September - October 2002 Archives


  • Posted by PATTIE on October 29, 2002 at 01:24:08:

    ALTHOUGH WE NOW HAVE THE MONEY TO PAY THE 3 MONTHS MORTGAGE THAT WE ARE BEHIND....NOW THERE IS A FORECLOSURE LAWYER FEE OF $800.00 ADDED TO THE 3 MONTHS MORTGAGE COST THAT WE NEED TO PAY TO BRING THE LOAN CURRENT AND REINSTATED. SHOULDN'T THE MORTGAGE COMPANY BE WILLING TO ACCEPT THE 3 MONTHS MORTGAGE MONEY THAT WE DO HAVE, AND BE WILLING TO WORK OUT A PAYMENT PLAN FOR THEIR LAWYERS FEE THAT WE OWE? THANKS IZZYBOP1@AOL.COM

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    • Posted by Reinstatement Services, Inc. on October 29, 2002 at 13:49:58:

      In Reply to: FORECLOSURE LAWYER FEE Posted by PATTIE on October 29, 2002 at 01:24:08:

      A workout would seem reasonable given the information you've provided. Talk with your lender's loss mit representative to determine if you might qualify for a special forbearance.

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  • Posted by daniel rios on October 28, 2002 at 21:58:19:

    I am interested in buying a property at its Trustee Sale/Auction, but I am concerned about acquiring a full and clean title, without liens and encumbrances.How do I guard against a "clouded" title? Is a title search the best way to protect myself? Is it necessary? How do I get a title search performed? How much does it cost?

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    • Posted by ellis on October 28, 2002 at 22:33:26:

      In Reply to: title search Posted by daniel rios on October 28, 2002 at 21:58:19:

      : I am interested in buying a property at its Trustee Sale/Auction, but I am concerned about acquiring a full and clean title, without liens and encumbrances.: How do I guard against a "clouded" title? Is a title search the best way to protect myself? Is it necessary? How do I get a title search performed? How much does it cost?

      Daniel

      The best way is to learn how to do a title search & do it yourself at the Recorders Office. (That's what I do in LA & Ventura County)You could have a title company do it, or have lotbook.com do it for $125.00 if the property is in California. You may not be the winning bidder at the sale anyway, so I would save my money & do it myself.Ellis

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  • Posted by David on October 28, 2002 at 11:02:51:

    I receive list from a six county area in Chicago from three different sources. I receive it on a weekly bases and it's fresh. If you are interested in sharing the list with me, let me know.

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    • Posted by Karen on October 31, 2002 at 17:06:05:

      In Reply to: Pre-foreclosure Lists in Chicago Posted by David on October 28, 2002 at 11:02:51:

      I might be interested, does the area contain cook county, what source is it from?

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    • Posted by Karen on October 31, 2002 at 17:05:26:

      In Reply to: Pre-foreclosure Lists in Chicago Posted by David on October 28, 2002 at 11:02:51:

      I might be interested, does the area contain cook county, what source is it from?

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    • Posted by Karen on October 31, 2002 at 17:04:54:

      In Reply to: Pre-foreclosure Lists in Chicago Posted by David on October 28, 2002 at 11:02:51:

      I might be interested, does the area contain cook county, what source is it from?

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  • Posted by T.K.Lassiter on October 27, 2002 at 13:08:45:

    If you market your home using his "Easy Mortgage Money" program you will probably end up in forclosure. Avoid this crap. It is a scam!!!

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  • Posted by Ward-CA- on October 27, 2002 at 01:20:13:

    : I have 2 loans on my property- 1st and 2nd. Both are in default and have not been paid on since 7/02. I am going to try to sell- but if I can't foreclosure is my only option. The loans exceed the value of my home. What can the 2 banks take from me? I have another property that I use as a rental and I am just starting a business. I am afraid of losing both- could this happen?

    =•=•=•=•=•=•=•=•=•=•=•=

    After the foreclosure sale and final disposition of your property, the lenders very well might have the right to sue you for any deficiency owed them on the loans made to you.

    Any money judgments they might get could be recorded as abstracts of judgment and automatically attach to the title of any other real estate recorded in your name in that county. The judgments would stick to such property like super glue until you paid off the judgments.

    You asked what could happen and I’ve responded from that angle. But just remember that many lenders don’t exercise their deficiency rights because they feel it will just be a waste of more money.

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  • Posted by CC on October 26, 2002 at 23:46:38:

    I live in AZ. I own a house with a "wrap" mortgage, with an underlying loan with a bank, and the seller carrying the balance. Payments are made to an escrow company where my payment is disbursed to the bank, then the seller, taxes, association fees, etc.

    There is also a second mortgage on the house -- to a private lender, not a bank. The second mortgage is current, I am about 30 days late on the first mortgage.

    I recently lost my job and won't be started my new one until the first of December, and then for the first couple of months won't be making enough to pay for the house.

    I don't want to keep the house, as it will be too expensive on my new pay.

    The amount of the mortgages is approximately what the house is worth -- within a few thousand one way or the other.

    My question is: Can I quit claim the house to the first mortgage holder? What happens to the second mortgage -- do I still owe them money?

    Also, if anyone can come up with alternatives I'd appreciate it. Thanks.

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    • Posted by Ward-CA- on October 27, 2002 at 01:04:14:

      In Reply to: ARIZONA FORECLOSURE Posted by CC on October 26, 2002 at 23:46:38:

      : I live in AZ. I own a house with a "wrap" mortgage, with an underlying loan with a bank, and the seller carrying the balance. Payments are made to an escrow company where my payment is disbursed to the bank, then the seller, taxes, association fees, etc.

      : There is also a second mortgage on the house -- to a private lender, not a bank. The second mortgage is current, I am about 30 days late on the first mortgage.

      : I recently lost my job and won't be started my new one until the first of December, and then for the first couple of months won't be making enough to pay for the house.

      : I don't want to keep the house, as it will be too expensive on my new pay.

      : The amount of the mortgages is approximately what the house is worth -- within a few thousand one way or the other.

      : My question is: Can I quit claim the house to the first mortgage holder? What happens to the second mortgage -- do I still owe them money?

      : Also, if anyone can come up with alternatives I'd appreciate it. Thanks.

      =•=•=•=•=•=•=•=•=•=•=•=

      CC,

      In order to deed your property to a lender in lieu of foreclosure you first have to have the lender’s permission. Otherwise, they will just repudiate a non-consented transfer to them.

      The 2nd sounds like a hard money loan you got after you owned the property. If so, then the foreclosure of the 1st won’t wipe it out. It will just wipe it off the title of the property, causing it to be an unsecured loan.

      As such the lender could go to court and sue on the unsecured promissory note and get a judgment against you. Once your appeal period has run they can then record the judgment in the recorder’s office as an abstract of judgment. That will act to prevent you from engaging in any real estate activity (buying, selling, refinancing) in that county until you pay their judgment.

    • Unique, one on one foreclosure training.


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    • Posted by CC on October 27, 2002 at 08:48:19:

      In Reply to: Dealing with hard money junior lienors. Posted by Ward-CA- on October 27, 2002 at 01:04:14:

      Actually, the junior lien was in place at the time of escrow. The first mortgage holder knew about the second at the time of closing -- basically it was money to fill the gap between the sale price of the house and the first mortgage. I got into this place with no money down. Does what you wrote above still apply?

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  • Posted by Mary on October 25, 2002 at 22:54:18:

    I have 2 loans on my property- 1st and 2nd. Both are in default and have not been paid on since 7/02. I am going to try to sell- but if I can't foreclosure is my only option. The loans exceed the value of my home. What can the 2 banks take from me? I have another property that I use as a rental and I am just starting a business. I am afraid of losing both- could this happen?

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  • Posted by Patti on October 25, 2002 at 19:59:30:

    My husband's xwife got their home in divorce, he gave quit claim deed, but never got off mortgage. Now her home is in forclosure with public auction date Dec 10. The home has been on the market for almost 1 year, changing realtors just recently, but so far not selling. Appraised at $385,000, $158,000 due, asking price now reduced to $290,000. It's a unique home, but poor upkeep on acreage and mostly mud and weeds. There is no way out of the forclosure, and my question is, will she be able to continue to try to sell the house up to the time of the public auction? When will she be forced to leave the property? The home is located in Lancaster County Nebraska.

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  • Posted by kylie on October 25, 2002 at 18:06:39:

    Another problem has come up with the house we are purchasing in CA. The house has an IRS tax lien and we know the people are in financial trouble. Does this lien need to be cleared before escrow can complete??? Or can the sellers pay off the IRS from their house equity, during the escrow completion process?? I suspect it will be very dificult for them to borrow money to pay the IRS at this stage.

    Thanks

    Kylie

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    • Posted by Ward-CA- on October 27, 2002 at 01:31:50:

      In Reply to: IRS lien Posted by kylie on October 25, 2002 at 18:06:39:

      : Another problem has come up with the house we are purchasing in CA. The house has an IRS tax lien and we know the people are in financial trouble. Does this lien need to be cleared before escrow can complete??? Or can the sellers pay off the IRS from their house equity, during the escrow completion process?? I suspect it will be very dificult for them to borrow money to pay the IRS at this stage.

      : Thanks

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      Kylie,

      Unless you change your escrow instructions allowing the IRS lien to remain of record, the lien would have to be cleared off of title.

      Yes, if the sellers’ equity is large enough they can instruct escrow to pay their IRS lien off out of their equity.

    • Incomparable one-on-one foreclosure training


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  • Posted by lynzw on October 25, 2002 at 16:37:59:

    Thanks for your response,,,

    I think we have gotten ourselves in a terrible fix.,..we had a bankruptcy agreement that defaulted.. that's why we were trying to fiqure how long we had after the sale??

    thanks again!

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  • Posted by dawn on October 25, 2002 at 01:14:08:

    I'VE RECENTLY MOVED TO AZ FROM IN. WE HAVE HAD OUR HOUSE UP FOR SALE ( IN INDIANA)FOR ALMOST A YEAR NOW. THIS HAS BECOME QUITE A BURDEN, ESPECIALLY WITH KIDS. CAN I JUST CALL UP MY MORTGAGE COMPANY AND OFFER THEM THE HOUSE (DEED-IN-LIEU) WITHOUT HAVING ANY MISSED PAYMENTS. DO I NEED TO WAIT UNTIL THEY ARE READY TO FORECLOSE? AND IF THEY DON'T ACCEPT THE DEED-IN-LIEUM HOW BAD DOES THE FORECLOSURE AFFECT OUR CREDIT?

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    • Posted by steveb on October 25, 2002 at 04:06:37:

      In Reply to: HELP ME PLEASE Posted by dawn on October 25, 2002 at 01:14:08:

      : I'VE RECENTLY MOVED TO AZ FROM IN. WE HAVE HAD OUR HOUSE UP FOR SALE ( IN INDIANA)FOR ALMOST A YEAR NOW. THIS HAS BECOME QUITE A BURDEN, ESPECIALLY WITH KIDS. CAN I JUST CALL UP MY MORTGAGE COMPANY AND OFFER THEM THE HOUSE (DEED-IN-LIEU) WITHOUT HAVING ANY MISSED PAYMENTS. DO I NEED TO WAIT UNTIL THEY ARE READY TO FORECLOSE? AND IF THEY DON'T ACCEPT THE DEED-IN-LIEUM HOW BAD DOES THE FORECLOSURE AFFECT OUR CREDIT?A FORECLOSURE HAS A LONG TERM NEGATIVE EFFECT ON YOUR CREDIT PROFILE.I'M IN CHICAGO,IL.IF YOUR PROPERTY IS NEAR ME MAYBE I CAN HELP GET THE HOME SOLD FOR YOU.E-MAIL ME.THANKS STEVE

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      • Posted by david garcia on November 20, 2002 at 02:53:02:

        In Reply to: Re: HELP ME PLEASE Posted by steveb on October 25, 2002 at 04:06:37:

        : : I'VE RECENTLY MOVED TO AZ FROM IN. WE HAVE HAD OUR HOUSE UP FOR SALE ( IN INDIANA)FOR ALMOST A YEAR NOW. THIS HAS BECOME QUITE A BURDEN, ESPECIALLY WITH KIDS. CAN I JUST CALL UP MY MORTGAGE COMPANY AND OFFER THEM THE HOUSE (DEED-IN-LIEU) WITHOUT HAVING ANY MISSED



        PAYMENTS. DO I NEED TO WAIT UNTIL THEY ARE READY TO FORECLOSE? AND IF THEY DON'T ACCEPT THE DEED-IN-LIEUM HOW BAD DOES THE FORECLOSURE AFFECT OUR CREDIT?: A FORECLOSURE HAS A LONG TERM NEGATIVE EFFECT ON YOUR CREDIT PROFILE.I'M IN CHICAGO,IL.IF YOUR PROPERTY IS NEAR ME MAYBE I CAN HELP GET THE HOME SOLD FOR YOU.E-MAIL ME.THANKS STEVE



        Answer from Dave G.

        I also live in Chicago. Let me know where your home is & I can get my people to sell it. I have investors all over the states.(815)787-0251



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      • Posted by david garcia on November 20, 2002 at 02:51:21:

        In Reply to: Re: HELP ME PLEASE Posted by steveb on October 25, 2002 at 04:06:37:

        : : I'VE RECENTLY MOVED TO AZ FROM IN. WE HAVE HAD OUR HOUSE UP FOR SALE ( IN INDIANA)FOR ALMOST A YEAR NOW. THIS HAS BECOME QUITE A BURDEN, ESPECIALLY WITH KIDS. CAN I JUST CALL UP MY MORTGAGE COMPANY AND OFFER THEM THE HOUSE (DEED-IN-LIEU) WITHOUT HAVING ANY MISSED PAYMENTS. DO I NEED TO WAIT UNTIL THEY ARE READY TO FORECLOSE? AND IF THEY DON'T ACCEPT THE DEED-IN-LIEUM HOW BAD DOES THE FORECLOSURE AFFECT OUR CREDIT?: A FORECLOSURE HAS A LONG TERM NEGATIVE EFFECT ON YOUR CREDIT PROFILE.I'M IN CHICAGO,IL.IF YOUR PROPERTY IS NEAR ME MAYBE I CAN HELP GET THE HOME SOLD FOR YOU.E-MAIL ME.THANKS STEVE



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  • Posted by Semiller on October 24, 2002 at 21:58:38:

    What would happen if a home was foreclosed on that was bought with a VA loan?

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    • Posted by Thomas Hale on December 01, 2002 at 19:16:25:

      In Reply to: VA foreclosure Posted by Semiller on October 24, 2002 at 21:58:38:

      : What would happen if a home was foreclosed on that was bought with a VA loan?



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    • Posted by Thomas Hale on December 01, 2002 at 19:11:32:

      In Reply to: VA foreclosure Posted by Semiller on October 24, 2002 at 21:58:38:

      : What would happen if a home was foreclosed on that was bought with a VA loan?



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  • Posted by Semiller on October 24, 2002 at 21:56:18:

    What would happen if a home was foreclosed on that was bought with a VA loan?

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    • Posted by Jim V on October 27, 2002 at 04:08:08:

      In Reply to: VA Foreclosure Posted by Semiller on October 24, 2002 at 21:56:18:

      Depending on the state and regional market values, you may be looking at nothing more than credit impacts. In some states, you may be looking at the possibility of deficiency judgments if the lender ends up with a loss. Very high probability you'll never to be able to get another government backed loan(VA/FHA).VA has pretty strong assistance programs, I'd take the effort to explore those before just letting it go.

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      • Posted by Rita Vanderlinden on November 01, 2002 at 21:38:21:

        In Reply to: Re: VA Foreclosure Posted by Jim V on October 27, 2002 at 04:08:08:

        : Depending on the state and regional market values, you may be looking at nothing more than credit impacts. In some states, you may be looking at the possibility of deficiency judgments if the lender ends up with a loss. Very high probability you'll never to be able to get another government backed loan(VA/FHA).: VA has pretty strong assistance programs, I'd take the effort to explore those before just letting it go.



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  • Posted by lynzw on October 24, 2002 at 19:22:56:

    question: if the sale of my house is 11/5 -how quickly will I be notified of the sale and exit..request

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    • Posted by Reinstatement Services, Inc. on October 25, 2002 at 13:24:21:

      In Reply to: how long b4? Posted by lynzw on October 24, 2002 at 19:22:56:

      Depends on the laws governing the eviction process in your state. Third party purchase and trustee workload will also factor into the eviction equation.

      Why not seek to avoid foreclosure altogether?

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    • Posted by anjanette harris on October 25, 2002 at 01:51:19:

      In Reply to: how long b4? Posted by lynzw on October 24, 2002 at 19:22:56:

      : question: if my home went into default in sept of 2001 and the lender let me in loss mituigation what happens if i default again? and if you try calling the lender to make arrangements and they say your house is sold you will be getting a 30 day notice.?



































      /

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      • Posted by Reinstatement Services, Inc. on October 25, 2002 at 13:20:13:

        In Reply to: Re: how long b4? Posted by anjanette harris on October 25, 2002 at 01:51:19:

        Did you default on the special forbearance agreement? Did you complete the agreement as scheduled culminating in reinstatement and are facing a 'fresh' default? Did the home sale?

        Your post is confusing. Please repost with more specifics and greater clarity so that we can get a more accurate read on your situation. Knowing your property location will also be helpful.

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  • Posted by Chris LaLonde on October 24, 2002 at 12:22:29:

    I'm in AZ.My house recently went through foreclosure with the 2nd mort. first buying their own note deeming themselves grantee at their own trustee sale, following with buying out the first mortage co. I had no knowledge of this and was setting up a sale to a personal buyer. I made contact with the bank and their lawyers and set up the sale for them. It sold for more than what was owed including fines and penalties, Do I still get the amount that was leftover and hopefully who do I contact to inquire about it. Thank You, Chris LaLonde

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  • Posted by Katherine Gibbs on October 24, 2002 at 10:44:00:

    It seems many people who get behind, do want to keep their home, they were just in between jobs or medical. The banks typically want all or nothing and start mailing late payments back to the customer. At this point, even if the bank appears to be working with the customer, they are typically just stalling to get that person served papers. If you are in this position please call 800-504-1196 or e-mail amnestyservices@justice.com and please note we will also give a $100 referral fee to professionals in the industry who have hard cases and need to refer their customers into an Chapter 13 to save them.

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  • Posted by Norah on October 24, 2002 at 01:14:46:

    I hope someone can help. We purchased a mobile home for our son, he makes the payments. He's now in the army and his wife is struggling to pay bills on his salary.It looks like they will be moved. The payment is only 2wks late and conseco calls us every night. If they move, we cannot afford to pay, and mobile home sales here in N.C. don't look promising.Is there anything they can do to us after a repossion? I fear they could come after our mobile home, which they have no security in. Does anyone know if we could get Conseco to take back the home since my son is now in the military? Thanks

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    • Posted by James Patterson on November 01, 2002 at 13:58:15:

      In Reply to: mobile home repo in future Posted by Norah on October 24, 2002 at 01:14:46:

      Dear Norah,Once you mentioned Conseco, that name just made meshudder. As to what that unethical company can do - itis frightening!! My suggestion to you is, have your son's wife immediately contact a HUD-approved housingcounseling agency in the N.C. area. They have much information on services and programs that can help you. They may also refer your sitation to the VeteransAdministration (VA)... GOOD LUCK!!!!!!



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  • Posted by Nadeen B. on October 24, 2002 at 00:14:27:

    2 years ago my then husband and I bought a house to fix up. While the house was being fixed, we filed for divorce. He moved into the house and on the divorce decree it stated he was to refinance the house and hold me harmless. He has since let the house go into forclosure. We have 3 months before the home is taken. If I get a money judgement filed against me, what are my rights? How do I protect my asstets? I never lived in this home, nor did I ever make a mortgage payment.

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  • Posted by Crystal on October 23, 2002 at 23:42:57:

    I let s couple assume our current loan on our mobile home, which was good, because it got us into a house, but one problem is the first payment they made they gave them a bad check and now trying to get a hold of them. The next payment is due in two days, and they still have notpaid for ther last one. I talk to them awhile ago and they said they would pay both tomorrow, question is. Can I do a volentary repossion and not hurt my credit so bad or what?

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  • Posted by SSI on October 23, 2002 at 23:26:01:

    If you ever wanted the opportunity to purchase ad own a small or large apartment complex, go to http://www.generatingprofits.com

    Great Opportunity!!

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    • Posted by Al on November 17, 2002 at 21:30:07:

      In Reply to: Buy Apartments No Money Down or Credit!!! Posted by SSI on October 23, 2002 at 23:26:01:

      : If you ever wanted the opportunity to purchase ad own a small or large apartment complex, go to http://www.generatingprofits.com

      : Great Opportunity!!



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    • Posted by Al on November 17, 2002 at 21:23:41:

      In Reply to: Buy Apartments No Money Down or Credit!!! Posted by SSI on October 23, 2002 at 23:26:01:

      : If you ever wanted the opportunity to purchase ad own a small or large apartment complex, go to http://www.generatingprofits.com

      : Great Opportunity!!



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  • Posted by Karrie on October 23, 2002 at 16:56:40:

    My husband and I who now live in Maryland, have been trying to sell our house on the Mexico/Texas border for almost a year with no luck. We have dropped the price to below what we owe and have gone through 3 different agencies. We don't want to ruin our credit but can't afford rent here and house payment there. The VA told us to contact our lender about the Deed in Lieu program. My questions are: What is a Deed in Lieu? how would doing this affect our credit? Is there anything else we can do?Karrie

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    • Posted by Karen on October 31, 2002 at 17:13:17:

      In Reply to: Deed in Lieu? Posted by Karrie on October 23, 2002 t 16:56:40:

      A Deed in Lieu is bassically when owners, who know they cannot reinstate the loan and foresee no buyers, can turn the property over to the bank and avoid thetrauma of foreclosure. Often times thisaction will reduce the negative impact onhis credit. A Deed in Lieu of foreclosuretransfers the property to the lender.

      The owner may issue a Deed in Lieu within(Most states have different regulations; check your state laws for time periods)

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  • Posted by Ledet on October 23, 2002 at 08:16:56:

    After the trustee's sale, how would I go about finding out the results of the final sale amount?

    Thank You

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  • Posted by chris jenkins on October 22, 2002 at 17:17:00:

    can a 2 mortgage foreclosure if the 1 mortgage is not payed

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    • Posted by Jim V on October 23, 2002 at 02:32:02:

      In Reply to: 2 mortgage Posted by chris jenkins on October 22, 2002 at 17:17:00:

      Typically, any default on a first note will place the second in default. Commonly, the second will reinstate the first with the default amount added to the total amount the second is owed.

      It is also possible for the second to allow the first to proceed to foreclosure sale by not reinstating, then they will attend the sale and bid high enough to either obtain the property or insure their second is paid off.

      Additional possibility of the second doing nothing, allowing the first to foreclose and their interest is removed from the title of the property.

      It's extremely difficult to predict actions of second lien holders. Some are very active, others seem oblivious.

      Hope that helps, if not, ask additional questions, I'll take a crach at them.

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  • Posted by chris on October 22, 2002 at 17:10:44:

    can a 2mortgage foreclosure if the1mortgage is not pay

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  • Posted by David on October 22, 2002 at 12:29:20:

    We have properties every month in Chicago and the suburbs for end investors at no money down. If you are an investor interested in single family and multi unit with no money down or good cash flow contact me.

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    • Posted by Karen on October 31, 2002 at 17:14:47:

      In Reply to: No Money Down In Chicago Posted by David on October 22, 2002 at 12:29:20:

      Hello,very interested in the chicago area

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  • Posted by Sam on October 22, 2002 at 00:11:16:

    Does anyone know who compiles preforeclosure lists in MD? I'm buying property from the owners before REO, just after the notice of default stage.

    I appreciate any help.ThanksSam

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    • Posted by Karen on October 31, 2002 at 17:15:40:

      In Reply to: Notice of default/preforeclosure lists in Maryland? Posted by Sam on October 22, 2002 at 00:11:16:

      Try www.foreclosure.com



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  • Posted by kylie on October 21, 2002 at 20:32:18:

    We are looking at purchasing a house in Los Angeles. The asbestos test has just come back positive for the accoustic ceiling finish. Does anyone know what the legal requirements are for the seller??? Do they have to have it removed prior to selling??? Thanks

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    • Posted by Jim V on October 23, 2002 at 02:42:37:

      In Reply to: asbestos in house in Los Angeles Posted by kylie on October 21, 2002 at 20:32:18:

      To the best of my knowledge, there is no current requirement to remove asbestos, just the requirement to disclose the possibility of it's presence.

      IMHO, acoustic ceilings aren't much of a threat if left untouched. Removal of the acoustic ceiling is often done by professionals, with protective clothing for the workers and proper disposal of the resulting hazardous material. It is also possible to apply a new layer of sheetrock over the ceiling, without removing the "acoustic covering", thereby avoiding any disposal/removal problems.

      I'd never let "cottage cheese" blow a deal for me, if the property is retail priced and you have big concerns over the possible problems with it, my suggestion would be to find a different property that has already been scraped.

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  • Posted by Amanda Hancock on October 21, 2002 at 19:19:19:

    My friend has a home that he was owner financing to someone. She hasn't paid in 4 months and he is going to foreclose on her. She is not contesting it or anything. I actually have 2 questions: 1st - how long does a foreclosure usually take before it's final? and 2nd - While living there, the lady got a home improvement loan and did repairs on the home. She is now in default on that loan as well and that company will actually have a 2nd lien on the house with the owner having the first. If the owner finances the home to me after the foreclosure, can I pay off her home improvement loan to clear all liens?

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    • Posted by Jim V on October 23, 2002 at 02:52:29:

      In Reply to: owner finance foreclosure Posted by Amanda Hancock on October 21, 2002 at 19:19:19:

      What state is the property in? Foreclosure rules vary by state, and sometimes by county.

      Assuming proper service to junior lienholders, if a foreclosure was to occur and the junior did not bid, they would be wiped from title allowing you to purchase from the "owner-financier" without having to be concerned about junior(home-improvement) loans.

      A little more information would help to provide a more complete answer.

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      • Posted by Amanda Hancock on October 23, 2002 at 19:51:04:

        In Reply to: Re: owner finance foreclosure Posted by Jim V on October 23, 2002 at 02:52:29:

        I'm in Texas. I don't want the junior lienholder to bid...I want to owner finance the home and I'm wondering if I will have to pay off the 2nd to have a clear title at the end of the contract on the 1st.

        : What state is the property in? Foreclosure rules vary by state, and sometimes by county.

        : Assuming proper service to junior lienholders, if a foreclosure was to occur and the junior did not bid, they would be wiped from title allowing you to purchase from the "owner-financier" without having to be concerned about junior(home-improvement) loans.

        : A little more information would help to provide a more complete answer.



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  • Posted by john house on October 21, 2002 at 07:51:15:

    how long do I have before I have to move after being 30 days late on mortgage

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    • Posted by Ward-CA- on October 21, 2002 at 16:51:18:

      In Reply to: when to move Posted by john house on October 21, 2002 at 07:51:15:

      : how long do I have before I have to move after being 30 days late on mortgage

      =•=•=•=•=•=•=•=•=•=•=

      John,

      Most states will allow you to remain in residence until you actually lose title to the property at the foreclosure auction. And after that they usually give you 15 to 30 days to vacate after you have been served a formal notice to vacate.

      So click on the link below to find out the length of time a foreclosure takes in your particular jurisdiction and add another 15 days and you will have a close approximation of the amount of time you can stay in the property.

      Hope this helps.

      : (0)

    • Posted by Reinstatement Services, Inc. on October 21, 2002 at 12:17:47:

      In Reply to: when to move Posted by john house on October 21, 2002 at 07:51:15:

      Depending onthe state in which the property is located in, you could have anywhere between 2 - 12 months [barring processing complications] before a foreclosure action is complete.

      Have you thought about a workout to assist in getting the loan back on track, or listing the property for sale?

      : (0)

  • Posted by missy on October 20, 2002 at 23:23:02:

    We moved into this house in Indiana before closing because we needed to close on our old house. After moving in, the closing got pushed back because the seller owed way more than the house is worth(2nd morgage). We knew this before moving in, but were assured by our realtor that we would definitly close on Sept 13th that the 2nd morgage company would then have a promissory note for the seller for excess owed. We did not close. 4 days later we were served with foreclosure papers from morgage #1 ( as tenants). We have an approved morgage, we have sold our home. The seller owes 35,000 more than purchase price between 2 morgages. He has filed a deed in leiu of forclosure as requested by the forecloser. They said that we should sit tight, that they weren't going to ask us to leave in the next month(which we are three weeks into)that it was a long and lengthly process because the seller had a VA loan, but they cannot tell us if or when we could purchase or if they would consider our offer. We are just sitting here waiting for some morsel of information.I have three small children and I live in a small town. In order to get something similar I need to start building. What are the chances that the forclosers would decide to try to fix up the house and list it?It's in okay shape, but to get what they want they would have to do a lot of replacing. How soon could I be asked to leave? and who has the right to ask me to leave? My representative says I don't have to open the door. I am living here for free which is good, but if there is no hope I don't want to stick around. Also, do I have any right to recoop my losses ie. painting, cleaning, cleaning carpets, land survey, lost vacation time etc? Any advice would be appreciated. We love it and don't want to leave.

    : (2)

    • Posted by Jim V on October 23, 2002 at 03:01:54:

      In Reply to: buyer living in home,bank foreclosed on seller before close Posted by missy on October 20, 2002 at 23:23:02:

      I'm sorry, Missy, but I have absolutely no clue what you are asking. I think you sold your old home and are having problems with a purchase, but I really can't tell. I'm better with numbers and isolated transactions.

      If you could post a reply to this post with distinctions between the property you sold and the property you are trying to purchase, I hopefully will understand it better.

      : (1)

      • Posted by Thomas K on November 02, 2002 at 07:19:47:

        In Reply to: Re: I'm totally lost. Posted by Jim V on October 23, 2002 at 03:01:54:

        : I'm sorry, Missy, but I have absolutely no clue what you are asking. I think you sold your old home and are having problems with a purchase, but I really can't tell. I'm better with numbers and isolated transactions.

        : If you could post a reply to this post with distinctions between the property you sold and the property you are trying to purchase, I hopefully will understand it better.

        I think what happened is they moved into the new purchase, before the final closing. Now are stuck between A Rock, a Boulder, and a hard place (1st Mortgage, 2nd Morgage, Owner) ;)

        What I gather from it, and I only scanned it, easier to read that way.. The Owner of the house, that she was/is buying from, owes more on the 1st and 2nd mortgage, then he is selling the house for. She has been told to sit tight by the owner's lenders (I presume) and her realtor, saying they are fine for the next month (which they are 3 weeks into).

        She is wondering if the mortgage holders would flip it quickly to her for the same offering price, instead of trying to sell for more to recoup all funds.

        My guess? they'd rather have a quick sale if possible, and the 2nd mortgage holder would take a loss or claim a judgement against the present owner if possible..

        Hope I have this right?

        Thomas K

        Notice: the insight contained herein is that of an amature, attempting to understand the expert, sifted through some badly formated text. ;)



        : (0)

  • Posted by missy on October 20, 2002 at 23:20:13:

    We moved into this house in Indiana before closing because we needed to close on our old house. After moving in, the closing got pushed back because the seller owed way more than the house is worth(2nd morgage). We knew this before moving in, but were assured by our realtor that we would definitly close on Sept 13th that the 2nd morgage company would then have a promissory note for the seller for excess owed. We did not close. 4 days later we were served with foreclosure papers from morgage #1 ( as tenants). We have an approved morgage, we have sold our home. The seller owes 35,000 more than purchase price between 2 morgages. He has filed a deed in leiu of forclosure as requested by the forecloser. They said that we should sit tight, that they weren't going to ask us to leave in the next month(which we are three weeks into)that it was a long and lengthly process because the seller had a VA loan, but they cannot tell us if or when we could purchase or if they would consider our offer. We are just sitting here waiting for some morsel of information.I have three small children and I live in a small town. In order to get something similar I need to start building. What are the chances that the forclosers would decide to try to fix up the house and list it?It's in okay shape, but to get what they want they would have to do a lot of replacing. How soon could I be asked to leave? and who has the right to ask me to leave? My representative says I don't have to open the door. I am living here for free which is good, but if there is no hope I don't want to stick around. Also, do I have any right to recoop my losses ie. painting, cleaning, cleaning carpets, land survey, lost vacation time etc? Any advice would be appreciated. We love it and don't want to leave.

    : (0)

  • Posted by misty on October 20, 2002 at 20:06:58:

    I currently have the house I have been living in for 3 years, mortage is current, and my previous property which I can no longer afford. In lieu of foreclosing on the previous property, do I have any other options? If not, how does the foreclosing work? How does it affect my perfect credit? If my work transfers me within the next year, how will the foreclosure affect my ability to get another mortage? Sory for all the questions in advance.

    : (2)

    • Posted by misty on October 20, 2002 at 20:09:22:

      In Reply to: 2 properties foreclosing on 1 need help Posted by misty on October 20, 2002 at 20:06:58:

      both properties are in texas



      : (1)

      • Posted by dealmakerdb on October 20, 2002 at 23:19:18:

        In Reply to: Re: 2 properties foreclosing on 1 need help Posted by misty on October 20, 2002 at 20:09:22:

        what area of Texas and what are loan amounts owed. you can call me at 619-559-2548 if you would like to discuss.

        Dennis

        : (0)

  • Posted by Sam on October 20, 2002 at 19:29:10:

    I just received a document stating I am being sued from the buyer of my property thru foreclosure. Is this the usual manner in which to convict?I did receive a 3 day notice to quit, but that was it. It doesn't give any information or even appear to be legal, but I guess it is.Do I now have to hire an attorney or respond myself via legal written letter? What can I expect in court? Can I somehow remain in my home and pay rent?

    : (7)

    • Posted by Nick(Colorado) on October 21, 2002 at 14:28:19:

      In Reply to: BEING SUED Posted by Sam on October 20, 2002 at 19:29:10:

      Sam:

      Most likely you are being sued for forceable retainer and eviction. I am not up to speed on Texas law, but I would suggestthat you reach a rental agrement with the new owner, or get out fast. If the retainer is granted, your stuff may end up out on the street. Also the eviction can be posted on your credit report.This will make getting a rental agrement more difficult and expensive in the future.



      : (6)

      • Posted by Jim V on October 23, 2002 at 03:16:50:

        In Reply to: Re: BEING SUED Posted by Nick(Colorado) on October 21, 2002 at 14:28:19:

        Hi Nick,

        I think Sam is in CA. I replied on 10-19 to a similar thread.

        CA law is three day notice, followed by unlawful detainer. Unlawful detainer is our eviction process.

        Due to the rise in market values, I'd expect the new owner to want possesion, not a renter.

        Good answer, the basics of what you posted apply, just thought I'd throw the CA angle in.

        Thanks for replying on the original.

        JIm

        : (0)

      • Posted by sam on October 23, 2002 at 03:06:57:

        In Reply to: Re: BEING SUED Posted by Nick(Colorado) on October 21, 2002 at 14:28:19:

        : Sam:

        : Most likely you are being sued for forceable retainer and : eviction. I am not up to speed on Texas law, but I would suggest: that you reach a rental agrement with the new owner, or get out : fast. If the retainer is granted, your stuff may end up out on : the street. Also the eviction can be posted on your credit report.: This will make getting a rental agrement more difficult and : expensive in the future.

        Nick -- I have five days to respond to my summons that was delivered on 10-20-02. Fair Housing Dept. is going to assist me in filing my response so do you think this is the right decision or should I seek an attorney. I am hopeful in buying myself about 30 days to find another home for my family. It seems the courts don't give much time to former owners in these cases. It takes more than 3 days to find a new home when you have kids...



