November - December 2002 Archives





  • Posted by Denise on December 06, 2002 at 00:11:32:

    Katy, Texas : (0)




  • Posted by Denise on December 05, 2002 at 19:43:50:

    My home was foreclosed on and sold at Auction for more then my loan amount...Approximately $50,000.00 more then I owed....Do they have the right to keep that? If not, where do I go from here? : (2)




    • Posted by Denise on December 05, 2002 at 19:43:50:

      all the pertinent details you can. when the experts get here, then they'll have more information. : (1)




      • Posted by tinaj on December 05, 2002 at 20:59:16:

        Katy, Texas : (0)




  • Posted by judi l on December 05, 2002 at 17:48:30:

    if you have received a notice of the trustee's sale isit too late to stop the foreclosures, say by selling the property yourself? : (1)




    • Posted by judi l on December 05, 2002 at 17:48:30:

      : if you have received a notice of the trustee's sale is: it too late to stop the foreclosures, say by selling the property yourself?

      : (0)




  • Posted by joe gonzalez on December 05, 2002 at 16:54:28:

    Is there anyone out there currently doing this business. Is everything on the up and up. Is this a good opportunity or a get rich scheme for them. thanks joe : (2)




    • Posted by joe gonzalez on December 05, 2002 at 16:54:28:

      : Is there anyone out there currently doing this business. Is everything on the up and up. Is this a good opportunity or a get rich scheme for them. thanks joe

      Perhaps the information at the web site below will help you understand that assisting indiduals out of their financial diffulty is an important part of this program. The published news letter may also assist you in determining if this type of business is suitable for you. Joe -Chicago

      : (0)


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      (0)
  • Posted by John on December 04, 2002 at 18:03:50:

    to teach/partner deals with higher end properties...please e-mail details/conditions/terms.

    : (1)




    • Posted by John on December 04, 2002 at 18:03:50:

      : to teach/partner deals with higher end properties...please e-mail details/conditions/terms.

      Here are two links that will provide you information on foreclosures. The newsletter if also published that instructs you how to assist others in foreclosure.1st Foreclosure and Tax Lien Guide at: http://www.listpartners.com/cgi-bin/subscribe?3643Through this training you will learn how to aquire properties through tax liens, assume mortages and more.

      If you would like more information on how we provide solutions to difficult foreclosure problems please drop me a line.Joe - Chicago : (0)

  • Posted by Robert Woodrow on December 04, 2002 at 13:01:53:

    In the year 2000 in conjunction with a builder I began several speculative building projects in a supposedly budding development. Since then the development has just not happened ... one of three units sold and I have personally gone into debt more than I can handle (approx $150,000). I have taken a job out of town with a much higher income in order to dig myself out.

    My current situation is that I have rented my own home a 3200 sq ft $400,000 home, for $2600 a month ($1000 less than my monthly costs). I have had two contracts on the spec home (also a 3200 sq ft $400,000 home) which have fallen through. I am renting a small carriage house for $1300 a month. I cannot at this time continue making payments on the spec home. I have had a judgement against the house rendered that has increased the money owed by $12000. I have reduced the price to rock bottom $365,000 which, if I can sell it for that price again, I will have difficulty closing on the house because I will have to come to the table with over $12000 of money I do not have.

    Suggestions??? What is the impact of foreclosure on my already extremely bad credit??? I could break my lease and move to the spec home and in the end may end up with two homes again next Summer when the lease on my residence has expired and may be facing a situation of foreclosure again.



    : (3)

    • Posted by Reinstatement Services, Inc. on December 04, 2002 at 13:46:05:

      In Reply to: Possible Foreclosure Posted by Robert Woodrow on December 04, 2002 at 13:01:53:

      Because every state has its own governing laws regarding foreclosure processing, we'd need to know which state the property[ies] are located in to be able to provide a reasonable theory as to what you might anticipate if the loan reaches a default status.

    • Default and Foreclosure Solutions


    : (2)

    • Posted by Robert Woodrow on December 04, 2002 at 16:43:49:

      In Reply to: Which state is Posted by Reinstatement Services, Inc. on December 04, 2002 at 13:46:05:

      Pennsylvania

      : (1)




      • Posted by Default and Foreclosure Solutions

      : (0)
  • Posted by cliff on December 04, 2002 at 07:09:37:

    I live in Hawaii, and a property I cosigned is in the foreclosure process. One of the options is Deed-In-Lieu plus $16,800 paid to American Savings Bank, FSB, lender.

    Is it possible to reduce or eliminate the $16,800 lender is asking for? Your assistance will be greatly appreciated.

    Aloha

    : (1)

    • Posted by Nick(Colorado) on December 04, 2002 at 14:07:57:

      In Reply to: Deed-In-Lieu Posted by cliff on December 04, 2002 at 07:09:37:

      Cliff:

      A deed in lieu is negotiated between the party in default and the lender. The lender does not generally have to accept a DIL. The 16K figure may represents the starting point fromthe lender? If this is the case, then I would get a refi appraisal on the property and start negotiations with a lost mitigation representative from the lender. Obviouslyyou are trying to get the figure reduced or eliminated basedon the FMV of the property. Keep in mind you position is notvery strong.

      : (0)

  • Posted by Dan on December 04, 2002 at 06:52:39:

    As a rookie or 'melon head', please excuse me for this question.

    I live in East Tennessee and have watched the local paper for a while and read this board and others regarding buying property that is going into foreclosure.

    I know that folks here are proponents of the PACT trust but I wondered if it was 'absolutly' necessary to go that route.

    There is a house that is in an area of lower costs homes....40-60k, and is listed for foreclosure. I am interested in buying it as a rental.

    Do I approach the owners that are listed in the foreclosure notice in the paper? Do I wait until it is sold on the courthouse steps?

    : (7)

  • Posted by Sheldon Gray on December 03, 2002 at 23:08:47:

    Hello. I was wondering did anybody know if there was a way to "free up" the equity in a house without refinacing thu a bank? A person told me thata I would have to wait up to a year to refinace. I don't want to wait that long. I was thinking of using an LBO approach by going to a Title Loan Company, local investers, or some other form of private source and using the equity to secure the loan. Any suggestions would be greatly appricated.

    Thank You,

    Sheldon Gray

    : (0)

  • Posted by Sheldon Gray on December 03, 2002 at 23:07:57:

    Hello. I was wondering did anybody know if there was a way to "free up" the equity in a house without refinacing thu a bank? A person told me thata I would have to wait up to a year to refinace. I don't want to wait that long. I was thinking of using an LBO approach by going to a Title Loan Company, local investers, or some other form of private source and using the equity to secure the loan. Any suggestions would be greatly appricated.

    Thank You,

    Sheldon Gray

    : (0)

  • Posted by Jo on December 03, 2002 at 17:15:07:

    What costs do sellers pay, and what is the usual amount of these costs? Thanks

    : (1)

    • Posted by njdave on December 03, 2002 at 18:04:16:

      In Reply to: What closing costs do sellers usually pay? Posted by Jo on December 03, 2002 at 17:15:07:

      Jo, a homeowner with demonstrated financial distress can usually refinance up to 70% of the home's as-is, fair market value. I don't know that you would be able to obtain a second mortgage loan. The costs to refinance usually include an application fee, an appraisal fee, title insurance, homeowners' insurance, escrows, points, attorney's fees, and other costs.

      These costs are relative to the state in which you reside.

      It's probably far less expensive to attempt to negotiate a remedy with your exisiting lender than to refinance the exisitng debt.

      Another consideration would be a repayment plan under bankruptcy.

      Why the phony email address?

      : (0)

  • Posted by Jo on December 03, 2002 at 17:14:09:

    I would like to get a second mortgage to catch up the payments. I have more equity than the amount that I am behind. Thanks

    : (0)

  • Posted by Greg on December 03, 2002 at 15:03:16:

    I live in a new subdivision built by Crosswinds and it is sited as a seperated condo. I own the house and property but it had to be delvloped under a condo act. I have a question concerning forclosure by the association, Can they foreclose on your property and keep the house and any equity in the property above what is owed on the mortgage? If any one has the answer please ley me know.

    : (0)

  • Posted by Jo on December 03, 2002 at 13:53:26:

    I am told that I can't sell my house without my wife signing at closing, because she has "homestead rights". She is not on the title or deed, and she is not on the loan for the house, and we are having problems and she has refused to sign anything. Will this block the sale of my house? Will this block a forclosure or bankruptcy? Thanks.

    : (2)

    • Posted by njdave on December 03, 2002 at 14:49:09:

      In Reply to: What do "homestead rights" mean in Illinois? Posted by Jo on December 03, 2002 at 13:53:26:

      Homestead Exemption? The right (in most states and in bankruptcy) to treat your property as exempt property that cannot be sold to satisfy the claims of UNSECURED creditors. In most states, the homestead exemption covers a certain dollar amount of your equity in your residence. A home cannot normally be sold to pay claims of your creditors unless your equity in the home exceeds the amount of the exemption. A homestead exemption will not normally protect you from foreclosure when you have pledged your home as collateral.

      : (1)

      • Posted by Nick(Colorado) on December 03, 2002 at 18:30:27:

        In Reply to: Re: Homestead Exemption? Posted by njdave on December 03, 2002 at 14:49:09:

        NJDave:

        I think that this question is not really a homestead question.I think that the wife was on title, and may have signed and/orrecorded a statement of homestead. I do not think that Illinois is a community property state, but the wife may have automagiclyattached to the property, or the homestead, at some time in thepast. If the husband did not get a QC as part of an agrement(divorce or otherwise) then she may be required to do some type of homestead release. Either way, he needs to talk with an Illinois based realestate attorney.

        : (0)

  • Posted by Jo on December 03, 2002 at 13:51:32:

    I have a buyer for my house. The house is 4 payments behind. I request the payoff, and they are charging me for the interest of the missed payments plus the principal. I thought that I could just pay off the principal. I live in Illinois. Thanks.

    : (1)

    • Posted by Nick(Colorado) on December 03, 2002 at 14:22:33:

      In Reply to: Can a lender charge you interest for missed payments? Posted by Jo on December 03, 2002 at 13:51:32:

      Jo:

      Reread you loan agreement. Most likely the interest on the missing payments will start to accumulate after 10 days in arrears. You are lucky that the loan is not yet in the foreclosure department, you then you would have attorney fees to deal with.

      : (0)

  • Posted by Grace on December 03, 2002 at 04:32:41:

    I am looking into purchasing a house at a Trustee's Sale. Many of the properties listed at the sale has a low minimum bid. The minimum bid is usually higher than the loan amount + the delinquent amount. One thing I did notice is that sometimes the minimum bid is way under the original assessed value of the property. Would the trustee's sale be for a second trust deed only? It does not seem realistic for a trustor to be giving up a property that is worth $400,000 for only $50,000 at a trustee sale. The trustor can just sell his house in the market for $100,000 and resolve the foreclosure problem. What research can I do to ensure that there is nothing wrong with the title or something? Or to ensure that this is not a trustee's sale on a second only and the first will be auctioned off at a later time? Would the auction company disclose this information during the auction? I appreciate any ideas you can give me. Thanks.

    : (1)

    • Posted by Ward-CA- on December 03, 2002 at 10:28:32:

      In Reply to: CA - Trustee's Sale Posted by Grace on December 03, 2002 at 04:32:41:

      : I am looking into purchasing a house at a Trustee's Sale. Many of the properties listed at the sale has a low minimum bid. The minimum bid is usually higher than the loan amount + the delinquent amount. One thing I did notice is that sometimes the minimum bid is way under the original assessed value of the property. Would the trustee's sale be for a second trust deed only? It does not seem realistic for a trustor to be giving up a property that is worth $400,000 for only $50,000 at a trustee sale. The trustor can just sell his house in the market for $100,000 and resolve the foreclosure problem. What research can I do to ensure that there is nothing wrong with the title or something? Or to ensure that this is not a trustee's sale on a second only and the first will be auctioned off at a later time? Would the auction company disclose this information during the auction? I appreciate any ideas you can give me. Thanks.

      ============

      Grace,

      Do NOT assume that the trust deed going to sale is a first in priority. You were right to suspect that a very small opening bid in comparison to the full market value of the property probably indicates that a junior lien is what is going to sale.

      Theres probably nothing wrong with the title of the property. But you really need to know how to quickly and accurately research the title record of any foreclosure property you intend to buy, whether its from the owner in default or at the trustees sale. The main reason is to exactly know what liens or interests will remain against the title of the property after you buy it.

      No one involved in processing the foreclosure, like the trustee or the lender, is going to tell you what liens there are or not for fear of liability to you if they make a mistake in the info they give you. So you have two possible choices concerning learning whats against the title of the property in foreclosure. One is to pay for a title report from a title company. That will cost about $300.00 per report. The other way is to get the skill of a title searcher and do your own title research for free at your local, county recorders office.

      To try to pick up the skill yourself, through trial and error, will take you approximately one to two years. To learn it in an intensive, one-on-one, hands-on class just three days.

      To train yourself in this unknown skill will cost you nothing but lots of time and worry, whereas to learn it from a working pro, about $3,000 dollars.

      Hope this helps.

      : (0)

  • Posted by Credit Line on December 03, 2002 at 03:36:27:

    Create your own Private Line of Credit up to $300,000 with joint-venture partners. I have the funding sources and will work with you to acquire the partners. Its simple. Just think of having up to $300,000 worth of buying power. Great for pre or foreclosed properties. Send for details. PreCreLine@aolcom

    : (1)




    • Posted by Credit Line on December 03, 2002 at 03:36:27:

      : Create your own Private Line of Credit up to $300,000 with joint-venture partners. I have the funding sources and will work with you to acquire the partners. Its simple. Just think of having up to $300,000 worth of buying power. Great for pre or foreclosed properties. Send for details. PreCreLine@aolcom

      : (0)

  • Posted by ozzie on December 02, 2002 at 23:33:20:

    i know someone who is filing bankruptcy on their property. i currently lease part of the property with a horse boarding busines. i was wondering what the proceedures are and how long i will have before i must vacate the premises, and is there anyway possible i could continue my lease there thru the mortgage co. i was just told that he is finalizing in 10 days and that is not even close to enough time to be able to move all the horses and find suitable homes for them. how much time do i have and is there any way possible for me to be able to continue the lease with the mortgage co. also, i do not know who the mortgage co. is, is there anyway i can get this info. so i may contact them. HELP...

    : (3)

    • Posted by njdave on December 03, 2002 at 14:55:35:

      In Reply to: bankruptcy Posted by ozzie on December 02, 2002 at 23:33:20:

      You've got to learn more about what's going on before doing anything. Simply because the owner of a property is seeking protection under the bankruptcy laws doesn't necessarily mean that he is abandoning the property or said filing will have an impact upon you in any way.

      Do you have a written lease agreement? Have you (or the property owner) been served with any foreclosure papers?

      Learn more about it, then come back if you have any questions.



      : (2)

      • Posted by ozzie on December 03, 2002 at 21:35:36:

        In Reply to: Re: bankruptcy Posted by njdave on December 03, 2002 at 14:55:35:

        the owner of the property is losing the property and has already told me that he wants me to vacate the property in 10 days. filing will have an impact on me because the bank will soon own the property. once they have possesion of the property i am concerned as to how much time they will give me to vacate, or, if possible, continue to lease from them. i know people that are very interested in purchasing the property but only if the business(boarding)stays.(they are looking at that for extra income)so, i need to find out somehow who the bank is so i can try to make some sort of arrangement, if possible, with them, and at the very least, buy some more time so i can find suitable boarding for my horses. so, again, i need to know if there is anyway to find out who the mortgage co. is

        : (1)

        • Posted by njdave on December 04, 2002 at 11:49:45:

          In Reply to: Re: bankruptcy Posted by ozzie on December 03, 2002 at 21:35:36:

          Do you have a valid lease agreement, and are you current with your rent payment?

          Perhaps, if you ask, your Landlord will provide the name of the Mortgagee, and might even give his mortgagee written permission to speak with you..

          Then you can be fully informed and make appropriate arrangements.

          : (0)

  • Posted by Michael - Illinois on December 02, 2002 at 23:01:34:

    Hi,

    My second mortgage was sold at auction. It went for more than I owed. I've gone to court and collected the overage. This made me happy.

    The buyer didn't realize there is a 1st mortgage on the property. I went to the auction and they informed all that attended that there was an outstanding 1st mortgage, but apparently he didn't understand (he spoke broken English).

    Anyway, he is having a hard time coming up with an additional 100,000 to pay off the first. The first mortgage goes to Auction in a few days. Im wondering what happens if he cant pay the balance on the first.

    I live in Illinois and Im not sure what the procedures are in this situation. Im about $17,000.00 behind on the first mortgage. Can I pay the arrearages and keep the home (doubt I would want to do this, even if I could)? If I could get someone to buy the house at auction, what would happen from there? The house is worth about $180-190,000. Where would that leave the winning bidder of the second mortgage? Would the house have to be sold to satisfy both parties? Im just trying to find out whats going on and to find out what my options are.

    I thought this mess was done after the second mortgage went to auction and someone won the bid. I figured they would pay off the first and I was free and clear. At that point I was more than happy to break even. Now I dont know what is going on. Any help would be appreciated.

    Thanks,Michael



    : (5)

    • Posted by JD on December 02, 2002 at 23:23:10:

      In Reply to: 2nd mortgage sold at auction. Buyer can't buy out first mort Posted by Michael - Illinois on December 02, 2002 at 23:01:34:

      You don't own the home, the guy that bought the 2nd TD does. How long has it been since the sale? It is surprising he hasnt evicted you yet. Im not familiar with IL law, so I don't know what opitons there are regarding somone buying the first TD.

      : Hi,

      : My second mortgage was sold at auction. It went for more than I owed. I've gone to court and collected the overage. This made me happy.

      : The buyer didn't realize there is a 1st mortgage on the property. I went to the auction and they informed all that attended that there was an outstanding 1st mortgage, but apparently he didn't understand (he spoke broken English).

      : Anyway, he is having a hard time coming up with an additional 100,000 to pay off the first. The first mortgage goes to Auction in a few days. Im wondering what happens if he cant pay the balance on the first.

      : I live in Illinois and Im not sure what the procedures are in this situation. Im about $17,000.00 behind on the first mortgage. Can I pay the arrearages and keep the home (doubt I would want to do this, even if I could)? If I could get someone to buy the house at auction, what would happen from there? The house is worth about $180-190,000. Where would that leave the winning bidder of the second mortgage? Would the house have to be sold to satisfy both parties? Im just trying to find out whats going on and to find out what my options are.

      : I thought this mess was done after the second mortgage went to auction and someone won the bid. I figured they would pay off the first and I was free and clear. At that point I was more than happy to break even. Now I dont know what is going on. Any help would be appreciated.

      : Thanks,: Michael



      : (0)

    • Posted by Jim V on December 02, 2002 at 23:21:49:

      In Reply to: 2nd mortgage sold at auction. Buyer can't buy out first mort Posted by Michael - Illinois on December 02, 2002 at 23:01:34:

      Assuming the first goes to auction, any overage from that sale would go to the new owner(bidder from the sale of the second).

      Just a guess, but I'd expect the bidding to cover all amounts you owe on the first, plus a little bit over. If there is a new successful bidder, they will become the owner of the property.

      You do not own the house, so paying the arrearage will only benefit the current new owner.

      Move on, and consider yourself very fortunate.

      : (3)

      • Posted by Grace on December 04, 2002 at 12:54:38:

        In Reply to: Re: 2nd mortgage sold at auction. Buyer can't buy out first mort Posted by Jim V on December 02, 2002 at 23:21:49:

        Then, does the new second mortgage owner loose the amount of money he had paid for the second if the first is auctioned off without any overages? In another word, the second mortgage owner does not get anything plus he had lost his investment on the second mortgage?

        : (1)




        • Posted by Grace on December 04, 2002 at 12:54:38:

          This seems to be the case.

