January - February 2003 Archives


  • Posted by Sunny on February 22, 2003 at 12:33:34:

    Does anyone know if the successful bidder in a foreclosure sale has to pay the payment in full after the sale?

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    • Posted by Myron in Denver on February 22, 2003 at 15:59:45:

      In Reply to: Foreclosure payment advise Posted by Sunny on February 22, 2003 at 12:33:34:

      It varies. In the metro Denver area there are three different policies in three counties but generally the answer is yes. The guaranteed funds check must be for the foreclosure bid plus a dollar. If the final bid ends up higher the bidder gets an hour to return with the balance. Be sure you know before you bid.

      : Does anyone know if the successful bidder in a foreclosure sale has to pay the payment in full after the sale?



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  • Posted by Valerie (N. CA) on February 22, 2003 at 08:35:02:

    I am in the process of picking up a lot and there are about eight owners to this property. The name on the tax role is a couple's name (the husband is deceased) and then when I went to look at the deed, it has about 4 other couples and a couple of single individuals who all contributed some percentage to the deed. They are more than willing to sign the property over to me for back taxes. My question is some people who were on title are now deceased and others (maybe one or two people) I can not find. The majority wants this out of their hair. 1st - How should I have them deed me the property (do I have to state their percentage on the face of the deed? Or can I just copy the addendum from the previous deed and have them sign as they did the original? The Deed is in One person's name and then they are added to the addendum? 2nd - Do I have to worry about people who are deceased - being that they can not convey title? No one is contesting this, so it seems pretty straight-forward. Any help would be greatly appreciated!

    Valerie

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  • Posted by ralph roberts on February 21, 2003 at 23:05:35:

    have money for metro detroit real estate

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  • Posted by OJ Cary on February 21, 2003 at 22:02:02:

    I would like info on getting a list of houses when they first are in default in the Shreveport, La. ASAPASAP ASAP ASAP ASAP

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    • Posted by OJ Cary on February 21, 2003 at 22:02:02:

      : I would like info on getting a list of houses when they first are in default in the Melbourne, FL area. ASAP: ASAP ASAP ASAP ASAP

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    • Posted by OJ Cary on February 21, 2003 at 22:02:02:

      : I would like info on getting a list of houses when they first are in default in the Melbourne, FL area. ASAP: ASAP ASAP ASAP ASAP

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    • Posted by OJ on February 21, 2003 at 22:03:15:

      In Reply to: pre-foreclosure listing Posted by OJ Cary on February 21, 2003 at 22:02:02:

      : I would like info on getting a list of houses when they first are in default in the Shreveport, La. ASAP: ASAP ASAP ASAP ASAP



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  • Posted by OJ Cary on February 21, 2003 at 22:01:32:

    I would like info on getting a list of houses when they first are in default in the Shreveport, La.ASAP

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  • Posted by OJ Cary on February 21, 2003 at 22:01:12:

    I would like info on getting a list of houses when they first are in default in the Shreveport, La.

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  • Posted by Rita Lawrence on February 21, 2003 at 18:22:33:

    We're selling a house to the Church next door.The mortgage is to be paid to me over a period of 16 years.If for any reason the Church doesn't or can't makethe monthly payments, can I forclose? Will the propertybe put up for auction or will it get back to me,since I hold the mortgage on it? Could you pleasetell me how that works, my husband & I don't agree on that. He say's if I put a stipulation in the contractthat I forclose if no payment is being made, I loosethe property to the highest bidder on the auctionblock. Please inform me if that is right.Thank you in advance,Rita Lawrence

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    • Posted by Bill H on February 22, 2003 at 23:12:01:

      In Reply to: Foreclosure Posted by Rita Lawrence on February 21, 2003 at 18:22:33:

      : We're selling a house to the Church next door.The mortgage is to be paid to me over a period of 16 years.: If for any reason the Church doesn't or can't make: the monthly payments, can I forclose? Will the property: be put up for auction or will it get back to me,: since I hold the mortgage on it? Could you please: tell me how that works, my husband & I don't agree on that. He say's if I put a stipulation in the contract: that I forclose if no payment is being made, I loose: the property to the highest bidder on the auction: block. Please inform me if that is right.: Thank you in advance,: Rita Lawrence

