, the bank, holding the first mortgage, starts forclosure proceedings. Does bank foreclosure take precedence?

    : (1)

    • Posted by Irwin Prince on July 07, 2005 at 21:36:22:

      In Reply to: one forclosure after another Posted by Allen Winokur on July 07, 2005 at 12:53:07:

      I'm not sure I understand your question. There is no precedence derived from the time of starting a foreclosure suit. A first lien is always a first lien and a second is always second. The two foreclosure suits that you mention will probably end up being consolidated into one case that forecloses both liens.

      : In Florida. A lien holder starts forclosure procedings on a home. 2 months later, the bank, holding the first mortgage, starts forclosure proceedings. Does bank foreclosure take precedence?



      : (0)

  • Posted by susan on July 07, 2005 at 10:41:07:

    Texas Mobile Home & Land- We owner financed in 99 for a couple with bad credit. They said they would get loan in their name within 3 years but never happened. Now they are 2 months behind in payments and I found out the property taxes for 2003/2004 are not paid. Do I have to foreclose or can I just accelerate the balance and give them 30 days to vacate if they can't pay.

    : (1)

    • Posted by susan on July 07, 2005 at 10:45:15:

      In Reply to: Owner fincd mobile home thru Contract for Deed- now default Posted by susan on July 07, 2005 at 10:41:07:

      Add'l info: We still owe on this property and have been having to make the payments ourselves to avoiddefault on our part.

      : (0)

  • Posted by MaryAnne on July 07, 2005 at 02:43:35:

    Someone I know who's home was foreclosed on in mid-May, has said that they are filing papers to be able to stay in their home. From my experience, in FL, that just can't happen. It's basically a "shouldn't thought about that before..", right?

    : (0)

  • Posted by mike on July 06, 2005 at 20:55:06:

    I need help in finding a lawayer to possibly handle a lender liability suit.

    Through a bankruptcy. I found out why I couldn't refinance my home, consolidate my debt or sell it. I had a first, second third, forth, fifth, sixth and seventh... WOW!

    I know who did it and when it happened. My bank account number changed five times in thirty days, each time a 40k note was attached.

    This same person, double dipped my account and misplaced 5k which took 18 months to recover.

    I have lost everything in less than a year and went bankrupt. Every Lawyer I have talked to is afraid to take on this major bank.

    I need help!

    : (4)

    • Posted by Bill H on July 06, 2005 at 21:49:21:

      In Reply to: 7 notes on same property! Posted by mike on July 06, 2005 at 20:55:06:

      : I need help in finding a lawayer to possibly handle a lender liability suit.

      : Through a bankruptcy. I found out why I couldn't refinance my home, consolidate my debt or sell it. I had a first, second third, forth, fifth, sixth and seventh... WOW!

      : I know who did it and when it happened. My bank account number changed five times in thirty days, each time a 40k note was attached.

      : This same person, double dipped my account and misplaced 5k which took 18 months to recover.

      : I have lost everything in less than a year and went bankrupt. Every Lawyer I have talked to is afraid to take on this major bank.

      : I need help!

      Mike: Go to your nearest Federal Reserve Bank and explain you situation. They should be able to assist you or guide you in the right direction.

      Good Luck,Bill H



      : (3)

      • Posted by Mike on July 06, 2005 at 22:38:51:

        In Reply to: Re: 7 notes on same property! Posted by Bill H on July 06, 2005 at 21:49:21:

        Bill,

        Thank you! I have gone to the FRB and FTC sites and will let you know what the reply is.

        I was told by several lawyers I have a case, but it's way out of their league.

        It's hard to sit back and watch what happend and think this is how business is done in America.

        If you have any other sugestions, let me know so I can stop this from happening again.

        : : I need help in finding a lawayer to possibly handle a lender liability suit.

        : : Through a bankruptcy. I found out why I couldn't refinance my home, consolidate my debt or sell it. I had a first, second third, forth, fifth, sixth and seventh... WOW!

        : : I know who did it and when it happened. My bank account number changed five times in thirty days, each time a 40k note was attached.

        : : This same person, double dipped my account and misplaced 5k which took 18 months to recover.

        : : I have lost everything in less than a year and went bankrupt. Every Lawyer I have talked to is afraid to take on this major bank.

        : : I need help!

        : Mike:: Go to your nearest Federal Reserve Bank and explain you situation. They should be able to assist you or guide you in the right direction.