          Although he was told twice at the auction, apparently he didn't understand there was a 1st mortgage (He spoke broken english). There was a bidding war between him and another bidder. He won the auction for 62k. Leaving a 100k unpaid 1st mortgage. The propery is worth about 190k, so someone will go to auction and grab the propery for about 100k and make a nice profit. Unless there are mutiple bids, leaving an overage, he stands to loose over sixty thousand dollars.



          : Then, does the new second mortgage owner loose the amount of money he had paid for the second if the first is auctioned off without any overages? In another word, the second mortgage owner does not get anything plus he had lost his investment on the second mortgage?

          : (0)

      • Posted by Michael - Illinois on December 03, 2002 at 00:02:24:

        In Reply to: Re: 2nd mortgage sold at auction. Buyer can't buy out first mort Posted by Jim V on December 02, 2002 at 23:21:49:

        If the bidder that won the auction on the second mortgage can't pay the balance owed on the first mortgage, aren't I still responsible for amount on that mortgage (the first)? There seems to be a strong possiblity that this will be the case. If he can't pay the amount owed on the first mortgage (about 100,000) than what happens to the property? What happens to his position? Where do I sit in that situation?

        Thanks,Michael

        : Assuming the first goes to auction, any overage from that sale would go to the new owner(bidder from the sale of the second).

        : Just a guess, but I'd expect the bidding to cover all amounts you owe on the first, plus a little bit over. If there is a new successful bidder, they will become the owner of the property.

        : You do not own the house, so paying the arrearage will only benefit the current new owner.

        : Move on, and consider yourself very fortunate.



        : (0)

  • Posted by koenig600 on December 02, 2002 at 22:07:53:

    Is there any way to get a loan for $125k for a 3-6 month period to buy a foreclosed property? The only catch is that the loan is needed within 7 days.

    : (0)

  • Posted by Adrienne on December 02, 2002 at 19:22:31:

    Hi-My husband and I are looking to purchase a house in our town that is in forclosure. The whole process is new to us and we are not really sure the best way to go about it. Do we wait to go and bid at the auction or is there a way to get in early? Is it usually best to approach the owners and make them an offer or approach the bank?Thanks for any assistance you may be able to give.

    : (1)

  • Posted by A on December 02, 2002 at 04:19:34:

    What exactly is a Deed-In-Liew. Is this what gets filed at the court house by the trustee just prior to a foreclosure sale? I know something gets filed I just can't remember what?

    : (2)

    • Posted by minnilou baird on December 02, 2002 at 16:39:37:

      In Reply to: What exactly is ... Posted by A on December 02, 2002 at 04:19:34:

      : What exactly is a Deed-In-Liew. Is this what gets filed at the court house by the trustee just prior to a foreclosure sale? I know something gets filed I just can't remember what?



      : (0)

    • Posted by njdave on December 02, 2002 at 08:16:10:

      In Reply to: What exactly is ... Posted by A on December 02, 2002 at 04:19:34:

      Click on the link below to read about a deed-in-lieu of foreclosure as described to Kim

      : (0)

  • Posted by K on November 30, 2002 at 20:21:20:

    I am new to the term "foreclosure" can anyone offer me any advise. Should I buy a foreclosed home or just do what everybody else does..and that is purchase a home through a realtor...any advise would greatly be appreciated.

    : (2)

    • Posted by Edward Nolan on December 02, 2002 at 03:42:10:

      In Reply to: foreclosure Posted by K on November 30, 2002 at 20:21:20:

      K, In this game there are different levels to purchase property at. They are as follows...

      From the Owner themselves (before foreclosure)From the Owner in Pre-Foreclosure (before foreclosure)At the Sherrif Sale (This is Foreclosure)From the New Owner (After Sherrif Sale)From the Bank REO Department (After Foreclosure- Realtor Listed)

      There are 2 types of ForeclosuresBank and Tax's

      Anyone can be foreclosed on even if they do not pay the taxs on the property.

      There are many areas you can work in within the areas I mentioned above. If you want to be a large investor you'll want to bid on many properties at once and then see what comes to light. But, the best area to try to focus on to really max out the dollars you can earn is in the Pre-Foreclosure area. It's very easy to work in this area, and it's even easy to find those that are within a pre-foreclosure status! How? How do you find out who is in pre-foreclosure you ask? Simple, get ready to smile... :) Simply get a listing of homes from the Sherrif that will come up for auction within the next few weeks. Drive by those homes, nock on doors, see if the owners still live in the homes, make offers to take over their payments if the figures work out for the deal. It's that easy to find!



      : (0)

    • Posted by njdave on December 01, 2002 at 11:47:54:

      In Reply to: foreclosure Posted by K on November 30, 2002 at 20:21:20:

      Many Realtors can offer a selection of H.U.D. REO (real estate owned) from a distributed inventory list.There are also Realtors that specialize in selling REO from institutional mortgage lenders. Buying an REO in this way isn't much different than if you were to purchase any other house on the market. The major difference is that the Owner/Seller is a (distant)corporate entity skilled in the liquidation process, rather than an indidual Seller that you would meet face to face. A Discounted Sales Price might be offset by the need to make cosmetic or structural repairs.

      Sometimes, the extra trouble it takes to buy a property whose mortgage has been foreclosed results in a savings to the buyer. Sometimes not.

      Are you looking for what might become a profitable hobby? Or a career? Or, are you looking for a house that will become your home?

      If you are looking for a home... pick out something that you like, that you can afford, and that will serve your needs....

      : (0)

  • Posted by cliff on November 30, 2002 at 20:14:48:

    I live in Ewa Beach, Hawaii, and my parent's property has already been granted motion, but not yet sold. I co-signed the property, and therefore, liable for the mortgage note payable. I wrote to American Savings Bank of Hawaii to request loan modification of no more than 6%. The attorney called to let me know that American Savings Bank had denied my request. I told the attorney that with 6% vice 7.375% it will make it alot easier financially since I also have a mortgage of my own which is at 9.5%.

    When I asked why the lender denied, the attorned could not answer. Is anyone out there an expert of this subject matter?

    Your assistance will be greatly appreciated.

    : (1)

    • Posted by Reinstatement Services, Inc. on December 01, 2002 at 15:14:05:

      In Reply to: Denied Loan Modification Request Posted by cliff on November 30, 2002 at 20:14:48:

      There could be any number of reasons why the lender was not agreeable to the proposed remedy. Of course, just because you've received one no doesn't mean that you're totally out of options.

      A loan mod still might be a viable alternative as might a number of other remedies perhaps not yet explored with the lender.

    • Default and Foreclosure Solutions


    : (0)

  • Posted by Gloria Crawford on November 30, 2002 at 12:44:35:

    If I am at the point where the sale of the home is about to happen, will I have any additional days after the sale to regain or be reinstated with my lender?

    : (2)

    • Posted by Edward Nolan on December 02, 2002 at 03:46:41:

      In Reply to: Forclosure at SALE stage Posted by Gloria Crawford on November 30, 2002 at 12:44:35:

      If it is a bank foreclosure probably not. If it is a tax foreclosure than the Right of Redemption (ROR) period the other person spoke to you about would apply depending on the state.



      : (0)

    • Posted by njdave on November 30, 2002 at 13:41:25:

      In Reply to: Forclosure at SALE stage Posted by Gloria Crawford on November 30, 2002 at 12:44:35:

      It depends upon several factors specific to the laws and customs of your state. If your state offers a Right of Redemption (ROR) period... then you have the right to redeem ownership. It's doubtful that you could 'reinstate' a mortgage following Sale. You would have to secure and introduce fresh money.

      Best course of action would be to have the Sale delayed, then negotiate a reinstatement with the foreclosing lienholder.

      : (0)

  • Posted by Joy on November 29, 2002 at 19:48:39:

    I filed for Chapt 7 bankruptcy, and have already had my 341 meeting. I own a home in NY State, and I was at the time of filing bankruptcy, only 1 month behind on my payments. I contacted my mortgage company to find out what assistance they could offer me to help me catch up, so that I would not be consistently 30 days late on my payments. They informed me of certain criteria that had to be met in order to 'qualify' for their programs, and each one needed me to be 60 days late, not just 30, I have to be gainfully employed which I am, and able to pay the payments that were agreed upon when I bought the house, which I can do. So I did what they advised, I let the payments slip to 60 days behind, and even received a packet in the mail telling me about the special programs they offer to help those that are behind in their payments. Lo and behold, last week, I get a court paper telling me that they have filed to foreclose on my property. HOW CAN THEY DO THIS when THEY were the ones that told me in order to qualify for their programs, I had to be 60 days LATE?? If I would have known that this would jeapordize my home, I would have just kept paying the 30 day late payments until I received a tax return and got caught up at that time. Now I only have until December 4th to come up with 60 days worth of payments, on top of the one due for December 1st. I don't believe that I was given proper advise, and I want to know what recourse I have.

    : (2)

    • Posted by Reinstatement Services, Inc. on December 01, 2002 at 15:22:36:

      In Reply to: Bank LIED TO ME Posted by Joy on November 29, 2002 at 19:48:39:

      Contact your lender's loss mit. department. The reps there might be able to assist you in avoiding foreclosure as you work to fully reinstate your loan.

    • Default and Foreclosure Solutions


    : (0)

  • Posted by Ward-CA- on November 29, 2002 at 21:08:52:

    In Reply to: Bank LIED TO ME Posted by Joy on November 29, 2002 at 19:48:39:

    : I filed for Chapt 7 bankruptcy, and have already had my 341 meeting. I own a home in NY State, and I was at the time of filing bankruptcy, only 1 month behind on my payments. I contacted my mortgage company to find out what assistance they could offer me to help me catch up, so that I would not be consistently 30 days late on my payments. They informed me of certain criteria that had to be met in order to 'qualify' for their programs, and each one needed me to be 60 days late, not just 30, I have to be gainfully employed which I am, and able to pay the payments that were agreed upon when I bought the house, which I can do. So I did what they advised, I let the payments slip to 60 days behind, and even received a packet in the mail telling me about the special programs they offer to help those that are behind in their payments. Lo and behold, last week, I get a court paper telling me that they have filed to foreclose on my property. HOW CAN THEY DO THIS when THEY were the ones that told me in order to qualify for their programs, I had to be 60 days LATE?? If I would have known that this would jeapordize my home, I would have just kept paying the 30 day late payments until I received a tax return and got caught up at that time. Now I only have until December 4th to come up with 60 days worth of payments, on top of the one due for December 1st. I don't believe that I was given proper advise, and I want to know what recourse I have.

    ===========

    Joy,

    Scramble like the dickens to get caught up first! Focus all your energy on saving your house first and foremost. Later, when the danger has passed, point fingers at whos to blame and the appropriate cause of action open to you for redress.

    Choose your battles, and choose when to fight them. And right now all your energy and focus should be on the most important battlesaving your house from foreclosure.

    Good luck.

  • Unique one-on-one foreclosure training is best.

    : (0)

  • Posted by blake on November 29, 2002 at 11:23:30:

    which is best to let them forclose on my house and property or to go bank rupt on it, have to do one or the other

    : (8)

    • Posted by Edward Nolan on December 02, 2002 at 03:23:10:

      In Reply to: foreclosure or bankrupt Posted by blake on November 29, 2002 at 11:23:30:

      Blake, In most cases if you file BK you can re-affirm with the bank on the mortgage, keep your home, and the past due payments can be rolled to the back of the current mortgage loan. Talk to an attorney though!



      : (0)

    • Posted by Tracy on November 29, 2002 at 14:26:55:

      In Reply to: foreclosure or bankrupt Posted by blake on November 29, 2002 at 11:23:30:

      What state do you live in?

      : (5)

      • Posted by cliff on November 30, 2002 at 20:00:02:

        In Reply to: Re: foreclosure or bankrupt Posted by Tracy on November 29, 2002 at 14:26:55:

        I am also facing this same situation in Hawaii. I cosigned for my parent, and my parent could not pay anymore. I have my own mortgage payments for my property. Which is best. Bk or foreclosure? Your assistance will be greatly appreciated.

        : (0)

      • Posted by Joe on November 30, 2002 at 03:07:14:

        In Reply to: Re: foreclosure or bankrupt Posted by Tracy on November 29, 2002 at 14:26:55:

        : What state do you live in?

        Using a TRUST you may be able to avoid filing for bankruptcy and foreclosure. The Trust in many cases will pay full market vlaue for your home and will also pay any mortgage payments and taxes that are in arrears.Should you like more information, please notify me.Joe Trinity Consulting

        : (2)

        • Posted by tinaj on November 30, 2002 at 21:36:06:

          In Reply to: Avoid BC and Foreclosure Posted by Joe on November 30, 2002 at 03:07:14:

          : : What state do you live in?

          : Using a TRUST you may be able to avoid filing for bankruptcy and foreclosure. The Trust in many cases will pay full market vlaue for your home and will also pay any mortgage payments and taxes that are in arrears.: Should you like more information, please notify me.: Joe Trinity Consulting

          thanks - just curious

          : (1)

          • Posted by Joe on November 30, 2002 at 22:05:15:

            In Reply to: What sort of "trust" is this? I am not familiar with this. Posted by tinaj on November 30, 2002 at 21:36:06:

            : : : What state do you live in?

            : : Using a TRUST you may be able to avoid filing for bankruptcy and foreclosure. The Trust in many cases will pay full market vlaue for your home and will also pay any mortgage payments and taxes that are in arrears.: : Should you like more information, please notify me.: : Joe Trinity Consulting

            : thanks - just curious

            The Trust is set up to assume the payments for the loan. Our web site explains more about how the process works.

            : (0)

      • Posted by blake on November 29, 2002 at 16:20:35:

        In Reply to: Re: foreclosure or bankrupt Posted by Tracy on November 29, 2002 at 14:26:55:

        : What state do you live in?I live in alabama

        : (0)

    • Posted by Ward-CA- on November 29, 2002 at 11:47:54:

      In Reply to: foreclosure or bankrupt Posted by blake on November 29, 2002 at 11:23:30:

      : which is best to let them forclose on my house and property or to go bank rupt on it, have to do one or the other=================

      Blake,

      There are a lot of foreclosures without bankruptcy and vice versa.

      The foreclosure occurs simply because the loan payments aren't being made.

      The bankruptcy is really an elective on your part. Why not see a credit counselor and/or a bankruptcy attorney to determine if you should pursue a bankruptcy filing?

      : (0)

  • Posted by RG on November 28, 2002 at 23:54:40:

    My mother lives in Tennessee but still owns the house we grew up in Ohio. She can't afford to make both the payments on her apartment and the mortgage.

    Her credit is very poor, and she's consistently late on payments. The bank has threatened to foreclose before. Her bank is Charter One Mortgage.

    The juicy part is- my brother still lives there. He doesn't pay any of the mortgage payment to help out. We tried to sell the house before, but he won't let anyone in to see it. He doesn't keep the house in the greatest condition, either. My mother refuses to call the police to have him "evicted".

    I live far away as well, and even if I could get to the house, I couldn't make him leave.

    The best solution seems to be a "short sale"? My mother has tried calling the bank but seems to be getting the runaround.

    We need to sell the house remotely and get someone else to own it so my brother can legally be forced to leave the house.

    Can anyone help?

    : (2)

    • Posted by Joe on November 30, 2002 at 03:12:03:

      In Reply to: Mom is broke- need to sell remotely when brother won't leave Posted by RG on November 28, 2002 at 23:54:40:

      : My mother lives in Tennessee but still owns the house we grew up in Ohio. She can't afford to make both the payments on her apartment and the mortgage.

      : Her credit is very poor, and she's consistently late on payments. The bank has threatened to foreclose before. Her bank is Charter One Mortgage.

      : The juicy part is- my brother still lives there. He doesn't pay any of the mortgage payment to help out. We tried to sell the house before, but he won't let anyone in to see it. He doesn't keep the house in the greatest condition, either. My mother refuses to call the police to have him "evicted".

      : I live far away as well, and even if I could get to the house, I couldn't make him leave.

      : The best solution seems to be a "short sale"? My mother has tried calling the bank but seems to be getting the runaround.

      : We need to sell the house remotely and get someone else to own it so my brother can legally be forced to leave the house.

      : Can anyone help?

      Using a Trust, the mortgage can be assumed without a 'short sale' this can occur within 7 days from agreement. Your mother could receive full market value for the home also. Your brother can be removed from the situation legally because there would be a new owner through the TRUST.Joe Trinity Consulting847-935-6026

      : (1)




      • Posted by Joe on November 30, 2002 at 03:12:03:

        If Mom rents the house back from the Trust, if that's how it works, she'll still have Brother. If Mom legally rents the house, the Trust can't kick out Brother against her wishes, can it? and if Mom wanted to go to a nursing home or something, she'd do that already? : (0)

  • Posted by kevin on November 28, 2002 at 23:43:24:

    went to couthouse steps in ny on monday at 1pm property was auctioned off i was the hight bidder gave my 10 percent down to referee and signed contract to purchase at the courthouse steps

    come to find out that house was sold on previous friday by homeowner closing took place friday after noon bank did not notify bank attorney handeling foreclosure that bank had receeived payoffs on friday so foreclosure sale still took place on friday bank attorney called me tue to tell me sale was not valid and that sale had to be cancelled my only concern is that i paid 150k at auction and sellers on friday paid 200k house needed 20k work and would reslae for 270k or 280k so my loss was big. i tiold bank attorney that iw anted to be compensated or i would tie up property in legally and new homeowner who purchased oin friday would be ticked and file suit. she told me shwe would talk with bank to see if 25k would be suffient as compendsation any suggestions on what i should do or say legally ty

    : (0)

  • Posted by JustaNYGirl on November 28, 2002 at 18:17:19:

    I'm looking at a Villa, which is attached to another by the back bedroom, bathroom and poss, living room walls.

    This has sold two years ago for $130,000 to an investor who owned like 6 of them. The person lost all of them. The one I'm looking at is the highest priced, $122,900, the others have all went really fast most were less then mine, but more the attached v on the other side, which is going for $116,000. Now everything we've read about a bank owned prop, has not happened with this bank. They have only offered 95% fin. which I don't need nor could I afford the monthly mortgagae if I was to use it. For me to be able to afford the monthly, I must put a little more then $23,000 down, which have.

    I have a condo which once sold I hope to have around $70,000 and either put a little more down on the V, or rent it out and use the money from the condo for a down, on other prop's.

    What I'm worried about is , the inspec sheet states that trem, have been found in the ac unit clos, and in the attached villa in the walls, and under the carp.

    The bank has chosen to put a new carp, stove, painted, and also have claimed the trem was treated. What I find very strange is the bank did not replace a very, very, very old central ac unit, and in the other v, the bank did not replace a very, very, very old carp.

    Also the inspec sheet the roof has poped up nails, exposed nails and something else, which that claims the damages only cost $850 to repair.

    What I would like to know is, why would the bank not replace things which truly needed to be repair, but which also seems to be where the trems were found.

    Could there be so much damage inside the walls or floor for that matter , where it would be poss that they could not put a central ac unit in the clos because the wall would not be able to support a unit ????

    Thank You, For Any Help Any Of You Could Offer MeOn This Matter.... May You All Have a Happy Turkey Day !!!!

    Linda JustaNYGirl@msn.com

    : (0)

  • Posted by Elle on November 26, 2002 at 13:35:03:

    Is New Jersey a deficiency state where I would have to pay the difference on the sale of my home if the bank can't sell it for the balance of what I owe.

    : (2)

    • Posted by Ward-CA- on November 27, 2002 at 20:43:14:

      In Reply to: TWO HOMES Posted by Elle on November 26, 2002 at 13:35:03:

      : Is New Jersey a deficiency state where I would have to pay the difference on the sale of my home if the bank can't sell it for the balance of what I owe. ============Yes, a deficiency is allowed in New Jersey.

      : (0)

    • Posted by Ward-CA- on November 27, 2002 at 20:42:34:

      In Reply to: TWO HOMES Posted by Elle on November 26, 2002 at 13:35:03:

      : Is New Jersey a deficiency state where I would have to pay the difference on the sale of my home if the bank can't sell it for the balance of what I owe. ============Yes, a deficiency is allowed in New Jersey.