      Rita:

      1. If your Trust Deed has a power of sale clause, then you can foreclose. Most probably it will.

      2. If you foreclose, the house will be sold per the terms of the Trust Deed and Power of Sale and will go to the highest bidder. You are entitled to what you are owed on the mortgage --no more -- no less. If no one bids, you get it back. If someone bids one dollar over the opening bid, they get it. You, as the beneficiary, set the opening bid for the amount owed and can bid.

      Remember, that any money over the opening bid is used to pay junior liens, etc., and then goes to the person being foreclosed on. It will not come back to you just because you bid it up.

      You cannot have your cake and eat it too.

      Sorry to inform you but your husband is correct....if someone bids it up they get it.

      Bill H

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  • Posted by Joseph on February 20, 2003 at 12:53:48:

    Can some one help me please,Hi my name is Joseph and i live in NY I want to get in this foreclosure thing and i have been searching around the internet for some systems for me to get started. Does any one know of a good system for me to use that will get me started and to start making some real money.

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    • Posted by Joseph on February 20, 2003 at 12:53:48:

      go to www.creonline.com. some of the best info there : (0)

    • Posted by JTM on February 22, 2003 at 02:07:32:

      In Reply to: Could some one help me? Posted by Joseph on February 20, 2003 at 12:53:48:

      : Can some one help me please,Hi my name is Joseph and i live in NY I want to get in this foreclosure thing and i have been searching around the internet for some systems for me to get started. Does any one know of a good system for me to use that will get me started and to start making some real money.

      Here is a site you may want to check out.JTMjd53@attbi.com

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    • Posted by njdave on February 20, 2003 at 17:45:28:

      In Reply to: Could some one help me? Posted by Joseph on February 20, 2003 at 12:53:48:

      Some say that to be successful in "The Real Estate Business" is to be able to solve people's problems.

      If you are interested in the foreclosure end of this business, you should learn about the problems that those folks face.

      Check out this non profit site that addresses foreclosure issues. There is also a link to a NJ foreclosure discussion board.

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  • Posted by Confused in Michigan on February 20, 2003 at 03:46:30:

    My home went to sherriff sale 11/2002 and was purchase by a private investor at sherriffs sale. However I have a second mortgage with a bank that is current. My combined LTV is close to 100%. The purchaser of the first lien is offering me a deal to rebuy my home on land contract. My question is what is the legal status of my second lien? Is it in default? Can I maintain it as is and keep making payments, if I do a land contract with the purchaser of the my first lien. Lastly what risk does this purchaser have from my second lienholder? Are they incumbered by it?

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    • Posted by Nick(Colorado) on February 20, 2003 at 12:55:52:

      In Reply to: What about the second Posted by Confused in Michigan on February 20, 2003 at 03:46:30:

      Michigan:

      The second, and its incumberment, will not really be clearedup until its ROR expires. If you are to do some type of land contractvia a title holding trust, this can not be done until after May 2003.



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    • Posted by Ward-CA- on February 20, 2003 at 10:32:24:

      In Reply to: What about the second Posted by Confused in Michigan on February 20, 2003 at 03:46:30:

      : My home went to sherriff sale 11/2002 and was purchase by a private investor at sherriffs sale. However I have a second mortgage with a bank that is current. My combined LTV is close to 100%. The purchaser of the first lien is offering me a deal to rebuy my home on land contract. My question is what is the legal status of my second lien? Is it in default? Can I maintain it as is and keep making payments, if I do a land contract with the purchaser of the my first lien. Lastly what risk does this purchaser have from my second lienholder? Are they incumbered by it?=============Confused,

      The foreclosure of the senior 1st wiped off the title of the property all junior liens and interests, including the 2nd lien.

      So your 2nd is no longer against the title of the home you once owned.

      I suggest that if you buy your home back from the winning bidder that you do so under a different name or use an entity like a title holding trust.

