May - June 2002 Archives



  • Posted by Avery on June 25, 2002 at 13:31:03:

    We were in the process of buy a home from my grandparents in IA. However, 6yrs ago my grandparents had a land contract drawn up with my uncle. After 6yrs and only a handful of payments made by my uncle to my grandparents, my grandparents are now wanting to see the home.. What do my grandparents need to do to be able to sell the home. We need something that is quick and fast. Please help!!! Thanks! : (1)


    • Posted by Ward-CA- on June 26, 2002 at 09:46:07:

      In Reply to: buying home that has existing land contract posted by Avery on June 25, 2002 at 13:31:03:

      : We were in the process of buy a home from my grandparents in IA. However, 6yrs ago my grandparents had a land contract drawn up with my uncle. After 6yrs and only a handful of payments made by my uncle to my grandparents, my grandparents are now wanting to see the home.. What do my grandparents need to do to be able to sell the home. We need something that is quick and fast. Please help!!! Thanks!

      =•=•=•=•=•=•=•=•=•=•=

      Avery, to clear away the 6 year old land contract just have your uncle give your grandparents a notarized quitclaim deed of all the interest he might have to the property. When your grandparents record the deed they will be free to sell the property to you.

      Hope this helps. : (0)


  • Posted by Tim Williams on June 24, 2002 at 15:45:47:

    Is there an online source for genericreal estate related contacts?Specifically, I need a contract to purchase agreement.Thanks : (2)


    • Posted by Clair-MO on June 24, 2002 at 19:14:16:

      In Reply to: Real estate contracts online?? posted by Tim Williams on June 24, 2002 at 15:45:47:

      Tim, Check out www.dealmakerscafe.com for free contracts. : (0)


  • Posted by Susq on June 24, 2002 at 14:17:37:

    I am having some financial difficulties and have gotten behind on my mortgage, so far just this months payment but I don't see any relief for a while. I'm in Texas and my mortgage company is Washington Mutual. Does anyone know how long before WaMu starts foreclosure proceedings? I've asked if there's any help available and they don't have anything until your 3 months behind then they'll set up a payment plan. : (4)


    • Posted by Welsey on July 07, 2002 at 16:33:47:

      In Reply to: Foreclosure??? posted by Susq on June 24, 2002 at 14:17:37:

      Sounds very odd... From what I know they are very quick with starting the foreclosure process in Texas. And very quick with setting up the foreclosure auction, too (21 days).I know someone in Texas who is very well oriented in it (I live in NJ). Email me if you want the name and contact infor of this person. : (0)


    • Posted by kerr on July 01, 2002 at 07:34:44:

      In Reply to: Foreclosure??? posted by Susq on June 24, 2002 at 14:17:37:

      : I am having some financial difficulties and have gotten behind on my mortgage, so far just this months payment but I don't see any relief for a while. I'm in Texas and my mortgage company is Washington Mutual. Does anyone know how long before WaMu starts foreclosure proceedings? I've asked if there's any help available and they don't have anything until your 3 months behind then they'll set up a payment plan.

      : (0)


    • Posted by kerr on July 01, 2002 at 07:34:00:

      In Reply to: Foreclosure??? posted by Susq on June 24, 2002 at 14:17:37:

      : I am having some financial difficulties and have gotten behind on my mortgage, so far just this months payment but I don't see any relief for a while. I'm in Texas and my mortgage company is Washington Mutual. Does anyone know how long before WaMu starts foreclosure proceedings? I've asked if there's any help available and they don't have anything until your 3 months behind then they'll set up a payment plan.

      : (1)


      • Posted by Chub'zy on July 15, 2002 at 09:00:30:

        In Reply to: Re: Foreclosure??? posted by kerr on July 01, 2002 at 07:34:00:

        So Far I am in the same boat with same company! I am behind on (2)payments so far, the (3rd)payment is coming up August 1st,so your not along

        in deal washington mutual so far what have they stated to you! : (0)


  • Posted by NgocBich Nguyen on June 24, 2002 at 12:56:01:

    I'm in Florida and recently bought a foreclosure home. This is my first time buying a foreclosure home. A the moment I'm waiting for the city to issue me the title cerficate. Once I get the title, how can I be able to access to the property? Do I have to contact the previous owner to get the key? What are the steps I have to take in order to enter to the property legally? : (2)


    • Posted by Jim V on June 24, 2002 at 19:05:19:

      In Reply to: Bought a foreclosure home, what do I do next?? posted by NgocBich Nguyen on June 24, 2002 at 12:56:01:

      In Florida, once you have the certificate of title, you need the clerk of the court to issue a writ of possession. After the writ is issued, the sheriff will post it on the property, the occupants will normally be required to vacate within 24 hours.

      After that, a locksmith can open, if necessary and re-key. : (1)


      • Posted by NgocBich Nguyen on June 25, 2002 at 09:46:07:

        In Reply to: Re: Bought a foreclosure home, what do I do next?? posted by Jim V on June 24, 2002 at 19:05:19:

        Thank you for your response.

        Now, I also found out this a Home Owner Association Lien and a second mortgage lien on the property. Am I responsible to payoff the liens or will they be dropped automatically? : (0)


  • Posted by Jan on June 24, 2002 at 11:02:31:

    Is it legal to take fixed appliances and light fixtures out of a foreclosed house? If it isn't, who inforces this and what is the penalty? : (3)


    • Posted by Jim V on June 24, 2002 at 18:59:16:

      In Reply to: taking affixed property out of house posted by Jan on June 24, 2002 at 11:02:31:

      If you don't own the house, you do not have the legal right to remove fixtures. : (2)


      • Posted by Sally on June 28, 2002 at 11:49:38:

        In Reply to: Re: It's theft. posted by Jim V on June 24, 2002 at 18:59:16:

        What is considered fixed property? We are tenants in a home being foreclosed on; the owner offered to sell us the appliances, refigerator, dishwasher and stove. Can he sell them to us? : (1)


        • Posted by Jim V on June 28, 2002 at 12:16:18:

          In Reply to: Re: It's theft. posted by Sally on June 28, 2002 at 11:49:38:

          If an item is just plugged in to an outlet, it is considered personal property. If the item is attached to the structure by plumbing, permanent electrical connection or other fastenings, it is considered part of the structure.

          Use your best judgement. If you do decide to purchase these items, I'd make real sure to get a bill of sale. Although it's a fairly small chance, if anyone ever did raise questions, a bill of sale would document that you didn't just walk away with the items.

          Good Luck. : (0)


  • Posted by Jill/PA on June 24, 2002 at 02:06:14:

    Sorry, but I just copied and pasted this, I sent it to Attorney Generals office - its so long sorry! Mark Kass , a REP from Conceco Finance, called our home and said that my husband had applied for a credit card thru Musicians Friend that had been declined and they told him (Mark Kass) that he might be able to help us. He told me that the Mortgage Company we were currently with (Citi Group) was a rip and that his brother had a loan thru them and he got ripped off. He said that he could get us a much better interest rate, save us thousands in the long run, combine our bills and we would have one monthly payment that amounted to what we were paying separately, but everything would be paid up to date and we would have a fresh start. Since we were behind on bills, my husbands truck was one of them and it alone had a payment of over $500 and our current mortgage was a little over $500, Conceco was going to pay off those things and our credit cards and our monthly payment would be $1000.00 for ALL of our debts. He was also going to get us cash out in the amount of a little over $8,000 so we could pay our contractor the remainder we owe him for the addition he built to accommodate our 4 children (we had only two bedrooms and 4 children plus myself and my husband). This was a great deal for us and a blessing. Mark called us several times, talking to me mostly, and said that my husbands income wasn't high enough. He was self-employed barely making a living as a music teacher searching for better employment. Marked asked us for our bank statements, they did show a high amount of deposits, but those were from credit card advances and loans to make ends meet. He said he would tell his supervisors it was his (my husbands) income from self-employment. Well this wasn't enough for his supervisors I guess because he called and needed 1099s for the past few years. So my husband faxed them over to Mark. The 1099s showed a yearly income of less than $10,000, obviously not enough. SO he told my husband where to go and get a 1099 form. Mark told my husband (and me) to fill that out with the amount needed in order to get the loan. He said not to worry because people do it all the time. So that's what my husband did. I was not on the deed nor was I credit worthy to be on the application, I am on SSI of $572 a month, so I was included on the application, but like I said, most of time Mark talked to me. He also said not to worry about paying our current mortgage or bills that they were going to pay off as they were going to be paying them off so it doesn't make since because the people we would be paying would probably get overpaid and we would have to wait for them to refund us back. Time seemed to drag on and on and Mark kept saying that he was working on it. We were getting very nervous because the bill collectors where calling. Finally, Mark called about 6 PM on April 30 (all documents say April 25 but that was not the date) he said that he finally got us approved and we needed to get down there as fast as we can because the loan needed to close by the end of the month and it was the law. We rushed down there and were made to wait about an hour. Finally Mark and another man came and took us into a room. Set the stack of papers in front of my husband and told him where to sign, I took the papers and immediately noticed some fees and things missing from the pay section. The cash out was now $600 instead of $8,000, the truck, which carried a payment of over $500, wasn't going to be paid and there was a charge for almost $5,000 for some insurance. I questioned it and they said that the insurance was required for the loan, and that they had miscalculated the loan amount and couldn't pay off everything they said they would which I do have in the good faith estimate. Again, they said that this loan had to be closed it was the law and that we could later shop around for a new loan. Make a few payments to build the equity back up and get a new loan. We didn't know at the time that it wasn't the law to close that loan by the end of the month, nor di : (2)


    • Posted by lori u. on July 03, 2002 at 23:16:51:

      In Reply to: PLEASE HELP!LONG BUT PLEASE LISTEN posted by Jill/PA on June 24, 2002 at 02:06:14:

      Unfortunately, I too was victim of predatory lending by Conseco, formerly Greentree financial. Nothing as extreme a your fraud situation, just an overinflated monthly payment for the amount financed, a variable interest rate when I had thought I was signing to a fixed interest rate and absolute vultures as soon as I became behind in payments, with no chance of working with me to cure the default. I know those of you reading this would say, yes but it was all in black and white when I signed the paperwork. That is true, but I was in a bad financial situation and they took advantage of me, and this was the first and last home I will ever own. Unfortunately, this cost me my home and marriage and I am trying to pick up the pieces, so I can sympathize with your situation.

      That was a good step contacting the attorney general's office, and you should follow the follow-up advice you received about contacting a lawyer. Also, did you know that the attorney's fees for filing a chapter 13 are spread out over your repayment period, except for the initial retainer, which is usually about $600 to $800, so if I were you I'd look into that in order to save your home. Also, if you don't already know about him, you should contact Tom Martino, the Troubleshooter; he is a consumer advocate and may be able to do something to help you. Web address is www.troubleshooter.com.

      Good luck! : (0)


    • Posted by njdave on June 24, 2002 at 07:25:51:

      In Reply to: PLEASE HELP!LONG BUT PLEASE LISTEN posted by Jill/PA on June 24, 2002 at 02:06:14:

      Hubby forged a 1099? That's not good. From what you describd, the transaction seems to have some of the elements to be classified as 'predatory', but you could have walked from the closing table.

      I suggest that you DO consult an attorney ASAP.

      If he/she feels that your allegations of lender wrongdoing have merit... and the slap on your husbands's wrists for the forged 1099 would be minimal... you might be able to negotiate a favorable settlement with Conseco...

      Is this likely to happen? No.

      So, be prepared to 1) sell your truck and trade it in for less expensive, reliable transportion; 2) consider a BNK 13 repayment plan to keep the house....

      : (0)


  • Posted by Concerned on June 24, 2002 at 02:02:43:

    How many days or months behind on a mortgage must you be before forclosure can start? : (3)


    • Posted by njdave on June 24, 2002 at 07:43:21:

      In Reply to: When can bank start forclosure posted by Concerned on June 24, 2002 at 02:02:43:

      Depends upon your mortgage note... generally a lender will call if your payment is 15 days late; send a collection letter after 30 days past due; a certified letter advising their intent to foreclose after 45 or 60 days.... then initiate foreclosure after 60 days.

      But, it depends upon your Lender.

      My own second mortgage (in year 12 of a 15 year loan) was sold to Fairbanks. I received a certified letter advising a missed payment and their intent to foreclose...even though they had the loan for less than 60 days....

      It was current, incidently. The 'missed' payment in question (sent via cerified mail) had been sent to the previous mortgagee and had not yet been forwarded.

      Knowing Fairbank's reputation... (I've heard them called a scumbag outfit) we decided to avoid months of unnecessary stress and pay off the loan. I called for a payoff. They charged me $50 for the payoff quote, and an extra $10 to fax me the quote. The charged me $.32 for the 'late notice' that was sent, and $7.90 for a certified letter. Then $150 for the drive-by inspection....

      Instead of disputing the charges.... I sent them a cashiers' check for the entire balance.

      So, a lot depends on the Lender and how they choose to "service" your loan account. : (1)


      • Posted by janie on July 20, 2002 at 21:17:04:

        In Reply to: Re: When can bank start foreclosure posted by njdave on June 24, 2002 at 07:43:21:

        : Depends upon your mortgage note... generally a lender will call if your payment is 15 days late; send a collection letter after 30 days past due; : a certified letter advising their intent to foreclose after 45 or 60 days.... then initiate foreclosure after 60 days.

        : But, it depends upon your Lender.

        : My own second mortgage (in year 12 of a 15 year loan) was sold to Fairbanks. I received a certified letter advising a missed payment and their intent to foreclose...even though they had the loan for less than 60 days....

        : It was current, incidently. The 'missed' payment in question (sent via cerified mail) had been sent to the previous mortgagee and had not yet been forwarded.

        : Knowing Fairbank's reputation... (I've heard them called a scumbag outfit) we decided to avoid months of unnecessary stress and pay off the loan. I called for a payoff. They charged me $50 for the payoff quote, and an extra $10 to fax me the quote. The charged me $.32 for the 'late notice' that was sent, and $7.90 for a certified letter. Then $150 for the drive-by inspection....

        : Instead of disputing the charges.... I sent them a cashiers' check for the entire balance.

        : So, a lot depends on the Lender and how they choose to "service" your loan account.

        This is very interesting. Some relatives of mine also had their payment "misplaced" by Fairbanks when their (2nd) mortgage was bought by Fairbanks. : (0)


  • Posted by katy on June 23, 2002 at 19:11:42:

    i live in north carolina my house is being forclosed on when they come to notify me to get out does anyone know how long the law gives me before i have to leave and remove my belongings : (1)


    • Posted by Jim V on June 24, 2002 at 19:09:58:

      In Reply to: HELP how long can i stay posted by katy on June 23, 2002 at 19:11:42:

      AFTER the foreclosure is completed, you will be given written notice to vacate within 10 days. After the 10 days, the new owner will get a writ of possession and the sheriff will remove you and your property.

      Hope that helps. : (0)


  • Posted by Kari Glennon on June 21, 2002 at 17:33:30:

    If you know of property foreclosure listings in King and Snohomish Counties of Washington, please send them to me.Thanks. : (0)


  • Posted by JAS on June 21, 2002 at 11:42:21:

    Can someone explain the difference between "in lieu of foreclosure" and "Forclosure"? : (1)


    • Posted by Reinstatement Services, Inc. on June 21, 2002 at 12:34:59:

      In Reply to: In Lieu of Foreclosure vs. Foreclosure posted by JAS on June 21, 2002 at 11:42:21:

      In lieu - instead of foreclosureForeclosure - forced sale as a means of addressing an unpaid debt secured by real property.

    • Default and Foreclosure Mediation
    : (0)

  • Posted by Tracy on June 21, 2002 at 09:12:37:

    I am in need of some info. I have a discharged chapter 7, I was able to keep my home, but I lost my job almost a year ago, my house is worth 70,000 but with a second mortage I owe a total of 96,000. I am getting married in a week, he has no claim in my house. If we were to get a new house under his credit and name. Do I just walk away from my home, and who pays the rest of the debt if a foreclosure sale doesn't come up with enough to pay the total?

    help needed in wisconsin : (1)


    • Posted by Stephanie Menart on June 26, 2002 at 17:34:55:

      In Reply to: wisconsin foreclosure informaton needed posted by Tracy on June 21, 2002 at 09:12:37:

      WHere do you live? E-mail me at stmenart@yahoo.com. I am an investor near the Wiscconsin/Minnesota border. I'll see if I can help you in anyway.

      : (0)


  • Posted by Hopeless on June 21, 2002 at 00:49:58:

    My husband and I recently filed chapter 7 and were discharged we also had our home foreclosed on. What are the chances of getting another loan?( I had lost my job and we were so overloaded in debt we got rid of all of our bills except our cars.) Also when we apply for a loan do we have to tell them whether or not we have had a foreclosure or bankruptcy even if the 7 years is up ( live in FL ) What I am asking is; is it possible to get another home loan and is it possible to get a decent interest rate? : (1)


    • Posted by Tina on June 25, 2002 at 12:53:36:

      In Reply to: Foreclosure & Bankruptcy chapt 7 posted by Hopeless on June 21, 2002 at 00:49:58:

      : My husband and I recently filed chapter 7 and were discharged we also had our home foreclosed on. What are the chances of getting another loan?( I had lost my job and we were so overloaded in debt we got rid of all of our bills except our cars.) Also when we apply for a loan do we have to tell them whether or not we have had a foreclosure or bankruptcy even if the 7 years is up ( live in FL ) What I am asking is; is it possible to get another home loan and is it possible to get a decent interest rate? -----All mortgage companies have different policies, how far out of a BK you have to be before they will make loans to you. As far as getting a decent interest rate, wtih the BK and the foreclosure, I'd say it's NOT possible that you will get a decent rate for a few years. Not sure how long. Everyone's policy is different.

      You don't have to worry about telling them about the BK and the foreclosure. They will already know, because it will be on your credit report. Lying about it will only hurt you, because they'll find out no matter what you do.

      This is a mortgage broker who helped me get a refi loan about 9 months out of a BK: Scott Bemisdarfer, Novastar, 877 945 0500 ext 323. Call him and see what he can tell you, and good luck. : (0)


  • Posted by robert on June 20, 2002 at 22:48:48:

    Does an association lien have any special priority or does its recording date establish its order of priority? : (3)


    • Posted by Bob H on June 21, 2002 at 01:31:01:

      In Reply to: assoc liens posted by robert on June 20, 2002 at 22:48:48:

      : Does an association lien have any special priority or does its recording date establish its order of priority?

      ***********************************************It depends on several factors: Some association liens are perpetual liens, meaning the lien priority dates to the date of recording of the original declaration.

      Also some states have enacted legistation that grants association liens status that is similar to property taxes as to survivability in a foreclosure situation.

      Your best bet is to research your state statutes and read the CC& R's for the property in question, or call a real estate attorney in your area.

      : (2)


      • Posted by robert heyne on June 21, 2002 at 03:27:38:

        In Reply to: Re: assoc liens posted by Bob H on June 21, 2002 at 01:31:01:

        bob, thanks for your response. After I posted the question, I found infor that states that in California, association liens are given priority as any other lien, by recording date. I'm assuming that this is correct.

        rob: : Does an association lien have any special priority or does its recording date establish its order of priority?

        : ***********************************************: It depends on several factors: Some association liens are perpetual liens, meaning the lien priority dates to the date of recording of the original declaration.

        : Also some states have enacted legistation that grants association liens status that is similar to property taxes as to survivability in a foreclosure situation.

        : Your best bet is to research your state statutes and read the CC& R's for the property in question, or call a real estate attorney in your area.

        : (1)


        • Posted by Jim V on June 24, 2002 at 19:16:52:

          In Reply to: assoc liens posted by robert heyne on June 21, 2002 at 03:27:38:

          Robert,

          You might want to look at that a little closer. Assoc. liens in CA being foreclosed have their priority set from the NOD date. They are virtually always junior.I don't have legal cites in front of me on it, but Ward might. You might try mailing him.Another thing to keep in mind is that title insurance can be an issue for resale due to the involuntary nature of the lien. : (0)


  • Posted by CHAD STREYFFELER on June 20, 2002 at 22:39:16:

    PLEASE SEND ME FORECLOSURE LISTINGS FOR THE CHARLESTON S.C. THANKS : (2)


    • Posted by Clement Ho on June 26, 2002 at 19:02:21:

      In Reply to: I NEED FORECLOSURES posted by CHAD STREYFFELER on June 20, 2002 at 22:39:16:

      : PLEASE SEND ME FORECLOSURE LISTINGS FOR THE CHARLESTON S.C. THANKS

      Why don't you guys try realtytrac.com? They charge 20 bucks a mth. and you can have as much listing as you want. Nationwide. : (0)


    • Posted by Richard on June 21, 2002 at 23:14:57:

      In Reply to: I NEED FORECLOSURES posted by CHAD STREYFFELER on June 20, 2002 at 22:39:16:

      : PLEASE SEND ME FORECLOSURE LISTINGS FOR THE Chicago area

      : (0)


  • Posted by Tim Williams on June 20, 2002 at 21:37:34:

    Please advise:I purchased property "A" 5 years ago for $75,000I now have an offer of $140k on the table.

    I will profit approx. $65k from the sale.

    I wish to buy property B, which is a $100k home inneed of repairs. I can get it for $75k.

    Since my actual profit on property A is only $65k,will property B quality as a 1031 Exchange since I am investing my entire profits from property A?

    Or, am I required to purchase property at the fullsales price (or higher) of property A to qualify for1031?

    I can be reached at timw@erols.com, or post here.Thanks!!!



    : (1)


    • Posted by Bob H on June 21, 2002 at 01:15:10:

      In Reply to: 1031 Exchange Question posted by Tim Williams on June 20, 2002 at 21:37:34:

      As a general rule, the replacement property ("B") has to be of equal or greater value than the exchange property ("A") to qualify for tax deferred status.

      I think there is a provision in the tax code that allows you to adjust the value of "B" via capital improvements made within a specified time frame after purchase, but I don't know the details. Check with a good CPA. : (0)


  • Posted by In trouble in Washington state on June 20, 2002 at 20:50:47:

    I live in Wa state. My husband and I both lost our jobs and have fallen behind in our mortage payments. I have not paid for May or June. We have 11.375% rate and just can't make the payments any longer. They sent a notice saying I have til July 13th to pay everything current or they will begin foreclosure on my house.What is going to happen at that point? How long will I have before I have to leave my home?? I have heard everything from 6 weeks to a year.Also, can I put the foreclosure expenses on a bankrupcy??Help........ : (3)


    • Posted by char jones on June 23, 2002 at 02:26:02:

      In Reply to: How long before I have to leave my home? posted by In trouble in Washington state on June 20, 2002 at 20:50:47:

      : I live in Wa state. My husband and I both lost our jobs and have fallen behind in our mortage payments. I have not paid for May or June. We have 11.375% rate and just can't make the payments any longer. : They sent a notice saying I have til July 13th to pay everything current or they will begin foreclosure on my house.: What is going to happen at that point? How long will I have before I have to leave my home?? I have heard everything from 6 weeks to a year.: Also, can I put the foreclosure expenses on a bankrupcy??: Help........

      HI! How I wish I could help you!! My husband and I, and our teenage son are living in an apt. near our home..we were evicted in Dec. of 2001, On Sept. 12..a "realtor" came to my home and said "LEAVE"! Well..we had fallen behind on our pymts. months before due to bank errors, and our "equity accelerator " program" going awry as a result. I made double payments for 3 months..was all caught up, but Chase chose to spread the payments over next few months, even though I had to wire the payments at 8 in morning here, they credited only half of one next week, as a reasult, they were showing huge late fees still. I received a letter saying our acct. was forwarded to a firm of trustees in Belevue for foreclosure! I called, horrified, they said they would post property, this never occured, in spite of receiving 9 copies certfied mail. I wrote detailed hardship letter, furnished all financial docs requestwed and sent 3000 dollars..by airborne express. In spite of this..foreclosure continued. I was having daily panic attacks until..we received confirmation and acceptance of our modified loan by chase investors. I sent all and was told foreclosurwe sale of May 11 was postponed. Due to slow of mail and Chase..all was not completed till near end of June..I called and wrote..asking about July and August payments. I was told to continue sending pay to Ohio office till all was recorded. I sent August payment and called for confirm, was tolld not to worry..so..next thing is this "person" telling me our home was foreclosed on August 31, back to FNMA. So..I went to see attorney, couldn't bwelieve this!! He said..too bad, its sold! Not true! So..next..in Oct. we get a summons to show cause, writ of restitution, which I know now means..get out! The realtor is evicting you! I didn'y know this then..as I believed it wqas a summons to show why we should not be evicted. We;ll...Judge Sawyer, Mason County would not listen to me or look at docs I brought, he also denied me an extension to have attorney there. So on Nov. 19, I lost that! I went to attorney again..he said he would work on injunction..11 days later, the realtor came with a "sherriff"". they said get out..we slept 2 nights in motel and found this apt. here, hopingh to be close to our home so they wouldn't be able to alter or sell it, or as we now see..ransacked it of all our heirlooms, etc. we couldn't move. Now, it is "sold" to a couple who are actually part of our eviction! It gets worse but..I will write u more if u wish..I want to save you!! We saved and saved, had our property for 25 years and literally dug it out of land by hand! So..write me, I will tell u all I know, ok? Aldo..if u are with a major bank, ask immediately to speak to a home counselor at HUD or FNMA. OR..first..speak to the loss mitigation dept. tell them time is of the essense and you wish to do a "workout"" My prayers are with you!!! CHAR : (2)


      • Posted by Dinah on June 29, 2002 at 15:53:55:

        In Reply to: Re: How long before I have to leave my home? posted by char jones on June 23, 2002 at 02:26:02:

        : : I live in Wa state. My husband and I both lost our jobs and have fallen behind in our mortage payments. I have not paid for May or June. We have 11.375% rate and just can't make the payments any longer. : : They sent a notice saying I have til July 13th to pay everything current or they will begin foreclosure on my house.: : What is going to happen at that point? How long will I have before I have to leave my home?? I have heard everything from 6 weeks to a year.: : Also, can I put the foreclosure expenses on a bankrupcy??: : Help........

        : HI!: How I wish I could help you!! My husband and I, and our teenage son are living in an apt. near our home..we were evicted in Dec. of 2001, On Sept. 12..a "realtor" came to my home and said "LEAVE"! Well..we had fallen behind on our pymts. months before due to bank errors, and our "equity accelerator " program" going awry as a result. I made double payments for 3 months..was all caught up, but Chase chose to spread the payments over next few months, even though I had to wire the payments at 8 in morning here, they credited only half of one next week, as a reasult, they were showing huge late fees still. I received a letter saying our acct. was forwarded to a firm of trustees in Belevue for foreclosure! I called, horrified, they said they would post property, this never occured, in spite of receiving 9 copies certfied mail. I wrote detailed hardship letter, furnished all financial docs requestwed and sent 3000 dollars..by airborne express. In spite of this..foreclosure continued. I was having daily panic attacks until..we received confirmation and acceptance of our modified loan by chase investors. I sent all and was told foreclosurwe sale of May 11 was postponed. Due to slow of mail and Chase..all was not completed till near end of June..I called and wrote..asking about July and August payments. I was told to continue sending pay to Ohio office till all was recorded. I sent August payment and called for confirm, was tolld not to worry..so..next thing is this "person" telling me our home was foreclosed on August 31, back to FNMA. So..I went to see attorney, couldn't bwelieve this!! He said..too bad, its sold! Not true! So..next..in Oct. we get a summons to show cause, writ of restitution, which I know now means..get out! The realtor is evicting you! I didn'y know this then..as I believed it wqas a summons to show why we should not be evicted. We;ll...Judge Sawyer, Mason County would not listen to me or look at docs I brought, he also denied me an extension to have attorney there. So on Nov. 19, I lost that! I went to attorney again..he said he would work on injunction..11 days later, the realtor came with a "sherriff"". they said get out..we slept 2 nights in motel and found this apt. here, hopingh to be close to our home so they wouldn't be able to alter or sell it, or as we now see..ransacked it of all our heirlooms, etc. we couldn't move. Now, it is "sold" to a couple who are actually part of our eviction!: It gets worse but..I will write u more if u wish..I want to save you!! We saved and saved, had our property for 25 years and literally dug it out of land by hand! So..write me, I will tell u all I know, ok? Aldo..if u are with a major bank, ask immediately to speak to a home counselor at HUD or FNMA. OR..first..speak to the loss mitigation dept. tell them time is of the essense and you wish to do a "workout"" My prayers are with you!!! CHAR

        : (1)


        • Posted by Dinah on June 29, 2002 at 16:01:12:

          In Reply to: Re: How long before I have to leave my home? posted by Dinah on June 29, 2002 at 15:53:55:

          we are being told by our mortgage company that even though we were making the amount of our re-payment arrangement that unless we pay another $2900 they will foreclose on our home. We live in MI and have nothing but problems since we were sold to them almost 2 years ago. We are first time home owners and not sure of what to do and how the foreclosure process works. If you have any suggestions please e-mail me, we don't want to lose our home, but that's money they say we owe after the payments made and it's alot to come up all at once when you find out they'll foreclose otherwise. : (0)


  • Posted by Jason on June 20, 2002 at 19:47:07:

    I have an opportunity to take over a home in California that is in the preforeclosure process that has equity. I am trying to determine the different options I have of taking over the property. Can someone clarify if the following will work and the potential problems to look out for. Pls also answer the questions below.

    - Perform necessary title search.- The owner signs the grant deed over to me. - The note stays in the current owners name. - After recording the deed, I pay the lender the amt owed including penalties.- The lender stops the foreclosure process and I either refinance the note in my name or sell the property.

    1. Do I need to open escrow or can I handle the process myself?2. Do I need to notify the owners current lender?3. Is it correct that the current owner has 5 days to cancel the transaction? When does the five days start? Once the 5 days is over, does the owner have any rights to the property.4. I have also heard if the lender notices that a different person is paying for the loan they may call the loan due in 5 days? What happens at that point? Does the lender take the property after 5 days or do they just restart another 90 day foreclosure period?5. If someone does this as a business, should they form a corporation and make all transactions in the corporations name?

    Any help would be greatly appreciated.Thanks

    : (0)


  • Posted by Debby on June 20, 2002 at 19:00:03:

    My husband and I live in Oregon and have just begun Chpt. 7 proceedings. We have no equity in the house we live in so it will be exempt--no other assets either. However, we have another house that has been an off and on rental for the past three years and has been on the market for 1 1/2 years w/o an offer. We owe 67000 on the first and are current. We owe 23000 on the second and haven't paid since October 2001. My brother in law co signed the first. The second is held in only mine and my husbands name. We had hoped for a short sale before the bankruptcy finishes but arent optimistic. We have heard through the realtor that the second was contemplating foreclosure. What is the most likely scenario? The county assesses the house's value at 79000. How will our foreclosure affect my brother in law if we continue to make the payments and never miss one or be late? (haven't yet). He doesn't want the house. We have an attorney but would still like some more infor however speculative. Thanks : (0)


  • Posted by BRachael on June 20, 2002 at 11:55:52:

    Is filing bankruptcy the same as the bank foreclosing on your home? If not please explain the differences. : (1)


    • Posted by njdave on June 20, 2002 at 15:43:57:

      In Reply to: Foreclosure v.s Bankruptcy posted by BRachael on June 20, 2002 at 11:55:52:

      You'll probably want to read several responses... but no, "bankruptcy" and "foreclosure" are not the same thing.

      "Foreclosure" is a legal procedure by which mortgaged property is sold to satisfy debt. When you can no longer make payments on your mortgage loan, the Lender can FORECLOSE the mortgage, meaning that they will use whatever means available to force the sale of your home to pay off your debt. How your Lender goes about that process differs from state to state.

      The act of "filing a bankruptcy petition" initiates a bankruptcy in which a Borrower seeks the Court to help manage &/or discharge his or her debts.

      Sometimes, a certain type of "bankruptcy" can be used to help a Borrower to keep his or her home, saving it from foreclosure. : (0)


  • Posted by Mark on June 20, 2002 at 00:37:25:

    About a year ago my wife & I files chapter 13, after that we fell behind with the house payments, wells fargo just got a relef of stay about a week ago. I talked to a realastate broker and said that he could sell this 2 family home really fast , that there's a big market in this area for 2 familys, how long do i have before the forcloser? Should i call wells Fargo and explain that my wife & i are going through a divorce? I owe 91.191 on the house my broker said that in my neighborhood 2 familys are going for 150.000. I will be able to pay the lender off in full and still have a few bucks left over... I hope! please someone respond so i can get some sleep for once : (1)


    • Posted by Mark on June 20, 2002 at 00:46:00:

      In Reply to: sale of home posted by Mark on June 20, 2002 at 00:37:25:

      : About a year ago my wife & I files chapter 13, after that we fell behind with the house payments, wells fargo just got a relef of stay about a week ago. I talked to a realastate broker and said that he could sell this 2 family home really fast , that there's a big market in this area for 2 familys, how long do i have before the forcloser? Should i call wells Fargo and explain that my wife & i are going through a divorce? I owe 91.191 on the house my broker said that in my neighborhood 2 familys are going for 150.000. I will be able to pay the lender off in full and still have a few bucks left over... I hope! please someone respond so i can get some sleep for once (I forgot to mention that im located in New Bedford MA.)