        : Good Luck,: Bill H



        : (1)

        • Posted by Irwin on July 07, 2005 at 21:45:05:

          In Reply to: Re: 7 notes on same property! Posted by Mike on July 06, 2005 at 22:38:51:

          Mike:Where are you located?

          : Bill,

          : Thank you! I have gone to the FRB and FTC sites and will let you know what the reply is.

          : I was told by several lawyers I have a case, but it's way out of their league.

          : It's hard to sit back and watch what happend and think this is how business is done in America.

          : If you have any other sugestions, let me know so I can stop this from happening again.

          : : : : I need help in finding a lawayer to possibly handle a lender liability suit.

          : : : Through a bankruptcy. I found out why I couldn't refinance my home, consolidate my debt or sell it. I had a first, second third, forth, fifth, sixth and seventh... WOW!

          : : : I know who did it and when it happened. My bank account number changed five times in thirty days, each time a 40k note was attached.

          : : : This same person, double dipped my account and misplaced 5k which took 18 months to recover.

          : : : I have lost everything in less than a year and went bankrupt. Every Lawyer I have talked to is afraid to take on this major bank.

          : : : I need help!

          : : Mike:: : Go to your nearest Federal Reserve Bank and explain you situation. They should be able to assist you or guide you in the right direction.

          : : Good Luck,: : Bill H



          : (0)

      • Posted by Irwin on July 06, 2005 at 22:31:37:

        In Reply to: Re: 7 notes on same property! Posted by Bill H on July 06, 2005 at 21:49:21:

        Lawyers aren't usually afraid to take on banks unless perhaps it's a small town. What's more likely is that they've looked at the facts of your case and they don't like your chances in a lawsuit. Also, check out the lawyers in the counties surrounding the one where you live.

        : : I need help in finding a lawayer to possibly handle a lender liability suit.

        : : Through a bankruptcy. I found out why I couldn't refinance my home, consolidate my debt or sell it. I had a first, second third, forth, fifth, sixth and seventh... WOW!

        : : I know who did it and when it happened. My bank account number changed five times in thirty days, each time a 40k note was attached.

        : : This same person, double dipped my account and misplaced 5k which took 18 months to recover.

        : : I have lost everything in less than a year and went bankrupt. Every Lawyer I have talked to is afraid to take on this major bank.

        : : I need help!

        : Mike:: Go to your nearest Federal Reserve Bank and explain you situation. They should be able to assist you or guide you in the right direction.

        : Good Luck,: Bill H



        : (0)

  • Posted by Memphis on July 05, 2005 at 12:05:30:

    Just moved to Memphis for a better job and still have our house for sale in Pennsylvania. Don't want to make payments anymore, just want out from under the house and noone is biting on it. Any suggestions????

    : (2)

    • Posted by steele in minnesota on July 06, 2005 at 14:14:06:

      In Reply to: avoiding forclosure Posted by Memphis on July 05, 2005 at 12:05:30:

      : Just moved to Memphis for a better job and still have our house for sale in Pennsylvania. Don't want to make payments anymore, just want out from under the house and noone is biting on it. Any suggestions????

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

      Talk to your lender directly. Explain the situation. Often they will work with you. There are typically a number of options available. Have done a number of mitigations with consumers on behalf of the lender.

      They really don't want to take back the house and you really don't want a foreclosure on your record.

      Seek all alternatives first.

      : (0)

    • Posted by Reinstatement Services, Inc. on July 06, 2005 at 10:09:32:

      In Reply to: avoiding forclosure Posted by Memphis on July 05, 2005 at 12:05:30:

      a short sale petition to your lender as a foreclosure alternative.



      : (0)

  • Posted by GetForeclosureResults on July 04, 2005 at 10:01:30:

    If you have a family member or a friend that is willing to finance this property for one year. I can help you.You have a redemption period. I would have to know principal balance at the time of sale.

    : (2)

    • Posted by Pat Ingle on July 08, 2005 at 20:39:05:

      In Reply to: Sale of property Posted by GetForeclosureResults on July 04, 2005 at 10:01:30:

      : If you have a family member or a friend that is willing to finance this property for one year. I can help you.You have a redemption period. I would have to know principal balance at the time of sale.