      Otherwise you run the risk of having all the wiped off liens automatically reattach to the property when you take title in the same name you used before.

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  • Posted by Ray on February 19, 2003 at 12:24:23:

    Deal Directly with principal, NOT brokers

    For more information;visit www.Equinotes.com

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  • Posted by Angie on February 19, 2003 at 11:01:50:

    When bidding on a property in Denton County Texas at the foreclosure auction, knowing that the foreclosure up for auction is the 1st mortgage, what other fees, taxes, etc... would the winning bidder be responsible for? Unpaid taxes? Lender's attorney fees leading to foreclosure? I have the chance to purchase this home before the auction thru a realtor who is listing the house for a price below market. Not sure if I should go ahead and buy thru the realtor or take my chances on a lower bid price at auction. Thanks for any advice.

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    • Posted by Ward-CA- on February 20, 2003 at 10:21:55:

      In Reply to: Texas foreclosure auction question Posted by Angie on February 19, 2003 at 11:01:50:

      : When bidding on a property in Denton County Texas at the foreclosure auction, knowing that the foreclosure up for auction is the 1st mortgage, what other fees, taxes, etc... would the winning bidder be responsible for? Unpaid taxes? Lender's attorney fees leading to foreclosure? I have the chance to purchase this home before the auction thru a realtor who is listing the house for a price below market. Not sure if I should go ahead and buy thru the realtor or take my chances on a lower bid price at auction. Thanks for any advice.==============Angie,

      The opening bid is the sum total of all that's owed the foreclosing lender. Included in that figure is the foreclosing trustee's fee.

      So if you win the bidding war then all you'd have to pay would be the costs of evicting the occupants if any and whatever unpaid property taxes that might exist.

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  • Posted by Larry In Michigan on February 19, 2003 at 09:08:13:

    Found out that my home actually sold for 20K more then was owed/listed on the forclosure notice. I would assume that if there is owed more, they would deduct it and send me the rest, is this accurate. Is the amount listed on the notice all inclusive of the fees owed, or are legal and other misc fees added in afterwards. Redemption period soon ending and not sure what to do at this point

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    • Posted by Ward-CA- on February 20, 2003 at 11:58:16:

      In Reply to: More money from auction then owed Posted by Larry In Michigan on February 19, 2003 at 09:08:13:

      : Found out that my home actually sold for 20K more then was owed/listed on the forclosure notice. I would assume that if there is owed more, they would deduct it and send me the rest, is this accurate. Is the amount listed on the notice all inclusive of the fees owed, or are legal and other misc fees added in afterwards. Redemption period soon ending and not sure what to do at this point=•=•=•=•=•=•=•=•=•=•=

      Larry,

      The 20K overbid is distributed to all lienors junior to the foreclosing lien, in a successive, downward progression. It’s paid out on a protanto basis, meaning that each junior lien is completely paid off before any surplus goes down to the next junior, etc.

      Whether or not you’re entitled to any of the $20K overbid is dependent on how many unpaid liens were sandwiched between you and the foreclosing lien. If the total of them were less than the $20K you’d be entitled to the remaining surplus.

      Hope this helps.

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  • Posted by Janet on February 19, 2003 at 01:48:23:

    Hi again, quick question. From all the reading I've been doing here it sounds like if one doesn't make payments on their mortgage that they will foreclose on the house. They wouldn't garnish wages would they? They would just foreclose is my understanding. Correct me if I'm wrong.

    Thanx, Janet

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  • Posted by Janet on February 18, 2003 at 23:38:30:

    Hello, I have my first home and have been here less than a year. I want out of it because I am broke all the time, I am soon going to be without a reliable car cause I don't have enough money to buy another one, no money for anything. So I want out. A couple of friends of mine are suggesting I "walk away". I live in Canada and I'm not sure how the laws differ, but they claim I can just walkaway from the home. I am confused and overwhelmed and don't know what they mean about just walking away. Won't this effect my credit rating, and possibly even cause my wages to be garnished? I have been bankrupt already once and don't want to go thru that again. I would like to go thru voluntary foreclosure but I don't understand what's involved there. I can't sell the house cause the amount it would cost to sell it (with realtor's fee) would be more than I paid for the house. And I have no equity in the house cause I had it for such a short time. I really desperately want out of the whole situation but am not sure how to go about it. I am worried I will end up losing the house due to a high debt which I'm soon going to have if something's not done.