      : (0)


  • Posted by Becky on June 19, 2002 at 17:41:42:

    What do we do now. Our house was sold last week. They way we were told was by the new owner who bought the house came over and introduced himself as the new owner and that we had 20 days to move out. We have lived in the house for 25+ years. My mom ran into some problems with the co. in 2000. She had fell behind on the payments and I think it was like every week there was a new posting put on our house of a Foreclosure. What happened was that my mom's account was not credited for the amout she was behind, by accident the money was credited to someone elses account. To clean this problem up it took about March of 2001. By then we were served with papers that the house was gonna be taken away. Anyways, to make this short. My mom agreed to make her regular house payment and then some which came out to a little over $1,000 a month jsut to keep the house. Last month she ran into some money problems and called the co. to let them know of her situation. They began to tell her she had 10 days after her due date to make the house payment and have no penalties. Well we ran into Memorial weekend in which she was unable to make the house payment til the next day. They foreclosed on the house being a day late. The mortgage company had a weeks time to let us know that they would sell the house but we did not receive the letter til the day after the house was sold. Should my mom seek legal advice or should we start looking for a place. Please help. : (2)


    • Posted by njdave on June 19, 2002 at 17:59:11:

      In Reply to: House Sold Underneath Us..Now they say we have 20 days to get out!!! HELP!!! posted by Becky on June 19, 2002 at 17:41:42:

      Please email or call us. We'll need to know much, much more before we can make any recommendation whatsoever.

    • nonprofit org might help you to understand your options
    : (1)

    • Posted by kurt a ericson on June 23, 2002 at 12:45:57:

      In Reply to: Re: Get some help....ASAP posted by njdave on June 19, 2002 at 17:59:11:

      i would need to know more about the bank, and the date it got sold befor i could help you. write be back at this e-mail and i will give you a number to call me at. are you still in the house?kurt : (0)


  • Posted by Jennie on June 19, 2002 at 17:24:30:

    I cannot afford my falling apart house any longer nor can I put any money into it to fix. (and my car just died!. I work full time and am a single mom. I tried one of those "We buy houses" and they couldn't give me what I owe (66,000). I contacted my loan company and they recommended I talk to Homeowner's Assistance. HA said house HAS to be on retail market 45 days before they can do a 'short sale' and 90 days before a 'deed in lieu' can be pursued. i really don't have that much time. This months payment is late. House needs painting, roof leaks, basement leaks, few holes in walls, ancient furnace... Any ideas?? I'm pretty desperate. I do have a place to go to, I really need to get rid of this house. : (1)


    • Posted by njdave on June 21, 2002 at 07:40:02:

      In Reply to: how to get rid of house posted by Jennie on June 19, 2002 at 17:24:30:

      read "Get some Help ASAP" directly above your post. It could apply to you, too. : (0)


  • Posted by joemama on June 19, 2002 at 17:21:28:

    does anyone know of any good free sites that list foreclosures? All these sites want to pay but that info must be out there free... : (5)


    • Posted by Pamela on June 22, 2002 at 20:53:02:

      In Reply to: Anyone find any good FREE sites that list foreclosures? posted by joemama on June 19, 2002 at 17:21:28:

      eBay Real Estate has the FREE foreclosure from HUD.. DO NOT PAY TO GET THIS INFORMATION FROM ANOTHER SITE !! : (0)


    • Posted by trel on June 19, 2002 at 19:17:00:

      In Reply to: Anyone find any good FREE sites that list foreclosures? posted by joemama on June 19, 2002 at 17:21:28:

      The sites want you to pay because it costs them money to aggregate the data and present it to you in a convenient format. (Well, some just steal data from other sites... but that's a different subject)

      Some, but not all of the data is available on individual web sites, like hud.gov, etc. It's out there... you just have to go find it.

      trel

      : (3)


      • Posted by joemama1313 on June 19, 2002 at 20:19:08:

        In Reply to: Re: Anyone find any good FREE sites that list foreclosures? posted by trel on June 19, 2002 at 19:17:00:

        thanks... somebody just told me eBay's got some stuff... does anyone know about that?

        : (2)


        • Posted by Jim V on June 19, 2002 at 20:38:01:

          In Reply to: Re: Anyone find any good FREE sites that list foreclosures? posted by joemama1313 on June 19, 2002 at 20:19:08:

          you might find a page where you could find "Bank Owned Properties".

          : (1)


          • Posted by bradley on June 20, 2002 at 20:45:12:

            In Reply to: Re: I suppose if you looked around REALLY hard..... posted by Jim V on June 19, 2002 at 20:38:01:

            I have actually used the ebay site and it's got a lot of stuff. lots of HUD, VA and other stuff... user interface could use a bit of work though...

            www.ebayrealestate.net

            : (0)


  • Posted by douglas on June 19, 2002 at 16:34:03:

    I live in nj and I received information from a family friend that she knew of someone who needed to sell her house. She only had the house one year and previous filed for bankrupty before. I have offer the bank close to the amount owed on the house the refuse to accept this offer. the amount owed is way over the appraisal amount should i back away from this deal or wait for them foreclosed on property then try to get the house. : (0)


  • Posted by Broke Divorcee on June 19, 2002 at 16:26:23:

    What are the financial, tax, and other (criminal, perhaps?) differences in repercussions between foreclosure and bankruptcy?

    I have a house I cannot afford and I’m also about $20,000 UPSIDE down on. I currently have a real estate attorney working on this for me. He is trying to get the mortgage company to agree to either a short sell or deed-in-lieu. However, he’s not a bankruptcy attorney.

    Could someone please explain to me the differences. For example, if I let them foreclose, what are the repercussions on my credit and for how long? How can I determine if or how much I will owe the mortgage company? What's the lesser of two evils? Please help. : (0)


  • Posted by AMy From Oklahoma AGain on June 19, 2002 at 09:44:08:

    To continue our last conversation over the past two weeks . I have spoken to a lawyer and we have deceided that a Chapter 7 would work for us. He thinks a Chapter 7 would not be a problem. I went ahead and filled out the paper work and put him on retainer. Any things I should be aware of or possible problems that might occur? I am behind May and now June payment on the mortgage. Should I contact all my creditors to tell them the situation or let him take care of that. We are keeping some of our debt. Cars, loans from same credit union. : (1)


    • Posted by Jim V on June 19, 2002 at 20:53:33:

      In Reply to: AMy From Oklahoma continue posted by AMy From Oklahoma AGain on June 19, 2002 at 09:44:08:

      Amy,

      Part of the point of retaining an attorney is to obtain specific legal advice regarding your individual situation. Since they have complete and exact details on your situation, follow their advice.

      I think you've moved beyond the generic help that can be given on a message board(That's not a bad thing).Good luck with it. : (0)


  • Posted by Kathleen on June 19, 2002 at 07:50:45:

    Does anyone know if we will have to move out before the sherrif's auction on our house after chapter 7 and foreclosure? We live in Missouri. As in earlier post, we will loose our house and are hoping my mom can buy at auction, so we don't want to move out if we don't have to for a month during this, if she is successful at the auction. Thanks! : (0)


  • Posted by getdownbrown on June 19, 2002 at 00:06:36:

    My X owes us 40,000. in back child support. He and his second wife are divorced. The property is in both of their names. His name is first on the deed and the taxes are being payed. Their youngest child will be turning 18 years old real soon. The house will have to be sold, that is a part of the divorce agreement. The friend of the court has sent a lien form to the court, for the Judge to sign, in-order to place the lien on the property. My question is: Because her name is on the warrenty deed with his, will this stop us from receiving payment and will I need a lawyer to help me get payment? By the way we live in Michigan. I would like more than one responce. I will be looking forward to lots of answers.

    ThanksGetdownbrown









    : (2)


    • Posted by Getdownbrown on June 19, 2002 at 00:23:22:

      In Reply to: Warrenty Deed Lien posted by getdownbrown on June 19, 2002 at 00:06:36:

      By the way its questions not question. : (0)


    • Posted by Getdownbrown on June 19, 2002 at 00:17:07:

      In Reply to: Warrenty Deed Lien posted by getdownbrown on June 19, 2002 at 00:06:36:

      : My X owes us 40,000. in back child support. He and his second wife are divorced. The property is in both of their names. His name is first on the deed and the taxes are being payed. Their youngest child will be turning 18 years old real soon. The house will have to be sold, that is a part of the divorce agreement. The friend of the court has sent a lien form to the court, for the Judge to sign, in-order to place the lien on the property. These are my questions: Because her name is on the warrenty deed with his, will this stop us from receiving payment and will I need a lawyer to help me get payment? By the way we live in Michigan. I would like more than one responce. I will be looking forward to lots of answers.

      : Thanks: Getdownbrown

      : (0)


  • Posted by Jo on June 18, 2002 at 17:37:49:

    I have a home in a small town near Birmingham, AL that I have just received notice of accelerated mortgage, i.e. foreclosure around the corner. Exhubby and I are divorced, and I am in another state now. I have signed quitclaim over to him (per divorce agreement), but my atty says he hasn't answered. I don't feel he has the means to take over payments now with new girlfriend. I feel confident he would want this home off our credit record if someone wanted it as is, possibly a break even sale for what is owed with 2 mortgages. Lender would not talk to me during my bankruptcy, although exhubby didn't file, as far as I know. : (0)


  • Posted by Becky on June 18, 2002 at 17:30:28:

    I have not been able to make my payments for May or June at this time. I contacted my lender and they set up a payment plan to do a payment and a half on 06/28 and a payment and a half on 07/25/02. The letter they sent indicated that if they did not receive the payments as indicated, they would begin foreclosure proceedings. The problem is I can make a full payment on 06/28/02, but I do not have the other half. I thought I would be okay as long as I do not go over 60 days past due? I am trying to catch up, but cannot come up with a half of a payment two months in a row. I verbally agreed to the payment arrangement and thought I could borrow the other half payment from relatives. However, that plan has fallen through. I don't know what to do. : (0)


  • Posted by Tina Fuentes on June 18, 2002 at 13:46:47:

    I divorced my husband in 1990 and he never refinanced the house. He was awarded the house and the debit, however, now the house foreclosed and it is hurting my credit. What can I do? : (2)


    • Posted by Chuck Hastings on June 29, 2002 at 14:27:17:

      In Reply to: divorce and foreclosure posted by Tina Fuentes on June 18, 2002 at 13:46:47:

      : I divorced my husband in 1990 and he never refinanced the house. He was awarded the house and the debit, however, now the house foreclosed and it is hurting my credit. What can I do?

      : I can help you! candssting@aol.com

      : (0)


    • Posted by Chuck Hastings on June 29, 2002 at 14:25:46:

      In Reply to: divorce and foreclosure posted by Tina Fuentes on June 18, 2002 at 13:46:47:

      : I divorced my husband in 1990 and he never refinanced the house. He was awarded the house and the debit, however, now the house foreclosed and it is hurting my credit. What can I do?

      : I can help you! candssting@aol.com : (0)


  • Posted by TXlandowner on June 18, 2002 at 11:50:33:

    I live in Texas and I need information on how to purchase a piece of property that is in (or about to go) into foreclosure. I want to buy it because the property is adjacent to mine. For this reason, I am willing to pay whatever it takes to get it. The owner will not sell to me and here's what I know about her situation. The owner was recently notified that her "home equity loan" on the property would be foreclosed on if she didn't pay a certain amount by a certain date. She just took out this loan 16 months ago. By selling some personal property, she was able come up with the money the day after the deadline. I am assuming this took care of the bank for now. Another thing I found out at our local County Appraisal Office is that the bank that holds this loan has paid the taxes on this property. Is it common for a bank to pay past due taxes on property for which they hold a loan? (These taxes had been delinquent for years. The local school district recently sold off some of this owner‘s nearby property due to delinquent taxes.) Should I contact the bank that holds the loan and let them know I want to buy this property? Would the bank be more inclined to follow through with the foreclosure on a loan that is already in default after only a year? Would the bank be less willing to work with the current owner if they knew they had a definite buyer? Or should I just wait for the inevitable foreclosure to take place? Thank you for your help.. : (0)


  • Posted by dana on June 18, 2002 at 10:46:17:

    We are current on our FHA house payment (never been late).We are both in deadend jobs abdfacing possible lay offs. (State Workers)We want to move back ot our hometown since job opportunites are better.

    We have our house on the market ( we have only been in it a year so there is no equity) but it is a SLOW MARKET and we have problem neighbors...Also the houses that are selling are going ofr 30k LESS than what we listed at to break even.

    My question is how do we get out of this??

    Will the lender even talk to us about a short sale since we are not beheind?We haven't lost our jobs yet so how do we prove hardship?

    Is there anything we can do??? : (0)


  • Posted by Kathleen on June 18, 2002 at 09:08:01:

    My husband and I are going to file for a Chapter 7 and we will loose our house. My mom has offered to buy the house back (from the bank or at auction) and we would rent from her. We won't have a problem making the payments, our bankruptcy is due to huge business loans.

    What will the process be for us vacating the process? Will we have to move out before the auction? Or can she go directly to the bank and make an offer? If so would she have a better chance at buying by offering market value rather than trying to get a bargain?

    I sure would appreciate some help. We are dealing with a bankruptcy attorney, but in the process of filling out the paper work, I have new questions everyday. Thanks! : (4)


    • Posted by Reinstatement Services, Inc. on June 18, 2002 at 11:18:50:

      In Reply to: foreclosure after Chapter 7 - Can Mom rebuy at auction? posted by Kathleen on June 18, 2002 at 09:08:01:

    • Default andForeclosure Mediation
    : (3)

    • Posted by Kathleen on June 18, 2002 at 16:45:50:

      In Reply to: Why not have mom purchase directly from you prior to the auction? posted by Reinstatement Services, Inc. on June 18, 2002 at 11:18:50:

      We can't sell directly because we have two leins on the property - one a second to pay off student loans (in a tax deductable way) and one on a huge business loan that we (not so wisely) put our house up as collaterol on. Any other thoughts? : (2)


      • Posted by Reinstatement Services, Inc. on June 18, 2002 at 18:12:01:

        In Reply to: Re: Why not have mom purchase directly from you prior to the auction? posted by Kathleen on June 18, 2002 at 16:45:50:

        Probably best to let the property go to auction and have mom bid then.

      • Default and Foreclosure Mediation
      : (1)

      • Posted by kathleen on June 18, 2002 at 22:07:52:

        In Reply to: Re: Why not have mom purchase directly from you prior to the auction? posted by Reinstatement Services, Inc. on June 18, 2002 at 18:12:01:

        I know the time line may depend on the state(which is Missouri), but can anyone tell me if you think we will have to be out of the property before it would be auction? I have read in a normal foreclosure we wouldn't have to, just wondering after filing for chapter 7 if we would. We are obviously hoping we wouldn't.

        : Probably best to let the property go to auction and have mom bid then.

        : (0)


  • Posted by Kathleen on June 18, 2002 at 09:07:07:

    My husband and I are going to file for a Chapter 7 and we will loose our house. My mom has offered to buy the house back (from the bank or at auction) and we would rent from her. We won't have a problem making the payments, our bankruptcy is due to huge business loans.

    What will the process be for us vacating the process? Will we have to move out before the auction? Or can she go directly to the bank and make an offer? If so would she have a better chance at selling by offering market value rather than trying to get a bargain?

    I sure would appreciate some help. We are dealing with a bankruptcy attorney, but in the process of filling out the paper work, I have new questions everyday. Thanks! : (1)


    • Posted by Nick(Colorado) on June 18, 2002 at 11:17:30:

      In Reply to: foreclosure after Chapter 7 - Can Mom rebuy at auction? posted by Kathleen on June 18, 2002 at 09:07:07:

      Kathleen:

      You did not indicate what state you are in. This maydictate what type of "deal" could be had at action. From your point of view it would be better to get theproperty before the foreclosure. This will look betteron your credit, with only N months late, but no foreclosure. : (0)


  • Posted by Guy Luck on June 18, 2002 at 07:57:23:

    Iam currently ina three year rental agreement on a house. The requirements were first/last months rent at $1,000.00 per with a $1000.00pet/damage deposit.We are current on all paayments.We just found out that our landlord stopped paying the mortgage payments. The house has been foreclosed and will be sold on July 3,2002. My landlord uses only her answering machine and will not return any caalls.Please, will someone help us with some recommenations.thank you : (0)


  • Posted by Jo on June 17, 2002 at 22:04:55:

    This is a long story. Last year I filed bankruptcy Chap 7 intending to keep our marital house. I had husband sign a quitclaim deed as part of divorce, then he proceeded to back out of paying alimony and child support. I put a court ordered garnishee on his wages to collect child support, but he did not owe 'back' support and alimony enough to justify the $500 retainer . This caused me to slip in payments, and I tried to call lender of 1st mortgage to see if we could work a 3 month moratorium to help me with major repairs to put house on market. Lender said I was not discharged from bankruptcy, and they could not work with me, and any amt paid would not count as a 'good faith' try until it fulfilled amt owed PLUS late fees, which add up rather quickly. During this time, I lost my job, and called bankruptcy atty to see if home debt could NOW be added to bankruptcy as it was not yet discharged so still in progress. Flurry of letters to court, but result was discharge was Nov 19 and letter was dated Nov 23. I left the home as I did not have enough money for power bills for heat, and moved out of state with fiancee' 6 mos after divorce from exhusband. Before signing our divorce agreement exhusband asked that decree state that home revert to him in the event that I leave the home within 24 mos. which did happen. I get a copy of a letter today from my atty than he has not yet filed quitclaim waiting for him, where I signed the home over to him to file the title deed in county seat. I also received notice from 2nd mortgage co. that foreclosure is beginning, and there is some reference to IRS penalties for foreclosure. What does the IRS have to take from me, now that the only income I have is from child support, and I have no job? I realize my name is still on mortgage note, but do not know what the outcome of all this is likely to be. Any help or insight is appreciated. : (1)


    • Posted by Jim V on June 19, 2002 at 19:25:38:

      In Reply to: bankruptcy,divorce,lost job,quitclaim,foreclosure,IRS? posted by Jo on June 17, 2002 at 22:04:55:

      Assuming the first lender forecloses after your discharged bankruptcy, either the first or the second could seek a deficiency judgement against you if your state law allows it. Deficiency judgements, even if allowed, aren't always pursued because if the lender cannot collect, there is no point in spending time/money on the judgement.

      The IRS comes into play when a lender forgives debt. The forgiven(uncollectable) debt is considered income by the IRS and is taxable. However, the IRS has provisions where if the howeowner is insolvent, the forgiven debt may not be taxable. The IRS website has a little more information on that. A good argument for insolvency would be a bankruptcy and foreclosure.

      If there is any way possible, professional assistance should be sought regarding the tax and possible judgement issues.

      : This is a long story. Last year I filed bankruptcy Chap 7 intending to keep our marital house. I had husband sign a quitclaim deed as part of divorce, then he proceeded to back out of paying alimony and child support. I put a court ordered garnishee on his wages to collect child support, but he did not owe 'back' support and alimony enough to justify the $500 retainer . This caused me to slip in payments, and I tried to call lender of 1st mortgage to see if we could work a 3 month moratorium to help me with major repairs to put house on market. Lender said I was not discharged from bankruptcy, and they could not work with me, and any amt paid would not count as a 'good faith' try until it fulfilled amt owed PLUS late fees, which add up rather quickly. During this time, I lost my job, and called bankruptcy atty to see if home debt could NOW be added to bankruptcy as it was not yet discharged so still in progress. Flurry of letters to court, but result was discharge was Nov 19 and letter was dated Nov 23. I left the home as I did not have enough money for power bills for heat, and moved out of state with fiancee' 6 mos after divorce from exhusband. Before signing our divorce agreement exhusband asked that decree state that home revert to him in the event that I leave the home within 24 mos. which did happen. I get a copy of a letter today from my atty than he has not yet filed quitclaim waiting for him, where I signed the home over to him to file the title deed in county seat. I also received notice from 2nd mortgage co. that foreclosure is beginning, and there is some reference to IRS penalties for foreclosure. What does the IRS have to take from me, now that the only income I have is from child support, and I have no job? I realize my name is still on mortgage note, but do not know what the outcome of all this is likely to be. Any help or insight is appreciated.

      : (0)


  • Posted by Schanell on June 17, 2002 at 20:57:52:

    My sister recently filed banruptcy but did not include her home. She now needs out of the home because they need to move near me. The house continues to appraise for $30,000 less than what they owe and $15,000 less than what they paid for it. They have thought about lettin them foreclose on it. Question: If they let them foreclose on it and it auctions for say $60,000 less than what they owe are they stuck with the bill? They can't afford the house anymore nor can they afford a $60,000 ticket on their credit to pay. : (4)


    • Posted by Reinstatement Services, Inc. on June 17, 2002 at 23:11:17:

      In Reply to: foreclosure: what happens if home doesn't measure up? posted by Schanell on June 17, 2002 at 20:57:52:

      There might be options worth exploring such as a deed-in-lieu or short sale that will allow you to circumvent the repercussions of foreclosure.

      State laws will determine whether your lender will be entitled to pursue a deficiency judgment. : (3)


      • Posted by Schanell on June 18, 2002 at 04:30:33:

        In Reply to: That's why a workout is always better posted by Reinstatement Services, Inc. on June 17, 2002 at 23:11:17:

        : There might be options worth exploring such as a deed-in-lieu or short sale that will allow you to circumvent the repercussions of foreclosure.

        : State laws will determine whether your lender will be entitled to pursue a deficiency judgment.

        : (2)


        • Posted by Schanell on June 18, 2002 at 04:38:43:

          In Reply to: Re: That's why a workout is always better posted by Schanell on June 18, 2002 at 04:30:33:

          Where can I find information on Utahs' state laws.This house is a money pit. My sister is a loyal person and will not let the house go unless it is legit and no one is hurt. She is not trying to dump it. She's just trying to pursue he love of music and Utah is not the place. She needs to be here with me. PLEASE HELP!!!!!

          : (1)


          • Posted by Reinsttement Services, Inc. on June 18, 2002 at 11:43:07:

            In Reply to: Re: That's why a workout is always better posted by Schanell on June 18, 2002 at 04:38:43:

            Although the length of the foreclosure process varies from lender to lender, loan to loan, and state to state, HUD maximum timeline for months in foreclosure is 5.5 months.

            On average, however, the foreclosure process usually begins with a NOD being filed and takes approximately 4 months to complete if allowed to proceed uninterrupted.

            Although in Utah, your sister's lender would be within his rights to pursue a deficiency judgment, the statute of limitations for filing in pursuit is 3 months.

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          : (0)

  • Posted by Karl Schonian on June 17, 2002 at 20:49:39:

    looking for the foreclosure list for the lousiana area. Preferably Baton Rouge. Please contact via e-mail kschoni@schocorp.com or phone 225-923-1080 : (0)


  • Posted by Keith on June 17, 2002 at 15:32:41:

    In CA and going through the divorce thing. She wishes to refi the house but can only partially buy me out due to her credit and limit of the percentage the bank is allowing her to borrow against the appraised value. If I were to allow her to sign a Note I would have a lien in the house. If she defaults on my note but not the bank, can I foreclose? If the bank starts the procedures first, am I at the mercy of what the house is sold for and only get what's left, if any? Would I be able to pressure other routes for the collection (wage garnishment)? I'm trying to be a nice guy but am unwilling to leave myself exposed. Any help would be greatly appreciated. Thanks. : (1)


    • Posted by Jim V on June 18, 2002 at 01:28:53:

      In Reply to: Promissory note secured by deed of trust posted by Keith on June 17, 2002 at 15:32:41:

      Keith,

      I don't know the first thing about the relationship, but why not just take the high road and walk away? If she refi's and you are not obligated by any loans you can move on with your life. There is no downside.

      Taking notes and potentially foreclosing on someone you lived with just isn't healthy, IMHO.

      Sometimes I think it is better to live well, than to "Win". Again, I know nothing about the situation, but from what you said, I know what I would be inclined to do.

      Take Care. : (0)


  • Posted by Susan on June 17, 2002 at 15:16:49:

    We have a first lein and a second lein. Although tax values soared last year, market prices dropped due to so many people being forced to sell because of job loss. We fall into that category. In order to sign the home back to the mortgage company, the title must be clear. How do you take care of a second mortgage in order to deed the title back to 1st mortgage company. We have been unemployed for 11 months now and have depleted our savings and do not have a good outlook for employment at this time. Everything is current and up-to-date at this time, but next month looks bleak. Any advise? : (1)


    • Posted by Reinstatement Servcies, Inc. on June 17, 2002 at 22:48:51:

      In Reply to: 2nd lein foreclosure posted by Susan on June 17, 2002 at 15:16:49:

      Petition the 2nd to convert the loan to unsecured debt. Or, look into the benefits of filing Chapter 7.

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  • Posted by Brenda on June 17, 2002 at 13:44:16:

    I would like to know if they foreclosed on my home, and the finance company sent me a 3 day notice to leave the property, when the cops come what will happen? : (2)


    • Posted by Jim V on June 18, 2002 at 01:03:20:

      In Reply to: Help! I have only 3 days!! posted by Brenda on June 17, 2002 at 13:44:16:

      Laws vary in different areas, so it is hard to provide an exact answer. A good probability, if you do not vacate within the three day notice period, is that formal eviction proceedings will continue. Within 30 days or so, it is highly likely the authorities will arrive and proceed with a lock-out. You will be able to remove some/all of your property but anything remaining in the property will have to be removed with the co-operation of the new property owner.Not an easy answer, but I hope it helps. : (0)


    • Posted by Reinstatement Services, Inc. on June 17, 2002 at 22:46:20:

      In Reply to: Help! I have only 3 days!! posted by Brenda on June 17, 2002 at 13:44:16:

    • Default and Foreclosure Mediation
    : (0)

  • Posted by John Britton on June 17, 2002 at 10:37:04:

    Can anyone help me? I am trying to get a list of property owners that are not yet but are going into forclosure. Please advise. Thank You! : (2)


    • Posted by Jim V on June 18, 2002 at 01:15:22:

      In Reply to: Pre Forclosure Listings** How to get this info?? posted by John Britton on June 17, 2002 at 10:37:04:

      Most information regarding properties in distress is found when the first public notice is available. Most of the time, in a judicial foreclosure state, that is the lis pendens notice, in a non-judicial state it is the notice of default. Notice prior to that is difficult and usually not quite within the boundaries of the law I am aware of.

      Many, if not most, metropolitan areas will have foreclosure notice providers who compile and sell information about properties headed for foreclosure. If your area does not have such a service, there will be either a local legal publication or local newspaper that publishes the legally required notices.

      Knowing your state and area would help to provide a more specific response, post that, and perhaps someone will have some sources for you.

      : Can anyone help me? I am trying to get a list of property owners that are not yet but are going into forclosure. Please advise. Thank You!

      : (1)


      • Posted by John Britton on June 18, 2002 at 10:03:04:

        In Reply to: Re: Looking for pre-foreclosures posted by Jim V on June 18, 2002 at 01:15:22:

        I am in Kansas City, Mo. I think that once the notice is posted in the news paper the homes are already in forclosure. Do you know what local office would have information reguarding late property tax payments? I am an investor looking for motivated sellers. Thank you for taking the time to answer my questions!



        : Most information regarding properties in distress is found when the first public notice is available. Most of the time, in a judicial foreclosure state, that is the lis pendens notice, in a non-judicial state it is the notice of default. Notice prior to that is difficult and usually not quite within the boundaries of the law I am aware of.

        : Many, if not most, metropolitan areas will have foreclosure notice providers who compile and sell information about properties headed for foreclosure. If your area does not have such a service, there will be either a local legal publication or local newspaper that publishes the legally required notices.

        : Knowing your state and area would help to provide a more specific response, post that, and perhaps someone will have some sources for you.

        : : Can anyone help me? I am trying to get a list of property owners that are not yet but are going into forclosure. Please advise. Thank You!

        : (0)


  • Posted by Phillip Remstein on June 16, 2002 at 22:50:50:

    I am holder of a loan note, payable to me in installments, over a fixed time at a fixed rate of interest. etc. The borrower defaults.Questions- At what point in time can I consider the loan to be in default. (contract has a confession of judgment clause).? If the borrower has real estate property titled in his name only can I confess judgement against that property for the full amount due plus expenses? and can I force a sale of that property in order to collect? This is in the Comonwealth of Penna. : (0)


  • Posted by louise on June 14, 2002 at 19:33:04:

    I received a letter from an attorney saying a foreclosure lawsuit was being filed against me. I am 3 months behind in my payments due to illness. I will have the money to pay the payments in 2 weeks. Should I send the money in or what should I do? : (2)


    • Posted by John Britton on June 17, 2002 at 10:40:38:

      In Reply to: foreclosure posted by louise on June 14, 2002 at 19:33:04:

      : I received a letter from an attorney saying a foreclosure lawsuit was being filed against me. I am 3 months behind in my payments due to illness. I will have the money to pay the payments in 2 weeks. Should I send the money in or what should I do?

      Call that attorney and let him know that you are ill and that you will have the money in two weeks. Allways keep in contact with the lenders in these situations and they will be more lienient. : (0)


    • Posted by Reinstatement Services, Inc on June 16, 2002 at 14:14:16:

      In Reply to: foreclosure posted by louise on June 14, 2002 at 19:33:04:

      might be just a phone call away. Contact your lender's loss mitigation department.

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    : (0)

  • Posted by Rita on June 14, 2002 at 17:00:06:

    My house is in the redemption process in the kansas. at the time of filing and court house sale, my 2nd morgage holder did not act. They are now trying to tell me that they have the right to redem before me.

    What can I do? - also does anyone know a good forcloure Attorney : (0)


  • Posted by Shelly on June 14, 2002 at 14:17:02:

    This is complicated, but try to make it short, if thats possible. We have been renting a house for the past 2 years. The owners live out of state, and the owners use a property manager, who also is a realtor. The owners have gone into foreclosure, the auction date is June 28, real soon here. We were sent all the papers on it, our property manager has ignored our phone calls, or never seems to be in his office. We were thinking of trying for it at auction, but the financing for that would take longer than we have. Problem? I do not know the specific laws on foreclosure auctions. Are they available for Preview BEFORE the actual auction. What happened is we were out last night, and there was a business card from our property managers office, with note, saying they wanted to 'show the home, and they would be back tommorow evening'. QUESTION: Do they have the right to do this??The house is going to public auction, but they are trying to 'pre sell' the home? The actual owner has 'abandoned' and no one can contact them. It is now in the hands of a lawyer and the original title holder. Also, since receiving the papers of foreclosure, we have looked to rent elsewhere, we have found a place, and going to sign and pay deposits tommorow (June 15) since (maybe we are wrong here?) we figured this going to auction, we have to be out anyway? Now thinking, we should have given 20 days notice (too late now) so we lose out on perspective new home and give 20 days and go looking again, or pay Julys rent and new homes rent.This is all so confusing. Do we have any rights as tenants at this point. Junes rent is paid. I'm at loss, and sure do not want a bunch of people traipsing through here for some kind of preview, or is this property manager/realtor doing something illegal here? Advice would be greatly appreciated, and as fast as possible :) Thank you. : (1)


    • Posted by John Britton on June 17, 2002 at 10:44:40:

      In Reply to: Renter in Middle of Owners Foreclosure-Help Now posted by Shelly on June 14, 2002 at 14:17:02:

      : This is complicated, but try to make it short, if thats possible. : We have been renting a house for the past 2 years. The owners live out of state, and the owners use a property manager, who also is a realtor. : The owners have gone into foreclosure, the auction date is June 28, real soon here. : We were sent all the papers on it, our property manager has ignored our phone calls, or never seems to be in his office. We were thinking of trying for it at auction, but the financing for that would take longer than we have. : Problem? I do not know the specific laws on foreclosure auctions. Are they available for Preview BEFORE the actual auction. What happened is we were out last night, and there was a business card from our property managers office, with note, saying they wanted to 'show the home, and they would be back tommorow evening'. : QUESTION: Do they have the right to do this??: The house is going to public auction, but they are trying to 'pre sell' the home? The actual owner has 'abandoned' and no one can contact them. It is now in the hands of a lawyer and the original title holder. : Also, since receiving the papers of foreclosure, we have looked to rent elsewhere, we have found a place, and going to sign and pay deposits tommorow (June 15) since (maybe we are wrong here?) we figured this going to auction, we have to be out anyway? Now thinking, we should have given 20 days notice (too late now) so we lose out on perspective new home and give 20 days and go looking again, or pay Julys rent and new homes rent.: This is all so confusing. Do we have any rights as tenants at this point. Junes rent is paid. : I'm at loss, and sure do not want a bunch of people traipsing through here for some kind of preview, or is this property manager/realtor doing something illegal here? : Advice would be greatly appreciated, and as fast as possible :) : Thank you.

      What state are you in? State laws vary but you may have some options. Email me

      : (0)


  • Posted by pete on June 14, 2002 at 07:35:07:

    does ct hold auctions for foreclosure or how are they sold someone told methey dont hold auctions : (0)


  • Posted by Rose on June 14, 2002 at 00:33:15:

    My husband and I fell into bad times as far as finances go. We are back 3 months now on our mortgage payment and they are threatening to forclose on the 11th of July if not paid in full. We can no longer afford this house. Are there companies out there whom will buy it in a short period of time? We just want out of this mess and have accepted the fact that we need something with lower payments. I've tried working things out with my mortgage company but they are being stubborn to say the least. No time to put it on the market as far as I can see, but I don't want to be scammed, we are having enough problems with our credit as it is. : (1)


    • Posted by Nick(Colorado) on June 14, 2002 at 10:25:31:

      In Reply to: Start foreclosure on July 11th, need some advice please. posted by Rose on June 14, 2002 at 00:33:15:

      Rose:

      There are may individuals and companies that will purchase your property on short notice. Answer a "We by homes for cash" ad in the local newspaper or real estate rag. : (0)


  • Posted by Pat on June 13, 2002 at 22:51:11:

    Well, my story is like this. we refinanced this house about 18 months ago and when the Lender we went threw did a appraisal on the house they appraised it for 30 thousand more then its worth. (we did not get that much money) almost. any way we tried to refinance again a few months ago and we found out the house was not worth the appraised price so to get out of the house we need more then its worth. cant even get a Real estate person to offer it for sale. what I am saying is that they overbloated the appraisal to get our busness. and now we are stuck..... any recourse for us. we been to a lawyer and contacted the Washington state real estate lic dept. and the head of the lic of appraisers. should be try to sue. the Lender? the appraisal company? wondering in washington. : (4)


    • Posted by Ward-CA- on June 16, 2002 at 12:25:03:

      In Reply to: Washington state forclosure coming soon. posted by Pat on June 13, 2002 at 22:51:11:

      : Well, my story is like this. we refinanced this house about 18 months ago and when the Lender we went threw did a appraisal on the house they appraised it for 30 thousand more then its worth. (we did not get that much money) almost. any way we tried to refinance again a few months ago and we found out the house was not worth the appraised price so to get out of the house we need more then its worth. cant even get a Real estate person to offer it for sale. what I am saying is that they overbloated the appraisal to get our busness. and now we are stuck..... : any recourse for us. we been to a lawyer and contacted the Washington state real estate lic dept. and the head of the lic of appraisers. should be try to sue. the Lender? the appraisal company? : wondering in washington.