      : (0)

  • Posted by gs on November 25, 2002 at 14:27:47:

    what happens post foreclosure?????

    : (1)

    • Posted by Ward-CA- on November 27, 2002 at 20:48:02:

      In Reply to: foreclosure Posted by gs on November 25, 2002 at 14:27:47:

      : what happens post foreclosure?????============The old owner will be forced out in an eviction if they refuse to move out when required.

      The new owner-by-foreclosue will fix up the property and flip it to a retail buyer for a net gain of about 25K to 30K.

      : (0)

  • Posted by smaiers on November 25, 2002 at 13:55:34:

    how can a buyer complete an "upset bid" following the ten days after the "sale" is done? please advise

    : (2)

    • Posted by Bonnie Kelly on November 30, 2002 at 03:04:14:

      In Reply to: buy back after sale Posted by smaiers on November 25, 2002 at 13:55:34:

      : how can a buyer complete an "upset bid" following the ten days after the "sale" is done? please advise



      : (0)

    • Posted by Tammy Fails on November 27, 2002 at 13:20:12:

      In Reply to: buy back after sale Posted by smaiers on November 25, 2002 at 13:55:34:

      : how can a buyer complete an "upset bid" following the ten days after the "sale" is done? please advise



      : (0)

  • Posted by judy thompson on November 25, 2002 at 13:20:03:

    How do you start foreclosure on a piece of property that you have a mortage on?

    : (1)

    • Posted by Ward-CA- on November 27, 2002 at 20:51:30:

      In Reply to: foreclosure proceedings Posted by judy thompson on November 25, 2002 at 13:20:03:

      : How do you start foreclosure on a piece of property that you have a mortage on?================================Have an attorney who specializes in the foreclosure of mortgages initiate a judicial foreclosure for you.

      : (0)

  • Posted by Thomas on November 25, 2002 at 11:07:15:

    Is anyone working in these areas?

    : (1)

  • Posted by Thomas on November 25, 2002 at 10:57:18:

    Is anyone working forclosures in these areas?

    : (0)

  • Posted by Nadeen B. on November 24, 2002 at 23:33:25:

    My ex-husband and I bought a house together 2 years ago, which has a 650K 1st mortgage. He took out a 2 mortgage for 150K, which I did not sign on (thank g-d). The house is now going into forclosure for he is useless and cannot afford the payments. I have never lived in the house nor made a mortgage payment. My divorce agreement stated he was to refinance the house or sell it to get me off the mortgage. I am now going to be liable for the deficiency if the house does not sell for 650+. What are my rights, with the mortgage company. Would I be able to prove with an appraisal the house is worth more then the 650K owed and not be liable if there is a deficiency judgement. Thank you

    : (0)

  • Posted by Ray Whitley on November 24, 2002 at 09:22:41:

    Looking for anyone in the greater Oklahoma City area who needs help with preforeclosure or foreclosure. I will take over paymentsm help get caught up, make cash payments, etc. If you live in Oklahoma City, Norman, Moore, Edmond, El Reno, Guthrie, Midwest City, Del City, Shawnee, Purcel, Ada and need assistance email me or call me at 405-823-7338

    : (0)

  • Posted by Bobby on November 22, 2002 at 21:55:48:

    There is an abandoned house on my street. How can I find out who owns the mortgage on this property and can I purchase this property from them? PreForeclosure Listings

    : (2)

    • Posted by haywood on November 23, 2002 at 22:48:31:

      In Reply to: Abandoned House Posted by Bobby on November 22, 2002 at 21:55:48:

      : There is an abandoned house on my street. How can I find out who owns the mortgage on this property and can I purchase this property from them?

      Bobby,

      My first choice would be the county recorders office, or call a title companies customer service.

      H

      : (0)

    • Posted by haywood on November 23, 2002 at 22:47:53:

      In Reply to: Abandoned House Posted by Bobby on November 22, 2002 at 21:55:48:

      : There is an abandoned house on my street. How can I find out who owns the mortgage on this property and can I purchase this property from them?

      Bobby,

      My first choice would be the county recorders office, or call a title companies customer service.

      H

      : (0)

  • Posted by Tad on November 21, 2002 at 22:39:44:

    hello, I'm interested in buying a house in Ga that was foreclosed on. It has been vacant for almost 9 months it now has a for sale sign. I found out the bank that owns the property. The realator is listing the house for 178,500.00 I believe that the bank will accept less, I just don't know who to go about making the offer. The house is in good condition I want to live in the house not invest or resell. Can anyone offer any advice. Thanks

    : (2)

    • Posted by Larry Hendrix on November 28, 2002 at 21:48:08:

      In Reply to: want to purchase a house that has been foreclosed on Posted by Tad on November 21, 2002 at 22:39:44:

      : hello, I'm interested in buying a house in Ga that was foreclosed on. It has been vacant for almost 9 months it now has a for sale sign. I found out the bank that owns the property. The realator is listing the house for 178,500.00 I believe that the bank will accept less, I just don't know who to go about making the offer. The house is in good condition I want to live in the house not invest or resell. Can anyone offer any advice. Thanks



      : (0)

    • Posted by Ward-CA- on November 28, 2002 at 15:52:39:

      In Reply to: want to purchase a house that has been foreclosed on Posted by Tad on November 21, 2002 at 22:39:44:

      : hello, I'm interested in buying a house in Ga that was foreclosed on. It has been vacant for almost 9 months it now has a for sale sign. I found out the bank that owns the property. The realator is listing the house for 178,500.00 I believe that the bank will accept less, I just don't know who to go about making the offer. The house is in good condition I want to live in the house not invest or resell. Can anyone offer any advice. Thanks ============Make your offer through the current listing agent. She will present it to the bank and get back to you with either an acceptance or a counter offer.

      : (0)

  • Posted by Lori on November 21, 2002 at 03:06:55:

    Your local COunty sherriffs office should provide a list. this is public information.

    : (3)

    • Posted by ABDULSALEH on November 24, 2002 at 02:12:41:

      In Reply to: free listings Posted by Lori on November 21, 2002 at 03:06:55:

      : Your local COunty sherriffs office should provide a list. this is public information.



      : (0)

    • Posted by ABDULSALEH on November 24, 2002 at 02:04:39:

      In Reply to: free listings Posted by Lori on November 21, 2002 at 03:06:55:

      : Your local COunty sherriffs office should provide a list. this is public information.



      : (0)

    • Posted by Ted on November 22, 2002 at 02:27:30:

      In Reply to: free listings Posted by Lori on November 21, 2002 at 03:06:55:

      : Your local COunty sherriffs office should provide a list. this is public information.



      : (0)

  • Posted by Lori on November 21, 2002 at 03:05:17:

    Contact her bank immediatly and tell them you want to buy house. Talk to a lawyer.Make sure you are pre-qualified to take over new morgage payment. If you wait till forclosure you will be competing with others above the current mortgage.

    : (0)

  • Posted by karla penley on November 21, 2002 at 02:53:39:

    mother had to move to another state to care for her elderly father, couldnt keep payments up on her home, the bank has started foreclosure on her home; after talking it over with husband thought it might be a good investment to buy the home for a rental property should i wait untill its foreclosed on to try to buy, and how do i go about doing this

    : (1)

    • Posted by Reinstatement Services, Inc. on November 21, 2002 at 13:39:39:

      In Reply to: mothers home and foreclosure Posted by karla penley on November 21, 2002 at 02:53:39:

      Why not approach your mother with an offer to purchase? It seems that this would be the most logical and least risky approach.

    • Default and Foreclosure Solutions


    : (0)

  • Posted by bryan on November 21, 2002 at 01:20:52:

    Is there a free way to find and locate these types of houses in oklahoma.

    : (0)

  • Posted by Jeremy on November 21, 2002 at 00:34:55:

    Hello, I'm getting into a deep mess and need help fast. I'll try to explain all details as best I can and appreciate very much any help. 1st I got divorced in june of 2001, she got EVERYTHING that was paid off, I got ALL debts... go figure. So, in order to stay afloat i refinanced the house in only my name and used the equity to pay off all other debts. making 70K per year at the time i figured "no big deal" (mortgage was for 85K)

    2nd...well... in late july of that year i was laid off from my job.(thanks mr koslowski!!!) so here we go

    I looked desperatly for a job in the area(southern KY) to no avail and immediatly listed the home for sale to try to get out from under it. by november of that year, no job, no offers on the house. So I decided on a career change and like an idiot signed an alternative loan from a private lender to bankroll my education and living expenses (80K...flight school is expensive!)by the way, i was using unemployment to pay the mortgage, hoping to unload the house before it ran out.alas, the unemployment ran out, still no offers on the house, and its even listed 40K below apprasial!

    So I called my lender and tried a deed-in-leiu...deniedthen attempted a short sale....denied

    So here I sit, I owe $84,500 on the mortgage, $80,000 on my Key bank alternative education loan (not govt backed, but deferred until approx Q1 2004), and have gotten about $7500 more credit debt since the refinance ( I had to replace bed, kitchen ware, furn. that ex wife took)

    I need advice please.... since I've been denied the deed-in-leiu, short sale, and obviously wont sell the house if i've gotten 0 offers in 14 mo. , I've got approx. 180K of debt, and wont be out of school and making a paycheck until Jan 2003, but the paycheck will only cover living expences and not much else.

    My question is do I file bankrupcy or let the house forclose (forclosue began aug 2002, auction in KY is 7mo, so I have till Feb.)

    The good news in all of this is now I'm an airline pilot instead of a boring engineer, and in 5 years or so I'll be making $150K+ so I need to keep that in mind also.

    please email me if possible, I dont know if Ill be able to check the board much

    : (3)

    • Posted by BB on November 27, 2002 at 21:36:07:

      In Reply to: Drowning in Debt... HELP!!!!! Posted by Jeremy on November 21, 2002 at 00:34:55:

      This might sound silly, but...could you rent that house out for an amount that would cover the mortgage and make a little extra? While you're renting the house out, move in with your parents/relatives/family. It would only be temporary.

      : (0)

    • Posted by tinaj on November 21, 2002 at 23:43:24:

      In Reply to: Drowning in Debt... HELP!!!!! Posted by Jeremy on November 21, 2002 at 00:34:55:

      If you are young enough you can still go back to school at a later date, that might make a difference. But if you quit now, won't all your training up to this point go down the drain?

      Have you considered a 3rd party mediator? Who is your mortgage lender? Check this board for links from reinstatement services. If you can afford to pay them, it might be your solution. (I don't work for them and I don't even know them, but I see them here. there are a lot of ripoffs out there, but they're legit.)

      : (0)

    • Posted by Lori on November 21, 2002 at 03:15:45:

      In Reply to: Drowning in Debt... HELP!!!!! Posted by Jeremy on November 21, 2002 at 00:34:55:

      : Hello, : I'm getting into a deep mess and need help fast. I'll try to explain all details as best I can and appreciate very much any help. ................

      Defer your student loan and get three jobs if you have to. postpone school if you have to. contact your school financial aid officer (they may have insight). do not go into bancrupsy if you can avoid it. while you may make a lot of money you will have difficulty with creditors. It sounds like you want it all and you gambled. cut your losses, pay the price for your mistake and WORK till you fall down. Gee wiz you only have to do this until you get a better job. Tough it out! 80,000 is not a very big payment!

      : (0)

  • Posted by dawn on November 20, 2002 at 22:17:48:

    How do I find houses that are getting ready to foreclose in the Jefferson Parish area in New Orleans? How do I purchase these properties?

    : (0)

  • Posted by Chris on November 20, 2002 at 21:53:34:

    I live in Pennsylvania and my home is being forclosed upon. My lender WAMU sent me a homeowners assistance package and I would prefer to keep my home. They gave me (2) options to choose from, a repayment plan or a modification. I'm supposed to check one and submit it with my financial paperwork. My question is, what is the difference?? Which is the best choice for the homeowner?? Any advise would be appreciated, Thank you.

    : (1)

    • Posted by elitefinders on November 23, 2002 at 13:41:38:

      In Reply to: modification vs. repayment plan Posted by Chris on November 20, 2002 at 21:53:34:



      The lender is definitely on top of what they are legally obligated to do in a situation like this. The intent of a modification is to eliminate the arrearages & reduce the monthly mortgage obligation for a borrower who has recovered from financial stress, but whose net income has been reduced to a level lower than it was prior to the default. They may refinance to allow for a reduced interest rate, monthly payments & a new term. They can also, put the arrearages into the loan balance, the term extended, & the interest rate reduced to current market rates, so that, the resulting monthly payment is at a level that you can afford. This really works well when rates are low, and they are, so your in a good situation.

      If you need more assistance, let us know. elitefinders@aol.com









      : I live in Pennsylvania and my home is being forclosed upon. My lender WAMU sent me a homeowners assistance package and I would prefer to keep my home. They gave me (2) options to choose from, a repayment plan or a modification. I'm supposed to check one and submit it with my financial paperwork. My question is, what is the difference?? Which is the best choice for the homeowner?? Any advise would be appreciated, Thank you.



      : (0)

  • Posted by H. Smith on November 20, 2002 at 19:01:27:

    We bought a house about 2 years ago and took the 2nd mortgage. The amount that we owe way more than the house's selling price. I've been out ot jobs for about 5 months and still have no luck in finding a new one. We're currently behind on our mortgages. Can we just walk away and turn the house back to the mortgage company?? We live in Indiana. What do I need to do to take care the 2nd mortgage. Will they go go after us???

    : (2)

    • Posted by Ward-CA- on November 28, 2002 at 16:30:09:

      In Reply to: Getting Behind..What's Next...??? Posted by H. Smith on November 20, 2002 at 19:01:27:

      : We bought a house about 2 years ago and took the 2nd mortgage. The amount that we owe way more than the house's selling price. I've been out ot jobs for about 5 months and still have no luck in finding a new one. We're currently behind on our mortgages. Can we just walk away and turn the house back to the mortgage company?? We live in Indiana. What do I need to do to take care the 2nd mortgage. Will they go go after us???

      ============

      You wont be able to walk away without any repercussions, thats for sure. Nor can you give the house to the lender without their consent.

      So open a dialogue with your lender and explain your situation and ask what options there are to avoid a foreclosure that neither of you are going to benefit from.

      Yes, your lender can pursue you for a foreclosure sale deficiency, but that doesnt mean they always will. Because of the extra expense involved, they will want to justify that outlay against the prospect of you having the assets to pay the deficiency.

    • Unique, one on one foreclosure training


    : (0)

  • Posted by tinaj on November 20, 2002 at 22:32:06:

    In Reply to: Getting Behind..What's Next...??? Posted by H. Smith on November 20, 2002 at 19:01:27:

    Have you tried finding work through a temp agency? I know the economy is tough all over, but that's a good possibility.

    : (0)

  • Posted by Pat on November 20, 2002 at 18:50:17:

    Ok, as short as I can put this... my wife and I purchased a condo 6 years ago. After a year, it was damaged by water and defects in building. I have been in a lawsuit for 5 years with the builder and association for this property. It is not looking good; no one wants to admit blame and my in-laws have been paying the mortgage for 4 years now because my wife and I had to move into an apartment. This mater has destroyed our marriage and we have been divorced for a year or so now. I since have moved on and have a new house and a new car and my ex-in-laws are pissed that im doing good. They say that as of January they will no longer pay for the condo. This case has been going on for to long and no good end is in sight. The amount owed on the condo is 62,000.00 it is valued at 120,000.00 my question is that in January I can not afford to pay this mortgage on the condo. My ex has to pay half. But I cannot afford my half with my child support payments my new home and car. If I foreclose on the condo can they take my new home and car away from me??!!! In addition, even though there is nothing in writing my ex in-laws may sue me for the money they have been paying for this condo for the past 4 years. I never told them they would get it back or what the out come of this case would be. Can they sue me and take my house or car because they want that money back??!!! I know this is long but there is no end to this and I feel like I will never win. All I want is to get this property of my back and move on with my life!!! HELP. By the way the property is in Hoffman Estates Illinois.

    : (8)

    • Posted by Lori on November 21, 2002 at 03:21:00:

      In Reply to: 2 homes one may forclose!! can i lose my other house? Posted by Pat on November 20, 2002 at 18:50:17:

      : Ok, as short as I can put this... my wife and I purchased a condo 6 years ago. After a year, it was damaged by water and defects in building. I have been .........

      Are you for real? Get a tape recorder and listen to yourself. You sound like a self centered 12 year old. Be responsible and clean up the mess you left behind!

      : (0)

    • Posted by tinaj on November 20, 2002 at 22:30:17:

      In Reply to: 2 homes one may forclose!! can i lose my other house? Posted by Pat on November 20, 2002 at 18:50:17:

      Seems to me something should have been mentioned in your property settlement about all this.

      and I thought MY ex-husband was a loser cheapskate sleaze just becuase he doesn't pay child support! Mister, you ought to get a prize. I feel better about my life now.

      : (3)

      • Posted by Pat on November 21, 2002 at 12:48:07:

        In Reply to: was none of this covered in your divorce decree? Posted by tinaj on November 20, 2002 at 22:30:17:

        Sorry to here your ex does not pay child support but at least I do and I take care of my son any way I can. But hey I did not realize you were god thank you for judging me.

        : Seems to me something should have been mentioned in your property settlement about all this.

        : and I thought MY ex-husband was a loser cheapskate sleaze just becuase he doesn't pay child support! Mister, you ought to get a prize. I feel better about my life now.



        : (1)

        • Posted by tinaj on November 21, 2002 at 16:11:13:

          In Reply to: Re: was none of this covered in your divorce decree? Posted by Pat on November 21, 2002 at 12:48:07:

          Life is tough these days. But really, wasn't this covered in the divorce decree, all spelled out who would pay what? If it is, that should handle all your questions, and if not I would ask a lawyer if I were you. I wouldnt fool around with serious money stuff like this, after a divorce, without a lawyer.

          : (0)

      • Posted by Pat on November 21, 2002 at 12:16:05:

        In Reply to: was none of this covered in your divorce decree? Posted by tinaj on November 20, 2002 at 22:30:17:

        In the divorce papers it is stated that the property is in litigation and that pending the out come of the case her parents get paid with the money that we get back from the case. But it is looking like we will not make enough or anything at all to pay them back. I never wanted them to pay the mortgage but the condo is unlivable and we were forced to rent an apartment and not able to pay both the mortgage and the rent so they offered to pay until the case was over knowing that they may or may not get it back.

        : Seems to me something should have been mentioned in your property settlement about all this.

        : and I thought MY ex-husband was a loser cheapskate sleaze just becuase he doesn't pay child support! Mister, you ought to get a prize. I feel better about my life now.



        : (0)

    • Posted by K. Lysik on November 20, 2002 at 21:22:15:

      In Reply to: 2 homes one may forclose!! can i lose my other house? Posted by Pat on November 20, 2002 at 18:50:17:

      Frankly, you should be embarrassed to have off-loaded this problem onto your in-laws.

      Your in-laws are not pissed because you are doing well...Your in-laws are pissed because of your continued disrespect. In their eyes, you've pissed over their daughter, took advantage of them...and have left them with a major clean up effort.

      Get over yourself, Pat, and do the right thing. List the property for sell and make arrangements to pay your in-laws for your half of the burden that they've been far too generous in carrying.

      And stop the whinning. You're not the victim.