        : (4)

        • Posted by Nick(Colorado) on October 23, 2002 at 13:55:34:

          In Reply to: Re: BEING SUED Posted by sam on October 23, 2002 at 03:06:57:

          Sam:

          Sorry Sam, I rarely advise people to use a legal route withsuch a dispute. I would suggest that you reach a cash-for-keysagrement with the new owner. Try and sell the agrement to the new owner as cheaper than the eviction or legal route. Also try and get yourself a couple of weeks to find a new place to live. If you go the legal route, the eviction could be placed on your credit report, making it more expensive to rent in the future.



          : (0)

        • Posted by Jim V on October 23, 2002 at 03:41:44:

          In Reply to: Re: BEING SUED Posted by sam on October 23, 2002 at 03:06:57:

          Sam,

          In a previous post, I stated that an "owner" could file a three day notice. If you don't own a property, you can't evict anybody.

          If you are using Fair Housing, have them explore the fact that three day notice was served prior to the third party purchaser obtaining the Trustee's Deed.

          That should buy you at least 30 days.A non-legal opinion, but something I think you should pursue.

          : (2)

          • Posted by Nick(Colorado) on October 23, 2002 at 13:58:48:

            In Reply to: Re: Validity of three day notice Posted by Jim V on October 23, 2002 at 03:41:44:

            Jim V:

            I think that this issue would only buy Sam about 7 days at best. The new owner will issue a new 3 days notice as soon as the trustee's deed is issued.

            : (1)

            • Posted by Jim V on October 23, 2002 at 14:10:42:

              In Reply to: Re: Validity of three day notice Posted by Nick(Colorado) on October 23, 2002 at 13:58:48:

              Nick,

              Eviction will usually take at least 30 days after the proper service of a three day notice. So, maybe it buys 37 days? :)

              : (0)

  • Posted by bedros demir on October 20, 2002 at 16:26:13:

    i once had a link to a site that had many links to many bank reo departments and would like to find it.

    Any help is appreciated



    Bedros

    : (1)

    • Posted by Jim V on October 20, 2002 at 19:53:34:

      In Reply to: looking for a site with links to banks reo depts Posted by bedros demir on October 20, 2002 at 16:26:13:

      Bedros,

      Try the link at the top of the board titled "Bank Owned Properties". It's probably what you're looking for.



      : (0)

  • Posted by Sheri on October 20, 2002 at 12:30:13:

    What exactly happen in foreclosure. What are the financial ramifications?

    : (2)

    • Posted by maria molina on October 20, 2002 at 15:09:59:

      In Reply to: Foreclosure Posted by Sheri on October 20, 2002 at 12:30:13:

      : What exactly happen in foreclosure. What are the financial ramifications? Is the house paid for , do i have to pay anything . What happens now . How do i fix my credit .



      : (1)

      • Posted by candace bettencourt on October 20, 2002 at 18:13:51:

        In Reply to: Re: Foreclosure Posted by maria molina on October 20, 2002 at 15:09:59:

        : : What exactly happen in foreclosure. What are the financial ramifications? Is the house paid for , do i have to pay anything . What happens now . How do i fix my credit .



        : (0)

  • Posted by jeff bailey on October 19, 2002 at 15:43:09:

    4bdr. 3.75 bath nice area 15000.00 equity sell for 224000.00 pre forcloser forcloser date 11/14/2002washington state lynnwood area help!

    : (0)

  • Posted by keithh on October 19, 2002 at 12:40:29:

    what if a property has forclosed. the bank list it with a local broker. the broker finds a buyer then when title work is ordered finds out that one of the parties who had interest in the property was not served noticed.

    : (0)

  • Posted by Andrew on October 18, 2002 at 18:24:45:

    My home was sold in a foreclosure sale about 2 months ago. I had a short sale arranged but the bank personnel dropped the ball. So now it is in redmption and I have a buyer. My redemption amount is 109k. I am selling the house for 125k. What can I expect to happen after the house sells? WIll the bank come after me for the 10k difference on the original note even though the property is foreclosed?

    : (1)

    • Posted by sam on October 18, 2002 at 23:03:01:

      In Reply to: After Redemption... Posted by Andrew on October 18, 2002 at 18:24:45:

      : My home was sold in a foreclosure sale about 2 months ago. I had a short sale arranged but the bank personnel dropped the ball. So now it is in redmption and I have a buyer. My redemption amount is 109k. I am selling the house for 125k. What can I expect to happen after the house sells? WIll the bank come after me for the 10k difference on the original note even though the property is foreclosed?

      A broker told me if the house was sold in foreclosure for more than is owed I should receive the difference. Is this correct. What is the redemption process?

      : (0)

  • Posted by OSCAR PELLEJERO on October 18, 2002 at 18:03:08:

    I WOULD LIKE TO GET A DEAL IN WHITE PLAINS, OR WEST HARRISON NY, IF POSSIBLE BUT I DON'T MIND OTHER PLACES IN NY STATE

    : (1)

    • Posted by gina on October 20, 2002 at 00:12:59:

      In Reply to: forecloser list Posted by OSCAR PELLEJERO on October 18, 2002 at 18:03:08:

      : I WOULD LIKE TO GET A forclosure list in the suffolk county of longisland NY.thank you

      : (0)

  • Posted by sam on October 18, 2002 at 02:27:15:

    Lender says house has been sold by a 3rd party and won't provide any further info. On the date of the so-called sale there was a 3-day notice to vacate on my door. It's been one week now and I have not heard anything from said new owner nor can I find out any info. I would like to remain in my house even if I had to rent it from the "new" owner, but I have not heard from anyone. Now a Real Estate broke tells me that I am still listed as the owner and her records are updated daily because titles are changed every day. She adds that if the house is still in my name I can still file chapter 13 or sell the house if I chose to. She says she believes if the house had been completely sold the title would have been changed immediately or at the latest the next day. Does anyone know anything about this? If I can still file 13 I would like to go that route and save the property.

    : (5)

    • Posted by sam on October 20, 2002 at 21:58:50:

      In Reply to: OPTIONS AFTER FORECLOSURE? Posted by sam on October 18, 2002 at 02:27:15:

      : Lender says house has been sold by a 3rd party and won't provide any further info. On the date of the so-called sale there was a 3-day notice to vacate on my door. It's been one week now and I have not heard anything from said new owner nor can I find out any info. I would like to remain in my house even if I had to rent it from the "new" owner, but I have not heard from anyone. Now a Real Estate broke tells me that I am still listed as the owner and her records are updated daily because titles are changed every day. She adds that if the house is still in my name I can still file chapter 13 or sell the house if I chose to. She says she believes if the house had been completely sold the title would have been changed immediately or at the latest the next day. : Does anyone know anything about this? If I can still file 13 I would like to go that route and save the property.

      Jim -- I rec'd a notification that I am being sued today. How much time do I have in my house until they will force me out? I would like to either rent this house or have ample time to move out. Without knowing the owner or having any contact with him what time spand should I assume I have?Do I have any recourse at all in this matter?



      : (1)

      • Posted by Nick(Colorado) on October 21, 2002 at 14:33:54:

        In Reply to: Re: OPTIONS AFTER FORECLOSURE? Posted by sam on October 20, 2002 at 21:58:50:

        Sam:

        Try this tack: Contact the new owner, the owner's name or an agent's name should be listed on the 3 day notice to quit. Indicate that you would like to rent for a month or two, or sign a cash for keys agrement. Indicate that the cash for keys agrement will be lessexpensive to them than the eviction. If you do sign a cash for keysagrement, it will indicate specific items of performance on your part. Make sure that you hold to those items of performance.

        : (0)

    • Posted by Nick(Colorado) on October 18, 2002 at 13:37:28:

      In Reply to: OPTIONS AFTER FORECLOSURE? Posted by sam on October 18, 2002 at 02:27:15:

      Sam:

      First, information from this board will be more useful if you indicate which state the property is located.

      If you would like to find out who purchased the property atauction, I would suggest that you go down to the county recorders office and do title searches for information on the property. I would tend to believe the lender and the presents of the threedays notice to quite over the broker. The broker may not dealthe foreclosures on a daily basis, is probably looking at thetax rolls, and not doing the title search. On the rental or lease option front, it would be best if you were pro-active in contactingthe new owner, and fast. Otherwise the current owner will, most likely, start to seek a forceable entry detainer. Depending on yourstate, your personal belongings could end up on the street.



      : (2)

      • Posted by Sam on October 18, 2002 at 22:58:27:

        In Reply to: Re: OPTIONS AFTER FORECLOSURE? Posted by Nick(Colorado) on October 18, 2002 at 13:37:28:

        : Sam:

        : First, information from this board will be more useful if : you indicate which state the property is located.

        : If you would like to find out who purchased the property at: auction, I would suggest that you go down to the county recorders : office and do title searches for information on the property. : I would tend to believe the lender and the presents of the three: days notice to quite over the broker. The broker may not deal: the foreclosures on a daily basis, is probably looking at the: tax rolls, and not doing the title search. On the rental or lease : option front, it would be best if you were pro-active in contacting: the new owner, and fast. Otherwise the current owner will, most : likely, start to seek a forceable entry detainer. Depending on your: state, your personal belongings could end up on the street.

        Thanks for the help. I reside in California. Today I received a letter from the Supreme Court of my county advising me that an Unlawful petition has been filed against me. It states nothing can be filed against for at least 60 days or something to that affect.I checked the with the recorders office today there is still no change in the title holder. I don't know why this would be unless the county workers drag their feet.

        What do you guys think?



        : (1)

        • Posted by Jim V on October 19, 2002 at 01:46:50:

          In Reply to: Re: OPTIONS AFTER FORECLOSURE? Posted by Sam on October 18, 2002 at 22:58:27:

          Until the third party purchaser obtains and records a Trustee's Deed, there will be no transfer at the county recorder's office. Getting the Trustee's Deed should only take 1-2 weeks from the date of the sale.

          Filing post-sale BK in CA will probably be a waste of time on your part. CA has no redemption period, once the sale happens, that's pretty much it unless there were procedural problems with the sale. Probably not what you'd like to hear, but that's the way it works.

          Only possible way I see to possibly obtain a bit more time is to fight the validity of the original three day notice. If the third party purchaser was not the "legal" owner, per public records, at the time the notice was served, their current unlawful detainer action, based on that notice, is probably invalid. I'd expect that the third party purchaser will probably serve a new three day notice shortly after they record their Trustee's Deed.

          Sorry I couldn't provide something a little more upbeat, but that's the way it works.

          : (0)

  • Posted by Sue on October 17, 2002 at 19:04:39:

    I filed for bankruptcy in July and it was discharged this month. We are 1 and 1/2 months behind in our mortgage and have only lived in our house 7 months. When do they start talking about foreclosure? I can have them paid off by Jan.

    : (1)

    • Posted by Reinstatement Services, Inc. on October 17, 2002 at 19:48:00:

      In Reply to: I'm worried...help please!!! Posted by Sue on October 17, 2002 at 19:04:39:

      Contact your lender's loss mit department and speak with a representative about alternatives to foreclosure that might be available.

    • Default and Foreclosure Solutions


    : (0)

  • Posted by Loretta on October 17, 2002 at 18:25:36:

    Due to my illness, just got back to work in the last week of August. Husband laid off in April. He got a job last week. Pay not near what it was before. Trying to do shortsale on house been on the market one week. In checking the records on the house found out the 2nd mortgage has never been recorded. Since they have not recorded a Deed of Trust, What our obligation to them? If we sale the house we will walk away with no money. Will be filing bankruptcy after. As most people use to making good money, 2 cars, credit cards, now medical bills on top of that. Big adjustment but will pull tho it. Just can't afford 1500.00 monthly mortgages total. We live in Nevada. Thanks alot

    : (1)

    • Posted by dealmakerdb on October 18, 2002 at 22:46:06:

      In Reply to: Pending foreclosure Posted by Loretta on October 17, 2002 at 18:25:36:

      : Due to my illness, just got back to work in the last week of August. Husband laid off in April. He got a job last week. Pay not near what it was before. Trying to do shortsale on house been on the market one week. In checking the records on the house found out the 2nd mortgage has never been recorded. Since they have not recorded a Deed of Trust, What our obligation to them? If we sale the house we will walk away with no money. Will be filing bankruptcy after. As most people use to making good money, 2 cars, credit cards, now medical bills on top of that. Big adjustment but will pull tho it. Just can't afford 1500.00 monthly mortgages total. We live in Nevada. Thanks alot

      Hi Loretta

      I can help you or buy your house whatever works best. You can call me 619-559-2548 anytime or leave me your phone number on my toll-free line 888-372-9559 x101.

      Dennis



      : (0)

  • Posted by Martinez, L on October 17, 2002 at 16:57:47:

    My mortgage have fallen behind about 4 months, I can't afford to make any payment since I have no jobs. Can I just walk away and give the property back to the Lenders (Countrywide). How long the record will sit on my credit reports before I can get healthy again finaancially. Thanks for any help..I'm really desperate...

    : (4)

    • Posted by dealmakerdb on October 18, 2002 at 22:50:16:

      In Reply to: Walk Out Posted by Martinez, L on October 17, 2002 at 16:57:47:

      I can help you. Call me at 619-559-2548 or leave me your phone number at my toll-free line 888-372-9559 x101.

      Dennis

      : (0)

    • Posted by TheShortSalePro on October 18, 2002 at 10:25:10:

      In Reply to: Walk Out Posted by Martinez, L on October 17, 2002 at 16:57:47:

      A successful short sale transaction will allow you to walk away from your home, owing nothing further to your mortgagee(s), preserving your future creditworthiness while incurring no out of pocket expenses.If you would like to explore a short sale alternative... please visit the non profit link, click on and complete the confidential application for assistance. Under comments, simply type, "short sale requested" and I'll contact you. Or, email me privately. I can act as a liaison between you, your (local to you) real estate broker, and your mortgagee(s).



    • short sale workout application


    : (0)

  • Posted by Jim V on October 18, 2002 at 01:42:18:

    In Reply to: Walk Out Posted by Martinez, L on October 17, 2002 at 16:57:47:

    Statisically, it is probably better to try to complete a short sale rather than a deed-in-lieu. A short sale is selling the property at or somewhat below market value, the lender accepts the reduced net from the sale price as payment for the loan.A short sale, deed-in-lieu or foreclosure will have significant credit impacts for 2-3 years after the time you start re-establishing new, good credit.

    : (0)

  • Posted by jessica on October 17, 2002 at 19:41:10:

    In Reply to: Walk Out Posted by Martinez, L on October 17, 2002 at 16:57:47:

    It depends. What state do you live in?

    : (0)

  • Posted by LANNY on October 17, 2002 at 14:25:35:

    I'm selling my first home and buying a second bigger home. If I don't sell the first soon I will have 2 morgage payments that I can't afford. How can I step away from the first house without losing the second and ruining my credit??

    : (2)

    • Posted by steve on October 23, 2002 at 11:22:06:

      In Reply to: 2 Homes Posted by LANNY on October 17, 2002 at 14:25:35:

      hello

      1 - where is the home located?

      2 - if you are in a 'hardship' situation you may wish to look into deeding the property back to the lender



      : (0)

    • Posted by Jim V on October 18, 2002 at 01:50:28:

      In Reply to: 2 Homes Posted by LANNY on October 17, 2002 at 14:25:35:

      You don't.

      It happens frequently where people try a "move-up" and end up with their previous property unsold. You rent it, you sell it on a contract, lower the price and take something of a "loss" on it, or:you complete the transaction for the new home and let the lender foreclose on the first home. It'll trash your credit and might subject you to a deficiency judgment(depending on your state law).

      Best option, IMHO, is to sell the first property, whatever it takes.

      : (0)

  • Posted by JANICE on October 17, 2002 at 13:27:12:

    How do you find out if there are any other leins on a property that is about to be sold at a sheriff sale?

    : (1)




    • Posted by JANICE on October 17, 2002 at 13:27:12:

      : How do you find out if there are any other leins on a property that is about to be sold at a sheriff sale?

      : (0)

  • Posted by Robinette on October 17, 2002 at 07:17:11:

    A friend gets divorced, stays in home, no payments made on mortgatge during/after divorce, foreclosure notice sent then friend files for bankruptcy. At what point can I try to purchase home? Does it matter if other half files for bankruptcy as well?

    : (1)

    • Posted by njdave on October 17, 2002 at 11:33:12:

      In Reply to: Foreclosure/Bankruptcy/Divorce Posted by Robinette on October 17, 2002 at 07:17:11:

      In the majority of situations involving divorce and real estate... the parties fail to address the issue of homeownership, and fail to differentiate between ownership and obligation to make the mortgage payments. Simply because a divorce decree indicates that one party or another will continue to occupy the dwelling... or maintain payments, or even mandate that one party quit claims it's interest to the other party... does nothing to release either party from it's obligation to make payments. Only the mortgagee can agree to release one party... Usually the mortgagee requires that the loan be refinanced by a fully qualified applicant, irrespective of what might be decreed.

      Is your friend and your friend's ex on the deed? Are they both on the mortgage note?

      If the ex remains on the mortgage note, then his filing bankruptcy would exact an adverse impact on your ability to purchase the property in it's entirety.

      If you want to be in the middle of this... perhaps your friend could quit claim her interest to you... and you can fight it out with the ex.

      : (0)

  • Posted by Needing Info on October 17, 2002 at 03:28:22:

    My G/F's Parents house was forclosed on by the bank and they were given 60 days to vacate. they havent found a place yet. Can the bank come in and rekey the Property (House and land) and keep all their belongings ? as in Animals and Equipment they live in East Tx.

    : (2)

    • Posted by Jim V on October 18, 2002 at 01:57:07:

      In Reply to: how much time do you have to get your stuff out Posted by Needing Info on October 17, 2002 at 03:28:22:

      One of two things will happen. Either the sheriff/marshall will show up to complete the eviction process and supervise the placing of personal property out in a public place(curbside). Or, the lender will pay to have personal property put into storage where if it is not redeemed, the property will be sold.Animals, I'm not quite sure of, I've never had to deal with that.

      : (1)

      • Posted by Nick(Colorado) on October 18, 2002 at 13:43:26:

        In Reply to: Re: Lender has no right to personal property Posted by Jim V on October 18, 2002 at 01:57:07:

        Jim V:

        Generally (depending on state) abandoned animals will be given over to animal control. That is, they will be held at the pound for what ever length of time. I know this for small animals, but for farm animals, I do not know.

        : (0)

  • Posted by Needing Info on October 17, 2002 at 03:27:11:

    My G/F's Parents house was forclosed on by the bank and they were given 60 days to vacate. they havent found a place yet. Can the bank come in and rekey the Property (House and land) and keep all their belongings ? as in Animals and Equipment they live in East Tx.

    : (0)

  • Posted by David on October 17, 2002 at 00:13:00:

    I am a real estate investor in Chicago. I normally find the deals and either joint venture with an investor or the investor holds the first mortgage. I have to go through dozens of potential investors to get to one good one. This is very time consuming. I make money finding the great deals not jacking around with a bunch of investors who either want to rip me off or teach them. Any suggestions.

    : (1)

    • Posted by njdave on October 17, 2002 at 12:54:47:

      In Reply to: How do I find a Good Investor? Posted by David on October 17, 2002 at 00:13:00:

      I may be wrong, but you sound more like a speculator than an Investor. If you were to advertise yourself a'speculator' seeking Investors... you may have more success.

      : (0)

  • Posted by Phil on October 16, 2002 at 19:36:17:

    I was involved ina head-on-collission, the judgement rendered led to BK/ch 7 due to inability to satisfy all the med bills. I am very able and experienced to redo and fix up homes for resale, is it possible to find funding in this type of situation. Thanks for your help.

    : (0)

  • Posted by Jeanette on October 16, 2002 at 19:24:50:

    My ex-husband foreclosed on our joint California property, two years after we separated. We later divorced. That was five years ago. The house was upside down in equity. It sold at auction for less than owed. The 1st mortgage holder (world savings) filed foreclosure redeemed when the house was purchased. The 2nd mortgage holder got nothing (nations credit). The 2nd loan was eventually sold to a collection company (united mortgage) who is now trying to collect. They have already reported the negative action on my credit and are calling me all the time. The ex-husband does not work (so he says), is behind in support to the tune of $80K and is in hiding. I thought that if there is money from the sale it pays the first then the second, if nothing is left, then they?re out of luck? My Question: Do I have to pay these people? What can be done to me? I have no money, is bankruptcy my only option?

    : (2)

    • Posted by steve on October 23, 2002 at 11:26:08:

      In Reply to: 2nd mortg company wants $$$ after forclosed 1st. Posted by Jeanette on October 16, 2002 at 19:24:50:

      you may want to talk to an attorney and/or a mortgage broker - CA may be a non recourse state - ie they can go after the property but not you - you need to check this out - nations credit is very picky in my experience

      good luck

      : (0)

    • Posted by tinaj on October 16, 2002 at 23:21:14:

      In Reply to: 2nd mortg company wants $$$ after forclosed 1st. Posted by Jeanette on October 16, 2002 at 19:24:50:

      I dont know the answer to your question, but if you have children I believe you can register with a free service to track the louse and try to get back support. Does he have a driver's license? He must make pretty good $$$ to owe that much. Does he have any professional licenses? You can bet if you can't find him, the creditors aren't calling him either. No reason to let him get away with this. Call the IRS and tell them that he isn't paying support as ordered, and of course provide them with his SSN. I did this when my louse of an ex claimed one child as a dependent AFTER he quit paying support!

      I dont know the answer to your question, but there's no reason why the bum should get off $80,000 cheaper.

      : (0)

  • Posted by Stephanie on October 16, 2002 at 17:59:55:

    How long does the debtor have to pay before the foreclosure takes affect.

    : (3)

    • Posted by Valerie (N.CA) on October 19, 2002 at 16:14:47:

      In Reply to: Foreclosure in CA Posted by Stephanie on October 16, 2002 at 17:59:55:

      : How long does the debtor have to pay before the foreclosure takes affect.

      Where are you in process? What part of CA do you live in?

      : (0)

    • Posted by Jim V on October 16, 2002 at 22:01:23:

      In Reply to: Foreclosure in CA Posted by Stephanie on October 16, 2002 at 17:59:55:

      Lenders will usually start the CA foreclosure process sometime after 2 payments are missed. There is a 3 month Notice of Default period, followed by a roughly 3 week period for the Notice of Trustee Sale. The borrower can reinstate the loan by paying all past due payments and other fees anytime up to 5 days before the sale. Lenders will often allow more time, those are the legal minimums.

      : (1)

      • Posted by Jim V on October 16, 2002 at 22:17:10:

        In Reply to: Re: Foreclosure in CA Posted by Jim V on October 16, 2002 at 22:01:23:

        Following sentence needed to be corrected, most lenders will not institute foreclosure in Ca until a loan is 90 days down.

        : Lenders will usually start the CA foreclosure process sometime after 3 payments are missed.

        : (0)

  • Posted by Morris on October 16, 2002 at 16:58:03:

    What's the difference between "basic" and "professional" retran?

    : (1)

    • Posted by Jim V on October 16, 2002 at 22:11:11:

      In Reply to: Basic vs. Professional Retran Posted by Morris on October 16, 2002 at 16:58:03:

      As I recall, basic gets you property information and information on the loan in default/scheduled for sale/REO. Professional includes that information plus info on any other liens against the property plus up to 5 comparable sales to help establish value.

      Did that sound like a commercial?Their phone number is on their website, ask for John, I'm sure he can give you exact information.

      : (0)

  • Posted by Heidi on October 16, 2002 at 14:53:21:

    If you claimed bankruptcy why are you so behind in the payments? We claimed bankruptcy in 95 but did not claim it on our house. The mortgage company did not file a Re-affirmation agreement . When we decided to leave the house and let them foreclose on it we didn't owe them any money. the judgement was filed against us and they never told the credit agencies that it was sold at a sheriff sale. They will still put it on your credit report even if you legally had a a way out. We had ours foreclosed on in 1997. We bought another house in 2000. Don't worry either way it will take a few years. If you can get that 2 nd mortgage refinanced into 1 mortgage you'll be ok. If you loose the house it will take like 3 years but you will eventually get to buy another. Hope this helps.

    : (0)

  • Posted by Bernessa English on October 16, 2002 at 13:39:23:

    how can I finf the exact date that a foreclose property was sold to the new owner.

    : (0)

  • Posted by Bernessa on October 16, 2002 at 13:31:35:

    How can I find the exact date the a foreclose property sold to the new owner.

    : (1)

    • Posted by adegbite on October 23, 2002 at 13:44:10:

      In Reply to: Foreclosre Posted by Bernessa on October 16, 2002 at 13:31:35:

      : How can I find the exact date the a foreclose property sold to the new owner.



      : (0)

  • Posted by Bernessa on October 16, 2002 at 13:29:06:

    How can I find the exact date the a foreclose property sold to the new owner.

    : (0)

  • Posted by Tamy Davidson on October 16, 2002 at 13:10:37:

    my Uncle has a property in Utah, that his daughter has trashed and left empty, if we end up forclosing on it, is he still responsible for the amount left on the loan after the property has been sold? can you write the property off as a loss?

    : (1)

    • Posted by Tamy Davidson on October 16, 2002 at 13:11:56:

      In Reply to: forclosure in Utah Posted by Tamy Davidson on October 16, 2002 at 13:10:37:

      : my Uncle has a property in Utah, that his daughter has trashed and left empty, if we end up forclosing on it, is he still responsible for the amount left on the loan after the property has been sold? can you write the property off as a loss? can you do a short sale on a forclosure?



      : (0)

  • Posted by Sam on October 16, 2002 at 12:27:43:

    I just found out my house has been sold. What options do I have to remain in my home? Can I rent or re-purchase? What is the time line?

    : (1)

    • Posted by Reinstatement Services, Inc. on October 16, 2002 at 12:41:26:

      In Reply to: post foreclosure Posted by Sam on October 16, 2002 at 12:27:43:

      Depending upon your current financial situation, the type of loan you have, the reason for the default, the state in which you live, a lack of third party involvement, and who your lender is, it might be possible to petition your lender to rescind the foreclosure action and reinstate your loan.

      : (0)

  • Posted by Gene Ruotolo on October 16, 2002 at 11:07:46:

    Sold house in 1996 - assummed mortgage - buyer went bankrupt in 1998 - started foreclosure three years ago - Still not finalized - attorney will not tell me status of foreclosure - only says it's in court -can't afford a new attorney - How can I find out status of floreclosure when my attorney will not tell me???

    : (1)

    • Posted by Gene on October 18, 2002 at 15:30:03:

      In Reply to: foreclosure Posted by Gene Ruotolo on October 16, 2002 at 11:07:46:

      : Sold house in 1996 - assummed mortgage - buyer went bankrupt in 1998 - started foreclosure three years ago - Still not finalized - attorney will not tell me status of foreclosure - only says it's in court -can't afford a new attorney - How can I find out status of floreclosure when my attorney will not tell me???



      : (0)

  • Posted by N.Starks on October 16, 2002 at 10:51:11:

    I was just wondering that if I consider doing a deed in lieu of foreclosure, how long would the company generally give me until I would need to vacate the premises? Thanks for any info!

    : (2)

    • Posted by njdave on October 17, 2002 at 08:53:56:

      In Reply to: Deed In Lieu-How long do they give you to move Posted by N.Starks on October 16, 2002 at 10:51:11:

      I haven't seen too many deeds-in-lieu of foreclosure in my 20+ years... but the several that I've arranged are subject to negotiated terms. You've got something that "they" want. They want to spend as little $$$$ as possible. Use that to your advantage. Offer to leave the house in broom swept condition, or agree to cooperate with Realtors... in exchange for a definitive date of departure. If you are packed and ready to go .. you may also opt for "cash for keys".

      But don't think that they'll easily accept a deed-in-lieu. They'll first want proof that the home has been professionally marketed at it's as-is, fair market value. They'll also want proof that you have a demonstrated hardship and cannot make payments....

      They'll probably prefer accepting a short sale over a DIL.

      If you would like to explore a short sale alternative... please visit the non profit link, click on and complete the confidential application for assistance. Under comments, simply type, "short sale requested" and I'll contact you. Or, email me privately. I can act as a liaison between you, your (local to you) real estate broker, and your mortgagee(s).

      A successful short sale transaction will allow you to walk away from your home, owing nothing further to your mortgagee(s), preserving your future creditworthiness while incurring no out of pocket expenses.

    • nonprofit resource


    : (1)

    • Posted by N.Starks on October 24, 2002 at 01:24:38:

      In Reply to: terms are negotiable Posted by njdave on October 17, 2002 at 08:53:56:

      Thanks so much for responding & for sharing your knowledge!





      : (0)

  • Posted by B.Hujus on October 16, 2002 at 09:05:06:

    How Many months do you have to behind in ayments before they can legally start forcloser proceedings

    : (2)

    • Posted by njdave on October 17, 2002 at 12:58:52:

      In Reply to: Forcloser Posted by B.Hujus on October 16, 2002 at 09:05:06:

      The language in your mortgage note will describe what you've agreed as to what constitutes a default, and the remedy you've allowed your lender.

      Generally, and this will vary from state to state, a mortgagee will initiate foreclosure proceedings when the loan payments are 90 days past due without a viable repayment plan in place.

      : (0)

    • Posted by Reinstatement Services, Inc. on October 16, 2002 at 12:36:16:

      In Reply to: Forcloser Posted by B.Hujus on October 16, 2002 at 09:05:06:

      Although most lenders will wait until three full payments have been missed, legally, a mortgagee would be within their right to foreclose the minute a breech in the contract occurs.

      Certainly, prior payment history will also weigh heavily on the rapidness in which the decision to proceed to foreclose is made.

      : (0)

  • Posted by Heather on October 16, 2002 at 02:00:29:

    If we would get our house forclosed on could the take our wages we live in florida?we want to sell because we have to move but we can not afford two payments what do we do?

    : (0)

  • Posted by G on October 15, 2002 at 19:00:38:

    I purchased a mobile home several years ago...now I have had to move because of a job and marriage... however... after 6 months of trying to sell the home... I have been unsucessful... i can no longer afford 2 payments...is there a clean way to get rid of the home through foreclosure...

    : (1)

    • Posted by Lisa Rollins on November 26, 2002 at 03:52:42:

      In Reply to: need to get out Posted by G on October 15, 2002 at 19:00:38:

      : I purchased a mobile home several years ago...now I have had to move because of a job and marriage... however... after 6 months of trying to sell the home... I have been unsucessful... i can no longer afford 2 payments...is there a clean way to get rid of the home through foreclosure... There is no easy way to get through a foreclosure, you will lose all the rights to the property, as well as money, and ruin your credit. It is best to find someone who would be willing to take over payments, and pay you a profit, you would have to deed it to that person, and they would assume, the loan, and any penalty charges accrued.



      : (0)

  • Posted by PAMELA RUOTOLO on October 15, 2002 at 17:18:23:

    I don't want to write a book so I will try to make a long story short. Back in 1998 my father held a mortgage for a house he owned. The couple he sold the house to failed to make their payments so my father started the forclosure process. The couple then decided they still wanted the house and started paying again so we stopped the forclosure. A short period later they filed for bankruptcy and left the house. We recently found out that there were 2 judgements against this couple that were not included in the bankruptcy so we need to finish the forclosure. We have a lawyer who has been working on this off and on since 1998 whom we told in April to finish the forclosure so we can sell the house again but he has not filed any papers since June of 2001. Does a forclosure usually take this long? Is it because of the judgements or is it that my lawyer is at fault? I really feel as though my lawyer is just not doing his job but before I confront him I wanted another opinion.

    Thanks

    : (1)

    • Posted by Reinstatement Services, Inc. on October 15, 2002 at 18:39:26:

      In Reply to: How long should a forclosure usually take? Posted by PAMELA RUOTOLO on October 15, 2002 at 17:18:23:

      Although the process is not standardized, unless there are significant errors or ongoing bankruptcy issues it should not take years for a foreclosure action to complete.

      Call the attorney. Demand a status update. If your concerns remain unsatisfied, hire another attorney. Keep in mind that by doing so you might run the risk of resetting the clock on a process that could be well underway.

    • Default and Foreclosure Solutions


    : (0)

  • Posted by Bob on October 15, 2002 at 16:14:03:

    I got laid off about 4 months ago and I currently have no luck in finding a new job. My mortgage has past due amount for 4 months. Is that possible if I just call the mortgage company and surrender the property?? I just refinance my house about 6 months ago, so the amount that I owe is about the same with the value of the property rigth now.

    Thanks for any help

    : (1)

    • Posted by njdave on October 17, 2002 at 13:03:40:

      In Reply to: No Money Posted by Bob on October 15, 2002 at 16:14:03:

      You may have no money now, but you will certainly want to try to preserve your future creditworthiness for when you are back on your financial feet.

      If you owe more than your home is worth, you may qualify for a mortgagee approved short sale. For details, contact me via email, or visit the nonprofit website's Confidential Application for a Short Sale Workout.

    • short sale workout


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  • Posted by Jude on October 15, 2002 at 12:46:04:

    Me and my husband lives now in switzerland, but he owns a house in California and soon to be forclosed. We are interested to know if after forclosure of the house, we owe anybody still some bills, like taxes for example. What happens actually after the forclosure? Please help. Thanks

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  • Posted by Thomas K on October 15, 2002 at 00:22:09:

    I have been interested in foreclosed on homes since I saw my first infomercial about them, knowing I could get a home cheaper then what I had seen listed...

    Five years later, I managed to get my hands on Carleton H. Sheets course. (Yes, infomercial information and I take it with a grain of salt). This is a host of what I feel is good information in this, but as with all things, it is very U.S. centreed and I live in Canada.

    So here's the deal, not knowing anything of where to start in Canada (courthouse does not keep foreclosure info..), I am lucky enough to live within a 3 or 4 hour drive from the border to the states. On a recent day trip I looked at 4 houses, 3 single family, 1 multifamily (2 2bdrm, 1 studio - apartment units). They 2 of them are offered for less then a third of the appraised value, and from my inspection (I am by no means a expert obviously) but from surface inspection they needed very minor work. Ceiling in one, assuming the toilet and and plumbing sealant is tended to in the washroom above that room. Attic floorboards that need replacing, to make more living space on the third floor.In the multiple unit house, it seemed to me that it just needed a paint job and some new carpet or the carpet pulled up with a quick sand and varnish of hardwood floor if it exists beneath (both these are listed as being built in the 1920's)

    I have crunched the numbers til the cows came home and went back to pasture, the next step is something I am very unsure of.

    I want to make offers, I even have it all filled out and ready to print then fax to the agent involved.

    My questions follow.

    1) Given that I am a Canadian Citizen (born and raised) is there anything special I need to purchase property for investment in the U.S. ? (Yes, I do have a U.S. Mailing point, I got this for another home business I run..)

    2) Again, will this (my being a Canadian citizen living in Canada) affect any mortgage I may attempt to put on the property in question?

    3) There is one point I am very fuzy on. if the house is listed for $20,000, yet is appraised at $70,000 and I offer $22,100 (with my terms prefered) can I automatically 'assume' that the balance ($70,000 minus $22,100) is my 'existing equity' for any mortgage application(s)? Assuming I have the above right, I can then seek out a mortgage for up to half the appraised value easily to allow for fixing up the units and closing costs?