      : (1)

      • Posted by Maddy Witt on July 09, 2005 at 16:02:54:

        In Reply to: Re: Sale of property Posted by Pat Ingle on July 08, 2005 at 20:39:05:

        : : If you have a family member or a friend that is willing to finance this property for one year. I can help you.You have a redemption period. I would have to know principal balance at the time of sale.



        : (0)

  • Posted by Charles on July 04, 2005 at 07:23:10:

    I live in the state of Michigan and There's a REO house that I'm interested in purchasing as my primary home.The house has been listed since Jan 05 by a representative of the mortgage company and the intial price was $211,700. I made in offer of $185,000 which was rejected by the mortgage company. Well over the pass seven months the price dropped to 205,700 then 199,700 now 193,700. I'm wondering if the Mortgage company would willing to deal now and should I submit my offer again ? The house I live in now is worth about $135,000 -$140,000 and I owe $67,000 on it, I was thinking of renting it out for additional income or would the better idea be to sell it out right and invest in the new home.

    : (8)

    • Posted by steele in minnesota on July 04, 2005 at 10:56:03:

      In Reply to: Making an offer on a REO House Posted by Charles on July 04, 2005 at 07:23:10:

      : I live in the state of Michigan and There's a REO house that I'm interested in purchasing as my primary home.The house has been listed since Jan 05 by a representative of the mortgage company and the intial price was $211,700. I made in offer of $185,000 which was rejected by the mortgage company. Well over the pass seven months the price dropped to 205,700 then 199,700 now 193,700. I'm wondering if the Mortgage company would willing to deal now and should I submit my offer again ? The house I live in now is worth about $135,000 -$140,000 and I owe $67,000 on it, I was thinking of renting it out for additional income or would the better idea be to sell it out right and invest in the new home.

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

      As an REO real estate specialist since 1987 the short answer is "yes". Now the offer must be non-contingent and you need to have a funds verification letter from a lender if getting financing or a letter of credit if paying cash.

      Resubmit your offer. Now you still may get a counter but you are much closer this time. Negotiate in good faith and be a little patient.

      Good luck.

      Steele

      : (7)

      • Posted by Irwin on July 06, 2005 at 08:31:55:

        In Reply to: Re: Making an offer on a REO House Posted by steele in minnesota on July 04, 2005 at 10:56:03:

        I would re-submit your offer now, but perhaps increase it by $1000-1500, to get closer to the list price and not rub someone's (the person who turned your offer down) nose in the fact that s/he made a mistake. Keeping your current property may or may or may not be a good idea. It depends on a number of facts that we don't have.

        : : I live in the state of Michigan and There's a REO house that I'm interested in purchasing as my primary home.The house has been listed since Jan 05 by a representative of the mortgage company and the intial price was $211,700. I made in offer of $185,000 which was rejected by the mortgage company. Well over the pass seven months the price dropped to 205,700 then 199,700 now 193,700. I'm wondering if the Mortgage company would willing to deal now and should I submit my offer again ? The house I live in now is worth about $135,000 -$140,000 and I owe $67,000 on it, I was thinking of renting it out for additional income or would the better idea be to sell it out right and invest in the new home.

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

        : As an REO real estate specialist since 1987 the short answer is "yes". Now the offer must be non-contingent and you need to have a funds verification letter from a lender if getting financing or a letter of credit if paying cash.

        : Resubmit your offer. Now you still may get a counter but you are much closer this time. Negotiate in good faith and be a little patient.

        : Good luck.

        : Steele



        : (6)

        • Posted by Charles on July 06, 2005 at 19:46:54:

          In Reply to: Re: Making an offer on a REO House Posted by Irwin on July 06, 2005 at 08:31:55:

          Thanks for the replies I was willing to go $190,000.00 but they didn't make a counter offer the first time. I was discussing financing with a loan officer at the bank that has my present mortgage and he suggested that I take out a home equity loan and use the money as a down payment on the new house. Then pay back the loan after my old house sells but after following this site for a couple months, I think selling my old house first is probably the better idea.