    Any advice appreciated, Janet

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    • Posted by Lexy on February 22, 2003 at 20:49:12:

      In Reply to: Want "out" Posted by Janet on February 18, 2003 at 23:38:30:

      Janet......where are you located in Canada....I am a fellow Canadian....I have invested in the recent past and still am a current home owner...I may be able to help you with guiding you to some help.

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    • Posted by Jim V on February 19, 2003 at 02:47:50:

      In Reply to: Want "out" Posted by Janet on February 18, 2003 at 23:38:30:

      Janet,

      I didn't really review this site, but it might have some info for you. Perhaps you could see what procedures are applicable in your province and repost with possible scenarios?http://www.foreclosures.ca/realtors/foreclosure_proceedings/index.lasso

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  • Posted by Amy S on February 18, 2003 at 23:09:40:

    My rental property has a balance with the bank of 80K. It is in foreclosure and they want $16K NOW. I have a 13K tax lien and a 53K judgement on the property. The house is worth 100K. I can't give a buyer a clear title because the income from the sale exceeds the liens/judgements. I don't want the house. I just want out. But I don't want the foreclosure on my credit either. Can you do a short sale on a house that has other judgements/liens? The bank wants 16K NOW! My credit is poor. I want out. Help! :-(

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    • Posted by Maria on February 22, 2003 at 05:39:05:

      In Reply to: hm in foreclosure- bank bal &judgements exceed value of home Posted by Amy S on February 18, 2003 at 23:09:40:

      Here's a company that may be able to help you. You can visit their site for mor info at:http://kmtpartners.org/home/1293Best Wishes,Maria

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  • Posted by IB (NJ) on February 18, 2003 at 21:19:41:

    Do any experienced Investors have any advice for negotiating with junior lien holders? Here's the situation:

    1st mortgage holder is foreclosing for $32k (I'm sure its more with fees, etc.). There's a second for about $66k and a third for about $20k. Prop. back taxes are about $12k. The ARV for the place is probably about $140k. The second tried foreclosing about 2 years ago but gave up when it realized that there was a first and not much equity in the place.

    Does anyone have a script or approach that has been successful for them? Thanks.

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  • Posted by Valerie (N. CA) on February 17, 2003 at 22:45:45:

    I have a guy going to sale on Friday who wants to put a second on his house. He owes $304K and it's worth $400 fixed up. He is in arrears about 20K wants $30 to finish the work and put it on the market.Can this be done by Friday? He's delusional and he does not want to sell!

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    • Posted by njspoch on February 18, 2003 at 09:29:30:

      In Reply to: Foreclosure Owner wants a 2nd Posted by Valerie (N. CA) on February 17, 2003 at 22:45:45:

      If he has a diagnosed mental disorder, as you suggest, then you certainly don't want to enter into a Contract with someone who isn't competent to enter into Contract.

      Or, perhaps you were being fast,loose, and cute with the characterization of your fellow human being.

      To address your question, depending upon the foreclosure laws and customs in the state the property is located... sure it's possible to give a 2nd mortgage in exchange for a loan.

      However, it doesn't appear to be a prudent investment.

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      • Posted by Bill H on February 18, 2003 at 22:38:35:

        In Reply to: Re: Foreclosure Owner wants a 2nd Posted by njspoch on February 18, 2003 at 09:29:30:

        : If he has a diagnosed mental disorder, as you suggest, then you certainly don't want to enter into a Contract with someone who isn't competent to enter into Contract.

        : Or, perhaps you were being fast,loose, and cute with the characterization of your fellow human being.