      =•=•=•=•=•=•=•=•=•=•=•=

      Pat,

      It seems implausible that you’d be able to show enough detriment from the excessive appraisal to warrant suing the lender.

      So you now have two options. Stay put and wait until the house’s value reaches its appraised level or let it go to foreclosure.

      : (1)


      • Posted by Pat on June 16, 2002 at 17:49:04:

        In Reply to: Options are few... posted by Ward-CA- on June 16, 2002 at 12:25:03:

        Well waiting is Not a opition, as I will be 60 years old. and sueing the Lender or the appraisal company is not to far-out Idea. its been done for this reason with the lender not winning. but thanks for your input. its a Huge Problem in the US and needs to stop. the over bloated appraisals are throwing people out of their homes. I am sure we will not stay here. and will be in for trouble. how much will be a adventure. Pat. : (0)


  • Posted by Teresa on June 13, 2002 at 21:13:37:

    My husband is currently waiting for social security disability to start and our hearing date on that is July 18th. We have been waiting since March of 2001 and our forclosure date on our home is scheduled for July 17, 2002. We are $7000.00 (a lot of that is attorney fees for our mortgage co) behind in payments. We have been unable to make a payment since the 1st of this year. We have never missed another payment and this is our 4th year with this mortgage company. We were current up and through Dec. 2001. Can anyone tell me what can be done to get this thing put off another 60 days so we have time to get our social security back pay? We have 4 children and my husband suffered a injury in 1991 and worked up till March of 2001 when he could not go on any longer. Please help if you have any ideas. Thanks : (1)


    • Posted by Bob H on June 13, 2002 at 22:24:51:

      In Reply to: Forclosure posted by Teresa on June 13, 2002 at 21:13:37:

      Contact your lender's loss mitigation dept. and request a forbearance. Be prepared to provide them with written documentation as to the cause of your default, and a concise, detailed plan for your proposed repayment.

      If you have a FHA loan, contact a HUD approved housing counselor in your area and ask for their assistance. You can find a list of the approved agencies on the HUD website, or they also have an 800 number you can call.

      In the meantime, contact and meet with a competent bankruptcy attorney in your area, and make preparations to file before your sale date, if neither of the above options is successful.

      Hope this info helps.

      Bob H : (0)


  • Posted by Andrew Walker on June 13, 2002 at 18:43:13:

    My home is California is presently in forclosure. I have been told that the sale date will be on June 20,2001.

    I am interested to know if there is a remdemption period after the sale of my home.

    Example: One attorney that I spoke with from Colorado informs me that whenever a forclosed property is sold in Colorado the owners have 75 days to pay off the loan. Is there a similiar time limit for homes sold in in california? If so Can anyone tell me what that time frame may be. Help!!!!!!!!! : (1)


    • Posted by Reinstatement Services, Inc. on June 13, 2002 at 21:12:07:

      In Reply to: foreclosure posted by Andrew Walker on June 13, 2002 at 18:43:13:

      Although California does not have a legally mandated redemption period, it is still possible to reclaim a property once the sale has taken place. Of course, if the lender has become the beneficiary the the probability of being successful increases.

      Still, it would appear that there is still time enough prior to the auction to secure a workout and avoid foreclosure.

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    : (0)

  • Posted by Gretchen Crumpacker on June 13, 2002 at 17:46:22:

    Any foreclosure trustees dealt with the issue of 11 U.S.C. 108(b) in the bankruptcy context? That section provides that, if the redemption or reinstatement period is running at the time the bankruptcy petition is filed, the debtor has 60 days, or until the end of the statutory period, to cure or redeem, whichever is later.

    In other words if (for example) you file your NOD and the borrower files bankruptcy on day 89, you cannot record your notice of sale until at least 60 days after the bankruptcy filing (assuming that you get relief from stay in the meantime).

    Anyone dealt with a situation where you have relief from stay but the 60 days under 108(b) has not yet run? Do you proceed upon relief from stay or do you wait until the 108(b)period has run out? All input welcomed. : (2)


    • Posted by JD on June 14, 2002 at 21:38:20:

      In Reply to: 11 U.S.C. 108(b) effect on reinstatement or redemption period posted by Gretchen Crumpacker on June 13, 2002 at 17:46:22:

      I think you are misunderstanding the statue. It only applies in States where there is a post sale redemption period. And it only applies when a BK is filed during the running of the post sale redemption period. It does not apply to any pre sale activities.

      : Any foreclosure trustees dealt with the issue of 11 U.S.C. 108(b) in the bankruptcy context? That section provides that, if the redemption or reinstatement period is running at the time the bankruptcy petition is filed, the debtor has 60 days, or until the end of the statutory period, to cure or redeem, whichever is later.

      : In other words if (for example) you file your NOD and the borrower files bankruptcy on day 89, you cannot record your notice of sale until at least 60 days after the bankruptcy filing (assuming that you get relief from stay in the meantime).

      : Anyone dealt with a situation where you have relief from stay but the 60 days under 108(b) has not yet run? Do you proceed upon relief from stay or do you wait until the 108(b)period has run out? All input welcomed.

      : (0)


    • Posted by Reinstatement Services, Inc. on June 13, 2002 at 21:26:35:

      In Reply to: 11 U.S.C. 108(b) effect on reinstatement or redemption period posted by Gretchen Crumpacker on June 13, 2002 at 17:46:22:

      Gretchen, you might want to run your query there. More specialized to what you're looking for and a team of lawyers that have worked the industry from the lender side with data relevant to your specific angle.

      Lots of lender input as well.

    • Default and Foreclosure Mediation
    : (0)

  • Posted by Veronica on June 13, 2002 at 17:45:04:

    What's the best way to go about buying after a foreclosure? We live in Texas and lost our home last May. Does anyone know how long after a foreclosure you can get a FHA loan? We had one with the home that we lost.

    Any response is appreciated. : (1)


    • Posted by Ward-CA- on June 16, 2002 at 11:57:10:

      In Reply to: Buying after foreclosure posted by Veronica on June 13, 2002 at 17:45:04:

      : What's the best way to go about buying after a foreclosure? We live in Texas and lost our home last May. Does anyone know how long after a foreclosure you can get a FHA loan? We had one with the home that we lost.

      : Any response is appreciated.

      =•=•=•=•=•=•=•=•=•=•=•=

      Veronica,

      It will be several years before you will be able to buy a home through regular channels after you have gone through a foreclosure.

      Lenders traditionally want enough time to lapse to see what your current credit record looks like after the passage of two years or more. With something as drastic as a recent foreclosure on your credit record they will want to extend that 2 year period even more.

      The only way to shorten the time period before you can buy again is to buy a house from someone who will finance it themselves or allow you to take title to their property subject to their existing financing without alerting the lenders that you’re the new owner.

      Such a situation is often done with a willing homeowner who is in foreclosure and doesn’t want the scar of a foreclosure auction against their credit record. So for a little upfront money they will allow a pre-sale buyer to take title to the property, reinstate the defaulted loan, move in and not inform the foreclosing lender.

      The hitch in getting such a sale past the existing lender usually occurs with the change in the insurance coverage. If you know how to finesse it with a knowledgeable insurance agent or via the use of the title holding trust then the switch in ownership will have a good chance of being undiscovered.

      Hope this helps. : (0)


  • Posted by Ben Reher on June 12, 2002 at 12:52:07:

    I am trying to sell my home but i will only be able to pay 1/5 of the second mortgage witht he money i make off the sale. They are telling me that isnt good enough and they will not release the property. i am concidering foreclosure but I am wondering what will happen to the second mortgage if I do. Can they come after me for the money? : (1)


    • Posted by theshortsalepro on June 13, 2002 at 07:07:43:

      In Reply to: Foreclosure with a second mortgage posted by Ben Reher on June 12, 2002 at 12:52:07:

      If you are serious about selling, you'll need to formally pursue a short sale. If you think that you might want to keep the property, you'll need to formally pursue a workout.

      To formally pursue is not simply requesting same from low level collection clerks, but to prepare, present, and negotiate a comprehensive analysis that demonstrates the mortgagee(s)' benefits for accepting less than they are due, as the propety is marketed at it's as-is, fair market value.

      For more information about the mechanics of a short sale transaction, email me privately.

      For profssional workout services, use the link below.

    • pro workout services
    : (0)

  • Posted by G Smith on June 12, 2002 at 12:26:10:

    I have a 1st and 125% 2nd mortgage. I've been paying 15.5% interest on the 2nd for 5 years and haven't gotten anywhere with the principle. I can probably receive $15,000-20,000 from sale but will owe roughly $34,500 on 2nd. I wont to sale my house but wont get enough from the sale for 2nd mortgage payoff. Can you file 2nd mortgage in Chapter 7 BK. Will lenders take so much on the dollar for payoff if you receive money from the sale. Is $.50 on the dollar realistic. : (0)


  • Posted by Mark on June 12, 2002 at 08:40:06:

    I need a list of Foreclosure Single family home/land list in Fairfax county, VA. : (1)


    • Posted by Jim V on June 13, 2002 at 15:55:27:

      In Reply to: Foreclosure list in Fairfax county, VA posted by Mark on June 12, 2002 at 08:40:06:

      You might try searching from the "Bank Owned Properties" link at the top of the board. : (0)


  • Posted by jennie on June 11, 2002 at 17:10:38:

    I took over this house from my stepfather 4 years ago. Now it is falling apart, it needs so much more work than I can afford. I know no one would be willing to buy it for at least what I owe ($68,000). What's the story on those 'we buy houses' ads? How can I get rid of this house?? : (0)


  • Posted by Bob on June 11, 2002 at 16:30:32:

    Yikes. Can anyone help with this. I have two mortgages first mortgage is aroung 380,000 including arreareages. The second is for 40,000. I have a signed P&S for 402,000. Will this work. The second mortgage company wont get a dime.. Please help/

    thanks : (1)


    • Posted by Jim V on June 14, 2002 at 01:40:33:

      In Reply to: P&S and forecloser date in 2 weeks posted by Bob on June 11, 2002 at 16:30:32:

      But in this case, if the second does nothing, the first forecloses and wipes them out. If they agree to the sale, they receive nothing.Where is the incentive for them to co-operate?

      Only way I would think this would fly would be if the first discounted enough so the second got something out of the transaction. Or, the second has you take the debt(all or part) as unsecured debt and you continue to pay on it.

      I'm no authority, that's just a guess. Hope it helps.

      : Yikes. Can anyone help with this. I have two mortgages first mortgage is aroung 380,000 including arreareages. The second is for 40,000. I have a signed P&S for 402,000. Will this work. The second mortgage company wont get a dime.. Please help/

      : thanks

      : (0)


  • Posted by Lynn on June 11, 2002 at 12:31:53:

    I need to know what the mortgage company can ultimately do to me if I let them foreclose. The house is very old and is practically falling down around me from termite damage. I can't afford all the repairs and I feel it to be unsafe for me and my family. I want to move out and just let them have it. But I know they won't get out of it what I still owe. So I need to know just what they can do to me in the end? Or would bankruptcy be a better choice? Any help would be appreciated because I know nothing about this. Thanks. : (3)


    • Posted by Yvonne R. Hinton on June 17, 2002 at 11:51:15:

      In Reply to: Foreclosure in Florida posted by Lynn on June 11, 2002 at 12:31:53:

      I am interested in Duval County, Florida. Waterfront properties, please.

      Thank you.

      : (1)


      • Posted by Lynn on June 17, 2002 at 12:18:19:

        In Reply to: Re: Foreclosure in Florida posted by Yvonne R. Hinton on June 17, 2002 at 11:51:15:

        : I am interested in Duval County, Florida. Waterfront properties, please.

        : Thank you.

        I'm afraid I can't help you. I'm in Polk County and it's definitely not waterfront. : (0)


    • Posted by Jim V on June 14, 2002 at 01:32:26:

      In Reply to: Foreclosure in Florida posted by Lynn on June 11, 2002 at 12:31:53:

      The lender may possibly seek a deficiency judgement for any loss they may suffer from the foreclosure of the property. If it is unlikely they will recover anything from the judgement because you do not have significant assets, it is less likely they will seek such a judgement.

      Bankruptcy(with the home loan included) will prevent the lender from obtaining a judgement, but you can also file for bankruptcy later if you need to.

      A short sale or deed-in-lieu of foreclosure are generally considered better ways to handle a distress situation, just keep in mind that the lender will be looking for "why" you can't keep paying the loan as opposed to what you "want" to do. There is a big difference.

      HTH

      : I need to know what the mortgage company can ultimately do to me if I let them foreclose. The house is very old and is practically falling down around me from termite damage. I can't afford all the repairs and I feel it to be unsafe for me and my family. I want to move out and just let them have it. But I know they won't get out of it what I still owe. So I need to know just what they can do to me in the end? Or would bankruptcy be a better choice? Any help would be appreciated because I know nothing about this. Thanks.

      : (0)


  • Posted by AMy on June 11, 2002 at 10:14:31:

    Please scroll down and see my lastest comments and questions pertaining to my first posting on 6-6-02 from Amy in Oklahoma. Someone please help. : (3)


    • Posted by Bob on June 11, 2002 at 14:56:50:

      In Reply to: NEED SOEM HELP IN OKLAHOMA FROM AMY posted by AMy on June 11, 2002 at 10:14:31:

      Amy,Dont want to get your hopes up but was coming to this site to actually look for houses to buy in Oklahoma. We are living in Norman now and looking for Norman or Moore area. Please feel free to email me some info on your house if you so desire. Bob : (1)


      • Posted by Amy on June 12, 2002 at 13:10:25:

        In Reply to: Re: NEED SOEM HELP IN OKLAHOMA FROM AMY posted by Bob on June 11, 2002 at 14:56:50:

        :Bob,

        My house is located in Marlow Oklahoma. A small town about 45-1 hour south of Norman. We are between Chicksha and Duncan. Let me know if you are interested and I can send you some details on the house. Its a 3000 sq ft brick house. Totally remolded sitting on 5 lots in the middle of town, very woody lots...neat corner lot. Only one like it in town

        : (0)


    • Posted by Reinstatement Services, Inc. on June 11, 2002 at 12:11:21:

      In Reply to: NEED SOEM HELP IN OKLAHOMA FROM AMY posted by AMy on June 11, 2002 at 10:14:31:

      I appreciate your candor and your feelings of being overwhelmed.

      Let's try again.

      Your questions regarding bankruptcy require the council of an attorney licensed to practice law and preferably specializing in bankruptcy matters. This individual has been trained to assist you in exploring the benefits and disadvantages filing Chapter 7 or Chapter 13 will bring to your personal situation. I hope that he/she will be able to personally review your situation and arrive at a recommendation that will provide you with the best possible means of rectifying the current debt load and reaching a successful conclusion.

      Generally speaking, Chapter 7 will afford you the protections associated with discharging your debt. Utilizing Chapter 7, you might be able to avoid foreclosure. Chapter 13 will allow you a period of time to workout your debt with a court approved repayment plan [maximum 5 years]. This might not provide you with the remedy you might be seeking concerning the house. Your attorney, once selected, should be able to with a more concrete analysis.

      Still, if you are seriously considering bankruptcy do not take what your attorney says [or anyone else for that matter] at face value. Come back to this site and read some of the other postings from [real people] individuals who have gone through or are going through the bankruptcy process. Their comments might help you in formulating a more crystallized method of approach that is better suited to your needs.

      Finally, about my comment under the "Jeepers..." subject headline specifically relating to foreclosure, I apologize. Being in the business of assist clients in avoiding foreclosure and feeling very strongly about my work...I let my frustration get the better of me when responding to your response.

      If possible, foreclosure should be avoided. You might also consider the advantages of petitioning your lender for short sale approval or getting them to accept a deed-in-lieu. Something to think about.

      I wish you the best in the months ahead.

      k-------

    • Default and Foreclosure Mediation
    : (0)

  • Posted by Dave on June 10, 2002 at 22:09:33:

    I am in a situation where, very soon, I will want to "abandon" my 2 year old manufactured home in Texas and leave the state. Haven't been able to sell it and I'm just a little upside down, but still current on payments. I don't want to do bankruptcy, so I'm thinking a deed in lieu is my only option. Does your company assist in negotiating deeds in lieu? If not, what kind of company would I contact? Thanks. : (1)


    • Posted by Reinstatement Services, Inc. on June 11, 2002 at 11:06:00:

      In Reply to: Hey RSI, do you help with deeds in lieu? posted by Dave on June 10, 2002 at 22:09:33:

      to be perfectly candid, we've not done much work by way of manufactured housing.

      Let's do this, contact our office and ask for Walter Penniman, Client Relations Manager. I'll brief him on our exchange.

      RSI will be more than willing to walk through this process with you as you seek resolution with your lender, free of charge.

    • Default and Foreclosure Mediation
    : (0)

  • Posted by judy davis on June 09, 2002 at 17:24:42:

    I want to do the work on hud homes. but i need to know how to get started? : (0)


  • Posted by Kim on June 08, 2002 at 14:01:07:

    Hi,I am in Los Angeles, CA and have read several books on buying real estate and reviewed Carlton Sheets and McCorkle.The problem is that I have a lot of general information and not enough specificsIs the best way to find foreclosures in California through ordering a paper like Daily Commerce that gives you listings of defaults and REOs? Or is it better to subscribe to an on-line service that provides you with auction sale information and then go to Norwalk to the county public records place and do research on the owner's judgments or liens? Or is it better to get foreclosures through a realtor (I was thinking this wasn't good because they get 3%)? What about getting a list of REOs from the bank?Also, I am a new attorney so I don't have money to invest in property because of school loans. Plus I recently purchased a home with 100% financing and then sold it in 8 months. Now my credit is even worse because of the high debt I incurred when I used credit to fix up the home. Is it better to buy property as an individual or a corporation? Also, does anyone know how I can get money whether as an individual or a corporation to buy property? Looking in a newspaper for "creative deals" just doesn't seem to work. Does anyone know of any specific mortgage companies or banks that would finance me or a newly formed corporation to do property investments?...keep in mind my credit is bad because of high debt. Also, what about tax liens in California? I read that California doesn't sale tax certificates, only the property, and that the owner has an indefinate amount of time to dispute the tax lien..but that after a year, a title insurance company will insure the property for sale. Does this mean that buying at a tax lien auction is not a good investment?Sorry for all of the questions..it's just that I have a lot of general information and know what my specific questions are and am in need of specific answers..Also, if there is any experienced real estate investor in Los Angeles who wouldn't mind being a mentor to an inexperienced investor, I would really appreciate it..plus I may be able to help you with attorney services. my email is kimivette@aol.comThanks : (0)


  • Posted by bob on June 07, 2002 at 19:12:18:

    aside from the obvious loss of the original equity stake in the home and the negative impact on one's credit rating - are there other negative effects/costs to the borrower associated with a lender foreclosing on a property? in other words, aside from the effect on his/her credit rating, if the mortgagee has borrowed more than a house is currently worth on the market, is he/she best off allowing the lender to foreclose? : (3)


    • Posted by BDEXEC on June 08, 2002 at 08:04:11:

      In Reply to: negative impact posted by bob on June 07, 2002 at 19:12:18:

      The mortgagor (person holding the mortgage) is never better off having the loan foreclosed. Each situation has several options. If foreclosure is the last resort and you don't have enough time to sell it on the retail market, you may want to consider giving your lender the deed to your property in lieu of foreclosure. The advantage to you is that it does not go on your credit report as a foreclosure.

      bdexec

      : (1)


      • Posted by njdave on June 08, 2002 at 11:25:28:

        In Reply to: Re: negative impact posted by BDEXEC on June 08, 2002 at 08:04:11:

        bdexec (bored executive?) Me, too! :-) While a DIL is an option that could be considered, to my understanding, I think that you may have inadertantly misused and/or confused an important word:

        The MORTGAGEE holds the mortgage. The MORTGAGEE (Lender) gives a loan in exchange for a mortgage which is given to the MORTGAGEE (Lender) by the Mortgagor (Borrower).

        In Bob's case, the choice to give (the mortgagee)a deed-in-lieu of foreclosure is an option that may or may not be considered by the mortgagee. The last scenario to be entertained by a conventional mortgagee would be to increase it's inventory of REO. Typically, the mortgagor must demonstrate that it would be in the mortgagee's best financial interest to accept a deed-in-lieu.

        That ain't easy.

        Generally, the property would have had to have been exposed (professionally) to the market at it's as-is, fair market value. The property must have no superior liens (taxes, etc.) or junior (to the mortgage) liens. And, the homeowners would have to demonstrate that their financial circumstances would not improve to be able to cure or otherwise resolve the problem... (this is usually the easiest criteria for the homeowner to satisfy)

        In response to Bob's question, depending upon the laws of his state, if forced to foreclose, the lender might pursue a deficiency... if the property is sold for less than the amount due.





        : (0)


  • Posted by mobile home madness in NC on June 06, 2002 at 19:06:23:

    I own a doublewide in NC. We used to live there before we relocated. We rented it out for the first year after our move, after it had been on the market for almost 2 years and did not sell. But i can't afford to keep doing this. It is under a terrible loan with a 10 year balloon payment, so the principle is going nowhere. I am not even breaking even with the rent. bottom line, i can't pay it anymore. I have put it back on the market, but I don't expect anything to happen. Foreclosure is alomost certain. I want to know what happens when you foreclose. I know i have to be 90 days past due before my bank will turn me over to their credit dept. Can you direct me to the info on NC foreclosure for a rental property that was considered our primary residence when we got the loan? : (1)


    • Posted by ladylinda37@home.com on June 12, 2002 at 16:53:36:

      In Reply to: foreclosure posted by mobile home madness in NC on June 06, 2002 at 19:06:23:

      : I own a doublewide in NC. We used to live there before we relocated. We rented it out for the first year after our move, after it had been on the market for almost 2 years and did not sell. But i can't afford to keep doing this. It is under a terrible loan with a 10 year balloon payment, so the principle is going nowhere. I am not even breaking even with the rent. bottom line, i can't pay it anymore. I have put it back on the market, but I don't expect anything to happen. Foreclosure is alomost certain. I want to know what happens when you foreclose. I know i have to be 90 days past due before my bank will turn me over to their credit dept. Can you direct me to the info on NC foreclosure for a rental property that was considered our primary residence when we got the loan?

      : (0)


  • Posted by melinda on June 06, 2002 at 15:06:22:

    i lost my home due too forclouser how long due i have , before they make me leave , and is there any way i can get my home back : (1)


    • Posted by Reinstatement Services, inc. on June 06, 2002 at 16:28:15:

      In Reply to: help posted by melinda on June 06, 2002 at 15:06:22:

      Eviction times vary from lender to lender and across the nation, Melinda. It's hard to say with certainty when the actual "vacate" date will be set for [in most instances not longer than 45 days following sale] but you should receive notice from the representative hired by your lender to process the foreclosure action.

      If you are interested in reclaiming the property then you might consider petitioning your lender to cancel the foreclosure action.

    • Default and Foreclosure Mediation
    : (0)

  • Posted by melinda on June 06, 2002 at 14:27:53:

    my home has been sold back too the bank , due too forcloser how long do i have and can i get my home back ,,, : (0)


  • Posted by Chris on June 05, 2002 at 22:33:38:

    Chris aka **Idiot**MaleAge 30

    Hi,

    Mistake #1 My fiance' and I bought a home in Cottage City MD ($98k) in 1999 So that I could be close to my compter job at a local community college.

    Its a beautiful house (age around the 1950's) on a corner lot that was and still is well taken care of.(although I've had the flu and haven't been able to cut the grass for a week)

    Mistake #2We were looking during the winter months and figured is was as good a time as any to buy a home.

    The neighborhood seemed quiet and it was only a block a way from the Town hall. And a Park maintained by National Park service was only a couple blocks away as well.

    I even asked an elderly woman who lived across the street about the area and she smiled and said she'd lived there all her life and wouldn't live anywhere else. And that sounded pretty good to me.

    Mistake #3The basement was only half finished and I knew I would have to get a contractor to help finish it after I dug it out in a year or so. (alot of dirt)

    So we went for it full speed ahead and was in the house by April.

    Everything was fine. My fiance and I were really enjoying our first home Until.....

    The snow thawed and it was getting warmer. (It was May) And by June I began noticing shady folk walking down the sidwalk more often or even walking down the middle of the street.

    Then one day when I was coming home from work I found a group of mid-school to High-school "thugs" hanging out on the corner. It was then that the pain in my stomach came over me when I realized what the mistake I had commited myself to for the next 30 years.

    It is now 2002.1. How many times has our house been broken into?: None, I have home security but I know its only a matter of time.

    2. Has my wife or myself ever been harrased?No.

    I even joined the neighborhood watch and would drive around with a partner until the members deminished.

    3. Have I finished the basement. No. Ive gotten the dirt out but no contract wants to do that kind of " labor intensive" work especially when I demand that It be done to code.

    It just discusts me to live in a neighborhood where the people are so un-cooth. Id almost pay someone to take this house off my hands. It's an Island surrounded by .... Id rather not say the word I have in mind.

    The mortgage is down to $90,000 and I'm willing to do anything to get out of this mess.

    If there is anyone in the civilized world with a hint of compassion please please please contact me.

    It's a beautiful house.(although I've had the flu and haven't been able to cut the grass for a week)

    S.O.SIslander_28@hotmail.com : (1)


    • Posted by Jim V on June 06, 2002 at 19:00:26:

      In Reply to: S.O.S. Location Location Location Cottage City Maryland/DC posted by Chris on June 05, 2002 at 22:33:38:

      I suppose the simple solution would be to wait until January, then list the property for sale.

      Other than possible issues with the work done in the basement, it doesn't sound like you have any requirement to disclose neighborhood "problems", since there haven't been any. : (0)


  • Posted by Karen Price on June 05, 2002 at 19:30:29:

    I own my home and previously filed Chapter 13 which I am not out of yet.I home is scheduled for sale.Someone mentioned to me that I could add my spouse to the deed and he could then file a Chapter 13 to avoid foreclosure.Does this sound right? : (2)


    • Posted by Bob H on June 06, 2002 at 01:38:38:

      In Reply to: Adding spouse to deed to file Chapter 13 posted by Karen Price on June 05, 2002 at 19:30:29:

      If your mtg company has received relief of stay of execution on your chapter 13 (likely, if the foreclosure sale is rescheduled), then there is a strong possibility that they will be exempt from the automatic stay associated with your spouse's bankruptcy. I would check with your BK attorney before trying this tactic. : (0)


    • Posted by Jim V on June 06, 2002 at 00:45:43:

      In Reply to: Adding spouse to deed to file Chapter 13 posted by Karen Price on June 05, 2002 at 19:30:29:

      Yes, it is possible to add additional persons to the title of the property to avoid/delay foreclosure proceedings.

      Bottomline, unless there is some possible resolution with the lender, eventually they will foreclose and end up owning the property. Changes in ownership will delay, not prevent, foreclosure proceedings. : (0)


  • Posted by kim h on June 05, 2002 at 17:54:58:

    Is purchasing forecolsure or REO property a viable option for a first time buyer with very little money to put down? : (2)


    • Posted by Yvonne R. Hinton on June 17, 2002 at 11:52:40:

      In Reply to: First time buyer posted by kim h on June 05, 2002 at 17:54:58:

      : Is purchasing forecolsure or REO property a viable option for a first time buyer with very little money to put down?

      : (0)


    • Posted by Scott on June 15, 2002 at 15:42:44:

      In Reply to: First time buyer posted by kim h on June 05, 2002 at 17:54:58:

      There are many lenders that have programs for people for no money down. Send me you information and I will let you know where to go!

      Scott : (0)


  • Posted by Sharon on June 05, 2002 at 17:46:42:

    I would like to pursue REOs in my area, but I am broke and have a fico score of 640. I wanted to know if anyone has been successful buying REOs with a cash partner, and what advise can you give me to find a partner to put up the cash while I wheel and deal? How would I check out cash partner to make sure they have the cash to perform? Can I advertise in my newspaper for someone with cash? Please give me an example of an ad to use if you have been successful with this technique as well. Also where can I obtain a contract to use with a cash partner ONLY on a couple of deals and have my attorney review it?

    : (1)


    • Posted by Kim on June 11, 2002 at 03:02:14:

      In Reply to: Anyone Successful Purchasing REOs with Cash Partner posted by Sharon on June 05, 2002 at 17:46:42:

      : I would like to pursue REOs in my area, but I am broke and have a fico score of 640. I wanted to know if anyone has been successful buying REOs with a cash partner, and what advise can you give me to find a partner to put up the cash while I wheel and deal? How would I check out cash partner to make sure they have the cash to perform? Can I advertise in my newspaper for someone with cash? Please give me an example of an ad to use if you have been successful with this technique as well. Also where can I obtain a contract to use with a cash partner ONLY on a couple of deals and have my attorney review it?

      Sharon, I have attemted to buy REOs...Bottom line..why do you think a bank gets a house back, no one wanted it at foreclosure auction because there was not enough profit in it.My idea was that If I didn't have the cash to go to foreclosure auctions then I would try to buy the leftovers from the bank with a loan. HA HAIf you are in a Hot Home market the good homes get bought on the court house steps with cash. Most Bank owned properties get marketed with a realtor.. By the way I got a cash partner and now I buy direct at Foreclosure sales. : (0)


  • Posted by Sharon on June 05, 2002 at 17:44:15:

    I would like to pursue REOs in my area, but I am broke and have a fico score of 640. I wanted to know if anyone has been successful buying REOs with a cash partner, and what advise can you give me to find a partner to put up the cash while I wheel and deal? How would I check out cash partner to make sure they have the cash to perform? Can I advertise in my newspaper for someone with cash? Please give me an example of an ad to use if you have been successful with this technique as well. Also where can I obtain a contract to use with a cash partner ONLY on a couple of deals and have my attorney review it?

    : (0)


  • Posted by Amy on June 05, 2002 at 15:47:59:

    Can someone please explain the Short Sale concept?Once again we are in debit problems and was transfered to Houston. House is in OKLA. listed with a realtor right now. No buyers at this time. We are behind almost 2 months of payments. What is this Short Sale all about. If the house sells under what we owe on our loan, will the PMI insurance cover us? or will we still owe the difference. : (1)


    • Posted by Nick(Colorado) on June 11, 2002 at 10:39:39:

      In Reply to: OKLAHOMA HOUSE SHORT SALE posted by Amy on June 05, 2002 at 15:47:59:

      Amy:

      Short sale: The holders of the Mortgage(s) agree to take less than they are owned in exchange for release. Theremay be some 1099 tax liability for the signers of the note(s),for the forgiven debt.

      PMI is generally there for the benefit of the lender.It can be used to cover expenses during foreclosure. Alsoit can be used to protect the lender in the event that the property does not sell for enough at the REO stage.Only very rarely does it result in benefit for the defaultingowner.

      Oklahoma does allow deficiency judgments. So, even thoughthe probability is low, you may have some liability followingforeclosure.

      : (0)


  • Posted by amy on June 05, 2002 at 11:22:03:

    Can some on please give me some ideas of what to do?We bought a 135,000 house located in a small town in Oklahoma one year ago. I was transfered to Houston Texas on March 1, 02 and my husband also had to find another job and took a pay cut. Our Gross monthly income is $5600.00 we both net $ 4228.00.I have been paying rent and a house payment, the house is for sale, I had it rented but they are moving out now. I have not made Mays payment, and now June is here and I don't have a penny.I have contacted the morgage company and asked them what to do, they just said they would send me a packet from the investor?I don't know what I should do, Chapter 13, 7 or let them foreclose. Below is what we owe and the payments we are making. Can someone take a look at it and give me some help? What should my first step be and how long will they let me go until something is deceided.

    Gross income 5600.00 Net 4228.00

    Morgage Payment $-1266.00 (127,500.00)Rent $-1014.00Car payments $-538.16 (21,975.24)credit cards $-900.00 (37233.74)Medical Bills $not paying (2000.00)Signature loan $-132.49 (3500.00)This does not include , Eletric Bill, Phone Bills, Gas, Food, cable bills etc...