      : (2)

      • Posted by pat on November 21, 2002 at 12:43:18:

        In Reply to: The true test of Masculinity Posted by K. Lysik on November 20, 2002 at 21:22:15:

        Truly I did not pawn off this problem to them. They offered to pay the mortgage until the case was settled and in my divorce papers it is stated that they get back there money after the case settles. This was put in by there request. I would pay them my self but truly I am not rich, Im not driving a new Ferrari or living in a lavish home. I just have a modest place with a cheep car to get around. Im not looking to screw anyone over it is just a bad thing that has happened in my life and Im up agents a big company and my ex and I are the little guy in this case. If we were to win the case they would get all there money back, I have no problem with this. I want to win and pay off my debts. The problem is that the law suit is that they buy back the condo and pay damages. After all this time dragging on in court the amount has considerably gone up. Now they just want to fix the place and I sell it. Thats all fine and dandy, but that will not give me all the money that I lost to pay them back. Im not looking to profit from this suit I just want what is right and that is to pay every one off. But if the suit goes there way and they get to fix the condo I will never have close to what I owe them and they want it all back. Yes if I were in there position I would feel the same but also knowing that there was no promise of an out come I would at least take what was left over. And not sue my own kid to get it all back. Also I did not piss over there daughter our divorce was mutual. So it is not like I just walked away from all this. I am still involved and want to get what is owed back from this law suit. My question was that if it all falls apart and we get nothing what can my ex and I do but let the property go. And I dont want to see it completely ruin either of us. She still has my son who I still take care of and love very much. I do not want to have this ruin the rest of our lives just because we decided 6 years ago to purchase this place. Also if this was a major concern the ex-in laws would have stopped paying right when we got divorced, but they said they would see it through. So that is the only reason I said they were pissed at me because they just now a year later, after I move on they want to stop paying. Knowing, that neither my ex nor I can afford it.

        : Frankly, you should be embarrassed to have off-loaded this problem onto your in-laws.

        : Your in-laws are not pissed because you are doing well...Your in-laws are pissed because of your continued disrespect. In their eyes, you've pissed over their daughter, took advantage of them...and have left them with a major clean up effort.

        : Get over yourself, Pat, and do the right thing. List the property for sell and make arrangements to pay your in-laws for your half of the burden that they've been far too generous in carrying.

        : And stop the whinning. You're not the victim.



        : (1)

        • Posted by pat on November 21, 2002 at 12:43:18:

          : Truly I did not pawn off this problem to them. They offered to pay the mortgage until the case was settled and in my divorce papers it is stated that they get back there money after the case settles. This was put in by there request. I would pay them my self but truly I am not rich, Im not driving a new Ferrari or living in a lavish home. I just have a modest place with a cheep car to get around. Im not looking to screw anyone over it is just a bad thing that has happened in my life and Im up agents a big company and my ex and I are the little guy in this case. If we were to win the case they would get all there money back, I have no problem with this. I want to win and pay off my debts. The problem is that the law suit is that they buy back the condo and pay damages. After all this time dragging on in court the amount has considerably gone up. Now they just want to fix the place and I sell it. Thats all fine and dandy, but that will not give me all the money that I lost to pay them back. Im not looking to profit from this suit I just want what is right and that is to pay every one off. But if the suit goes there way and they get to fix the condo I will never have close to what I owe them and they want it all back. Yes if I were in there position I would feel the same but also knowing that there was no promise of an out come I would at least take what was left over. And not sue my own kid to get it all back. Also I did not piss over there daughter our divorce was mutual. So it is not like I just walked away from all this. I am still involved and want to get what is owed back from this law suit. My question was that if it all falls apart and we get nothing what can my ex and I do but let the property go. And I dont want to see it completely ruin either of us. She still has my son who I still take care of and love very much. I do not want to have this ruin the rest of our lives just because we decided 6 years ago to purchase this place. Also if this was a major concern the ex-in laws would have stopped paying right when we got divorced, but they said they would see it through. So that is the only reason I said they were pissed at me because they just now a year later, after I move on they want to stop paying. Knowing, that neither my ex nor I can afford it.

          : : : Frankly, you should be embarrassed to have off-loaded this problem onto your in-laws.

          : : Your in-laws are not pissed because you are doing well...Your in-laws are pissed because of your continued disrespect. In their eyes, you've pissed over their daughter, took advantage of them...and have left them with a major clean up effort.

          : : Get over yourself, Pat, and do the right thing. List the property for sell and make arrangements to pay your in-laws for your half of the burden that they've been far too generous in carrying.

          : : And stop the whinning. You're not the victim.

          : (0)

  • Posted by Desperate on November 19, 2002 at 19:55:06:

    Help. If there is a lawyer or parrel legal who can answer question here please do so. Our 1st mortgage is under foreclosure. Our 2nd mortgage they are trying to find who owns it since company went out of business. However, one of the Banks claim that when company went out of business they became its successor, but our account (2nd mortgage) was not one of the ones assigned to them. We have since learned that this Bank even though they don't have our 2nd mortgage assigned it to another Company in June. We have now learned through the Secretary of State and Securities and Investment of the Banking Department that this company does not or never existed in the State of Connecticut. The Secretary of State issued a Certificate of No Record and the Banking Department sent e-mail stating that their records does not have any thing on this company ever doing business in Connecticut. However, the bank that assigned it placed it on our land records stating that this Company exist in Connecticut.

    My question is: Isn't this fraud and can't Bank and person claiming to represent this Company be sued. Please let us know.

    : (2)

    • Posted by Reinstatement Services, Inc. on November 20, 2002 at 13:48:51:

      In Reply to: Connecticut Foreclosure Posted by Desperate on November 19, 2002 at 19:55:06:

      Don't let desperation cause you to spin your wheels. Focus your efforts.

      Bring resolve to the critical situation at hand...that being the impending foreclosure on your home. You might try petitioning your lender for a workout as an alternative to foreclosure. Once the foreclosure situation has stabalized, it should free you to focus your attention on 2nd.

    • Default and Foreclosure Solutions


    : (0)

  • Posted by James Patterson Sr. on November 19, 2002 at 21:39:35:

    In Reply to: Connecticut Foreclosure Posted by Desperate on November 19, 2002 at 19:55:06:

    :Hi Desperate,It appear to me that you are dealing with a lot of he-say she-say.You need to contact a HUD approved housingcounseling agency IMMEDIATELY. Call 1 888 466-3487.Once you reach someone at HUD, give them the locationin Connecticut nearest your home and they will give you directions to an agency near your hometown. The people at HUD should be able to cut thru the chase anget some answers for you. GOOD LUCK....James



    : (0)

  • Posted by Paula on November 19, 2002 at 19:45:57:

    I recently got a divoce, my ex husband has been living in the marital property for 1 year plus and has not paid on either mortgage. The first mortgage is in forclosure and not the second. I have someone that will buy the bank note, but do not know what this means to me. My ex husband also is will to take out another mortgage and pay off the house, liens and all and give me only 5000.00. But if this person buys the bank note, they will let me sell the house and make a lot more money. The second mortgage will be dissolved? I am lost as far as what this means by buying the bank note. What am I really getting?

    : (1)

    • Posted by Ward-CA- on November 28, 2002 at 15:44:32:

      In Reply to: Bank notes Posted by Paula on November 19, 2002 at 19:45:57:

      : I recently got a divoce, my ex husband has been living in the marital property for 1 year plus and has not paid on either mortgage. The first mortgage is in forclosure and not the second. I have someone that will buy the bank note, but do not know what this means to me. My ex husband also is will to take out another mortgage and pay off the house, liens and all and give me only 5000.00. But if this person buys the bank note, they will let me sell the house and make a lot more money. The second mortgage will be dissolved? I am lost as far as what this means by buying the bank note. What am I really getting?

      ============

      Paula,

      The only way someone can get title to real property is to buy it from the current owner or acquire it by being the highest bidder at a foreclosure auction concerning that property.

      Just because someone buys a promissory note thats secured by real property, that act wont give them title to the property, it just gives them ownership of the note. Only the sale or transfer of the title of the property transfers its ownership.

      Hope this helps.

      : (0)

  • Posted by Christi Young on November 19, 2002 at 15:32:40:

    We have a house in CA with a first and second mortgage. Due to my husbands work, we are now living in ND. We opted to rent the house in CA because the market was down at the time, now we are going to forclose on it. Very big mess started last year, and now we have no choice. What happens to the 2nd? Does it get forclosed on also, or do they keep it seperate and come looking for it? Thanks for any info...

    : (2)

    • Posted by James Patterson Sr. on November 19, 2002 at 20:01:36:

      In Reply to: what happens to the 2nd Posted by Christi Young on November 19, 2002 at 15:32:40:

      :Hi Christi,Monies paid by the new purchaser will be distributed inorder of priority. First priority will be real estatetaxes, If monies are available after taxes monies willgo to the first mortgage then the second mortgage etc..The next money will go to any lien holders or attachingcreditors. This process will continue until all liensand encumbrances on the property are paid. If the firstmortgage is foreclosing and forecloses out the secondmortgage, the second mortgage holder no longer has anyright or title to your home. Hope this helps you.GOOD LUCK.....James



      : (1)




      • Posted by James Patterson Sr. on November 19, 2002 at 20:01:36:

        What happens if the second forecloses? Does that have any effect on the first? : (0)

  • Posted by Erin Hamm on November 19, 2002 at 15:29:48:

    My Grandfather just learned that his house is in forclosure by someone coming to his door telling him he can reverse the process with $3500.

    His payments are deducted monthly from his bank account, he has numerous problems with his sight, and this has always been convienent.

    Apparently, his mortage has switched hands two times in the last few months, for which he did receive a letter to notify him of this change, but the new bank was never authorized to access his bank account.

    He did not aknowledge or inform anyone else of these letters (I think he figured the payments would still be taken out of his account)

    After calls to his insurance company, we have found out that no payment has been made to the house since Jan '02.

    He doesn't have any money to pay an attorney. Is there another way to go about stopping a forclosure in a situation like this?

    : (2)

    • Posted by Lori on November 21, 2002 at 03:27:30:

      In Reply to: Grandfather maybe losing house, due to negligence-help? Posted by Erin Hamm on November 19, 2002 at 15:29:48:

      : My Grandfather just learned that his house is in forclosure by someone coming to his door telling him he can reverse the process with $3500.

      :try contacting Services for the Sight impaired or Blind. They may be able to offer you free assistance. Also, go through your local phone book and contact township administartion office. they will give you some direcetion. it will be a phone chase but you may get assistance for him after your effort.

      : (0)

    • Posted by Reinstatement Services, Inc. on November 19, 2002 at 19:51:16:

      In Reply to: Grandfather maybe losing house, due to negligence-help? Posted by Erin Hamm on November 19, 2002 at 15:29:48:

      You might contact the lender and offer to pay the payments that are past due. Request a repayment arrangement for the remaining outstanding balance [that which comprises the late fees and attorney fees.

      If necessary, request to speak with the manager of the department. Finally, for long term relief perhaps a call to your lender's loss mitigation department might be in order.

      All this can be accomplished free of charge without any risk to your equity or ownership rights.

    • Default and Foreclosure Solutions


    : (0)

  • Posted by Cee on November 19, 2002 at 11:26:00:

    New: business plan containing the establishment of a recording music studio in Amsterdam the Netherlands. Needed: an investor to get started a.s.a.p. We've got the knowledge, place and management plans clarified, we lack an investor to get it off the ground.Looking at 6 month time period for completion of the project.We will send information about our business plan that is completednow. We would send a statement each month, a report on progress. Investor could send a certain amount of money each month, instead of the total sum for the project. Please email me for further information.cee@chello.nl

    : (0)

  • Posted by need help in washington state on November 19, 2002 at 01:37:06:

    In the state of Washington, if your house goes to auction and does not sell what happens? Does the mortgage company just take it and throw the people out or does it go back to auction at a later date. I am trying to find out how much time I have left in my home. My house is going to auction this Friday. I owe substantially more than it is worth. The short sale I was hoping for fell through. What is going to happen from here. Can anyone help out with some concrete info Please.

    : (1)

    • Posted by Jim V on November 19, 2002 at 03:51:20:

      In Reply to: auction question Posted by need help in washington state on November 19, 2002 at 01:37:06:

      : In the state of Washington, if your house goes to auction and does not sell what happens? Does the mortgage company just take it and throw the people out or does it go back to auction at a later date. I am trying to find out how much time I have left in my home. My house is going to auction this Friday. I owe substantially more than it is worth. The short sale I was hoping for fell through. What is going to happen from here. Can anyone help out with some concrete info Please.

      Becasue you owe more than the property is worth, it is probable the lender will end up with the property after the auction. In Washington, there is a 20 day period after the sale where the previous property owner is requested to move out. If the previous owner is still there after the 20 days, the lender will begin an unlawful detainer action(eviction). That will most likely take another 30 days.

      That is the shortest timeframe, it could be more time depending on how fast the lender moves.

      : (0)

  • Posted by Mark on November 18, 2002 at 16:59:36:

    Don't let yourself be foreclosed on if you can help it. It will just me more damage to your credit. Sell it to an investor. Even if it looks like you owe more than it worth a good investor can make it happen. (dont use a realtor) What state do you live in.

    : (0)

  • Posted by Tracy Ogle on November 18, 2002 at 16:48:41:

    I have sold my home and waiting for the closing date in the 2nd week of December. I received papers to appear in court on Dec 4 about foreclosing. Can I still sell my home and what do I do?

    : (1)

    • Posted by James Patterson Sr. on November 18, 2002 at 23:54:11:

      In Reply to: Closing Date after foreclosure letter Posted by Tracy Ogle on November 18, 2002 at 16:48:41:

      :Hi Tracy,Since a copy of the pleading and a summons has beenserved on you. You have a certain number of days after"service" to file a response or answer to the pleading.Although you have a defense, you will have to file thisinformation with the courts. Go to your courthouse andexplain your need for information on how to file ananswer or response to the summons. Once you file yourresponse, be sure that you have a copy served on theservicer for the lender. To stay your foreclosure thecourts must grant an Order. In your case the court should grant a Temporary Restraining Order(TRO) that stays(halts) the forclosure.I think you will still be able to sell your home. GOOD LUCK!!!James Remember, You must go to the Clerk of Courts Office...



      : (0)

  • Posted by tshaw on November 18, 2002 at 09:55:17:

    I am posting this question after asking my loan workout representative and getting no real answer. I have a payment agreement that rolls over my sale date every month. Now if they tell me that date has been rolled over to Dec 1 is that reposted at the courthouse every month with a new date? and the big question is if they tell me this date can they change it? move it up a couple of weeks without notifing me? I am feeling a bit untrustworthy of this situation due to a few incidences that have already taken place. I was hoping in entering a repayment plan to not only save my home but also have the peice of mind that all is well. Unfortunately the woman handing this only wants to talk in circles around my questions therefore I am hoping someone may have an answer. Thank you

    : (2)

    • Posted by James Patterson Sr. on November 18, 2002 at 14:49:48:

      In Reply to: how flexible is sale date? Posted by tshaw on November 18, 2002 at 09:55:17:

      :Hi Tshaw,Lesson #1--Avoid at all costs,confrontational phone calls-telephone calls can never be documented and end up being he said-she said. Try contacting yourwork-out representative in writing. This way you willhave some kind of written defense in case you must go to court. Judges want to see documents. I would suggestyou contact a HUD approved housing counseling agency inyour city.They have information on services an programsthat could help you. REMEMBER GET IT IN WRITING....GOOD LUCK.James

      : (0)

    • Posted by Reinstatement Services, Inc. on November 18, 2002 at 13:19:09:

      In Reply to: how flexible is sale date? Posted by tshaw on November 18, 2002 at 09:55:17:

      Hopefully, you received your workout agreement in writing. If so, then the terms of the agreement will be outlined in the document.

      As long as you abide by the agreement terms [to the letter] then your lender is legally compelled to honor the terms.

      All other considerations then become irrelevant.

    • Default and Foreclosure Mediation


    : (0)

  • Posted by Kevin on November 17, 2002 at 22:05:54:

    I have to do a term paper on foreclosure of a mortgage. i need to write about what's the foreclosure of a mortgage and the rights and responsibilities of each party. But i don't have that many resources, if anyone that knows of any site on any information about this topic, can u email me. I really need help on this.

    : (2)

    • Posted by njdave on November 18, 2002 at 19:28:10:

      In Reply to: Paper on foreclosure Posted by Kevin on November 17, 2002 at 22:05:54:

      This might give you an insight.....

      : (0)

    • Posted by Ward-CA- on November 18, 2002 at 00:45:33:

      In Reply to: Paper on foreclosure Posted by Kevin on November 17, 2002 at 22:05:54:

      : I have to do a term paper on foreclosure of a mortgage. i need to write about what's the foreclosure of a mortgage and the rights and responsibilities of each party. But i don't have that many resources, if anyone that knows of any site on any information about this topic, can u email me. I really need help on this. ============Kevin,

      If I were you, I would focus on the foreclosure procedure in your state. To do that I would go to your local legal library and have a research librarian there point out your state's foreclosure code/procedure.

      Then I would find an actual home in foreclosure and follow it through to the end of the procedure. I would interview the defaulting homeowner and the winning bidder and try to interview the lender.

      : (0)

  • Posted by Greg on November 16, 2002 at 21:36:58:

    I'm a real estate investor working in the Broward, Dade, Palm Beach area and looking for single-family property homeowners in danger of losing their homes due to foreclosure, tax liens, or other problems. If you live in the south Florida area and you are looking for help out of your situation, I may be able to help. I am a cash buyer and can close quickly. Feel free to contact me at my email address listed.

    : (1)

    • Posted by Nadeen B. on November 24, 2002 at 23:40:35:

      In Reply to: South Florida investor looking for single family homes Posted by Greg on November 16, 2002 at 21:36:58:

      Would you consider Tampa?

      : (0)

  • Posted by Lea Ann Estridge on November 16, 2002 at 08:52:37:

    We are currently in Chapter 13. We are thinking about ridding ourselves of our home. NOur bankruptcy attorney says to just let the house go into foreclosure. I think we should try to sell it. Anyone have any advice? Thank you.

    : (3)

    • Posted by JOE-CHICAGO on November 30, 2002 at 03:40:15:

      In Reply to: foreclosure Posted by Lea Ann Estridge on November 16, 2002 at 08:52:37:

      : We are currently in Chapter 13. We are thinking about ridding ourselves of our home. NOur bankruptcy attorney says to just let the house go into foreclosure. I think we should try to sell it. Anyone have any advice? Thank you.

      Foreclosure will add additional burden to your credit.You may consider using a TRUST to assume mortgage payments to avoid forclosure.Please contact me should you like details on how this program may benefit your situation.Joe Trinity Consulting847-935-6026

      : (0)

    • Posted by Mark on November 18, 2002 at 17:04:02:

      In Reply to: foreclosure Posted by Lea Ann Estridge on November 16, 2002 at 08:52:37:

      Don't let yourself be foreclosed on if you can help it. It will just me more damage to your credit. Sell it to an investor. Even if it looks like you owe more than it worth a good investor can make it happen. (dont use a realtor) What state do you live in.



      : (0)

    • Posted by James Patterson Sr. on November 16, 2002 at 12:30:38:

      In Reply to: foreclosure Posted by Lea Ann Estridge on November 16, 2002 at 08:52:37:

      :Hi Lea,I don't know your current situation.But, keep away fromlawyers running "bankruptcy mills"as we call them.Thesefirms may offer low fees and some advise, but they let paralegals handle your entire case, and never really getting to know your situation or giving you the personal attention you need. Call HUD @ 1 800 569-4287. You will be directed to an agency in your area.They will be able to properly assist you. GOOD LUCK!!!

      : (0)

  • Posted by h briggs on November 15, 2002 at 19:01:42:

    I owe around $210,000.00 on my house with the late fees and all. They foreclosed and are auctioning my house a week from today. The house only appraised at $182,000.00. How does that work for the auction? How much will the bidding start at and what happens if no one bids on it. Does it just get put back on the auction list for the next time? Can I stay in the home until it is sold? Some one please help. I have 4 kids and am not sure what to do.

    : (1)

    • Posted by Ward-CA- on November 16, 2002 at 08:52:04:

      In Reply to: auction - what happens Posted by h briggs on November 15, 2002 at 19:01:42:

      : I owe around $210,000.00 on my house with the late fees and all. They foreclosed and are auctioning my house a week from today. The house only appraised at : $182,000.00. How does that work for the auction? How much will the bidding start at and what happens if no one bids on it. Does it just get put back on the auction list for the next time? Can I stay in the home until it is sold? Some one please help. I have 4 kids and am not sure what to do.