          : (5)

          • Posted by Irwin on July 06, 2005 at 21:51:49:

            In Reply to: Re: Making an offer on a REO House Posted by Charles on July 06, 2005 at 19:46:54:

            I think Steele is right, and you ought to have your mortgage financing lined up when you submit the offer. It doesn't seem likely that you'd have enough time to sell your home before making an offer. I would make a loan app for the new property showing your present home as a rental with some net income as additional income to support the mortgage app. I've seen mortgage companies accept this approach even though they know you aren't actually renting yet and the additional income is projected, i.e. on paper only. : Thanks for the replies I was willing to go $190,000.00 but they didn't make a counter offer the first time. I was discussing financing with a loan officer at the bank that has my present mortgage and he suggested that I take out a home equity loan and use the money as a down payment on the new house. Then pay back the loan after my old house sells but after following this site for a couple months, I think selling my old house first is probably the better idea.



            : (3)

            • Posted by Charles on July 07, 2005 at 05:28:01:

              In Reply to: Re: Making an offer on a REO House Posted by Irwin on July 06, 2005 at 21:51:49:

              Thanks for the reply, so the offer by my present mortgage company to finance the deal will contain some contengencies not acceptable to the REO?

              : (2)

              • Posted by steele in minnesota on July 07, 2005 at 08:19:55:

                In Reply to: Re: Making an offer on a REO House Posted by Charles on July 07, 2005 at 05:28:01:

                : Thanks for the reply, so the offer by my present mortgage company to finance the deal will contain some contengencies not acceptable to the REO?

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

                If a condition of giving you a loan is that your first house is sold, then the answer is "yes". You need to come in "non-contingent". Your bank will understand that and give you options. It is then up to you to decide if you want to go that route.

                : (1)

                • Posted by bill on July 13, 2005 at 09:32:08:

                  In Reply to: Re: Making an offer on a REO House Posted by steele in minnesota on July 07, 2005 at 08:19:55:

                  : : Thanks for the reply, so the offer by my present mortgage company to finance the deal will contain some contengencies not acceptable to the REO?

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

                  : If a condition of giving you a loan is that your first house is sold, then the answer is "yes". You need to come in "non-contingent". Your bank will understand that and give you options. It is then up to you to decide if you want to go that route.



                  : (0)

          • Posted by Steele in Minnesota on July 06, 2005 at 21:14:44:

            In Reply to: Re: Making an offer on a REO House Posted by Charles on July 06, 2005 at 19:46:54:

            : Thanks for the replies I was willing to go $190,000.00 but they didn't make a counter offer the first time. I was discussing financing with a loan officer at the bank that has my present mortgage and he suggested that I take out a home equity loan and use the money as a down payment on the new house. Then pay back the loan after my old house sells but after following this site for a couple months, I think selling my old house first is probably the better idea.

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

            Just understand that with an REO property an offer to purchase contingent on the sale of another house is almost always automatically rejected. Most won't even look at such an offer.

            Just something to consider.

            Steele

            : (0)

  • Posted by Worried on July 04, 2005 at 00:09:01:

    Someone told me that after foreclosure credit card companies that you have accounts with can close your accounts? Is this true? We are about a month away from foreclosure on 2 investment properties in Maine that were going to sink us fast. We are up to date on our house, car, credit card payments. With a foreclosure on your record, can credit cards demand payment and close your existing accounts when you lose your credit rating?

    Thanks in advance...

    : (2)

    • Posted by njdave on July 04, 2005 at 08:57:05:

      In Reply to: After Foreclosure, do credit card companies close accounts? Posted by Worried on July 04, 2005 at 00:09:01:

      Yes. Periodically, they run credit checks on their customers.... either to increase the credit line, or rescind credit. If it indicates that your creditworthiness has changed, for the worse, they can close your account.

      : (1)

      • Posted by worried on July 04, 2005 at 23:10:04:

        In Reply to: Re: After Foreclosure, do credit card companies close accounts? Posted by njdave on July 04, 2005 at 08:57:05:

        When credit card companies close an account, do they demand payment of the entire balance, or just close you from using the card in the future and allow you to continue making payments to pay off the balance?

        Thanks again...



        : (0)

  • Posted by Jim on July 02, 2005 at 10:24:43:

    My father recently passed away and we cannot make the mortgage payments. How does it work when the owner passed away but someone is still occupying the house.

    : (4)

    • Posted by Irwin on July 02, 2005 at 15:51:15:

      In Reply to: Foreclosure after death in mi Posted by Jim on July 02, 2005 at 10:24:43:

      The mortgage company will begin sending default notices addressed to your father. Then, depending on your State's laws, there with either be a sheriff sale or a trustee's sale to liquidate the property. Also depending on your state's redemption laws, the buyer at the sheriff/trustee's sale will have the right to have you evicted.