    What to do? I have great credit , not behind on anything but the May-and now June house payment.PleaseAmy : (16)


    • Posted by Dan on June 19, 2002 at 17:27:42:

      In Reply to: NEED SOME HELP PLEASE OKLAHOMA posted by amy on June 05, 2002 at 11:22:03:

      : I would not consider bankruptcy, you might look to have someone take over your payments and bring the loan current. I have done that in many instances to preserve the credit of the borrower. There are also lease option strategies that you could use to get a tenant to buy your home with low down.

      dan : (0)


    • Posted by AMy on June 11, 2002 at 10:07:28:

      In Reply to: NEED SOME HELP PLEASE OKLAHOMA posted by amy on June 05, 2002 at 11:22:03:

      I want to thank some of the people who committed ont this situation for me.First of all, yes I was asking for help. Yes, Me and my husband has made some bad decesions on some of the things we have bought. Yes, we have learned from it, and we want to change. About 15,000 of our credit card bills is actually a loan from a card company in which was a consolidation loan that we took out to get out of a house many years ago on second mortgage. Some of the other is from a engine rehall that cost us about 2500.00, on a CHEAP CAR that had high milage like you guys are tring to get us to buy into again. So my spending is not shoe You don't know my history. We are wanting to save for retirement and make better decisions. As much debit as we are in right now its hard to even live. The house has been for sale for about 7 months, not sold yet, and we have rented it out for $725.00 of a $1200.00 payment. They have moved out and we have not been able to find good renter yet. I am not renting it out to anybody that is going to tear it up and cost us more money in repairs from month to month. We want to try to wipe the slate clean for the FIRST time, and start over making good decesions and live differently. LIVE AND LEARN, I have learned alot. I was married at the age of 18, been married for 12 years and not almost 30 years old. I am not the same person. Now, tell me, What kind of people is bankruptcy designed for? I feel it might be best for us. I am not running away from my problems. I have to live with paying cash for everything for 10 years if we file. I thats not the best thing for us, I don't know what is. I think sometimes, it takes that to change people, the humilation of not being able to get loans or good interest rates, something I have never had a problem with before. I think it will be good for us. NOW, can someone tell me if we file, If we would be eligilble for a Chapter 7 vs a Chapter 13, if not Why? I don't have a problem with either one if we do this, both have the same effects on our credit. I know the difference between the two, I just would like to know why we might not be able to file a Chapter 7, who is that designed for ? We have no kids if that makes any difference. ??? Lets talk seriously and stop making assuptions and pointing fingers. : (3)


      • Posted by Jim V on June 12, 2002 at 16:25:41:

        In Reply to: Re: NEED SOME HELP PLEASE OKLAHOMA 6/11 posted by AMy on June 11, 2002 at 10:07:28:

        If you file for a Chapter 7 and the court feels you have the capability to pay some or all of the debt, the court can convert it to a Chapter 13.Effects of bankruptcy will begin to get less and less if you immediately re-establish credit after the BK.

        Good Luck.

        For what it's worth, I drive a 94 Chevy with about 145k miles on it. I wash it sometimes.

        : (2)


        • Posted by TinaJ on June 25, 2002 at 12:45:12:

          In Reply to: Re: NEED SOME HELP PLEASE OKLAHOMA 6/11 posted by Jim V on June 12, 2002 at 16:25:41:

          I never wash mine just in case it is! : (0)


        • Posted by Reinstatement Services, Inc. on June 13, 2002 at 12:12:09:

          In Reply to: Re: NEED SOME HELP PLEASE OKLAHOMA 6/11 posted by Jim V on June 12, 2002 at 16:25:41:

          My second car is a '92 Mitsubishi Montero with 250k miles on it. It lives for the rainy season....and I live in SoCal.

        • Default and Foreclosure Mediation
        : (0)

  • Posted by Glenn on June 06, 2002 at 23:33:49:

    In Reply to: NEED SOME HELP PLEASE OKLAHOMA posted by amy on June 05, 2002 at 11:22:03:

    I only wish that a company like Reinstatement Services was available to offer such sound advice to me when this sort of thing happened to us two years ago. My wife and I were overextended like you currently are Amy, and like you, I didn't want to live up to the mess I created for myself. My friends were seemingly living the good life, and I know I was at least as smart as they were, so why couldn't I drive a newer car and live in a neighborhood that was possibly too expensive for my means? If someone had told me that I was overextended and that I should give up the luxuries that I became so accustomed to having, I would have been angry just like you are now. The real fact of this case is that you ARE overextended and that the advice Reinstatement Services offered is sound and without malice.

    My advice to you is to sell the cars and purchase cheaper ones or use public transportation, rent the house in OK or sell it soon if you can't find a renter, and purchase a house in TX. Filing for Ch 13 or 7 is not the answer. For that matter, neither is letting the property foreclose. Do what you can to avoid any of these from happening.

    Good luck Amy.

    : Can some on please give me some ideas of what to do?: We bought a 135,000 house located in a small town in Oklahoma one year ago. I was transfered to Houston Texas on March 1, 02 and my husband also had to find another job and took a pay cut. Our Gross monthly income is $5600.00 we both net $ 4228.00.: I have been paying rent and a house payment, the house is for sale, I had it rented but they are moving out now. I have not made Mays payment, and now June is here and I don't have a penny.: I have contacted the morgage company and asked them what to do, they just said they would send me a packet from the investor?: I don't know what I should do, Chapter 13, 7 or let them foreclose. Below is what we owe and the payments we are making. Can someone take a look at it and give me some help? What should my first step be and how long will they let me go until something is deceided.

    : Gross income 5600.00 Net 4228.00

    : Morgage Payment $-1266.00 (127,500.00): Rent $-1014.00: Car payments $-538.16 (21,975.24): credit cards $-900.00 (37233.74): Medical Bills $not paying (2000.00): Signature loan $-132.49 (3500.00): This does not include , Eletric Bill, Phone Bills, Gas, Food, cable bills etc...

    : What to do? I have great credit , not behind on anything but the May-and now June house payment.: Please: Amy

    : (0)


  • Posted by Reinstatement Services, Inc. on June 05, 2002 at 14:48:05:

    In Reply to: NEED SOME HELP PLEASE OKLAHOMA posted by amy on June 05, 2002 at 11:22:03:

    Hi Amy, the only thing that is really providing you with some sort of investment is the house...and you're thinking of getting rid of it? Not a great idea.

    My thoughts: Get rid of the vehicle. Save for 4 months and purchase something that will get you to where you want to go without all of the polish.Offer a settlement with a payment schedule spanning a period of 4- 6 months on the medical bills. Double up on the signature loan payments so that you can pay off this debt quickly.Get rid of the cable. Basic service should provide you with an equal outlet for entertainment without the added cost. With the money saved, purchase a small townhome or condo. It will eliminate the rent payment and put money into your future rather than your landlord's. Stop feasting on beer and steak. ..or has eating out become the preferred choice?

    The credit card debt is staggering. I hope this went to pay for medical school or medical bills.

    If not, then you should by now be getting an idea of your spending habits as it relates to waste. Being one who enjoys the finer things in life, I understand what it is like to want to possess a pair of Guisseppe Zanoitti shoes[strappy little numbers at $550 a pair]or a Michael Kors handbag [$1,500 a pop]. But Amy, if the budget can't handle the splurge, then forcing it is not the smartest move...as you're coming to find out.The credit card debt will take some time to payoff but you can do it. Start by canceling all except one.

    Finally, start paying cash for purchases as opposed to handing over the plastic. Guaranteed, when you actually have to fork over the green...you'll find yourself a more discerning spender.

  • Default and Foreclosure Mediation : (9)

    • Posted by Amy on June 05, 2002 at 15:42:59:

      In Reply to: Overextended posted by Reinstatement Services, Inc. on June 05, 2002 at 14:48:05:

      Amy From Oklahoma

      I read your Overextended comments.

      First of all why would I want to keep my house in Oklahoma. I live in Houston Texas. Second the car payment amount was for two cars. I have a 2000 explorer and a 1997 Nissan for my husband.We need the vehicle to travel back in forth to work.The credit card debit has accumlated for 11 years and alot of it came from debit consoliadation and it just happened. I don't know how but it did.Also, Why would I want to buy something right now with this large morgage on the books. Plus I don't think a lender would lend me the money right now for anything until I sell the house.Third as far as your comments on the purse and shoes etc. I don't even no what those brands are. I shop at Walmart and Fashion Bug and go there only maybe once ever 3-4 months.

      I was not asking for rude comments just wanting some advice on how to handle my problems now, chapter 7 or chapter 13, or foreclosure.

      : (8)


      • Posted by Kathy on June 07, 2002 at 11:17:31:

        In Reply to: Re: Overextended posted by Amy on June 05, 2002 at 15:42:59:

        Get real for a minute, Amy. Me and you. Girl to girl. Are you really sticking with the Wal-mart story? Almost forty thousand dollars in credit and signature debt and you want me to believe its the result of Wal-mart and Fashion Bug once every three or four months? No way, girl.

        I took the company's comments to be a recommendation about how to fix your problem and reorganize your debt so you can actually breathe as you live.

        Don't be so quick to go up in arms. Take a hard look at where you're at and were you're headed. : (0)


      • Posted by Jim V on June 06, 2002 at 18:51:58:

        In Reply to: Re: Overextended posted by Amy on June 05, 2002 at 15:42:59:

        Amy,

        You provided good detail in your post, it helps to understand the scenario better. I'll throw in my two cents, with as much courtesy as I can. :)

        My take on RSI's comments was that it might be better for you in the long run to keep the property and address the debt. I agree, because the property is an asset which if there is any way possible to keep it, it will increase your net worth in the future. Obviously, you would need to be able to re-rent it at something approaching break-even cashflow. If there is no way to obtain breakeven rent, sell the property by dropping the price until it does sell. It will require lender approval for a short sale, but it's better than a foreclosure.

        Your debt load is staggering. I calculate your debt load service at 25.68% of gross income. It should be somewhere in the 6-7% range to be considered "normal". Using RSI's suggestion about eliminating auto expense, you would immediately reduce your debt load by about 37%. The money not being paid for vehicles could then pay down your other debt.

        I really didn't see their post as being critical, just not sugar-coated. Again, you did a good job with the post, although the answers weren't possibly what you wanted to hear, at least it could be answered. : (0)


      • Posted by K on June 06, 2002 at 10:12:19:

        In Reply to: Re: Overextended posted by Amy on June 05, 2002 at 15:42:59:

        : Amy From Oklahoma

        : I read your Overextended comments.

        : First of all why would I want to keep my house in Oklahoma. I live in Houston Texas. Second the car payment amount was for two cars. I have a 2000 explorer and a 1997 Nissan for my husband.: We need the vehicle to travel back in forth to work.: The credit card debit has accumlated for 11 years and alot of it came from debit consoliadation and it just happened. I don't know how but it did.: Also, Why would I want to buy something right now with this large morgage on the books. Plus I don't think a lender would lend me the money right now for anything until I sell the house.: Third as far as your comments on the purse and shoes etc. I don't even no what those brands are. I shop at Walmart and Fashion Bug and go there only maybe once ever 3-4 months.

        : I was not asking for rude comments just wanting some advice on how to handle my problems now, chapter 7 or chapter 13, or foreclosure.

        I AGREE WITH YOU AMY, I HAVE TRIED TO USE THIS MESSAGE BOARD IN THE PAST TO GET INFORMATION AND HAVE ALSO HAD RUDE AND SARCASTIC REMARKS MADE BY JUST THE SAME SERVICE "REINSTATEMENT SERVICES". NO ONE IS PERFECT AND EVERYONE MAKES MISTAKES IN THEIR LIFE AND WHEN SOMEONE IS ASKING FOR HELP IN A SITUATION THEY DON'T NEED SOMEONE MAKING THEIR OWN ASSUMPTIONS OF SOMEONE ELSES LIFE. I WISH I COULD GIVE YOU SOME HELP BUT LIKE YOU I AM HAVING PROBLEMS TOO, I JUST WANTED TO LET YOU KNOW YOU ARE NOT ALONE. GOOD LUCK!!!!! : (1)


        • Posted by Reinstatement Services, Inc. on June 06, 2002 at 11:50:11:

          In Reply to: Re: Overextended posted by K on June 06, 2002 at 10:12:19:

          : (0)


      • Posted by K on June 06, 2002 at 10:11:40:

        In Reply to: Re: Overextended posted by Amy on June 05, 2002 at 15:42:59:

        : Amy From Oklahoma

        : I read your Overextended comments.

        : First of all why would I want to keep my house in Oklahoma. I live in Houston Texas. Second the car payment amount was for two cars. I have a 2000 explorer and a 1997 Nissan for my husband.: We need the vehicle to travel back in forth to work.: The credit card debit has accumlated for 11 years and alot of it came from debit consoliadation and it just happened. I don't know how but it did.: Also, Why would I want to buy something right now with this large morgage on the books. Plus I don't think a lender would lend me the money right now for anything until I sell the house.: Third as far as your comments on the purse and shoes etc. I don't even no what those brands are. I shop at Walmart and Fashion Bug and go there only maybe once ever 3-4 months.

        : I was not asking for rude comments just wanting some advice on how to handle my problems now, chapter 7 or chapter 13, or foreclosure.

        I AGREE WITH YOU AMY, I HAVE TRIED TO USE THIS MESSAGE BOARD IN THE PAST TO GET INFORMATION AND HAVE ALSO HAD RUDE AND SARCASTIC REMARKS MADE BY JUST THE SAME SERVICE "REINSTATEMENT SERVICES". NO ONE IS PERFECT AND EVERYONE MAKES MISTAKES IN THEIR LIFE AND WHEN SOMEONE IS ASKING FOR HELP IN A SITUATION THEY DON'T NEED SOMEONE MAKING THEIR OWN ASSUMPTIONS OF SOMEONE ELSES LIFE. I WISH I COULD GIVE YOU SOME HELP BUT LIKE YOU I AM HAVING PROBLEMS TOO, I JUST WANTED TO LET YOU KNOW YOU ARE NOT ALONE. GOOD LUCK!!!!! : (2)


        • Posted by rental headache in NC on June 06, 2002 at 18:55:38:

          In Reply to: Re: Overextended posted by K on June 06, 2002 at 10:11:40:

          This is the first time i have been to a site like this. I myself am having problems with a rental property that has become too expensive to keep up. I also have it on the market and nothing is happening. I can't pay the mortgage past august and came to this site looking for information about what happens when you foreclose. I think it is pretty pathetic that the reinstatement services said those things to you. First of all, it is none of their business where you shop or what you eat. You were asking for facts. If they are so hard up for things to do, that they are now filling their time with obsessing with other people's private business, then they need to get a life!!!! Provide the facts and keep the opinions to yourself.: : Amy From Oklahoma

          : : I read your Overextended comments.

          : : First of all why would I want to keep my house in Oklahoma. I live in Houston Texas. Second the car payment amount was for two cars. I have a 2000 explorer and a 1997 Nissan for my husband.: : We need the vehicle to travel back in forth to work.: : The credit card debit has accumlated for 11 years and alot of it came from debit consoliadation and it just happened. I don't know how but it did.: : Also, Why would I want to buy something right now with this large morgage on the books. Plus I don't think a lender would lend me the money right now for anything until I sell the house.: : Third as far as your comments on the purse and shoes etc. I don't even no what those brands are. I shop at Walmart and Fashion Bug and go there only maybe once ever 3-4 months.

          : : I was not asking for rude comments just wanting some advice on how to handle my problems now, chapter 7 or chapter 13, or foreclosure.

          : : I AGREE WITH YOU AMY, I HAVE TRIED TO USE THIS MESSAGE BOARD IN THE PAST TO GET INFORMATION AND HAVE ALSO HAD RUDE AND SARCASTIC REMARKS MADE BY JUST THE SAME SERVICE "REINSTATEMENT SERVICES". NO ONE IS PERFECT AND EVERYONE MAKES MISTAKES IN THEIR LIFE AND WHEN SOMEONE IS ASKING FOR HELP IN A SITUATION THEY DON'T NEED SOMEONE MAKING THEIR OWN ASSUMPTIONS OF SOMEONE ELSES LIFE. I WISH I COULD GIVE YOU SOME HELP BUT LIKE YOU I AM HAVING PROBLEMS TOO, I JUST WANTED TO LET YOU KNOW YOU ARE NOT ALONE. GOOD LUCK!!!!!

          : (0)


        • Posted by Mel on June 06, 2002 at 10:48:26:

          In Reply to: Re: Overextended posted by K on June 06, 2002 at 10:11:40:

          I think the debt should be looked at if you want to fix things. Filing bankruptcy over and over is not the answer. Something has to change or you'll be in the same place in two years.

          One past bankruptcy, debt consolidation, possible foreclosure, and now rethinking filing bankruptcy again. Something is wrong with the money management. : (0)


      • Posted by Reinstatement Services, Inc. on June 05, 2002 at 16:00:36:

        In Reply to: Re: Overextended posted by Amy on June 05, 2002 at 15:42:59:

        Okay, Amy...I choose Chapter 13 and Foreclosure.

        Nothing like getting at the root of the problem.

      • Default and Foreclosure Mediation
      : (0)

  • Posted by norma j loper on June 05, 2002 at 11:12:58:

    IM IN DESPERATE NEED I HAVE A FORCLOSURE ON MY HOUSE NOW BECAUSE OF FINANCAIL PROBLEMS AND BECAUSE I INJURED MY BACK AND IM OUT OF WORK NOW.I NEED TO GET RID OF THE HOUSE SOON AS POSSIBLE,THE HOUSE NEEDS LOTS OF REPAIRES BUT ITS LIVABLE.PLEASE HELP ME OUT HERE,THANKS DESPERATE SITUATION,NORMA : (4)


    • Posted by Kim on June 11, 2002 at 03:04:38:

      In Reply to: how can i sale my house thats in the prosses of forclosure? posted by norma j loper on June 05, 2002 at 11:12:58:

      : IM IN DESPERATE NEED I HAVE A FORCLOSURE ON MY HOUSE NOW BECAUSE OF FINANCAIL PROBLEMS AND BECAUSE I INJURED MY BACK AND IM OUT OF WORK NOW.I NEED TO GET RID OF THE HOUSE SOON AS POSSIBLE,THE HOUSE NEEDS LOTS OF REPAIRES BUT ITS LIVABLE.PLEASE HELP ME OUT HERE,THANKS DESPERATE SITUATION,NORMA

      Norma, where is the home located? : (1)


      • Posted by NORMA on June 11, 2002 at 09:31:58:

        In Reply to: Re: how can i sale my house thats in the prosses of forclosure? posted by Kim on June 11, 2002 at 03:04:38:

        : : IM IN DESPERATE NEED I HAVE A FORCLOSURE ON MY HOUSE NOW BECAUSE OF FINANCAIL PROBLEMS AND BECAUSE I INJURED MY BACK AND IM OUT OF WORK NOW.I NEED TO GET RID OF THE HOUSE SOON AS POSSIBLE,THE HOUSE NEEDS LOTS OF REPAIRES BUT ITS LIVABLE.PLEASE HELP ME OUT HERE,THANKS DESPERATE SITUATION,NORMA

        : Norma, where is the home located?

        : (0)


    • Posted by Reinstatement Services, Inc. on June 05, 2002 at 14:15:55:

      In Reply to: how can i sale my house thats in the prosses of forclosure? posted by norma j loper on June 05, 2002 at 11:12:58:

      rent/lease it. Even taking a small loss by selling for less than what is owed will be better than foreclosure.

      A short-sale approved by your lender will also provide you with the protections needed to avoid negative exposure associated with foreclosure.

    • Default and Foreclosure Mediation
    : (1)

    • Posted by Stephanie Menart on June 26, 2002 at 17:43:21:

      In Reply to: List it on the market or... posted by Reinstatement Services, Inc. on June 05, 2002 at 14:15:55:

      Norma:Contact me at stmenart@yahoo.com. I need to know where you live and if you are still in pre-forclosure or if your property has gone to auction yet. I may be able to help you! Contact me A.S.A.P.





      : rent/lease it. Even taking a small loss by selling for less than what is owed will be better than foreclosure.

      : A short-sale approved by your lender will also provide you with the protections needed to avoid negative exposure associated with foreclosure.

      : (0)


  • Posted by Barbara Redburn on June 04, 2002 at 19:17:03:

    On May 12th our home was flooded by 12 to 18" of muddy water, destroying 80% of our personal property and damaging floors, walls and doors. There is an estimated $15,000 damage on the house. We were located in an area where flood insurance was not available to us. (This is stated on our mortgage) We have gone through all the proper channels with fema, but the only help we are getting is approx. $3,000 and flood insurance required on our property from now on. This is only about 10% of the total damages. All we want to do is leave, even though insurance is available we do not want to live through this again. We owe $35,000 on the house, it appraised on 42,500, but considering we are in the middle of town and it is now well known as a flood area, there is no way we could ever sell it to get out. I guess my question is, What will they do to us if we just leave? : (1)


    • Posted by Reinstatement Services, Inc on June 05, 2002 at 01:01:20:

      In Reply to: Home was flooded posted by Barbara Redburn on June 04, 2002 at 19:17:03:

    • Default and Foreclosure Mediation
    : (0)

  • Posted by Margaret Henderson on June 04, 2002 at 13:48:57:

    My house is being foreclosed on July 9 (in Idaho). If it just goes back to the bank and no one buys it, what's my time frame for vacating? : (1)


    • Posted by BDEXEC on June 08, 2002 at 09:19:52:

      In Reply to: foreclosure posted by Margaret Henderson on June 04, 2002 at 13:48:57:

      Although I don't live in Idaho, the time frame is usually within 30-45 days after the contract has been ratified. The lender or the trustee will send you notifications in the mail to notify you.

      On the same idea, why let your home foreclose? If foreclosing is your only alternative and you can't find someone to buy it at a discount paying off the balance, offer the lender a short sale which is taking less money on what is owed. Another alternative would be to offer the lender the deed to the property in lieu of foreclosure. Guess what, neither of these two end up on your credit report thus allowing you to purchase a home a bit easier and faster.

      BDEXEC : (0)


  • Posted by dea williams on June 03, 2002 at 20:04:46:

    are there any government repo homes fannie mae foundation homes. va homes usda homes or hud homes and also forclosure homes in highlands county on the market for sale? : (2)


    • Posted by Lenny Mora (305)2228181.voicemail Eric. on June 06, 2002 at 09:21:12:

      In Reply to: are there any hud or forclosure homes in highlands county florida? posted by dea williams on June 03, 2002 at 20:04:46:

      : are there any government repo homes fannie mae foundation homes. va homes usda homes or hud homes and also forclosure homes in highlands county on the market for sale?

      : (0)


    • Posted by Jim V on June 04, 2002 at 00:32:42:

      In Reply to: are there any hud or forclosure homes in highlands county florida? posted by dea williams on June 03, 2002 at 20:04:46:

      The first link on the left side of the Foreclosure Discussion board is "Bank-Owned Properties". From there, you can directly access most, if not all, of the lender/institution REO properties you mentioned. : (0)


  • Posted by rick on June 03, 2002 at 19:45:30:

    I have bought 20 foreclosures in the last 2 years, I'm looking for a partner to expand business because there are more good properties out there that I could buy if I had a partner. I buy only in southern California an primarily low end homes. Feel free to email me at k2rick4@cox.net if you have any interest. : (0)


  • Posted by J Friend on June 03, 2002 at 15:58:14:

    I have been trying to refinance my home for 6 months. Fairbanks is still holding 2 payments (they applied every other months payments) i don't understand how they can get every other month & claim not to have the 2 inbetween. They tried to forclose on my home, and their own attorney's office told my attorney my account is current. How can my payoff amount be over $8,000. above my original loan amount & I've had the mortgage for 5 years & making eery payment? If they buy my next mortgage I'll scream ! : (1)


    • Posted by Nick(Colorado) on June 05, 2002 at 16:01:14:

      In Reply to: Fairbanks Capital Nightmare - Not Fair at All posted by J Friend on June 03, 2002 at 15:58:14:

      Complaints about these people show up on the foreclosure boardsfairly often. Apperently they are sleezy people. Thereis an anti-Fairbanks site:

      http://www.conti-fairbanks.com/

      My only sugestion is to send payments viacertified mail.

      : (0)


  • Posted by JEROMIA JONES on June 03, 2002 at 15:15:20:

    Hi, About 9 months ago my partner and I started an investing company. Right from the get-go we ran into a load of problems ie:,crooked realitors, brokers, a cpa,and just plain old bad info. After geting these problems fixed I realized that the real problem was how to find houses that were worth buying and turning for a profit. I have asked everyone who knows any thing about real estate and it seems like they think that if they tell me the secret that we are going to run them out of business. Maby that would be true in a small town like Circleville!!!!!! Give me a break, I'm running my business out of Las Vegas. I don't think that me buying 5,6,7, houses a year in a town of 1&1\2 million people is going to kill anyone. YES I have even ordered the tapes, cd's, books, online deals, bla bla bla bla bla bla. It has a lot of good info, just not what I'm looking for. I'm just trying to make a good living & give my wife and son a good life. Any info that some kind hearted soul would like to devulge would make me happier than a clam.

    LOVE FOREVER, Jeromia Jones

    : (2)


    • Posted by Jim V on June 04, 2002 at 01:15:07:

      In Reply to: GOT INFO ? posted by JEROMIA JONES on June 03, 2002 at 15:15:20:

      I'm sure this isn't what you are looking for, but it might help to understand the "not-sharing" mentality. I've been working with some other people for about four years now, they still do not know the methods I use for working my niche. It isn't that I don't trust them, I trust them further than I can throw them, but not by much. The reality is that sometimes relationships go bad, and I'd rather not have possible competitors knowing my exact methods. So, I protect my methods.

      Sometimes it takes quite a bit of trial and error to develop something that works for you, expecting it all to come together within 9 months might be asking a bit too much.

      Perhaps a simpler way to look at it would be to ask you the question "What kind of properties do you want to buy and what do you want to do with them?"

      If you can answer that, perhaps it is something that can be explored.

      : Hi,: About 9 months ago my partner and I started an investing company. Right from the get-go we ran into a load of problems ie:,crooked realitors, brokers, a cpa,: and just plain old bad info. After geting these problems fixed I realized that the real problem was how to find houses that were worth buying and turning for a profit. I have asked everyone who knows any thing about real estate and it seems like they think that if they tell me the secret that we are going to run them out of business. Maby that would be true in a small town like Circleville!!!!!! Give me a break, I'm running my business out of Las Vegas. I don't think that me buying 5,6,7, houses a year in a town of 1&1\2 million people is going to kill anyone. YES I have even ordered the tapes, cd's, books, online deals, bla bla bla bla bla bla. It has a lot of good info, just not what I'm looking for. I'm just trying to make a good living & give my wife and son a good life. Any info that some kind hearted soul would like to devulge would make me happier than a clam.

      : LOVE FOREVER,: Jeromia Jones:

      :

      : (1)


      • Posted by JEROMIA JONES on June 20, 2002 at 17:24:56:

        In Reply to: Re: GOT INFO ? posted by Jim V on June 04, 2002 at 01:15:07:

        : I'm sure this isn't what you are looking for, but it might help to understand the "not-sharing" mentality. I've been working with some other people for about four years now, they still do not know the methods I use for working my niche. It isn't that I don't trust them, I trust them further than I can throw them, but not by much. The reality is that sometimes relationships go bad, and I'd rather not have possible competitors knowing my exact methods. So, I protect my methods.

        : Sometimes it takes quite a bit of trial and error to develop something that works for you, expecting it all to come together within 9 months might be asking a bit too much.

        : Perhaps a simpler way to look at it would be to ask you the question "What kind of properties do you want to buy and what do you want to do with them?"

        : If you can answer that, perhaps it is something that can be explored.

        : : Hi,: : About 9 months ago my partner and I started an investing company. Right from the get-go we ran into a load of problems ie:,crooked realitors, brokers, a cpa,: : and just plain old bad info. After geting these problems fixed I realized that the real problem was how to find houses that were worth buying and turning for a profit. I have asked everyone who knows any thing about real estate and it seems like they think that if they tell me the secret that we are going to run them out of business. Maby that would be true in a small town like Circleville!!!!!! Give me a break, I'm running my business out of Las Vegas. I don't think that me buying 5,6,7, houses a year in a town of 1&1\2 million people is going to kill anyone. YES I have even ordered the tapes, cd's, books, online deals, bla bla bla bla bla bla. It has a lot of good info, just not what I'm looking for. I'm just trying to make a good living & give my wife and son a good life. Any info that some kind hearted soul would like to devulge would make me happier than a clam.

        : : LOVE FOREVER,: : Jeromia Jones: :

        : :

        : (0)


  • Posted by REC on June 02, 2002 at 16:08:03:

    Greetings

    My wife and I are considering buying a manufactured home. A 1989 Schult double wide in Excellent condition. But we are a bit confused about how the banks look at these homes. And is it considered a trailor or just a manufactured home which is mobile? How does the banks look at this? To my understanding, banks won't lend a mortgage for a manufactured home. Is this true? The owners say that the home was appraised for 37,000 and are desiring 27,000 for this 3 Bdrm 2 bath home. It seems to us that is a great deal. Only thing is, we don't want to pay high interest rates and a short period of time like 5 or 10 years. We have a pretty high credit score for each of us with just a few blemishes over 4 yrs ago though. My wife has moved here with me and has been working for over a year for a Reinsurance Corp position titled Execitive Assitant and previous employment was 8 yrs with same title. Annual income is 36,000 gross. Anybody have some ideas or information in detail of why banks look at manufactured homes different and is it tough to get this type of loan?Thank YOu : (1)


    • Posted by Kathy on June 19, 2002 at 15:35:46:

      In Reply to: Manufactured Home, Need Advice posted by REC on June 02, 2002 at 16:08:03:

      The bank will only consider a mobile home or manufactured house a HOUSE if it is on a fixed foundation. Your bank may also require that the property is not rented. Until then, it is a mobile home. In Pennsylvania, we have to pay tax on the mobile home as if it were a vehicle. We are issued a title, like a car...

      : (0)


  • Posted by Bill G on June 02, 2002 at 13:22:03:

    I am Michigan resident. Have fallen 2 months behind in mortgage payments. Home is in process being sold. Explained situation to morgagee. Just recieved first class letter from banks legal rep threatening foreclosure action in 30 days(letter was not registered). What can I do to ward off or avoid unneeded legal expenses until home is sold, sale could take place within next 15 days??Would appreciate response a.s.a.p. : (2)


    • Posted by njdave on June 02, 2002 at 13:39:18:

      In Reply to: foreclosure posted by Bill G on June 02, 2002 at 13:22:03:

      Just make sure that your closing attorney stays on top of the transaction and is prepared to close... he should already have a payoff statement from your mortgagee by now, and that payoff statement should be good thru the anticipated closing date.

      If anyone is ill-prepared and/or drops the ball... it'll be up to you to make sure the sale moves forward. Don't leave anything to chance. Be a PIA if you have to.

      : (1)


      • Posted by Bill G on June 05, 2002 at 15:17:00:

        In Reply to: Re: Don' sweat it.... posted by njdave on June 02, 2002 at 13:39:18:

        : Just make sure that your closing attorney stays on top of the transaction and is prepared to close... he should already have a payoff statement from your mortgagee by now, and that payoff statement should be good thru the anticipated closing date.

        : If anyone is ill-prepared and/or drops the ball... it'll be up to you to make sure the sale moves forward. Don't leave anything to chance. Be a PIA if you have to.

        : (0)


  • Posted by frank on June 02, 2002 at 10:38:37:

    If you foreclose on a first mortgage who is responsible for any other liens (ie)real estate tax,second mortgage,irs etc. : (2)


    • Posted by BBC on June 05, 2002 at 15:16:31:

      In Reply to: responsibility liens posted by frank on June 02, 2002 at 10:38:37:

      : If you foreclose on a first mortgage who is responsible for any other liens (ie)real estate tax,second mortgage,irs etc.

      If I am not wrong, you still have those liens follow you when you have a new property. But better check with an attorney for this to make sure. I have the same problem too. : (1)


      • Posted by BDEXEC on June 08, 2002 at 09:32:58:

        In Reply to: Re: responsibility liens posted by BBC on June 05, 2002 at 15:16:31:

        Once a foreclosure it executed every other mortgage, lien or judgment junior the foreclosing mortgage is wiped out.

        Example:

        First Mortgage: 75kSecond Mortgage: 25kLien 1: 5kLien 2: 2k

        First mortgage is foreclosing, all other liens junior to the first mortgage attached to the property are wiped out completely.

        BDEXEC : (0)


  • Posted by Ron Muesa on June 02, 2002 at 06:38:13:

    You can do FREE Foreclosure searches for propertiesnationwide at http://www.equitycashing.com/fbinvestor.htm .You can search through FDIC, SBA and a few other agencylistings all from this one site.

    Much success!

    Ron

    PS- There's also info about 95% Stated Income/Stated Assetinvestor financing and rehab financing. Check "highlights" page. : (0)


  • Posted by David L. Rosengarden on June 01, 2002 at 21:49:21:

    Yet another cyber-person wanting to make money in the realm of real estate investing.I have pre-approval on hard/rehab money!

    Now I can talk with realtors...make offers...

    My #1 hang up is NOW...HOW DO I GET RELIABLE COMP SALES DATA FOR MYSELF WITHOUT HAVING TO RELY ON A REALTOR AT ALL? (if possible)

    Who cares if I can buy a house AND afford to fix it if it won't sell at a profit...LET ALONE BREAK EVEN! I need to get a good source for this?

    Rehabbers, what's the scoop?