    4) Something 'clicked' with me last night as I was reading and listening to books and tapes and books on tape. One thing I do know is most foreclosed on property up here is found in tendered bids that you must put a deposit on before bidding. (this I assume is before the bank's default bid for the minimum amount lays claim to it..) Is this the same in some area's of the U.S. ? I am just seeking a point of reference for looking into dealing in these up here.I am eager to get started (succeed or fail) so the learning curve can continue, but as I have read many have done, check check and double check what you know then do, and thus that is what I am attempting to do.. ;)

    Thank you all in advance,

    Thomas KCanadian Citizen and Future Investor~~Yes Virginia, Knowledge does grow on tree's, you just have to know where to find it and learn to understand it...~~



    : (0)

  • Posted by troy on October 14, 2002 at 22:36:19:

    It has been a year and a half since the date of the sale of my house/property. A recent check of my credit report (last month) still shows "forclosure in progress", and the dollar amount past due is increasing and being continuously updated as if I were a current customer. I can still go to my mortgage company's website and sign in and look at my account statistics as if I am a current customer. Now, for the twist--the property was unoccupied from before the date of the sale, and almost a half year ago someone broke in and set fire to the place, and it is now basically a total loss (and no, I do not do it nor do I have insurance on it, that was cancelled after the foreclosure sale). My questions are, why is the foreclosure taking as long as it is, why can they keep adding insult to injury on the credit report, and are they collecting insurance on the loss of the house? Would they have insurance on it? How would I find out? If they make a profit off of their insurance claim, should they still be legally able to pursue foreclosure against me in addition to already getting their money out of it? Should I be pursuing this situation with a lawyer? A lot of questions, but I am not getting any information as to the status of this process, and have no idea what is going on. Thanks for any input on this.

    : (1)

    • Posted by troy on October 14, 2002 at 23:30:22:

      In Reply to: foreclosure situation with a twist (long), what are my..... Posted by troy on October 14, 2002 at 22:36:19:

      FYI, property is in Minnesota.....

      : (0)

  • Posted by Roger on October 14, 2002 at 12:46:38:

    I filled Ch. 7 (in KS) back in Jan. 2002 and was recently discharged. My ex-spouse had two additional mortgages on the property that were also discharged in her Ch. 7. Now the second mortgage holder is trying to secure and rekey the property, though I have not yet completely vacated. Can they do this and jump over the primary mortgage holder? Should I contact the primary and inform them?

    : (1)

    • Posted by Jim V on October 16, 2002 at 21:52:41:

      In Reply to: right to secure and rekey Posted by Roger on October 14, 2002 at 12:46:38:

      The situation doesn't have anything to do with mortgage priority(1st or 2nd). There is quite likely language in the second mortgage that allows them to secure the property if the property appears to have been abandoned. They are probably under the impression it has been abandoned, the best course of action would be to tell them you are vacating and need to remove the rest of your possessions.

      : (0)

  • Posted by dancy on October 14, 2002 at 02:40:48:

    Is there anyone out there who has or who knows of someone who has gone through foreclosure and how long was it to get a new mortgage

    : (3)

    • Posted by Thomas K on October 15, 2002 at 00:43:10:

      In Reply to: After Foreclosure-How Long for New Mortgage? Posted by dancy on October 14, 2002 at 02:40:48:

      : Is there anyone out there who has or who knows of someone who has gone through foreclosure and how long was it to get a new mortgage

      If you are really worried about 'credit' you should start 'rebuilding' your 'credit' right away and worry less about the foreclosure itself, its the credit it ruins in my understanding that effects your interest rate.

      : (0)

    • Posted by dancy on October 14, 2002 at 02:42:38:

      In Reply to: After Foreclosure-How Long for New Mortgage? Posted by dancy on October 14, 2002 at 02:40:48:

      : Is there anyone out there who has or who knows of someone who has gone through foreclosure and how long was it to get a new mortgage. Was it 2-3 yrs or longer? And did the interest rate seem unreasonable.....I mean really higher than a rate you'd get with good credit.



      : (1)

      • Posted by Jim V on October 16, 2002 at 21:56:25:

        In Reply to: Re: After Foreclosure-How Long for New Mortgage? Posted by dancy on October 14, 2002 at 02:42:38:

        I haven't gone through it, but the credit matrix(s) I have seen allow for a new loan 3 years after a foreclosure. That is assuming good credit has been re-established, the interest rate and down payment requirements will be somewhat higher than an "A" borrower.

        : (0)

  • Posted by dancy on October 14, 2002 at 02:37:59:

    Would my lender be agreeable to a deed-in-lieu of if there is a 2nd mortgage on the property? Or does anyone know if the 1st leinholder would be likely to not want to grant one because of the 2nd mortgage? I'm new to all of this and really need some answers if anyone knows.

    : (3)

    • Posted by njdave on October 16, 2002 at 08:54:59:

      In Reply to: Deed In Lieu--With 2nd Mortgage behind? Posted by dancy on October 14, 2002 at 02:37:59:

      In 20+ years I've not seen too many deeds-in-lieu of foreclosure.... and most certainly never when there is a junior mortgage. But, I've learned to never say never.

      : (0)

    • Posted by dancy on October 14, 2002 at 02:39:19:

      In Reply to: Deed In Lieu--With 2nd Mortgage behind? Posted by dancy on October 14, 2002 at 02:37:59:

      : Would my lender be agreeable to a deed-in-lieu of if there is a 2nd mortgage on the property? Or does anyone know if the 1st leinholder would be likely to not want to grant one because of the 2nd mortgage? I'm new to all of this and really need some answers if anyone knows.



      : (0)

    • Posted by dancy on October 14, 2002 at 02:39:09:

      In Reply to: Deed In Lieu--With 2nd Mortgage behind? Posted by dancy on October 14, 2002 at 02:37:59:

      : Would my lender be agreeable to a deed-in-lieu of if there is a 2nd mortgage on the property? Or does anyone know if the 1st leinholder would be likely to not want to grant one because of the 2nd mortgage? I'm new to all of this and really need some answers if anyone knows.



      : (0)

  • Posted by eEli on October 13, 2002 at 21:55:32:

    I am new to foreclosure. Can someone tell me where to get the information on foreclosure and pre-foreclosure properties in Connecticut ?

    Thanks,

    Eli

    : (0)

  • Posted by Pam on October 13, 2002 at 20:06:56:

    I need everyone's help...We are 4-5 mos behind on our mortgage, were told by one of our loss mitigation dept's that our reinstatement amt is $11,600, and that we didn't qualify for a repayment plan. She referred me to ANOTHER loss mitigation dept rep at a different location. I faxed him all of the paperwork (financial form, letters, paystubs, etc) AND called him immediately afterwards, but only got his voicemail. Our sale date (courthouse steps) is 11/19. The mtg company has been screwing us around for 1-1/2 mos now and it has come to this. I contacted them and was told a workout pkg was being sent. Two wks later we didn't have it, so I called again. I was told that I wasn't able to speak on my husband's behalf, although they had the letter my husband signed stating I could. I told them about the letter, he found it in their system, and said he would send the paperwork. I received that and the notice of foreclosure came 3 days later. I faxed the pkg to the rep and she was never available. It took 2 wks before we caught up with ea other...all for her to say I couldn't speak on my husband's behalf, etc., and then that we didn't qualify for HER plans and referred me to someone else. What do I do???? Should I find someone to intervene? It's an FHA loan, 30 yrs, $165,000 now with fees and lack of payments. I'm afraid we're going to lose our house!!! (sorry so long!)

    : (1)

    • Posted by tinaj on October 14, 2002 at 00:39:12:

      In Reply to: Please help with pre-forclosure!!!! Posted by Pam on October 13, 2002 at 20:06:56:

      : I need everyone's help...We are 4-5 mos behind on our mortgage, were told by one of our loss mitigation dept's that our reinstatement amt is $11,600, and that we didn't qualify for a repayment plan. She referred me to ANOTHER loss mitigation dept rep at a different location. I faxed him all of the paperwork (financial form, letters, paystubs, etc) AND called him immediately afterwards, but only got his voicemail. Our sale date (courthouse steps) is 11/19. The mtg company has been screwing us around for 1-1/2 mos now and it has come to this. I contacted them and was told a workout pkg was being sent. Two wks later we didn't have it, so I called again. I was told that I wasn't able to speak on my husband's behalf, although they had the letter my husband signed stating I could. I told them about the letter, he found it in their system, and said he would send the paperwork. I received that and the notice of foreclosure came 3 days later. I faxed the pkg to the rep and she was never available. It took 2 wks before we caught up with ea other...all for her to say I couldn't speak on my husband's behalf, etc., and then that we didn't qualify for HER plans and referred me to someone else. What do I do???? Should I find someone to intervene? It's an FHA loan, 30 yrs, $165,000 now with fees and lack of payments. I'm afraid we're going to lose our house!!! (sorry so long!)

      --------try Reinstatement Solutions Inc. They have a link here somewhere, look in one of their posts. I dont know the specifics, but I believe FHA loans have a program where HUD or FHA or whatever will loan you teh amt that you need to get current and add it on to the end of your mortgage. The problem is that, as I undrestand it, you have to get the information from your mortgage company, not through HUD/FHA, and the lender wont tell you about it unless you ask. You dont make payments on this - they just stick it on at the end and you pay it back when you sell, refi, whatever. Its worth a shot, but if that doesn't work I'd say you need outside help who can deal with this maze of paperwork. Just my 2 cents worth, though.

      : (0)

  • Posted by Fred on October 13, 2002 at 15:04:34:

    5 years ago my wife and I took out a mortage on a mobile home for my daughter. She got behind on her payments and has walked away from the property. We have received notice of foreclosure. We currently own a home and are living on a small retirement and SS. There is no way we can come up with the back payments and continue to make the payments. What will happen?

    : (3)

    • Posted by Russell on October 14, 2002 at 17:04:40:

      In Reply to: mobile home foreclosure Posted by Fred on October 13, 2002 at 15:04:34:

      : 5 years ago my wife and I took out a mortage on a mobile home for my daughter. She got behind on her payments and has walked away from the property. We have received notice of foreclosure. We currently own a home and are living on a small retirement and SS. There is no way we can come up with the back payments and continue to make the payments. What will happen?

      Where is this mobile home located?

      : (2)

      • Posted by Thomas K on October 15, 2002 at 00:36:41:

        In Reply to: Re: mobile home foreclosure Posted by Russell on October 14, 2002 at 17:04:40:

        : : 5 years ago my wife and I took out a mortage on a mobile home for my daughter. She got behind on her payments and has walked away from the property. We have received notice of foreclosure. We currently own a home and are living on a small retirement and SS. There is no way we can come up with the back payments and continue to make the payments. What will happen?

        : Where is this mobile home located?

        As I understand it, you risk anything you have put up as collateral. (take what I say with a grain of salt please, I am Very novice in this.. just Carleton Sheets' course under my belt, and dont want to give anyone a heart attack or a stroke..)

        Alternatively, you COULD rent it out, or look into a lease optioning the property to someone interested in it. I assume from what I've studied thus far, that you need a quit claim deed from the daughter to 'give you control' unless its already in your name, and then you can place it on the market to sell if thats your best recourse. Rent or rent to own it out being an option to increase your retirement income (even $50 a month cash flow can help some I know..)

        The Idea is you want to sell it before the bank forecloses, and talking about the bank, speak to your mortgage officer, they may be able to work something out to help you. If they know you are going to rent it out, or lease option it they may option you more time to get it settled. (Banks dont like foreclosure.. again from Carleton's course...)If the mobile home park doesnt allow renters, you can skirt this part of the law by 'deeding' 1% of the property to whomever you rent or lease option it too, thus making them 'part owner' (You could ask for a larger security deposit to cover that 1% share, in turn covering part if not all of the back payments)

        Just some (and take them with a grain or two of salt) thoughts and I hope they help you in some way.

        Thomas K.~~One day, I won't have need for a bank, imagine holding mortgages yourself and earning that 4-12% interest yourself ;)

        : (1)

        • Posted by Marlene Cierniak on December 04, 2002 at 18:34:33:

          In Reply to: Re: mobile home foreclosure Posted by Thomas K on October 15, 2002 at 00:36:41:

          A lady sold her mobile home in June 02' She received July and August payment and no other's since then. Sfhe sent paperwork to the buyer's and wants to foreclose and take the mobile back. In the meantime she filed the incorrect paper work (for a tenant behind in her rent) and she showed up in court and the buyer was not there but an Atty's Secty. The judge told thi slady to get an Atty. All Atty's that she has talked to say it would cost her approx. $10,000 to get the mobile back. She only sold it for $16,000. Isn't there anything that she can do herself??Marlene Cierniak

          : (0)

  • Posted by thelma on October 13, 2002 at 02:10:42:

    I want out of my 2000 modualar home in a park. Can't sell it and just want out. What are my best options for maintaining ownership of my other belongings. THere is nothing wrong with my home and payments have been up to date. I have no idea what to exspect.

    : (1)

    • Posted by Boris on October 14, 2002 at 16:15:21:

      In Reply to: want out Posted by thelma on October 13, 2002 at 02:10:42:

      If you email me the numbers I may be able to put you intouch with a pool of potential buyers, or investors who may be able to allow you to "just walk away".



      : (0)

  • Posted by Steve on October 12, 2002 at 11:20:38:

    I plead ignorance, and would like someone to educate me. I have a few dollars to invest and though I would dabble with "foreclosures" except - I do not have any idea how the process works. I see an awful lot of properties in foreclosure status, each with an associated pricetag. What am I paying for ?? What am I responsible for ?? I am from Maryland ( Harford County). Do I just show up at the court house with a Certified Check and bid?? And with the final bid does that mean I have sole ownership of home- and am responsible to evict anyone on he premises??

    Help me out

    : (1)

    • Posted by Peter Ferguson on October 19, 2002 at 02:28:03:

      In Reply to: Foreclosure Education Posted by Steve on October 12, 2002 at 11:20:38:

      : I plead ignorance, and would like someone to educate me. I have a few dollars to invest and though I would dabble with "foreclosures" except - I do not have any idea how the process works. I see an awful lot of properties in foreclosure status, each with an associated pricetag. What am I paying for ?? What am I responsible for ?? I am from Maryland ( Harford County). Do I just show up at the court house with a Certified Check and bid?? And with the final bid does that mean I have sole ownership of home- and am responsible to evict anyone on he premises??

      : Help me out



      : (0)

  • Posted by debby on October 11, 2002 at 23:37:24:

    im confused about this? we recieved a letter from a new mortgage company,that they took over our loan,but we have been in foreclosure since aug02?they tryed to aution it but didnt sell,so they are going to auction it again soon, also which one of the mortgage companys is aution it off?

    : (1)

    • Posted by NJDave on October 12, 2002 at 10:20:48:

      In Reply to: re question on foreclosure Posted by debby on October 11, 2002 at 23:37:24:

      Your initial mortgagee probably sold the mortgage to another mortgage loan servicer more familiar with the foreclosure/public sale/eviction process.

      Without knowing the state in which you reside, it's tough to offer more than a guess. Generally, if there are no bids at a forced, public sale, the mortgagee/Plaintiff is awarded the Deed and the property becomes an REO. To liquidate that REO, they may utilize the services of a private auctioneer to sell the REO.

      : (0)

  • Posted by Alyce on October 11, 2002 at 22:26:25:

    My 1st mortgage is current but the 2nd lien holder is foreclosing. What can I do to save my home? I am disabled and the 2nd has waited 5 years to do anything.

    : (0)

  • Posted by d dancy on October 11, 2002 at 18:21:51:

    Me and My husband filed Bankrupcy in Nov, 02 to prevent a pending foreclosure. Now, I don't know what to do. The 1st mortgage holder is willing to work out a lowered payment for us, but unfortunately the 2nd mortgagee is threatening to foreclose. Can I ask the 1st mortgagee to buy the loan from the 2nd mortgagee and combine 1 payment for us? We can afford one mortgage, but not 2. Husband out of work 10 months, just started new job in June, but we were so far behind in all bills. What are my options? Can I get another house after allowing a foreclosure on my record. Also, we were advised by a lawyer to put the 1st and 2nd mortgage in bankrupcy so we would not show we owed any outstanding money. But that was when we wanted to let the house go. Now we decided to fight to save it. Are we too late?

    : (1)

    • Posted by tinaj on October 14, 2002 at 00:59:46:

      In Reply to: Help! Behind on 1st & 2nd Mortgage Posted by d dancy on October 11, 2002 at 18:21:51:

      : Me and My husband filed Bankrupcy in Nov, 02 to prevent a pending foreclosure. Now, I don't know what to do. The 1st mortgage holder is willing to work out a lowered payment for us, but unfortunately the 2nd mortgagee is threatening to foreclose. Can I ask the 1st mortgagee to buy the loan from the 2nd mortgagee and combine 1 payment for us? We can afford one mortgage, but not 2. Husband out of work 10 months, just started new job in June, but we were so far behind in all bills. What are my options? Can I get another house after allowing a foreclosure on my record. Also, we were advised by a lawyer to put the 1st and 2nd mortgage in bankrupcy so we would not show we owed any outstanding money. But that was when we wanted to let the house go. Now we decided to fight to save it. Are we too late?



      : (0)

  • Posted by mathew on October 11, 2002 at 17:45:34:

    I WOULD LIKE TO BUY A FORECLOSURE HOME, IF I CAN GET A GOOD DEAL IN DALLAS AREA. IS ANY ONE KNOW HOW TO GET A PRE-FORECLOSURE LIST FOR DALLAS.

    : (4)

    • Posted by Ka Lee Yang on October 16, 2002 at 03:33:27:

      In Reply to: FORECLOSURE LIST Posted by mathew on October 11, 2002 at 17:45:34:

      : I would like to buy a foreclosure home, if I can get a good deal in St Paul, MN. area. Is any one know how to get a pre-foreclosure list for St. Paul, MN.



      : (0)

    • Posted by Thomas K on October 15, 2002 at 00:38:08:

      In Reply to: FORECLOSURE LIST Posted by mathew on October 11, 2002 at 17:45:34:

      : I WOULD LIKE TO BUY A FORECLOSURE HOME, IF I CAN GET A GOOD DEAL IN DALLAS AREA. IS ANY ONE KNOW HOW TO GET A PRE-FORECLOSURE LIST FOR DALLAS.

      Yes, I do.

      : (2)

      • Posted by oscar pellejero on October 18, 2002 at 18:00:23:

        In Reply to: Re: FORECLOSURE LIST Posted by Thomas K on October 15, 2002 at 00:38:08:

        : : I WOULD LIKE TO BUY A FORECLOSURE HOME, IF I CAN GET A GOOD DEAL IN DALLAS AREA. IS ANY ONE KNOW HOW TO GET A PRE-FORECLOSURE LIST FOR DALLAS.

        : Yes, I do.



        : (0)

      • Posted by oscar pellejero on October 18, 2002 at 17:59:31:

        In Reply to: Re: FORECLOSURE LIST Posted by Thomas K on October 15, 2002 at 00:38:08:

        : : I WOULD LIKE TO BUY A FORECLOSURE HOME, IF I CAN GET A GOOD DEAL IN DALLAS AREA. IS ANY ONE KNOW HOW TO GET A PRE-FORECLOSURE LIST FOR DALLAS.

        : Yes, I do.



        : (0)

  • Posted by Ledet on October 10, 2002 at 06:01:00:

    When a failure to pay association assements result in the loss of owner's property and goes to auction, are you bidding on the association assessments?Do the successful bidder assume the mortgage?

    Thank You

    : (0)

  • Posted by Da on October 10, 2002 at 00:56:52:

    After the sheriffs sale, can the associations via the attorney evict me from the property if I fail to make payment on all money owed by the 6 month due date? I still have a primary mortgage (after bankruptcy)which far exceeds the lien forclosure amount from the condo associations sheriffs sale( the association bought the condo)and my primary mortgage holder has not proceeded with forclosure proceedings.

    : (0)

  • Posted by Jeff MacFarland-KS on October 10, 2002 at 00:00:18:

    Very new to this whole thing, so please forgive me if I'm way off base here. My fiance' and I are thinking of buying a second home closer to work and renting out our first. We love rehabbing and have improved the value of our first home 75K+ in two years. We drove by a home with a "contractors needed" sign in front the other day although there was a realtor sign as well. We called, took a look at the house and think we could do it but they're asking way too much. I looked into the records and it turns out the house was FORECLOSED in September and turned over to a mortgage company. The foreclosure price is somewhere near what we'd be willing to pay for it, but nowhere near what the realtor is asking. Is this an REO, or am I missing something? The mortgage company isn't local to the area and I figure they hired a realtor to see if they could move it quickly. Instead, they've brought the price down, but nowhere near enough considering all the work that needs done. Can I just deal directly with the mortgage company and if so, what can I expect? Will they want close at the current asking price, fair market value, or will they go for the foreclosure price plus some legal fees? We really want to be closer to work. This house would be much closer and could have a lot of charm, but only if we can afford to renovate it. I feel like I'm getting screwed by the realtor now that I know (or think I know) what someone actually paid for it. Really appreciate the help. Thanks,

    Jeff

    : (2)

    • Posted by Karen on October 31, 2002 at 17:27:37:

      In Reply to: Foreclosure Help please! Posted by Jeff MacFarland-KS on October 10, 2002 at 00:00:18:

      When you make an offer, make an offer of what is owed on the original loan, (foreclosure amount). Basically the realtor pulled comps for the homes in the area and is trying to make some money. If you offer the bank what is owed, the bank will probably accept it. By law the realtor has to submit your offer to the bank.

      : (0)

    • Posted by Reinstatement Services, Inc. on October 10, 2002 at 13:04:15:

      In Reply to: Foreclosure Help please! Posted by Jeff MacFarland-KS on October 10, 2002 at 00:00:18:

      If I read this right, you've found a property that you're interested in because some real estate agent put in the time to take the listing, do the background work necessary to make it market ready, and then spent time and money actually marketing the property [the sign and multiple listing service]. Evenso, you're trying to find a way around the agent because you want a deal...but its the realtor that's screwing YOU?

      You've got an interesting way of thinking, Jeff.

      If the owner has already placed the property with a real estate agent then you will have to work with that agent unless the property is taken off of the market or the listing contract expires.

      Of course, this knowledge shouldn't preclude you from making an offer for purchase based on FMV. The owner might surprise you by accepting the offer.

      In the future, to avoid an increase in sale price due to broker, agent, and other fees that might be incurred by the owner and subsequently reflected in the asking price, you might want to consider getting involved earlier in the game---like making the trek to auctions or researching properties in pre-foreclosure status.



      : (0)

  • Posted by Bob Mayo on October 09, 2002 at 21:39:44:

    I'm finding conflicting info on the web regarding California foreclosure. Some pages say if a house is owner-occupied, there can be no deficiency judgement. Other pages say this is only for the initial purchase loan, but not for a refinance loan. Example: House bought for $350,000 and loan of $250,000. Refinanced much later with loan amount of $600,000 (property value $800,000). The "cash out" from the loan is put in a bank. House value drops to $400,000. Can owner let forclosure happen and not have to pay back the $600,000 loan? Is the money in the bank safe? References to specific textbooks or other reliable sources appreciated.

    --Bob

    : (6)

    • Posted by Jim V on October 09, 2002 at 22:14:55:

      In Reply to: California deficiency judgements Posted by Bob Mayo on October 09, 2002 at 21:39:44:

      The majority of California foreclosures are non-judicial. There is no possibility of a deficiency judgment in a CA non-judicial foreclosure. CA Civil Code 2924 has specifics.

      If a lender wanted to pursue a deficiency judgement, they need to do a judicial foreclosure. The lender may not seek a deficiency for a foreclosure on an owner-occupied 1-4 unit property if the loan was a purchase money loan.

      Your example is a $600k refinance, not purchase money. If the "cash out" is in the bank, the lender would be a lot more likely to complete a judicial foreclosure and seek a deficiency judgment.

      : (5)

      • Posted by Bob Mayo on October 10, 2002 at 02:08:22:

        In Reply to: Re: California deficiency judgements Posted by Jim V on October 09, 2002 at 22:14:55:

        The odd thing is most books say the loan has to be a "purchase money" loan to prevent a deficiency judgement, but the Nolo Press book "Stop Forclosure Now in California", 1997, says on page 4/2 that the homeowner can prevent the judgement by occupying the house, even if it is not a purchase money loan. (See first bullet on upper right corner of that page.)

        Either that book is in error, or there is something here I don't understand.

        : (4)

        • Posted by Jim V on October 10, 2002 at 16:25:08:

          In Reply to: Re: California deficiency judgements Posted by Bob Mayo on October 10, 2002 at 02:08:22:

          Bob,

          The page you reference includes the text "for a lender to get a deficiency judgment, it must show all of the following must be true".

          I think the keyword there is "ALL". Hope that clarifies it for you.

          : (3)

          • Posted by Bob Mayo on October 10, 2002 at 19:55:23:

            In Reply to: Re: California deficiency judgements Posted by Jim V on October 10, 2002 at 16:25:08:

            That's true. According to that page, the lender must prove ALL 4 things. The first thing they have to prove is that I don't live in the house. They can't do that, since I do live there. Therefore, they can't prove all 4 things. Therefore, no deficiency judgement. I'm still confused, since it still conflicts with other books that say the loan must be purchase money to prevent a judgement.

            --Bob

            : The page you reference includes the text "for a lender to get a deficiency judgment, it must show all of the following must be true".

            : I think the keyword there is "ALL". Hope that clarifies it for you.



            : (2)

            • Posted by Bob Mayo on October 10, 2002 at 20:19:47:

              In Reply to: Re: California deficiency judgements Posted by Bob Mayo on October 10, 2002 at 19:55:23:

              Just to clarify,

              the 4 points the lender must prove are: 1) must not be owner occupied (FALSE, I live there) 2) not purchase-money (TRUE, in my case...refi) 3) secured (TRUE, in my case) 4) recourse in note (MAYBE, in my case)

              So, the answers are FALSE, TRUE, TRUE, MAYBE. So theycan't prove ALL 4. Other books eliminate the firsttest, and only list the last 3. What is the originof the first test?

              --Bob



              : (1)

              • Posted by Jim V on October 14, 2002 at 13:50:43:

                In Reply to: Re: California deficiency judgements Posted by Bob Mayo on October 10, 2002 at 20:19:47:

                Bob,

                California Code of Civil Procedure covers exclusions for a deficiency judgment. Legal interpretation should probably be done by the attorney of your choice.

                580b. No deficiency judgment shall lie in any event after a sale ofreal property or an estate for years therein for failure of thepurchaser to complete his or her contract of sale, or under a deed oftrust or mortgage given to the vendor to secure payment of thebalance of the purchase price of that real property or estate foryears therein, or under a deed of trust or mortgage on a dwelling fornot more than four families given to a lender to secure repayment ofa loan which was in fact used to pay all or part of the purchaseprice of that dwelling occupied, entirely or in part, by thepurchaser. Where both a chattel mortgage and a deed of trust or mortgage havebeen given to secure payment of the balance of the combined purchaseprice of both real and personal property, no deficiency judgmentshall lie at any time under any one thereof if no deficiency judgmentwould lie under the deed of trust or mortgage on the real propertyor estate for years therein.



                : (0)

  • Posted by Nadine on October 09, 2002 at 12:30:14:

    This is complicated. House was sheriff saled in July, 1999. Was evicted in March 2002 after long battle. House was sold in June, 2002. We owed $48,000 on the loan and they sold the house for $67,500. We are trying to move on. Have a company willing to loan us $35,000 towards a new home. They need a letter stating we owe nothing on the old house. Ocwen won't give us the letter. One person there said we owed nothing, another person there said we owed $18,000, now another person said there was $20,000 charged off on the loan. Nothing was ever sent to us saying we owed this money. When I called I was told that there were interest charges cured first, lawyers fees, then realtor fees, then the principle on the house. First of all they were the ones that hid the sale for 3 years. Why should I have to pay for the interest when we technically didn't own the house anymore. I just want to get this letter so we can get into a home with our children and get on with our lives. We've tried to move on with our lives and these people just won't let us. I was told that they can only sue for up to two years for deficiency. Is that after the sheriff sale or the actual sale of the house to another person. Thanks for any info.

    : (1)

    • Posted by DD on October 09, 2002 at 13:38:43:

      In Reply to: deficiency Posted by Nadine on October 09, 2002 at 12:30:14:

      This sounds like a real battle and I am not here to give you advice because unfortunately I have none. I am just curious as to why the long battle from sheriff sale to eviction? And, do you have a real estate attorney helping you with all this? What state?

      : (0)

  • Posted by DD on October 09, 2002 at 09:53:55:

    Does anyone have specific info on Ohio laws regarding post-foreclosure procedures. Example: what happens after the sheriff's sale occurs? A friend of mine had his house sold at sheriff's sale and was not notified of the sale. He was only contacted by the person who bid and got the house. They worked out the details between them. Mine is more complicated so I would think the court would be involved and would notify me of what I am expected to do. Is it best to have a real estate attorney handle any negotiations or are there no options at this point but to move out? Are there specific laws regarding the timetable for the person in the home?

    : (0)

  • Posted by Buck Buchanan on October 08, 2002 at 19:55:42:

    I'm looking for a repo'd mobile home about 28x56.Help!

    : (3)

    • Posted by Jim V on October 09, 2002 at 03:40:30:

      In Reply to: Forclosures Posted by Buck Buchanan on October 08, 2002 at 19:55:42:

      : I'm looking for a repo'd mobile home about 28x56.: Help!

      You're in luck!!! I saw it just outside Tempe, AZ about a week and a half ago.

      : (2)

      • Posted by Buck on October 09, 2002 at 06:35:19:

        In Reply to: Re: Forclosures Posted by Jim V on October 09, 2002 at 03:40:30:

        Thanks but the distance to Shreveport LA would double the price. Sorry I forgot to tell my locations.

        : (1)

        • Posted by Josh on November 22, 2002 at 15:27:54:

          In Reply to: Re: Forclosures Posted by Buck on October 09, 2002 at 06:35:19:

          I've got one in Austin, TX...email me back



          : (0)

  • Posted by JENNIFER on October 08, 2002 at 16:29:16:

    OUR HOME IS SET TO GO ON THE AUCTION BLOCK OCT 16.2002 IF SOLD HOW LONG DO WE HAVE TO MOVE FROM OUR RESIDENCE? MY HUSBAND IS RECOVERING FROM 2 MAJOR SURGURIES AND I AM WORRIED THAT WE WONT HAVE TIME TO GET OUT. WE LIVE IN CALIFORNIA. CAN ANY ONE TELL ME HOW LONG WE HAVE UNTIL WE MUST BE OUT? PLEASE HELP!

    : (1)

    • Posted by Jim V on October 09, 2002 at 04:25:33:

      In Reply to: SALE DATE SET HOW LONG UNTIL WE HAVE TO MOVE? Posted by JENNIFER on October 08, 2002 at 16:29:16:

      : OUR HOME IS SET TO GO ON THE AUCTION BLOCK OCT 16.2002 IF SOLD HOW LONG DO WE HAVE TO MOVE FROM OUR RESIDENCE? MY HUSBAND IS RECOVERING FROM 2 MAJOR SURGURIES AND I AM WORRIED THAT WE WONT HAVE TIME TO GET OUT. WE LIVE IN CALIFORNIA. CAN ANY ONE TELL ME HOW LONG WE HAVE UNTIL WE MUST BE OUT? PLEASE HELP!

      Jennifer,

      All CAPS is considered shouting, plus it's hard to read. Probable move-out in CA is 30-45 days after the sale, assuming the sale isn't delayed. Sales can be delayed, although the people calling you looking for payment will not tell you that.

      If you post general information about your problem, general location, rough estimate of market value and an approximation of total loans against the property, you can probably get more specific advice. Careful with what you post, no detailed personal info is necessary.

      : (0)

  • Posted by vde on October 08, 2002 at 12:53:42:

    I am looking to meet more investors/rehabbers who are interested in purchasing foreclosures. If you have any ideas as to where I should look or who I should contact, please email me or post a message. Thanks for your help and advice.

    : (2)

    • Posted by Edward Nolan (Ohio) on December 02, 2002 at 04:07:44:

      In Reply to: Investors/Rehabbers in Chicago Posted by vde on October 08, 2002 at 12:53:42:

      If you really want to meet more investors/rehabbers in your own area try this, Run an add in the investor section of the newspaper, or any section you think investors/rehabbers look to buy homes and say you are in pre foreclosure status and leave a pager number. After you get about 30 calls call them all back, and tell them the matter has been handled, but, how would they like to start a round table breakfast meeting with you! This little gem could be the next step for your indeavor in that you could then form a non-profit orginization to open yourself up to other govt. funding!

      : (0)

    • Posted by David on October 17, 2002 at 00:06:10:

      In Reply to: Investors/Rehabbers in Chicago Posted by vde on October 08, 2002 at 12:53:42:

      : I am looking to meet more investors/rehabbers who are interested in purchasing foreclosures. If you have any ideas as to where I should look or who I should contact, please email me or post a message. Thanks for your help and advice.

      I am an investor in the Chicago area. We have a steady flow of deals both for the end rehabber and for the financial investor. If you would like to talk give me an email at davidkraus@excapeartist.com.



      : (0)

  • Posted by Mellisa on October 08, 2002 at 00:00:54:

    Hello maybe you could help me with this situation. I have a couple who are my friends and have decided to let their house be taken in forclosure. They refinanced and now owe about $118,000 on a house that fmv is $100,000. They lost one of their incomes and can't make the payments anymore. They told us about it because they know we are looking for a house to buy. This would be our home. We know an auction would be hard for us to do. They still have about 2 months before it is listed for sherrif sale. My question is what would be some ways to handle getting this before the sale.

    : (1)

    • Posted by Karen on October 31, 2002 at 17:31:40:

      In Reply to: Ideas for buying a preforclosure Posted by Mellisa on October 08, 2002 at 00:00:54:

      Hello,If you email me the particulars maybe I can help your situation. There are a couple of things that can be done, email kmb35@msn.com

      : (0)

  • Posted by Melissa on October 07, 2002 at 19:54:49:

    Can you still keep your home some how if the foreclosure already happened but noone bought the house

    : (2)

    • Posted by Reinstatement Services, Inc. on October 10, 2002 at 13:21:26:

      In Reply to: after foreclosure Posted by Melissa on October 07, 2002 at 19:54:49:

      Keep in mind that to your lender, your home is their business. If you can demonstrate through a solid business presentation why it would be in the LENDER'S financial interest to rescind the foreclosure and reinstate your loan [provided the property has become part of the lender's REO portfolio], then the odds are in your favor that the lender will comply with your request for reinstatement [of course, prior payment history will play a role in decision outcome]. The odds dramatically increase if the loan is a government endorsed loan or if your state supports a redemption period, which has not yet expired.

      If there is 3rd party involvement/activity [such as a 3rd party purchase] then a petition for reconsideration will more likely be rejected.

      You should also know that certain GSEs sponsor after foreclosure rental opportunities to former homeowners.

      : (0)

    • Posted by Jim V on October 09, 2002 at 03:18:05:

      In Reply to: after foreclosure Posted by Melissa on October 07, 2002 at 19:54:49:

      : Can you still keep your home some how if the foreclosure already happened but noone bought the house

      You'd have to talk with the lender and convince them it is in their best interest to rescind the sale and allow you to keep the house. That is assuming there is no redemption period in your state and/or you wouldn't be able to pay the loan in full during the possible redemption period.

      E-mail RSI, I believe they've kept people in their home post-foreclosure, they can probably provide a little more input.

      : (0)

  • Posted by DD on October 07, 2002 at 17:35:39:

    Is there any truth to the idea that a mortgage company would want your deed returned rather than go thru a sheriff's sale? Does this save the lender money and therefore make it attractive to make such a return. Does anyone have any info on this?

    : (4)

    • Posted by Jim V on October 09, 2002 at 03:13:24:

      In Reply to: Return deed Posted by DD on October 07, 2002 at 17:35:39:

      : Is there any truth to the idea that a mortgage company would want your deed returned rather than go thru a sheriff's sale? Does this save the lender money and therefore make it attractive to make such a return. Does anyone have any info on this?

      DD,

      A deed in lieu of foreclosure will only be attractive to the lender if there are no other loans against the property, foreclosure is likely because the owner has no possible means to be able to keep the property and the owner has no other significant assets.

      Rules and guidelines change, but I think that's basically what would be required for a lender to accept a deed in lieu.Other opinions or add-ons welcome.