        : To address your question, depending upon the foreclosure laws and customs in the state the property is located... sure it's possible to give a 2nd mortgage in exchange for a loan.

        : However, it doesn't appear to be a prudent investment.

        I agree with Dave---there is no state that I know of that will validate a contract with an incompetent person.



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  • Posted by Nettie M. Foster on February 17, 2003 at 17:16:12:

    I am disable and unable to maintain the property, I have some monies invested in the market. Will the lender be able to get monies from my investment? I have a FHA loan.

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    • Posted by JTM Investments on February 19, 2003 at 23:38:12:

      In Reply to: Foreclosure Posted by Nettie M. Foster on February 17, 2003 at 17:16:12:

      : : I am disable and unable to maintain the property, I have some monies invested in the market. Will the lender be able to get monies from my investment? I have a FHA loan.

      We have a program whereby you will receive full equityfrom your home if you qualify. Please contact me atjd53@attbi.com or visit our web site at:http://kmtpartners.org/home/1028/

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    • Posted by Felix Liu on February 18, 2003 at 06:18:08:

      In Reply to: Foreclosure Posted by Nettie M. Foster on February 17, 2003 at 17:16:12:

      : : I am disable and unable to maintain the property, I have some monies invested in the market. Will the lender be able to get monies from my investment? I have a FHA loan.

      ---I might be able to help...I am not an agent call me for your help...I can help you to stop foreclosure and more...email me first at felixthecash@yahoo.com



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  • Posted by damien on February 17, 2003 at 17:02:31:

    Does anyone use the program shark bait, and if so, do you like it or dislike it? and why?Thanks

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    • Posted by Jim V on February 19, 2003 at 02:38:25:

      In Reply to: shark bait Posted by damien on February 17, 2003 at 17:02:31:

      Never used it, never will. My thoughts on it are:

      Sharkbait requires you to provide current default listings and comparable sales information for it to work. So, if you are subscribing to a default service and have access to comparable sales, why do you need a computer program to show you deals? Obvious deals, like a computer program would point out to you, will rarely be good deals. All the competing investors in your area will also be aware of the obvious deals. Find a niche, either in location, property type or methods, you'll be much better off in the long run.

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  • Posted by julie on February 17, 2003 at 15:06:59:

    We are currently 3 months behind on our payment, plus some late fees because of it. I tried to pay via the phone last week for 2 payments, but they won't accept a partial payment. Doesn't this just hurt in the long run, as of next month I'll be even farthur behind. Why will they not accept a partial payment?

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    • Posted by Bill H on February 17, 2003 at 16:59:25:

      In Reply to: Won't accept partial payments? Posted by julie on February 17, 2003 at 15:06:59:

      : We are currently 3 months behind on our payment, plus some late fees because of it. I tried to pay via the phone last week for 2 payments, but they won't accept a partial payment. Doesn't this just hurt in the long run, as of next month I'll be even farthur behind. Why will they not accept a partial payment?

      Julie: Over the phone you are just another voice to a frustrated collection clerk. If possible go to the lender in person and talk with the manager and see if something can be worked out. If not possible send them a return receipt letter with the payments inside. If you want to get out of the mess, make some extra meaningful effort on your behalf.

      The lender is under no obligation to accept partial payments. Your contract with them calls for full payments on time and apparently your lender is going to hold you to it.

      Bill H

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  • Posted by Bette Jo on February 17, 2003 at 13:04:40:

    We had a foreclosure 7 years ago. Does it ever come off your record so we can buy again?

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    • Posted by Jim V on February 19, 2003 at 02:44:16:

      In Reply to: buying again? Posted by Bette Jo on February 17, 2003 at 13:04:40:

      : We had a foreclosure 7 years ago. Does it ever come off your record so we can buy again?

      Foreclosure should be reported for 7 years. Request a credit report to verify it has been dropped from your credit report. If it hasn't been dropped, start complaining until it is dropped.http://www.creditinfocenter.com has a lot of credit related info, you should probably visit it.