    DaveR www.dalero1.com : (0)


  • Posted by ellib on June 01, 2002 at 06:04:14:

    The house that a friend and I purchased as joint tenants was foreclosed upon. The trustee sold the property to a third party (not associated with the lender). We understand that the bank has been paid and there is approximately 200,000 left. At the time of the sale, there was a 200 lien on the property. We received notice of excess proceeds and submitted claim for them. It has been over 60 days since the sale of our home. How long can this be dragged out? What exactly are the trustee's duties "by law" and what are our rights and where can I find it in the law books. We have had companies contact us stating that they can help us recover our money for a fee (faster and without difficulty). If there is a time schedule, are these companies just trying to get something for nothing? : (2)


    • Posted by Ward-CA- on June 03, 2002 at 15:48:05:

      In Reply to: post foreclosure >60 days, excess proceeds posted by ellib on June 01, 2002 at 06:04:14:

      : The house that a friend and I purchased as joint tenants was foreclosed upon. The trustee sold the property to a third party (not associated with the lender). We understand that the bank has been paid and there is approximately 200,000 left. At the time of the sale, there was a 200 lien on the property. We received notice of excess proceeds and submitted claim for them. It has been over 60 days since the sale of our home. How long can this be dragged out? What exactly are the trustee's duties "by law" and what are our rights and where can I find it in the law books. We have had companies contact us stating that they can help us recover our money for a fee (faster and without difficulty). If there is a time schedule, are these companies just trying to get something for nothing?

      =•=•=•=•=•=•=•=•=•=•=

      Ellib, if you give us a hint of which state you’re in we could direct you to the pertinent foreclosure laws.

      The recovery companies will want to collect a 30% to 40% recovery fee. That’s $60 - 80K that you don’t have to pay. I’d spend $25 to $50 dollars to have a prominent local attorney write a demand letter to the trustee insisting that you get your check within the next 10-15 days or you’re going to file suit.

      Hope this helps. : (1)


      • Posted by ellib on June 04, 2002 at 12:34:05:

        In Reply to: Overbid distribution and regs. posted by Ward-CA- on June 03, 2002 at 15:48:05:

        : : The house that a friend and I purchased as joint tenants was foreclosed upon. The trustee sold the property to a third party (not associated with the lender). We understand that the bank has been paid and there is approximately 200,000 left. At the time of the sale, there was a 200 lien on the property. We received notice of excess proceeds and submitted claim for them. It has been over 60 days since the sale of our home. How long can this be dragged out? What exactly are the trustee's duties "by law" and what are our rights and where can I find it in the law books. We have had companies contact us stating that they can help us recover our money for a fee (faster and without difficulty). If there is a time schedule, are these companies just trying to get something for nothing?

        : =•=•=•=•=•=•=•=•=•=•=

        : Ellib, if you give us a hint of which state you’re in we could direct you to the pertinent foreclosure laws.

        : The recovery companies will want to collect a 30% to 40% recovery fee. That’s $60 - 80K that you don’t have to pay. I’d spend $25 to $50 dollars to have a prominent local attorney write a demand letter to the trustee insisting that you get your check within the next 10-15 days or you’re going to file suit.

        : Hope this helps.==========================

        I am in California, does that make a difference? : (0)


  • Posted by robin on May 31, 2002 at 20:18:17:

    Can anyone tell me or direct me that explains what are foreclosures and mortgages? : (2)


    • Posted by Reinstatement Services, Inc. on May 31, 2002 at 22:56:24:

      In Reply to: Can anyone tell me posted by robin on May 31, 2002 at 20:18:17:

      Mortgage - conveyance of an interest in real estate that is given as security/collateral for the payment of a debt.

      Foreclosure - a legal process in which the mortgaged property is 'force' sold in the case of a default [signified by a breech of the mortgage contract] in an attempt to satisfy the debt.

    • Default and Foreclosure Mediation
    : (0)

  • Posted by mark on May 31, 2002 at 21:03:40:

    In Reply to: Can anyone tell me posted by robin on May 31, 2002 at 20:18:17:

    Just write to info@ineedhardmoney.com to find out all about foreclosures, mortgages, bankruptcy and terms pertaining to hard money lending. They are people who know what they do and what they say. They have been in this business for years now and know how to conduct it - with utmost simplicity and transparency. Visit www.ineedhardmoney.com

    : (0)


  • Posted by Joe on May 31, 2002 at 02:43:36:

    We gave up our house in BKO filing last year. The BKO has been discharged. We are still receiving Foreclosure paperwork. We received a call from someone who is interested in purchasing the home. The offer is less than the payoff.. Who should I contact about the offer : (0)


  • Posted by Laura on May 30, 2002 at 22:33:13:

    I'm not going to go thru all the sob story stuff and just get straight to the point. We live in Maryland, originally filed Chapter 13, lawyer had tons of errors,some of which he was fined for, then he advised that we file 7. We did, house went to foreclosure and sold in December. Since then we have been in constant contact with a representative at the VA who assured us that we had time and would work with us. We sent him a hardship letter explaining what happened (my health) as well as the attorney's mistakes. Then last week we receive an eviction notice. We call him back, apparently some wires had gotten crossed. We receive the right to buy the house back almost immediatly afterwards. So June 6 we have to give them $3,000 earnest money, and have 45 days to settle. If we don't, we lose the deposit.

    There is basically no equity in the house, (we think) because the local realtors say about $185,000, while the appraiser for the foreclosing bank said $129,900. We live in a single family home development, and for the past 2yrs the homes have been selling for about $170,000 to just under $190,000.

    So where do we stand? As I understand it, hard money lenders want equity in the house, and there is NO way a regular lender would finance us.

    Sorry this is so long! Any help would be appreciated. My email is lauramcfarlane@mac.com

    ThanksLaura : (1)


    • Posted by Nick(Colorado) on June 01, 2002 at 15:23:13:

      In Reply to: VA Agreed to Let Us Buy Our House Back...Financing??? posted by Laura on May 30, 2002 at 22:33:13:

      Laura:

      All emotional issues aside, I think that you have to ask a very basic question first: "Is the property worth the option?" If you have been given the option to purchase the property via the VA at a "good deal" price, then it makessense to either exercise or sell the option. If it is not a "good deal" price, then the only value of the option is to keep you from having to move.

      If the option has value, only then, should you exercise or sell it. Hard money lenders normally deal with bridge financing on properties that will be shortly sold, or haveclear cut income potential. Realistically if you can not get any financing, sell the option, and find cheaper digs.

      : (0)


  • Posted by Maureen on May 30, 2002 at 19:29:03:

    I have a private 1st D/T on a property that has been in Chapter 13 for several years. Trustor is current in his post-petition payments on my loan and I receive payments from the BK trustee for the delinquent payments. However, trustor does not make any property tax payments. A few years are included in the BK with payments from the BK trustee, but he has not made any post-petition tax payments. I have been in contact with the tax collector delinquent tax specialist, trustor and his attorney. Trustor is unsophisticated and has not followed any of the advisories I have given him to set up a contract with the tax collector.His attorney is pleasant, but hasn't done any follow up. I know I am a position to get relief from stay for his violation of the D/T regarding taxe & commence foreclosure proceedings, but hope I do not need to do that. I have made a short story long, but my question is, what is my position in the event of a tax sale?Does my lien remain on the property with a subsequent owner after payment of all property taxes? There is considerable equity in this property.Thanks for your help.Maureen

    : (2)


    • Posted by Ben (NJ) on May 31, 2002 at 09:44:08:

      In Reply to: Status of lienholder in property tax sale posted by Maureen on May 30, 2002 at 19:29:03:

      I am a tax foreclosure attorney in NJ as well as a large buyer of tax sale certificates. Generally speaking, municipal property taxes are accorded a statutory superpriority meaning even if they arise later than a mortgage or other lien, they take senior position. As a junior lienholder if you have been properly joined in the foreclosure action your mortgage will be "cut off" by the foreclosure proceeding. This means you will no longer be a secured creditor. Under the terms of the promissory note, you can probably go after the debtor for a deficiency judgment but this is usually a waste of time. Your only option is to pay the tax lien off yourself, lump it into your mortgage balance and then conduct your own mortgage foreclosure. Hope this helps.



      : I have a private 1st D/T on a property that has been in Chapter 13 for several years. Trustor is current in his post-petition payments on my loan and I receive payments from the BK trustee for the delinquent payments. However, trustor does not make any property tax payments. A few years are included in the BK with payments from the BK trustee, but he has not made any post-petition tax payments. I have been in contact with the tax collector delinquent tax specialist, trustor and his attorney. Trustor is unsophisticated and has not followed any of the advisories I have given him to set up a contract with the tax collector.: His attorney is pleasant, but hasn't done any follow up. I know I am a position to get relief from stay for his violation of the D/T regarding taxe & commence foreclosure proceedings, but hope I do not need to do that. I have made a short story long, but my question is, what is my position in the event of a tax sale?: Does my lien remain on the property with a subsequent owner after payment of all property taxes? There is considerable equity in this property.: Thanks for your help.: Maureen

      : (0)


    • Posted by Ward-CA- on May 30, 2002 at 23:37:51:

      In Reply to: Status of lienholder in property tax sale posted by Maureen on May 30, 2002 at 19:29:03:

      : I have a private 1st D/T on a property that has been in Chapter 13 for several years. Trustor is current in his post-petition payments on my loan and I receive payments from the BK trustee for the delinquent payments. However, trustor does not make any property tax payments. A few years are included in the BK with payments from the BK trustee, but he has not made any post-petition tax payments. I have been in contact with the tax collector delinquent tax specialist, trustor and his attorney. Trustor is unsophisticated and has not followed any of the advisories I have given him to set up a contract with the tax collector.: His attorney is pleasant, but hasn't done any follow up. I know I am a position to get relief from stay for his violation of the D/T regarding taxe & commence foreclosure proceedings, but hope I do not need to do that. I have made a short story long, but my question is, what is my position in the event of a tax sale?: Does my lien remain on the property with a subsequent owner after payment of all property taxes? There is considerable equity in this property.: Thanks for your help.: Maureen

      =•=•=•=•=•=•=•=•=•=•=

      Maureen, your trust deed position is junior to the senior position of the property tax assessment. The result of a tax sale would be to wipe off the title of the property all existing lienors and ownership interests extant at the time of the sale. So your trust deed position would not remain on the property. It would be wiped off the title of the property.

      The new owner would take title to the property, free and clear of all liens.

      Hope this helps. : (0)


  • Posted by hennery on May 30, 2002 at 09:22:27:

    is it possible for me to purchase real estate if I was faced with forclosure in the past and have less than perfect credit right now? : (3)


    • Posted by Samuel on May 30, 2002 at 13:26:46:

      In Reply to: I was faced with bankruptcy in the past posted by hennery on May 30, 2002 at 09:22:27:

      Yes it is possible to purchase real estate through a normal lender after a BK. I had a BK in '93. In 1996 I purchased a home through a bank with a normal interest rate.

      The deciding factors...1st, my credit history since the BK. It was spotless. 2nd, my debt ratio. At that time after the BK I did not carry any CCard balences and paid everything at the end of the month.

      Yes it can be dome but it takes a lot of work to look the best you can.

      Hope this helps.

      : (0)


    • Posted by sara on May 30, 2002 at 13:02:54:

      In Reply to: I was faced with bankruptcy in the past posted by hennery on May 30, 2002 at 09:22:27:

      If you had bankruptcy in the past, most lenders would not even consider you for a mortgage loan. This is not the case with ineedhardmoney.com. Even if your bankruptcy has only been for one day, according to us you still qualify for a home mortgage. We work to re-establish your credit rating. Foreclosures are no problem as well. You could select a loan program, which suits your needs. We assure you prompt response, candid communication and minimum paper work. You can fill our online form at www.ineedhardmoney.com or you can mail us at info@ineedhardmoney.com and we will contact you as soon as possible.

      : (1)


      • Posted by Jim V on May 30, 2002 at 13:49:05:

        In Reply to: Re: I was faced with bankruptcy in the past posted by sara on May 30, 2002 at 13:02:54:

        Most lenders consider 2 years of re-established credit enough to prove a borrower has learned a lesson from their BK and is now a reasonable credit risk.

        You state you provide loans with a one day old BK. Why not post the interest rate, points charged and maximum loan-to-value for such a loan?

        That would provide some basis to compare hard money costs against institutional "damaged credit" lending costs. Hard money, IMHO, is usually the last place you want to get money if there are any other options at all. : (0)


  • Posted by tina on May 29, 2002 at 22:12:30:

    Bought a house privately.No problems with the seller.He died and daughter inherited.I have missed no payments but am being threatened with foreclosure over an insurance issue.Her father always got insurance and we reimbursed him with the policy in our name.When daughter took over and inquired about insurance we told her how we had been doing it for ten years and offered to get our own.She says she got the insurance but the policy is in her name.I told her no the policy has to be in my name if she wants be to pay for it.No big squawk from her for almost 3 years.Now mortgage is almost paid and we have received a letter from an attorney about foreclosure.Can we fight this.My opinion is she sees the payments ending and just wants to make more money. : (3)


    • Posted by Jim V on May 30, 2002 at 03:32:42:

      In Reply to: tough question posted by tina on May 29, 2002 at 22:12:30:

      As I understand it, the daughter is attempting to foreclose over a lack of suitable insurance?

      Assuming you are not on title, which would prevent you from refinancing the loan into your name and obtaining other insurance, why not just pay her for the policy she has. It should be cheaper than having to play attorney games.

      Sit down with an insurance agent, discuss how you can be covered in case of any loss, then get whatever policy may be appropriate.

      If your payments for the property are almost over, don't get involved in a battle, just get done with it as quickly and affordably as you can.

      IMHO, principles are not so much about "winning" as they are getting a satisfactory result "to me" in the shortest period of time. I'd hope that you would consider that concept. Post back if I misunderstood the situation. : (2)


      • Posted by tina on May 30, 2002 at 07:44:52:

        In Reply to: Re: tough to answer without numbers, but.... posted by Jim V on May 30, 2002 at 03:32:42:

        : As I understand it, the daughter is attempting to foreclose over a lack of suitable insurance?

        : Assuming you are not on title, which would prevent you from refinancing the loan into your name and obtaining other insurance, why not just pay her for the policy she has. It should be cheaper than having to play attorney games.

        : Sit down with an insurance agent, discuss how you can be covered in case of any loss, then get whatever policy may be appropriate.

        : If your payments for the property are almost over, don't get involved in a battle, just get done with it as quickly and affordably as you can.

        : IMHO, principles are not so much about "winning" as they are getting a satisfactory result "to me" in the shortest period of time. I'd hope that you would consider that concept. Post back if I misunderstood the situation.

        Thank you for reply.Deed and all paperwork is in my name.She holds the note and problem is her name on the policy.If something were to happen she collects and I would have a battle getting anything because my name is not on the policy.I am not even sure if I can get insurance in my name since the building is already insured. : (1)


        • Posted by Wesley on May 30, 2002 at 16:39:49:

          In Reply to: Re: tough to answer without numbers, but.... posted by tina on May 30, 2002 at 07:44:52:

          If I understood right, she holds the mortgage on the property? Because if she doesn't than she has no insurable interest on the property. Now you should have insurance under your name as the insured and the back or the one that holds the mortgage should be listed as mortgagee for reasons as to if the house is a total loss they would get paid their balance on the loan. Otherwise the owner or the mortgagee can insured the property. So you should go and get insurance and sudmit proof of insurance to the mortgagee.

          : (0)


  • Posted by therock on May 29, 2002 at 13:00:38:

    how long do you have to move out after a foreclosure : (3)


    • Posted by vernon howrey on May 29, 2002 at 20:26:58:

      In Reply to: how long after foreclosure to move out posted by therock on May 29, 2002 at 13:00:38:

      : how long do you have to move out after a foreclosure

      : (1)


      • Posted by vernon howrey on May 29, 2002 at 20:28:11:

        In Reply to: Re: how long after foreclosure to move out posted by vernon howrey on May 29, 2002 at 20:26:58:

        : : how long do you have to move out after a foreclosure

        : (0)


    • Posted by Reinstatement Services, Inc. on May 29, 2002 at 14:32:38:

      In Reply to: how long after foreclosure to move out posted by therock on May 29, 2002 at 13:00:38:

      The absence of uniform standards with regards to eviction time frames makes it difficult to isolate an exact time when you will be required to surrender the premises.

      Although many factors will influence the eviction timeline, a reasonable rough estimate would be not more than 30 days following sale. However, you should receive advanced notification from the attorney hired to process the foreclosure action if the lender becomes the bene.

      : (0)


  • Posted by toni on May 29, 2002 at 00:03:48:

    I have just started a business and am interested in foreclosures and property management. I am willing to work with hard money lenders and any investors. I own a small business in Florida and am looking for any info on how to expand and learn. : (0)


  • Posted by Susan on May 28, 2002 at 19:12:42:

    What a mess this is. I left my husband in October. I moved out of the maritial home because he wouldn't. The home is only in his name, but is being considered as maritial property (NY state). 4 months after I moved out, he moved in with his girlfriend, leaving the maritial home empty. Today we went to court for a pre-trial hearing. I asked to occupy the house beginning in October when my lease expires. His response was that he has not made the mortgage payments since he moved in with his girlfriend and he is going to file bankruptcy...so either they will forclose on the house or he will file bankruptcy...either way the home is gone. Is there anything I can do to stop this? I don't understand how he can do this. I don't even understand how he can file for bankruptcy when he has assets. : (3)


    • Posted by Reinstatement Services, Inc. on May 28, 2002 at 19:59:17:

      In Reply to: forclosure,bankruptcy,divorce=nightmare posted by Susan on May 28, 2002 at 19:12:42:

      will allow the property to be saved.

      Because you don't mention whether the divorce has been finalized as yet, the bigger challenge will be securing a loan that will not be considered 'marital'property. : (2)


      • Posted by Susan on May 28, 2002 at 21:25:05:

        In Reply to: A workout with the lender... posted by Reinstatement Services, Inc. on May 28, 2002 at 19:59:17:

        : will allow the property to be saved.

        : Because you don't mention whether the divorce has been finalized as yet, the bigger challenge will be securing a loan that will not be considered 'marital'property.

        The divorce is not final...he just started it. : (1)


        • Posted by Stephanie Menart on June 26, 2002 at 17:47:53:

          In Reply to: Re: A workout with the lender... posted by Susan on May 28, 2002 at 21:25:05:

          I need to know where you live. Can you sell the house so that no one has to worry about the mortgage. then everyone can start out fresh. Contact me at stmenart@yahoo.com and I will see if I can help you if it isn't too late.: : will allow the property to be saved.

          : : Because you don't mention whether the divorce has been finalized as yet, the bigger challenge will be securing a loan that will not be considered 'marital'property.

          : The divorce is not final...he just started it.

          : (0)


  • Posted by njdave on May 28, 2002 at 18:17:02:

    Has anyone had any dealings with Lincoln Properties from Northern New Jersey? They might be called The Lincoln Group, Lincoln Financial, etc. They solicit homeowners facing mortgage foreclosure from the lis pendens. : (1)


    • Posted by njdave on May 29, 2002 at 06:48:50:

      In Reply to: Has anyone had dealings with .... posted by njdave on May 28, 2002 at 18:17:02:

      Franklin Properties or Tower Management? : (0)


  • Posted by Ken on May 27, 2002 at 20:45:37:

    Searching for Fl lender to offer short period 95-100% financing on 1-4unit distressed SFR in S.Fl. Intend to purchase and resale. My fico is approx 687. I would also consider working line of credit offering $350k in four 1-4units SFR that I own. Any suggestions : (0)


  • Posted by ROBYN on May 27, 2002 at 10:44:16:

    I purchased a foreclosure through hud.It was supposed to have a clear title due to fha paying defaulted loan when hud took possession. Now that I am about to sell the property the title company is telling me that loan is showing open. Is that possible and how do I verify the loan has been satisfied? : (2)


    • Posted by Robert on June 01, 2002 at 12:46:58:

      In Reply to: HUD FORECLOSURE PLEASE PLEASE HELP posted by ROBYN on May 27, 2002 at 10:44:16:

      : I purchased a foreclosure through hud.It was supposed to have a clear title due to fha paying defaulted loan when hud took possession. Now that I am about to sell the property the title company is telling me that loan is showing open. Is that possible and how do I verify the loan has been satisfied?

      Hello. I just wanted to know who/what HUD is? I have heard this name before, but don't know exactly what it is. Can you give me more info? : (1)


      • Posted by Reinstatement Services, Inc. on June 02, 2002 at 14:41:26:

        In Reply to: Re: HUD FORECLOSURE PLEASE PLEASE HELP posted by Robert on June 01, 2002 at 12:46:58:

      • Default and Foreclosure Mediation
      : (0)

  • Posted by LG on May 25, 2002 at 20:00:02:

    I am looking for a website or book or help to give me step by step instructions on how to foreclose on property I have. Help. : (6)


    • Posted by Ward-CA- on May 25, 2002 at 20:55:44:

      In Reply to: Foreclosure posted by LG on May 25, 2002 at 20:00:02:

      : I am looking for a website or book or help to give me step by step instructions on how to foreclose on property I have. Help.

      ===================

      Your state's foreclosure code should give you the info you need. In California that would be Section 2924 of the Civil Code. : (5)


      • Posted by Jim V on May 25, 2002 at 23:59:09:

        In Reply to: Try looking at your state's foreclosure code. posted by Ward-CA- on May 25, 2002 at 20:55:44:

        Hi Ward,

        I wondered a bit about your lapse in posting, my assumption was that it was due to being occupied with other tasks. Glad to see you still have the opportunity to provide guidance.

        Jim V : (3)


        • Posted by KARIN BACKSTROM on June 12, 2002 at 12:58:38:

          In Reply to: Re: Try looking at your state's foreclosure code. posted by Jim V on May 25, 2002 at 23:59:09:

          : Hi Ward,

          : I wondered a bit about your lapse in posting, my assumption was that it was due to being occupied with other tasks. Glad to see you still have the opportunity to provide guidance.

          : Jim V

          : (1)


          • Posted by KARIN BACKSTROM on June 12, 2002 at 13:00:00:

            In Reply to: Re: Try looking at your state's foreclosure code. posted by KARIN BACKSTROM on June 12, 2002 at 12:58:38:

            : : Hi Ward,

            : : I wondered a bit about your lapse in posting, my assumption was that it was due to being occupied with other tasks. Glad to see you still have the opportunity to provide guidance.

            : : Jim V

            : (0)


        • Posted by Ward-CA- on May 27, 2002 at 10:14:18:

          In Reply to: Re: Try looking at your state's foreclosure code. posted by Jim V on May 25, 2002 at 23:59:09:

          : Hi Ward,

          : I wondered a bit about your lapse in posting, my assumption was that it was due to being occupied with other tasks. Glad to see you still have the opportunity to provide guidance.

          : Jim V=•=•=•=•=•=•=•=•=•=•=Jim,

          It was a case of being overwhelmed with everyone except myself out of town for a week. So I did all trainings myself and tried to pick up all other tasks but unfortunately I didn't get to the postings for several days.

          You weren't the only one who noticed. Didn't realize that people cared that much. Will have to let something else slide if I get overtasked again. : (0)


  • Posted by pattimo on May 25, 2002 at 11:57:44:

    Can someone explain what exactly Pmi does? If someone is behind on their mortgage payments will Pmi cover the late payments? : (2)


    • Posted by njdave on May 25, 2002 at 15:48:49:

      In Reply to: Pmi (private mortage insurance posted by pattimo on May 25, 2002 at 11:57:44:

      Private Mortgage Insurance is an insurance policy that you are required to buy as a condition of getting a mortgage loan. The policy is for the benefit of, and insures your lender in the event they are forced to foreclose on your loan. If your lender forecloses and the forced sale of your home results in a loss... the PMI would reimburse your lender for all or a portion of losses sustained...

      Though it happens rarely, there have been instances when PMI intervenes and helps a borrower bring a delinquent loan current.

      However, it must be in the interest of the PMI to intervene. In cases when the property is condemned or contaminated, or would otherwisebe a thorn in their side... PMI might try to help a borrower remain in their home as an alternative to foreclosure... : (1)


      • Posted by Jim V on May 25, 2002 at 20:49:24:

        In Reply to: Re: Private Mortgage Insurance posted by njdave on May 25, 2002 at 15:48:49:

        Hi Dave,

        PMI is always something of a mystery, never in the forefront of foreclosure proceedings, but quite often having an impact on bid amounts at the sale and in the possibility of lender workouts instead of a foreclosure.

        I just thought that was a good, clean answer about PMI.

        Jim V : (0)


  • Posted by Randy L on May 24, 2002 at 22:46:48:

    Hi folks,

    My wife & I have decided to buy our first home, however we have deside to look for a mother-daughter property. One to build euity & two earn an income on our property. Any suggestions for us. We would like to own property in the New York tri-state area. (Queens or Western Long Island. : (0)


  • Posted by Diana Doerr on May 24, 2002 at 20:27:45:

    Do banks usually come after borrowers for the difference of the money owed with the sale price at the time of the Sheriff's sale of the home. If you deed in lieu, does this usually stop them from persuing you for the differrence. If this doesn't, why deed in lieu? It seems only to help the lender and seems to have little advanatages to the borrower. : (1)


    • Posted by Jim V on May 24, 2002 at 20:37:55:

      In Reply to: Deed in Lieu and lender's action posted by Diana Doerr on May 24, 2002 at 20:27:45:

      A deed in lieu is usually only possible where the lender knows they will eventually get the property back and there are no other encumbrances that would be removed by the completion of a foreclosure action. The lender has to agree to take a deed in lieu.

      The advantage of a deed in lieu, from the borrower perspective, is that the lender accepts the property as payment for the debt owed. The lender should not be attempting to collect any kind of deficiency. From a credit perspective, a deed in lieu is generally considered to be somewhat better than a foreclosure. It indicates a willingness on the borrower's part to resolve the situation, rather than drag it out.

      HTH : (0)


  • Posted by MY TIEN TRUONG on May 24, 2002 at 16:31:15:

    I WOULD LIKE TO BUY PRE-FORCLOSURE HOMES IN ORANGE COUNTY, CALIFORNIA. WHERE SHOULD I GET LISTING OF THESE HOUSES WITHOUT PAYING FEE? : (1)


    • Posted by Jim V on May 24, 2002 at 19:17:11:

      In Reply to: BUY PRE-FORCLOSURE HOME IN ORANGE COUNTY IN CALIFORNIA posted by MY TIEN TRUONG on May 24, 2002 at 16:31:15:

      The only way to get good information without spending all your time researching is to subscribe to a good data provider.

      http://www.countyrecordsresearch.com has the most comprehensive information

      http://www.redloc.comhas less information, but is cheaper : (0)


  • Posted by Ken on May 24, 2002 at 11:56:28:

    If I am up to date with my 1st morgage and behind on my 2nd. If the 2nd morgage forecloses, can they still take my house? : (2)


    • Posted by Earl on June 19, 2002 at 02:56:52:

      In Reply to: 2nd Morgage foreclosure posted by Ken on May 24, 2002 at 11:56:28:

      : If I am up to date with my 1st morgage and behind on my 2nd. If the 2nd morgage forecloses, can they still take my house?Hi Ken, I'm afraid so. I had a first mortgage that was current and a second which I owed $10,000 & delinquent. The second was able to sell the property at public auction. : (0)


    • Posted by Ward-CA- on May 25, 2002 at 20:59:35:

      In Reply to: 2nd Morgage foreclosure posted by Ken on May 24, 2002 at 11:56:28:

      : If I am up to date with my 1st morgage and behind on my 2nd. If the 2nd morgage forecloses, can they still take my house?

      =============

      Ken,

      Any mortgage has the power of foreclosure. Therefore the foreclosure of a 2nd mortgage will transfer legal title of the secured property to the highest bidder at the foreclosure auction. : (0)


  • Posted by Lynn on May 23, 2002 at 13:49:33:

    We have been trying to contact the lawyer for the mortgage company for over a week now. We've faxed them,twice and they gave us a BS story about it taking 48 hours before the FAX got into their system, and askedfor them to discuss foreclosure on the house with ourbroker relative, but keep getting the run around fromthem. Any ideas or suggestions? House should havebeen sold on courthouse on 5/8/02. Thanks! : (1)


    • Posted by Reinstatement Services, Inc. on May 23, 2002 at 21:33:25:

      In Reply to: Lawyer for Mortgage Co. posted by Lynn on May 23, 2002 at 13:49:33:

      The attorney hired to process the foreclosure action has zero motivation for returning your calls and responding to your attempts at reconciliation/remedy.

      If you are going this alone perhaps a call to your lender's REO department might yield faster results.

      Have you considered Post Foreclosure Mediation? We have got an exceptional track record of having foreclosures cancelled and loans reinstated.

    • Default and Foreclosure Mediation
    : (0)

  • Posted by jessiefoder on May 23, 2002 at 11:56:42:

    Hi there, I need to get a loan of about 20,000 dollars to open up a small restaurant. I have a opportunity to buy a very good location. The price is fair but I still haven’t received any interest from local bank as because deal closes in 15 days and I need cash really quick. I don’t want to lose this opportunity can someone suggest me anything? thanks : (2)


    • Posted by leone on May 24, 2002 at 00:41:27:

      In Reply to: I need to get a loan posted by jessiefoder on May 23, 2002 at 11:56:42:

      Hello jessiefoder, I think I can give you some advice on that. We own a successful auto repair business in a terrific location on the North Shore. Last year were in a jam, due to sudden loses in business. We needed some money quickly for the saving our apartment. We looked for help on the web and came across www.ineedhardmoney.com firstly we were skeptical about the whole thing but once we contacted them everything went smoothly. They handled the job really well and we got our loan quickly. : (0)


    • Posted by njdave on May 23, 2002 at 12:42:02:

      In Reply to: I need to get a loan posted by jessiefoder on May 23, 2002 at 11:56:42:

      Contact anticipated major vendors/suppliers. For example, the supplier of concessions, beverages & papercups is often an investor in arenas and stadiums. Perhaps your liquor distributor or seafood salesman can help you out.... : (0)


  • Posted by marty on May 23, 2002 at 01:16:28:

    we paid on for 2 years, they didn't. we have money for our pay off they owe more, the trustee won't talk to us,the owners won't either, the foreclosure sale is 4 days on the court house stepts we have a contract for deed and a memorandum of contract recorded, we were not notified of sale owners said we were 7 days late on the payment so our contract is no good,contract says 60 days before default, we were not told this property had a loan against it. do we still make our payments can we file a lien against the property if so,how? we have all receits for our payments please help us : (1)


    • Posted by Ward-CA- on May 25, 2002 at 21:06:57:

      In Reply to: bought mortgaged property posted by marty on May 23, 2002 at 01:16:28:

      : we paid on for 2 years, they didn't. we have money for our pay off they owe more, the trustee won't talk to us,the owners won't either, the foreclosure sale is 4 days on the court house stepts we have a contract for deed and a memorandum of contract recorded, we were not notified of sale owners said we were 7 days late on the payment so our contract is no good,contract says 60 days before default, we were not told this property had a loan against it. do we still make our payments can we file a lien against the property if so,how? we have all receits for our payments please help us ==============

      Marty,

      No, I think continuing to make payments at this point would be a waste of money on your part.

      You can't file a lien without going to court and getting a judgment against the owners first. At this point that almost seems meaningless since the present owner won't be the owner after the pending foreclosure.

      This sorry tale depicts the typical risks of doing a Contract For Deed. : (0)


  • Posted by Jeff on May 22, 2002 at 18:43:40:

    I am interested in buying a commercial property in my area that is in foreclosure. I contacted the bank, and they said that I could buy their "postion" in the forclosure. What does this mean?? They said that I would have to make an offer for their " position". I asked how much and they would not tell me? I don't have any idea what to offer or where to start. Could you please help me? Thanks--- Jeff : (1)


    • Posted by njdave on May 23, 2002 at 06:53:40:

      In Reply to: Buying an in-process foreclosure posted by Jeff on May 22, 2002 at 18:43:40:

      The Bank has no standing to sell the property... for they cannot sell what they do not own. They can sell the mortgage that they hold. They have asked you to make an offer to buy the mortgage... If you are able to negotiate a steep discount for the mortgage, and it makes finncil sense to do so... you would (by stepping into their shoes or position) then complete the foreclosure process as a superior lienholder/Plantiff. This does not guarantee that you will end up with the property. Unless you have plenty of cash and patience, this probably isn't something for the novice.

      Since the Bank has indicated that they may be willing to discuss a loss mitigating alternative, you might want to contact the owner dirctly. Who know, you may be able to structure a short sale. : (0)


  • Posted by Jim on May 22, 2002 at 13:53:41:

    I hold 2nd note (purchased), reinstated 1st then trustor petitioned for Ch. 13 BK. (7 months so far, and still going). I am told "The Plan" will include small monthly payments (over 60 months) for the 2nd note payments missed pre-petition and some pre-petition costs, for reinstatement, etc..

    What happens to the loan payments and late fees trustor has missed on my 2nd note while in BK ($2,100+)? Must he/she pay in lump sum upon payment plan approval, or does the clock restart where the BK was filed, thus extending the term of the loan or increasing the amount of the balloon on the loan due date?

    Thank You! : (1)


    • Posted by Jim V on May 22, 2002 at 18:21:28:

      In Reply to: Ch. 13, "The Plan" and Payments deferred while in BK posted by Jim on May 22, 2002 at 13:53:41:

      "the debtor must continue to make full, post-petition payment mortgage payments while at the same time making Chapter 13 plan payments on the pre-bankruptcy arrearage owed to the lender."

      "The usual grounds upon which the court may grant relief(from stay) are the debtor's failure to pay ongoing mortgage payments or Chapter 13 payments."

      From The National Mortgage Servicer's Reference Directory.