      : (3)

      • Posted by DD on October 09, 2002 at 09:40:04:

        In Reply to: Re: deed-in-lieu Posted by Jim V on October 09, 2002 at 03:13:24:





        Thank you for your input. Are you saying that if this is my first mortgage the lender might be open to the deed-in-lieu? It is my first and only mortgage on the property. There are two small liens on the property. How does that effect this type of transaction?



        : (2)

        • Posted by Jim V on October 09, 2002 at 15:04:44:

          In Reply to: Re: deed-in-lieu Posted by DD on October 09, 2002 at 09:40:04:



          : : Thank you for your input. Are you saying that if this is my first mortgage the lender might be open to the deed-in-lieu? It is my first and only mortgage on the property. There are two small liens on the property. How does that effect this type of transaction?

          DD,

          Yes, a lender will usually only want to do a deed in lieu if there are no other mortgages against the property. Your two small liens might or might not be a problem for them, there is only one way to find out and that is to ask.

          From a lender perspective, accepting a deed-in-lieu needs to convey clear title to the property and be faster or cheaper than completing a foreclosure. If it won't be faster/cheaper/clear, a deed-in-lieu isn't as likely. Just one person's opinion.

          : (1)

          • Posted by DD on October 09, 2002 at 17:04:47:

            In Reply to: Re: deed-in-lieu Posted by Jim V on October 09, 2002 at 15:04:44:

            Wow, thanks for all your help. Would you advise me to have a real estate attorney work on this for me rather than approaching the lender myself? Or will they say yes or no, not depending on who asks them? If they do the deed-in-lieu, what time frame are we talking? Do you have any idea? Are you an attorney or do work in the field of foreclosures, etc? Or, are you just a knowledgeable person?? That you are, I know!

            : (0)

  • Posted by DD on October 07, 2002 at 16:59:30:

    Any ideas for a last minute way out of sheriff sale(Ohio)....bankruptcy is not an option for me at this time. Any help would be greatly appreciated.

    : (2)

    • Posted by Karen on October 31, 2002 at 17:39:01:

      In Reply to: FORECLOSURE Posted by DD on October 07, 2002 at 16:59:30:

      What do you want to do with the home, are you looking to stay in or move out? If you are looking to stay in the home, then there is a redemption (making up back payments) nreinstatement (paying the loan off in full), or renegotiate with the lender. If you are looking to just get rid of the property, then there is a deed in lieu (give property back to the bank), or sell the property to an interested party

      : (1)

      • Posted by DD on October 31, 2002 at 19:13:59:

        In Reply to: Re: FORECLOSURE Posted by Karen on October 31, 2002 at 17:39:01:

        Karen, thank you for the info. I had considered some of those options but none of them panned out. The house has now been sold at sheriff's sale and I'm just waiting, now, for whatever comes next!! So far I have not been notified.

        : (0)

  • Posted by Dawn on October 07, 2002 at 14:30:38:

    What exactly is a BNK 13? I was reading a previous message and found this in the answer. Also, does anyone know if there is a good site to read more information about pre-foreclosures and the foreclosure proccess itself?

    : (1)

    • Posted by Lisa on October 08, 2002 at 18:25:52:

      In Reply to: BNK 13 Posted by Dawn on October 07, 2002 at 14:30:38:

      : What exactly is a BNK 13? I was reading a previous message and found this in the answer. Also, does anyone know if there is a good site to read more information about pre-foreclosures and the foreclosure proccess itself?



      BNK 13- Chapter 13 Bankruptcy The purpose of chapter 13 is to enable financially distressed individual debtors,under court supervision and protection, to propose and carry out a repayment plan under which creditors are paid over an extended period of time. The filing of the petition under chapter 13 “automatically stays” most collection actions against the debtor or the the debtor’s property. 11 U.S.C. § 362. By virtue of the automatic stay, an individual debtor faced with a threatened foreclosure of the mortgage on his or her principal residence can prevent an immediate foreclosure by filing a chapter 13 petition. Chapter 13 then affords the debtor a right to cure defaults on long-term home mortgage debts by bringing the payments current over a reasonable period oftime. The debtor is permitted to cure a default with respect to a lien on the debtor’s principal residence up until the completion of a foreclosure sale understate law. 11 U.S.C. 1322(c).

      : (0)

  • Posted by Andy on October 07, 2002 at 14:29:17:

    When I sold my house this year(June), I give $16000 short term ballon loan(expected be paid Dec.2002) to new owner instead of having trust in deed(recorded in county office). If he can't pay back my loan on time, is there any good way to get my loan back ? If I need to foreclosure this house, please give me some ideas(procedures) and cost information if any. My contact realtor said that I can get my money for the case of foreclosure. Any comments are appreciated.

    : (4)

    • Posted by Jim V on October 09, 2002 at 03:07:35:

      In Reply to: foreclosure information ! Posted by Andy on October 07, 2002 at 14:29:17:

      : When I sold my house this year(June), I give $16000 short term ballon loan(expected be paid Dec.2002) to new owner instead of having trust in deed(recorded in county office). If he can't pay back my loan on time, is there any good way to get my loan back ? If I need to foreclosure this house, please give me some ideas(procedures) and cost information if any. My contact realtor said that I can get my money for the case of foreclosure. Any comments are appreciated.

      Andy,

      If I understand your post correctly, you loaned $16,000 to the purchaser of the property without securing the debt to the property. If the new owner doesn't pay the note per the terms of your agreement, you will probably have to initiate legal action (sue them) in order to get paid. Even then, it might take a while.

      Anytime a loan is made relating to real property, the loan should be secured to the property, which allows foreclosure if the loan is not paid.

      : (3)

      • Posted by Andy on October 09, 2002 at 14:03:52:

        In Reply to: Re: foreclosure information ! Posted by Jim V on October 09, 2002 at 03:07:35:

        Jim,

        What's the meaning of securing loan to real property ?I recorded deed of trust(with real property address) in county office.Which means I can't get money from them if they deny paying loan.(?). Only way to get money is through sueing them. Appreciate your comments.



        : (1)

        • Posted by Jim V on October 09, 2002 at 14:51:29:

          In Reply to: Re: foreclosure information ! Posted by Andy on October 09, 2002 at 14:03:52:

          : Jim,

          : What's the meaning of securing loan to real property ?: I recorded deed of trust(with real property address) in county office.: Which means I can't get money from them if they deny paying loan.(?). Only way to get money is through sueing them. Appreciate your comments.

          :

          Andy,

          The "instead" part of your original post threw me off a little bit. It now sounds like you have a note, and a recorded deed of trust linking the note to the property. If the borrower does not pay your note, then you proceed with foreclosure.

          The costs to foreclose are normally added to the amount owed on the note, so you should either end up with the property or you will not have incurred any real long-term costs.

          Probably the best thing to do right now is to not get too involved with it. There is really nothing much you can do until the balloon is due. At that time, it will either be paid or it won't and you can decide a course of action.

          Hope that is clearer.



          : (0)

      • Posted by Andy on October 09, 2002 at 13:55:39:

        In Reply to: Re: foreclosure information ! Posted by Jim V on October 09, 2002 at 03:07:35:

        : : When I sold my house this year(June), I give $16000 short term ballon loan(expected be paid Dec.2002) to new owner instead of having trust in deed(recorded in county office). If he can't pay back my loan on time, is there any good way to get my loan back ? If I need to foreclosure this house, please give me some ideas(procedures) and cost information if any. My contact realtor said that I can get my money for the case of foreclosure. Any comments are appreciated.

        : Andy,

        : If I understand your post correctly, you loaned $16,000 to the purchaser of the property without securing the debt to the property. If the new owner doesn't pay the note per the terms of your agreement, you will probably have to initiate legal action (sue them) in order to get paid. Even then, it might take a while.

        : Anytime a loan is made relating to real property, the loan should be secured to the property, which allows foreclosure if the loan is not paid.



        : (0)

  • Posted by CHARITA on October 07, 2002 at 14:21:51:

    IS IT POSSIBLE TO STOP A BANKRUPTCY PETITION AFTER THE COURT DATE BUT BEFORE THE DISCHARGE DATE. EX-HUSBAND WAS A MONTH BEHIND WHEN HE FILED (NOT QUITE A MONTH - MAYBE 3 WEEKS) AND THE MORTGAGE CO HAD NOT SENT IN THERE RESPONSE SO HE WENT ON WITH THE BANKRUPTCY. A WEEK LATER HE GOT MAIL FROM THE MTG COMPANY SAYING THEY WERE STARTING FORECLOSURE PROCEDINGS.

    : (1)

    • Posted by Reinstatement Services, Inc. on October 07, 2002 at 16:01:05:

      In Reply to: FORECLOSURE/BANKRUPTCY Posted by CHARITA on October 07, 2002 at 14:21:51:



      : (0)

  • Posted by stacy on October 05, 2002 at 12:08:56:

    I have a question that i need answered right away. There was a house that was in foreclosure that my boss told me about. By the time she gave the information to me, it was past the date to go downtown to try to get the home. I just knew the home was bought already, so i didnt bother to call. The other day I saw a ad in the newspaper sayint that the house is being auctioned on november 2 and the open house is october 26. I would like to know is there any way I can find out who has the lien on the house so that I can talk to them directly and purchase the house and have it pulled from the auction. DESPERATE TO KNOW

    : (1)

    • Posted by Nick(Colorado) on October 05, 2002 at 19:48:33:

      In Reply to: foreclosure vs. auction Posted by stacy on October 05, 2002 at 12:08:56:

      Stacy:

      November 2 is a Saturday. Sounds like this property was already sold at trustee's or Sheriff's sale. The auction on November 2 soundslike a private party auction. If this is the case, I would shy awayfrom this property. The turn around time is too short. But the firstthing that you need to do is contact the auctioning agent and get the terms of the sale. If you are going to bid, make sure that you get a warranty deed.



      : (0)

  • Posted by layne on October 04, 2002 at 17:48:52:

    There's a new website offering free leads from motivated sellers nationwide.

    : (1)

    • Posted by lori on November 10, 2002 at 05:38:00:

      In Reply to: free preforeclosure leads Posted by layne on October 04, 2002 at 17:48:52:

      : There's a new website offering free leads from motivated sellers nationwide. Check it out at www.uslandco.com.



      : (0)

  • Posted by Lisa on October 04, 2002 at 13:11:21:

    My upstairs neighbors have a leaky toilet that is causing damage to my condominium. I've approached them about this and they refuse to pay for the damage, and they won't get their toilet fixed. I know that they have no interest in maintaining their property because they have asked the bank to foreclose. I've talked to the condo association, and they claim that they cannot force them to make the repairs. I've also talked to the city and they said that since I wasn't knee deep in water, it wasn't an emergency. Are there any resources I can use that will make them stop damaging my property?

    : (1)

    • Posted by lou on October 05, 2002 at 11:16:32:

      In Reply to: leaky toilet in condo in foreclosure Posted by Lisa on October 04, 2002 at 13:11:21:

      : My upstairs neighbors have a leaky toilet that is causing damage to my condominium. I've approached them about this and they refuse to pay for the damage, and they won't get their toilet fixed. I know that they have no interest in maintaining their property because they have asked the bank to foreclose. I've talked to the condo association, and they claim that they cannot force them to make the repairs. I've also talked to the city and they said that since I wasn't knee deep in water, it wasn't an emergency. Are there any resources I can use that will make them stop damaging my property?:

      what dont you hire somebody to fix their toilet, it will be a lot cheaper than waiting until it gets worse and your ceiling collapses. or you can wait until the bank forecloses and then address your concern w the new owner, i am sure they will take care of it.

      : (0)

  • Posted by Misty (Michigan) on October 03, 2002 at 22:05:08:

    I am a new investor looking to buy pre-foreclosed properties. I have read a lot of material on the matter, but i still have some questions. Say a home is being foreclosed and is to be sold at a sheriff's auction in 2 weeks. If I and the home owner make a purchase aggreement but for some reason cannot close for thirty days, will that stop the home from being sold to someone else at the auction? Or does the closing have to happen before the sheriff's sale. Also, can a home owner sell his property at any time until the date of sheriffs auction? Any help you could give would be greatly appreciated. Thank you.

    : (2)

    • Posted by Nick(Colorado) on October 04, 2002 at 12:52:52:

      In Reply to: Can a purchase contract stop foreclosure presedings? Posted by Misty (Michigan) on October 03, 2002 at 22:05:08:

      Misty:

      Get in contact with the foreclosing entity and tell themthat you have a sale of the property. Send a copy of the purchase agrement. Most likely they will postpone the sale for the two week. Sort of that you can always do a BNK 13,which should stop the sale for at least a month.



      : (1)

      • Posted by bob on October 08, 2002 at 17:24:16:

        In Reply to: Re: Can a purchase contract stop foreclosure presedings? Posted by Nick(Colorado) on October 04, 2002 at 12:52:52:

        I saw most home owners would file bankrupcy to pospone the foreclose. Just wonder how many ban 13 he/she can file. Is there any limit for that?

        bob

        : Misty:

        : Get in contact with the foreclosing entity and tell them: that you have a sale of the property. Send a copy of the : purchase agrement. Most likely they will postpone the sale : for the two week. Sort of that you can always do a BNK 13,: which should stop the sale for at least a month.



        : (0)

  • Posted by Craig on October 03, 2002 at 21:53:08:

    I lost my job in July have run through my severance and am near being unable to make mortgage. I was told by a realtor that I can declare homestead (Arizona). I currently have 30,000 in equity, but Appraiser says they cannot locate sold comps inmy development to support a no-doc loan (due to no job. Can anyone tellme how I can pull some equity out on a no doc even though comps in development won't support the true market value of home? and what are implications of declaring homestead?

    : (1)

    • Posted by Ward-CA- on October 04, 2002 at 13:53:13:

      In Reply to: Homestead Posted by Craig on October 03, 2002 at 21:53:08:

      : I lost my job in July have run through my severance and am near being unable to make mortgage. I was told by a realtor that I can declare homestead (Arizona). I currently have 30,000 in equity, but Appraiser says they cannot locate sold comps inmy development to support a no-doc loan (due to no job. Can anyone tellme how I can pull some equity out on a no doc even though comps in development won't support the true market value of home? and what are implications of declaring homestead?=========

      AZ is a trust deed state and as such, conducts its foreclosure sales non-judicially.

      A homestead declaration is no barrier at all to a non-judicial foreclosure procedure. So filing a homestead at this point would be of no avail.



      : (0)

  • Posted by denise singer on October 03, 2002 at 21:24:43:

    I live in a planned community and have just found out that the owners of the remaining land have been foreclosed upon by the bank. I might add that they also are the preident of the homowners association. They are millions in debt. I just would like to know where can I find information concerning this subject. Thank you, Denise Singer

    : (0)

  • Posted by Mel on October 03, 2002 at 13:37:14:

    I own 2 homes in Texas and have been trying to sell one of the for the past year. We have had several contracts that have fallen through due to various reasons most on the buyers side. We even had one where it was a cash buy, but the buyer backed out after the option period was past and legally they were liable to purchase it but with 2 payments we can't afford to pursue it. We are having a difficult time making the payments on the home we are trying to sell and at this time are considering letting it be foreclosed on but don't know what all this will entail other than ruining our credit. Can you give me any advise?

    : (2)

    • Posted by dw on October 06, 2002 at 10:55:43:

      In Reply to: possible foreclosure immenient Posted by Mel on October 03, 2002 at 13:37:14:

      I am thinking about moving to Texas, what part of Texas is your homes located.

      : (0)

    • Posted by Reinstatement Services, Inc. on October 03, 2002 at 15:26:20:

      In Reply to: possible foreclosure immenient Posted b Mel on October 03, 2002 at 13:37:14:

      Consider renting the property, seeking short sale or deed-in-lieu approval from your lender.

      : (0)

  • Posted by Teresa Wood on October 03, 2002 at 07:28:35:

    Can you tell me is there anything protecting MI residents with minor children stating how long you have to vacate your home after you receive foreclosure papers? What should I do if I just received the papers? Thanks for any advice. Teresa

    : (1)

    • Posted by Reinstatement Services, Inc. on October 03, 2002 at 15:29:58:

      In Reply to: foreclosure Posted by Teresa Wood on October 03, 2002 at 07:28:35:

      Look for other dwelling or if your financial situation has improved consider petitioning your lender for a workout, which will allow you to keep your property and avoid foreclosure.

      : (0)

  • Posted by Kell on October 03, 2002 at 02:20:20:

    I'm in California, does anyone know if an owner of property about to be foreclosed on can sale their property up until the day of the trustee sale? Thanks in advance!Kell

    : (0)

  • Posted by jam3 on October 02, 2002 at 15:46:45:

    In Colorado would you say it is best to buy preforclosure, at the auction, bank owned, or doing jbb's? I am looking in the Denver Metro area. Also possibly interested in partning up with anyone with knowledge in the foreclosure arean in Denver metro area. Have cash, am possibly looking to be an investor and/or partner.

    : (3)

    • Posted by Karen on October 31, 2002 at 18:08:19:

      In Reply to: colorado investing Posted by jam3 on October 02, 2002 at 15:46:45:

      I am in the Denver area and I buy homes in preforeclosures

      : (0)

    • Posted by Karen on October 31, 2002 at 17:47:10:

      In Reply to: colorado investing Posted by jam3 on October 02, 2002 at 15:46:45:

      I am in the Denver area and I buy homes in preforeclosures

      : (0)

    • Posted by Dan Durham on October 02, 2002 at 22:16:54:

      In Reply to: colorado investing Posted by jam3 on October 02, 2002 at 15:46:45:

      I'm in the Denver area and would like to talk to you about doing some foreclosures.

      Thanks Dd

      : (0)

  • Posted by Laura on October 02, 2002 at 14:14:33:

    My husband and I recently seperated and are reconciling. His parents are the financiers of ou home, which we purhased 8 years ago. THere is no equity in the home, as over the years, with 6 children and my husbands seasonal job, we have had financial ups and downs, which his parents have worked with us, even having the payments lowered by $200 per month in the scarce months, however,when we seperated, they informed us they wished to foreclose on the home. We wish to refinance with a different lender. Is there anything that we can do?

    : (2)

    • Posted by tinaj on October 08, 2002 at 21:09:35:

      In Reply to: In Laws Financier on Home Posted by Laura on October 02, 2002 at 14:14:33:

      Without knowing the reasons for your separation OR reconciliation, which are of course none of my business, you might want to make sure in your mind that you intend to stay reconciled before you commit yourself to a mortgage loan with your husband.

      : (0)

    • Posted by Reinstatement Services, Inc. on October 03, 2002 at 16:35:27:

      In Reply to: In Laws Financier on Home Posted by Laura on October 02, 2002 at 14:14:33:

      Why are you surprised, Laura? Your in-laws see you and your husband as being irresponsible and a threat to their financial stability. Isn't that what you've demonstrated? They want minimize their financial risk (and perhaps protect their son in the process).

      If your loan is current and you live up to the terms of the purchase contract (assuming this transaction was legally documented) then they can't foreclose. If, however, you continue to test their generousity and their wallet by not honoring the terms of the agreement, then they SHOULD.

      Time to grow up. Probably the first step towards doing so would be for your husband and you to secure independent financing so start applying for loans. Also, you'll want to make certain that you and your husband are on the same page in this effort.

      Its just curious to think that his parents and he hadn't already discussed the forecolsure strategy prior to springing it on you.

      : (0)

  • Posted by Monroe Love on October 02, 2002 at 06:49:26:

    I purchased a property at a Trustee Sale that has an existing mortgage. However,the Mortgage company listed on the paperwork say they cannot give information unless I have the loan account number and/or the social security number of the person who's name is on the loan. I also found out in the same breath that this loan my have been sold to a smaller company. I do not want to go into default for nonpayment so will somebody please tell me the amount and who to pay it to? The previous owners were not helpful instead they called the police and reported me as trying to embezzle and or fraud them of there property. Just incase someone can find it the address is 4166 Chittenden Circle, Riverside, Ca 92509. Thanks!Signed Having Nitemares!!!

    : (4)

    • Posted by BB on November 27, 2002 at 21:16:52:

      In Reply to: Trustee Sale Blues...Who do I make my payment to? Posted by Monroe Love on October 02, 2002 at 06:49:26:

      You can try these tricks...If you need a social security number, you can try to run their name through LexisNexis or Westlaw. I've gotten quite a few SSN's through those. Also, I belong to the UD Registry, which is a service for landlords who need to run applicants SSN's. I've ordered $8 credit reports of trustors who have lost their houses at trustee sales(even though I didn't know the SSN)and they've listed the SSN AND the Name/Address of the current lender for a loan. Hope this helps.

      : (0)

    • Posted by Nick(Colorado) on October 02, 2002 at 14:24:49:

      In Reply to: Trustee Sale Blues...Who do I make my payment to? Posted by Monroe Love on October 02, 2002 at 06:49:26:

      Monroe Love:

      First get you trustee's deed and then get your three day notice to quite and get ride of the current occupants. Second, with the trustee's deed in hand go the bank that holds the senior lieninforming them of the change in property ownership. This may invokea due-on-sale clause. Tell them that you would like to assume. Tellthem that the assumption will cost them less time and hassle thengoing to foreclosure. Ward may have a better way of doing this thatwill not invoke any due-on-sale clause...



      : (2)

      • Posted by Monroe Love (Riverside, CA) on October 02, 2002 at 19:27:57:

        In Reply to: Re: Trustee Sale Blues...Who do I make my payment to? Posted by Nick(Colorado) on October 02, 2002 at 14:24:49:

        I have already given them a three day notice on 9/27/02.However they are still in the residence I think. So I am going to have a peace officer and a locksmith meet me at the residence. To make sure there are no problems. I have contacted the Mortgage company that I believe has the loan and they have told me that it is non assumable. However I am not going to assume the loan I am just going to make the payments. I purchased the home right in the middle of the previous owners refinancing. So I would like to know how can I find out if that deal went through. So what your saying is fine but my question is still, "HOW CAN I FIND OUT WHO IS THE BANK ON THE LOAN IF ITS NOT LISTED ON THE TITLE?"

        : (1)

        • Posted by Nick(Colorado) on October 02, 2002 at 20:49:12:

          In Reply to: Re: Trustee Sale Blues...Who do I make my payment to? Posted by Monroe Love (Riverside, CA) on October 02, 2002 at 19:27:57:

          Monroe Love:

          Sorry, it has been my experience that purchasers of trust deeds are not to good about getting there assignments into the countyrecords system. I have seen many times that a note has been sold, and the ASD (assignment of dead of trust) will only be recorded if the new note holder needs to take legal action.

          You might try:

          1. There are several clearing houses that handle legal mailings for trust deeds. If the return mailing address of the original TD was one of these clearing houses, you might try a mailed inquiry to that address. (They may also have a telephone number.)

          2. The loan number from the orignal carrier may be in the margin of the recorded TD, take a look.

          3. Get your writ of restitution, evict, and then wait. You will soon be getting mail from an irate holder of the senior position that will be demanding money.



          : (0)

  • Posted by Vickie on October 01, 2002 at 20:33:27:

    I let my daughter purchase a condo in my name 1 year ago and I just found out that I have an appt for a forclosure hearing due to her not paying HOA fees. I am making the house payments right now as well. She owes for damages and the inside is destroyed. Should I consider the forclosure or spend to pay her back dues and also repair all the damages inside and out and consider reselling or renting? The place is 1/3 paid for now due to the amount paid down in the beginning and me making the payments. I'm really new to all this. Any advice would be helpful. Thanks

    : (2)

    • Posted by Jim on October 01, 2002 at 21:54:26:

      In Reply to: foreclosure advice Posted by Vickie on October 01, 2002 at 20:33:27:

      It depends on if you want to keep the property. There are private investors that would buy the property as is from you. What state do you live in?

      : (1)

      • Posted by WARRIE on October 04, 2002 at 14:26:51:

        In Reply to: Re: foreclosure advice Posted by Jim on October 01, 2002 at 21:54:26:

        : It depends on if you want to keep the property. There are private investors that would buy the property as is from you. What state do you live in?



        : (0)

  • Posted by Jim on October 01, 2002 at 14:45:37:

    I recently purchased a note in Reno, Nevada. The loan was being serviced by a loan servicing company. This company has the original note and deed of trust. I sent a copy of the recorded Assignment of TD to them requesting the original note and TD be sent to me. The loan servicing company first said they would send them to me, then changed their mind and now refuse to give me the two documents I now own. They say "our contract is not with you, it is with the previous note holder". Does anyone out there know how to get them to release these to documents to me short of expensive legal action? I am told in Nevada it is unlawful to hold, and refuse to return, legal documents that belong to another.Thanks, Jim

    : (1)

    • Posted by lou on October 05, 2002 at 11:30:42:

      In Reply to: Loan Servicing Companies Posted by Jim on October 01, 2002 at 14:45:37:



      why dont you have the assignor contact the servicer directly to release the documents. or get an authorization from the assignor letting you to communicate the idea to have those documents released..I am not sure why you need the original documents...as long you have an original assigment and can be recorded, than you would be the legal owner of the note. at that point a letter to the servicer to stop collection of the monthly payments would do.



      : I recently purchased a note in Reno, Nevada. The loan was being serviced by a loan servicing company. This company has the original note and deed of trust. I sent a copy of the recorded Assignment of TD to them requesting the original note and TD be sent to me. The loan servicing company first said they would send them to me, then changed their mind and now refuse to give me the two documents I now own. They say "our contract is not with you, it is with the previous note holder". Does anyone out there know how to get them to release these to documents to me short of expensive legal action? I am told in Nevada it is unlawful to hold, and refuse to return, legal documents that belong to another.: Thanks, Jim



      : (0)

  • Posted by Gail Hammel on October 01, 2002 at 12:07:18:

    I moved out of home before recieving any notice to do so,still have items in home,signs on door and windows no tresspassing, what do i do now ? To be sold soon !

    : (0)

  • Posted by DD on October 01, 2002 at 11:22:23:

    Anyone know any details on the Homestead Act as it pertains to foreclosure and sheriff sale of a home?

    : (1)

    • Posted by Nick(Colorado) on October 01, 2002 at 13:27:16:

      In Reply to: Homestead Act Posted by DD on October 01, 2002 at 11:22:23:

      DD:

      Invoking a homestead on a property will protect a certain amount of equity in the property. This protection may be usedto stop foreclosure (forced sale) based on an involuntary liens.Generally involuntary liens are the result of a court judgment.A voluntary lien such as a trust deed, or mortgage, will not effected by homesteading. Also note may 2nd trust deed/mortgageswill have you sign away any homesteading option.

      : (0)

  • Posted by Jessica on September 30, 2002 at 17:24:08:

    What state do you live in?

    : (0)

  • Posted by P.CHAVEZ on September 30, 2002 at 16:08:42:

    WE CANT MAKE PAYMENT.WHEN WILL FORECLOSE START.TRYING TO SELL OUR HOUSE

    : (1)

    • Posted by Jessica on September 30, 2002 at 19:18:36:

      In Reply to: HOUSE FOR SALE Posted by P.CHAVEZ on September 30, 2002 at 16:08:42:

      What state do you live in?

      : (0)

  • Posted by Sue McCown on September 30, 2002 at 15:23:48:

    My house is in foreclosure and has been posted in the paper for a Sheriffs sale. I am having people call me who want to look at my house. Can I tell them no???

    ThanksSue

    : (2)

    • Posted by Reinstatement Services, Inc. on September 30, 2002 at 17:41:03:

      In Reply to: Forclosure-people calling to look at my house Posted by Sue McCown on September 30, 2002 at 15:23:48:

      Sue, most people facing foreclosure are looking for a way out. If you are not planning to reinstate the loan or file bankruptcy or secure a workout with your lender, the outside interest being generated might be your manna from heaven. If you don't have a workable plan in place, then don't be so quick to discount the outside inquiries.

      : (0)

    • Posted by Corey -MI on September 30, 2002 at 16:28:46:

      In Reply to: Forclosure-people calling to look at my house Posted by Sue McCown on September 30, 2002 at 15:23:48:

      Why wouldn't you be able to say no? After all until the house is sold it's still your house.

      : My house is in foreclosure and has been posted in the paper for a Sheriffs sale. I am having people call me who want to look at my house. Can I tell them no???

      : Thanks: Sue



      : (0)

  • Posted by deeyas on September 30, 2002 at 13:54:55:

    Hi there, new to foreclosures. 1-Is there anyway to find out how much the owner of a foreclosed property owes on his property. 2-Can anybody direct me to where I can find foreclosure information for NJ.thank You

    : (0)

  • Posted by Kathy on September 30, 2002 at 09:18:06:

    My husband just found out that after 18 years on the job, he'll be laid off after the first of the year. We'll lose approximately 2/3 of our yearly income. With no college, his prospects for another job with equal pay are slim to none. My question is this, we have 2 mortgages. We owe $25,000 more than our townhome is worth. Would it be better to file for bankruptcy to get out of the mortgages, or just let them be foreclosed on?I will still have my job, but between daily expenses (food, gas, child support, etc...), there's no way we could even attempt to pay either one of these.I know our credit is going to be canned, but I need to know which way allows us to get out from under these without having to repay anything.We are in Colorado and are not behind on any payments and don't expect to be until after he gets laid off.

    : (4)

    • Posted by Reinstatement Services, Inc. on September 30, 2002 at 13:05:39:

      In Reply to: Impending Unemployment Posted by Kathy on September 30, 2002 at 09:18:06:

      You've got plenty of time to make a short sale happen. This will allow you to avoid foreclosure, bankruptcy, and the pitfalls a possible deficiency judgment would bring.

      : (3)

      • Posted by kathy on October 01, 2002 at 04:57:34:

        In Reply to: Short Sale Posted by Reinstatement Services, Inc. on September 30, 2002 at 13:05:39:

        How do I sell it when I owe more than it's worth? If I'm lucky, I could get $140,000 for it, but I owe $160,000. My 2nd mortgage is a non-equity loan (basically a line of credit loan with the house as security). Can I sell & just pay off the 2nd according to the original 15 yr term?

        : (2)

        • Posted by Reinstatement Services, Inc. on October 01, 2002 at 12:09:58:

          In Reply to: Re: Short Sale Posted by kathy on October 01, 2002 at 04:57:34:

          Obtaining approval for a short sale from your lender will allow you to accomplish your goals and avoid foreclosure.

          : (0)

        • Posted by DD on October 01, 2002 at 11:36:12:

          In Reply to: Re: Short Sale Posted by kathy on October 01, 2002 at 04:57:34:

          need help with Homestead Act....why won't my messages post??



          : (0)

  • Posted by Steph on September 28, 2002 at 04:54:46:

    We both lost our jobs due to State of IL.prison closures. Now we can't afford the mortage payments. Mort. comp. has given a deadline that we cannot meet.I want to sell, but can I, if the loan is past due?What happens, when we can't meet this deadline? Please help, if there are suggestions, etc. Thank you.

    : (3)

    • Posted by J. PATTERSON ASSOCIATES on September 30, 2002 at 22:25:58:

      In Reply to: Advise on impending foreclosure Posted by Steph on September 28, 2002 at 04:54:46:

      : We both lost our jobs due to State of IL.prison closures. Now we can't afford the mortage payments. Mort. comp. has given a deadline that we cannot meet.I want to sell, but can I, if the loan is past due?What happens, when we can't meet this deadline? Please help, if there are suggestions, etc. Thank you.



      : (0)

    • Posted by Tina on September 28, 2002 at 13:05:45:

      In Reply to: Advise on impending foreclosure Posted by Steph on September 28, 2002 at 04:54:46:

      You can sell your house even if you're late on your loan payments. How much do you owe on the home?

      : (1)

      • Posted by J. PATTERSON ASSOCIATES on September 30, 2002 at 22:30:21:

        In Reply to: Re: Advise on impending foreclosure Posted by Tina on September 28, 2002 at 13:05:45:

        : You can sell your house even if you're late on your loan payments. How much do you owe on the home?



        : (0)

  • Posted by vde on September 27, 2002 at 18:42:59:

    Can anyone tell me where I can meet investors/companies that buy foreclosures in Illinois. Is there a particular website where I can advertise the foreclosures I am selling. This information would be very helpful...Thank you for reading this.

    : (2)

    • Posted by Bill on October 03, 2002 at 16:21:57:

      In Reply to: Where do I Iook? Posted by vde on September 27, 2002 at 18:42:59:

      eBay just added a section where you can sell foreclosures. Seems like they have a lot of properties there, so it may be a good place to post them.

      : (0)

    • Posted by Tina on September 28, 2002 at 13:23:59:

      In Reply to: Where do I Iook? Posted by vde on September 27, 2002 at 18:42:59:

      I am a real estate investor that buys and sells foreclosed property in Illinois. I deal with quite a few other investors. Can you send me an e-mail with a list of properties that you have and I can see if I have any buyers for any of them.

      : (0)

  • Posted by jessica on September 27, 2002 at 16:27:22:

    Can all of you please indicate what state you live in when you write for advice. Thanks

    : (0)

  • Posted by Corey -MI on September 27, 2002 at 13:45:50:

    Ok I've never bought a foreclosure (or real estate for that matter) but I've been reading and doing a little bit of research and I want to make sure I'm understand and getting all of this and make as few mistakes as possible.

    From what I've seen finding foreclosures is not that hard if you know where to look, here in MI the county legal news paper seems to be a very good source.

    So say I find a piece of property that seems interesting from what I find in the new and do a little research at the county courthouse to look up the address. Then I would drive by the place and get an idea on if the place is a rundown shack that is condemed and about to fall apart at the next gust of wind or if it might be worthwhile to look into further.

    At this point I would want to goto a title company and have a title search done on the property (not sure how much this would cost) or do the research myself (seems like it could be a pain)

    Now at this point from what I can tell I have a few options depending on what the title seach came up with. For argument sake let's just say that there is only a single mortgage on the property. I could either approach the current owner and attempt to buy the property from him/her and stop the foreclosure (obviously after doing more research/inspections (with the owners permission of course)). Or show up on the date of the auction (providing that it's still up for auction) and take my chances there.

    Now from what I've read here on the message base if I were to buy the property at the auction the owner has anywhere between 30 days and 12 months (depending on various situations) to repay the foreclosure and they basicly get the property back. Who do they pay tho??? and does that basicly leave me stuck with my money tied up for 30 days to 12 months or would I get something out of it as well for my trouble?

    On the other hand if they don't repay have to go through an eviction process (get ahold of a law firm) then go in and fix up the house if needed and re-sell.

    Am I missing anything on this??? Also is there any special documents that I might need per say depending on the route i take (etiher auction or buy from owner) Also would there be any need to get ahold of the law firm that is doing the foreclosure other than if i were trying to buy the house from the current owner?

    Thanks,

    Corey



    : (1)

    • Posted by mark a adams on September 27, 2002 at 14:10:52:

      In Reply to: buying foreclosure, am I missing anything??? Posted by Corey -MI on September 27, 2002 at 13:45:50:

      : Ok I've never bought a foreclosure (or real estate for that matter) but I've been reading and doing a little bit of research and I want to make sure I'm understand and getting all of this and make as few mistakes as possible.

      : From what I've seen finding foreclosures is not that hard if you know where to look, here in MI the county legal news paper seems to be a very good source.

      : So say I find a piece of property that seems interesting from what I find in the new and do a little research at the county courthouse to look up the address. Then I would drive by the place and get an idea on if the place is a rundown shack that is condemed and about to fall apart at the next gust of wind or if it might be worthwhile to look into further.

      : At this point I would want to goto a title company and have a title search done on the property (not sure how much this would cost) or do the research myself (seems like it could be a pain)

      : Now at this point from what I can tell I have a few options depending on what the title seach came up with. For argument sake let's just say that there is only a single mortgage on the property. I could either approach the current owner and attempt to buy the property from him/her and stop the foreclosure (obviously after doing more research/inspections (with the owners permission of course)). Or show up on the date of the auction (providing that it's still up for auction) and take my chances there.