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  • Posted by Larry on February 16, 2003 at 21:11:56:

    Sheriff sale date 10/16/02, have not heard a thing since then, planned on just vacating, but employment has changed, and was wondering if I could do a 13 on the balance owed, and start making payments again. Does Michigan Law permit this. Did a 7 a year ago, discharged in June/02.

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  • Posted by david on February 16, 2003 at 12:52:13:

    I have a question regarding financing. I have found a beautiful piece of property that will be auctioned the 27th of this month in North Carolina. The terms of the sale state that the winning bidder must pay the bidding amount in full the same day of the auction. My credit is not the best in the world, are their any options for me to obtain a line of credit to purchase this property? the property is worth 134,000 and i would want to bid up to 60,000. Any ideas would be greatly appreciated.

    davidttndavidebay@hotmail.com

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    • Posted by JTM on February 19, 2003 at 23:41:41:

      In Reply to: How do I get money to buy at auction? Posted by david on February 16, 2003 at 12:52:13:

      : I have a question regarding financing. I have found a beautiful piece of property that will be auctioned the 27th of this month in North Carolina. The terms of the sale state that the winning bidder must pay the bidding amount in full the same day of the auction. My credit is not the best in the world, are their any options for me to obtain a line of credit to purchase this property? the property is worth 134,000 and i would want to bid up to 60,000. Any ideas would be greatly appreciated.

      : david: ttndavidebay@hotmail.com

      If you qualify, we provide a line of unsecured creditthat can be used to purchase homes at the auction.Please drop me an e-mail if interested.JTM Investementjd53@attbi.com

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  • Posted by Oscar Aguililla on February 15, 2003 at 22:02:00:

    What is the difference as far as credit goes? I have a VA guaranteed loan and they (the VA) wants me to go to the bank to request a Deed-in-lieu to avoid a foreclosure. I have no equity whatsoever; as a matter of fact, I will lose quite a bit. I have tried to sell the property for over a year...to no avail.

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  • Posted by Ron on February 15, 2003 at 19:30:46:

    I am looking to sell a mortgage i hold on a home in ny.It is a newly generated and the amount is 385000 loan to value is 73% with both title holders above 700 ficas. please contact me directly at 516 521-2327

    Ron

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    • Posted by JTM Investments on February 19, 2003 at 23:43:46:

      In Reply to: morgage for sale Posted by Ron on February 15, 2003 at 19:30:46:

      : I am looking to sell a mortgage i hold on a home in ny.: It is a newly generated and the amount is 385000 loan to value is 73% with both title holders above 700 ficas. please contact me directly at 516 521-2327

      : Ron Ron: we buy notes of all kinds please contact meJTM Investmentsjd53@attbi.com



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  • Posted by Nanci on February 15, 2003 at 18:13:14:

    We moved to another state due to my job and bought a new house. We have been unable to manage two mortgages and the lender is threatening foreclosure. We had just refinanced the first house (in Maryland) and obviously have no equity. We don't know what to do, but it feels like it would just be simpler to let the house go, given that we already have a new house (in Vermont). We know there will be credit implications, but our credit is already compromised by late payments on the first house. Is deed-in-lieu of foreclosure an option? What might be the tax implications? Any advice would be very much appreciated.

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  • Posted by Nagi on February 15, 2003 at 13:16:28:

    What would you do if you bought a junior lien on a property in a trustee sale type auction?

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    • Posted by Bill H on February 15, 2003 at 20:46:02:

      In Reply to: Junior Lien Posted by Nagi on February 15, 2003 at 13:16:28:

      : What would you do if you bought a junior lien on a property in a trustee sale type auction?

      All depends. How junior? How much? Costs to reinstate the senior lien(s? Equity? Good investment or merely a serious mistake? .....be more specific and someone will assist you.



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      • Posted by Nagi on February 15, 2003 at 22:01:57:

        In Reply to: Re: Junior Lien Posted by Bill H on February 15, 2003 at 20:46:02:

        : : What would you do if you bought a junior lien on a property in a trustee sale type auction?