      ============

      h briggs,

      Usually the foreclosing lender starts the opening bid at the total sum due them. If it is higher than what the property is currently worth then no investor will bid and so the lender will get title to the property, being the only bidder. Thus it wont be put back on the auction list for another try later on.

      Yes, you usually can stay in the house until the sale is held and then you will usually receive a written notice to vacate by a certain date.



      : (0)

  • Posted by Diana on November 15, 2002 at 17:58:30:

    I'd like to speak with either someone in the realestate business of a bank rep who offers homeowners loans because i have queationa about foreclosure fraud. i am unfamiliar with the process therefore i want to know about all aspects of the procedure, from loaning money to poor families who later forclose to buyers who thought they were going to pay one price for a foreclosed home and ended up becomeing victims of a scam. Please e-mail me at Perplebaby@yahoo.com id appreciate a contact e-mail or number. thank youDiana

    : (1)

    • Posted by Diana on November 15, 2002 at 18:00:39:

      In Reply to: Foreclosure Fraud? Posted by Diana on November 15, 2002 at 17:58:30:

      : I'd like to speak with either someone in the realestate business of a bank rep who offers homeowners loans because i have queationa about foreclosure fraud. i am unfamiliar with the process therefore i want to know about all aspects of the procedure, from loaning money to poor families who later forclose to buyers who thought they were going to pay one price for a foreclosed home and ended up becomeing victims of a scam. Please e-mail me at Perplebaby@yahoo.com id appreciate a contact e-mail or number. thank you: Diana



      : (0)

  • Posted by Carrington on November 15, 2002 at 13:05:24:

    I invested in a timeshare property 11/2 year ago. I have never used it. I had never missed a payment on my mortgage or taxes. As of Jan of this year, I lost my job due to Sept 11 and company cutbacks (last one hired, first one fired).. I have, up til this month paid my bills with my savings , being unable to find another job in my area while attending school full time to complete my degree. what will happen if i were to unfortunately let my timeshre go into forclosure or is this even possible. I have tried desperately to sell it before this but have been unsuccessful. I can't keep it. I tried but its not possible. Can anyone give me info on where i should look for info.

    : (2)

    • Posted by Greg on November 16, 2002 at 19:46:28:

      In Reply to: timeshare forclosures Posted by Carrington on November 15, 2002 at 13:05:24:

      Carrington,Sorry to hear about your job. Highly recommend you check out www.tug2.net (Timeshare User Group) and ask on the Bulletin Board there how you might go about making a sale or best deal with the property.Good luck to you.

      : I invested in a timeshare property 11/2 year ago. I have never used it. I had never missed a payment on my mortgage or taxes. : As of Jan of this year, I lost my job due to Sept 11 and company cutbacks (last one hired, first one fired).. I have, up til this month paid my bills with my savings , being unable to find another job in my area while attending school full time to complete my degree. what will happen if i were to unfortunately let my timeshre go into forclosure or is this even possible. I have tried desperately to sell it before this but have been unsuccessful. I can't keep it. I tried but its not possible. Can anyone give me info on where i should look for info.



      : (0)

    • Posted by Ward-CA- on November 16, 2002 at 09:09:33:

      In Reply to: timeshare forclosures Posted by Carrington on November 15, 2002 at 13:05:24:

      : I invested in a timeshare property 11/2 year ago. I have never used it. I had never missed a payment on my mortgage or taxes. : As of Jan of this year, I lost my job due to Sept 11 and company cutbacks (last one hired, first one fired).. I have, up til this month paid my bills with my savings , being unable to find another job in my area while attending school full time to complete my degree. what will happen if i were to unfortunately let my timeshre go into forclosure or is this even possible. I have tried desperately to sell it before this but have been unsuccessful. I can't keep it. I tried but its not possible. Can anyone give me info on where i should look for info.

      ============

      Carrington,

      Timeshares are generally sold for much more than their actual retail value. Thus reselling one, within just a few years of buying it, isnt going to meet with much success.

      The foreclosure of a timeshare generally is no different than the foreclosure of any other real estate. It follows the same procedure and final disposition.

      What will happen to you is that you will have the black eye of a foreclosure on your credit record to continually explain for the next few years.

      To look for more specific foreclosure information pertaining to your states foreclosure procedure Id visit your local law library and ask the research librarian to find the foreclosure code for you to read/copy.

    • Unique, one-on-one foreclosure training.


    : (0)

  • Posted by pete on November 15, 2002 at 11:16:12:

    any recommendations for hard money lenders in ny for flips ty

    : (0)

  • Posted by lycia on November 15, 2002 at 02:32:17:

    I am up to date on payments,lender who is private lender still foreclosing and gave me only 3 week notice. Told she has right due to power of sale clause in contract.Lender foreclosing due to mortage contract stating I needed to refinance by last june. Unable due to divorce,illnes and subsequent bad credit.Hired lawyer,still unable to negotiate with lender.Lender not only asking for purchase price,but excessive legal fees beyond foreclosure fees-3,000.00 so far-can I stall process in order to sell house beforehand? Does she have the right to auction house with only 3 weeks notice? There is no court order, only letter from her attorney. Doesn't this have to go to court? Help please I am desperate and have exhausted all money and resources. Have 40,000.00 equity in home which she is taking and is way above purchase price.

    : (3)

    • Posted by Elite Finders on November 23, 2002 at 14:39:41:

      In Reply to: paid still foreclosing given only 3 week notice Posted by lycia on November 15, 2002 at 02:32:17:





      Hire an attorney, and we have the perfect person for you to speak to. They've been in business for 16 years and if you tell them we referred you than will give you a 50% discount and allow you to make payments. Let us know.







      :



      I am up to date on payments,lender who is private lender still foreclosing and gave me only 3 week notice. Told she has right due to power of sale clause in contract.Lender foreclosing due to mortage contract stating I needed to refinance by last june. Unable due to divorce,illnes and subsequent bad credit.Hired lawyer,still unable to negotiate with lender.Lender not only asking for purchase price,but excessive legal fees beyond foreclosure fees-3,000.00 so far-can I stall process in order to sell house beforehand? Does she have the right to auction house with only 3 weeks notice? There is no court order, only letter from her attorney. Doesn't this have to go to court? Help please I am desperate and have exhausted all money and resources. Have 40,000.00 equity in home which she is taking and is way above purchase price.



      : (0)

    • Posted by Lycia Bell on November 15, 2002 at 02:53:08:

      In Reply to: paid still foreclosing given only 3 week notice Posted by lycia on November 15, 2002 at 02:32:17:

      : I am up to date on payments,lender who is private lender still foreclosing and gave me only 3 week notice. Told she has right due to power of sale clause in contract.Lender foreclosing due to mortage contract stating I needed to refinance by last june. Unable due to divorce,illnes and subsequent bad credit.Hired lawyer,still unable to negotiate with lender.Lender not only asking for purchase price,but excessive legal fees beyond foreclosure fees-3,000.00 so far-can I stall process in order to sell house beforehand? Does she have the right to auction house with only 3 weeks notice? There is no court order, only letter from her attorney. Doesn't this have to go to court? Help please I am desperate and have exhausted all money and resources. Have 40,000.00 equity in home which she is taking and is way above purchase price.



      : (1)

      • Posted by Reinstatement Services, Inc. on November 15, 2002 at 15:59:53:

        In Reply to: Re: paid still foreclosing given only 3 week notice Posted by Lycia Bell on November 15, 2002 at 02:53:08:

        Based on the information you've provided, it would appear that you are in default of the loan contract.

        Even so, there are state laws which govern the foreclosure process and your lender must comply with these laws.

        A real estate attorney familiar with the foreclosure process [and loan contracts] will be best able to provide you with a strategy for possible remedy while hopefully protecting your interests.

      • Default and Foreclosure Mediation


      : (0)

  • Posted by earl on November 15, 2002 at 02:14:51:

    Hi my parents live in New Haven , MI they currently are looking at a forclosure on their trailor, due to health reasons they are not able to make the required payments, my question is this ... is turning the trailer over to the finance company better than doing a forclosure or if they let it forclose does michigan law protect them from having to pay a deficiency since it is a trailor it only depreciates so the 29,000 owed on the loan may not be what is gotten at the auction or will the bank only take what is owed... any information or resources about michigan law would be greatly appreciated !!!

    : (0)

  • Posted by Robert on November 14, 2002 at 18:20:46:

    We are two months behind and filing Chapter 7. We are contemplating whether we should sell the house and payoff our creditors or keep the house and file Chapter 7. If we decide to sell the house, how much time do I have to sell the house before the lender sells it. Or can we sell the house once the foreclosure process has started. WIll a foreclose be stopped if I file Chapter 7 or does this delay the inevitable.

    Also, what is a forbearance agreement?

    : (3)

    • Posted by Elite Finders on November 23, 2002 at 14:49:55:

      In Reply to: Foreclosure and Chapter 7 Posted by Robert on November 14, 2002 at 18:20:46:







      That's right you need to file a chapter 13, not 7, to stop the foreclosure. We know of an attorney's office thats been doing this for 16 years, and if you tell them we referred you they will give you a 50% discount and allow you to make payments. Let us know if your interested. Thanks









      : We are two months behind and filing Chapter 7. We are contemplating whether we should sell the house and payoff our creditors or keep the house and file Chapter 7. If we decide to sell the house, how much time do I have to sell the house before the lender sells it. Or can we sell the house once the foreclosure process has started. WIll a foreclose be stopped if I file Chapter 7 or does this delay the inevitable.

      : Also, what is a forbearance agreement?



      : (0)

    • Posted by Reinstatement Services, Inc. on November 15, 2002 at 16:21:54:

      In Reply to: Foreclosure and Chapter 7 Posted by Robert on November 14, 2002 at 18:20:46:

      Filing bankruptcy will have an impact on your mortgage loan situation whether you include the property or not. Some homeowners are not prepared for the reaffirmation issues that frequently arise after filing a Chapt. 7 action.

      Laws governing the foreclosure process in the state the property is located in will have a direct affect on how much time you have before a forced sale takes place.

      A forbearance is simply a decision to STOP/SUSPEND an activity or process.

      In the foreclosure process, often a special forbearance is put in place by the lender using a specific workout remedy to assist the homeowner in moving the loan towards reinstatement. Various workout remedies might include a loan modification, refinance, partial claim, deferment, short-sale, or deed-in-lieu. The type of loan you have [government sponsored or conventional] will determine which workouts might be available to you as an alternative to foreclosure.

      : (0)

    • Posted by Consultation Net Services on November 15, 2002 at 02:28:18:

      In Reply to: Foreclosure and Chapter 7 Posted by Robert on November 14, 2002 at 18:20:46:

      Hi, Robert, A chapter 7 does not protect you from the lenders right to seek payment in full it will actually excellerate the process in some cases. A 7 will eliminate the arrearage but then the lender may petition the court for the remaining balance. A chapter 13 on the other hand will facilitate what is called an order of stay. This stay means that no activity may brought against your home. This also means that if you wish to do something i.e sale or refinance you would have to also get permission from the judge. You have rights to sale or whatever up to the very date of a sheriff's sale. A forbearence is an agreement of some sort of payment arrangement between you and your mortgagor in relation to the arrearage. If you would like to see if one of my programs can assist you email me we may be able to help you.

      Hardcase1@aol.com

      : (0)

  • Posted by Stephanie Lane on November 14, 2002 at 16:35:58:

    I would like to get my broker on some type of list so that she will be contacted if there is a forclosure in our area that needs to be listed. How do I go about this? Our area is Lake County in Northren California

    : (1)

    • Posted by Jim V on November 15, 2002 at 00:58:16:

      In Reply to: REO's and Forclosure Listings Posted by Stephanie Lane on November 14, 2002 at 16:35:58:

      : I would like to get my broker on some type of list so that she will be contacted if there is a forclosure in our area that needs to be listed. How do I go about this? Our area is Lake County in Northren California

      IMHO, it is highly improbable that your broker can be informed of any properties newly foreclosed in Lake county that will not be available to everyone else in the county.

      Reason being, that Lake county is too small to support a foreclosure listing service that might give you a "heads up", before other investors.

      So, you work the newly listed properties from your County recorder's office, or you compete with the general public.

      The key here is to be willing and able to do what others won't or can't.

      You shouldn't expect a broker to be able to take the effort necessary to find "deals" for you.

      Just one person's opinion.

      : (0)

  • Posted by Sab on November 14, 2002 at 11:29:59:

    In short: My dad's estate is going back to the bank because my sister was not able to keep up the payments, nor could she sale it. My name is appearing as half heir (surprise to me) and I am worried that their are liens and other expenses (taxes) that I'm unaware of. The first time I was aware of my involement was when I was sent a Foreclosure notice, then midstream the Bank is offering a Deed in Lieu of...I am so paranoid about signing anything without knowing how much is owed in "all areas". Can you tell me who to get in touch with in the state of Oklahoma, Grady County, Chickasha, that could provide me with that information? I have spoken with an OK. lawyer and I can push the whole thing back through probate and have my name removed as heir since my dad's will gave my sister the entire house. My sister did not produce the will at the time of the probate process so it was not accepted (unknown to me)& the judge ruled us both half heirs. Well, now here I sit in the dark of what has taken place with the house over the last five years and I'm being expected to sign off on this Deed in Lieu of asap. I'm being expected to cross my fingers, SIGN it and hope for the best. Sounds like a sloppy way to end up in an even bigger mess. My lawyer said that the Deed in Lieu was standard lingo and he was 99% sure that nothing would come back on me if I did sign. Scares me anyway. I don't like the 1% odds. How can I find out any outstanding debts on this house and property? Please advise if you can - /Sab

    : (2)

    • Posted by James Patterson on November 14, 2002 at 19:34:17:

      In Reply to: DEED IN LIEU OF question Posted by Sab on November 14, 2002 at 11:29:59:

      Hi Sab,In order to get some relief concerning your situationtry contacting the; Consumer Credit Counseling Service,Canadian Valley Technology Center 1401 N. Michigan Ave.Chickasha,OK Phone: 800 364-2227 You should call themto find out if you need to make an appointment.GOOD LUCK.......James

      : (0)

    • Posted by James Patterson on November 14, 2002 at 19:33:11:

      In Reply to: DEED IN LIEU OF question Posted by Sab on November 14, 2002 at 11:29:59:

      Hi Sab,In order to get some relief concerning your situationtry contacting the; Consumer Credit Counseling Service,Canadian Valley Technology Center 1401 N. Michigan Ave.Chickasha,OK Phone: 800 364-2227 You should call themto find out if you need to make an appointment.GOOD LUCK.......James

      : (0)

  • Posted by Andy Paschall on November 14, 2002 at 07:24:22:

    I owe 2000 dollars to my hoa. Do they actually have the power to foreclose on my home?

    : (2)

    • Posted by Bob H on November 16, 2002 at 03:03:43:

      In Reply to: By CO law can a home owners assoc foreclose? Posted by Andy Paschall on November 14, 2002 at 07:24:22:

      Yes, they can foreclose, but they would have to do a judicial foreclosure. This process is more expensive and takes slightly longer than a statutory foreclosure.

      Legal fees and foreclosure costs will likely exceed what you currently owe in unpaid dues, thus if you are interested in keeping your property, your best bet is to try and work out a payment arrangement with them.

      : (0)

    • Posted by Reinstatement Services, Inc. on November 14, 2002 at 12:49:30:

      In Reply to: By CO law can a home owners assoc foreclose? Posted by Andy Paschall on November 14, 2002 at 07:24:22:

      : I owe 2000 dollars to my hoa. Do they actually have the power to foreclose on my home?



      : (0)

  • Posted by Mel Allen on November 13, 2002 at 22:07:07:

    What are my first steps i must take to prevent foreclosure? I am 3 months behind on my mortgage payments.

    : (3)

    • Posted by Kris Mechetti on November 14, 2002 at 13:58:41:

      In Reply to: Preventing foreclosure Posted by Mel Allen on November 13, 2002 at 22:07:07:

      : What are my first steps i must take to prevent foreclosure? I am 3 months behind on my mortgage payments.



      : (1)

      • Posted by Kris Mechetti on November 14, 2002 at 14:00:18:

        In Reply to: Re: Preventing foreclosure Posted by Kris Mechetti on November 14, 2002 at 13:58:41:

        Can someone give me general information about foreclosures? How long does the process take? Is there a general time frame that the foreclosure starts like after 3 late payments or something?

        : (0)

    • Posted by Jim V on November 13, 2002 at 23:00:02:

      In Reply to: Preventing foreclosure Posted by Mel Allen on November 13, 2002 at 22:07:07:

      : What are my first steps i must take to prevent foreclosure? I am 3 months behind on my mortgage payments.

      If you are seeking to prevent a foreclosure, and have reasons why you got behind, talk to your lender. Most lenders will have loss mitigation departments responsible for getting homeowners back on track with their payments.

      : (0)

  • Posted by Justice on November 13, 2002 at 16:46:11:

    WHAT IS THE FORECLOSURE PROCESS FROM THE POINT OF THE SALE? HOW LONG DO YOU HAVE BEFORE BEING EVICTED? WHEN DO THEY POST THE RED LABELS ON YOUR WINDOWS? ANY INFO WOULD BE HELPFUL....THANKS!

    : (1)

    • Posted by James Patterson on November 13, 2002 at 19:00:23:

      In Reply to: MD LAW CONCERNING FORECLOSURE Posted by Justice on November 13, 2002 at 16:46:11:

      Hi Justice,Your question concerning the eviction process vary fromstate to state and you should be consulting with anattorney with expertise in this field if your case hasgone this far. From the day you are given your noticeuntil the sheriff might pack up and move your possess-ions out of your house you can expect a 6 week to 6 motime frame,with the average coming closer to 10 weeks.

      : (0)

  • Posted by Ashley on November 13, 2002 at 13:31:54:

    I am looking up a family members home on our Orange county clerk of courts website. In the section where is says Parties involved it has the 3 people who own the house, the homeowners association, a cancer center, the place the put in the screen porch. My question is why would these people be defendants and not plantiffs? I can olny think they have some type of lien on the property or else why would they be involved.

    : (1)

    • Posted by Jim V on November 13, 2002 at 22:57:15:

      In Reply to: Foreclosure in orlando-Question about defendants Posted by Ashley on November 13, 2002 at 13:31:54:

      : I am looking up a family members home on our Orange county clerk of courts website. In the section where is says Parties involved it has the 3 people who own the house, the homeowners association, a cancer center, the place the put in the screen porch. My question is why would these people be defendants and not plantiffs? I can olny think they have some type of lien on the property or else why would they be involved.

      Judicial foreclosures will normally include anyone who has a possible interest in the property as a defendant.

      : (0)

  • Posted by GB Noll on November 12, 2002 at 00:44:59:

    Does anyone have a form for the purchase of the redemption rights? How about knowledge of how to make money doing these purchases?

    : (1)

    • Posted by Johnny Brown on November 17, 2002 at 21:30:38:

      In Reply to: Redemption rights purchases Posted by GB Noll on November 12, 2002 at 00:44:59:

      : Does anyone have a form for the purchase of the redemption rights? How about knowledge of how to make money doing these purchases?

      this is a good question, i have just got a realestate sale`s contract signed by the seller and the home has already been sold at the court house, the right of redemption is up on the 19th of nov. can i buy this house stright out from the owner?

      : (0)

  • Posted by H. Briggs on November 11, 2002 at 22:45:26:

    We are in foreclosure with a sale date of Nov. 22nd. I am in the process of working with an investor who is trying for a short sale. If he does purchase it, I will then rent it from him til I get back on my feet and purchase it back from him. My question is if the short sale does not work, I want to file chapter 7 but time is getting short for that. I am not sure what to do. Can they get the mortgage company to push back the sale date til the short sale is either done or denied?? I don't want to lose the option to file bankrupcy if the short sale is not accepted. How many days before the sale date do I have to file the chapter 7 to make sure it is not auctioned. Please help.