      : Now from what I've read here on the message base if I were to buy the property at the auction the owner has anywhere between 30 days and 12 months (depending on various situations) to repay the foreclosure and they basicly get the property back. Who do they pay tho??? and does that basicly leave me stuck with my money tied up for 30 days to 12 months or would I get something out of it as well for my trouble?

      : On the other hand if they don't repay have to go through an eviction process (get ahold of a law firm) then go in and fix up the house if needed and re-sell.

      : Am I missing anything on this??? Also is there any special documents that I might need per say depending on the route i take (etiher auction or buy from owner) Also would there be any need to get ahold of the law firm that is doing the foreclosure other than if i were trying to buy the house from the current owner?

      : Thanks,

      : Corey



      : (0)

  • Posted by Samuel on September 26, 2002 at 20:39:40:

    .

    : (1)

    • Posted by Admin on September 26, 2002 at 20:57:31:

      In Reply to: What's up with all the ads lately??? - EOM Posted by Samuel on September 26, 2002 at 20:39:40:

      Samuel,

      There are always people who will post ads, even if there is an existing "no ads" policy. It takes an awful lot of time to monitor and remove them and if things get busy, the end result is many ads on the board. Any blatant ads will be removed pretty soon.

      Links to other sites are allowed in posts IF the poster is providing a relevant answer to someone else's question. If that feature is abused, it will be removed.

      Hope that helps to define today's editorial policy.



      : (0)

  • Posted by kim on September 26, 2002 at 17:31:14:

    We live in Texas. We are in the middle of a CH.13. The automatic Stay has been lifted, so I assume this will go forward into foreclosure. Do I have any alternatives before they sell it? My house appraises far more than we purchased it for. If it sells in foreclosure for more than we owe, will we recive the leftover money? Will we ever be able to get a home loan again? Our original loan was VA. Thanks.



    : (1)

    • Posted by Reinstatement Services, Inc. on September 27, 2002 at 14:04:58:

      In Reply to: Upcoming Foreclosure-What is my best step in TX Posted by kim on September 26, 2002 at 17:31:14:

      A workout with your lender will allow you to retain the property and move your loan towards reinstatement.

      Its definitely worth investigating.

      : (0)

  • Posted by Karen on September 26, 2002 at 17:14:31:

    I have a sister in Chicago who is in long divorce process. Her alcoholic husband hasn't brought any money home for a couple years and after moving out he came back home because he couldn't pay rent. She paid the rent he owed and recently found out they owe 3 years of back taxes for his business she had given him the money for (her name was on the business but now has it removed) and he cashed in some IRA's without her knowing, etc. He started building a beautiful home for them 11 years ago and though they have lived in it, it cannot be put on the market because so much is left to be done. He hasn't worked on it in years and doesn't plan to. Homes in their neighborhood are selling for $500,000 and up, theirs needs about $100,000 of work to get it on the market. She does have an attorney but for some reason her husband is being allowed to stay in the house. He is not cooperating on anything because he has a free meal ticket. She does have a good job and pays all the bills, he contributes nothing. She can not afford to move out on her own and continue to make house payments. I am 8 hours away and she has no one to stay with. She is barely getting by providing for her daughter. The situation with the two of them under the same roof has gone on for months and sounds like it will go on for many more and she is about to break. Can she just leave and let the bank foreclose on the house? Can she sign a quit claim deed? What advice can I give her?

    : (6)

    • Posted by Tina on September 27, 2002 at 16:05:13:

      In Reply to: House not suitable to sell and need to get out Posted by Karen on September 26, 2002 at 17:14:31:

      How much does she owe on the house? She should consider selling it instead of letting it get foreclosed on. Can you e-mail me the address-I might have someone that might be interested in buying it.

      : (0)

    • Posted by Reinstatement Services, Inc. on September 27, 2002 at 14:47:11:

      In Reply to: House not suitable to sell and need to get out Posted by Karen on September 26, 2002 at 17:14:31:

      Signing a quit claim will not absolve her of her commitment to the loan. Neither will her lender.

      Sounds like your sister has made a series of bad choices. On some level she's getting something she needs from all of the chaos... that's why she allowed the husband to come back home...that's why she lived for 11 years in an unfinished home...

      We TEACH people how to treat us, Karen.

      The husband is not cooperating because the message he's repeatedly received from your sister is that he doesn't have to be responsible. He doesn't have to cooperate. ...And its been okay.

      Expect more of the same, Karen. Some people enjoy the victim role.

      Regarding the house, I suspect everything will work out. Your sister will continue paying. The husband will continue to drink. Their divorce will take another 10 years to complete. And you will continue to worry.

      The real loser in this tragedy will be your niece.





      : (2)

      • Posted by karen on September 27, 2002 at 22:19:25:

        In Reply to: What has your sister suggested by way of remedy? Posted by Reinstatement Services, Inc. on September 27, 2002 at 14:47:11:

        : Signing a quit claim will not absolve her of her commitment to the loan. Neither will her lender.

        : Sounds like your sister has made a series of bad choices. On some level she's getting something she needs from all of the chaos... that's why she allowed the husband to come back home...that's why she lived for 11 years in an unfinished home...

        : We TEACH people how to treat us, Karen.

        : The husband is not cooperating because the message he's repeatedly received from your sister is that he doesn't have to be responsible. He doesn't have to cooperate. ...And its been okay.

        : Expect more of the same, Karen. Some people enjoy the victim role.

        : Regarding the house, I suspect everything will work out. Your sister will continue paying. The husband will continue to drink. Their divorce will take another 10 years to complete. And you will continue to worry.

        : The real loser in this tragedy will be your niece.

        :



        : (1)

        • Posted by Reinstatement Services, Inc. on September 27, 2002 at 22:45:57:

          In Reply to: Re: What has your sister suggested by way of remedy? Posted by karen on September 27, 2002 at 22:19:25:

          Sent from Karen to client-relations@ gmail.com:

          You are exactly right. That is why my dad isn't offering to bail her out.Thanks for your honesty. Karen

          ---------------------------------Sent to Karen from client-relations@ gmail.com:

          Hi Karen, I understand exactly what your family is facing. I watched a similar situation unfold with a close friend. Eventually, she had had enough of the abuse, but only after 14 years had passed.

          As I'm sure you already know, you won't be able to fix the situation with your sister...but you can continue to be there for your niece. I hope you don't mind my sharing these off board communications back at the discussion site.

          The site owner's preference is that forum related discussions continue in that arena.

          I wish you all the best.



          : (0)

    • Posted by vernon on September 27, 2002 at 14:20:12:

      In Reply to: House not suitable to sell and need to get out Posted by Karen on September 26, 2002 at 17:14:31:

      : I have a sister in Chicago who is in long divorce process. Her alcoholic husband hasn't brought any money home for a couple years and after moving out he came back home because he couldn't pay rent. She paid the rent he owed and recently found out they owe 3 years of back taxes for his business she had given him the money for (her name was on the business but now has it removed) and he cashed in some IRA's without her knowing, etc. He started building a beautiful home for them 11 years ago and though they have lived in it, it cannot be put on the market because so much is left to be done. He hasn't worked on it in years and doesn't plan to. Homes in their neighborhood are selling for $500,000 and up, theirs needs about $100,000 of work to get it on the market. She does have an attorney but for some reason her husband is being allowed to stay in the house. He is not cooperating on anything because he has a free meal ticket. She does have a good job and pays all the bills, he contributes nothing. She can not afford to move out on her own and continue to make house payments. I am 8 hours away and she has no one to stay with. She is barely getting by providing for her daughter. The situation with the two of them under the same roof has gone on for months and sounds like it will go on for many more and she is about to break. Can she just leave and let the bank foreclose on the house? Can she sign a quit claim deed? What advice can I give her?

      There are a couple of things she needs to consider. 1)if she just walks away the bank will start foreclosure and this will effect her credit perhaps preventing her ability to even rent another place for herself and her daughter. 2) since the house is unfinished chances are the bank will hit her with a judgement for the deficit owed. this will make her situation even worse. her best choice is to contact the bank and offer to give her share of ownership to them and let them deal with her husband alone. or she could contact a private investor who may be willing to purchase her share and take up the legal battle with her husband. if she wants to give some more details of the debt and property condition she can email me and i would be glad to discuss.

      : (0)

    • Posted by VERNON on September 27, 2002 at 14:08:52:

      In Reply to: House not suitable to sell and need to get out Posted by Karen on September 26, 2002 at 17:14:31:

      : I have a sister in Chicago who is in long divorce process. Her alcoholic husband hasn't brought any money home for a couple years and after moving out he came back home because he couldn't pay rent. She paid the rent he owed and recently found out they owe 3 years of back taxes for his business she had given him the money for (her name was on the business but now has it removed) and he cashed in some IRA's without her knowing, etc. He started building a beautiful home for them 11 years ago and though they have lived in it, it cannot be put on the market because so much is left to be done. He hasn't worked on it in years and doesn't plan to. Homes in their neighborhood are selling for $500,000 and up, theirs needs about $100,000 of work to get it on the market. She does have an attorney but for some reason her husband is being allowed to stay in the house. He is not cooperating on anything because he has a free meal ticket. She does have a good job and pays all the bills, he contributes nothing. She can not afford to move out on her own and continue to make house payments. I am 8 hours away and she has no one to stay with. She is barely getting by providing for her daughter. The situation with the two of them under the same roof has gone on for months and sounds like it will go on for many more and she is about to break. Can she just leave and let the bank foreclose on the house? Can she sign a quit claim deed? What advice can I give her?

      There are a couple of things she could do, 1) Contact the lender explain her situation and offer to give them her share of the property so that they can now deal with the husband. 2) If she feels there is equity and she wants some money she may have an interested investor willing to buy her share and deal with her husband. To just walk away will adversely effect her credit and follow her and she will not be able to move on. If she is unsure which way to go could email me with some details of the mortgage and i will advise.

      : (0)

  • Posted by lawrence on September 26, 2002 at 03:28:26:

    Is there anyone know what is the advantages and disadvantages in buying a foreclosed property?

    : (0)

  • Posted by Lewis on September 26, 2002 at 00:08:31:

    Is it a law in CA that ex-homeowner can redeem house after foreclosure sale up to 1 year?If so, what can be done with house during that year? Sell, rent remodel? What's the point of bidding?

    : (6)

    • Posted by Reinstatement Services, Inc. on September 26, 2002 at 00:16:02:

      In Reply to: CA foreclosure 1 yr redeem Posted by Lewis on September 26, 2002 at 00:08:31:



      : (5)

      • Posted by Jim V on September 26, 2002 at 02:08:10:

        In Reply to: No ROR for CA [nt]. Posted by Reinstatement Services, Inc. on September 26, 2002 at 00:16:02:

        I do believe it is possible under CA law to complete a judicial foreclosure. Granted, I've never seen one, but isn't a ROR included, if one ever did happen?

        I didn't see anything in my reference materials, but I think it might exist.

        : (4)

        • Posted by Reinstatement Services, Inc. on September 26, 2002 at 02:20:04:

          In Reply to: Re: To be 100% accurate, isn't there ROR under judicial? Posted by Jim V on September 26, 2002 at 02:08:10:

          Judicial foreclosures are indeed rare in CA as home loans in CA are generally secured by a deed of trust.

          I hadn't considered the judicial angle but I'd be interested to see what it yields. I'm checking...

          : (3)

          • Posted by Reinstatement Services, Inc. on September 26, 2002 at 04:33:38:

            In Reply to: Just when I thought I'd get to go home... Posted by Reinstatement Services, Inc. on September 26, 2002 at 02:20:04:

            The following information is not intended to be legal advice. It is solely meant to impart research findings in a discussion format relative to Judicial Foreclosure Processes "herein termed as contained in this document [JF]" specific to California. Therefore, persons requiring legal advice are encouraged to consult an attorney specializing in Real Estate Law. Further, such persons are discouraged from relying on this subsequent data for purposes of strategic posturing.

            That having been said, JFs in CA are HIGHLY UNCOMMON because of the inherent disadvantages associated with the process - namely costs, delays, and mortgagee exposure to the statutory 12-month ROR that could apply.

            An advantage mortgagees might realize by choosing the JF route is the potential for securing a Deficiency Judgment [DJ], subject to court rendering. It would appear, however, that the scarcity of relevant data due to an under-utilization of JF processes has contributed significantly to lender hesitance/uncertainty as to the ultimate value a JF proceeding might hold. Overall, popular opinion seems to suggest that, at least for the mortgagee, the negatives outweigh the benefits.

            For the mortgagor, a clear benefit of the JF process is the ROR with the absence of prior liens [undisclosed qualifiers indicated] as these are extinguished by the foreclosure sale and do not reattach.

            Therefore, in response to the original posting... Qualifiers exist regarding whether ROR is applicable to the poster's specific situation. Although probability assumptions can be made, more information is needed.

            What We KNOWRedemption IS NOT available to mortgagors IF a TRUSTEE SALE was utilized.Redemption IS Statutory in a Judicial Foreclosure proceeding [but highly unlikely given the infrequency of its use] with time qualifiers that attach (12 months if a DJ is secured, 3 months if no DJ is secured).

            It remains unclear as to whether rental and/or continue access and usage rights remain in tact throughout the judicial process. In this light, assumptions in the literature consulted err in favor of access/usuage/ rental right retention remains throught the duration of the ROR.

            This information has been synthesized utilizing [but not limited to] several professional sources, i.e., findlaw.com, California CIVIL CODE SECTION 2920-2944.5, California Code of Civil Procedure Section 729.060, http://caselaw.lp.findlaw.com/cacodes/ccp.html

            Thanks, Jim, for the catch. I hope this did not sound too much like a rough draft of an "opinion" or a term paper. The whole exercise was reminiscent of earlier classroom days. I almost fell a sleep [smiles].

            p.s - If there are more spelling errors present in this communication than ordinarily produced by me...cut me a little slack guys... It is WAY late!

            k-------



            : (2)

            • Posted by Jim V on September 26, 2002 at 13:20:33:

              In Reply to: Findings... Posted by Reinstatement Services, Inc. on September 26, 2002 at 04:33:38:

              Karen,

              Quite the non-legal opinion.I'd read through the codes before and remembered some of it, but as you stated, judicial foreclosure isn't used in the vast majority of cases. Thanks for the refresher course.

              : (1)

              • Posted by Reinstatement Services, Inc. on September 26, 2002 at 13:47:01:

                In Reply to: Re: I didn't expect such a complete answer.. Posted by Jim V on September 26, 2002 at 13:20:33:

                : Karen,

                : Quite the non-legal opinion.: I'd read through the codes before and remembered some of it, but as you stated, judicial foreclosure isn't used in the vast majority of cases. Thanks for the refresher course.



                : (0)

  • Posted by Stan on September 25, 2002 at 22:53:40:

    This opportunity may assist many of the investors in this forum. Any questions concerning your troubled homeowner please email me at stan@schultzandschultz.com

    : (2)




    • Posted by Stan on September 25, 2002 at 22:53:40:

      This is great and can be such a great helper for me please get me in asap.Willie: Please reference site http://www.schultzandschultz.com: This opportunity may assist many of the investors in this forum. Any questions concerning your troubled homeowner please email me at stan@schultzandschultz.com

      : (0)

    • Posted by freddie jackson on November 05, 2002 at 18:15:23:

      In Reply to: Loss Mitigation Specialist opportunity for fore. investors Posted by Stan on September 25, 2002 at 22:53:40:

      : Please reference site http://www.schultzandschultz.com: This opportunity may assist many of the investors in this forum. Any questions concerning your troubled homeowner please email me at stan@schultzandschultz.com



      : (0)

  • Posted by Luc on September 25, 2002 at 14:30:07:

    Hi,

    I am looking for a company or an individual that would perform a titlesearchin Ventura County, CA? I am interested in a property which will be sold at aTrustee's sale, and I need to know everything I can about this propertybefore the auction (liens, junior, senior loans, encumbrances, etc..). I amnot ready to go to escrow and have a title search done as part of the escrowprocess. I just need to know before the auction if there is any liens,encumbrances, etc,, on the property. What would be the costs and timerequired to prepare such a title search?

    : (1)

    • Posted by ellis on October 12, 2002 at 04:25:01:

      In Reply to: title search in Ventura County, CA Posted by Luc on September 25, 2002 at 14:30:07:

      : Hi,

      : I am looking for a company or an individual that would perform a title: search: in Ventura County, CA? I am interested in a property which will be sold at a: Trustee's sale, and I need to know everything I can about this property: before the auction (liens, junior, senior loans, encumbrances, etc..). I am: not ready to go to escrow and have a title search done as part of the escrow: process. I just need to know before the auction if there is any liens,: encumbrances, etc,, on the property. What would be the costs and time: required to prepare such a title search?

      I can do your search for you, how soon do you need it?

      Ellis

      : (0)

  • Posted by njdave on September 25, 2002 at 10:50:23:

    Check you local newspaper(s)' classified section under "money to loan" .... or "wanted to buy" and make a few calls. The players often know each other. Ask the right questions and you'll get some leads.

    Never heard of anyone offering HML seconds.... unless the first's balance was quite low and the intent was to take the property upon your default.

    : (0)

  • Posted by Chris/LaLonde on September 25, 2002 at 04:40:21:

    If my home is sold for more than what is owed, am I entitled to it. If so, how long does it take to receive it. Thank You

    : (4)

    • Posted by Daniel L. McGohan on October 23, 2002 at 22:35:35:

      In Reply to: Home sold for more than what was owed Posted by Chris/LaLonde on September 25, 2002 at 04:40:21:

      : If my home is sold for more than what is owed, am I entitled to it. If so, how long does it take to receive it. Thank You



      : (0)

    • Posted by Nick(Colorado) on September 25, 2002 at 13:06:15:

      In Reply to: Home sold for more than what was owed Posted by Chris/LaLonde on September 25, 2002 at 04:40:21:

      Chris/LaLonde:

      You did not indicate what state you are in. Assuming that you are in a trust deed state, go to the county trustee's office and ask for information on the disposition of the overbid. Assuming that there was an overbid, and all liens were satisfied,then you may request to receive that money. They should havea form, if not, contact the foreclosing attorney's office.



      : (2)

      • Posted by kim on September 26, 2002 at 17:11:03:

        In Reply to: Re: Home sold for more than what was owed Posted by Nick(Colorado) on September 25, 2002 at 13:06:15:

        : Chris/LaLonde:

        : You did not indicate what state you are in. Assuming that : you are in a trust deed state, go to the county trustee's office : and ask for information on the disposition of the overbid. : Assuming that there was an overbid, and all liens were satisfied,: then you may request to receive that money. They should have: a form, if not, contact the foreclosing attorney's office.

        I have the same question. I live in Texas.

        : (1)

        • Posted by Jim V on September 26, 2002 at 21:25:12:

          In Reply to: Re: Home sold for more than what was owed Posted by kim on September 26, 2002 at 17:11:03:

          Kim,

          I believe Texas uses private Trustees to process most, if not all foreclosures. Their name and contact information should be on notices that were sent to you during the foreclosure process. Everything else Nick said remains the same.

          : (0)

  • Posted by Derek on September 25, 2002 at 02:29:13:

    I have heard that if you transfer a property into a land trust, that a nonassumable mortgage would not have the "alienation clause" invoked. Have you heard anything about this? If so, any ideas on who to speak to? I live in MN. Thank you for your time

    : (1)

    • Posted by Luc on September 25, 2002 at 14:28:10:

      In Reply to: Land Trusts Posted by Derek on September 25, 2002 at 02:29:13:

      a land trust will never protected you 100%. The lender can always find a way to trigger the due-on-sale clause/alienation clause/acceleration clause. There is a company that specialize in "modified" land trusts (PACTtrust), where you are, as well as the former owner, beneficiaries of the land trust (you 90%, and the former owner 10%).

      : (0)

  • Posted by Krishna on September 24, 2002 at 18:07:03:

    Does anyone know of a Tax lien attorney I can call in Washington D.C. I need them to represent me with the Liens I purchased in DC. If not, is there a place I can look to find an attorney?

    I tried the web and so far I have been unseccessful. Please help...



    : (2)

    • Posted by Cheryl on November 13, 2002 at 15:32:26:

      In Reply to: Help: Tax Lien Attorney Posted by Krishna on September 24, 2002 at 18:07:03:

      I'm thinking about doing this. Could I call you and speak to you regarding this?

      : (1)

      • Posted by Krishna on November 13, 2002 at 17:23:03:

        In Reply to: Re: Help: Tax Lien Attorney Posted by Cheryl on November 13, 2002 at 15:32:26:

        : I'm thinking about doing this. Could I call you and speak to you regarding this?

        I found an attorney already. Thanks. anyway...

        : (0)

  • Posted by Danny on September 24, 2002 at 17:38:35:

    I found a property that's 'bout to be auctioned off in a Trustee Sale (california) on Oct. 1st. I've done minor reasearch on the property and found out, based on a title company, that there have been 3 open trust deeds since 1978. first one is $44,300 in 1978; $30,000 in 1988; 3rd one is for $48,326 in 1991. According to the Country Recorders office, the Notice of Trustee Sale report showed $30,839.27 owed. My question: How do I know the balance owed is not a lien or a 2nd or 3rd loan? And if it is a 2nd/3rd loan, can it still be possible to aquire the loan by being the highest bidder and have full custody/rights to the Trust Deed, that is if the 1st mortgage loan had already been paid off?

    : (1)

    • Posted by Jim V on September 26, 2002 at 01:57:18:

      In Reply to: New to the REI Biz... Posted by Danny on September 24, 2002 at 17:38:35:

      Danny,

      In the Notice of Trustee Sale, there will be verbiage stating "You are in default of a Deed of Trust dated xx/xx/xxxx". That date, along with the referenced instrument number will tell you exactly which trust deed is being foreclosed on. Anything recorded senior(before the foreclosing trust deed was recorded) will stay with the property, juniors(recorded after the foreclosing trust deed) will be wiped from the title of the property. The big exception, of course, is Federal tax liens, which have a right of redemption, even if recorded after the foreclosing trust deed was originally recorded.

      IMHO, it's highly unlikely the original $44,300 TD would go to sale. Either the 2nd or the 3rd would be likely to either pay the first off, or show up at the sale and protect their interest. If one of the junior TDs are going, you need to establish which one and probable status(payoff amounts) of the senior liens(TDs).

      Hope that helps, if not, post back with specific questions and minimal property information.





      : (0)

  • Posted by KEL on September 24, 2002 at 16:07:13:

    Hello.

    Thought maybe some of you are more knowledgeable than I about the aftermath of buying properties at the sheriff's sales in Texas.

    I got a sheriffs deed from one of these sales and the property is a non-homesteaded vacant lot. The period of redemption is now over and I was wondering what else I needed to do to sell the property. Spoke to my favorite title company and they say there is no way to get title insurance on this property for up to 5 years. I have a prospective buyer but want to make sure I am able to convey clear title to them.

    Has anyone else ran into this problem?? and if so, what is the solution ??

    Thanks

    KEL

    : (0)

  • Posted by CC on September 23, 2002 at 19:35:16:

    I messed up my divorce 5 years ago by letting my ex handle it. He promised (verbal) to pay me a certain amount of money after 3 years and I would then sign a Quit Claim. I moved away to another state, got remarried and bought another house (the loan is in my new husbands name only). When my ex filed the divorce papers, he did not disclose any jointly owned property, including the house (I was unaware of this....is this not perjury), and he has since defaulted on his promise to buy me out. So, I got absolutely nothing after 18 years of marriage (we both worked as teachers).So here it is: We both still own the house we bought 13 years ago, and he is now trying to force me to sign a Quit Claim without giving me any money, by threatening to just leave and vanish if I don't. We both have excellent credit and he has not missed any payments on the property so he may just be bluffing. But, if he just leaves, I could not afford to make payments on that house. Selling it would be difficult since the 3/4 acre property has flooded during our ownership and I would have to disclose this (house was not affected by flooding). Also if he just vanished, his name would still be on the deed.....so how could I sell it. Renting it out seems impossible since I now live in Texas and the house is in CA.....and then again his name would still be on the deed. Also I have heard that even if I signed a Quit Claim, I would still be obligated to the lender if he defaulted at a later time.What would happen if I just let it go into foreclosure???Any advise would be greatly appreciatedCC

    : (5)

    • Posted by tinaj on September 24, 2002 at 23:18:32:

      In Reply to: still own home with ex.......he threatens to vanish , CA Posted by CC on September 23, 2002 at 19:35:16:

      Something similar happened to one of my friends. Her ex's income mysteriously dropped from $300-350K annually down to $80 after she filed for divorce..

      You need a lawyer. One with teeth and a bad disposition. and DON'T sign any quit claim for your ex!!!

      : (0)

    • Posted by Ward-CA- on September 24, 2002 at 14:16:14:

      In Reply to: still own home with ex.......he threatens to vanish , CA Posted by CC on September 23, 2002 at 19:35:16:

      : I messed up my divorce 5 years ago by letting my ex handle it. He promised (verbal) to pay me a certain amount of money after 3 years and I would then sign a Quit Claim. I moved away to another state, got remarried and bought another house (the loan is in my new husbands name only). When my ex filed the divorce papers, he did not disclose any jointly owned property, including the house (I was unaware of this....is this not perjury), and he has since defaulted on his promise to buy me out. So, I got absolutely nothing after 18 years of marriage (we both worked as teachers).: So here it is: We both still own the house we bought 13 years ago, and he is now trying to force me to sign a Quit Claim without giving me any money, by threatening to just leave and vanish if I don't. We both have excellent credit and he has not missed any payments on the property so he may just be bluffing. But, if he just leaves, I could not afford to make payments on that house. Selling it would be difficult since the 3/4 acre property has flooded during our ownership and I would have to disclose this (house was not affected by flooding). Also if he just vanished, his name would still be on the deed.....so how could I sell it. Renting it out seems impossible since I now live in Texas and the house is in CA.....and then again his name would still be on the deed. Also I have heard that even if I signed a Quit Claim, I would still be obligated to the lender if he defaulted at a later time.: What would happen if I just let it go into foreclosure???: Any advise would be greatly appreciated: CC

      =•=•=•=•=•=•=•=•=•=•=

      CC,

      I agree with you. I don’t think a school teacher with an excellent credit rating is going to vanish just to spite you and screw up his credit royally and lose all of that CA equity he’s so patiently built up over the last decade. If he actually carried out his threat it would impact him much more than you since your home is in your husband’s name and you’re out of state.

      If the property was lost in foreclosure you would both get a black eye on your credit records that would last for several years. CA doesn’t allow a deficiency judgment on the foreclosure of a purchase money deed of trust. So you don't have to worry about that.

      And after 13 years there would probably be a large overbid to argue over, not a deficiency to cry about.

      You could force the sale of the property via an action in partition. That would avoid the negative aspect of a foreclosure and you’d each share equally in the net equity at the close of escrow.

      So if I were you I’d hold out ‘til he settled up with you.

      : (3)

      • Posted by CC on September 25, 2002 at 18:47:12:

        In Reply to: Make him settle up with you. Posted by Ward-CA- on September 24, 2002 at 14:16:14:

        : You could force the sale of the property via an action in partition. That would avoid the negative aspect of a foreclosure and you’d each share equally in the net equity at the close of escrow.

        Ward, could you please educate me on "sale of property via action in partition". I tried finding my own answer on the web, but I am still confused about what exactly this entails.

        Thanks again for your help,Claudia

        : (0)

      • Posted by CC on September 25, 2002 at 17:42:16:

        In Reply to: Make him settle up with you. Posted by Ward-CA- on September 24, 2002 at 14:16:14:

        Thank you both very much for the advise. I do intend to dig in my heels and see what happens. I am in no hurry to get my name off the house until he settles with me, although it would be nice to never have to talk to him again. Just one last question, can he sign a Quit Claim on the house without my permission or knowledge. If he did, would he then no longer be responsible for the loan? Just another thing he has mentioned to pressure me.Thanks again for replying to my post. I have been pretty stressed about the situation and you made me feel better.Claudia

        : (1)

        • Posted by tinaj on October 08, 2002 at 21:14:50:

          In Reply to: Re: Make him settle up with you. Posted by CC on September 25, 2002 at 17:42:16:

          the title, not the mortgage. NOTHING takes his name off the mortgage until the mortgage is paid or if you refinance it in your name only. At least in Arkansas. I imagine this is standard, though, or we'd have lots more worthless ex-husbands (and wives, I guess) signing quit claim deeds right and left to get out of mortgage obligations!I would have posted before but the board was all wacko on me, plus I spent some time actually working instead of surfing.....good luck! Do you have a lawyer? If not - GET ONE.

          : (0)

  • Posted by Darren on September 23, 2002 at 16:30:31:

    My wife and I are considering placing a bid at a tax deed auction in Jacksonville, FL. If we win the bid (on a house) we will obtain the deed to the property which gives full ownership (no redemption period). I have two questions:

    1) If the house is still occupied, what legal obstacles must be overcome to force the previous owner to vacate, and how time consuming / expensive could this be ?

    2) Our lender has advised us to have a "quiet title lawsuit" transaction, in which a judge enters an order that states that we own the property free and clear (it eliminates prior liens). Is anyone familiar with this ? I'm still somewhat of a novice, and have not heard of this before. Thanks very much in advance for any answers that you can provide.

    : (0)

  • Posted by Marc on September 23, 2002 at 15:39:02:

    Hi all-Here is my situation:1) I know real estate values very well as I am an appraiser.2) I have some equity and a couple of investors to buy some homes.3) Have access to pre-foreclosures and foreclosures.

    My question is legal issues: How do you verify liens on a house. What happens if you buy a house at an auction for $50k then find out it has tax liens and/or any other liens on the home for another $50k.Am I repsonsible? I am from NY - does anyone know any real estate attorneys around the Long Island/Queens area.Thanks.

    : (1)

    • Posted by Ward-CA- on September 24, 2002 at 14:27:13:

      In Reply to: Legal Issues Posted by Marc on September 23, 2002 at 15:39:02:

      : Hi all-: Here is my situation:: 1) I know real estate values very well as I am an appraiser.: 2) I have some equity and a couple of investors to buy some homes.: 3) Have access to pre-foreclosures and foreclosures.

      : My question is legal issues: How do you verify liens on a house. What happens if you buy a house at an auction for $50k then find out it has tax liens and/or any other liens on the home for another $50k.: Am I repsonsible? : I am from NY - does anyone know any real estate attorneys around the Long Island/Queens area.: Thanks.

      =•=•=•=•=•=•=•=•=•=•=

      Marc,

      You bear the risk of any and all liens that might remain against the title of the property after you have bought it at a foreclosure auction. So it behooves you to thoroughly check the county recorder’s records and determine all the liens that are senior to the foreclosing lien.

      If you feel up to it you could go to the recorder’s office and check the title to the property yourself. Or you could get a title report from a local title company.



      : (0)

  • Posted by Carlos Llanos on September 22, 2002 at 23:39:18:

    I was intersted in buying a house on the courthouse step and the house of intrest to me had a final judgemnet of $92,000.The bid went for $44,800. My question is: Does Winning Bider get the house for $44,800 an also has to pay the $92,000 FJ? Who get the $44,000. The owner or the bank? Thank you.

    : (1)

    • Posted by Kathy Morgenstern on September 24, 2002 at 21:44:06:

      In Reply to: Interest in buying foreclosure at the courthouse step in Fl. Posted by Carlos Llanos on September 22, 2002 at 23:39:18:

      : I was intersted in buying a house on the courthouse step and the house of intrest to me had a final judgemnet of $92,000.The bid went for $44,800. My question is: Does Winning Bider get the house for $44,800 an also has to pay the $92,000 FJ? Who get the $44,000. The owner or the bank? Thank you.



      : (0)

  • Posted by Dave on September 22, 2002 at 18:17:54:

    I am interested. How old is the loan (year)? Where is the property located? How quickly would you like to settle?

    : (1)

    • Posted by JB on September 22, 2002 at 20:04:09:

      In Reply to: Need help? Posted by Dave on September 22, 2002 at 18:17:54:

      : I am interested. How old is the loan (year)? Where is the property located? How quickly would you like to settle?



      Are you talking to me?

      : (0)

  • Posted by JB on September 22, 2002 at 16:45:12:

    in a nutshell.......I am in foreclosure with a sale date of Oct 1. I am on commission sales and I will not get paid on my outstanding commissions in time to stop the foreclosure. I know nothing about real estate or these "hard money" loans. I need 12k and the loan balance is 158K house is worth 220K. Are the hard money guys legit? I have over 30k in commissions due me in the next six weeks so paying it back will not be a problem. Anyone have any ideas? Thanks in advance.

    : (9)

    • Posted by njdave on September 22, 2002 at 19:29:21:

      In Reply to: Hard Money Loans?.............are they real or scam? Posted by JB on September 22, 2002 at 16:45:12:

      Hard money loans are a bonafide, although expensive, tool used by many real estate speculators... and some real investors. Hard money loans are made by Investors to Borrowers and are based upon substantial equity. Rates begin at about 15%, are for a short term, and must be highly collateralized (max hard money loan is about 65% LTV). Speculators and Investors accept the high costs as simply a cost of doing business. A homeowner trying to save his home with a hard money loan would be advised to carefully consider his/her options.

      I think what you are asking about, however, is a foreclosure bailout loan. I suppose that there are such programs, but you'll face about the same LTV requirements... a max of about 65% LTV. Meaning, if your loan balance is $158,000, plus another $12,000 in arrears, you'll need a new loan (you'll probably never get a catch-up second mortgage loan unless it's from a friend or family member) of $170,000. Approximate costs for the loan and closing will be about $10,000 ... which will require a loan of $180,000. Based upon your home's value of $220,000, that's an LTV of about 80% ..... way too high for a foreclosure bailout loan... and way too high for a hard money loan.

      If you can afford the payments, you should consider consulting an attorney who prepares bankruptcy petitions. If your income qualifies, and your plan is approved, you would be responsible for the regularly scheduled monthly payment, PLUS another monthly payment to the Bankruptcy Trustee representing a portion of the arrears ($12,000 plus...) and perhaps other debts....

    • non profit resources


    : (7)

    • Posted by JB on September 22, 2002 at 23:01:14:

      In Reply to: Re: Hard Money Loans are real... expensive Posted by njdave on September 22, 2002 at 19:29:21:

      : Hard money loans are a bonafide, although expensive, tool used by many real estate speculators... and some real investors. Hard money loans are made by Investors to Borrowers and are based upon substantial equity. Rates begin at about 15%, are for a short term, and must be highly collateralized (max hard money loan is about 65% LTV). Speculators and Investors accept the high costs as simply a cost of doing business. A homeowner trying to save his home with a hard money loan would be advised to carefully consider his/her options.

      : I think what you are asking about, however, is a foreclosure bailout loan. I suppose that there are such programs, but you'll face about the same LTV requirements... a max of about 65% LTV. Meaning, if your loan balance is $158,000, plus another $12,000 in arrears, you'll need a new loan (you'll probably never get a catch-up second mortgage loan unless it's from a friend or family member) of $170,000. Approximate costs for the loan and closing will be about $10,000 ... which will require a loan of $180,000. Based upon your home's value of $220,000, that's an LTV of about 80% ..... way too high for a foreclosure bailout loan... and way too high for a hard money loan.

      : If you can afford the payments, you should consider consulting an attorney who prepares bankruptcy petitions. If your income qualifies, and your plan is approved, you would be responsible for the regularly scheduled monthly payment, PLUS another monthly payment to the Bankruptcy Trustee representing a portion of the arrears ($12,000 plus...) and perhaps other debts....

      Thanks for the quick reply

      I am not looking for a whole new loan, just a loan of $12,000. I had a guy in town offer me a "hard money" loan at15% plus a $1,000 fee. Which is fine. I just want to make sure it's legit and not go to sell my house 10 years from now only to find out he has some kind of ownership in it. Like I said I don't know much about real estate. I spoke with someone via phone and she said that "hard money" loans for as little as 12k are rare. I'm not concerned about the cost I made good money, it's just a cash flow issue right now. Thoughts?