        : All depends. How junior? How much? Costs to reinstate the senior lien(s? Equity? Good investment or merely a serious mistake? .....be more specific and someone will assist you.

        I am trying to buy houses from Trustee sales in Virginia. I was successful buying one. The contract was very simple: Pay cash, all jubnior liens are wiped out...etc. I saw another Trustee sale that the foreclosure was on a second mortgage for $90K. The house is worth over $400,000. So, I was just wondering, if someone buys the house for the $90k, wouldnt he be responsible for the senior loan which is approximately 250K? I hink this is the case, but not sure. any help will be appreciated.

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  • Posted by Tony on February 14, 2003 at 23:43:11:

    I am in touch with a homeowner who is going through a foreclosure and willing to sell the building for the amount due, just to save his credit rating. Property worth is about $180,000 and he owes $150,000 on it.

    Property needs some cosmetic work, nothing major and I like to do the short sale to get it for say 125K from the bank. Its in NY and Citibank is the mortgagee.

    Someone there to help me with the steps, How to do it?Its my first deal. I appreciate the board and I have learned alot from it. Thanks

    TonyNY



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  • Posted by Mike on February 14, 2003 at 19:02:13:

    Looking for pre foreclosures or property in foreclosure to purchase greater Jacksonville, Florida. Finders fee paid able to close immediately all cash.

    Mike

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  • Posted by red on February 14, 2003 at 18:57:04:

    1st mortgage foreclosed. I had a home improvement loan that I am still paying on. I thought in the foreclosure that all liens against the property was either paid or wiped out. Question: Do I suppose to still pay even after the foreclosure? Please help.

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    • Posted by Jim V on February 14, 2003 at 20:28:28:

      In Reply to: 2nd mortgage/Home Improvement loan Posted by red on February 14, 2003 at 18:57:04:

      : 1st mortgage foreclosed. I had a home improvement loan that I am still paying on. I thought in the foreclosure that all liens against the property was either paid or wiped out. Question: Do I suppose to still pay even after the foreclosure? Please help.

      When a first mortgage forecloses, the junior loans are wiped from the title of the property. The debt does not disappear, it just becomes unsecured debt, similar to credit card debt. So, the previous homeowner ends up with a debt from a home they no longer own. Non-payment of that debt will ding your credit, but with a recent foreclosure already on your credit, it won't hurt that much. Chapter 7 bankruptcy can eliminate your need to pay the debt.

      On the flip side, paying the debt will start the credit rebuilding process from the damage done by the foreclosure.

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  • Posted by jim on February 14, 2003 at 16:07:53:

    borrowed money for home improvments. company took out for fire ins. for 4 yrs had a fire company says they sold the note and the new holder didnt have any records of ins now they want to forclose ihad to use all savings tofix house back to livible please help!

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    • Posted by Tony on February 15, 2003 at 08:14:16:

      In Reply to: need advise on forclosure Posted by jim on February 14, 2003 at 16:07:53:

      Wow! I feel for you. I hope all in your family were ok!

      There are several solutions that can stop a foreclosure from occuring. If I can help you feel free to contact me.

      Tony877-952-3600www.stopforeclosureinfo.com

      : (1)

      • Posted by jimstarkovich on February 16, 2003 at 19:18:54:

        In Reply to: Re: need advise on forclosure Posted by Tony on February 15, 2003 at 08:14:16:

        wouldlike to hear more about possible solutions would like more info : Wow! I feel for you. I hope all in your family were ok!

        : There are several solutions that can stop a foreclosure from occuring. If I can help you feel free to contact me.