    : (1)

    • Posted by Reinstatement Services, Inc. on November 11, 2002 at 23:18:41:

      In Reply to: Foreclosure in Washington Posted by H. Briggs on November 11, 2002 at 22:45:26:

      : We are in foreclosure with a sale date of Nov. 22nd. I am in the process of working with an investor who is trying for a short sale. If he does purchase it, I will then rent it from him til I get back on my feet and purchase it back from him. My question is if the short sale does not work, I want to file chapter 7 but time is getting short for that. I am not sure what to do. Can they get the mortgage company to push back the sale date til the short sale is either done or denied?? I don't want to lose the option to file bankrupcy if the short sale is not accepted. How many days before the sale date do I have to file the chapter 7 to make sure it is not auctioned. Please help.

    • Default and Foreclosure Mediation


    : (0)

  • Posted by nc on November 11, 2002 at 18:09:56:

    what rights do nc laws allow lenders to do after foreclosure... can wage garnishments be instated.

    : (1)

    • Posted by Jim V on November 13, 2002 at 22:51:07:

      In Reply to: north carolina laws Posted by nc on November 11, 2002 at 18:09:56:

      To the best of my knowledge, North Carolina law does not provide for the garnishment of wages to collect a debt.

      It is possible for the lender to seek a deficiency judgment although there are defenses and limitations if a judgment is sought by the lender. The safest course of action is to consult with a NC attorney.

      : (0)

  • Posted by Tom McGovern on November 11, 2002 at 16:34:55:

    I had property in Escambia County Florida that went into foreclosure. During this time a judgement was made and the property was to be sold at auction. I sold the property and the lender withdrew the original documents. ids this still a foreclosure or can I dispute this on my credit report????

    : (0)

  • Posted by Flip on November 11, 2002 at 15:46:57:

    Does anyone have a sample letter that you can send to people in foreclosure offering to take over payments on house or purchase house

    : (0)

  • Posted by P. Martinez on November 11, 2002 at 13:25:54:

    We bought a house about 3 years ago and took the 2nd mortgage a year ago. The amount that we owe way more than the house's selling price. I've been out ot jobs for about 4 months and still have no luck in finding a new one. We're currently behind couple of months in our mortgages. Can we just walk away and turn the house back to the mortgage company?? We live in Indiana and are planning to go back to our country if I still have no luck in my job hunting. We don't care about our credit records anymore. But the thing that really bothers us if the mortgage companies will go after us to our country, is that possible??? Please be advised...Thanks in advance...

    : (0)

  • Posted by phil on November 11, 2002 at 12:58:17:

    purchased jr lien has a first on what do i do now Phx. az

    : (1)

    • Posted by haywood on November 11, 2002 at 15:41:58:

      In Reply to: jr.lien Posted by phil on November 11, 2002 at 12:58:17:

      : purchased jr lien has a first on what do i do now Phx. az

      Find out if you should bring the first current (if it goes to foreclosure sale will there be enough equity to pay you off?, if you haven't received payments on second begin foreclosure process.

      What was your purpose of buying the 2nd lien?

      H

      : (0)

  • Posted by Phil on November 11, 2002 at 12:53:33:

    Purchased Jr.lien has ,1 first lien what do I do know need help in Az thanks

    : (0)

  • Posted by Phil on November 11, 2002 at 12:50:59:

    purchased a jr lien has 1 first on it what do I do now help thanks

    : (0)

  • Posted by Jim on November 11, 2002 at 12:40:13:

    As a first-time home buyer, I've been forced out of the real estate market do to simply insane prices here in New England. Housing prices are at dizzying heights, and are poised for a MAJOR crash. I'm already seeing forclosure notices in the paper and it has me thinking that I could buy a house at an affordable price. I've found an interesting property, but the terms of the sale are well, screwy compared to all the other forclosures. Most ask for a Deposit-to-Bid in the amount of $5000 in certified funds (cash, cashier's check, etc.) This house I want to bid on has terms that don't make sense. The notice reads: "No deposit will be required to bid at the sale, however, a non-refundable deposit of 10% of the accepted highest bid, in the form of certified funds, will be required at the time of highest bid acceptance/close of sale." What does that mean? How in the World do I bring certified funds in the amount of 10% of an unknown figure? Can someone please explain this. From what I can gather, I'd have to bring cash, and I refuse to to that. Are they intentionally trying to scare off buyers?

    : (3)

    • Posted by Nick(Colorado) on November 11, 2002 at 13:58:57:

      In Reply to: Advice on Deposit-to-Bid Posted by Jim on November 11, 2002 at 12:40:13:

      Jim:

      First I would like to say that it is always best to deal withall cash. I would not bid beyond my available cash reserves. If you do, this gives the final disposition of your 10% down tosome lending institute that may not be interested in the property. Normally when you need 10% down on an unknown amount there will be two ways that this is handled. Either the auctioner will take the names of the two highest bidders and allow a specific amount of time for the highest bidder to get the money together. If the first bidder fails, then they will call the second highest bidder and give them an opportunity to come up with the money. The second way will require certified funds at the close of the auction. Now with the second method it is OK to give them too much money. So you can cut certified funds checks in a binary descendents: 32K, 16K, 8K, 4K, 2K, and 1K. You would then sign over checks untill you go over the 10% figure.

      I would suggest that you go to an auction to watch the process.

      : (2)

      • Posted by Jim on November 11, 2002 at 17:07:50:

        In Reply to: Re: Advice on Deposit-to-Bid Posted by Nick(Colorado) on November 11, 2002 at 13:58:57:

        Thanks Nick,

        It would be nice if I had huge amounts of cash just floating around to buy a house. The reason I'm looking at foreclosures is because I don't have huge sums of cash and homes around here are all unaffordable. Guess this game is only for the very rich. I have a decent amount for a down payment, but paying all cash is unrealistic for 99% of all first time home buyers. Sounds like looking at foreclosures is a waste of time for me and the rest of the public...... too bad the "American Dream" is reserved for the rich only. All I can do is pray for the housing bubble to burst. I have no sympathy for all these people paying crazy prices... I hope they all go into foreclosure!

        : Jim:

        : First I would like to say that it is always best to deal with: all cash. I would not bid beyond my available cash reserves. If : you do, this gives the final disposition of your 10% down to: some lending institute that may not be interested in the property. : : Normally when you need 10% down on an unknown amount there will : be two ways that this is handled. Either the auctioner will take : the names of the two highest bidders and allow a specific amount : of time for the highest bidder to get the money together. If the : first bidder fails, then they will call the second highest bidder : and give them an opportunity to come up with the money. The second : way will require certified funds at the close of the auction. Now : with the second method it is OK to give them too much money. So you : can cut certified funds checks in a binary descendents: 32K, 16K, : 8K, 4K, 2K, and 1K. You would then sign over checks untill you go : over the 10% figure.

        : I would suggest that you go to an auction to watch the process.



        : (1)

        • Posted by Nick(Colorado) on November 11, 2002 at 17:48:34:

          In Reply to: Re: Advice on Deposit-to-Bid Posted by Jim on November 11, 2002 at 17:07:50:

          Jim:

          You do not need to be rich, just smart and persistent.

          With little cash you can still be in the foreclosure game.However you will need to avoid the auction, and go pre foreclosure.I would suggest that you try and pick up a home pre foreclosure,you may want to wait for the bubble to burst and home prices to be on the wain. Post bubble will also be a very good time to negotiate a big short on that same pre foreclosure.

          I have seen some news reports where median home prices on theeast coast have sky rocketed beyond any reason. (>$320K in Boston area for instance) Keep in mind the driving forces behind home prices:

          1. Interest rates: With rates low, people can afford more home for the same price. But when rates go up, the squeeze will be on, and some homes will go into foreclosure. This is when you want to be most active. Also prices will fall in general.

          2. Employment prospects: The long term employment prospects in an area also are a key to driving home prices. Look at any town where the prime employer goes belly-up. Is there a localize recession in Mass? Guess where you should be trying to negotiate that short sale?

          3. Age and home distribution: What is the volatility of the market based on the age of the home, and home owners. If the owners are older (i.e. an older city) the mobility rates will be low, stock on the market will be low, and the housing prices will be higher. What percentage of the housing stock can be considered starter homes? I work in an area that is maybe 60% starter homes, out east these numbers will be much much lower. Low stocks cause a skew in the market. You may need to fix-n-flip a larger more expensive property before you can then move down-scale to ownership. 3. Location and access: Tangibles such as next to water. Intangibles such as "nice areas" etc...



          : (0)

  • Posted by G on November 11, 2002 at 12:31:50:

    I saw a reference to things conseco will do... please elaborate... They purchased my mortage from another lender sometime ago...I had to move to do a job change and can't afford two mortgages... house has not sold or even rented...any comments appreciated.

    : (1)

    • Posted by Matthew on November 12, 2002 at 23:11:18:

      In Reply to: conseco Posted by G on November 11, 2002 at 12:31:50:

      : I saw a reference to things conseco will do... please elaborate... They purchased my mortage from another lender sometime ago...I had to move to do a job change and can't afford two mortgages... house has not sold or even rented...any comments appreciated.

      G-Have you tried doing a lease option or letting an investor takeover the mortgage? There are plenty of investors who are looking for these type of deals.

      Matthew

      : (0)

  • Posted by Sharon on November 11, 2002 at 04:04:28:

    I agreed to a deed in lieu of foreclosure. Signed and notarized all the paperwork.....sent it back to the attorney's office. I assumed everything was going as planned until I received a notice from a credit reporting agency that the mortgage company has 'dinged' my credit report with "foreclosure in process".

    I've been trying to get a hold of the loss mitigation department to find out why this was reported in this manner.

    My question is this....are they foreclosing and not notifying me?? Or is this the regular procedure for a deed in lieu? I was wanting to avoid filing bankruptcy if possible..but I don't want to be held responsible for the deficit owed on the home. I had tried every other avenue possible to sell the house...but to no avail.

    Any information would be appreciated.

    Thanks

    : (2)

    • Posted by cliff on November 30, 2002 at 20:36:16:

      In Reply to: Foreclosure in Process?????????? Posted by Sharon on November 11, 2002 at 04:04:28:

      : I agreed to a deed in lieu of foreclosure. Signed and notarized all the paperwork.....sent it back to the attorney's office. I assumed everything was going as planned until I received a notice from a credit reporting agency that the mortgage company has 'dinged' my credit report with "foreclosure in process".

      : I've been trying to get a hold of the loss mitigation department to find out why this was reported in this manner.

      : My question is this....are they foreclosing and not notifying me?? Or is this the regular procedure for a deed in lieu? I was wanting to avoid filing bankruptcy if possible..but I don't want to be held responsible for the deficit owed on the home. I had tried every other avenue possible to sell the house...but to no avail.

      : Any information would be appreciated.

      : Thanks

      ==================================I was also offered deed-in-lieu if I pay $17k to my lender, American Savings Bank of Honolulu, Hawaii. Did you have to come up with some money as well.

      Any assistance will be greatly appreciated.

      Aloha,Cliff

      : (0)

    • Posted by Sharon on November 12, 2002 at 10:45:53:

      In Reply to: Foreclosure in Process?????????? Posted by Sharon on November 11, 2002 at 04:04:28:

      : I agreed to a deed in lieu of foreclosure. Signed and notarized all the paperwork.....sent it back to the attorney's office. I assumed everything was going as planned until I received a notice from a credit reporting agency that the mortgage company has 'dinged' my credit report with "foreclosure in process".

      : I've been trying to get a hold of the loss mitigation department to find out why this was reported in this manner.

      : My question is this....are they foreclosing and not notifying me?? Or is this the regular procedure for a deed in lieu? I was wanting to avoid filing bankruptcy if possible..but I don't want to be held responsible for the deficit owed on the home. I had tried every other avenue possible to sell the house...but to no avail.

      : Any information would be appreciated.

      : Thanks

      Just to update.......talked with loss mitigation this morning and the deed in lieu is final....no foreclosure. He has no idea why that was reported to the credit bureaus.



      : (0)

  • Posted by johnnie j macha on November 11, 2002 at 03:31:35:

    I live in Aransas County, Texas & I financed my house & property in Trinity County, Texas. The buyers have not lived up to the Contract of Deed; therefore, I would like to foreclose. Please help.

    : (0)

  • Posted by kevin on November 10, 2002 at 20:11:10:

    i have a contract topurchase a pre foreclosure willing to sell my contract for 50g im buying for 200 will sell for 250g and i will hold 50g norte propert need 50g works appraised at 390 2 family in fishkill ny excellent area email if interested

    : (3)

    • Posted by NITCY on November 11, 2002 at 23:21:06:

      In Reply to: dutchess cty ny forclosure for sale Posted by kevin on November 10, 2002 at 20:11:10:

      : i have a contract topurchase a pre foreclosure willing to sell my contract for 50g im buying for 200 will sell for 250g and i will hold 50g norte propert need 50g works appraised at 390 2 family in fishkill ny excellent area email if interested



      : (1)

      • Posted by NITCY on November 11, 2002 at 23:21:56:

        In Reply to: Re: dutchess cty ny forclosure for sale Posted by NITCY on November 11, 2002 at 23:21:06:

        EMAIL ME BACK WITH MORE INFORMATION PLEASE: : i have a contract topurchase a pre foreclosure willing to sell my contract for 50g im buying for 200 will sell for 250g and i will hold 50g norte propert need 50g works appraised at 390 2 family in fishkill ny excellent area email if interested



        : (0)

    • Posted by NITCY on November 11, 2002 at 23:20:00:

      In Reply to: dutchess cty ny forclosure for sale Posted by kevin on November 10, 2002 at 20:11:10:

      : i have a contract topurchase a pre foreclosure willing to sell my contract for 50g im buying for 200 will sell for 250g and i will hold 50g norte propert need 50g works appraised at 390 2 family in fishkill ny excellent area email if interested



      : (0)

  • Posted by Michelle A on November 10, 2002 at 17:30:39:

    I am a real estate investor in miami florida. I am looking for homeowners who are in danger of losing their homes due to foreclusure and tax liens. If you reside in the south Florida area, and are looking for a way out of your situation, please contact me via my e-mail address.

    : (0)

  • Posted by Phil on November 10, 2002 at 14:10:14:

    fourclosure help purchased home have deed of trust recored in my name need to evict in Arizona help need to know what to do thanks

    : (3)

    • Posted by phil on November 10, 2002 at 14:11:28:

      In Reply to: foreclosure Posted by Phil on November 10, 2002 at 14:10:14:

      : fourclosure help purchased home have deed of trust recored in my name need to evict in Arizona help need to know what to do thanks



      : (2)

      • Posted by phil on November 10, 2002 at 14:12:39:

        In Reply to: Re: foreclosure Posted by phil on November 10, 2002 at 14:11:28:

        : : fourclosure help purchased home have deed of trust recored in my name need to evict in Arizona help need to know what to do thanks



        : (1)

        • Posted by haywood on November 10, 2002 at 15:44:38:

          In Reply to: Re: foreclosure Posted by phil on November 10, 2002 at 14:12:39:

          : : : fourclosure help purchased home have deed of trust recored in my name need to evict in Arizona help need to know what to do thanks

          serve 30 day notice to quit

          : (0)

  • Posted by PD on November 09, 2002 at 23:35:33:

    We filed bankruptcy which was discharged last month. My husband is now unemployed due to some health issues but should be able to work again in about 2 months. I tried talking to the mortgage company to work something out and they won't. My question is, does anyone know how long after being late on a payment before they can start foreclosure proceedings? Thanks

    : (1)

    • Posted by njdave on November 10, 2002 at 08:36:22:

      In Reply to: Late on Mortgage Posted by PD on November 09, 2002 at 23:35:33:

      The answer depends upon the language in your mortgage loan agreement. Typically, unless you had previously participated in a forbearance plan, foreclosure is initiated when a loan becomes 90 days past due and there has been no meaningful dialogue between the Borrower and Lender.

      Keep the lines of communication open.....

    • non profit resource


    : (0)

  • Posted by Cathy on November 08, 2002 at 14:34:01:

    My husband and I are moving to NY we are behind in our house payments and are paying through a forbeyance plan, which we can no longer afford. We also have a 2nd mortgage. What could we expect to happen if we just packed up and left?

    : (1)

    • Posted by Reinstatement Services, Inc. on November 10, 2002 at 19:07:33:

      In Reply to: Foreclosure in UT Posted by Cathy on November 08, 2002 at 14:34:01:

      depending upon the laws of the state the property is located in, might include possible exposure to a deficiency judgment, tax implications, significantly impaired credit, aggressive collection activity which might include wage garnishment, forced sale of other property, and the like.

      Why not attempt to avoid foreclosure altogether by listing the property for sale?

    • Default and Foreclosure Solutions


    : (0)

  • Posted by Glenn Burkhardt on November 08, 2002 at 04:57:20:

    I interested in a property that is scheduled to be auctioned in the next 2 weeks. I am aware that the owner is in prison and am concerned there may be back taxes and or liens on the property. What is the best way to find out if there are any additional amounts of money to be paid, in addition to what the bank is seeking in paying off the loan

    : (0)

  • Posted by John Briggs on November 08, 2002 at 02:30:05:

    I have a mobile home that I rent out. What would the results of foreclosure be? Can they wage garnish or is it just a credit hit? Thanks

    : (1)

    • Posted by Reinstatement Services, Inc. on November 10, 2002 at 19:09:37:

      In Reply to: Results of foreclosure? Posted by John Briggs on November 08, 2002 at 02:30:05:

      : I have a mobile home that I rent out. What would the results of foreclosure be? Can they wage garnish or is it just a credit hit? Thanks



      : (0)

  • Posted by Eileen on November 07, 2002 at 18:36:40:

    Niomi-I am in the same situation as you and new to all of this. The only difference is my exhusband rents the house out. I'd love to hear what you find out.

    : (0)

  • Posted by JTank on November 07, 2002 at 16:49:09:

    Did you know there is a way to save your home(if you want to save it)with a foreclosure bailout loan.The numbers have to be workable in addition all states aren't eligible but at least you have another option.

    : (3)

    • Posted by njdave on November 07, 2002 at 18:33:25:

      In Reply to: Foreclosure bailout loans Posted by JTank on November 07, 2002 at 16:49:09:

      Most folks facing foreclosure don't have the 30% equity required to refinance their exisiting mortgage obligations... &/or can't afford expensive refi programs.

      What programs do you know of, specifically, that are designed to help financially distressed homeowners?

      : (1)

      • Posted by Jtank on November 07, 2002 at 19:39:19:

        In Reply to: Re: workable numbers? Posted by njdave on November 07, 2002 at 18:33:25:

        You're correct. This program doesn't work for everyone.There are however people who have used this particular type of loan to get back on their feet. There are too many example to list and everyone's circumstances are unique.The max LTV is 65% so as you stated the numbers have to make sense.

        : (0)

    • Posted by Jerome on November 07, 2002 at 16:50:23:

      In Reply to: Foreclosure bailout loans Posted by JTank on November 07, 2002 at 16:49:09:

      : Did you know there is a way to save your home(if you want to save it)with a foreclosure bailout loan.The numbers have to be workable in addition all states aren't eligible but at least you have another option.



      : (0)

  • Posted by Di on November 07, 2002 at 11:25:00:

    Greg,thank you for your response. I understand that the foreclosure will stay on my records. Unfortunately we do not have any offers on the house. Should I get a lawyer and what should I expect.

    : (0)

  • Posted by sam on November 07, 2002 at 01:17:34:

    I received via mail a letter from the court advising of my hearing on the 18th of this month. But this past Saturday I was served a letter from the Plaintiff's attorney advising me of a hearing on the 8th requesting summary of judgement. What happens if the plaintiff is granted this judgement? How much time will I have to move? Will I be given an opportunity to respond to the judgement?

    PLEASE HELP ASAP!

    : (0)

  • Posted by Laura Schreckenberg on November 06, 2002 at 15:02:41:

    i have a 1994 manufactured home and recently due to medical reasons had to purchase a bigger home. I have a elderly person in a wheelchair that could not get around in my manufactured home. We have tried to sell it for about a year now and had to luck. We are paying 2 mortgages plus the lot fee for the manufactured home to be in the MH Park. We just want out and have considered just giving it up to Conseco. Can anyone give me some advice.