      : (6)

      • Posted by njdave on September 23, 2002 at 08:40:47:

        In Reply to: Re: Hard Money Loans are real... expensive Posted by JB on September 22, 2002 at 23:01:14:

        You may be very lucky.... just make sure that you read the fine print.

        : (5)

        • Posted by tinaj on September 24, 2002 at 23:38:14:

          In Reply to: Re: Hard Money Loans are real... expensive Posted by njdave on September 23, 2002 at 08:40:47:

          I just need to do a few minor repair/remodeling jobs in the house and pay the blasted IRS but I can't find a hard money lender in my state. Or that will loan under 30K.

          : (4)

          • Posted by njdave on September 25, 2002 at 11:32:20:

            In Reply to: I wish I could find one...I'd read the fine print. Posted by tinaj on September 24, 2002 at 23:38:14:

            : I just need to do a few minor repair/remodeling jobs in the house and pay the blasted IRS but I can't find a hard money lender in my state. Or that will loan under 30K.



            : (3)

            • Posted by tinaj on October 08, 2002 at 21:16:17:

              In Reply to: Re: misplaced post (see "shadows" above) nt Posted by njdave on September 25, 2002 at 11:32:20:

              : : I just need to do a few minor repair/remodeling jobs in the house and pay the blasted IRS but I can't find a hard money lender in my state. Or that will loan under 30K.

              In disguise, of course..

              : (2)

              • Posted by Thomas K on October 14, 2002 at 23:40:18:

                In Reply to: thanks----the only ones in our paper are MLM schemes. Posted by tinaj on October 08, 2002 at 21:16:17:

                : : : I just need to do a few minor repair/remodeling jobs in the house and pay the blasted IRS but I can't find a hard money lender in my state. Or that will loan under 30K.

                : In disguise, of course..

                What about getting that $30,000, pay off what you need to pay off, then put it in a high interest earning investment? CD's? GIC's? INGDirect?? ;)Then simply make your payments.. it may cost you but I am sure you could make larger payments to pay it off faster ;)

                The thought factory,Thomas K

                : (1)

                • Posted by tinaj on November 01, 2002 at 23:09:37:

                  In Reply to: Re: thanks----the only ones in our paper are MLM schemes. Posted by Thomas K on October 14, 2002 at 23:40:18:

                  But that is something I hadn't thought of. Can you recommend a good home equity/2nd mortgage lender that will go do 95% equity? I could do that then.

                  : (0)

  • Posted by Donnie on September 22, 2002 at 04:49:49:

    Successful investor in St. Louis that has just begun my full-time career as a REI and I am well connected to various successful REI with years of experience. Just like you I to have invested in many Books, Tapes, and Seminars and I have to agree there are a lot of sources who are profiting from the Information Era.

    I agree with a person who posted a message and who believes that there are many marketers of REI information that know good and well the majority who purchase this information will never take action. However, that’s not their fault, it is up to the individual.

    Take action! I have always been a person to take action on the knowledge I ascertain from creditable sources. If you are a person who needs advice, encouragement, motivation or a partner with local connections, email me and I’ll supply what you need as it relates to REI in St. Louis, MO.

    Anxious to be the ‘pivot’ person is what I am! You might be looking for a person in St. Louis to utilize, I‘m that person. I don’t charge for advice or mentoring, I just want to put together profitable deals for people.

    Why? Money silly. I don’t work for free! I’ll make my money from referral fees, assignment fees, partnership fees, wholesaling, retailing and the like.

    You can count on the fact that I will never charge for advice, encouragement, motivation or information. If you understand the money I make is from putting together deals, then you understand I don’t get paid unless there is an actual Real Estate transaction. Period. (I’m not an Agent, Broker, or Mortgage guy)

    Powerful information is being provided here on this site! So don’t get me wrong, I encourage the continual education and, as we all know education always comes at a price. My philosophy is you can never have enough knowledge because we all know what knowledge is, right?

    I’ve been a ‘Mover & Shaker’ for years and if you wish to know more about me personally and If there is anything I can offer you- take action and email me!

    Donniedkitterman@sbcglobal.net.

    PS- I put my money where my mouth is… the rest goes into Real Estate and the bank!!

    : (0)

  • Posted by ken on September 22, 2002 at 01:12:16:

    I found out on friday that my house was foreclosed upon in july. My wife was really good at keeping this from me, she said she removed the sheriff letter on the window so i wouldnt see it. she handles the bill's, and never told me.I was at work, and my boss ask me about losing my house, when i had no clue what he was talking about, he told me he read it in the paper, and i had better call home and ask my wife, he was right. I had no idea anything was wrong, and right now i'm still hopeing i wake up, and this is a bad dream. My question's are as follow's, if the house was foreclosed upon at the end of july ( dont know the actuall date YET) how long will i have before they come and kick me out? Also, this is an F.H.A. backed loan, will they come after me if the balance wasnt meant at the sale? My wife claim's the mortgage company owns the home (i guess they bought it?)She said that they told her she will receive a letter soon and it will state when we need too be out by.I have no information other then what she tell's me so far, i have too wait till monday too get the detail's. some other details that may help with your advice, I live in , Pennsylvania, it was a 30 yr F.H.A.loan, and i got the house april -1992.Thank you for any help!PS. shouldnt they have at least sent me a certified letter that needs too be signed for by ME, my name was the only one on the loan, i was single when i bought it.PSS. My wife and i will probally seperate after this!

    : (1)

    • Posted by DEBORAH GALES on September 22, 2002 at 03:03:10:

      In Reply to: need helpful advice...worried sick Posted by ken on September 22, 2002 at 01:12:16:

      CAN YOU HELP

      : (0)

  • Posted by Jay on September 21, 2002 at 21:48:36:

    I just have a couple of questions about pre-foreclosure properties.

    1> How does filing for bankruptcy affect the deal? What are the hurdles or obstacles that come from doing this?

    2> Also, in the instance a homeowner hasn't filed for bankruptcy, how can I double-check to make sure they haven't? What methods do you use to uncover a bankruptcy filing (if the homeowner says he hasn't, but you just have a gut feeling about it)?

    I'm just trying to cover some bases before anything ever gets signed. Thanks in advance for the responses.

    : (0)

  • Posted by Joe on September 21, 2002 at 04:20:11:

    Are you willing to trade your property? If so, where and what price? Have investors that will work with you. Will your sellers discount for cash or give seller financing. Need partners in your area to help me find properties. Joe New Genesis Funding jd53@attbi.com

    : (0)

  • Posted by David Garcia on September 20, 2002 at 19:45:30:

    I know of some investors that can help stop foreclosure.

    : (1)

    • Posted by Joe-Chicago on September 23, 2002 at 02:04:24:

      In Reply to: Stop foreclosure! Posted by David Garcia on September 20, 2002 at 19:45:30:

      : : I know of some investors that can help stop foreclosure.

      looking for individuals to manage a foreclosure program in your area. Would you be interested?Joe-Chicago847-571-0765

      : (0)

  • Posted by diana on September 20, 2002 at 00:15:29:

    Hello..I have a home with a 1st,2nd,3rd mortgage. Due to a $900.00 month loss in income, I had to file Chapter 7 2 yrs ago. The home is worth $119. Bal due on 1st: $96, 2nd: $43, 3rd: $11,000. The 1st is current, but I fell behind on the 2nd and 3rd during the BK. Once the BK was discharged, I started making payments on the 2nd, but got behind again due to a large tax bill. I have continued to mail in partial payments, full ones when I could, and they accepted them. Last month, I contacted the 2nd, and 3rd to request loan modification, or to send in partial payments for 6 months (until I pay off IRS), but the holder of the 2nd refused and said take out a new loan to pay them off. They said my home is worth $146. The lenders I have approached have pretty much laughed at my request. The holder of the 3rd has made no response or any contact with me since the BK. Original purchase price: $102,000. Current value: $119.00. What has happenned is, it seems that once I wrote to the holder of the 2nd requesting a workout plan, they immediately began (1 week ago!), sending certified letters every day, barely giving me a chance to pick them up at the post office after work, or respond, accusing me of NOT responding to their numerous requests! The last payment they received was 7/1/02). I sent them proof that I had contacted them 3 weeks ago, that I had always responded and that I had tried to work things out. A day later they sent a letter saying OK, you did respond, but you have not made regular payments, it appears that you can't make regular payments, and we are foreclosing. Today I got another certified notice that I haven't picked up yet, and I'm sure it's a foreclosure notice. I spoke to an attorney who plans to write and request some type of workout arrangement, but now I'm not sure if that will even work. I hate to file BK again, (13), but am at a loss. The interest rate on the 2nd is 19.99%, for 30 years, APR 18%. Doesn't this type of loan fall under the predatory lending law? Do I have any rights? Both 1st and 2nd are conventional loans. The 3rd is variable. Any help would be appreciated.

    : (2)

    • Posted by Bob H on September 20, 2002 at 02:59:16:

      In Reply to: At a loss.. Posted by diana on September 20, 2002 at 00:15:29:

      You have a negative equity of at least $31K, a weighted average interest rate at least double the prevailing rate, and no personal liability on any of the loans.

      The question should be: WHY ARE YOU EVEN CONSIDERING KEEPING THIS HOUSE?

      Mail the 1st mortgage company the keys, and go find a house or apt w/ rental payments you can afford.

      BTW, Forget the predatory lending nonsense - your 2nd mtg holder is going to lose at least $38K and your 3rd all of their balance. I bet they are feeling like someone just had them for lunch.

      : (1)

      • Posted by diana on September 20, 2002 at 10:37:32:

        In Reply to: Throwing good money after bad Posted by Bob H on September 20, 2002 at 02:59:16:

        Thank you so much for responding. Your question: Why keep the house? There is no real reason, other than the fact that it is my first home, it's very nice, I thought I was being independent and all, but turns out, I made a pretty dumb move by taking out those loans.

        You make a good point about giving it back, because I would eventually like to relocate. I have been trying to keep my credit clean since the BK, and I felt that having a foreclosure or another BK would look pretty bad. Besides all that, I need a place to live! My question is...well, you stated mail the keys back to the holder of the 1st, and that I have no personal liability for any of the loans. How is that possible? Is that due to the BK? I did not reaffirm any of these loans, so if that is the case, do I now send in a deed in lieu to the 1st? Ignore the 2nd?

        (And your comment about the "predatory lending nonsense" is funny!)

        Thanks for your help.

        : You have a negative equity of at least $31K, a weighted average interest rate at least double the prevailing rate, and no personal liability on any of the loans.

        : The question should be: WHY ARE YOU EVEN CONSIDERING KEEPING THIS HOUSE?

        : Mail the 1st mortgage company the keys, and go find a house or apt w/ rental payments you can afford.

        : BTW, Forget the predatory lending nonsense - your 2nd mtg holder is going to lose at least $38K and your 3rd all of their balance. I bet they are feeling like someone just had them for lunch.



        : (0)

  • Posted by Dian Ramsey on September 18, 2002 at 19:10:12:

    I have left my marriage and the naritalhome. My husband has been alcoholic and abusive for the last 17 years and has cost us to have a mortgage until I am 79 years old. He had a business that went bad and we had to refinance our home. He does not want to sell and I do not plan on living there again or living with him. I have been told that I can deed my part back to the bank prior to foreclosure and relinquish all asets from the sale of the home. I really don't care about the equity from the house. I would be willing to let him have that to live. My question is do I have to get the bank's OK before I do this or do I just do the quit claim deed. Also does my husband have to sign this as well? I have had lots of advice but no instructions. I have an attorney that will draw up the deed. Also my credit has been within a very few points of being perfect. I was told that a letter could be written to the credit bureau and the bank making explanation of my circumstances. I have credit cards and a home to live in and am making my own bills. Please give me some instructions. I am about at the end of my rope. Thank you for your help in advance

    : (2)

    • Posted by Tina on September 27, 2002 at 16:19:12:

      In Reply to: impending foreclosure of my home Posted by Dian Ramsey on September 18, 2002 at 19:10:12:

      Where do you live?

      : (0)

    • Posted by Bob Azroff on September 18, 2002 at 19:45:53:

      In Reply to: impending foreclosure of my home Posted by Dian Ramsey on September 18, 2002 at 19:10:12:

      : I have left my marriage and the naritalhome. My husband has been alcoholic and abusive for the last 17 years and has cost us to have a mortgage until I am 79 years old. He had a business that went bad and we had to refinance our home. He does not want to sell and I do not plan on living there again or living with him. I have been told that I can deed my part back to the bank prior to foreclosure and relinquish all asets from the sale of the home. I really don't care about the equity from the house. I would be willing to let him have that to live. My question is do I have to get the bank's OK before I do this or do I just do the quit claim deed. Also does my husband have to sign this as well? I have had lots of advice but no instructions. I have an attorney that will draw up the deed. Also my credit has been within a very few points of being perfect. I was told that a letter could be written to the credit bureau and the bank making explanation of my circumstances. I have credit cards and a home to live in and am making my own bills. Please give me some instructions. I am about at the end of my rope. Thank you for your help in advance

      You may sign a quit claim deed to the lender, however, are simply foregoing legal claim to the real property. A quit claim deed does nothing to extinguish your obligation to pay monthly payments. Rember, you signed the note pledging to make the monthly payments. The mortgage is the instrument that allows the bank to recover the property to satisfy the note obligation if you do not pay.



      : (0)

  • Posted by michelle on September 18, 2002 at 15:17:44:

    I live in Va.

    : (2)

    • Posted by CarlosJudy on November 01, 2002 at 20:29:34:

      In Reply to: How do I find preforeclosures? Posted by michelle on September 18, 2002 at 15:17:44:

      : I live in Ca.

      : (0)

    • Posted by Joe - Chicago on September 23, 2002 at 02:07:07:

      In Reply to: How do I find preforeclosures? Posted by michelle on September 18, 2002 at 15:17:44:

      : I live in Va.

      Have a program whereby foreclosures call you. Need partners in all parts of U.S. Send e-mail to jd53@attbi.com for detailsJoe-Chicago847-571-0765

      : (0)

  • Posted by SOPHIA MICHAILIDOU on September 18, 2002 at 14:25:36:

    I OWN A PIECE OF LAND OF 14.000 SQUARE METRES DIVIDED IN THREE LOTS THAT CAN BE DEVELOPED SEPARATELY.THE LAND IS AVAILABLE ONLY FOR RENT.IF YOU ARE INTERESTED THEN I CAN GIVE YOU MORE INFORMATIONS.

    : (1)

    • Posted by Joe on September 21, 2002 at 04:17:24:

      In Reply to: I AM LOOKING FOR INVESTORS Posted by SOPHIA MICHAILIDOU on September 18, 2002 at 14:25:36:

      : I OWN A PIECE OF LAND OF 14.000 SQUARE METRES DIVIDED IN THREE LOTS THAT CAN BE DEVELOPED SEPARATELY.THE LAND IS AVAILABLE ONLY FOR RENT.IF YOU ARE INTERESTED THEN I CAN GIVE YOU MORE INFORMATIONS.

      Are your investors willing to trade up? Ifthey will trade for other property, and if so, where and what price? Will they discount for cash or give seller financing. I'm looking for a partner in your area to help me find properties. Joe New Genesis Funding Jd53@attbi.com





      : (0)

  • Posted by Jen on September 18, 2002 at 10:59:41:

    This is not about a house so I hope no one minds:)I am going to a sheriff’s sale on a vehicle. The sheriff has already impounded the vehicle. The husband is being sued for a debt he owes, but not his wife. His name is the only one listed in the paper for the sheriff’s sale. They are both listed on the title of the vehicle. Here’s my question-If we buy the vehicle at the auction does she still own half of it or do we get it free and clear? Are there any other things I should watch out for?



    : (0)

  • Posted by Dana on September 18, 2002 at 10:38:49:

    My husband and I have lived in our house for over 8 years. Due to financial difficulties we are being foreclosed on. My question is...can the mortgage company go after bank accounts or attach pay checks? And even worse, can the mortgage company go after my small retail store? Please advise! Thanks.

    : (1)

    • Posted by Reinstatement Services, Inc. on September 18, 2002 at 12:48:20:

      In Reply to: We're being forclosed on. Can they go after bank accounts? Posted by Dana on September 18, 2002 at 10:38:49:

      We need to know in which state the property is located.

      : (0)

  • Posted by rankinhdbk on September 18, 2002 at 02:22:10:

    I will be foreclosed upon tomorrow. How long do I have to get out. And the stove and dishwasher was ehre when we had the house built. They are part of the mortgage. Can I take those? Who do they belong to?

    : (1)

    • Posted by Jim V on September 18, 2002 at 13:51:46:

      In Reply to: Foreclose tomorrow/ stuff inside Posted by rankinhdbk on September 18, 2002 at 02:22:10:

      : I will be foreclosed upon tomorrow. How long do I have to get out. And the stove and dishwasher was ehre when we had the house built. They are part of the mortgage. Can I take those? Who do they belong to?

      Once the foreclosure sale is held and a new owner has title to the property, they can begin eviction proceedings. Eviction will commonly take 30-60 days. If the lender ends up owning the property, it might be longer than that because some lenders don't work very quickly on their REOs. Also, if redemption periods apply in your state, you might be able to stay through the redemption period.Stoves and dishwashers are considered fixtures(attached to the property), so they stay with the property.

      : (0)

  • Posted by goldylocks on September 17, 2002 at 22:49:09:

    Isn't the mortgage company suppose to notify you by mail when the mortgage company's intention is to foreclose???

    I'm asking because I was never notified about forclosure. I am on the 3rd month behind, when I sent in all my payments the mortgage company sent back the money claiming they would not accept partial payments. Upon me receiving the letter, I contacted the mortgage company and found out I was in forclosure and they requested me to pay attorney fees of $1900.00 to reinstate. Hope to get an answer soon. Many Thanks.

    : (4)

    • Posted by Reinstatement Services, Inc. on September 18, 2002 at 13:01:08:

      In Reply to: Help with question Posted by goldylocks on September 17, 2002 at 22:49:09:

      Probably the hard copy of the NOD will arrive shortly via certified mail. At this juncture, a court would more than likely rule no harm, no foul.

      Finally, your time could be much better spent by working to obtain a workout from your lender that will allow you to move towards full reinstatement, assuming you do not have the extra $1900 needed to address the legal fees that are now being required.

      : (3)

      • Posted by goldylocks on September 18, 2002 at 15:24:02:

        In Reply to: Sounds like you were notified Posted by Reinstatement Services, Inc. on September 18, 2002 at 13:01:08:





        I was never notified and have not been notified to date of a forclosure. I learned about it when my check was returned. About your answer, a court would more than likely rule no harm, no foul. What do you mean exactly?, I don't quite understand.

        I have checked with an attorney, about the legal fee charges, it was suggested to write a certified letter to the mortgage co and send in all the payments due only with no legal fee amount demanding them to take payment due to the fact that I was never notified legally of a forclosure. If it does not work, then legal action will be done. Have you any comments on this???

        : Probably the hard copy of the NOD will arrive shortly via certified mail. At this juncture, a court would more than likely rule no harm, no foul.

        : Finally, your time could be much better spent by working to obtain a workout from your lender that will allow you to move towards full reinstatement, assuming you do not have the extra $1900 needed to address the legal fees that are now being required.



        : (2)

        • Posted by goldylocks on September 18, 2002 at 20:56:02:

          In Reply to: Re: Sounds like you were notified Posted by goldylocks on September 18, 2002 at 15:24:02:

          Thank you for your time and responses. I will take care of this immediately. A friend was able to lend me the $1900. I will send it in and end the forclosure. Will let you know how it worked out.Thanks so much and your help is greatly appreciated.

          : : I was never notified and have not been notified to date of a forclosure. I learned about it when my check was returned. About your answer, a court would more than likely rule no harm, no foul. What do you mean exactly?, I don't quite understand.

          : I have checked with an attorney, about the legal fee charges, it was suggested to write a certified letter to the mortgage co and send in all the payments due only with no legal fee amount demanding them to take payment due to the fact that I was never notified legally of a forclosure. If it does not work, then legal action will be done. Have you any comments on this???

          : : : Probably the hard copy of the NOD will arrive shortly via certified mail. At this juncture, a court would more than likely rule no harm, no foul.

          : : Finally, your time could be much better spent by working to obtain a workout from your lender that will allow you to move towards full reinstatement, assuming you do not have the extra $1900 needed to address the legal fees that are now being required.



          : (0)

        • Posted by Reinstatement Service, Inc. on September 18, 2002 at 15:34:05:

          In Reply to: Re: Sounds like you were notified Posted by goldylocks on September 18, 2002 at 15:24:02:

          The fact that you were able to post in this forum and consult an attorney suggests that you have knowledge of a pending foreclosure action. That fact cannot be argued.

          You might follow the attorney's advice, however, more than likely you will again have the funds returned. Your lender is within his legal right to require full payment prior to reinstating your loan. As long as your loan remains in default and the foreclosure process continues...you will lose after all is said and done.

          Don't get hung up on matters that are inconsequential. Make payment arrangements with your lender's loss mitigation department and put this behind you.

        • Default andForeclosure Mediation


        : (0)

  • Posted by Nancy Williams on September 17, 2002 at 22:10:29:

    We sold our triplex and they are not making their mortgage payments. How long do we have to give them before we start foreclosure proceedings. How do we go about it?

    : (1)

    • Posted by Ward-CA- on September 18, 2002 at 02:43:50:

      In Reply to: Foreclosure - How To? Posted by Nancy Williams on September 17, 2002 at 22:10:29:

      : We sold our triplex and they are not making their mortgage payments. How long do we have to give them before we start foreclosure proceedings. How do we go about it?=============

      Nancy,

      Technically, you can start a foreclosure proceeding after the expiration of the grace period and a late charge can be imposed. Generally that's 10 to 15 days after the payment was due. ============= Nancy, Technically, you can start a foreclosure proceeding after the expiration of the grace period and a late charge can be imposed. Generally that's 10 to 15 days after the payment was due.

      : (0)

  • Posted by atlstyles on September 17, 2002 at 20:32:05:

    I have a guy who's willing to pay me to find property preferably in forclosure.Where do I start seeing as I just lost my job?!

    : (2)

    • Posted by atlstyles on September 17, 2002 at 21:10:00:

      In Reply to: finding a list of preforclosed houses Posted by atlstyles on September 17, 2002 at 20:32:05:

      : I have a guy who's willing to pay me to find property preferably in forclosure.Where do I start seeing as I just lost my job?!(TO HELP PLEASE E-MAIL) atlstyles@msn.com



      : (0)

    • Posted by atlstyles on September 17, 2002 at 20:38:31:

      In Reply to: finding a list of preforclosed houses Posted by atlstyles on September 17, 2002 at 20:32:05:

      : I have a guy who's willing to pay me to find property preferably in forclosure.Where do I start seeing as I just lost my job?! HELP ME OUT ON THIS AND WE CAN SPLIT THE PROFIT 50-50. LOCATED IN ATL GA.

      : (0)

  • Posted by frank on September 17, 2002 at 14:29:44:

    anyone know of a link where to get a listing of foreclosers for all of ca. LMK Thanks

    : (2)

    • Posted by steve burris on November 14, 2002 at 16:28:47:

      In Reply to: CA. forecloser list?? Posted by frank on September 17, 2002 at 14:29:44:

      : anyone know of a link where to get a listing of foreclosers for all of okla. LMK Thanks



      : (0)

    • Posted by Joe-Chicago on September 23, 2002 at 02:12:32:

      In Reply to: CA. forecloser list?? Posted by frank on September 17, 2002 at 14:29:44:

      : anyone know of a link where to get a listing of foreclosers for all of ca. LMK Thanks

      Have a program that whereby individuals in foreclosure will call you. Looking for individuals to work program nationwide. Send e-mail to jd53@attbi.com for more details.Joe-Chicago 847-571-0765

      : (0)

  • Posted by Roger Check on September 17, 2002 at 03:38:02:

    Hi,

    I am planning to go for the Trustee sale of a property in CA . Issue is I havent got the Title details on the property. I went to the county record's office and saw the documents under the name of the owner. My understanding is that if there is a lien on the property then it needs to be registered with the local county office.

    Can I rely on just the information in the county office based on all the documents recorded under the owners name.

    Also in California can i take a pre-approval and like a down payment cashier's check for the sale auction.

    thanks,roger

    : (2)

    • Posted by Ward-CA- on September 18, 2002 at 02:30:29:

      In Reply to: Foreclosure - CA - County records Posted by Roger Check on September 17, 2002 at 03:38:02:

      : Hi,

      : I am planning to go for the Trustee sale of a property in CA . Issue is I havent got the Title details on the property. I went to the county record's office and saw the documents under the name of the owner. My understanding is that if there is a lien on the property then it needs to be registered with the local county office.

      : Can I rely on just the information in the county office based on all the documents recorded under the owners name.

      : Also in California can i take a pre-approval and like a down payment cashier's check for the sale auction.

      : thanks,: roger

      =•=•=•=•=•=•=•=•=•=•=•=

      Roger,

      You have to research the title of the property in the county recorder’s office as far back in time as it takes to find a point where the property was free and clear. You may be able to find that point in time under the current owner’s name or you may actually have to go back in time to earlier owners to find it.

      Once you find where the title to the property was free and clear then you have to come forward and resolve whether or not the liens you found are now paid off or still outstanding.

      The unpaid liens, both the voluntary ones and involuntary ones, are ranked by the order in which they were recorded. The oldest are more superior than the newer ones.

      Determine the ranking of the lien you’re following. Any lien superior to it will remain against the property after the foreclosure sale, whereas any lien junior to it will be wiped off the title of the property by the foreclosure auction.

      CA’s foreclosure procedure requires that you immediately pay-in-full any winning bid you make at a foreclosure auction.

      Hope this helps.



      : (0)

    • Posted by Rebrokr on September 17, 2002 at 21:27:22:

      In Reply to: Foreclosure - CA - County records Posted by Roger Check on September 17, 2002 at 03:38:02:

      : Hi,

      : I am planning to go for the Trustee sale of a property in CA . Issue is I havent got the Title details on the property. I went to the county record's office and saw the documents under the name of the owner. My understanding is that if there is a lien on the property then it needs to be registered with the local county office.

      : Can I rely on just the information in the county office based on all the documents recorded under the owners name.

      : Also in California can i take a pre-approval and like a down payment cashier's check for the sale auction.

      : thanks,: roger



      : (0)

  • Posted by Patricia on September 14, 2002 at 18:56:42:

    The last message wrongly accused your company so I apologize and want to correct the name to Independent Securing Services at 840 NW 144 ST N. Miami, FL Phone #(305)681-0319. Thank You again!

    : (0)

  • Posted by Patricia on September 14, 2002 at 18:39:13:

    I just recently moved in the property and a few weeks prior to this we saw a notice of foreclosure and asked the Landlord about it, he said it was already taken care of and there were no problems. Now, I have moved in and there is a problem with the water so therefore I am not living actually on the property but I am there everyday. Today my husband went by and someone was mowing the lawn so he stopped and asked the guy about this and who was paying him to do so. The guy in return showed the order of service to him with your company name and address, I just need to know the truth and what I have to do from here. Please help me in this matter. Thank You in advance!!!

    : (3)

    • Posted by Stephanie CAbrera on September 16, 2002 at 16:41:36:

      In Reply to: Is my house in foreclosure? Posted by Patricia on September 14, 2002 at 18:39:13:

      : I just recently moved in to a house for sale this April. The only contact we had was from a property managemnet who seemed overly friendly. For the first three months, everything seemed fine. We paid rent on time. Then it became dificult for us to locate the man who claims to manage the property. Then we were informed that the office had closed, then merged and changed names. The month of august the management guy asked us for cash and stated that it was to ix up the place. When we refused, he was not to happy. We started to suspect that there was something wrong when the next door neighbor told us that the property guy mentioned to her that she should save her rent because the owner was in prison. Needsless to say thta we refused to pay this months rent after he told us that he was quiting and that this was the last time he was collecting rent. There is something wrong. My boss ran the title and it showed that there is a mechanical lien on the property. Are we being scammed? We pay $1,200.00 a month for a f.5 bedroom house. What is the possibility of us getting evicted by the bank who forcloses on it or Reposseses the property> How do I check who the property belongs to?>> Please help us. We have children and family and we need to avoid any possible problems. Thank you.

      : (2)

      • Posted by njdave on September 16, 2002 at 18:21:44:

        In Reply to: Re: Is my house in foreclosure? Posted by Stephanie CAbrera on September 16, 2002 at 16:41:36:

        I assume that you have a lease agreement which requires you to pay rent. Simply because the landlord is in prison or the management office has closed doesn't change your obligation to pay rent.

        Open a special savings account, and pay your rent into that account. Make the deposits as if you were sending the rent to the landlord. Don't make any withdrawals, unless it's via certified funds to pay the rent.

        You may be notified that the home is in foreclosure in which case you can send the Plaintiff a copy of the lease agreement. They might seek a court appointed rent receivor... and you'll then know where to send the rent. Or, you may be notified by the landlord that your rent is past due.

        You can always request, in writing from the landlord, proof that he has the authority to offer the property for lease.

        : (1)

        • Posted by dejano on September 17, 2002 at 21:35:29:

          In Reply to: Re: Is my house in foreclosure? Posted by njdave on September 16, 2002 at 18:21:44:

          : I assume that you have a lease agreement which requires you to pay rent. Simply because the landlord is in prison or the management office has closed doesn't change your obligation to pay rent.

          : Open a special savings account, and pay your rent into that account. Make the deposits as if you were sending the rent to the landlord. Don't make any withdrawals, unless it's via certified funds to pay the rent.

          : You may be notified that the home is in foreclosure in which case you can send the Plaintiff a copy of the lease agreement. They might seek a court appointed rent receivor... and you'll then know where to send the rent. Or, you may be notified by the landlord that your rent is past due.

          : You can always request, in writing from the landlord, proof that he has the authority to offer the property for lease.

          To find who the legal owner is, contact the tax assesor's office for the county you live in. Look under County Government in the front of the phone book white pages. You may have to go to their office to look it up. Call and ask.

          : (0)

  • Posted by J. Lanava, RSI on September 14, 2002 at 17:32:54:

    With our apology for its duration ---this will be a lengthy but interesting read. On September 12, RSI received notification that a response to a prior posting had been generated. Following discussion board protocol, one of our mediators reviewed the response and posted further clarification.

    The following account is a mirror outline [verbatim] of what transpired in private emailing initiated by one Brian Smolnick [hard copies of the emails are available for review if desired]. For sensor purposes, you should also be aware of offensive language contained at the end of the text.

    Sadly, there are those individuals out there under the guise of ?help? who ultimately offer nothing but hatred and destruction. The opinion we were able to formulate of Brian leaves us with an uneasy feeling. It is with this in mind that the correspondence is being published publicly. Perhaps we are overreacting. You be the judge.

    J. Lanava, RSI

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

    Brian has posted a response to your message titledRe: Michigan foreclosure next week---How long? in Foreclosure Discussion.

    The posted reply can be found at the following URL:http://www.all-foreclosure.com/wwwboard/messages/7004.html

    If the reply pertains to an ongoing discussion, it isrequested you go to the above URL to post any response.

    The posted reply reads as follows:

    Dated : September 13, 2002 at 02:37:50Subject: Re: Michigan foreclosure next week---How long?

    : Jason, I was with you up until you said the mortgagor would have 6 weeks to move out [perhaps a typo?]. Additionally, there are qualifiers regarding the actual length of the redemption period.

    : A 6 month redemption period applies EXCEPT:: 1. If the security instrument is older than 01/1965: 2. If the property is larger than 3 acres: 3. If 1/3 of the outstanding principal balance has been paid.

    : If any of the afore mentioned qualifiers apply then the redemption period is 12 months.

    : If the property has been abandoned then the redemption period is 3 months...although the mortgagee can petition to have the time reduced.

    : According to Michigan law mortgagors are entitled to full possession of property, including rents and/or profits, during the redemption period.

    : RE: Eviction - a Summons and Complaint is filed w/ the Court. A schedule for hearing will be determined depending upon the court's caseload but usually within 30 days. The court will establish a vacate date. If the holdover refuses to vacate by the date determined then the court is petitioned for a Writ of Restitution. Once the Writ is secured then a bailiff/or other law enforcement representative will remove the holdover tenants.

    wow you are both wrong lol they can take over the home if left after only 1 month !!!!! look if you need some free quality advice in michigan call me not thse other guys who dont live in michigan or either dont even know the basic laws call Brian at (248) 390-6262

    ------------------------------------------------Posted by Reinstatement Services, Inc. on September 13, 2002 at 11:47:28:In Reply to: Re: Michigan foreclosure next week---How long? posted by Brian on September 13, 2002 at 02:37:50:Brian, in your haste to pitch a sale [there's no such thing as free] you overlooked the paragraph in our posted response that states:"If the property has been abandoned then the redemption period is 3 months...although the mortgagee can petition to have the time reduced."Based on the way you have handled this posting, and in effort to give you the opportunity to assuage some suspicions that have arisen as a result, why don't you tell us a little about yourself. What type of work do you do? For how long? What is your specialty? How would an individual holding a troubled mortgage loan benefit by giving you a call? In your post, you referenced 'basic laws'. Can you cite the source from which you've based your information? Please indicate the exact legal reference which states, "They can take over the home if left after only have far less interest in being right than I do in securing accurate, timely information for homeowners holding distressed loans. So, if you can submit to me an independent, written, recognized authority that holds more weight than Michigan's legal system then by all means do so. As J.D.s, Ph.D.s, Ed.Ds, MBAa, etc....we at RSI are more than willing to learn.

    And if you THINK for one minute that presentation doesn't count...then you're wrong. Something else, perhaps, you should consider researching.

    I appreciate the banter. It's been entertaining.

    Dr. Karen D. LysikMediator-------------------------------------------------------------------------------------Sent in a Private email on 9/13 (11:44 p.m.) to Client-relations@ gmail.com from VVVBrianVV@aol.com

    ONLY SUCH A SILLY POST COULD COME FROM A FEMALE Figures and i will tell you again forget about an out dated case law I am telling you call Trott and Trott and find out yourself troty and troty is in southfield michigan they do 95% of all foreclosures in the state and honestly if you are too dumb to read run on setences and bad spelling then i dont want to deal with you anyway lol...

    all kidding aside this law of 30 days abandonment is written in every legal news in michigan and the standard redemption period is 6 months unless the home owner has more then 2 3rds equity then it's 12 months. get your facts straight before you try to advise everyone in the whole god dam country about every states laws

    I dont care about being right so much i care that you are not hurting my nieghbors here in michigan with your ignorant claims

    Sincerely,

    Brian Smolnick

    Community Home Funding-----------------------------------------------------------------------------------------Sent in a Private email on 9/13 (11:45 p.m.) to Client-relations@ gmail.com from VVVBrianVV@aol.com

    also figures you went to school for a long time and became a dr cunt proving again that any idiot or woman can become an educated direlect :o)





    : (5)

    • Posted by njdave on September 14, 2002 at 22:24:56:

      In Reply to: For Public Review and Comment Posted by J. Lanava, RSI on September 14, 2002 at 17:32:54:

      I've had a miserable day. Actually, I found this to be quite entertaining. The "figures it's written by a female" reference was pretty funny. When I got to the 'c' word... I chuckled. In fact, I laughed. Not because I found it offensive, (it was inappropriate) but I know how my wife would react... years ago she would have reacted differently.... retreating into a cloud of self-doubt. But today.... she is self confident (both professionally and privately) and knows that all people don't communicate as we would like.

      We all know that Dr. K and RSI know their stuff. I'll bet that she didn't take the vulgarity personally..... or too seriously. In fact, I hope she enjoyed a laugh, too.

      : (3)

      • Posted by K. Lysik, RSI on September 16, 2002 at 12:19:17:

        In Reply to: Re: Thank you Posted by njdave on September 14, 2002 at 22:24:56:

        Dave...I figured a really powerful and imposing 'one' had eaten him live in the past and he just never recovered.