      : My father recently passed away and we cannot make the mortgage payments. How does it work when the owner passed away but someone is still occupying the house.



      : (3)

      • Posted by Jim on July 02, 2005 at 21:49:50:

        In Reply to: Re: Foreclosure after death in mi Posted by Irwin on July 02, 2005 at 15:51:15:

        How long does it generally take for this process. The mortgage is approx. 4 months past due.

        The mortgage company will begin sending default

        notices addressed to your father. Then, depending on your State's laws, there with either be a sheriff sale or a trustee's sale to liquidate the property. Also depending on your state's redemption laws, the buyer at the sheriff/trustee's sale will have the right to have you evicted.

        : : My father recently passed away and we cannot make the mortgage payments. How does it work when the owner passed away but someone is still occupying the house.



        : (2)

        • Posted by Irwin on July 03, 2005 at 05:25:13:

          In Reply to: Re: Foreclosure after death in mi Posted by Jim on July 02, 2005 at 21:49:50:

          I'm not in MI, so I don't know. If you're concerned about how long someone will be able to stay in the home, there are many factors involved, and it would be worthwhile to consult a local lawyer. : How long does it generally take for this process. The mortgage is approx. 4 months past due.

          : The mortgage company will begin sending default

          : notices addressed to your father. Then, depending on your State's laws, there with either be a sheriff sale or a trustee's sale to liquidate the property. Also depending on your state's redemption laws, the buyer at the sheriff/trustee's sale will have the right to have you evicted.

          : : : My father recently passed away and we cannot make the mortgage payments. How does it work when the owner passed away but someone is still occupying the house.



          : (1)

          • Posted by Steele in Minnesota on July 03, 2005 at 14:30:16:

            In Reply to: Re: Foreclosure after death in mi Posted by Irwin on July 03, 2005 at 05:25:13:

            I'm not in MI, so I don't know. If you're concerned about how long someone will be able to stay in the home, there are many factors involved, and it would be worthwhile to consult a local lawyer. : How long does it generally take for this process. The mortgage is approx. 4 months past due.---------------------------------------------------------Most lenders will start the process after 3 payments are missed so you are probably close to seeing some notices. Very roughly it will take 2-4 months to get to the sheriff sale/auction after that. Then Michigan has a 6 month redemption period during which a typical owner could continue to stay in the house.

            My question would be if there would be some variations to this as it is an estate. Might want to consult an attorney on this.

            Steele



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  • Posted by Brenda on July 01, 2005 at 12:08:21:

    How many months do you have to be behind before foreclosure procedures start.

    : (1)

    • Posted by steele in minnesota on July 01, 2005 at 15:45:48:

      In Reply to: how long before foreclosure Posted by Brenda on July 01, 2005 at 12:08:21:

      : How many months do you have to be behind before foreclosure procedures start.

      ----------------------------------As a general rule three payments behind will trigger the foreclosure process. However, I am not sure of any set legal timeframe that must be observed in every case.

      Steele

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  • Posted by Ed on July 01, 2005 at 03:11:25:

    I had a property of mine forclosed on in TexasThe balance was (With attorneys fees and such, which by law are limited to 10% of the balance) of only $13K or so. The house sold at auction for $36K. I assume the Trustee (or Sub Trustee) the bank appointed pays the balance to the bank (minus his fees and cost) and forwards the balance to the seller. Correct? Or does the bank keep the addtional monies?

    : (1)

    • Posted by Steele in Minnesota on July 01, 2005 at 09:03:35:

      In Reply to: Overpay on Forclosure Posted by Ed on July 01, 2005 at 03:11:25:

      : I had a property of mine forclosed on in Texas: The balance was (With attorneys fees and such, which by law are limited to 10% of the balance) of only $13K or so. The house sold at auction for $36K. I assume the Trustee (or Sub Trustee) the bank appointed pays the balance to the bank (minus his fees and cost) and forwards the balance to the seller. Correct? : Or does the bank keep the addtional monies?

      In most areas any overage is paid to the original owner (you). May want to contact the attorneys that acted as the trustees for the lender. If you don't know who that is contact those that held the auction (Sheriff sale, right?). They will have the names.

      Doesn't hurt to be proactive on this.

      Steele in Minnesota

      : (0)


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