      : (0)


  • Posted by Valerie (CA) on May 22, 2002 at 12:56:03:

    Can anyone tell me or direct me to a sight that explains what a foreclosure consultant is? : (2)


    • Posted by Jim V on May 22, 2002 at 18:35:02:

      In Reply to: What is a Foreclosure Consultant? posted by Valerie (CA) on May 22, 2002 at 12:56:03:

      Use a search engine and search for "California Civil Codes". You should get a site that has the CA civil codes. Find, read and print out sections 2945 to 2945.11

      There are lots of pitfalls in being a foreclosure consultant, you need to know what you can and cannot do legally. : (1)


      • Posted by Valerie (CA) on May 23, 2002 at 11:54:04:

        In Reply to: Re: You really need to read this. posted by Jim V on May 22, 2002 at 18:35:02:

        : Use a search engine and search for "California Civil Codes". You should get a site that has the CA civil codes. Find, read and print out sections 2945 to 2945.11

        : There are lots of pitfalls in being a foreclosure consultant, you need to know what you can and cannot do legally.

        THANK YOU MUCH! : (0)


  • Posted by lacaudria on May 22, 2002 at 11:24:27:

    Are homeowner associatiions legally allowed to foreclose on your property for withholding payments on association dues. : (1)


    • Posted by Jim V on May 22, 2002 at 18:39:11:

      In Reply to: homeowner association posted by lacaudria on May 22, 2002 at 11:24:27:

      Although I do not believe most associations are overly aggressive when it comes to initiating foreclosure, they can and do foreclose on a regular basis.

      : (0)


  • Posted by LOU R. on May 22, 2002 at 10:13:43:

    HOW LONG DOES A FORCLOSURE STAY ON MY RECORD : (2)


    • Posted by Reinstatement Services, Inc. on May 22, 2002 at 11:07:17:

      In Reply to: HOW LONG ON RECORD posted by LOU R. on May 22, 2002 at 10:13:43:

    • Default and Foreclosure Mediation
    : (0)

  • Posted by Tina on May 21, 2002 at 22:03:17:

    No big deal. But the company that bought the loan, the ones who I will actually make the payments to, called today. They want to know all the details about my income, 3 phone numbers, the whole credit history thing. How many other "big bills" do I have every month, how much is my car payment, etc.

    Why do I have to stop working and take time to give them this? obviously I gave all the information to the mortgage co when I refinanced. Didn't they pass it on? I just don't see the point. : (3)


    • Posted by Ward-CA- on May 25, 2002 at 21:12:30:

      In Reply to: I just refinanced my house & the loan was sold - sm posted by Tina on May 21, 2002 at 22:03:17:

      : No big deal. But the company that bought the loan, the ones who I will actually make the payments to, called today. They want to know all the details about my income, 3 phone numbers, the whole credit history thing. How many other "big bills" do I have every month, how much is my car payment, etc.

      : Why do I have to stop working and take time to give them this? obviously I gave all the information to the mortgage co when I refinanced. Didn't they pass it on? I just don't see the point.============

      What did the caller say when you asked her why they're asking you these questions after the fact? What does that stuff matter now that the loan's been made? : (2)


      • Posted by aradhana on May 31, 2002 at 05:48:25:

        In Reply to: Seems meaningless to me. posted by Ward-CA- on May 25, 2002 at 21:12:30:

        hey pls be careful on the phone! ask for identification from the caller or have them send someone across to your home/ office for a personal discussion. why give out classified information to people on the phone? : (0)


      • Posted by Derek on May 28, 2002 at 12:15:25:

        In Reply to: Seems meaningless to me. posted by Ward-CA- on May 25, 2002 at 21:12:30:

        : : No big deal. But the company that bought the loan, the ones who I will actually make the payments to, called today. They want to know all the details about my income, 3 phone numbers, the whole credit history thing. How many other "big bills" do I have every month, how much is my car payment, etc.

        : : Why do I have to stop working and take time to give them this? obviously I gave all the information to the mortgage co when I refinanced. Didn't they pass it on? I just don't see the point.: ============

        : What did the caller say when you asked her why they're asking you these questions after the fact? What does that stuff matter now that the loan's been made?

        Be very careful about giving that info on the phone. I am a mortgage broker. When the loan is sold. They get a copy of your 1003 (the app you filled out.)appraisal,title,credit report and income doc's. If some calls again get their number and call them back.

        Derek : (0)


  • Posted by randy khare on May 21, 2002 at 17:14:35:

    Anyone know of places foreclosures are listed for New York, maybe a newspaper. Any free websites? : (1)


    • Posted by Heminia Ayala on May 28, 2002 at 12:39:44:

      In Reply to: foreclosure listings posted by randy khare on May 21, 2002 at 17:14:35:

      : Anyone know of places foreclosures are listed for New York, maybe a newspaper. Any free websites?

      : (0)


  • Posted by Marilyn on May 21, 2002 at 13:41:12:

    For those of you who read this site and judge others may you read this and learn, it is an Indian Prayerthat says in part:

    "Grant that I may not criticize my neighbor until I have walked a mile in his (or her) moccasins" : (3)


    • Posted by Jim V on May 22, 2002 at 02:12:51:

      In Reply to: For those of you who judge posted by Marilyn on May 21, 2002 at 13:41:12:

      is that I have seen very little "judgement" in the majority of the postings.

      I do see, on occasion, blunt responses. But, in most instances, the response is based in reality, it appears to be not a judgement, but an attempt at a "wake up call".

      Foreclosure is a difficult business, emotions often run very high and responses to posts could be interpreted as criticism or judgement. But, like a ticking clock, the foreclosure procedure continues. Wake up call responses aren't a bad thing, hopefully they can motivate readers to take positive steps to resolve their difficulties.

      Just my .02

      Jim V : (2)


      • Posted by theshortsalepro on May 22, 2002 at 08:13:08:

        In Reply to: Re: What I find interesting.... posted by Jim V on May 22, 2002 at 02:12:51:

        Where is she getting this? No one here is judgmental. She must be nuts!







        :-) : (1)


        • Posted by aradhana on May 31, 2002 at 05:57:29:

          In Reply to: Re: What's up with Marilyn? posted by theshortsalepro on May 22, 2002 at 08:13:08:

          i agree with the shortsalepro - i think marilyn needs to get off an imaginary horse and actually read some of the responses. they are informative, reassuring and mighty real. not at all judgemental! as for the prayer - we could all do with some - right marilyn? : (0)


  • Posted by Young on May 21, 2002 at 10:01:11:

    I have been trying to do lien searchs at court house prior to foreclosure auctions but I havn't been able to find any record on co-op properties there. Anybody know why? and what can I do for better search? I'm in Manhattan. Thank you : (1)


    • Posted by Ward-CA- on May 25, 2002 at 21:24:03:

      In Reply to: lien search posted by Young on May 21, 2002 at 10:01:11:

      : I have been trying to do lien searchs at court house prior to foreclosure auctions but I havn't been able to find any record on co-op properties there. Anybody know why? and what can I do for better search? I'm in Manhattan. Thank you

      =•=•=•=•=•=•=•=•=•=•=

      Young,

      Co-ops are structured differently than other properties in that you don't actually own a property interest.

      What is owned are shares in the co-op corporation which entitle you to occupy a particular apartment in the building owned by the co-op corporation itself.

      And shares of stock, being personal property, not real property, aren't recorded in the real property records down at the county recorder's office.

      Thus most co-ops aren't financed by regular lenders. They are usually financed by the seller carrying back the unpaid portion of the sale.

      : (0)


  • Posted by juniorfiles on May 20, 2002 at 21:29:52:

    Hello, I am looking at gaining knowledge about foreclosures. I live in San Jose, CA and the property is quite expensive. I am a 1st time buyer. Is there any realistic possibility of purchasing a distressed home for quite a bit under market value (for myself). I understand that this is a business within itself. How can I begin? I would be willing to speak with someone in my area. Thanks : (1)


    • Posted by Ward-CA- on May 25, 2002 at 21:44:01:

      In Reply to: How to buy a foreclosed home... where to begin posted by juniorfiles on May 20, 2002 at 21:29:52:

      : Hello, I am looking at gaining knowledge about foreclosures. I live in San Jose, CA and the property is quite expensive. I am a 1st time buyer. Is there any realistic possibility of purchasing a distressed home for quite a bit under market value (for myself). I understand that this is a business within itself. How can I begin? I would be willing to speak with someone in my area. Thanks

      =•=•=•=•=•=•=•=•=•=•=

      Sorry to report I'm outside your area—am located in San Diego, CA. However the foreclosure business in CA is the same all over the state.

    • State-specific, one-on-one foreclosure training
    : (0)

  • Posted by Janice on May 20, 2002 at 15:33:09:

    Does anyone if we can purge ourselves of a lake lot that we own in Texas by filing a Quit Claim Deed back to the Property Owners Association and Taxing Authority in consideration for the amount they charge us for maintenance every year and taxes due. We have the lot paid off, but the maintenance assessments and taxes continue to mount. We are also in a pending bankruptcy. The Association has reported our fees to the credit bureau. Does anyone know if they have a right to do that while we are pending in a Chapter 7 Bankruptcy. : (1)


    • Posted by Bob H on May 21, 2002 at 00:25:55:

      In Reply to: Quit Claim Deed in consideration for assessments posted by Janice on May 20, 2002 at 15:33:09:

      : Does anyone if we can purge ourselves of a lake lot that we own in Texas by filing a Quit Claim Deed back to the Property Owners Association and Taxing Authority in consideration for the amount they charge us for maintenance every year and taxes due. We have the lot paid off, but the maintenance assessments and taxes continue to mount. We are also in a pending bankruptcy. The Association has reported our fees to the credit bureau. Does anyone know if they have a right to do that while we are pending in a Chapter 7 Bankruptcy.

      **********************************One of the elements necessary for a deed to be valid is acceptance. The HOA would have to agree to accept a quit claim deed, in order to accomplish your goal of divesting yourselves of title.

      If your bankruptcy is not discharged, you may also need to obtain the approval of the bankruptcy court to deed the property to anyone. Ask your BK attorney for specific details.



      : (0)


  • Posted by Gina on May 18, 2002 at 15:00:23:

    I live in Florida and my lender sent me a notice of forclosure in Feb, at that time I sent all payments in to make the mortgage loan current. Nothing was heard again from me or my wife in regards to a default. Two weeks ago some gentlemen came to my home thinking it was vacant. My home was auctioned off and I did not have any knowledge. The date set for me and my family to vacate has passed and I have retained an attorney, but I am concerned that because my house has already been sold can we be forced to move soon? Help : (1)


    • Posted by jr on May 20, 2002 at 18:55:42:

      In Reply to: flordia post auction info posted by Gina on May 18, 2002 at 15:00:23:

      You've done the right thing by retaining an attorney,do you know if the property was sold to a 3rd party or back to the bank?what county are you in? : (0)


  • Posted by T.L.Weyant on May 18, 2002 at 12:42:48:

    I am 3 months past due on my mortgage loan. I received a letter saying we were in default and had to pay the default amount by the 20th of May, we have been unable to raise that amount but will be able to make one payment by the end of this month. What can the holder of the mortgage do at this point? : (2)


    • Posted by Joe Daujotas on June 01, 2002 at 02:35:48:

      In Reply to: info concerning forclosure in Georgia posted by T.L.Weyant on May 18, 2002 at 12:42:48:

      3 Months Past DueThe mortgage company can foreclose on your property since you are late in you required payments. I offer a remediation service that is about 90% successful in reinstating mortgages. Please contact me so I can explain the program to you in detail. Time is short so don't wait. 847-571-0565. God Bless. Joe Daujotas : (0)


    • Posted by Reinstatement Services, Inc. on May 19, 2002 at 16:03:18:

      In Reply to: info concerning forclosure in Georgia posted by T.L.Weyant on May 18, 2002 at 12:42:48:

      Although foreclosure proceedings are likely to begin and with it's commencing at least $1500 in legal fees, it would still be in your best interest to solicit your lender for a workout as an alternative to foreclosure.

      Contact your lender's loss mitigation department. They should be able to assist you. If you are unable to secure resolution within two weeks, give us a call.

    • Default and Foreclosre Mediation
    : (0)

  • Posted by Alan Smith on May 17, 2002 at 23:50:59:

    I live in Florida and I have an assumable VA mortgage and I am currently 5 payments behind on my first mortgage! I also have a 2nd mortgage which is also about 5 months behind. Last night when I came home I found a card on my door from a legal process service so I assume that they are trying to serve me in regards to foreclosure on my mortgage! However, I am surprised because I expected that my mortgage company would have first sent me a certified letter letting me know of their intent to foreclose. In addition I had responded to letters I had previously received offering me assistance options. I returned all the forms they requested.

    I have a first VA mortgage with a balance of $63,000 and a second with a balance of $11,000. The current value of my property is around $105,000 and that's on the low side!

    If I am being served in regards to my mortgage, what should I expect? What is the procedure? Based on my situation as described what is my best course of action?

    : (2)


    • Posted by joan dielman on May 18, 2002 at 11:01:02:

      In Reply to: Please help! Need advise! posted by Alan Smith on May 17, 2002 at 23:50:59:

      : I live in Florida and I have an assumable VA mortgage and I am currently 5 payments behind on my first mortgage! I also have a 2nd mortgage which is also about 5 months behind. Last night when I came home I found a card on my door from a legal process service so I assume that they are trying to serve me in regards to foreclosure on my mortgage! However, I am surprised because I expected that my mortgage company would have first sent me a certified letter letting me know of their intent to foreclose. In addition I had responded to letters I had previously received offering me assistance options. I returned all the forms they requested.

      : I have a first VA mortgage with a balance of $63,000 and a second with a balance of $11,000. The current value of my property is around $105,000 and that's on the low side!

      : If I am being served in regards to my mortgage, what should I expect? What is the procedure? Based on my situation as described what is my best course of action?

      : (1)


      • Posted by Derek on May 28, 2002 at 12:21:58:

        In Reply to: Re: Please help! Need advise! posted by joan dielman on May 18, 2002 at 11:01:02:

        : : I live in Florida and I have an assumable VA mortgage and I am currently 5 payments behind on my first mortgage! I also have a 2nd mortgage which is also about 5 months behind. Last night when I came home I found a card on my door from a legal process service so I assume that they are trying to serve me in regards to foreclosure on my mortgage! However, I am surprised because I expected that my mortgage company would have first sent me a certified letter letting me know of their intent to foreclose. In addition I had responded to letters I had previously received offering me assistance options. I returned all the forms they requested.

        : : I have a first VA mortgage with a balance of $63,000 and a second with a balance of $11,000. The current value of my property is around $105,000 and that's on the low side!

        : : If I am being served in regards to my mortgage, what should I expect? What is the procedure? Based on my situation as described what is my best course of action?

        You can find a new mortgage. Yes I said a new mortgage. With the loan to value that low it should be do able. email me back and I can forward a list of investor's.

        Derek(253)229-9168 : (0)


  • Posted by gp on May 17, 2002 at 20:47:00:

    We are military and have gotten orders to move. Our house has been on the market, with no luck and the military is unable to help us. We can not afford to keep the house and want to know, what is the most painless way to get rid of the house. Our payments are current but the market here is very bad due to all of the moves. We don't have any equity in the house and renting it is not an option. What do we do? : (1)


    • Posted by Ysaias Villa on May 19, 2002 at 15:16:22:

      In Reply to: How To Forclose? posted by gp on May 17, 2002 at 20:47:00:

      : We are military and have gotten orders to move. Our house has been on the market, with no luck and the military is unable to help us. We can not afford to keep the house and want to know, what is the most painless way to get rid of the house. Our payments are current but the market here is very bad due to all of the moves. We don't have any equity in the house and renting it is not an option. What do we do?

      : (0)


  • Posted by jeff kappel on May 17, 2002 at 20:12:25:

    i went through a foreclosure in 98, the 2nd mortgage was never satisfied and i have continued to pay it, do i have some legal stance to stop paying it since it held a lien on the property and still let it get retitled? : (0)


  • Posted by Bob H on May 17, 2002 at 19:56:07:

    Many of the posters here are looking for real answers to very real problems. While your intentions may be good, the advice you are offering is utter nonsense.

    So here's the challange:

    I will send the owner of this site $1,000. You in turn, send him copies of any transaction in which you completed a deal using the methods you describe; ie, defeating a foreclosure by asserting patent rights, or getting the FDIC to make deliquent mortgage payments for you.

    If you can actually provide the documentation, the $1,000 is yours to spend as you wish.

    If on the other hand, you can't document any transaction using these so-called methods, I get my $1,000 back, and you agree to kindly refrain from posting anymore gobbley gook answers to people looking for sincere, well-reasoned responses to their question.

    What do you say John: Paul, do you want to accept my offer? : (0)


  • Posted by Amber on May 17, 2002 at 12:00:16:

    Dude,

    I know you are trying to be helpful, but Layperson terms please. It's hard enough that we are despareate lloking for help, then we try to decipher a cryptic message.

    Like I said, you present good things, but in english ;) : (1)


    • Posted by Jim V on May 18, 2002 at 17:07:36:

      In Reply to: john: Paul posted by Amber on May 17, 2002 at 12:00:16:

      Amber,

      I like to think I have a fairly decent grasp of real estate, but I also had difficulty following the JP posts.

      The patent one seemed to question whether original sales/transfers of government land to private entities 100+ years ago was valid.

      The FDIC/Truth in Lending one seemed to question whether lenders were in fact lending "money".

      I've heard similar questions in the past regarding whether or not the federal government has the ability to tax individuals on their income. To the best of my knowledge, there has never been a court case saying they can't.

      I, like Bob H, would like to see documented evidence regarding the validity of the claims. Until such a time, I wouldn't consider the posts to have much significance.

      Jim V : (0)


  • Posted by glenn callo on May 16, 2002 at 20:07:41:

    my parents, who live on Guam, owned a house in Carson, CA for about 8 years, and unfortunately the house was foreclosed on them.I just wanted to know if the foreclosure will have ANY affect on the house they own on Guam. : (1)


    • Posted by Reinstatement Services, Inc. on May 17, 2002 at 13:07:38:

      In Reply to: parents house foreclosed posted by glenn callo on May 16, 2002 at 20:07:41:

    • Default and Foreclosure Mediation
    : (0)

  • Posted by DONNA on May 16, 2002 at 19:14:46:

    It was suggested that I have my Probate attorney file a 9391 petition. What is this? Where can I get more info on this? : (0)


  • Posted by e mccarthy on May 16, 2002 at 17:02:28:

    i am in the process of getting a copy of the complaint (as well as an amendment) from the courthouse re. a foreclosure which is in 3 days (may 20). would this document contain a list of all the liens just like a title search would? i don't have time for a title search! please help! : (0)


  • Posted by Brand J. on May 16, 2002 at 16:56:52:

    I found an excellent course on Tax Foreclosures. It is very detailed, easy to follow, and does not contain any B.S.!

    For any interested in learning more the site has tons of practical info as well:

    www.dmbrealestate.bigstep.com

    Thanks,

    Brand : (1)


    • Posted by trel on May 17, 2002 at 12:44:28:

      In Reply to: Foreclosures in TEXAS and other states posted by Brand J. on May 16, 2002 at 16:56:52:

      Looks like a lot of hype to me.

      trel



      : (0)


  • Posted by orealia on May 16, 2002 at 16:11:33:

    Last year I refinanced my home to get cash for home improvement, I had been late on my mortgage about 8 times within that year so my credit was not good. I refinanced and my interest rate went from 9.5 to 12.5, I had to do it because I needed a new roof very badly, I stayed current for 6 months then I fell behind for 3 months and on the fourth month I had all the cash to bring myself current, I called to inform my new mortgage company and they said not to send it in yet because they had to hear from the attorney, so I didn't send it in and 1 week later I recieved a contract from the attorney saying in order to stop forclosure I had to pay my back mortgage plus $200 in late fees and $1600 in attorney fees I could not send in the money I had to bring myself current without the attoney fees, I had the late fee money and the mortgage money but I was not expecting to pay $1600 in attorney fees. Now I have to pay $400 more a month for 12 months to bring myself current and this is causing me to get behind on all my other bills and I a in serious trouble. If I am late one time they will forclose on me. Is there a limit to what attorney fees should be I live in Detroit, MI and my lender is in California but the attorney is in Michigan. Is this fair or not? It seems that they are trying to make it hard for me to keep my home. : (1)


    • Posted by Reinstatement Services, Inc. on May 17, 2002 at 13:03:29:

      In Reply to: feeling over charged posted by orealia on May 16, 2002 at 16:11:33:

      Orealia, what you've just described is what millions of homeowners find themselves faced with across the nation, daily. Only for some, the fees can run as high as $4000.00.

      Depending on the type of loan you have, you might qualify for other forms of relief intervention that might make the going a little easier...but the attorney fees will not go away.

      If you have the money to reinstate the loan less attorney fees, why not pay that money and then make repayment arrangements on the $1,600 remaining? If your repayment term covers a period of 12 months based on the information you've provided this should be more managable and provide you with a more realistic means of retaining your property as you move towards reinstatement.

      Another question that begs examination...can you really afford the home? If you determine that you cannot then the best course of action would be to rent it out or sell to avoid the negative ramifications that are on the horizon should the defaults continue.

    • Default and Foreclosure Mediation
    : (0)

  • Posted by Lynn on May 16, 2002 at 08:28:21:

    What happens if all your efforts to stop the foreclosurehave failed? Can they garnishee your wages? If you'reself-employed, can they take your business? Can theytake your business equipment? How long does this stay on yourrecord? : (2)


    • Posted by njdave on May 16, 2002 at 11:50:29:

      In Reply to: What now? posted by Lynn on May 16, 2002 at 08:28:21:

      If you can't stop the foreclosure, the property will be sold at a public sale. Proceeds are used to pay lienholders. If proceeds from the sale do not satisfy all liens... then each lienholder may have specific, legal recourse against you personally including what might result in the garnishment of wages, etc.

      Why are you not able to stop the foreclosure? : (1)


      • Posted by joan dielman on May 18, 2002 at 10:58:22:

        In Reply to: Re: What now? posted by njdave on May 16, 2002 at 11:50:29:

        : If you can't stop the foreclosure, the property will be sold at a public sale. Proceeds are used to pay lienholders. If proceeds from the sale do not satisfy all liens... then each lienholder may have specific, legal recourse against you personally including what might result in the garnishment of wages, etc.

        : Why are you not able to stop the foreclosure?

        : (0)


  • Posted by Lynn on May 16, 2002 at 08:11:59:

    I need to know what happens when your home is foreclosed.Let's say everything has been done / tried and all hasfailed. Can the mortgage company garnishee your wages?Can they take your business from you if you are self-employed?Can they take your business equipment? How long doesthis stay on your records? Thanks! : (1)


    • Posted by Reinstatement Services, Inc. on May 16, 2002 at 11:53:21:

      In Reply to: Foreclosure for sure posted by Lynn on May 16, 2002 at 08:11:59:

      Legislative mandates in your state will determine what your lender will be able to do should the sale of the property not produce enough proceeds to cover the amount of your debt.

      Foreclosure will remain on your credit profile for 7 years.

      Have you thought of mediation?

    • We mediate workouts as an alternative to foreclosure
    : (0)

  • Posted by Michael on May 16, 2002 at 02:39:20:

    What is the best way for a few individual investors to pool resources in order to buy & sell foreclosures, real estate, etc?

    Should we form an LLC or a 'subchapter S' Corporation? Any advice or links to resources would be greatly appreciated - Thanks!! : (1)


    • Posted by john: Paul on May 17, 2002 at 09:34:28:

      In Reply to: Should we form an LLC or S Corporation to buy forclosures? posted by Michael on May 16, 2002 at 02:39:20:

      : What is the best way for a few individual investors to pool resources in order to buy & sell foreclosures, real estate, etc?

      : Should we form an LLC or a 'subchapter S' Corporation? Any advice or links to resources would be greatly appreciated - Thanks!!

      You sould do whatever you can to CYA, buying forclosures is EXTREMELY risky. I go to the people that think they "lost" the property and get a Quit claim deed from them (usually for under $100.00, when I tell them I'm going to sue the people that took it from them), then I file a NOTICE OF ASSIGN STATUS pursuent to the original patent, notifying all in adverse posession of the land that I charge $10,000.00/day rent for their infringement on the patent. Then I file suit in federal court for an action in ejectment and a suit in recovery of rents for infringement on the patent.

      You see forclosures are not valid against patent Land Grants, they are collateral attacks on the patent and you took no better title then the "persons" you bought it from. Priecing the Corporate viel to seize your private side assets isn't very difficult in most cases where an S or sub Sor LLC or LLP is formed, niether is attachement on all real and personal property including but not limited to bank accounts and investment portfoliosas soon as the federal case is filed.

      Makes it hard for people to eat and pay thier own mortgage for the year or so that the Federal Court has the case and before they hand me the judgementagainst the guy who "bought" the bad title.

      : (0)


  • Posted by Mitch Rubin on May 15, 2002 at 20:22:38:

    What pitfalls should I look for at the trustee sale. Will all other debts after the first be wiped out if indeed the first holder is the seller. : (0)


  • Posted by Shari on May 15, 2002 at 19:33:36:

    Where Can I Find Hard Loan Investors To Help Me Purchase My Home Back From The Bank After Auction, With Having The Bad Credit I've Incurred? Thanks, Shari : (0)


  • Posted by Eileen on May 15, 2002 at 19:01:39:

    Ok, I am getting desperate. I am 2 months behind on my mortgage ( and just about every other bill). We filled out a workout plan sheet for the mortgage company. They said it could take up to 3 wks before we hear back. mind you, we were foolish enough to buy a house we couldn't afford. Meanwhile my husbands new job in a neighboring state wants him there full time by the end of the month. so now we are looking for a place to rent. even though We don't even have any money for what is required. ( like security and first mo rent). I am afraid of losing everything.. is there anything we can do? Please help!!!!!!! : (6)


    • Posted by John: Paul on May 17, 2002 at 09:13:59:

      In Reply to: Help. Please!! posted by Eileen on May 15, 2002 at 19:01:39:

      : Ok, I am getting desperate. I am 2 months behind on my mortgage ( and just about every other bill). We filled out a workout plan sheet for the mortgage company. They said it could take up to 3 wks before we hear back. mind you, we were foolish enough to buy a house we couldn't afford.: Meanwhile my husbands new job in a neighboring state wants him there full time by the end of the month. so now we are looking for a place to rent. even though We don't even have any money for what is required. ( like security and first mo rent). I am afraid of losing everything.. is there anything we can do? Please help!!!!!!!

      Contact your mortgage holder and tell them that you have no way to pay and that they now need to contact the Mortgage Insurer for payment (remember the Insurance payment of you made when the mortgage was contacted? MIP or PMI?)Then tell them if the MIP or PMI does not pay, that you would like them to contact the FDIC and request that they cover it so that the mortgage note you have on deposit at the bank, isn't lost. Tell the bank this request is being made pursuent to Title 12 insured deposits. Also tell them your not happy about their violating the "TRUTH IN LENDING ACT" by not making sufficiencey of consideration at closing where every penny was due you and only you for dispersal at your will and pleasure. (hint: Truth in Lending allows for the voiding of the contract, bank liable for triple any amount you paid them under the void contract, andwiping out any principle amount left. These are not action that any attory will "let you in on" because the firms they work for are on retainer to the banks and the bank biz means a whole lot more then yours. You need to contact the senior credit manager @ the bank and make it clear that you will be pursuing them for thier liability Under the Truth in lending act for thier failure in sufficiency of consideration if the insurer FDIC doesn't come through.

      then start studying. Look for the out clause in the installment contract. It's a One line statement in EVERY mortgage that goes something like this "Mortgagee (or Grantee) reserves the right to not require payment under the terms of this argeement". the bank "lent" you nothing, they deposited your note into one account and that "created" the "Money" they lent you in another account, the Money was created on your "promise to pay" they had nothing into the "loan" in the first place.

      : (3)


      • Posted by tina on May 20, 2002 at 23:27:22:

        In Reply to: Re: Help. Please!! posted by John: Paul on May 17, 2002 at 09:13:59:

        You don't make any sense. How did you get to the FDIC in this who-shot-john story anyway? They insure deposits. That's where you actually put money IN the bank, not owe them money. From what I understand, banks are rather particular about this detail. : (0)


      • Posted by NJDave on May 18, 2002 at 12:04:35:

        In Reply to: Re: Help. Please!! posted by John: Paul on May 17, 2002 at 09:13:59:

        Hmmmm. PMI is typically paid following a claim by the former mortgagee once a deficiency has been identified. I have read case studies in which PMI might contribute to a workout plan... but in very rare instances.

        Foreclosure can be a lengthy process, the operative word being PROCESS.

        I suggest that you place your property on the market for sale at it's as-is, fair market value with a licensed real estate professional.

        Continue to pursue the workout... the paperwork and process for a pre-foreclsure sale, including a "short sale" will be very much the same.

        If you would like help in selecting a (local to you) broker silled in preforeclosure/short sales... please contact me.

      • nonprofit org may help....
      : (0)

    • Posted by Eileen on May 17, 2002 at 09:28:49:

      In Reply to: Re: Help. Please!! posted by John: Paul on May 17, 2002 at 09:13:59:

      : : Ok, I am getting desperate. I am 2 months behind on my mortgage ( and just about every other bill). We filled out a workout plan sheet for the mortgage company. They said it could take up to 3 wks before we hear back. mind you, we were foolish enough to buy a house we couldn't afford.: : Meanwhile my husbands new job in a neighboring state wants him there full time by the end of the month. so now we are looking for a place to rent. even though We don't even have any money for what is required. ( like security and first mo rent). I am afraid of losing everything.. is there anything we can do? Please help!!!!!!!

      : Contact your mortgage holder and tell them that you have no way to pay and that they now need to contact the Mortgage Insurer for payment (remember the Insurance payment of you made when the mortgage was contacted? MIP or PMI?): Then tell them if the MIP or PMI does not pay, that you would like them to contact the FDIC and request that they cover it so that the mortgage note you have on deposit at the bank, isn't lost. Tell the bank this request is being made pursuent to Title 12 insured deposits. Also tell them your not happy about their violating the : "TRUTH IN LENDING ACT" by not making sufficiencey of consideration at closing where every penny was due you and only you for dispersal at your will and pleasure. (hint: Truth in Lending allows for the voiding of the contract, bank liable for triple any amount you paid them under the void contract, and: wiping out any principle amount left. These are not action that any attory will "let you in on" because the firms they work for are on retainer to the banks and the bank biz means a whole lot more then yours. You need to contact the senior credit manager @ the bank and make it clear that you will be : pursuing them for thier liability Under the Truth in lending act for thier failure in sufficiency of consideration if the insurer FDIC doesn't come through.

      : then start studying. Look for the out clause in the installment contract. It's a One line statement in EVERY mortgage that goes something like this "Mortgagee (or Grantee) reserves the right to not require payment under the terms of this argeement". the bank "lent" you nothing, they deposited your note into one account and : that "created" the "Money" they lent you in another account, the Money was created on your "promise to pay" they had nothing into the "loan" in the first place.

      I don't understand all this jargon??? I am still 2 mo behind and i can't go to them I don't even understand what your saying?? : (0)


  • Posted by PETER on May 17, 2002 at 01:19:17:

    In Reply to: Help. Please!! posted by Eileen on May 15, 2002 at 19:01:39:

    : Ok, I am getting desperate. I am 2 months behind on my mortgage ( and just about every other bill). We filled out a workout plan sheet for the mortgage company. They said it could take up to 3 wks before we hear back. mind you, we were foolish enough to buy a house we couldn't afford.: Meanwhile my husbands new job in a neighboring state wants him there full time by the end of the month. so now we are looking for a place to rent. even though We don't even have any money for what is required. ( like security and first mo rent). I am afraid of losing everything.. is there anything we can do? Please help!!!!!!!

    : (0)


  • Posted by Reinstatement Services, Inc. on May 16, 2002 at 11:48:08:

    In Reply to: Help. Please!! posted by Eileen on May 15, 2002 at 19:01:39:

    Contact a realtor. It's not too late.

  • Default and Foreclosure Mediation : (0)

  • Posted by Diane Stewart on May 15, 2002 at 18:41:31:

    Home was sold by trustee in foreclosure sale on April 18. I had been trying to enter into a frobearance without any luck with communications. I was told the home has been sold to the bank and the only way I can possibly maintain the property is to get pre-qualified for a loan and submit it to the bank to repurchase the property. Is this feasible? Should I continue to fight to maintain the property or should I let it go? : (1)


    • Posted by Reinstatement Servicew, Inc. on May 16, 2002 at 11:45:27:

      In Reply to: Foreclosed property posted by Diane Stewart on May 15, 2002 at 18:41:31:

      Dianne, we've experienced tremendous success through post foreclosure mediation.

      If you are interested in retaining the property, why not petition the lender to cancel the foreclosure action and reinstate your loan?

    • Default and Foreclosure Mediation
    : (0)

  • Posted by Shari on May 15, 2002 at 13:58:09:

    My Auction Was 4/19. I Received A Notice Of Hearing For Confirmation Of Sale, Was 5/1. How Long Do I Have? Will I Receive Notice Of When To Vacate Or Will I Just Get A Visit From The County Sheriff? I Was Working With The Bank Before The Sale On A Short Sale But The Buyer Backed Out. I've Got Someone (Family Member) Willing To Purchase It, Will The Bank Work With Me On This Or Will They Still Proceed With The Eviction? From Hazel Crest, IL. Cook County Please Reply ASAP Thanks!! : (1)


    • Posted by Reinstatement Services, Inc. on May 16, 2002 at 11:41:37:

      In Reply to: HELP! posted by Shari on May 15, 2002 at 13:58:09:

      Because there is no uniform standard in eviction processing time it is difficult to proffer an exact time in which you will have to vacate. Figure on not longer than 30 days following the hearing scheduled to take place. Rest assured, however, that your lender will provide you with a notice to vacate and a time for having this accomplished before proceeding with a forced eviction that involves law enforcement officers as you have described. That you have someone lined up to purchase the property will not influence your lender's movements towards eviction. They are two separate and distinct transactions and will be treated as such.Why not petition your lender via Post Foreclosure Mediation to have the foreclosure action cancelled and your loan reinstated?