        I understand fear and weakness. This guy is a textbook example. I shudder to think what his interpersonal relationships with women must be like. Or perhaps, he's been able to find comfort by seeking relationships with men.

        : (0)

      • Posted by njdave on September 15, 2002 at 09:38:42:

        In Reply to: Re: Thank you Posted by njdave on September 14, 2002 at 22:24:56:

        The use of the "c" word is an act of sexual harrasment meant to control, demean, and intimidate.

        : (1)

        • Posted by tinaj on September 24, 2002 at 23:36:17:

          In Reply to: Re: one more thing Posted by njdave on September 15, 2002 at 09:38:42:

          He has to stick with the basics. that's why he keeps missing his lithium - 7 letters!

          : (0)

    • Posted by Nancy on September 14, 2002 at 19:30:23:

      In Reply to: For Public Review and Comment Posted by J. Lanava, RSI on September 14, 2002 at 17:32:54:

      What a jerk. This guy should be reported to the governing lending authority for his state. On second thought, he's probably not licensed.

      : With our apology for its duration ---this will be a lengthy but interesting read. On September 12, RSI received notification that a response to a prior posting had been generated. Following discussion board protocol, one of our mediators reviewed the response and posted further clarification.

      : The following account is a mirror outline [verbatim] of what transpired in private emailing initiated by one Brian Smolnick [hard copies of the emails are available for review if desired]. For sensor purposes, you should also be aware of offensive language contained at the end of the text.

      : Sadly, there are those individuals out there under the guise of ?help? who ultimately offer nothing but hatred and destruction. The opinion we were able to formulate of Brian leaves us with an uneasy feeling. It is with this in mind that the correspondence is being published publicly. Perhaps we are overreacting. You be the judge.

      : J. Lanava, RSI

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

      : Brian has posted a response to your message titled: Re: Michigan foreclosure next week---How long? in Foreclosure Discussion.

      : The posted reply can be found at the following URL:: http://www.all-foreclosure.com/wwwboard/messages/7004.html

      : If the reply pertains to an ongoing discussion, it is: requested you go to the above URL to post any response.

      : The posted reply reads as follows:

      : Dated : September 13, 2002 at 02:37:50: Subject: Re: Michigan foreclosure next week---How long?

      : : Jason, I was with you up until you said the mortgagor would have 6 weeks to move out [perhaps a typo?]. Additionally, there are qualifiers regarding the actual length of the redemption period.

      : : A 6 month redemption period applies EXCEPT:: : 1. If the security instrument is older than 01/1965: : 2. If the property is larger than 3 acres: : 3. If 1/3 of the outstanding principal balance has been paid.

      : : If any of the afore mentioned qualifiers apply then the redemption period is 12 months.

      : : If the property has been abandoned then the redemption period is 3 months...although the mortgagee can petition to have the time reduced.

      : : According to Michigan law mortgagors are entitled to full possession of property, including rents and/or profits, during the redemption period.

      : : RE: Eviction - a Summons and Complaint is filed w/ the Court. A schedule for hearing will be determined depending upon the court's caseload but usually within 30 days. The court will establish a vacate date. If the holdover refuses to vacate by the date determined then the court is petitioned for a Writ of Restitution. Once the Writ is secured then a bailiff/or other law enforcement representative will remove the holdover tenants.

      : : wow you are both wrong lol they can take over the home if left after only 1 month !!!!! look if you need some free quality advice in michigan call me not thse other guys who dont live in michigan or either dont even know the basic laws call Brian at (248) 390-6262

      : ------------------------------------------------: Posted by Reinstatement Services, Inc. on September 13, 2002 at 11:47:28:: In Reply to: Re: Michigan foreclosure next week---How long? posted by Brian on September 13, 2002 at 02:37:50:: Brian, in your haste to pitch a sale [there's no such thing as free] you overlooked the paragraph in our posted response that states:: "If the property has been abandoned then the redemption period is 3 months...although the mortgagee can petition to have the time reduced.": Based on the way you have handled this posting, and in effort to give you the opportunity to assuage some suspicions that have arisen as a result, why don't you tell us a little about yourself. What type of work do you do? For how long? What is your specialty? How would an individual holding a troubled mortgage loan benefit by giving you a call? : In your qualifiers? Please fax the information directly to my attention at the above fax number provided. If more convenient, you can email me with a URL that supports your 30 day claim.

      : Contrary to what you might believe, Brian, I have far less interest in being right than I do in securing accurate, timely information for homeowners holding distressed loans. So, if you can submit to me an independent, written, recognized authority that holds more weight than Michigan's legal system then by all means do so. As J.D.s, Ph.D.s, Ed.Ds, MBAa, etc....we at RSI are more than willing to learn.

      : And if you THINK for one minute that presentation doesn't count...then you're wrong. Something else, perhaps, you should consider researching.

      : I appreciate the banter. It's been entertaining.

      : Dr. Karen D. Lysik: Mediator: -------------------------------------------------------------------------------------: Sent in a Private email on 9/13 (11:44 p.m.) to Client-relations@ gmail.com from VVVBrianVV@aol.com

      : : ONLY SUCH A SILLY POST COULD COME FROM A FEMALE Figures and i will tell you again forget about an out dated case law I am telling you call Trott and Trott and find out yourself troty and troty is in southfield michigan they do 95% of all foreclosures in the state and honestly if you are too dumb to read run on setences and bad spelling then i dont want to deal with you anyway lol...

      : all kidding aside this law of 30 days abandonment is written in every legal news in michigan and the standard redemption period is 6 months unless the home owner has more then 2 3rds equity then it's 12 months. get your facts straight before you try to advise everyone in the whole god dam country about every states laws

      : I dont care about being right so much i care that you are not hurting my nieghbors here in michigan with your ignorant claims

      : : Sincerely,

      : Brian Smolnick

      : Community Home Funding: -----------------------------------------------------------------------------------------: Sent in a Private email on 9/13 (11:45 p.m.) to Client-relations@ gmail.com from VVVBrianVV@aol.com

      : also figures you went to school for a long time and became a dr cunt proving again that any idiot or woman can become an educated direlect :o)



      : (0)

  • Posted by Mary E. Lopez on September 13, 2002 at 19:44:18:

    My house is in the process of being foreclosed, October 1, 2002. I don't know what to expect. I filed a Chapter 13 in November 2001, but could not keep up with the payments or the house note, so the courts closed the case. Help?

    : (1)

    • Posted by tinaj on September 14, 2002 at 12:57:45:

      In Reply to: Foreclosure of home Posted by Mary E. Lopez on September 13, 2002 at 19:44:18:

      If you did, this sounds like a real good time to ask him for help. also, post what state you live in and some numbers - how much are you behind on your mortgage? do you know what the house would appraise for? - to see if that will help someone else help you.

      As far as foreclosure after a failed ch. 13 - I don't know, but this seems like a really good time for professional advice to me. Good luck.

      : (0)

  • Posted by Julie on September 13, 2002 at 18:00:21:

    Not sure what to do. We have an offer for a 'short sale', that is $12,000 short on the first mortgage. Can the first or second mortgage, file a deficiency suit against us for the difference after a 'short sale'? In Arizona, if we forclose on a property like ours, (33-814-F.G. Action to recover balance after sale or foreclosure), they can not file a deficiency suit against us. We can't afford to carry a debt after the sale. Need to know if we need to forclose instead?

    : (2)

    • Posted by njdave on September 13, 2002 at 21:08:29:

      In Reply to: short sale deficiency Posted by Julie on September 13, 2002 at 18:00:21:

      Julie, it's not a "short sale" offer from the Buyer, even though their offer isn't enough to pay off your debts. It's simply an offer that you may or may not be able to consider. If you have laid the foundation for a pre-approved short sale, you may have a chance. The process can take from 45 to 120 days for an approval, then whatever closing requirements are normal for your area. In response to your private email inquiry... what makes your property exempt from their pursuit from a deficiency? Is it a zoo?

      : (1)

      • Posted by Julie on September 13, 2002 at 21:38:11:

        In Reply to: Re: short sale deficiency Posted by njdave on September 13, 2002 at 21:08:29:

        : Julie, it's not a "short sale" offer from the Buyer, even though their offer isn't enough to pay off your debts. It's simply an offer that you may or may not be able to consider. If you have laid the foundation for a pre-approved short sale, you may have a chance. The process can take from 45 to 120 days for an approval, then whatever closing requirements are normal for your area. In response to your private email inquiry... what makes your property exempt from their pursuit from a deficiency? Is it a zoo?

        No, 'scottzookeeper' refers to my large family. I have 9 children, 8 of which are boys.

        As far as the deficiency suit. I am refering to Arizona law 33-814 - Action to recover balance after sale, section F and G.

        "F. A deed of trust may, by express language, validly prohibit the recovery of any balance due after trust property is sold pursuant to the trustee's power of sale, or the trust deed is foreclosed in the manner provided by law for the foreclosure of mortgages on real property.G. If trust property of two and one-half acres or less which is limited to and utilized for either a single one-family or a single two-family dwelling is sold pursuant to the trustee's power of sale, no action may be maintained to recover any difference between the amount obtained by sale and the amount of the indebtedness and any interest, costs and expenses."

        The home in question fits these requirements. However I was unclear how going through a 'short sale' may affect us financially, as far as repaying the mortgages.



        : (0)

  • Posted by Tinaj on September 12, 2002 at 21:34:56:

    We live in a small town with a weekly paper. Yesterday when it came out, my mother saw that one of our friends has not paid her real estate taxes in 3 years and her home will be sold on 9-17. I know that's not a lot of time. The total due is 1450.00 - not much unless you don't have it, right?Are there any feasible options? Her parents won't or can't help her. Her ex-husband pays child support when he feels like it. She has worked full-time as a nurse for over 20 years. I don't know how her credit is, but I'd imagine if she is in this situation it must be pretty bad. My mother and I have known her for 30+ years, and my mother used to work with her. She has two children.We don't have any money to loan her. I doubt the local banks would work with her - they only loan money to people who don't need it. Is there any hope?I can tell you first-hand it is hard to raise children and pay bills when you are a single mom with no child support. I can easily see how she got into this position. Just hoping some of my friends here might have some insight. Thanks.

    : (4)

    • Posted by Reinstatement Services, Inc. on September 13, 2002 at 14:00:37:

      In Reply to: Need help for a friend whose house is being sold for tax... Posted by Tinaj on September 12, 2002 at 21:34:56:

      She can also approach the assessor's office and request a repayment schedule to address the delinquent taxes. This might be the most logical approach with the best possible outcome for success.

      : (1)

      • Posted by tinaj on September 13, 2002 at 21:51:26:

        In Reply to: Repayment Schedule - another option Posted by Reinstatement Services, Inc. on September 13, 2002 at 14:00:37:

        : She can also approach the assessor's office and request a repayment schedule to address the delinquent taxes. This might be the most logical approach with the best possible outcome for success.



        : (0)

    • Posted by njdave on September 13, 2002 at 08:49:10:

      In Reply to: Need help for a friend whose house is being sold for tax... Posted by Tinaj on September 12, 2002 at 21:34:56:

      Simply because her name was posted doesn't necessarily mean that the home will be exposed for sale. What state? The laws and customs differ from state to state.

      Does she own the home free and clear? Chances are that if there is a mortgagee, that mortgagee will step up and pay the taxes that are due... and either tack the additional "loan" onto the mortgage, &/or initiate foreclosure proceedings.



      : (1)

      • Posted by tinaj on September 13, 2002 at 11:42:42:

        In Reply to: Re: perhaps Posted by njdave on September 13, 2002 at 08:49:10:

        it's in Arkansas. This is just a listing of about 20 properties that will be sold on 9-17, not the list they post every fall about who all didn't pay their taxes on time. She does not own the home free and clear, but I didn't know that the mortgage co. might do this. I'll pass that along. Thanks!

        If she didn't want to go to the mortgage go for fear they'd foreclose - I dont know if she is current on her payments or anything - is there anywhere that would give her a loan to pay the taxes? $1450 isn't that great a sum, unless of course you don't have it. She has sufficient equity in the home for a home equity loan, but she needs the money about last week.Thanks for your help.

        : (0)

  • Posted by Rich on September 12, 2002 at 12:32:17:

    I'm looking to either pick up a foreclosed condo inside the perimeter or help someone before the reach foreclosure. Under 100k. Email me at richwilsonwriter@yahoo.com. I'll probably take the first best offer, if it meets expectations. Have mortgage company ready and waiting.

    : (0)

  • Posted by Elizabeth Hernandez on September 12, 2002 at 01:00:01:

    I owned a home in L.B. Ca and was sent on assignment to another state when I made that decision I rented the property. I received one payment in 14 months. During this time I still tried to maintain. I went through all legal processes of evicition, sheriff the whole thing. In the meantime I lost over 11,000 dollars. Plus when they moved out they stole my regerigerator, dishwasher, doors and you name it. In the meantime the house was put on auction by the bank. I have never heard anything and I don't know what legal rights I may have. Please I need help as I currently live in another state.

    : (0)

  • Posted by Elizabeth Hernandez on September 12, 2002 at 00:51:05:

    I owned a home in Long Beach Ca. While I was out of town on a business assignment I rented the property. I received only one payment in 14 months. I tried to evict. Went through all the necessary steps to no avail. During this process I was owed over $11,000. When I finally did get them to move they stole my referigerator, dishwasher, doors and you name it. In the meantime the bank put the house up for auction. I don't know what it sold for I just know that I lost a great deal of money. Is there anyway to sue for the loss of my home and the equity which was well over one hundred thousand dollars. I live in another state which i feel very helpless.

    : (1)

    • Posted by Reinstatement Services, Inc. on September 12, 2002 at 13:24:07:

      In Reply to: foreclosure Posted by Elizabeth Hernandez on September 12, 2002 at 00:51:05:

      I'm not certain which party you might be considering bringing legal action against, Elizabeth, but based on the information you've disclosed it doesn't sound as if you'd have much of a case [for getting your property back or the equity it held].

      The fact that your renter was not paying you would have no bearing on your failure to honor the terms of your mortgage loan contract with your lender. They are two separate issues, although I understand that perhaps you were depending on the proceeds generated by the rental to pay the mortgage loan payment.

      What you've experienced is traumatic, but sadly, its also the cost of doing business. You might be able to sue the prior tenants for owed rent, legal expenses, and stolen property, although they don't sound like the type of people who might honor a judgment even if you were successful in securing one through a court proceeding. I recommend that you contact a real estate attorney who should be able to assess whether your lender adhered to the law governing foreclosure processing and proper notification...with regards to the equity, it might be your only hope.

      : (0)

  • Posted by Jason on September 11, 2002 at 14:44:42:

    I am new to this, where to find Foreclosure listing in New Jersey?



    : (1)

    • Posted by njdave on September 11, 2002 at 17:41:59:

      In Reply to: Where to find Foreclosure listing in New Jersey? Posted by Jason on September 11, 2002 at 14:44:42:

      try Foreclosure News of New Jersey at 877-RE-DEALS

      It is available in print, or on-line.

      : (0)

  • Posted by Mike on September 10, 2002 at 21:28:33:

    There is nothing wrong with the house.There is just no market out there for it because it is not a bargian.I can not lower my price because of the pay off and I am having a difficult time getting someone to make an offer.I owe just as much as the house is appraised for.Thanks for any advice you may give me on this matter.

    : (0)

  • Posted by M.Smith on September 10, 2002 at 19:49:45:

    Do you have any right to redemption after foreclosure?I have tried to work out a plan with the bank and their atty. to auction the real estate. they tell me the foreclosure is final and that is that. they say they are not in the realestate business, but the appraised value is approx$175,000 and only $90,000 owed.Any help to keep from losing all equity would be appreciated.

    : (1)

    • Posted by Bob H on September 11, 2002 at 01:41:44:

      In Reply to: Foreclosure Posted by M.Smith on September 10, 2002 at 19:49:45:

      Whether or not you have any redemption rights depends upon what state the property is located in. I believe only 8 states have an owner's redemption period. Where is your property located?

      Also, has the foreclosure sale already ocurred, and if so, when did it take place?

      Bob H

      : (0)

  • Posted by M.Smith on September 10, 2002 at 19:43:06:

    Do you have any right to redemption after foreclosure?I have tried to work out a plan with the bank and their atty. to auction the realestate. they tell me the foreclosure is final and that is that. they say they are not in the realestate business, but the appraised value is approx$175,00 and only $90,000 owed.Any help to keep from losing all equity wold be appreciated.

    : (0)

  • Posted by Judy on September 10, 2002 at 16:56:05:

    About six years ago my dad gave me $25,000.00 to put down on a house.The house was in his name but he has recently passed away. I have fallen behind a couple of times but was always able to pull myself out. This time I cannot. They are now foreclosing on the house. My question is: If the bank sells it for above and beyond what I owe should not some of this money go to my dads estate?

    PS. I need an answer immediately if possible. The foreclosure started today.

    : (0)

  • Posted by Richard Beckford on September 09, 2002 at 23:22:33:

    My foreclosure is scheduled for 9/10. A friend is lending me the money Im behind in the form of an escroll check from the close of a RE deal. The bank has instructed me that If i take the check, made payable to the bank, to the attorney who is handling the sale before the sale occurs and have the attorney call them when in receipt of the check, they will stop the sale. Is this viable? if so I'll be ath the attorney's office at the crack of dawn.

    : (0)

  • Posted by Shannon Surrett on September 09, 2002 at 15:16:30:

    I have a time share that I purchased in May. I was told that it was all in house financing. There was never a credit check done and I did not apply for a loan. I can no longer afford this and I was informed that I would have to foreclose and it would affect my credit. What does this entail and will I be liable for anything more?

    : (0)

  • Posted by Mike on September 08, 2002 at 20:31:28:

    In reference to my first plea for help I needed to make mention there is no market for the house, Can anyone advise me on other options beside short sell? Thanks in advance for all your help.

    : (1)

    • Posted by tinaj on September 08, 2002 at 23:42:23:

      In Reply to: No Market for House Posted by Mike on September 08, 2002 at 20:31:28:

      That's a quote from one of the pros on this board. what's wrong with the house?

      : (0)

  • Posted by Mike on September 07, 2002 at 23:50:42:

    I have went thru a divorce and I refinaced my 2 mortgages into one trying to be able to afford the house payment.This was about 15 months ago,the bank loaned me the 100% value on the home in which I paid some other debts off.I have tried to sell the home for the last 10 months with no offers.I am having to ask the amount was financed which is the value of the property.I recently moved out of the house and moved in with a friend, I can no longer afford the house.I only have a small lien on my car and that is it.Should I let the home go into foreclosure or file bankruptcy to avoid a defiency judgement against me? I have no savings and taxes and insurance is due soon. What should I do? Please help me I am ready to get out from under this debt.I have even thought about renting but my house payment is so high and the cost of renter's insurance and property tax I would be going in the whole? I live in South Carolina,what are the chances of the bank getting a defiency judgment against me? My mortgage is 105,000 and I owe 104,000.

    : (1)

    • Posted by tinaj on September 08, 2002 at 13:33:13:

      In Reply to: I Need Help Fast Please Posted by Mike on September 07, 2002 at 23:50:42:

      With only 1000 difference I doubt the bank would pursue a def. judgment, but you would be much better off to try for a short sale. Look in the archives for "The Short Sale Pros." What does the house appraise for, 105?

      : (0)

  • Posted by Mike on September 07, 2002 at 23:48:37:

    I have went thru a divorce and I refinaced my 2 mortgages into one trying to be able to afford the house payment.This was about 15 months ago,the bank loaned me the 100% value on the home in which I paid some other debts off.I have tried to sell the home for the last 10 months with no offers.I am having to ask the amount was financed which is the value of the property.I recently moved out of the house and moved in with a friend, I can no longer afford the house.I only have a small lien on my car and that is it.Should I let the home go into foreclosure or file bankruptcy to avoid a defiency judgement against me? I have no savings and taxes and insurance is due soon. What should I do? Please help me I am ready to get out from under this debt.I have even thought about renting but my house payment is so high and the cost of renter's insurance and property tax I would be going in the whole? I live in South Carolina,what are the chances of the bank getting a defiency judgment against me? My mortgage is 105,000 and I owe 104,000.

    : (1)

    • Posted by Sammy L. Bell on October 07, 2002 at 23:06:08:

      In Reply to: I Need Help Fast Please Posted by Mike on September 07, 2002 at 23:48:37:

      : I have went thru a divorce and I refinaced my 2 mortgages into one trying to be able to afford the house payment.This was about 15 months ago,the bank loaned me the 100% value on the home in which I paid some other debts off.I have tried to sell the home for the last 10 months with no offers.I am having to ask the amount was financed which is the value of the property.I recently moved out of the house and moved in with a friend, I can no longer afford the house.I only have a small lien on my car and that is it.Should I let the home go into foreclosure or file bankruptcy to avoid a defiency judgement against me? I have no savings and taxes and insurance is due soon. What should I do? Please help me I am ready to get out from under this debt.I have even thought about renting but my house payment is so high and the cost of renter's insurance and property tax I would be going in the whole? I live in South Carolina,what are the chances of the bank getting a defiency judgment against me? My mortgage is 105,000 and I owe 104,000.



      : (0)

  • Posted by Pauline (NYC) on September 07, 2002 at 17:38:32:

    Hi Tank,

    Re: Your earlier post about your co-op problem, I'm a real estate investor located in NYC. Please email me directly so that we can discuss the details. Let's talk ASAP! There is a solution.

    Pauline

    : (0)

  • Posted by Sheela on September 07, 2002 at 01:18:45:

    lost job, will recover, can't afford house payment, can afford CC payments, which affects you worse foreclosure or bankruptcy, can i save some credit by paying and keeping the cc's. Read alot of people still get foreclosed on even using bankruptcy. How does one affect credit report vs. the other?

    : (3)

    • Posted by Jim V on September 09, 2002 at 18:04:14:

      In Reply to: bk vs foreclosure which is best Posted by Sheela on September 07, 2002 at 01:18:45:

      Sheela,

      If I was to take a guess, I'd say foreclosure is worse from a credit perspective. Either action could trigger the closing of any available credit you may have left on your cards.

      For obtaining new credit(home loans), most lenders will want to see two years of re-established credit after a BK, three years after a foreclosure. BK stays on your credit report for 10 years, foreclosure stays for 7 years.

      The problem, as I see it, with keeping credit cards open is that assuming you will have some cost for housing, add the cost of maintaining the credit card accounts and the total might be close to your existing house payment. Better in that situation to eliminate the card debt through BK and keep the property.

      Just an opinion, hope it helps.

      : lost job, will recover, can't afford house payment, can afford CC payments, which affects you worse foreclosure or bankruptcy, can i save some credit by paying and keeping the cc's. Read alot of people still get foreclosed on even using bankruptcy. How does one affect credit report vs. the other?



      : (0)

    • Posted by Robin Isaacs on September 07, 2002 at 17:46:33:

      In Reply to: bk vs foreclosure which is best Posted by Sheela on September 07, 2002 at 01:18:45:

      : lost job, will recover, can't afford house payment, can afford CC payments, which affects you worse foreclosure or bankruptcy, can i save some credit by paying and keeping the cc's. Read alot of people still get foreclosed on even using bankruptcy. How does one affect credit report vs. the other?



      : (1)

      • Posted by tinaj on September 08, 2002 at 13:31:25:

        In Reply to: Re: bk vs foreclosure which is best Posted by Robin Isaacs on September 07, 2002 at 17:46:33:

        I believe the general idea is that a foreclosure is worse than a BK on your credit report. If you file a ch. 13, you will have some time to get back on your feet and keep the house, if that's what you want. If you file a ch. 7 then most likely you won't have to pay the CCs, of course you won't have them any more, but could you afford the house payment wtihout them? Search the archives - it's in there somewhere. good luck. Basically either one is gonna screw up your credit, but I believe that a foreclosure is worse because that was done TO you, whereas with a bankruptcy you at least took charge of your options and did something. Just my 2 cents worth.

        : (0)

  • Posted by Dawn on September 07, 2002 at 01:12:38:

    Does anyone know of a company(s) that provides pre-forclosure information in Maryland?

    : (0)

  • Posted by sheela on September 07, 2002 at 01:04:38:

    lost job, expect to recover, can't make house payments, easily make credit card, have excellent credit, can't sell house fast enough. Is foreclosue worse than bankruptcy? I've read alot bankruptcies still get forclosed on. Would I be saving any credit by keeping CC and just allowing foreclosure?

    : (0)



  • Posted by Renee on September 06, 2002 at 15:01:25:

    I'm not sure if this is a good place to post a complicated question like this but here goes. A couple years ago I purchased a house with my fiance. Soon after, we split up. He was..and still is..very bitter about the split up. We talked about our options with the house. We couldn't sell it at that time because we had just bought it and we would have lost money. The only option was for one of us to live there. He was really set on not letting me have the house so he said he would live there. We contacted the mortgage company and they told us we would have to do an assumption to remove my name from the mortgage. Well..we got the paperwork..he drug his feet. Long story short, he never got the paperwork in for the assumption. Now, I just found out that he is 4 payments behind and the lender is starting foreclosure procedures. I don't know what to do. Do I have any options? Could I declare bankruptcy? How long will a foreclosure be on my credit report? Will they come after me for money? : (0)



  • Posted by karen on September 05, 2002 at 21:27:32:

    hi,i was wondering if it's better to try and wait until the house is actually foreclosed before i try to buy it. the house has no appliances, ceiling fans, needs carpet, paint and minor repairs as far as i know and the seller/bank will only come knock off $4500. i think they should knock off about $10000 because i'm going to have to replace everything, and pay closing costs. can i get a better deal if it's foreclosed?kp : (0)



  • Posted by AMY PIRKLE on September 05, 2002 at 20:41:01:

    I HAVE A HORRIBLE SITUATION. MY LANDLORD WAS SERVED PAPERS (UNBEKNOWNST TO ME) THAT THE BANK WAS FORECLOSING ON THE MOBILE HOME I AM RENTING. HE RECEIVED THE PAPERS 1-2 MONTHS AGO. I JUST FOUND OUT TODAY THAT THE MOBILE HOME WAS BEING FORECLOSED ON BY THE CLASSIFIED ADD IN THE LOCAL NEWS PAPER. THE LANDLORD NEVER NOTIFIED ME. HE JUST ACCEPTED THE MONEY ORDERS FOR THE RENT AND LET ON LIKE NOTHING WAS WRONG. WE EVEN PAID THE RENT YESTERDAY FOR RENT THIS MONTH. THE PROPERTY WILL BE SOLD ON THE COURTHOUSE STEPS ON OCTOBER 1,2002. DO I HAVE ANY RIGHTS...WE ALSO PAID A $200 DEPOSIT SEPT 2001 WHEN WE MOVED IN. PLEASE HELP. : (1)



    • Posted by tinaj on September 05, 2002 at 20:47:21:

      In Reply to: LANDLORD KNEW ABOUT FORECLOSURE... posted by AMY PIRKLE on September 05, 2002 at 20:41:01:

      well, first off, you have paid the rent for september and it looks like you'll be able to live there through september, right?

      As to what rights you may have, I don't know, but if you post the state you live in, someone who does know will help you. You can also search this board or Google for information on foreclosure laws in your state, to see how much time after the sale you might have to stay there, but if I were in your shoes, since it isn't my property and you have no control, I'd be really busy right now finding another place to live. : (0)



  • Posted by Debbie on September 05, 2002 at 11:58:22:

    I just filed Chapter 13 bankruptcy at the beginning of June. I was two payments behind on my first mortgage and 2 payments behind on my second which were all rolled into the bankruptcy plan. I have had my meeting of creditors, but have not had the second meeting where they actually confirm the plan. That is scheduled for the latter part of October. Since then, I have ran into a couple of financial emergencies which has put me behind again in my first and second. My first was due on August 8th and my second was due on August 1st. I will not be able to pay them until September 13th. I have not received any written communication from either mortgage company about foreclosure, but I am pretty frightened that they might attempt to lift the stay currently in effect with my bankruptcy. I only need a total of $3500.00 to get my bills current. Tried to obtain a loan, but of course with a bankruptcy, no one will look at you twice. Any suggestions? With regard to why I became delinquent in the first place, I had a heart attack in 1999 and lost time from work. I then was hospitalized for byass surgery at the beginning of this year which put me out of work again. I returned to work in April of this year. My husband and I earn approximately $100K per year and can definitely afford to repay a $3500.00 loan, but again, I have had no luck in borrowing. I am willing to work with a hard money lender at a higher than average interest rate. Again, any suggestions? : (4)



    • Posted by Debbie on September 05, 2002 at 18:37:52:

      In Reply to: 13 Bankruptcy/Foreclosure posted by Debbie on September 05, 2002 at 11:58:22:

      : I just filed Chapter 13 bankruptcy at the beginning of June. I was two payments behind on my first mortgage and 2 payments behind on my second which were all rolled into the bankruptcy plan. I have had my meeting of creditors, but have not had the second meeting where they actually confirm the plan. That is scheduled for the latter part of October. Since then, I have ran into a couple of financial emergencies which has put me behind again in my first and second. My first was due on August 8th and my second was due on August 1st. I will not be able to pay them until September 13th. I have not received any written communication from either mortgage company about foreclosure, but I am pretty frightened that they might attempt to lift the stay currently in effect with my bankruptcy. I only need a total of $3500.00 to get my bills current. Tried to obtain a loan, but of course with a bankruptcy, no one will look at you twice. Any suggestions? With regard to why I became delinquent in the first place, I had a heart attack in 1999 and lost time from work. I then was hospitalized for byass surgery at the beginning of this year which put me out of work again. I returned to work in April of this year. My husband and I earn approximately $100K per year and can definitely afford to repay a $3500.00 loan, but again, I have had no luck in borrowing. I am willing to work with a hard money lender at a higher than average interest rate. Again, any suggestions?

      : (3)



      • Posted by Debbie on September 06, 2002 at 07:14:06:

        In Reply to: Re: 13 Bankruptcy/Foreclosure posted by Debbie on September 05, 2002 at 18:37:52:

        The course of action that I am thinking about is working with a hard money lender, however, I don't know the first place to start, how to go about finding one, etc. I guess I am just throwing my problem out there to see if anyone has any other suggestions. : (0)



      • Posted by tina on September 05, 2002 at 20:48:47:

        In Reply to: Re: 13 Bankruptcy/Foreclosure posted by Debbie on September 05, 2002 at 18:37:52:

        : : I just filed Chapter 13 bankruptcy at the beginning of June. I was two payments behind on my first mortgage and 2 payments behind on my second which were all rolled into the bankruptcy plan. I have had my meeting of creditors, but have not had the second meeting where they actually confirm the plan. That is scheduled for the latter part of October. Since then, I have ran into a couple of financial emergencies which has put me behind again in my first and second. My first was due on August 8th and my second was due on August 1st. I will not be able to pay them until September 13th. I have not received any written communication from either mortgage company about foreclosure, but I am pretty frightened that they might attempt to lift the stay currently in effect with my bankruptcy. I only need a total of $3500.00 to get my bills current. Tried to obtain a loan, but of course with a bankruptcy, no one will look at you twice. Any suggestions? With regard to why I became delinquent in the first place, I had a heart attack in 1999 and lost time from work. I then was hospitalized for byass surgery at the beginning of this year which put me out of work again. I returned to work in April of this year. My husband and I earn approximately $100K per year and can definitely afford to repay a $3500.00 loan, but again, I have had no luck in borrowing. I am willing to work with a hard money lender at a higher than average interest rate. Again, any suggestions? -----I'm not even sure you can get a loan while you are in a pending bankruptcy, though.

        : (0)



      • Posted by Reinstatement Services, Inc. on September 05, 2002 at 20:23:55:

        In Reply to: Re: 13 Bankruptcy/Foreclosure posted by Debbie on September 05, 2002 at 18:37:52:

        What kind of suggestions are you looking for, Debbie? It sounds like you've already decided on a course of action. : (0)



  • Posted by Wren on September 04, 2002 at 20:56:12:

    Can HUD homes be financed in Ca. I am looking to buy a HUD or foreclosure house in Ca but need to know if they can be fincanced. I am under the impression that foreclosures can't, but am unsure if HUD's can. An info would be appreciated. Also, where can I find listings of HUD properties in my area.

    Any help would be great thank you.

    Wren : (2)

    • Posted by bill on October 03, 2002 at 16:24:04:

      In Reply to: HUD homes Posted by Wren on September 04, 2002 at 20:56:12:

      they are who HUD uses to sell all their foreclosures in the US

      : (1)

      • Posted by Linda Kenney on December 03, 2002 at 23:24:26:

        In Reply to: Re: HUD homes Posted by bill on October 03, 2002 at 16:24:04:

        : go to ebayrealestate... they are who HUD uses to sell all their foreclosures in the US



        : (0)



  • Posted by Kelly on September 03, 2002 at 22:51:46:

    I began renting a house last summer and had no idea that it was in foreclosure until a mortgage company came and put a for-sign in the front yard. Even though my landlord had been collecting rent from me, she had not been making the mortgage payments. This summer, the house was foreclosed on, and she lost it. Since than she has tried to collect rent and is now taking me to court to have me evicted stating she wants the property back. I have saved the rent but do not know if property is hers or not. At the time of foreclosure, it was purchased by a mortgage company in another state. When a house is foreclosed on, does the original owner still retain the right to collect rent? : (6)



    • Posted by Pauline (NYC) on September 04, 2002 at 16:03:05:

      In Reply to: landlord loses home; still trying to collect rent posted by Kelly on September 03, 2002 at 22:51:46:

      Hi Kelly,

      Let me put my "tenant's hat on for a moment!DON'T PAY ANY RENT TO THE LANDLORD!!!!

      If the property was foreclosed the former landlord has no legal right to demand rent from you. Even if the landlord has redemptions rights, until the landlord legally and officially takes steps to evoke their redemption rights -- pay the arrears to whoever foreclosed -- they really don't own the property, only the "right to restore ownership. Theoretically, you can live in the house without paying rent until the "legal" owner takes possession, gives you a lease, and starts collecting your rent. NOTE: All rents accrued to that date, essentially you get to keep. If the new owner objects -- negotiate a partial payment.

      1. Check with your local Landlord/Tenant Court -- they usually have a knowledgeable "tenant advocate" who can guide you. The landlord can try to evict you for "non-payment" or "possession (meaning the owner wants their property back for personal use)."

      IMMEDIATELY go your local Landlord/Tenant Court - and file a "counter" complaint/suit against the old landlord for lack of services and/or violation -- "no legal right to demand rent due to non-ownership".

      This gives you a "legal right" to withhold rents until the Court decides what is to be done. This also stops the landlord from "evicting" you until the Court makes a decision.

      2. IMMEDIATELY, Call the bank/mortgage company that foreclosed and asked who the legal owner is now. And inquiry what you should do about the rent. Follow-up with a letter (overnight express, if necessary) requesting the person you speak with to send you written confirmation of property status. This gives you written documentation -- should you need it for Court.

      3. Open up a savings account and DEPOSIT your monthly rent payments into it. This way when the matter is resolved, you'll be able to pay, immediately, what is due... OR

      4. See if Landlord/Tenant Court will accept rent payment until the matter is resolved. This eliminates the "non-payment" eviction option by the landlord.

      The above is based on NYC landlord/tenant legal two-step. In NYC you have upwards of 6 months plus before any Court ordered eviction can take place.

      NOTE: If all else fails -- hire yourself a good "landlord/tenant" attorney. When you're down at the courthouse, collect a couple of business cards.

      Hope this helps. Good luck!

      Pauline



      : (1)



      • Posted by Reinstatement Services, Inc. on September 04, 2002 at 19:42:44:

        In Reply to: If Property Foreclosed - Landlord has NO Right to Your Rent posted by Pauline (NYC) on September 04, 2002 at 16:03:05:

        There are some states that ABSOLUTELY allow for the continued collection of rents and other profits during the redemption period...Kansas is one such state.