    : (3)

    • Posted by Greg on November 07, 2002 at 01:39:43:

      In Reply to: wanting out can anyone help Posted by Laura Schreckenberg on November 06, 2002 at 15:02:41:

      Where is the house located. We try to help persons out by purchasing direct from the mortgage company by way of a short sale. There are alot of companies nation wide that offer this service. Good Luck

      : (2)

      • Posted by G on November 11, 2002 at 22:15:20:

        In Reply to: Re: wanting out can anyone help Posted by Greg on November 07, 2002 at 01:39:43:

        I have a house in north carolina with exactly the same situation...



        : (0)

      • Posted by Laura Schreckenberg on November 07, 2002 at 13:14:26:

        In Reply to: Re: wanting out can anyone help Posted by Greg on November 07, 2002 at 01:39:43:

        it is located in Madison county, Il, Granite City

        : (0)

  • Posted by Di on November 06, 2002 at 14:18:58:

    Me and my ex bougth a home together 5 years ago. 2 years ago we got a 2nd mortgage. We owe way more than what we could sale the house for. I have moved out but I am still obligated to the mortgages. My ex now wants to let the house go into Foreclosure. What can I expect to happen now, with my bank accounts being frozen and the process in general? We have had the house on the market since June with no buyers. Should I get a lawyer? I live in Indiana.

    : (2)

    • Posted by Greg on November 07, 2002 at 01:43:40:

      In Reply to: Foreclosure -2 mortgages Posted by Di on November 06, 2002 at 14:18:58:

      Keep in mind that a foreclosure will stay on your credit for 7 years. Bankruptcy will be on there for 10 years. If you have had any offers on the house, take these offers to your mortgage company and see if they will short sale.Good LuckGreg

      : (1)




      • Posted by Greg on November 07, 2002 at 01:43:40:

        : Keep in mind that a foreclosure will stay on your credit for 7 years. Bankruptcy will be on there for 10 years. If you have had any offers on the house, take these offers to your mortgage company and see if they will short sale.: Good Luck: Greg

        : (0)

  • Posted by judiths k smith on November 05, 2002 at 11:18:33:

    MUST SALE my 1997 Dutches manufactured home it 3 bedroom 2 bathroom it has to be move it 26x48 or take over payment

    : (0)

  • Posted by cathy on November 05, 2002 at 08:34:16:

    Can your mortage company put in foreclosure for not paying late charges. I am not late on monthy payments just owe late charges.

    : (1)

    • Posted by njdave on November 05, 2002 at 14:34:43:

      In Reply to: late fees Posted by cathy on November 05, 2002 at 08:34:16:

      Sure. If you think that you owe a lot in unpaid late charges now... just wait until they tack on foreclosure costs.... Better cure the late charges ASAP. Call your lender, and make some sort of payment arrangement.

      : (0)

  • Posted by Chris on November 04, 2002 at 21:57:16:

    Is there any help in stopping a forecloser? The lender and the lawyer for the forecloser neither are very helpful or accomidating. The financial situation has been resolved and payments can be made and make up the deliquency over a 6 month timeline, but they want the full amount with only 20 days notice. I have nearly $80,000 in equity that the lender is willing to jump on by foreclosing. Is there any suggestions as to what I may be able to do?

    : (2)

    • Posted by Valerie (N. CA) on November 04, 2002 at 22:59:51:

      In Reply to: Forecloser Help Posted by Chris on November 04, 2002 at 21:57:16:

      Chris,

      What city/state do you live in. Have you tried a forebearance agreement with your lender? Are you working with an attorney? There are options but it depends on what your goals are. Let me know how far along you are. I'm no expert, but I'll let you know what I know.

      Valerievlconsulting@jps.net



      YOU SAID....: Is there any help in stopping a forecloser? The lender and the lawyer for the forecloser neither are very helpful or accomidating. The financial situation has been resolved and payments can be made and make up the deliquency over a 6 month timeline, but they want the full amount with only 20 days notice. I have nearly $80,000 in equity that the lender is willing to jump on by foreclosing. Is there any suggestions as to what I may be able to do?



      : (1)

      • Posted by Renee Castillo on November 07, 2002 at 18:20:59:

        In Reply to: Re: Forecloser Help Posted by Valerie (N. CA) on November 04, 2002 at 22:59:51:

        : Chris,

        I can help you avoid foreclosure. You can refinance your home mortgage loan. You can even cash out for money if you need to. This will help you save your home and lower your rate. This will lower your payment too. Please e-mail me so we can discuss this further.

        Renee

        : (0)

  • Posted by Matt on November 04, 2002 at 14:32:14:

    Hello. I'm new to the game, but I would just like to purchase a house for myself, not to fix up and sell. The property is in the process of being foreclosed on now. Is there any way I can slide in and purchase this property, or is it out of my hands???

    : (4)

    • Posted by Haywood on November 04, 2002 at 20:41:36:

      In Reply to: New to the game looking for help on purchase Posted by Matt on November 04, 2002 at 14:32:14:

      : Hello. I'm new to the game, but I would just like to purchase a house for myself, not to fix up and sell. The property is in the process of being foreclosed on now. Is there any way I can slide in and purchase this property, or is it out of my hands???

      james,

      approach the owner & offer to buy his equity before it goes to sale.

      H

      : (3)

      • Posted by Matt on November 04, 2002 at 20:52:02:

        In Reply to: Re: New to the game looking for help on purchase Posted by Haywood on November 04, 2002 at 20:41:36:

        I would approach the owner, but I believe its out of his hands now. They picked up and left back in May, and I don't know how to reach them. I got the mortgage companys name and contacted them and they said it was in foreclosure process and they would not deal with a third party and could not give me any information. I also got a lawyers name that was filing a civil suit against the former owners and that was a dead end also.

        : (2)

        • Posted by Matt on November 04, 2002 at 20:56:14:

          In Reply to: Re: New to the game looking for help on purchase Posted by Matt on November 04, 2002 at 20:52:02:

          I also forgot to mention that the mortgage has a VA rider attached to it. Is there any angle to work there?

          : (1)

          • Posted by haywood on November 04, 2002 at 21:06:24:

            In Reply to: Re: New to the game looking for help on purchase Posted by Matt on November 04, 2002 at 20:56:14:

            : I also forgot to mention that the mortgage has a VA rider attached to it. Is there any angle to work there?

            no angle on VA loan, they will go through the foreclosure process up to the auction, you can compete for the house at the auction.You need to track down the owner (he is technically still in control) do what ever it takes to find him/her & have him deed it to you, then bring all loans current & you have yourself a house. make sure you know all liens against property before you do this, make sure there is enough equity here to make it worth the time.

            H

            : (0)

  • Posted by Eric on November 04, 2002 at 02:02:46:

    I am a investor looking for foreclosures or pre foreclosures in Madison and St clair counties in Illinois

    : (0)

  • Posted by sam on November 03, 2002 at 21:56:36:

    Will I receive the balance after paying the lender their balance from the sale due to the foreclosure? If so, how long does it take? I received a form to fill out so I can receive my check if any cash is left over. That's what is states anyway.

    : (2)

    • Posted by Marc on November 07, 2002 at 03:27:03:

      In Reply to: CASH AFTER SALE? WHO'S GETS IT? Posted by sam on November 03, 2002 at 21:56:36:

      : Will I receive the balance after paying the lender their balance from the sale due to the foreclosure? : If so, how long does it take? I received a form to fill out so I can receive my check if any cash is left over. That's what is states anyway.

      What state are you in. Have you read your mortgage? What type of mortgage is it (Conventional, FHA VA). It may depend on the type of foreclosure,In any event if you do it will be after all cost have been taken out, that is the cost of the sale holding (utilities, taxes, security etc) costs etc.

      : (0)

    • Posted by sam on November 06, 2002 at 01:45:18:

      In Reply to: CASH AFTER SALE? WHO'S GETS IT? Posted by sam on November 03, 2002 at 21:56:36:

      : Will I receive the balance after paying the lender their balance from the sale due to the foreclosure? : If so, how long does it take? I received a form to fill out so I can receive my check if any cash is left over. That's what is states anyway.

      Does anyone know how this works??



      : (0)

  • Posted by sld on November 03, 2002 at 13:37:04:

    my husband and i have filed chapter 13 a few months ago the payments are still very high and cannot make house pymt modular on land package deal if foreclosed on it will we have to pay a difference on what it is sold for or is there anyway out of that.bankruptcy is out of question we did that 4 yrs ago thought we still could make it still struggled now we are at the end of our rope we live in alabama we need advice. thanks

    : (1)

    • Posted by Tinaj on November 03, 2002 at 21:30:18:

      In Reply to: forecloser Posted by sld on November 03, 2002 at 13:37:04:

      attorney should be able to answer these questions for you. as far as I know (which isn't very far), whether the lender will pursue a deficiency judgment depends in some degree on how much money is involved. How much do you owe, and how much is the property worth? Have you looked into a short sale? Check down the page a bit and go to RSI's website - they have more info there.

      : (0)

  • Posted by Dana on November 03, 2002 at 13:20:59:

    I was needing to know if i should let the bank forclose or just surrender our house which is better in the long run even though niether is good.I am a full time student and have got behind a couple months.

    : (1)

    • Posted by Marc on November 07, 2002 at 03:32:39:

      In Reply to: forclosure or surrender Posted by Dana on November 03, 2002 at 13:20:59:

      : I was needing to know if i should let the bank forclose or just surrender our house which is better in the long run even though niether is good.I am a full time student and have got behind a couple months.

      What state are you in? What type of mortgage is it. It would be important to knowthe type of foreclosure your state uses. If you are only 2 payments behind and can now make paymentsyou may want to call the mortgage company and ask to pay the back payments over the next couple of months.What about selling the home? Some foreclosures can take up to a year. Your best bet before giving a deed in lieu of foreclosure would be tosell the home.

      Good luck!

      : (0)

  • Posted by Bruce on November 02, 2002 at 20:19:20:

    Call me if you are having a current foreclosure you need help with or if you want to make 30% on your money helping people...

    : (0)

  • Posted by sam on November 02, 2002 at 19:34:38:

    I just got a letter form the attorney for my morgage company that the dat of sale is the first week of December. I sent my paperwork to the agency helping me with solutions for forclosure. Am I to late now that the date is set, or can I still stop it?

    : (6)

    • Posted by James Patterson on November 02, 2002 at 20:43:30:

      In Reply to: Date of sale set Posted by sam on November 02, 2002 at 19:34:38:

      Hi Sam,From the date that you received you Notice of Intent toForeclosure. Depending on your state laws you have 4-6weeks before the Court issues Order allowing your bankto foreclose. While time is still on your side, youshould contact a HUD-approved Housing Counseling Agentin your area. They have information on services andprograms that could help you save your home.GOOD LUCK!!! James



      : (0)

    • Posted by James Patterson on November 02, 2002 at 20:42:33:

      In Reply to: Date of sale set Posted by sam on November 02, 2002 at 19:34:38:

      Hi Sam,From the date that you received you Notice of Intent toForeclosure. Depending on your state laws you have 4-6weeks before the Court issues Order allowing your bankto foreclose. While time is still on your side, youshould contact a HUD-approved Housing Counseling Agentin your area. They have information on services andprograms that could help you save your home.GOOD LUCK!!! James



      : (0)

    • Posted by James Patterson on November 02, 2002 at 20:40:41:

      In Reply to: Date of sale set Posted by sam on November 02, 2002 at 19:34:38:

      Hi Sam,From the date that you received you Notice of Intent toForeclosure. Depending on your state laws you have 4-6weeks before the Court issues Order allowing your bankto foreclose. While time is still on your side, youshould contact a HUD-approved Housing Counseling Agentin your area. They have information on services andprograms that could help you save your home.GOOD LUCK!!! For more info call me @ 1-888 892-1722James



      : (0)

    • Posted by James Patterson on November 02, 2002 at 20:39:54:

      In Reply to: Date of sale set Posted by sam on November 02, 2002 at 19:34:38:

      Hi Sam,From the date that you received you Notice of Intent toForeclosure. Depending on your state laws you have 4-6weeks before the Court issues Order allowing your bankto foreclose. While time is still on your side, youshould contact a HUD-approved Housing Counseling Agentin your area. They have information on services andprograms that could help you save your home.GOOD LUCK!!! For more info call me @ 1-888 892-1722James



      : (2)

      • Posted by sam on November 02, 2002 at 20:50:34:

        In Reply to: Re: Date of sale set Posted by James Patterson on November 02, 2002 at 20:39:54:

        I am only 2.5 months behind. Do I have a good chance of fixing this? I have had a bad year, with fraudulent health insurace company that has been closed after offering false coverage to thousands of people as well as an individual who crashed our interneret business after stealing our client list. I have FBI and police record numbers on all the cases that are in progress. Will all of this help to get some solution? Thank you for the help...

        : Hi Sam,: From the date that you received you Notice of Intent to: Foreclosure. Depending on your state laws you have 4-6: weeks before the Court issues Order allowing your bank: to foreclose. While time is still on your side, you: should contact a HUD-approved Housing Counseling Agent: in your area. They have information on services and: programs that could help you save your home.: GOOD LUCK!!! For more info call me @ 1-888 892-1722: James



        : (1)

        • Posted by haywood on November 04, 2002 at 21:14:10:

          In Reply to: Re: Date of sale set Posted by sam on November 02, 2002 at 20:50:34:

          : I am only 2.5 months behind. Do I have a good chance of fixing this? I have had a bad year, with fraudulent health insurace company that has been closed after offering false coverage to thousands of people as well as an individual who crashed our interneret business after stealing our client list. I have FBI and police record numbers on all the cases that are in progress. Will all of this help to get some solution? Thank you for the help...

          : : : Hi Sam,: : From the date that you received you Notice of Intent to: : Foreclosure. Depending on your state laws you have 4-6: : weeks before the Court issues Order allowing your bank: : to foreclose. While time is still on your side, you: : should contact a HUD-approved Housing Counseling Agent: : in your area. They have information on services and: : programs that could help you save your home.: : GOOD LUCK!!! For more info call me @ 1-888 892-1722: : James

          The only thing that really stops a foreclosure permanently is money. If you still have a verifiable income you can ask the lender for a forebearance agreement or a loan modification. Sounds like you have had a terrible year.

          : (0)

  • Posted by kevin on November 01, 2002 at 22:38:38:

    i buy fix and flip foreclosudres and i own a few rental properties what should i form to open my biz an llc or s corp thank you kindly im in ny state

    : (2)

    • Posted by James Patterson on November 02, 2002 at 11:30:28:

      In Reply to: what should i form corp or llc Posted by kevin on November 01, 2002 at 22:38:38:

      :Hi Kevin,If you are in need of information concerning the issueof your company Incorporation or LLC. Try calling thisNumber: 770 496-0015, Ask for Mike Sledge. I believehe was be able to help you.James



      : (1)

      • Posted by Lou on November 17, 2002 at 04:35:31:

        In Reply to: Re: what should i form corp or llc Posted by James Patterson on November 02, 2002 at 11:30:28:

        : :Hi Kevin,: If you are in need of information concerning the issue: of your company Incorporation or LLC. Try calling this: Number: 770 496-0015, Ask for Mike Sledge. I believe: he was be able to help you.: James

        I am not an attorney. This is not legal advice.

        Both company and LLC limit liability. LLC taxable income flows to the LLC members. I have seen people have a C corp be a "shareholder" in the LLC. A person is also a "shareholder" in the LLC. Check your local library on good LLC books.

        Good luck.

        : (0)

  • Posted by Rita Vanderlinden on November 01, 2002 at 21:41:21:

    I am looking for a list of preforeclosures in Colorado -- Colorado Springs etc.

    : (1)

    • Posted by bill twomey on November 02, 2002 at 00:22:39:

      In Reply to: preforeclosurers list Posted by Rita Vanderlinden on November 01, 2002 at 21:41:21:

      : I am looking for a list of preforeclosures in Color, for north new jersey. thanks bill



      : (0)

  • Posted by kevin on November 01, 2002 at 21:08:15:

    can anyone recommend a good web site to use to form an llc for my biz any sites that help to form or send out kits to do urself

    : (1)

    • Posted by Barry on November 07, 2002 at 19:35:28:

      In Reply to: llc formation Posted by kevin on November 01, 2002 at 21:08:15:

      Go to Staples and look at their information isle as they have a cd on LLC's from EZforms. Also on their web site that gives you all the information for each state.

      : can anyone recommend a good web site to use to form an llc for my biz any sites that help to form or send out kits to do urself



      : (0)

  • Posted by anissa on November 01, 2002 at 20:01:55:

    Hi, I am not sure how it works. but my heart goes out for you. I can't even imagine what you are going through. I will remember you in my prayers.

    : (2)

    • Posted by Renee Castillo on November 07, 2002 at 17:57:05:

      In Reply to: how forclosure works Posted by anissa on November 01, 2002 at 20:01:55:

      : Hi,: I can help you avoid foreclosure. Please send me a e-mail and I will tell you how.

      : (0)

    • Posted by Renee Castillo on November 07, 2002 at 17:56:35:

      In Reply to: how forclosure works Posted by anissa on November 01, 2002 at 20:01:55:

      : Hi,: I can help you avoid foreclosure. Please send me a e-mail and I will tell you how.

      : (0)

  • Posted by RICK on November 01, 2002 at 02:02:54:

    I GOT DIVORCED 5 YEARS AGO AND WAS LEFT WITH OUR HOUSE AND BOTH MORTGAGES. I HAVE BEEN TREADING WATER FOR THE LAST 3 YEARS AND EVEN FILED A CHAPTER 13 BANKRUPCY.I AM IN DIRE STRAITS NOW THE ECONOMY IS FAILING AND I CANNOT KEEP UP. I RECENTLY HAS A SON BORN W/ CLEFT LIP AND PALLETT. THE BILLS FOR HIS SURGERYS ARE PRIMARY SINCE HE WILL HAVE TO UNDERGO SEVERAL THROUGHT THE NEXT 5 YEARS. I HAVE EVALUATED ALL OF MY BILLS AND THEY ARE LESS THAN 500 A MONTH BUT THE 1600 A MONTH TO THE CHAPTER 13 AND BOTH HOUSE PAYMENTS IS KILLING ME. I SEE I COULD RENT ANOTHER PLACE FOR LESS RETAKE MY CHAPTER 13 BILLS AND STILL HAVE SOME LEFTOVER. BUT WHAT WOULD BE THE BEST ROAD??my lawyer mentioned forclosing my house and reasuming my debts since there are only a few and they are secured. is this a good way? chapter 7 wouldnt do any good since the secured is a student loan and a loan for work tools. no others are involved but the house.

    : (1)

    • Posted by tinaj on November 01, 2002 at 23:06:00:

      In Reply to: WHAT SHOULD I DO (desperate) Posted by RICK on November 01, 2002 at 02:02:54:

      First things first, do you have medical insurance for your son? If you don't, depending on your income, etc., he should be eligible for medicaid. Some people might flame me for this, but children with severe deformities, like cleft lip and palate, are SOMETIMES eligible for social security disability assistance.

      Are you still paying on the ch. 13? Is that what you can't keep up with, or is it just the house payments? I got a little confused. Clarify that, and tell us what state you live in. That's a start for the experts here.

      If you don't have medical ins. for your child, and you can't get medicaid or other assistance, you can go to your state's teaching hospital and get good care at a discount.

      : (0)

  • Posted by Marie on October 31, 2002 at 21:32:18:

    I have to get away from an abusive drug addict. I own my home and done the protective orders and police calls. The police and courts keep letting him go. Here to me. He has stolen all my cash, emptied my bank accounts and ever pawned or sold my dishes, dining room chairs, and a new comforter I bought for my bedroom. I don't want anything to do with him. The only recource I have left is to get out. My HO taxes are due and I can't pay them. If I let the city or the mortgage company foreclose, do I have 30 days or so to collect the little things I want and disappear?