      It's definitely less involved and costly than having to go through the process of a new sale.

    • Default and Foreclosure Mediation
    : (0)

  • Posted by Yessy on May 15, 2002 at 12:32:54:

    I am two months late on paying my home, I found out I have cancer and they put me on disability temporarily. My ex husband does not pay me child support and I owe my mortgage company $6,696. I called to see if I could make an arangment and I just found out my house is for foreclosure. What can I do to stop this? Can I pay still? The attorney told me that they will contact me in 5 to 7 days I dont want to wait so long what can I do somethin to stop this from happening? The attorney told me it might be more or it can be less of the $6,696. I need to keep my home thats the only thing I have!! Please help! : (1)


    • Posted by Valerie (N. CA) on May 15, 2002 at 19:45:17:

      In Reply to: How to stop Foreclosure? posted by Yessy on May 15, 2002 at 12:32:54:

      What state are you in? Did you receive a notice of Default in the mail? Email me and I'll share what I know.







      : I am two months late on paying my home, I found out I have cancer and they put me on disability temporarily. My ex husband does not pay me child support and I owe my mortgage company $6,696. I called to see if I could make an arangment and I just found out my house is for foreclosure. What can I do to stop this? Can I pay still? The attorney told me that they will contact me in 5 to 7 days I dont want to wait so long what can I do somethin to stop this from happening? The attorney told me it might be more or it can be less of the $6,696. I need to keep my home thats the only thing I have!! Please help!

      : (0)


  • Posted by Alan Smith on May 15, 2002 at 11:42:22:

    Please advise!I have an assumable VA mortgage and I am currently 5 payments behind on my first mortgage! I also have a 2nd mortgage which is also about 5 months behind. Last night when I came home I found a card on my door from a legal process service so I assume that they are trying to serve me in regards to foreclosure on my mortgage! However, I am surprised because I expected that my mortgage company would have first sent me a certified letter letting me know of their intent to foreclose. In addition I had responded to letters I had previously received offering me assistance options. I returned all the forms they requested.

    I have a first VA mortgage with a balance of $63,000 and a second with a balance of $11,000. The current value of my property is around $105,000 and that's on the low side!

    If I am being served in regards to my mortgage, what should I expect? What is the procedure? Based on my situation as described what is my best course of action?

    Thanks,AS : (0)


  • Posted by TERRI on May 15, 2002 at 00:38:21:

    wE ARE IN A BANKRUPTCY. I HAVE HEARD YOU CAN DO A DEED IN LEU OF FORCLOSURE WITH YOUR BANK TO GIVE THE HOME BACK. IS IT BETTER ON YOUR CREDIT? WHERE IN THE PROCESS DO I START IT? I HAVE A SECOND MORTAGE, WHERE DOES THAT FIT IN? WHER DO I GET THE FORMS? ANY INFO ON THIS WILL HELP : (2)


    • Posted by TheShortSalePro on May 15, 2002 at 09:20:56:

      In Reply to: DEED IN LEU OF FORCLOSURE posted by TERRI on May 15, 2002 at 00:38:21:

      You would need to have mortgagee approval to give them back a deed in lieu of foreclosure. Certain criteria must be met, and the mortgagee must think that it's in their best interest to accept the DIL. It almost is accepted when there is a second mortgage.

      I suggest that you consider the sale of the home. You'll need BNK Trustee approval to enter into a listing agreement, and approval to sell.

      For access to a national network of affiliatd real estate brokers who specialize in 'seamless' complex transactions, including short sales... contact me via private email. : (1)


      • Posted by theShortSalePro on May 15, 2002 at 14:11:20:

        In Reply to: Re: DIL posted by TheShortSalePro on May 15, 2002 at 09:20:56:

        : You would need to have mortgagee approval to give them back a deed in lieu of foreclosure. Certain criteria must be met, and the mortgagee must think that it's in their best interest to accept the DIL. It almost is NEVER accepted when there is a second mortgage.

        : I suggest that you consider the sale of the home. You'll need BNK Trustee approval to enter into a listing agreement, and approval to sell.

        : For access to a national network of affiliatd real estate brokers who specialize in 'seamless' complex transactions, including short sales... contact me via private email.

        : (0)


  • Posted by Gia on May 14, 2002 at 17:59:47:

    We rent our home our landlord informed us today that the home was sold at 11:00am at auction! What happens to us now?? :( : (1)


    • Posted by Deanna S on May 15, 2002 at 00:10:13:

      In Reply to: Renting a home owners lost it at foreclosure Auction posted by Gia on May 14, 2002 at 17:59:47:

      : We rent our home our landlord informed us today that the home was sold at 11:00am at auction! What happens to us now?? :(

      My understanding is that the sale has to be OKed by the court which will take 10-14 days probably and then the court will not allow possession or eviction proceedings to proceed until 30 days after that date. At any rate you should have a short amount of time to find a new place to rent so I'd get looking immediately! : (0)


  • Posted by ceat on May 14, 2002 at 14:25:24:

    I would like to buy a foreclosure but have no idea where to start. Is there a book to read? How do I get financing? : (0)


  • Posted by Phil Sherman on May 14, 2002 at 10:57:20:

    Want to get into real estate investing - buy (fix up if needed) and sell. Any suggestions on the best books or courses to help me get going? Also, any good leads to finding foreclosures, etc. in the Detroit metro area? Thanks for any help. Phil Sherman : (0)


  • Posted by Sherri on May 14, 2002 at 10:13:52:

    I have a huge problem here.......I financed a large home for my daughter and her husband...he was laid off in Atlanta and had to seek work in another state. To make a long story short I was stuck with the mortgage, a huge home, and not enough income to support myself and take care of the home. So, I leased the house..I technically still live there.....but am rarely in the area as I have taken a travel position with my company..which gives me more income.

    I have been doing this for over a year now and see no light at the end of the tunnel. The house is over-financed, needs several things done....I did put it on the market about a year ago....with no success. I have a realtor who manages things for me while I'm gone..and she see no hope in selling the property for what I need just to break even.

    The mortgage is in my name only....so after getting news the heat pump needs replacing.....I'm ready to throw the towel in.

    I'm considering filing for bankruptcy..but I would only need to file on the property. Can anyone give me some sound advice?

    The mortgage is current at the moment....but I fear it won't be long before things get much worse. It's pretty sad when you can't afford to live in your home..with your personal belongings....and I still continue to pay the bulk of the bills.

    The realtor had no idea how to guide me.....I think my situation is unique.

    Any ideas would be appreciated.

    : (1)


    • Posted by TheShortSalePro on May 14, 2002 at 12:31:46:

      In Reply to: Current.........but see big trouble down the road! posted by Sherri on May 14, 2002 at 10:13:52:

      I recommend that you sell it via a short sale. A short sale is a cooperative transaction that allows an Owner of over-encumberd real estate to sell, the mortgagee agrees to accept less than they are due. Your situation is not really that unique, as a matter of routine I help real estate brokers with short sales.

      Presently, I am working with an Atlanta, Georgia real estate broker on 3 short sales. If you would like to talk about it, email me. : (0)


  • Posted by Valerie (CA) on May 14, 2002 at 00:41:39:

    I have a property owner in foreclosure who owes roughly $123K on his loan. He's behind $7K and would walk for $30K. The house is worth about about $200K. Maybe slightly higher. The sale is scheduled for next week and the house needs alot of work mostly cosmetic. Is this deal workable? Is there anything I left out. Any help would be appreciated. : (4)


    • Posted by Jim V on May 14, 2002 at 11:30:29:

      In Reply to: Need help on possible 1st deal posted by Valerie (CA) on May 14, 2002 at 00:41:39:

      You'll want to make sure about property taxes, it's not unusual for taxes to be delinquent and they can add up to a significant amount. You also need to establish the probable dollar amount for repairs.

      Figuring 6% costs to resell the property(commissions, title insurance, escrow), which might be on the low side for you, the property really only has a value of $188k. That's your $200k FMV number minus 6%. Including everything the owner wants, I get a number of $160k. That leaves $28k, with repairs and taxes coming out of the $28k. Good deal for the owner.

      Perhaps a more equitable arrangement would be to total all the costs, subtract them from the $188k net sale price and split the result with the owner.

      : I have a property owner in foreclosure who owes roughly $123K on his loan. He's behind $7K and would walk for $30K. The house is worth about about $200K. Maybe slightly higher. The sale is scheduled for next week and the house needs alot of work mostly cosmetic. Is this deal workable? Is there anything I left out. Any help would be appreciated.

      : (3)


      • Posted by Valerie (CA) on May 15, 2002 at 19:40:01:

        In Reply to: Re: Need help on possible 1st deal posted by Jim V on May 14, 2002 at 11:30:29:

        Thanks for the help you guys! You've helped me to put this in perspective and to see what other more experienced investors think. I was kinda figuring that the deal was real slim. Dependent on fix up cost. But, that last idea about just split the net - are you saying sell "as is"?

        Valerie



        : You'll want to make sure about property taxes, it's not unusual for taxes to be delinquent and they can add up to a significant amount. You also need to establish the probable dollar amount for repairs.

        : Figuring 6% costs to resell the property(commissions, title insurance, escrow), which might be on the low side for you, the property really only has a value of $188k. That's your $200k FMV number minus 6%. Including everything the owner wants, I get a number of $160k. That leaves $28k, with repairs and taxes coming out of the $28k. Good deal for the owner.

        : Perhaps a more equitable arrangement would be to total all the costs, subtract them from the $188k net sale price and split the result with the owner.

        : : I have a property owner in foreclosure who owes roughly $123K on his loan. He's behind $7K and would walk for $30K. The house is worth about about $200K. Maybe slightly higher. The sale is scheduled for next week and the house needs alot of work mostly cosmetic. Is this deal workable? Is there anything I left out. Any help would be appreciated.

        : (1)


        • Posted by Jim V on May 16, 2002 at 00:48:33:

          In Reply to: Re: Need help on possible 1st deal posted by Valerie (CA) on May 15, 2002 at 19:40:01:

          Valerie,

          If you can establish a number that should be sufficient to cover repair costs, just add that cost to your acquisition costs. Net equity is the net sales price minus all costs of acquisition and repair. You can offer a split of the net equity with an owner. Of course, if you are too low on your estimate of repair costs, you won't make as much on the transaction, which is why fairly accurate estimation is important.

          Hope that's a little clearer.

          : Thanks for the help you guys! You've helped me to put this in perspective and to see what other more experienced investors think. I was kinda figuring that the deal was real slim. Dependent on fix up cost. But, that last idea about just split the net - are you saying sell "as is"?

          : Valerie

          : : You'll want to make sure about property taxes, it's not unusual for taxes to be delinquent and they can add up to a significant amount. You also need to establish the probable dollar amount for repairs.

          : : Figuring 6% costs to resell the property(commissions, title insurance, escrow), which might be on the low side for you, the property really only has a value of $188k. That's your $200k FMV number minus 6%. Including everything the owner wants, I get a number of $160k. That leaves $28k, with repairs and taxes coming out of the $28k. Good deal for the owner.

          : : Perhaps a more equitable arrangement would be to total all the costs, subtract them from the $188k net sale price and split the result with the owner.

          : : : I have a property owner in foreclosure who owes roughly $123K on his loan. He's behind $7K and would walk for $30K. The house is worth about about $200K. Maybe slightly higher. The sale is scheduled for next week and the house needs alot of work mostly cosmetic. Is this deal workable? Is there anything I left out. Any help would be appreciated.

          : (0)


      • Posted by greg CA on May 15, 2002 at 11:36:13:

        In Reply to: Re: Need help on possible 1st deal posted by Jim V on May 14, 2002 at 11:30:29:

        I found this one interesting as I've been carefully trying to "prequalify" my NTS data.

        Another simple way to express this is total % debt, which here is 160/200 = 80%

        Most experienced investors seem to think that 70% or less is necessary. That number seems to hold true, if you work out the details carefully by subtracting commissions, fix-up, holding, etc. More than 70% debt, seems to leave less than $10K profit in the examples I've tried.And I'm using the "split the net equity" method.

        Leads to another interesting question. In "slim" deals like this one, anything wrong with offering the owner much less than half? Because if we don't we can't do it anyway.

        Greg





        : You'll want to make sure about property taxes, it's not unusual for taxes to be delinquent and they can add up to a significant amount. You also need to establish the probable dollar amount for repairs.

        : Figuring 6% costs to resell the property(commissions, title insurance, escrow), which might be on the low side for you, the property really only has a value of $188k. That's your $200k FMV number minus 6%. Including everything the owner wants, I get a number of $160k. That leaves $28k, with repairs and taxes coming out of the $28k. Good deal for the owner.

        : Perhaps a more equitable arrangement would be to total all the costs, subtract them from the $188k net sale price and split the result with the owner.

        : : I have a property owner in foreclosure who owes roughly $123K on his loan. He's behind $7K and would walk for $30K. The house is worth about about $200K. Maybe slightly higher. The sale is scheduled for next week and the house needs alot of work mostly cosmetic. Is this deal workable? Is there anything I left out. Any help would be appreciated.

        : (0)


  • Posted by dyna on May 13, 2002 at 19:53:35:

    Hi my name is Dyna Milfort

    I need help finding a forclosure or pre-forclosure property in new jersey . : (0)


  • Posted by Freedom39 on May 13, 2002 at 18:57:28:

    Once a trustees deed has been recorded, does this mean the property has completed the foreclosure process? I.e. is the grantee on the trustees deed the new owner? : (1)


    • Posted by Jim V on May 13, 2002 at 19:49:53:

      In Reply to: Trustees Deed Question posted by Freedom39 on May 13, 2002 at 18:57:28:

      . : (0)


  • Posted by e mccarthy on May 13, 2002 at 14:18:37:

    I live in central nj at the shore (monmouth county) and we have a huge abundance of attorneys and Real Estate agents, due to our incredible growth. prior to an auction do i need to be aligned with an attorney? i may have a homeowner who is willing to deal with me but he had already received several offers pertaining to his property. plus does anyone know a good way to get a jump on nj foreclosures? is there somewhere that I have to subscribe to? : (2)


    • Posted by njdave on May 13, 2002 at 16:30:14:

      In Reply to: nj foreclosures posted by e mccarthy on May 13, 2002 at 14:18:37:

      NJPreforeclosures.com is an on-line version of terrific resource for the new or established real estate investor, or professional.

      You'll get hundreds of leads for Monmouth and Ocean counties....

      : (0)


    • Posted by trel on May 13, 2002 at 16:00:43:

      In Reply to: nj foreclosures posted by e mccarthy on May 13, 2002 at 14:18:37:

      Hi,

      No, you don't need an attorney prior to buying at the auction. You may want one to assist in documents and closings, etc.

      Several investors will seek deals with the samehomeowner. Competition is out there. Make a gooddeal for yourself, or move on to another property.

      You may want to consider www.NJPForeclosures.com.It's a good site with lots of information. It also has pre-foreclosures for New Jersey.

      trel : (0)


  • Posted by Lynn on May 13, 2002 at 13:45:49:

    My son's home is in foreclosure. He has a buyer and isanxious to close on the sale of the house. However, hejust found out today he needs $4600 to bring to closing.If he could pay that, he could pay the mortgage. Anyideas how he can get out of this without paying anything?thanks! : (6)


    • Posted by TheShortSalePro on May 13, 2002 at 14:28:17:

      In Reply to: Foreclosure in FLA posted by Lynn on May 13, 2002 at 13:45:49:

      Your son's mortgagee(s) would have to agree to accept less than they are due... that process is loosely referred to as a 'short sale'. An approval would be predicated upon your son's ability to comply with lender imposed criteria.

      That criteria can differ from lender to lender. If the Purchaser can endure the process (can take from 30 to 90 days) it's possible. If the Purchaser's time constraints don't permit patience, then your son'll have to lay the proper short sale foundation for the next Purchaser. : (5)


      • Posted by Lynn on May 14, 2002 at 09:40:30:

        In Reply to: Re: Your son needs short sale approval posted by TheShortSalePro on May 13, 2002 at 14:28:17:

        :He is beyond this short sale point. The house has been for sale for over 5 months now and the mortgage company is ready to proceed with whatever it must. He bought this house with an ex-girlfriend who is now in trouble with the law.The mortgage company is telling my son that he needs $4600 for late penalties and interest beforehe can close. He doesn't have that kind of money -nor do we. If they foreclose on the house, whathappens to my son? Do they sue him? Can he losehis business (self-employed)? Thanks! : (4)


        • Posted by TheShortSalePro on May 14, 2002 at 10:57:00:

          In Reply to: Re: Your son needs short sale approval posted by Lynn on May 14, 2002 at 09:40:30:

          Why do you say your son is BEYOND that point? IMHO, he is NOT beyond the short sale point. He is probably a good candidate for a short sale.

          The fact that the property has been exposed to the market for 5 months indicates that it's been overpriced.

          Was he candid with his real estate broker? If this deal can't be salvaged due to time constraints.... the asking price must be adjusted to coincide with it's as-is, fair market value, and the foundation laid for a short sale transaction.

          What are your alternatives? Your son can either be proactive, or let the chips fall where they may...

          : (3)


          • Posted by Lynn on May 15, 2002 at 16:29:46:

            In Reply to: Re: I think that you are wrong.... posted by TheShortSalePro on May 14, 2002 at 10:57:00:

            :My father-in-law, who is a real estate broker, hasgotten involved in this for us. : (0)


          • Posted by Lynn on May 15, 2002 at 16:27:19:

            In Reply to: Re: I think that you are wrong.... posted by TheShortSalePro on May 14, 2002 at 10:57:00:

            : We've gotten my father-in-law, who is a REbroker, involved to help. : (1)


            • Posted by TheShortSalePro on May 15, 2002 at 17:10:49:

              In Reply to: Re: I think that you are wrong.... posted by Lynn on May 15, 2002 at 16:27:19:

              Hopefully, he'll be candid with you with respect to his expertise in short sales... now isn't the time to 'learn the ropes...' at your expense.

              The foreclosing mortgagee might not be thrilled that your Broker... who will set the asking price and produce a short sale proposal ... is a relative. Might be best to keep that info close to the vest.

              : (0)


  • Posted by travishatt@yahoo.com on May 12, 2002 at 18:30:21:

    Hi,

    I see "for rent" signs everywhere in North New Jersey andI am trying to determine how successful renter are in thisarea. I am an expert house rebuilder. Ihave a relative who has 2.6 million in collateral that he would like meto use so I can get loans for rebuilding/fixing up foreclosure houses(then renting or selling them). Any advice?

    Travis Hatt : (0)


  • Posted by Travis Hatt on May 12, 2002 at 18:28:40:

    Hi,

    I see "for rent" signs everywhere in North New Jersey andI am trying to determine how successful renter are in thisarea. Ihave a relative who has 2.6 million in collateral that he would like meto use so I can get loans for rebuilding/fixing up foreclosure houses(then renting or selling them). Any advice?

    Peter : (0)


  • Posted by Tiffany on May 12, 2002 at 14:20:51:

    I am on title and deed but not on mortgage. I realize that it will be in forclosure soon, do I have any options available to me since I actually do not owe the lender but own the home and land? : (0)


  • Posted by need help on May 12, 2002 at 11:23:03:

    I have placed my home on the market to be sold, because I can not afford the mortage on my own. I know the mortage company is going to forclose on the home since it is not selling. Once they forclose, how long will I have to move out of the home. This is all new to me, so any help is needed. Thanks : (1)


    • Posted by Ward-CA- on May 12, 2002 at 12:03:14:

      In Reply to: forclosure posted by need help on May 12, 2002 at 11:23:03:

      : I have placed my home on the market to be sold, because I can not afford the mortage on my own. I know the mortage company is going to forclose on the home since it is not selling. Once they forclose, how long will I have to move out of the home. This is all new to me, so any help is needed. Thanks=============

      Some states dictate particular time periods allowed holdover owners after the auction and some don't.

      But generally, once the foreclosure is finally over, with the expiration of any possible redemption period, you can expect to be served a notice to vacate within the following 15 to 30 days. So wait for the notice and move within the time set forth to avoid an eviction on your credit record.

    • Unique, state-specific foreclosure training
    : (0)

  • Posted by Regina on May 11, 2002 at 19:15:03:

    I want to move out of state, so I need to sell my house. My house needs new floors throughout and I really do not have to money to replace the flooring. I am afraid I would never sell the home like it is and make enough profit to pay the realitor fee. I am considering giving to home back to the bank, or foreclosing, [is this the right term?]. My payments are caught up, it is not a problem of me making my monthly payments. I simply do not have the money to fix it and sell it. Any advise is appreciated. Thanks, Reggie : (2)


    • Posted by Ward-CA- on May 12, 2002 at 11:00:24:

      In Reply to: Question posted by Regina on May 11, 2002 at 19:15:03:

      : I want to move out of state, so I need to sell my house. My house needs new floors throughout and I really do not have to money to replace the flooring. I am afraid I would never sell the home like it is and make enough profit to pay the realitor fee. I am considering giving to home back to the bank, or foreclosing, [is this the right term?]. My payments are caught up, it is not a problem of me making my monthly payments. I simply do not have the money to fix it and sell it. Any advise is appreciated. Thanks, Reggie

      =================

      Reggie,

      If you're disposed to giving up your property to your lender, why not inquire around some of your local service agencies (like the YMCA, Salvation Army, etc.) to see if they would gladly take your property instead and make a shelter out of it for their clientele. They would probably have volunteer labor available that would save them the cost of repairs or reduce them substantially.

      That way you'd avoid the calamity that a foreclosure would cause to your credit record and be helping out your fellow man in the process.

      Hope this helps. : (0)


    • Posted by jr on May 12, 2002 at 10:23:27:

      In Reply to: Question posted by Regina on May 11, 2002 at 19:15:03:

      You could ask a realtor to come by and give you a opinion of the value,if they tell you that you won't sell it without new flooring,then I would recommend trying to get a equity creditline to fix the problem.Also if your house has carpet I would say that 75% of the houses sold,replace the carpet after they buy it.hope this helps : (0)


  • Posted by Kimco on May 11, 2002 at 18:14:47:

    I am not looking to take advantage on someone in a bad situation but if you are in default and about to be forclosed on maybe we can work out a win, win situation for us both. If you have equity in your property hopefully we can save your credit, put some cash in your pocket and still provide an opportunity for me as an investor. If this sounds like it may work for you please e-mail me

    ThanksKimco : (1)


    • Posted by just looking on May 20, 2002 at 14:15:20:

      In Reply to: Looking for Preforclosures in Co posted by Kimco on May 11, 2002 at 18:14:47:

      : I am not looking to take advantage on someone in a bad situation but if you are in default and about to be forclosed on maybe we can work out a win, win situation for us both. If you have equity in your property hopefully we can save your credit, put some cash in your pocket and still provide an opportunity for me as an investor. If this sounds like it may work for you please e-mail me

      : Thanks: Kimco

      : (0)


  • Posted by W.A. Morris on May 11, 2002 at 14:28:45:

    Hi!

    I am looking for advice re: marketing systems for foreclosure investors.I found one that sounded interesting and was curious if anyone had tried it.... and if so, what is your opinion?Its called:

    www.foreclosurehunters.com

    Any help would be greatly appreciated!Thanks! W.A. Morris : (0)


  • Posted by Scott on May 10, 2002 at 10:56:01:

    If so can you point me in the direction of how to do it : (1)


    • Posted by jr on May 11, 2002 at 22:12:19:

      In Reply to: Does any one use a self directed I.R.A as a vehicle to hold property posted by Scott on May 10, 2002 at 10:56:01:

      If you want a company that offers them check this site out:

      http://www.midoh.com/ : (0)


  • Posted by Elizabeth Das on May 09, 2002 at 12:12:02:

    I'm looking for a qualified individual who can teach a short introduction on how to buy foreclosures in the Miami, Florida area. If you feel you are qualified, please e-mail at the above address. : (0)


  • Posted by Jennifer on May 09, 2002 at 10:31:27:

    My husband and I are junior lien holders of a property. The senior lien holders want to forclose. We want to avoid this, so would it be wise to purchase the noteon the property? They told us that it would give us theright to forclose instead of them. Would this be a wise decision? What position does it then place us in?Thanks,Jennifer : (6)


    • Posted by Ward-CA- on May 09, 2002 at 10:43:43:

      In Reply to: Junior lien holders posted by Jennifer on May 09, 2002 at 10:31:27:

      : My husband and I are junior lien holders of a property. : The senior lien holders want to forclose. We want to : avoid this, so would it be wise to purchase the note: on the property? They told us that it would give us the: right to forclose instead of them. Would this be a wise : decision? What position does it then place us in?: Thanks,: Jennifer

      =•=•=•=•=•=•=•=•=•=•=

      Well, that’s an expensive way to handle the problem. Another way is to exercise your right to foreclose on your lien before the 1st does. That way your foreclosure will be resolved first and you won’t have to do anything about the 1st’s delinquency.

      Hope this helps.

      : (5)


      • Posted by Jennifer on May 09, 2002 at 13:58:21:

        In Reply to: Start your foreclosure first.. posted by Ward-CA- on May 09, 2002 at 10:43:43:

        If we buy the note on the first, what postition does that give us? The company said that it givesus the right to foreclose, but does that then meanthat we hold the rights to the first mortgage? Does it mean that the owner must now pay us insteadof the original company. I am a little confused, and the company is being helpful, just not as clearas I would like them to be.

        Thanks,Jennifer

        : (4)


        • Posted by Ward-CA- on May 09, 2002 at 20:17:33:

          In Reply to: Question for Ward-CA posted by Jennifer on May 09, 2002 at 13:58:21:

          : My husband and I are junior lien holders of a property. : The senior lien holders want to forclose. We want to : avoid this, so would it be wise to purchase the note: on the property? They told us that it would give us the: right to forclose instead of them. Would this be a wise : decision? What position does it then place us in?: Thanks,: Jennifer

          =•=•=•=•=•=•=•=•=•=•=

          Well, that’s an expensive way to handle the problem. Another way is to exercise your right to foreclose on your lien before the 1st does. That way your foreclosure will be resolved first and you won’t have to do anything about the 1st’s delinquency.

          : If we buy the note on the first, what postition : does that give us? The company said that it gives: us the right to foreclose, but does that then mean: that we hold the rights to the first mortgage? : Does it mean that the owner must now pay us instead: of the original company. I am a little confused, : and the company is being helpful, just not as clear: as I would like them to be.

          : Thanks,: Jennifer

          =•=•=•=•=•=•=•=•=•=•=

          Jennifer,

          If you buy the first lien you have all the rights of the 1st lienholder including the right to foreclose on the first. It also means that the property owner must then make the payments on the 1st and the payments on the 2nd to you.

          But I don’t see why you would want to buy the first lien when right now you own the 2nd and can foreclose on it to force the delinquent homeowner to pay you or lose the title of the property to you.

          If you start the foreclosure on your 2nd lien before the first lienholder starts theirs, your foreclosure will be in the lead.

        • Unique, state-specific foreclosure training
        : (3)

        • Posted by Jennifer on May 10, 2002 at 00:25:54:

          In Reply to: Clearing things up. posted by Ward-CA- on May 09, 2002 at 20:17:33:

          Ward-CA

          We have made arrangements with the owner of theproperty to turn over the property to us with nostrings attached. He is willing to sign a quitclaimdeed for no cost. He went through a messy divorce,and is just walking away from it. It may be in ourbest interest to buy the note because it may bemore inexpensive than to just pay off the first.Also, we would like to possibly live in the home,and then sell it after a bit. I wanted to make sure that "purchasing the note" really meant what I thought it did before we wentahead and took action.Thank you much,Jennifer



          : (2)


          • Posted by Jennifer on May 10, 2002 at 10:09:02:

            In Reply to: Ward-CA the reason is: posted by Jennifer on May 10, 2002 at 00:25:54:

            : Ward-CAAlso, a quick question: What happens to the property deed if we puchase the note?

            : (1)


            • Posted by Ward-CA- on May 12, 2002 at 10:44:51:

              In Reply to: Re: Ward-CA the reason is: posted by Jennifer on May 10, 2002 at 10:09:02:

              : : Ward-CA: Also, a quick question: What happens to the property deed if we puchase the note?

              ================

              Jennifer, notes are bought and sold all the time with no impact whatsoever on the deed to the property. : (0)


  • Posted by DEE on May 08, 2002 at 23:49:21:

    JUST GETTING STARTED. HOW DO I HANDLE THE MONEY OF A PRIVATE INVESTOR. SOMEONE SAID THE MONEY GIVEN TO ME WILL BE SEEN AS INCOME. I PLAN TO REPAY THE INVESTOR THEORIGINAL AMOUNT INVESTED WITH INTEREST. IS THIS MONEY CONSIDERED A LOAN? WHAT KIND OF AGREEMENT SHOULD I HAVE DOCUMENTED TO WORK WITH DIFFERENT INVESTORS? : (1)


    • Posted by Ward-CA- on May 09, 2002 at 10:37:47:

      In Reply to: PARTNERING WITH PRIVATE INVESTORS? posted by DEE on May 08, 2002 at 23:49:21:

      : JUST GETTING STARTED. HOW DO I HANDLE THE MONEY OF A PRIVATE INVESTOR. SOMEONE SAID THE MONEY GIVEN TO ME WILL BE SEEN AS INCOME. I PLAN TO REPAY THE INVESTOR THEORIGINAL AMOUNT INVESTED WITH INTEREST. IS THIS MONEY CONSIDERED A LOAN? WHAT KIND OF AGREEMENT SHOULD I HAVE DOCUMENTED TO WORK WITH DIFFERENT INVESTORS?

      =•=•=•=•=•=•=•=•=•=•=

      Dee,

      You should have him put the money in a new savings account in his name at your branch bank. Have him give you the bank’s power of attorney over the account, allowing you to put money into it and take money out for the purpose of investing in foreclosures.

      Execute a Foreclosure Investment Agreement with him that spells out your responsibilities and duties and specifies his role as that of a passive, non-involved investor. In the agreement cover such issues as Investment Description, Investment Decisions, Company’s Role, Investor’s Role, Investment Period, Investment Suitability, Risk Factor, Tax Treatment, Distributions, Property Management Fee, Handling of Investor Monies, Vesting of Title, Property Checking Account and Reports, Dispute Resolution, etc.

      The investment monies at your disposal won’t be considered income to you.

      By the way, you might go to www.nolo.com and check on the material they have for check out their self-help books on partnership agreements, etc.

      Hope this helps.

      P.S. Most of us appreciate it if you don’t use ALL CAPS since it appears you’re shouting.

    • Unique, state-specific foreclosure training
    : (0)

  • Posted by Phil on May 08, 2002 at 20:37:01:

    I am in Florida. I found a home that is going through foreclosure. Home is worth about 120,000 (more with a little fixing up) there is a $70,000 mortgage on it and IRS liens totalling about $11,000. The house was purchased in 1989. The one of the owners filed for bankruptcy in 1992 and the IRS put the liens on one of the owners around the same time. The other owner is not listed on the lien.

    I would like to approach the owners about purchasing the house. I am worried about the IRS liens. How should that be handled if they accept my offer?

    I am a little nervous and any advice would be appreciated.

    ThanksPhil : (3)


    • Posted by Jim V on May 09, 2002 at 18:21:34:

      In Reply to: Found good a foreclosure with an irs lien posted by Phil on May 08, 2002 at 20:37:01:

      : I am in Florida. I found a home that is going through foreclosure. Home is worth about 120,000 (more with a little fixing up) there is a $70,000 mortgage on it and IRS liens totalling about $11,000. The house was purchased in 1989. The one of the owners filed for bankruptcy in 1992 and the IRS put the liens on one of the owners around the same time. The other owner is not listed on the lien.

      : I would like to approach the owners about purchasing the house. I am worried about the IRS liens. How should that be handled if they accept my offer?

      : I am a little nervous and any advice would be appreciated.

      : Thanks: Phil

      Phil,

      If you purchase the property from the owners prior to the foreclosure sale, the IRS lien(s) will need to be paid off as part of your purchase. They would be paid from owners proceeds just like any other lien.Even with a $70,000 mortgage, an $11,000 tax lien and $? for the owner, there is still enough room for a profitable purchase with a $120,000 FMV. : (2)


      • Posted by phil on May 09, 2002 at 18:33:56:

        In Reply to: Re: pre-foreclosure with an irs lien posted by Jim V on May 09, 2002 at 18:21:34:

        : Phil,

        : If you purchase the property from the owners prior to the foreclosure sale, the IRS lien(s) will need to be paid off as part of your purchase. They would be paid from owners proceeds just like any other lien.: Even with a $70,000 mortgage, an $11,000 tax lien and $? for the owner, there is still enough room for a profitable purchase with a $120,000 FMV.



        Thanks for the help. After doing more research today, I found out that one of liens has dropped off, beacuse the IRS did not renew it after the 10 year time period. Another will be dropping off soon. Lowering the amount owed to the IRS.

        I also did some research on the homes next to and accross the street from this one and I was surprised. In the past 3 years The homes have all sold for an average of 155,000. They are all in excellent condition however. The one I have my eye on just has an air of negelect about it. In the entire neighborhood it is the only one that looks sad.

        I sent a letter to the owners today. I hope they are interested.

        By the way, do you think a letter or a phone call is best?

        Once again, Thanks for the help.