        Do you have any case law that might support your position, Pauline?

        If the question is...should the renter continue to pay rent after a foreclosure action has been concluded then the answer becomes subjective. A wise tenant will determine the monetary risks and negative exposure they might face prior to deciding whether to withhold moneies owed.

        If the question specifically relates to legal mandates then your answer, based on the statutes, IS INCORRECT. Since laws vary across the nation, I'd recommend a brush-up on the laws governing the foreclosure process, specifically, the laws covering ROR for applicable states.

        In this case, it would be even more difficult to determine whether such laws might apply to the poster because she did not disclose the state in question.

        Finally, the initial poster made mention of a court proceeding and/or legal action underway...initiated by the landlord. Are you prepared to accept liability for dispensing legal advice without a license [and flawed counsel at that] should the poster decide to follow your counsel?

        Just something to think about. : (0)



    • Posted by Reinstatement Services, Inc. on September 04, 2002 at 11:02:59:

      In Reply to: landlord loses home; still trying to collect rent posted by Kelly on September 03, 2002 at 22:51:46:

      In most states, a former owner is entitled to collect on rents, sale, and/or profit by other means on a home that has been thru the process of foreclosure [culminating w/ a sale] IF a ROR is in place. : (3)



      • Posted by Kelly on September 04, 2002 at 22:48:49:

        In Reply to: Right of Redemption posted by Reinstatement Services, Inc. on September 04, 2002 at 11:02:59:

        : In most states, a former owner is entitled to collect on rents, sale, and/or profit by other means on a home that has been thru the process of foreclosure [culminating w/ a sale] IF a ROR is in place.

        : (2)



        • Posted by Kelly on September 04, 2002 at 22:50:55:

          In Reply to: Re: Right of Redemption posted by Kelly on September 04, 2002 at 22:48:49:

          : : In most states, a former owner is entitled to collect on rents, sale, and/or profit by other means on a home that has been thru the process of foreclosure [culminating w/ a sale] IF a ROR is in place.I live in Detroit, MI. Can you tell me what an ROR is and how I can find out if she has one? Also, thank you for your advice. I am considering everything that I read. : (1)



          • Posted by Reinstatement Services, Inc. on September 04, 2002 at 23:30:29:

            In Reply to: Re: Right of Redemption posted by Kelly on September 04, 2002 at 22:50:55:

            Hi Kelly.

            Right of Redemption refers to a homeowners legal right to redeem [take back] the foreclosed property by paying the entire debt owed.

            For more involved information regarding MIs ROR please reference the posting by Laura dated August 21. ROR specific to MI is covered extensively. : (0)



  • Posted by Terry Guy on September 03, 2002 at 14:52:52:

    How do I start making money on Tax Lien Properties in Maryland? I don't know how to start. If any one with the correct answer can give me a detailed answer. It will be greatly appreciated. : (0)



  • Posted by Marleta Towner on September 03, 2002 at 03:43:29:

    Hi,How do I go about finding an investor to put up the actual money for me when buying homes in foreclosure?

    Thanks! : (0)



  • Posted by E on September 03, 2002 at 00:47:11:

    I'VE HEARD THAT LOUISIANA FORECLOSURE PROCESS IS TOUGH. DOES ANYONE KNOW FOR CERTAIN 1)HOW LONG IS THE PROCESS BEFORE ONE HAS TO MOVE? 2)IS THERE ANY MONEY TO PAY FOR FORECLOSING? 3)WILL THE OWNER HAVE TO GO TO COURT AND PAY COURT FEES? : (0)



  • Posted by Sue N FLA on September 02, 2002 at 23:55:48:

    i have a va assumed loan, i'm a single parent and have lost my job. the mtg co wants me to pay 2 months by the 6th of sept. if i do this nothing else will get paid, car insurance(medical etc)utilities grocerys etc.my house would cost me way too much to repair even to sell. i'm at my wits end, i dont have any idea what to do. what happens if i let it foreclose? how long does that take. what would be the benefit between that and bankruptcy? i am so very scared, please any advise : (3)



    • Posted by Tinaj on September 04, 2002 at 21:52:53:

      In Reply to: Please Help!! hurry in fla. posted by Sue N FLA on September 02, 2002 at 23:55:48:

      But that's assuming that you want to keep the house. A ch. 13 would allow you to pay the past due mortgage amount over a 3-year period (in my state anyhow), and you could include medical bills, credit card bills, etc., which I assume you have since I am also a single mother with no child support.

      There are special programs for federally funded loans where HUD will loan you the amount you are behind and add it onto the end of your loan; you don't pay it back till you sell or refi the house. But I don't know much about these, don't know if it applies to va loans or to assumed VA loans. You might ask your mortgage company about this. I looked into this once, and HUD said to ask the mortgage co and the mortgage co said to ask HUD. Gee thanks!

      Have you asked the mortgage co about making arrangements due to your lost job? Sometimes if you've had the loan for a while, with a good payment record, they will do that. You have to document your hardship circumstances and that they are temporary, of course. It basically depends on whether you want to keep your house.

      You can search this board or Google for florida foreclosure law info, I am sorry that I don't know any more than that. Not trying to tell you that filing bankruptcy is the thing for you to do, just telling you what would happen with your mortgage if you did that. And of course you'd still have to keep the payments current afterward, which will be right hard to do if you don't have a job.

      I really am sorry for you; I know it's scary. There is also a co. called Reinstatement Services which posts on here, and they are legit. You might contact them for more info, also there is something called S.P.O.C.H. - you can probably find a link here or google for it - a nonprofit help organization.Do you get child support? Do you have a job prospect? If this is temporary, you might not want to consider something as drastic as filing a bankruptcy. A lot of it depends on your relationship with your lender. Remember too that the person from the mortgage company doesn't care if you can feed your kids or not for the month, he's just a bill collector doing his job.

      I do know that Florida and Texas have more liberal bankruptcy laws; that's why O.J. moved to florida, so they couldn't garnish his mansion to pay off that pesky civil suit.

      Hope some of this helps. I'm not an expert, but there are some here. Just telling you what I do know. : (2)

      • Posted by David Gracia on September 20, 2002 at 19:52:40:

        In Reply to: well, a ch 13 would stop the foreclosure and buy you some time to catch up - sm posted by Tinaj on September 04, 2002 at 21:52:53:

        : But that's assuming that you want to keep the house. A ch. 13 would allow you to pay the past due mortgage amount over a 3-year period (in my state anyhow), and you could include medical bills, credit card bills, etc., which I assume you have since I am also a single mother with no child support.

        : There are special programs for federally funded loans where HUD will loan you the amount you are behind and add it onto the end of your loan; you don't pay it back till you sell or refi the house. But I don't know much about these, don't know if it applies to va loans or to assumed VA loans. You might ask your mortgage company about this. I looked into this once, and HUD said to ask the mortgage co and the mortgage co said to ask HUD. Gee thanks!

        : Have you asked the mortgage co about making arrangements due to your lost job? Sometimes if you've had the loan for a while, with a good payment record, they will do that. You have to document your hardship circumstances and that they are temporary, of course. It basically depends on whether you want to keep your house.

        : You can search this board or Google for florida foreclosure law info, I am sorry that I don't know any more than that. Not trying to tell you that filing bankruptcy is the thing for you to do, just telling you what would happen with your mortgage if you did that. And of course you'd still have to keep the payments current afterward, which will be right hard to do if you don't have a job.

        : I really am sorry for you; I know it's scary. There is also a co. called Reinstatement Services which posts on here, and they are legit. You might contact them for more info, also there is something called S.P.O.C.H. - you can probably find a link here or google for it - a nonprofit help organization.: Do you get child support? Do you have a job prospect? If this is temporary, you might not want to consider something as drastic as filing a bankruptcy. A lot of it depends on your relationship with your lender. Remember too that the person from the mortgage company doesn't care if you can feed your kids or not for the month, he's just a bill collector doing his job.

        : I do know that Florida and Texas have more liberal bankruptcy laws; that's why O.J. moved to florida, so they couldn't garnish his mansion to pay off that pesky civil suit.

        : Hope some of this helps. I'm not an expert, but there are some here. Just telling you what I do know.



        Check out this site at: classifiedclub.com/mall2/paradise.html

        they can help you to stop foreclosure.

        : (1)

        • Posted by Tinaj on September 24, 2002 at 23:41:10:

          In Reply to: Re: well, a ch 13 would stop the foreclosure and buy you some time to catch up - sm Posted by David Gracia on September 20, 2002 at 19:52:40:

          that she wanted to keep her house.

          : (0)



  • Posted by David Quint on September 02, 2002 at 21:57:08:

    My home is currently in foreclosure and due to be auctioned in Charlotte, NC on Sept. 13th. I have tried to work a short sale with the mortgage company and they denied the sale. I have tried to come up with enough money to pull the home out of foreclosure and cannot. My only options that I have not tried is to file for Chapter 13 bankruptcy or let the home foreclose. If I let the foreclosure complete, will I owe the mortgage company, HUD, or Attorney fees? : (1)



    • Posted by Ward-CA- on September 02, 2002 at 23:04:03:

      In Reply to: If I let my home foreclose, will I owe anything? posted by David Quint on September 02, 2002 at 21:57:08:

      : My home is currently in foreclosure and due to be auctioned in Charlotte, NC on Sept. 13th. I have tried to work a short sale with the mortgage company and they denied the sale. I have tried to come up with enough money to pull the home out of foreclosure and cannot. My only options that I have not tried is to file for Chapter 13 bankruptcy or let the home foreclose. If I let the foreclosure complete, will I owe the mortgage company, HUD, or Attorney fees?

      =•=•=•=•=•=•=•=•=•=•=•=

      David,

      A post-foreclosure, deficiency judgment is allowed in NC. But that doesn’t necessarily mean that your lender will attempt to pursue their deficiency rights against you. It probably depends on their assessment of whether or not you’d have the resources to pay for a deficiency judgment if they went through the time and expense to go to court and get one against you.

      In most cases they assume it’s like trying to get blood out of a turnip and just let the shortage slide.

      For quick facts about NC’s foreclosure process just click on the link below.

      : (0)



  • Posted by Jenine NJ on September 02, 2002 at 07:50:04:

    In New Jersey you are required to have 20% of the auction price. My question is... If you have a certified check for 20,000.00 and you are the highest bidder for a property at 60,000.00 how do they break up the certified check? I'm not going to an auction with 20,000.00 in cash. : (1)



    • Posted by njdave on September 02, 2002 at 08:47:58:

      In Reply to: Sherriff sale question posted by Jenine NJ on September 02, 2002 at 07:50:04:

      Bring several checks 1@ #10,000, 4 @ $2,000, and some cash. What's the worry? You are in a Sheriff's Office? : (0)



  • Posted by Ray on September 02, 2002 at 07:03:13:

    I am looking to help anyone who is about to loose their home to foreclosure. I can help catch-up, take over payemnts, offer cash etc. I will work with you to save your home and credit : (4)

    • Posted by Fredrick Westinhouse on November 20, 2002 at 00:57:45:

      In Reply to: Looking for Oklahoma Foreclosures Posted by Ray on September 02, 2002 at 07:03:13:

      I am $12,000 in debt on my home, can you help

      : (1)

      • Posted by Ray on November 27, 2002 at 00:01:37:

        In Reply to: Re: Looking for Oklahoma Foreclosures Posted by Fredrick Westinhouse on November 20, 2002 at 00:57:45:

        : I am $12,000 in debt on my home, can you help

        Email me and let's discuss

        : (0)



    • Posted by T Lowe on September 05, 2002 at 12:06:31:

      In Reply to: Looking for Oklahoma Foreclosures posted by Ray on September 02, 2002 at 07:03:13:

      : I am looking to help anyone who is about to loose their home to foreclosure. I can help catch-up, take over payemnts, offer cash etc. I will work with you to save your home and credit

      : (1)

      • Posted by Crystal on October 23, 2002 at 23:51:58:

        In Reply to: Re: Looking for Oklahoma Foreclosures Posted by T Lowe on September 05, 2002 at 12:06:31:

        I have let someone assume the loan and they have missed 2 payments maybe you can help me????



        : (0)



  • Posted by Tommy R. Harris on September 01, 2002 at 21:24:54:

    Does anyone have a copy of an authorization release form. Which is needed to talk with the Bank or finance agency that's foreclosing on a particular account. : (7)



    • Posted by Pauline (NYC) on September 03, 2002 at 19:26:00:

      In Reply to: authorization release form posted by Tommy R. Harris on September 01, 2002 at 21:24:54:

      Hi Tommy,

      Actually, I created my own form letter. Essentially, it is issued by the owner to their bank and says:

      ///////////////////////////

      AUTHORIZATION TO RELEASE MORTGAGE LOAN ACCOUNT INFORMATION

      From:Ms/Mr. Owner123 Main StreetAny City, USA

      TO: Mr. BankmanForeclosure Bank9000 Bank BlvdAny City, USA813 222-1234

      RE: Authorization Granted to Bank to Release My Mortgage Account Info on loan # 11133 to Mr. Tommy

      This is to advise your bank that I am authorizing and granting permission to your organization to provide and release all account information regarding my mortgage loan # that is currently in arrears to the following person/company:

      Mr. TommyInvestor Corp LLC800 Cash LaneAny City, USA Please be advised that all information requested by Mr. Tommy can be provided to him by phone, fax, or email since time is of the essence. Your cooperation with this request is greatly appreciated. Should you have any questions, please feel free to contact me immediately at:

      Sincerely,

      Ms/Mr. Owner123 Main StreetAny City, USAMortgage # 1113

      ////////////////////////////////

      Hope this helps. Good luck!

      Pauline



      : (3)



      • Posted by Reinstatement Services, Inc. on September 03, 2002 at 21:14:15:

        In Reply to: Re: authorization release form posted by Pauline (NYC) on September 03, 2002 at 19:26:00:

        Why would you need to create a form to give someone permission to speak with your lender on your behalf.

        Shouldn't the party you're authorizing already be in possession of such forms? : (2)



        • Posted by Pauline (NYC) on September 04, 2002 at 17:03:10:

          In Reply to: I'm at a loss... posted by Reinstatement Services, Inc. on September 03, 2002 at 21:14:15:

          Reinstatement Services,

          trying to Get the Info - at least, that is how I interpreted the inital inquiry.

          I think the “confusion” centers around who is providing the authorization form – It is the investor presenting it to the owner in foreclosure – to sign – authorizing the foreclosing bank to discuss the defaulted loan with the investor who is looking to buy the property.

          It’s my experience in dealing with pre-closure owners that they DO NOT have “release of confidential information authorization forms” or even knows what they are. It’s the investor who needs to have the form for the homeowner to sign. The investor can then present the “signed form” to the bank to discuss the account. As the investor trying to buy the property directly from pre-closure owner, the investor needs “accurate” info about the loan being foreclosed. In foreclosures, the bank info is THE most accurate.

          Legally the bank or its attorney CANNOT disclose any info about the loan – unless they have written permission from the homeowner to do so. Hence, the authorization form, signed by the homeowner, issued to the bank, to release “loan information” to the investor so as to confirm the total arrears and if the bank will give any discount to cure the loan.

          Is this your understanding of the process?

          Pauline

          : (1)



          • Posted by Reinstatement Services, Inc. on September 04, 2002 at 20:00:34:

            In Reply to: PLEASE NOTE: He's the Investor... posted by Pauline (NYC) on September 04, 2002 at 17:03:10:

            The point I was attempting to make was that at minimum, an investor-consultant-professional-mediator-Type worth half a grain of salt would already have in his/her possession the forms that would be needed to move forward.

            The poster's question reeks of inexperience or scam.

            Either way...the target is screwed...that's my understanding. : (0)



    • Posted by Pauline (NYC) on September 03, 2002 at 19:23:21:

      In Reply to: authorization release form posted by Tommy R. Harris on September 01, 2002 at 21:24:54:

      Hi Tommy,

      Actually, I created my own form letter. Essentially, it is issued by the owner to their bank and says:

      From:Ms/Mr. Owner123 Main StreetAny City, USA

      TO: Mr. BankmanForeclosure Bank9000 Bank BlvdAny City, USA813 222-1234

      RE: Authorization Granted to Bank to Release My Mortgage Account Info on loan # 11133 to Mr. Tommy

      This is to advise your bank that I am authorizing and granting permission to your organization to provide and release all account information regarding my mortgage loan # that is currently in arrears to the following person/company:

      Mr. TommyInvestor Corp LLC800 Cash LaneAny City, USA Please be advised that all information requested by Mr. Tommy can be provided to him by phone, fax, or email since time is of the essence. Your cooperation with this request is greatly appreciated. Should you have any questions, please feel free to contact me immediately at:

      Sincerely,

      Ms/Mr. Owner123 Main StreetAny City, USAMortgage # 1113

      Hope this helps. Good luck!

      Pauline



      : (0)



    • Posted by Reinstatement Services, Inc. on September 02, 2002 at 12:03:28:

      In Reply to: authorization release form posted by Tommy R. Harris on September 01, 2002 at 21:24:54:

      Why do you need the form, Tommy? : (1)



      • Posted by tinaj on September 04, 2002 at 21:57:28:

        In Reply to: sounds Shady posted by Reinstatement Services, Inc. on September 02, 2002 at 12:03:28:

        you know what they say. Shady, indeed, here! : (0)



  • Posted by thanks... on September 01, 2002 at 20:47:59:

    The ch. 7 was one year ago (horrendous medical bills, transplant surgery, no insurance).

    I am currently paying 10% and it's very hard. As low as interest rates are now, what sort of subprime rate should I expect to pay, with ruined credit? I have slowly built it back up wtih a few little credit cards here and there. Mortgage payments have mostly been on time but it doesn't really matter, the mortgage company never reports to the credit bureaus. this way, they keep their subprime customers from being able to refinance with decent mortgage-payment history. B*stards! : (1)

    • Posted by Tim Wilson on October 04, 2002 at 03:07:34:

      In Reply to: What sort of interest rate should I have to pay on a refi after a ch. 7? posted by thanks... on September 01, 2002 at 20:47:59:

      : The ch. 7 was one year ago (horrendous medical bills, transplant surgery, no insurance).

      : I am currently paying 10% and it's very hard. As low as interest rates are now, what sort of subprime rate should I expect to pay, with ruined credit? I have slowly built it back up wtih a few little credit cards here and there. Mortgage payments have mostly been on time but it doesn't really matter, the mortgage company never reports to the credit bureaus. this way, they keep their subprime customers from being able to refinance with decent mortgage-payment history. B*stards!

      Did you reaffirm on the house?

      If so, can you prove a payment history over the last 12 months?

      You COULD refinance FHA IF the BK were truly beyond your control and if you reaffirmed on the house & can prove paid as agreed last 12 months. Hope this helps. Find an FHA lender.

      : (0)



  • Posted by Angelia on September 01, 2002 at 18:45:19:

    I bought a house about 6 years ago. Three years after I bought, being a single mom, got into a finacial bind. I ended up remortaging for a higher intrest rate but yet lowering my house payment because I didn't have it in escrow. The plan was to build up my credit and then remortgage the following year and put it back into escrow. Well, when I went to remortgage the second time, the guy screwed me BAD. He told me to not make my next payment, to just pay the appraiser. Well, needless to say, the second refinace didn't go as fast as it had the year prior and I ended up a payment behind. The guy skipped town and when I finally contacted the mortgage company to see what the hold up was, they told me that he should of never told me to not make the payment. So, I called my current mortgage company to see if I could arrange some sort of payment for the late payment and then my next payment, they told me I had to have both months or nothing. Not having both months ready available or available for me to borrow from a family member I ended up two months late. Being that my credit was bad in the first place I ended up receiving a foreclosure letter. I ended up getting stuck into a corner and forced to take what ever deal the mortgage company was going to give me. It was a BAD deal. Anyways, moving on, I just recently found out that the foreclosure is on my credit report for ten years. Even though it fall through, it is still on there. I have since married and am living in my husband's house. He has a flawless credit stance. We have together three children with another on the way. We can not afford two mortgages. The house will take more money to get it fit for selling and we will not go out with a profit if we do end up selling. If I should let the house go, being that foreclosure is already on my report, would it hurt his credit in anyway? His name isn't on the deed. Also, would I end up paying any money if we let the bank take possesion? Please let me know what would happen if I actually let it go through this time. I need to be absolute sure that it isn't going to hurt us more than it would to put a few thousand into it and sell it for less what I owe on it. I need a response right away...time is ticking.....Thank you : (7)

    • Posted by David Garcia on September 20, 2002 at 19:58:18:

      In Reply to: I need some knowledge right away... Posted by Angelia on September 01, 2002 at 18:45:19:

      : I bought a house about 6 years ago. Three years after I bought, being a single mom, got into a finacial bind. I ended up remortaging for a higher intrest rate but yet lowering my house payment because I didn't have it in escrow. The plan was to build up my credit and then remortgage the following year and put it back into escrow. Well, when I went to remortgage the second time, the guy screwed me BAD. He told me to not make my next payment, to just pay the appraiser. Well, needless to say, the second refinace didn't go as fast as it had the year prior and I ended up a : payment behind. The guy skipped town and when I finally contacted the mortgage company to see what the hold up was, they told me that he should of never told me to not make the payment. So, I called my current mortgage company to see if I could arrange some sort of payment for the late payment and then my next payment, they told me I had to have both months or nothing. Not having both months ready available or available for me to borrow from a family member I ended up two months late. Being that my credit was bad in the first place I ended up receiving a foreclosure letter. I ended up getting stuck into a corner and forced to take what ever deal the mortgage company was going to give me. It was a BAD deal. : Anyways, moving on, I just recently found out that the foreclosure is on my credit report for ten years. Even though it fall through, it is still on there. I have since married and am living in my husband's house. He has a flawless credit stance. We have together three children with another on the way. We can not afford two mortgages. The house will take more money to get it fit for selling and we will not go out with a profit if we do end up selling. If I should let the house go, being that foreclosure is already on my report, would it hurt his credit in anyway? His name isn't on the deed. Also, would I end up paying any money if we let the bank take possesion? Please let me know what would happen if I actually let it go through this time. I need to be absolute sure that it isn't going to hurt us more than it would to put a few thousand into it and sell it for less what I owe on it. I need a response right away...time is ticking.....: Thank you



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

      I can help you stop foreclosure! I can take over your payments & save your credit.

      David(815)787-0251

      : (1)

      • Posted by Angelia on September 23, 2002 at 11:07:33:

        In Reply to: Re: I need some knowledge right away... Posted by David Garcia on September 20, 2002 at 19:58:18:

        : : I bought a house about 6 years ago. Three years after I bought, being a single mom, got into a finacial bind. I ended up remortaging for a higher intrest rate but yet lowering my house payment because I didn't have it in escrow. The plan was to build up my credit and then remortgage the following year and put it back into escrow. Well, when I went to remortgage the second time, the guy screwed me BAD. He told me to not make my next payment, to just pay the appraiser. Well, needless to say, the second refinace didn't go as fast as it had the year prior and I ended up a : : payment behind. The guy skipped town and when I finally contacted the mortgage company to see what the hold up was, they told me that he should of never told me to not make the payment. So, I called my current mortgage company to see if I could arrange some sort of payment for the late payment and then my next payment, they told me I had to have both months or nothing. Not having both months ready available or available for me to borrow from a family member I ended up two months late. Being that my credit was bad in the first place I ended up receiving a foreclosure letter. I ended up getting stuck into a corner and forced to take what ever deal the mortgage company was going to give me. It was a BAD deal. : : Anyways, moving on, I just recently found out that the foreclosure is on my credit report for ten years. Even though it fall through, it is still on there. I have since married and am living in my husband's house. He has a flawless credit stance. We have together three children with another on the way. We can not afford two mortgages. The house will take more money to get it fit for selling and we will not go out with a profit if we do end up selling. If I should let the house go, being that foreclosure is already on my report, would it hurt his credit in anyway? His name isn't on the deed. Also, would I end up paying any money if we let the bank take possesion? Please let me know what would happen if I actually let it go through this time. I need to be absolute sure that it isn't going to hurt us more than it would to put a few thousand into it and sell it for less what I owe on it. I need a response right away...time is ticking.....: : Thank you

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

        : I can help you stop foreclosure! I can take over your payments & save your credit.

        : David: (815)787-0251

        Thank you for the advise...I have spoken with a realtor and we (Praise GOD!!) are going to be able to sell as is for more than what I owe on it. The realtor is a friend of my husband and is pushing to get this sold quickly. Thanks for the help.. :o)

        : (0)



    • Posted by tinaj on September 04, 2002 at 22:00:10:

      In Reply to: I need some knowledge right away... posted by Angelia on September 01, 2002 at 18:45:19:

      My hotmail is all bumfuzzled - But I'm sorry, your questions are way over my head. If I were you, I'd consult a lawyer with real estate law experience. Most attorneys will do an initial consult pretty cheap. This is too big a decision to risk without expert advice, IMO. Sorry I cant help. : (0)



    • Posted by Bob H on September 01, 2002 at 21:30:59:

      In Reply to: I need some knowledge right away... posted by Angelia on September 01, 2002 at 18:45:19:

      Angelia,

      Foreclosure laws vary from state to state. Whether your lender can seek to collect any losses (a deficiency judgment) from you as a result of foreclosure will depend on where the property is located.

      If your husband is not a party to the mortgage on your house, he is not liable under any circumstances, and his credit would be unaffected by a foreclosure.

      If you live in a state that allows deficiency judgments, and you are a co-owner of your husband's property, it is possible that the lender could foreclose and obtain a judgment against you, that could at least cloud the title of your husband's house.

      The tax implications of a foreclosure could be another area of concern for you and your husband. If you are currently solvant (not bankrupt) you could end up owing taxes on any losses incurred by the lender as a result of a foreclosure.

      You need to consult a qualifed attorney in your area before you make any decisions as to what to do with you property.

      Bob H

      : (2)

      • Posted by Rhonda Buchanan on November 15, 2002 at 21:08:23:

        In Reply to: Re: I need some knowledge right away... Posted by Bob H on September 01, 2002 at 21:30:59:

        To whom it may concern

        My husband and I recently Foreclosed on a house and would like some knowledge as to what steps to take next.

        : (0)

      • Posted by Rhonda Buchanan on November 15, 2002 at 21:06:31:

        In Reply to: Re: I need some knowledge right away... Posted by Bob H on September 01, 2002 at 21:30:59:

        : Angelia,

        : Foreclosure laws vary from state to state. Whether your lender can seek to collect any losses (a deficiency judgment) from you as a result of foreclosure will depend on where the property is located.

        : If your husband is not a party to the mortgage on your house, he is not liable under any circumstances, and his credit would be unaffected by a foreclosure.

        : If you live in a state that allows deficiency judgments, and you are a co-owner of your husband's property, it is possible that the lender could foreclose and obtain a judgment against you, that could at least cloud the title of your husband's house.

        : The tax implications of a foreclosure could be another area of concern for you and your husband. If you are currently solvant (not bankrupt) you could end up owing taxes on any losses incurred by the lender as a result of a foreclosure.

        : You need to consult a qualifed attorney in your area before you make any decisions as to what to do with you property.

        : Bob H



        : (0)



    • Posted by Tina J on September 01, 2002 at 20:43:09:

      In Reply to: I need some knowledge right away... posted by Angelia on September 01, 2002 at 18:45:19:

      I don't understand. Was your house actually foreclosed on years ago, or did you just have to take a bad interest rate? Would it be on your credit report as a foreclosure if there WAS no foreclosure, just the threat of one? (That's a question for someone who knows more than I do.)

      Do a board search here on "short sales." Sometimes the mortgage company will take less than what you owe them, if they can see that's all they are going to get. Look down a few posts - NJDave advised somebody else to do ANTYHING BUT a voluntary foreclosure. Something else the experts here always say - Anything will sell if it's priced right. : (0)



  • Posted by Angelia on September 01, 2002 at 18:26:23:

    Can someone provide me with some info on foreclosure? If I let my home go (bought prior to marriage) will it effect my spouses credit? He name is not on the Deed. Will I have to pay any money out? : (0)



  • Posted by Kathy Smith on September 01, 2002 at 15:25:41:

    We are going to have to file a Chapter 13 but realize that we cannot afford our house. We are currently behind 2 monthson both the first and second mortgage. We are upside down.We would like to try to sell and see if we can do a short salewith our second.

    Can anyone give me advice how to go about this? We cannotafford to pay for some of the services I've read about onthis forum. We are broke and have nothing extra to payout right now.

    Any advice would be greatly appreciated. By the way, we livein Utah. The market is slow and depressed and we have alarge house for our neighborhood.

    Thank you,

    Kathy Smith : (3)



    • Posted by theshortsalepro on September 01, 2002 at 16:42:15:

      In Reply to: Info on short sale posted by Kathy Smith on September 01, 2002 at 15:25:41:

      In the majority of short sales, the real estate broker's fees are payable from proceeds of sale, not from your pocket... (you hadn't even inquired about fees)

      Why Chapter 13 if you aren't intent on saving the house?

      : (2)



      • Posted by Kathy Smith on September 01, 2002 at 19:25:38:

        In Reply to: Re: Info on short sale posted by theshortsalepro on September 01, 2002 at 16:42:15:

        : In the majority of short sales, the real estate broker's fees are payable from proceeds of sale, not from your pocket... (you hadn't even inquired about fees)

        : Why Chapter 13 if you aren't intent on saving the house?

        I hadn't even thought about those! Thanks for bringingthem up! That's why I need advice.

        We are doing a Chapter 13 because my husband is in theNational Guard and does not want to lose his Secret securityclearance. From his research, it appears they are a littlemore forgiving with a 13 than 7.

        I still need advice about going about a short sale. Do weget permission from the 2nd mortgage first or try to selland then talk to them after we get an offer?

        Thanks : (1)



        • Posted by TheShortSalePro on September 02, 2002 at 08:39:54:

          In Reply to: Re: Info on short sale posted by Kathy Smith on September 01, 2002 at 19:25:38:

          If the house is the only issue, why go bankrupt at all? Since the short sale process can be rather complex, why not have a professional handle it for you? Unless you screw-up with the contractual details, you won't be obligated to pay them out of pocket.

          For your lender to take your request for short sale consideration seriously, the steps require that you employ the services of a competant real estate broker to list and market your home. As the property is being marketed, the short sale request package is being prepared for submission. The specifically devised "Offer to Purchase" is one part of the short sale request application. In addition to a well prepared proposal, your financial disclosures and other lender specific submission criteria, you'll need to furnish a properly prepared listing agreement; a properly worded Offer to Purchase; an estimated HUD 1 settlement statement/net sheet; and Buyer's prequalification statements. There are some 'tricks of the trade' that should be utilized in any short sale request to enhance the likelihood of acceptance.

          When you are serious about selling, contact us and we can recommend a qualified (local to you) broker to help you with your real estate problem.

          You should know that even if you use a terrific broker, there are no guarantees that your lender(s) will agree to accept less than they are due. The more comprehensive your proposal.. the better the chance for a successful short sale transaction. : (0)



  • Posted by Julian Loftin on September 01, 2002 at 09:38:41:

    I currently own a home 3 hours away. It has been on the market now for 2 years and hasn't sold. I've considered putting it in my wife's name and allowing foreclosure. Our credit histories are seperate, and she is bankrupt. Can her wages be garnished since she is in a bankrupt status? Any help and information would be greatly appreciated. : (2)

    • Posted by David Garcia on September 20, 2002 at 20:00:04:

      In Reply to: Can your wages be garnished for foreclosure? Posted by Julian Loftin on September 01, 2002 at 09:38:41:

      : I currently own a home 3 hours away. It has been on the market now for 2 years and hasn't sold. I've considered putting it in my wife's name and allowing foreclosure. Our credit histories are seperate, and she is bankrupt. Can her wages be garnished since she is in a bankrupt status? Any help and information would be greatly appreciated.

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

      I can help you stop foreclosure & save your credit by taking over your payments.

      David(815)787-0251



      : (0)



    • Posted by Ward-CA- on September 01, 2002 at 14:16:41:

      In Reply to: Can your wages be garnished for foreclosure? posted by Julian Loftin on September 01, 2002 at 09:38:41:

      : I currently own a home 3 hours away. It has been on the market now for 2 years and hasn't sold. I've considered putting it in my wife's name and allowing foreclosure. Our credit histories are seperate, and she is bankrupt. Can her wages be garnished since she is in a bankrupt status? Any help and information would be greatly appreciated.

      =•=•=•=•=•=•=•=•=•=•=•=

      Julian,

      Just because you transfer the ownership of your property to someone else, you wife in this case, it doesn’t mean you’ve transferred your legal obligation to pay the mortgages. Only your lender has that ability.

      So you aren’t going to escape the consequence of the foreclosure of your property. Your wife’s wages can’t be garnished for a debt she didn’t sign up for. If anyone’s wages are going to garnished they’d be yours, since you’re the one who personally signed responsibility for the loan in the first place.

    • State specific, one-on-one foreclosure training.
    : (0)


  • Posted by cathy decamp on September 01, 2002 at 09:01:42:

    i am currently living in a different state than where i own a home i have overbuilt the home to a point that would make it difficult to sell , i dont really want the house anymore , i am downsizing my lifestyle . my renter is not working out and i am to far to do anything for the house , i am obligated to a lease for the next 5 months , i have perfect credit if i should decide to foreclose does that effect the credit i have already establised credit cards etc or just future credit for the next 7 years? sincerely : (2)



    • Posted by theshortsalepro on September 01, 2002 at 13:02:07:

      In Reply to: what should i do posted by cathy decamp on September 01, 2002 at 09:01:42:

      I would suggest that you employ the services of a real estate broker, place the home on the market at it's as-is, fair market value with tenant in place, and sell the house.

      I could recommend the services of a (local to you) real estate broker from within a national, affiliated network with experience in the marketing of properties that might require a short sale approval.

    • specialized broker services (application)
    : (0)


  • Posted by Ward-CA- on September 01, 2002 at 11:23:53:

    In Reply to: what should i do posted by cathy decamp on September 01, 2002 at 09:01:42:

    : i am currently living in a different state than where i own a home i have overbuilt the home to a point that would make it difficult to sell , i dont really want the house anymore , i am downsizing my lifestyle . my renter is not working out and i am to far to do anything for the house , i am obligated to a lease for the next 5 months , i have perfect credit if i should decide to foreclose does that effect the credit i have already establised credit cards etc or just future credit for the next 7 years? sincerely

    =•=•=•=•=•=•=•=•=•=•=•=

    Cathy,

    A foreclosure is a process that a lender chooses to employ against a non-paying borrower. It's not something you can actively institute because you’re intentionally downsizing your lifestyle. And it’s one of those processes that once you start it’s a bugger to stop or reverse.

    It will royally screw up your current, active credit record big time, for years. It will flush all of your access to credit down the drain for quite a spell, regardless of how well you paid or are paying on any particular credit cards, etc.

    All of your credit cards will be automatically canceled in the wink of an eye. Your creditors won’t give you an opportunity to explain before they cut you off at the ankles. That’s because the filing of a foreclosure telegraphs to lenders’ sensitive ears that you must be in a serious financial bind to be in foreclosure, so they’re not going to wait for any additional indications of your financial plight. And any entreaties you attempt by phone will fall on deaf ears.

    I can’t imagine anyone willing to start such a fiasco! I predict you’ll wish you never stepped down such a slippery path—just because your rental is just so much excess baggage right now.

    You have other, more rational choices in disposing of this unwanted property. The most obvious is selling it or perhaps donating it, etc. Use your ingenuity to get rid of it while at the same time avoiding the scar of a foreclosure against your credit for 7 years.

    Hope this helps. : (0)



  • Posted by JMF on September 01, 2002 at 07:39:35:

    Anyone interested in selling their mortgages/notes at an appropriate discount, please provide full data.

    If you are being foreclosed, or have a note on a property in foreclosure, we are ready to buy with all cash. : (0)

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