    : (1)

    • Posted by anissa on November 01, 2002 at 19:58:51:

      In Reply to: Don't know how foreclosure works Posted by Marie on October 31, 2002 at 21:32:18:

      : I have to get away from an abusive drug addict. I own my home and done the protective orders and police calls. The police and courts keep letting him go. Here to me. He has stolen all my cash, emptied my bank accounts and ever pawned or sold my dishes, dining room chairs, and a new comforter I bought for my bedroom. I don't want anything to do with him. The only recource I have left is to get out. My HO taxes are due and I can't pay them. If I let the city or the mortgage company foreclose, do I have 30 days or so to collect the little things I want and disappear?



      : (0)

  • Posted by Jeanne on October 31, 2002 at 21:14:23:

    Why has this website deleted all of the follow-up comments to the "original" Homecomings Financial Catastrophe posts? I posted a few responses, myself. They have all been deleted. Does Homecomings Financial pay you to delete the derogatories? Or does Homecomings Financial (a GMAC affiliate company) use this website to promote their potential foreclosures? (They make a tremendous amount of money on pre-payment penalties, as well as stealing escrowed money, when they have finally badgered and bullied a person into refinancing). I do hope you will see fit to re-post ALL of the posts that go way back to the year 2000. In the meantime, let me repeat myself.Homecomings has yet to re-imburse escrowed money that they owe me (It has been over two years since they were paid in full). They rejected regular monthly payments. They charged for services that they did not perform. They charged for insurance that was already paid for. They charged for hazard insurance (Not required in our area). They tacked on ridiculous fees for such things, as a "property inspection fee", before they would release payoff information. They also wanted to be exonerated from any wrong-doings before they would submit payoff information (Which took them over two months). They were impossible to communicate with. There is much more. Oh, and by the way, my payments were all on time, until Old Kent Bank was bought out by 5/3 Bank. Somehow Bank One got in the middle of this. And between them all, this loan was sold to Homecomings Financial. (At least that is what Homecomings Financial tells me. I have yet to get a release of lien from Homecomings Financial). From day one, with Homecomings Financial, it turned into a collosal fiasco. I have since come into contact with many persons that have had just about "mirror image" experiences with Homecomings Financial, a GMAC affiliate company. For anyone who has experienced similar (or dissimilar) problems with Homecomings Financial, or Household Financial, or any other GMAC affiliated financial organization, or any other abusive lender. Feel free to contact me. I will help in any way that I can. And guess what...No fees!!!!That's right folks. I will help anyone with assembling paperwork, and keeping proper documentation, and help with filing complaints with the appropriate agencies. If you have already been intimidated into loosing your home to Homecomings Financial, a GMAC affiliated company, please feel free to contact me anyway.

    : (14)

    • Posted by SASSYHAYN on November 08, 2002 at 20:34:50:

      In Reply to: Homecomings Financial Catastrophe Posted by Jeanne on October 31, 2002 at 21:14:23:

      : Why has this website deleted all of the follow-up comments to the "original" Homecomings Financial Catastrophe posts? I posted a few responses, myself. They have all been deleted. Does Homecomings Financial pay you to delete the derogatories? Or does Homecomings Financial (a GMAC affiliate company) use this website to promote their potential foreclosures? (They make a tremendous amount of money on pre-payment penalties, as well as stealing escrowed money, when they have finally badgered and bullied a person into refinancing). I do hope you will see fit to re-post ALL of the posts that go way back to the year 2000. In the meantime, let me repeat myself.: Homecomings has yet to re-imburse escrowed money that they owe me (It has been over two years since they were paid in full). They rejected regular monthly payments. They charged for services that they did not perform. They charged for insurance that was already paid for. They charged for hazard insurance (Not required in our area). They tacked on ridiculous fees for such things, as a "property inspection fee", before they would release payoff information. They also wanted to be exonerated from any wrong-doings before they would submit payoff information (Which took them over two months). They were impossible to communicate with. There is much more. Oh, and by the way, my payments were all on time, until Old Kent Bank was bought out by 5/3 Bank. Somehow Bank One got in the middle of this. And between them all, this loan was sold to Homecomings Financial. (At least that is what Homecomings Financial tells me. I have yet to get a release of lien from Homecomings Financial). From day one, with Homecomings Financial, it turned into a collosal fiasco. I have since come into contact with many persons that have had just about "mirror image" experiences with Homecomings Financial, a GMAC affiliate company. For anyone who has experienced similar (or dissimilar) problems with Homecomings Financial, or Household Financial, or any other GMAC affiliated financial organization, or any other abusive lender. Feel free to contact me. I will help in any way that I can. And guess what...No fees!!!!: That's right folks. I will help anyone with assembling paperwork, and keeping proper documentation, and help with filing complaints with the appropriate agencies. If you have already been intimidated into loosing your home to Homecomings Financial, a GMAC affiliated company, please feel free to contact me anyway.

      ALOHA FROM HAWAIIWELL YOU ARE NOT THE ONLY ONE HAVING A PROBLEM WITH HOMECOMINGS AND I TO AM BEING FORCLOSED ON. MY LENDER WAS FAIRBANKS MORTGAGE AND WHEN I GOT SERVED I HAD HOMECOMINGS WITH NO CHANCE TO EVEN HEAR WHAT I HAVE TO SAY. I AM GOING TO FIGHT THIS CASE ALL THE WAY.EVEN IF SOME LAWYERS SAY I DONT HAVE A CHANCE. I GOT LETTERS CANCELED CHECKS AND SO FORTH. BUT ANY HELP I GET IS MUCH APPRECIATEDTHANKS AGAIN



      : (1)

      • Posted by Jeanne on November 08, 2002 at 20:57:32:

        In Reply to: Re: Homecomings Financial Catastrophe Posted by SASSYHAYN on November 08, 2002 at 20:34:50:

        If you need any help in regards to what agencies to file official complaints with and how to go about it, let me know. I will help in any way that I can. It is the only way to get these abusive companies to be held accountable. It is not as simple as "just filing a suit." Anyone can file a suit. Anyone can win a judgement (Many already have.). But,,,,,Enforcing the judgement, and even "finding the money" can be extremely difficult. Homecomings Financial (A GMAC affiliated company), BOASTED of HUGE PROFITS last year and this year. If that is the case, then, perhaps, they can use some of those "profits" to pay back the money that they STOLE from their customers (aka/borrowers). My issue with Homecomings Financial is NOT about late payments. It is about BLATANTLY STEALING. I believe that STEALING is STILL AGAINST THE LAW.

        : (0)

    • Posted by Tony on October 31, 2002 at 21:31:45:

      In Reply to: Homecomings Financial Catastrophe Posted by Jeanne on October 31, 2002 at 21:14:23:

      Your very kind to offer your assistance, but it sounds like you need some help dear! I will pray for you!

      : (1)

      • Posted by Jeanne on October 31, 2002 at 22:11:57:

        In Reply to: Re: Homecomings Financial Catastrophe Posted by Tony on October 31, 2002 at 21:31:45:

        To Tony,And just what kind of help would you suggest?

        : (0)

    • Posted by Admin on October 31, 2002 at 21:26:12:

      In Reply to: Homecomings Financial Catastrophe Posted by Jeanne on October 31, 2002 at 21:14:23:

      The software that operates this board was changed in Sept. 2002. The messages saved in the previous software are not directly compatible with the new software. So, the messages have to be moved to the new directory AFTER they have been modified to work with the new software. Sooner of later, they will all be accessible from the "search" function.

      The only messages that are intentionally deleted are ones that do not conform with editorial policy.

      : (9)

      • Posted by Jeanne on October 31, 2002 at 22:05:00:

        In Reply to: Re: Comment is a little harsh, isn't it? Posted by Admin on October 31, 2002 at 21:26:12:

        That is a reasonable response. And, prompt, I might add. It would be a benefit, however, to a huge number of persons in this country if you would speed up the process of making those posts accessable again. Abusive lending and servicing tactics have played a huge role in the very excessive numbers of foreclosures seen in recent years. Our mortgage lending laws were enacted to prevent abusive and illegal lending practices. But, apparently, our laws don't apply to certain financial institutions.

        : (8)

        • Posted by trel on November 01, 2002 at 21:33:19:

          In Reply to: Re: Administration of this website Posted by Jeanne on October 31, 2002 at 22:05:00:

          "...if you would speed up the process..."

          Still a bit harsh don't you think? Did it occur to youthat the Administrator might have to go out and earn a living daily like everyone else? Or that he volunteers his time and effort to produce (at his soleexpense) this board for your use? How about giving the guy a break?

          : (7)

          • Posted by Jeanne on November 02, 2002 at 20:39:23:

            In Reply to: Re: Administration of this website Posted by trel on November 01, 2002 at 21:33:19:

            : "...if you would speed up the process..."

            : Still a bit harsh don't you think? Did it occur to you: that the Administrator might have to go out and earn : a living daily like everyone else? Or that he : volunteers his time and effort to produce (at his sole: expense) this board for your use? How about giving : the guy a break?

            To Trel: No, I don't feel that my comments were harsh. Someday, a violation of our lending laws may affect you directly. Don't think that it could never happen to you. You can email me directly, if you wish.



            : (6)

            • Posted by Reinstatement Services, Inc. on November 02, 2002 at 23:42:28:

              In Reply to: Re: To Trel Posted by Jeanne on November 02, 2002 at 20:39:23:

              For some people, life past the end of their nose is non-existent UNLESS it can do or bring something to its bearer.

              Sadly, the strong sense of entitlement, precludes common courtesy, moral decency, and respect.

              Jeanne, you appear to be one such person.

              Perhaps a little less 'I-focus' and a little more 'appreciation' of the administrator's time and willingness to sponsor such a site [which apparently has worked to your benefit to some degree since you've returned to it] will go a long way in providing you the validation you seek in a resistance free environment.

              Whatever might have taken place in your life does not give you the right to enter someone else's home with demands and rudeness.

              I encourage you to check your demeanor...and try again.

              : (5)

              • Posted by Reinstatement Services, Inc. on November 04, 2002 at 11:57:10:

                In Reply to: I agree...you didn't think. That's part of the problem. Posted by Reinstatement Services, Inc. on November 02, 2002 at 23:42:28:

                she thinks the reaction to her posting has everything to do with her use of the English language...and nothing to do with her pathetic attitude.

                The following represents a private correspondence sent to RSI from Jeanne at JMerica416@aol.com [we did not respond]...

                I checked my demeanor. I used straight foreword English language, as well as, facts. Which is more than I can say for a lot of the posts that I have read here. If you want to read more into my post, than that, then do what you please. I didn't come to this site for an ettiquete lesson.

              • Default and Foreclosure Mediation


              : (2)

              • Posted by Jeanne on November 04, 2002 at 18:13:11:

                In Reply to: Poor , Misguided Jeanne... Posted by Reinstatement Services, Inc. on November 04, 2002 at 11:57:10:

                To Reinstatement Services:You show a real aptitude for cutting and pasting.~Jeanne~

                : (0)

              • Posted by Jeanne on November 04, 2002 at 18:02:10:

                In Reply to: Poor , Misguided Jeanne... Posted by Reinstatement Services, Inc. on November 04, 2002 at 11:57:10:

                And your point is?



                : (0)

            • Posted by Jeanne on November 03, 2002 at 02:18:30:

              In Reply to: I agree...you didn't think. That's part of the problem. Posted by Reinstatement Services, Inc. on November 02, 2002 at 23:42:28:

              : In response to "Reinstatement Services":It is interesting that at the end of your post, you leave a hyperlink to your own website. I am not in default or in a foreclosure situation. My on-line demeanor is factual, to the point, and straight-forward English Language. If you don't like it; I can't help it.

              : (1)

              • Posted by Tina on November 03, 2002 at 21:28:21:

                In Reply to: Re:Soliciting? Posted by Jeanne on November 03, 2002 at 02:18:30:

                Since your original posts were lost in the system - it happens in cyberspace - it seems reasonable that the people @ RSI thought you had come here seeking advice on foreclosure. Just a thought -- that's probably why they left you their URL.

                : (0)

  • Posted by Karen on October 31, 2002 at 17:07:12:

    Hello,

    I may be interested in sharing, does it include cook county, what foreclosure listing is it?

    : (2)

    • Posted by Tina on October 31, 2002 at 18:30:49:

      In Reply to: preforeclosure list in chicago` Posted by Karen on October 31, 2002 at 17:07:12:

      Your message doesn't make sense. Do you have a Chicago foreclosure list or are you looking for one?

      : (0)

    • Posted by Tina on October 31, 2002 at 18:30:42:

      In Reply to: preforeclosure list in chicago` Posted by Karen on October 31, 2002 at 17:07:12:

      Your message doesn't make sense. Do you have a Chicago foreclosure list or are you looking for one?

      : (0)

  • Posted by Diana Bailey on October 31, 2002 at 16:13:08:

    I got a letter saying if I didn't pay my back payments by 11/12/02 they would start forecloser.Will they still take my money if it's after the date they ask for it?

    : (2)

    • Posted by James Patterson on November 01, 2002 at 10:52:25:

      In Reply to: forecloser Posted by Diana Bailey on October 31, 2002 at 16:13:08:

      Dear Diana,Do not ignore the letters from your lender. If you arehaving problems making your payments, contact your lender immediately. Explain your situation. Be preparedto provide the lender with financial information, suchas your monthly income and expenses. Also, contact theHUD-approved housing counseling agency in your area.They have much information on services and programs that could help you. GOOD LUCK.....

      : (0)

    • Posted by James Patterson on November 01, 2002 at 10:27:10:

      In Reply to: forecloser Posted by Diana Bailey on October 31, 2002 at 16:13:08:

      : I got a letter saying if I didn't pay my back payments by 11/12/02 they would start forecloser.Will they still take my money if it's after the date they ask for it?



      : (0)

  • Posted by keithlm on October 31, 2002 at 01:59:21:

    I got laid off on 9/5/2001 after switching jobs in January. (So I lost my unemployment benefits... including all of the ADDED beneifts that congress voted in.)

    I've been paying all of my bills for my house and everything else while looking for a new job. Unfortunately no jobs are available. I have 1-2 months worth of cash left.

    My house, which I bought 5 months before getting laid off, is in an area that has a HIGH amount of "For Sale" and "For Rent' signs.... since Worldcom laid off so many people in this area. (Colorado Springs.)

    I could try to sell or short sell.. but the probability is very low for this area.

    Should I offer a deed-in-lieu NOW? I'd rather not go bankrupt and would rather dump the house and move to an apartment (that my girlfriend can pay for) and then I can get a crud job that will be enough to pay for my debts. (Other than the house.) If I do this next month... then I'd have some money to help buffer finances while working a less-than-optimal-job. (While still hoping that a new job will open. BTW: I AM looking in other states etc.)

    NOTE: I do have a 2nd mortgage on the house. I did that a month before getting laid off... at that time would have been completely debt free except for mortgages... but alas... it didn't happen that way.

    Any advice? Credit Counseling stuff probably isn't an option since it's a matter of not having a job that can pay even 25% of the monthly bills (including the house) ($2500.00/month for the house.... $1200.00/month for all other debts.)

    Should I do it NOW or stop paying and wait until the Mortgage companies are mad and other bad stuff happens? I called them about 6 months ago and asked if there was anything that could be done... and was only told about a lien-in-lieu. They may be a bit more helpful NOW since so many people in this area have foreclosed and gone bankrupt.

    (HOUSE Value -- Probably about $230,000.00 --- 1st mortgage=$195,000.00 2nd=$48,000.00)

    I'll try to read back in this forum.. but please send e-mail if anyone has advice.

    Thanks.I

    : (2)

    • Posted by Bob H on October 31, 2002 at 05:21:47:

      In Reply to: Unemployed for 14 months Posted by keithlm on October 31, 2002 at 01:59:21:

      Jim is correct, CO statutes do allow deficiency judgments to be obtained against defaulting borrowers.

      If you want to avoid a deficiency judgment, your best option is to list the property for sale, with an experienced broker, and pursue a short sale w/ your 2nd Mtg. holder.

      Contact their loss mitigation dept. and explain your situation. Be prepared to provide them with a current financial statement, and documentation of the cause of your inability to make your mtg payments.

      You goal is to persuade them to accept the net proceeds from the sale, in exchange for releasing you from any further liability on the loan.

      From the numbers you have posted, your 2nd mtg holder stands to lose about 75-80% of their balance with a short sale, and 100% without it. They will undoubtably try to pressure you into signing a note for the deficiency amount, as a condition of their acceptance of the short sale. When this happens, use the threat of bankruptcy as leverage to get them to waive this condition.

      The down side to all of this is that even if you are successful in negotiating a short sale w/ a full release of liability, you still face a potential tax obligation for the forgiven debt. The tax code does provide a means of avoiding this obligation, but you must be able to show that you were effectively insolvent at the time of the sale.

      Unfortunately, there is no quick fix to your situation. Negotiating a favorable short sale, and dealing with the tax consequences will require a great deal of effort on your part. If you don't feel you are up to the challange, maybe a bankruptcy would be your best choice.

      Best of luck.

      Bob H

      : (0)

    • Posted by Jim V on October 31, 2002 at 03:56:03:

      In Reply to: Unemployed for 14 months Posted by keithlm on October 31, 2002 at 01:59:21:

      Keith,

      A deed-in-lieu probably won't happen with both a first and second TDs. The second MIGHT accept one, but the first wouldn't because they'd then be responsible for the second. They'd be better off foreclosing on their first.

      Short sale might happen, but both the first and second would have to agree as to who was going to be paid how much. Shorts will be much more dificult with two loans.

      It appears to me that CO foreclosures can result in a deficiency judgment that is practical to collect. In other words, it is quite possible that someone will be willing to try to collect from you if a foreclosure occurs and a lender loses money.

      Bankruptcy, with the home loans included, will eliminate the threat of deficiency judgments. It might not be the #1 choice, but it might pay to think about it.I'm not in CO, if anyone has input on CO procedures I'm not aware of, I'd love to hear them.

      : (0)

  • Posted by Tony on October 30, 2002 at 22:03:34:

    I had my free one hour consultation with a real estate millionaire at foreclosure world. It turned out to be a sales pitch to buy there real estate education for $7850. Any body ever deal with them or some simular service and is it a scam?

    : (3)

    • Posted by Bill on October 31, 2002 at 00:31:07:

      In Reply to: Ever deal with foreclosure world? Posted by Tony on October 30, 2002 at 22:03:34:

      are you sane?

      you can study on your own and there are many good materials. with that much money you can buy some land.

      : I had my free one hour consultation with a real estate millionaire at foreclosure world. It turned out to be a sales pitch to buy there real estate education for $7850. Any body ever deal with them or some simular service and is it a scam?



      : (2)

      • Posted by Tony on October 31, 2002 at 21:21:19:

        In Reply to: Re: Ever deal with foreclosure world? Posted by Bill on October 31, 2002 at 00:31:07:

        Bill,Thank you for your response. Your right of course, you can buy a piece of ground with $7500. Do you deal in real estate? One mistake could cost you more than $7500. I only own my own house. Seems more complicated when dealing with foreclosures and REO's. There is another outfit that wants $30,000 to "mentor me" and they provide the funds to buy the property(probably my own money and others that got scammed).

        : (1)

        • Posted by barry on November 07, 2002 at 19:43:31:

          In Reply to: Re: Ever deal with foreclosure world? Posted by Tony on October 31, 2002 at 21:21:19:

          Yes they tried to sell me on the same tactics of 7500 for a mentoring program. While I like the mentoring program, why would you pay someone to do this when you can find someone in your own town that is an investor already doing this and just convince them to let you learn. Give it a try as most areas have an investor club (REIC) call the chamber of commerce as they probably know who to talk with. Make some contacts and you will have all the mentors you need.

          : Bill,: Thank you for your response. Your right of course, you can buy a piece of ground with $7500. Do you deal in real estate? One mistake could cost you more than $7500. I only own my own house. Seems more complicated when dealing with foreclosures and REO's. There is another outfit that wants $30,000 to "mentor me" and they provide the funds to buy the property(probably my own money and others that got scammed).



          : (0)