        Phil : (1)


        • Posted by Jim V on May 11, 2002 at 01:10:43:

          In Reply to: Re: pre-foreclosure with an irs lien posted by phil on May 09, 2002 at 18:33:56:

          : : Phil,

          : : If you purchase the property from the owners prior to the foreclosure sale, the IRS lien(s) will need to be paid off as part of your purchase. They would be paid from owners proceeds just like any other lien.: : Even with a $70,000 mortgage, an $11,000 tax lien and $? for the owner, there is still enough room for a profitable purchase with a $120,000 FMV.

          : Thanks for the help. After doing more research today, I found out that one of liens has dropped off, beacuse the IRS did not renew it after the 10 year time period. Another will be dropping off soon. Lowering the amount owed to the IRS.

          : I also did some research on the homes next to and accross the street from this one and I was surprised. In the past 3 years The homes have all sold for an average of 155,000. They are all in excellent condition however. The one I have my eye on just has an air of negelect about it. In the entire neighborhood it is the only one that looks sad.

          : I sent a letter to the owners today. I hope they are interested.

          : By the way, do you think a letter or a phone call is best?

          : : Once again, Thanks for the help.

          : Phil

          Phil,

          You wouldn't believe the amount of mail distressed homeowners get. Unless you are using a repeated mailing program, sending a piece of mail a week, your message will be probably lost in the stack.Phone numbers are often difficult to find and when they are, they are often disconnected.

          Knocking on the owners door is probably the most effective way to open a conversation. It is labor intensive and can be frustrating, but if you are truly looking to do a "win-win" transaction with a distressed homeowner, it is the step many others will not take.

          To be honest, I haven't door knocked for a long time, when I did, I was doing hard money bailouts and never had any real bad experiences, except for the dog that one time :). The vast majority of owners will tell you they have it taken care of, but if you follow up with mailing, they will hopefully remember your name and face.

          HTH : (0)


  • Posted by C.J. on May 08, 2002 at 18:05:38:

    Does anyone know what this is/means? : (1)


    • Posted by Jim V on May 08, 2002 at 18:56:16:

      In Reply to: Junior Bene posted by C.J. on May 08, 2002 at 18:05:38:

      Bene is short for beneficiary, or a lender on the property.

      Junior means that the loan has been recorded later in time than the other "senior" loan(s). Junior loans can be a second, third, fourth and so on.

      Commonly, junior benes are discussed when there is a senior lien(loan) in the process of foreclosure. If the senior lien completes their foreclosure, the junior lien will be wiped from the title of the property.

      : (0)


  • Posted by Elmer on May 08, 2002 at 11:06:04:

    What is the difference between a Home Owners Association Sale and a Trustee Sale? : (1)


    • Posted by Jim V on May 08, 2002 at 19:00:26:

      In Reply to: Home Owners Association Sale? posted by Elmer on May 08, 2002 at 11:06:04:

      The same procedures apply, at least in California, it is just an association seeking their overdue payments instead of a lender seeking theirs. It should be noted that Assoc. liens are involuntary liens instead of a lien voluntarily accepted by the borrower. That can create some difficulty with title insurance if the property is going to be resold quickly. : (0)


  • Posted by Chad on May 08, 2002 at 00:17:09:

    Last year I co-signed a loan to refinacnce my step fathers house to help him during a difficult time. After which he neglected to make his payments. The place went into foreclosure sale and is currently in the 75 day redemption period in accordance with the state of Colorado. Ive tried to clear the situation by refinacing it once again in my own name and living in the house. Although my credit was very good the foreclosure appeared on my report and I was denied. And Colorado law will not let me bring the loan current after the sale. Do I have any other options. If I let it go then they will come after me for the 15k in deficiencies against it. And, if by some miriacle I am able to redeam the property, will the foreclosure be taken off my credit. Please respond, and I apprieciate your time. Thankyou : (3)


    • Posted by Bob H on May 08, 2002 at 20:23:44:

      In Reply to: Co-signing problems posted by Chad on May 08, 2002 at 00:17:09:

      If the lender entered a deficiency bid (meaning they bid less than the pay-off on the loan) at the foreclosure sale, you will have a continuing liability for the amount of the deficiency. The lender will have six years to seek collection.

      Refinancing is going to be virtually impossible unless there is 30%+ equity in the property, and that seems unlikely if the lender entered a deficiency bid.

      You best course of action is to sell the property prior to the end of redemption, and offer the lender the net proceeds (assuming there is still some equity in the property) in exchange for a release of liability on the deficency balance.

      : (0)


    • Posted by Reinstatement Services, Inc. on May 08, 2002 at 11:48:03:

      In Reply to: Co-signing problems posted by Chad on May 08, 2002 at 00:17:09:

      What would work best is an agreement with your lender that will cancel the foreclosure action and reinstate your loan.

      RSI has experienced great success in the area of post foreclosure mediation.

      If the property did not sell at auction to a third party, utilizing our service you stand about a 90% chance for reinstating the former loan.

    • Default and Foreclosure Mediation
    : (0)

  • Posted by Nick(Colorado) on May 08, 2002 at 11:26:45:

    In Reply to: Co-signing problems posted by Chad on May 08, 2002 at 00:17:09:

    Chad:

    At this point in time you only have two real options;sale or redemption. The foreclosure has occurred, and cannot be un-done.

    1. Deficiency: Lenders generally will not go after grantors for deficiencies, this is because it is expensive. However from you post, it appears that a deficiency was called out at the time of auction. If this is the case (maybe > 100% financing?) I believe that you will, at least, incurre some tax (1099) liability.

    2. The foreclosure on your credit is a function of the lender. Sometimes it is possible to keep such items off of your report, if an agrement is reached with the lender. From what you indicated in your post it appears that the foreclosure will stay on your credit.

    : (0)


  • Posted by cindy mullins on May 07, 2002 at 23:43:11:

    after the bank forecloses on my home,how long do i have to move.does bankruptcy effect the process? : (0)


  • Posted by Chris on May 07, 2002 at 21:48:53:

    I'm researching a home going up for bid in central NJ. The title search shows that the homeowner was current on their mortgage and property taxes but owes over $100,000 in federal income tax for the past few years. If I get the title to this house, am I responsible for his personal income tax debts? What should I look for? Thanks!Chris : (1)


    • Posted by Jim V on May 08, 2002 at 19:05:55:

      In Reply to: Am I responsible for federal income tax? posted by Chris on May 07, 2002 at 21:48:53:

      Tax liens are usually junior, or recorded after the loan being foreclosed on. As such, they are wiped from the title of the property at the foreclosure sale. HOWEVER, there is a 120 day redemption period where the IRS can redeem by paying you your bid amount plus nominal interest plus costs to secure the property. They do not pay for property improvements or other outlays, so to be safe, keep in mind that the property will have to sit until the redemption period is over. : (0)


  • Posted by Joe on May 07, 2002 at 14:40:35:

    My house in Miami is currently under foreclosure. I am in the process of trying to sell it before the Bank takes it away and I lose it all. Do I need to disclose to the potential buyers that the house is in Foreclosure? : (3)


    • Posted by jr on May 07, 2002 at 22:20:23:

      In Reply to: Sale of Home in Foreclosure posted by Joe on May 07, 2002 at 14:40:35:

      To be honest with you I have had expierience with your problem,and I have found that if you are asking a reasonable price you can really weed out the want-a-bees if you disclose that your property is a pre-foreclosure and you only have 30 or 60 days to sell the home. hope this helps : (1)


      • Posted by njdave on May 08, 2002 at 16:20:49:

        In Reply to: Re: Sale of Home in Foreclosure posted by jr on May 07, 2002 at 22:20:23:

        . : (0)


    • Posted by Reinstatement Services, Inc. on May 07, 2002 at 18:15:56:

      In Reply to: Sale of Home in Foreclosure posted by Joe on May 07, 2002 at 14:40:35:

    • Default and Foreclosure Mediation
    : (0)

  • Posted by Drew on May 07, 2002 at 14:33:37:

    Help me understand something.

    There is a property going to Sheriff’s sale here in Ohio that I have been looking into. The foreclosure listing in the newspaper says the appraisal value is 48k. After some title research I have found that 53k (plus interest since 2000) is still owed on the property. From what I have been told the lender will bid up the property to the 53k+.

    My question: If the property in it's current state is appraised at 48, why wouldn't the bank just try to unload it for the appraised value if they have a willing buyer at the auction? Does the lender ALWAYS bid up to the amount owed? And I was told I could contact the attorney handling this for the lender- and he/she would tell me the min bid they were instructed to obtain, is that true?

    Thanks, Drew : (3)


    • Posted by jr on May 07, 2002 at 22:26:26:

      In Reply to: lender's first bid posted by Drew on May 07, 2002 at 14:33:37:

      I can only tell you that the lender does not bid up to the judgement amount all the time.I can advise you to do some research,you can go look at the cases at the courthouse and see what the bids have been on previous cases

      : (2)


      • Posted by Drew on May 08, 2002 at 08:19:06:

        In Reply to: Re: lender's first bid posted by jr on May 07, 2002 at 22:26:26:

        you mean previous cases with that same lender, or just look in general at previous cases? Thanks. : (1)


        • Posted by jr on May 08, 2002 at 10:58:48:

          In Reply to: Re: lender's first bid posted by Drew on May 08, 2002 at 08:19:06:

          : you mean previous cases with that same lender, or just look in general at previous cases? Thanks.

          Just cases in general,I think you'll find maybe 1 out of 5 cases the lender does't bid up to the judgement amount : (0)


  • Posted by Donn on May 07, 2002 at 12:29:59:

    Where can one find housing after foreclosure. Everyone wants to do a credit check for rental homes and once they see foreclosure they deny you the right to rent.

    Please help! : (2)


    • Posted by jr on May 11, 2002 at 22:14:17:

      In Reply to: Life after Foreclosure posted by Donn on May 07, 2002 at 12:29:59:

      If you have a little cash you can try a lease option,of a roomate.hope this helps : (1)


      • Posted by BE in FLA on May 18, 2002 at 15:08:23:

        In Reply to: Re: Life after Foreclosure posted by jr on May 11, 2002 at 22:14:17:

        : If you have a little cash you can try a lease option,of a roomate.hope this helps

        This happened to us in Florida, we had very little time to find anything. In our local paper there was a service called Renters Inc. and they had housing that did not require a credit check. Often time private owners are a little more forgiving on this. Good luck : (0)


  • Posted by James on May 07, 2002 at 11:53:45:

    Two weeks ago I attended a sherif's sale in PA. I competed a property with the foreclosing bank (the1st mortgage holder). My final bid was $75,000 andthe bank got the property back by bidding $76,000.The market value of the property in good conditionis around 100k and the foreclosing judgement is 60k.

    1. Why did the bank bid so much over its debt?

    2. Is the bank liable to give at least 14k suplus back to the default owner? suplus = highest bid price - cost - debts = 76k - 2k - 60k = 14k

    3. If the bank sale the reo later for much more money, say 95k, dose the bank have to give all the suplus (probably more than 14k) back to the default owner?

    4. If the bank sale it for less than 14k suplus, is the bank still responsible to pay the default owner 14k?

    Can a bank be allowed to take advantage of unfortunatehome owners and make profit from foreclosures? If yes,that will be horrible. That is not fair to both default home owners and 3rd parties. Home owners willloss all equity built up with their properties. Bankscan always get properties back by bidding a very highprice. But they don't need to pay the full bid priceand they just need to pay 1k or 2k so called attonycost and get a deed from the sherif. What a fair game?! Any comments? : (3)


    • Posted by jr on May 07, 2002 at 22:32:49:

      In Reply to: Can a bank be allowed to make money from the foreclosure? posted by James on May 07, 2002 at 11:53:45:

      What's the difference between you and the lender.It's ok for you to profit but not the bank. : (1)


      • Posted by Nancy Ralph on July 05, 2002 at 09:36:01:

        In Reply to: Re: Can a bank be allowed to make money from the foreclosure? posted by jr on May 07, 2002 at 22:32:49:

        : What's the difference between you and the lender.It's ok for you to profit but not the bank.

        I was wondering what type of lawyer one would seek in order to claim excess monies from the sale of a house in foreclosure. I understand the excess reverts back to the individual who suffered the foreclosure.

        Thank you. : (0)


    • Posted by trel on May 07, 2002 at 19:17:51:

      In Reply to: Can a bank be allowed to make money from the foreclosure? posted by James on May 07, 2002 at 11:53:45:

      You don't hear of banks bidding up a property too often.

      Basically, no. The lender can not make a profit at the auction. That's why they add every conceivable fee/charge to the final amountincluding attorney's fees, etc.

      In many judicial states like PA, the lender has to have these fees/expenses approved by the courtbefore they are added into the final judgment amount. Again, the idea being that the lender is not supposed to profit from the auction experience. They can only seek the amount legally justified.

      HOWEVER... (and that's a big however)... I'm not aware of any laws that prohibit the lender from competitively bidding on a property once the minimum bid amount has been reached. (that's not to say there aren't any laws regarding this, justthat I'm not aware of them).

      So to answer your questions...

      ... Yes. The surplus from the purchase over the bid amount would go to the next lienholder in line. If there are no other lienholders, the remainder goes to the defendant.

      ... No. Once the successful bidder (the lender in this case) owns the property, they own it all.Whatever they do with it... sell it, burn it, rent it... they own it and can do with it as they see fit... and keep all the funds, too.

      ... No. And again, once the lender takes title, it can do whatever it wants to the property, and is under no obligation to pay anyone, anything.

      That's what makes your example atypical. Most of the time, the lender does not compete at the auction. They just want "theirs," that's all. In this case, it seems the lender saw an opportunity to make money on the property. If they played by the rules and competed like everyone else, then apparently it is not illegal.

      Further, because they competed in bidding process with everyone else, they are not taking unfair advantage of the defaulting borrower, are they?Ultimately, what difference does it make who bids,as long as the bank doesn't get an unfair advantage? In this particular case, the bank won.

      The bank did not make a profit at the auction. They didn't charge more than allowed. They paid more than they had to to breakeven, but anyone could have bid that amount. The only profit they stand to make is after the auction... and that's the big distinction.

      trel



      : (0)


  • Posted by Kristen on May 07, 2002 at 10:06:58:

    The foreclosure sale is this Friday, and I know that it can't be stopped. After it is sold, what is the time amount the lender has to sue for a balance due if there is one? I would like to buy property next year, but I don't want to purchase it until after the period of time the lender has to sue for the balance. I don't want to buy it next year and then have the lender take me to court for it. If there is a balance I would not have a problem paying it. I would like to try to start over without worrying about the lender coming after me in the future, and just pay cash for everything...no loans. Is it 90 days, a year, all seven years? Please help! I am in NY. : (9)


    • Posted by Reinstatement Services, Inc. on May 08, 2002 at 14:43:18:

      In Reply to: Please Help! posted by Kristen on May 07, 2002 at 10:06:58:

      If you're interested in retaining the property, there ARE options available without having to file bankruptcy, take out another loan, give away your equity, or solicit the assistance of an investor.

      An agreement with your lender is necessary and can still be done. Regardless of what you've been told.

    • Default and Foreclosure Mediation
    : (2)

    • Posted by Kristen on May 08, 2002 at 15:55:03:

      In Reply to: What makes you so Sure that it can't be stopped? posted by Reinstatement Services, Inc. on May 08, 2002 at 14:43:18:

      When I was still interested in retaining the property I tried to pay the lender but they mailed my checks back to me and said that the foreclosure action had already started, and the only way I could save it was to pay off the entire balance now, which is more than I had available. So I decided to just let it go since they were not willing to work with me. Now they have added all of these fees (around $10,000.00) that brought my balance due past the original mortgage amount I had borrowed. (The original mortgage amount was not that much). : (1)


      • Posted by Reinstatement Services, Inc. on May 08, 2002 at 16:45:22:

        In Reply to: Re: What makes you so Sure that it can't be stopped? posted by Kristen on May 08, 2002 at 15:55:03:

        If you are still interested in retaining the property give us a call. It certainly won't hurt. If we can't make things right, we're candid enough to let you know.

      • Default and Foreclosure Mediation
      : (0)

  • Posted by Alex P on May 08, 2002 at 08:40:21:

    In Reply to: Please Help! posted by Kristen on May 07, 2002 at 10:06:58:

    If you have not already done so, I would contact a bankruptcy attorney right away, and this will give you time. If you would like to talk about this, contact me.

    : (3)


    • Posted by ahpuchulu@rcn.com on May 08, 2002 at 09:42:23:

      In Reply to: Re: Please Help! posted by Alex P on May 08, 2002 at 08:40:21:

      I would file bankruptcy and then get it dismissed. This will allow you time time sell the home, or consider other options.

      I have another option that may suit your needs, but I would need to get some more information.

      The worst thing you can do is to let it go to auction.

      : (1)


      • Posted by Kristen on May 08, 2002 at 10:53:32:

        In Reply to: Re: Please Help! posted by ahpuchulu@rcn.com on May 08, 2002 at 09:42:23:

        The lender told me that even if I could bring the balance current, I can't stop the foreclosure because it is Friday morning May 10. : (0)


    • Posted by Kristen on May 08, 2002 at 09:33:34:

      In Reply to: Re: Please Help! posted by Alex P on May 08, 2002 at 08:40:21:

      I would rather not file bankruptcy because it has a longer affect on my credit. Whatever price the property goes for at the auction and if there is a difference I can pay it. (I have all the cash from the back due mortgage payments when I tried to bring it current, but they mailed back to me) I was wondering if it is possible for me to own property again next year with out the fear of the lender coming after me for that new property if they don't take a judgement out against me in court right away. That's why I was wondering what kind of time period the lender has to grant a judgement against me if there is a balance due, and how long they can try to collect additional funds from me if I can't pay the entire difference all at once? (IE. If it's a higher amount than I expected).

      : (0)


  • Posted by kev on May 07, 2002 at 22:46:47:

    In Reply to: Please Help! posted by Kristen on May 07, 2002 at 10:06:58:

    where in ny are you located and whats the worth and appraised value of property : (1)


    • Posted by Kristen on May 08, 2002 at 08:23:58:

      In Reply to: Re: Please Help! posted by kev on May 07, 2002 at 22:46:47:

      I am in WNY.(Western NYS) The approximate appraised value is $30,000 something. (Low 30'S) : (0)


  • Posted by michelle on May 06, 2002 at 15:45:46:

    I had a foreclose put in my name through a familymember. But the loan was paid off within the redemptionperiod. Is my credit still ruined or is there a way tofix my credit? : (1)


    • Posted by Ward-CA- on May 06, 2002 at 20:25:17:

      In Reply to: credit posted by michelle on May 06, 2002 at 15:45:46:

      : I had a foreclose put in my name through a family: member. But the loan was paid off within the redemption: period. Is my credit still ruined or is there a way to: fix my credit?

      =•=•=•=•=•=•=•=•=•=•=

      Michelle,

      I don’t think your credit was compromised since the loan has to be in your name to do that. And from what you state the property was just put in your name, not the loan.

      So, no worries on your part.

    • State-specific, one-on-one foreclosure training.
    : (0)

  • Posted by Stacey on May 06, 2002 at 14:28:53:

    Back in January my fiance and me bid on a home which was going for short sale. We payed for an appraisal and had a title search done. We are shooting for a closing date of May 28, but its based on the lawyer getting the house out of bankruptcy and the bank holding the original mortgage to accept. Is this normal procedure? I am concerned because my fiance will be without an apartment on the 31 of May. How long does it take to get a home out of bankruptcy? What are the chances of the bank holding the mortgage not accepting this deal? My realtor said she is nervous, which doesnt make me feel any better. Please Help!!! : (0)


  • Posted by Rodney Wright on May 06, 2002 at 13:26:27:

    I am behind on payments on both 1st and 2nd mortgage. I would like to get out of the house, but don't know what to do. I have thought about foreclosure but I am not sure about the process. What if I keep my 1st mortgage current, and stop payment on the 2nd. What will happen. I live in New Mexico. I had to relocate and need to get rid of my house. : (1)


    • Posted by NJDave on May 06, 2002 at 14:17:00:

      In Reply to: Foreclosure Question posted by Rodney Wright on May 06, 2002 at 13:26:27:

      Just because your loan(s) are in foreclosure doesn't mean that you can't sell, even in New Mexico.

      I work within a national network of affiliated real estate brokers and specialize in the sale of distressed property, acting as liaison between you, The Seller; the Foreclosing Lienholders; and the Purchaser.

      If you visit the link below, complete the cursory application, print the accompanying Letter of Authorization, then I'll contact you with the name of a (local to you) broker that can help you sell the foreclosed (or soon to be foreclosed)property.

      Or, contact me via private email.

    • Confidential Application for Assistance
    : (0)

  • Posted by Robert Laird on May 06, 2002 at 11:20:26:

    How and where do I find out about a propertyforeclosure in my County. Howell County Missouri,city of West Plains.

    Thank You for your time Robert M. Laird : (0)


  • Posted by Dave on May 06, 2002 at 00:39:50:

    We're looking to buy a house in the Auburn area. Would like to know if there are any foreclosures available. How do I find out?

    thanks! : (1)


    • Posted by David on May 06, 2002 at 17:16:18:

      In Reply to: foreclosures in Northern Ca posted by Dave on May 06, 2002 at 00:39:50:

      OK, I found a place that is going up for auction on Wednesday. The owner doesn't want to lose the house, but he's really in no position to keep it either. I will go to the county recorder's office today to find out what liens are against it and call the tax collector's office to investigate on back taxes. I'm wondering if I can make an offer to the owner directly before the auction takes place on Wednesday, or is there not enough time and do I wait for the auction?

      Anyone have any advice as to what I should also look into before making an offer?

      thanks,Dave

      : (0)


  • Posted by Rina on May 05, 2002 at 18:11:26:

    How can I stop foreclosure? The lender want 4000.00 I am short 1250.00 I will have it on Thrusday. They plan to file tommorrow 5/6/02 What can I do to same my home.Help Please!!!!!! : (4)


    • Posted by Neville on May 07, 2002 at 14:31:37:

      In Reply to: My house will go into Foreclosure posted by Rina on May 05, 2002 at 18:11:26:

      : How can I stop foreclosure? The lender want 4000.00 I am short 1250.00 I will have it on Thrusday. They plan to file tommorrow 5/6/02 What can I do to same my home.: Help Please!!!!!!

      : (0)


    • Posted by Ally on May 06, 2002 at 22:10:57:

      In Reply to: My house will go into Foreclosure posted by Rina on May 05, 2002 at 18:11:26:

      Did you call them back and tell them you would have the money by Thursday? I'm sure they could work that out for you, [ask for the loss and mitigation dept.] If not I would call a banckruptcy lawyer ASAP and get a free consultation, he would let you know what your options are at this point.

      Good Luck

      P.S. Watch out for the SPAM on this board!It's really disgusting! : (1)


      • Posted by Jim V on May 06, 2002 at 23:18:51:

        In Reply to: Re: My house will go into Foreclosure posted by Ally on May 06, 2002 at 22:10:57:

        Ally,

        What spam are you talking about?I don't get spam from the board, but I've often wondered whether posters get it.Mail me directly, I'd like to hear your input.

        Jim V : (0)


    • Posted by Reinstatement Services, Inc. on May 06, 2002 at 00:23:50:

      In Reply to: My house will go into Foreclosure posted by Rina on May 05, 2002 at 18:11:26:

      Although it sounds like it is too late to avoid the legal fees that will be incurred as your lender begins the foreclosure action, based on the information you've provided a Special Forbearance utlizing a lender approved repayment plan will allow you to avoid foreclosure.

      Because the foreclosure process takes a while to complete, you still have plenty of time to bring resolution and circumvent foreclosure.

    • Default and Foreclosure Mediation
    : (0)

  • Posted by Shane Huddleston on May 04, 2002 at 15:51:09:

    I need some information on how forclosure will affect my credit if i am the executor of the will through the death of a family member : (0)


  • Posted by Hart on May 03, 2002 at 23:51:47:

    How do you qualifiy an reo lead?thanks: Hart,boau@aol.comI'm in so.cal. : (0)


  • Posted by AL SANTIAGO on May 03, 2002 at 16:56:42:

    IM A REALTOR IN TAMPA FL.IM SEEKING TO GET INTO REHAP AND FLIPPING PROPERTY,MY QUESTIONS IS WHAT RESOURCSE ARE BETTER HUD HOMES OR BANK PROPERTIES? AND WHAT RESOURCE TO USE HARD MONEY LENDERS OR LOCAL BANK LENDER.. : (1)


    • Posted by jr on May 11, 2002 at 22:35:05:

      In Reply to: WHICH HAVE A BETTER RESULTS? posted by AL SANTIAGO on May 03, 2002 at 16:56:42:

      I'm also in tampa:With hud, owner occupant bidders receive a priority in the bidding,so if you try to buy them as an investor it is setup very difficult to make money.

      The best way if you have cash is to go to the courthouse and buy right at the sale,if not hud can be good and also with reo properties such as bank of america,amsouth etc, or you can always try to find people who can't afford or just want a different house.hope this helps : (0)


  • Posted by chris w on May 03, 2002 at 08:29:29:

    First, this is a wonderful discussion board and I am learning new things all the time. Thanks to all who give their input on a regular basis. Now, my question: I have been having an unsuccesful time trying to get legal information on foreclosures. Lawyers and banks will not talk to you prior to the auction and now, after having bought a property at auction, they won't talk to me either. I have a real estate attorney I can talk to but he keeps saying he's not sure how foreclosures work and doesn't know who to refer me to. Books say one thing and I'm told differently by receptionists at the auction offices. Do I trust the advice of the receptionists? So - specifically what I need to know right now is - when you go to court to have the judge declare the property legally yours, and the house is unoccupied, is there a 30 day wait period before you can have actual possession and get into the house? I understand there is 30 days if the house is occupied before you can start eviction proceedings but what applies if it is empty? Does it vary from state to state? I'm in ILThanks again for all the help and info!!! : (1)


    • Posted by Shirlene on May 08, 2002 at 12:40:20:

      In Reply to: frustrated! posted by chris w on May 03, 2002 at 08:29:29:

      If you are in a state that handles forclosure properties, find out which title company is holding the property. Perhaps they will help you with this information. Try the Title Officer.

      : First, this is a wonderful discussion board and I am learning new things all the time. Thanks to all who give their input on a regular basis. Now, my question: I have been having an unsuccesful time trying to get legal information on foreclosures. Lawyers and banks will not talk to you prior to the auction and now, after having bought a property at auction, they won't talk to me either. I have a real estate attorney I can talk to but he keeps saying he's not sure how foreclosures work and doesn't know who to refer me to. Books say one thing and I'm told differently by receptionists at the auction offices. Do I trust the advice of the receptionists? So - specifically what I need to know right now is - when you go to court to have the judge declare the property legally yours, and the house is unoccupied, is there a 30 day wait period before you can have actual possession and get into the house? I understand there is 30 days if the house is occupied before you can start eviction proceedings but what applies if it is empty? Does it vary from state to state? I'm in IL: Thanks again for all the help and info!!!

      : (0)


  • Posted by pb on May 02, 2002 at 18:09:20:

    I was asked in a response if I had served a formal petition to do a short sale on my home. I have written a letter to the company, will I need to do something more and how do I go about serving a formal petition. I am not able to afford an attorney so I am on my own in this matter. : (0)


  • Posted by VF on May 02, 2002 at 09:28:31:

    I live in Atlanta and we have a huge abundance of attorneys and Real Estate agents, due to our incredible growth. I had a homeowner who was willing to deal with me. I thought I was the first to get to him because when the paper came out that morning, I was on it. Little did I know that he had already received several offers pertaining to his property. Since I have not befriended an attorney, does anyone know a good way to atleast, be able to feast on the fresh foreclosure listings. I mean, is there somewhere I have to go, something that I have to subscribe to? What? Help! : (1)


    • Posted by Ward-CA- on May 02, 2002 at 18:09:38:

      In Reply to: Gettting ahead of the competition posted by VF on May 02, 2002 at 09:28:31:

      : I live in Atlanta and we have a huge abundance of attorneys and Real Estate agents, due to our incredible growth. I had a homeowner who was willing to deal with me. I thought I was the first to get to him because when the paper came out that morning, I was on it. Little did I know that he had already received several offers pertaining to his property. Since I have not befriended an attorney, does anyone know a good way to atleast, be able to feast on the fresh foreclosure listings. I mean, is there somewhere I have to go, something that I have to subscribe to? What? Help!

      =•=•=•=•=•=•=•=•=•=•=

      Try a daily default service such as Atlanta Foreclosure Report (404) 924-6755 and utilize their electronic delivery via a private bulletin board or from their online website.

      Hope this helps.

      : (0)


  • Posted by Big V on May 02, 2002 at 08:39:42:

    I've just started todaymin this venture. I am stumped Is it safe to assume that the original principal amount, in the legal notices, is the total amount that is owed on the property, disregarding the leins and what nots? I just want to make sure that I am getting the most accurate number. When I go to the courthouse and look up the security deed, I find the origial amount theat the loan was for. I check the for outstanding taxes, but it seems like I am missing something. I mean, what is the best way to find out what is outstanding on the property, and where to go look for it. If someone could advise me, I would be on my way. Of course, the info would be much appreciated. : (1)


    • Posted by Jim V on May 03, 2002 at 16:11:55:

      In Reply to: original principal amount posted by Big V on May 02, 2002 at 08:39:42:

      When purchasing at sale, you have to know everything about the property. Legal notices will usually only provide you information on the loan going to sale. You need to know status of junior liens, senior liens, past due property taxes, possible municipal liens or personal liens against the owner that also may affect title to the property. You also need to be able to establish whether the loan going to sale is against the whole property or only a partial interest in the property.

      I normally do not recommend buying at sale for beginners, the education can be very expensive if you make a mistake. If you are sure that is the way you want to go, I'd get training in how to do it correctly. I believe Ward offers training in foreclosure purchasing, I'm sure there are others out there also. : (0)


  • Posted by kevin on May 02, 2002 at 07:08:00:

    i recently attended an aution at the coourthouse in ny the property and auction were held 10 minutes too early the property was bought at auction by an investor who recended his bid a few hours later after he didnt like the inside of property i contacted bank attorney and submitted a bit for a more than asking price bank has yet to contact me can i dispute the auction or nay other legal recorse to get the property before it hits a real estate market as an reo and a bidding war : (1)


    • Posted by Jim V on May 03, 2002 at 15:54:50:

      In Reply to: dispute auction held early posted by kevin on May 02, 2002 at 07:08:00:

      Kevin,

      I think it would be difficult to prove the sale was held 10 minutes early, auctioneers are usually pretty good about complying with the legal requirements. If an outside bidder purchased the property, the auctioneer probably had a different time than you.

      If a bid can be rescinded in your jurisdiction, the property would go to the next highest bidder. If, in this case, it was the lender, the lender owns it and you will have to deal with their procedures for disposing of REO. They often take a while to respond. : (0)


  • Posted by pb on May 01, 2002 at 18:19:45:

    I am facing a foreclosure court date on May 7 and I have sold the house, but the company will not take any costs off the amount due so I can sell, the home is in need of major repairs and has a contract to go "as is" I originally owed 94000. on the home plus 11000. on a second mortgage. The amount due was 126,790.00 on April4th, but is continually accumulating charges. The second mortgage is still due the 11,000. and there are attorneys fees of 5000.00 which I am certain are also mounting. The contract for the house was for 135,000.. Oh and then there are the realtors fee of 7%. The fair market value of the home is approx. 150,000. in good condition of course. What can I do? Also this court date is for more determinative action, which I am assuming means foreclosure. When I go to court what happens then. Will I be given a date in which I have to vacate or what? Also, if the house does not sell for what is owed on the property at an auction, what happens to the debt then? This is happening in the state of Florida. : (3)


    • Posted by Reinstatement Services, Inc. on May 01, 2002 at 19:24:28:

      In Reply to: sold home and can't sell posted by pb on May 01, 2002 at 18:19:45:

      If the forced sale of the property does not produce enough to cover the debt then your lender could pursue a deficiency judgment which would require you to pay the balance outstanding.

      Have you formally petitioned the lender for short sale or short "payoff"?

      $5000.00 in attorney fees sounds excessive. Request a breakdown of the reinstatement amount.

      If the auction hasn't taken place then the upcoming hearing could relate to your lender securing permission from the court to move to sale. If this is the case then you still have some time before you have to vacate the home.

      After the sale has been conducted and your legal rights to the property are terminated then you will be given a specific date for leaving the property prior to evicion.

      : (2)


      • Posted by pb on May 01, 2002 at 20:39:42:

        In Reply to: Re: sold home and can't sell posted by Reinstatement Services, Inc. on May 01, 2002 at 19:24:28:

        I wrote a letter requesting a short sale , how do I have to petition them? I am working without an attorney as I do not have the finances to pay for one. Thanks for your help.

        : If the forced sale of the property does not produce enough to cover the debt then your lender could pursue a deficiency judgment which would require you to pay the balance outstanding.

        : Have you formally petitioned the lender for short sale or short "payoff"?

        : $5000.00 in attorney fees sounds excessive. Request a breakdown of the reinstatement amount.

        : If the auction hasn't taken place then the upcoming hearing could relate to your lender securing permission from the court to move to sale. If this is the case then you still have some time before you have to vacate the home.

        : After the sale has been conducted and your legal rights to the property are terminated then you will be given a specific date for leaving the property prior to evicion.

        : (1)


        • Posted by Reinstatement Services, Inc. on May 03, 2002 at 00:57:17:

          In Reply to: Re: sold home and can't sell posted by pb on May 01, 2002 at 20:39:42:

          Contact the lenders loss mitigation department and let them know you are interested in having your account reviewed for short sale or short payoff approval.

        • Default and Foreclosure Mediation
        : (0)
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