        : Tony: 877-952-3600: www.stopforeclosureinfo.com



        : (0)

  • Posted by mk on February 14, 2003 at 15:48:10:

    THIS IS MY SECOND POSTING. I NEED HELP. I HAD PURCHASED THREE TIMESHARE OVER THE LAST THREE YEARS - THOUGHT THEY WERE A GOOD INVESTMENT - WRONG. MY WIFE HAS JUST BE DIAGNOSED WITH AN ILLNESS THAT MAKES HER HAVE TO LIVE IN ANOTHER STATE FOR THE WEATHER. WE CAN NO LONGER AFFORD THE TIMESHARES AN NEED TO GET OUT OF THEM. WE OWE TOO MUCH TO SELL. PLEASE TELL ME WHAT TO DO - SHOULD I LET THEM FORECLOSE ON THEM ALL? HOW WILL THAT AFFECT ME AND WILL THEY TAKE THE MONEY OUT OF MY CHECKS ANYWAY? WE ARE DROWNING IN DEBT BECAUSE OF THIS SITUATION - I JUST WANT TO GIVE THE PROPERTIES BACK, EVEN THOUGH I HAVE MADE PAYMENTS ON THEM? PLEASE ADVISE ME WHAT I SHOULD DO? PLEASE? THE TIMESHARES ARE LOCATED IN ARIZONA, CANADA AND NEVADA. I LIVE IN NY. IF ANYONE CAN HELP PLEASE POST A REPLY ASAP. THANKS SO MUCH AND GOD BLESS.

    : (2)

    • Posted by Jim V on February 14, 2003 at 20:17:50:

      In Reply to: NEED TO KNOW WHAT TO DO ASAP ABOUT TIMESHARES Posted by mk on February 14, 2003 at 15:48:10:

      It's highly unlikely the Canada timeshare will cause any significant problem for you. If the lender will accept a deed-in-lieu it would be a better situation than allowing the foreclosure.The risk with the Arizona and Nevada timeshares is that after foreclosure the lenders could seek a deficiency judgment against you. The deficiency would be for the loss the lender suffered. I believe Arizona's foreclosure procedure makes a deficiency somewhat impractical, so your biggest risk would be from the Nevada timeshare. A deed-in-lieu should state the lender accepts the property as full satisfaction for the debt, eliminating the possibility of a judgement.

      Your personal situation will influence the decisions made by the lenders. If they feel you can make the payments and have significant other assets, they will be less likely to accept a deed-in-lieu and more likely to seek a deficiency. None of the preceding should be considered legal advice, just one person's opinion.

      : (0)

    • Posted by Steve on February 14, 2003 at 19:54:45:

      In Reply to: NEED TO KNOW WHAT TO DO ASAP ABOUT TIMESHARES Posted by mk on February 14, 2003 at 15:48:10:

      We just went through this with my parents. My dad had a heart problem and they could no longer afford the payments. I called the lender to ask for help, and they offered a deed in lieu of forecloser. Bascially they are taking back the deed on the property relieving my parents of the burden. It will still show up on their credit report, however, it is not as severe as a foreclosure.

      : (0)

  • Posted by Karyn Borg on February 14, 2003 at 05:42:46:

    What is best way to obtain a list of local foreclosers and or properties going to public auction?? Personal interest. O.C. CA. Remember, Ryn.

    : (2)




    • Posted by Karyn Borg on February 14, 2003 at 05:42:46:

      : What is best way to obtain a list of local foreclosers and or properties going to public auction?? Personal interest. O.C. CA. Remember, Ryn.

      : (0)

    • Posted by Jim V on February 14, 2003 at 20:30:17:

      In Reply to: Help me please Posted by Karyn Borg on February 14, 2003 at 05:42:46:

      .

      : (0)

  • Posted by Joe on February 13, 2003 at 19:42:06:

    Just an hour ago I was hand delivered a letter ( by my landlords 12 yo daughter) stating that my landlord is being forclosed on , and I have 30 days to leave this property.here is the re typed letter:I regret to inform you both that I am in the process of being forclosed uponand I have to give you a 30 day notice to vacate the house. I fell behind on the paymentsand the morgage company called the note on the property. The Morgage company has arranged to auction off the house this month. However I still have a redemption perion of 30 days. I tried to make arrangements to keep the house but was unable to do so because I was too far behind on my morgage payments.

    I would rather sell you the house and have you all stay there. Just as I stated before. I have enough equity in the home to help pay for the closing costsand the downpaymentfor you as well. I can also help find the financing on the home. I would like to deeply apologise for any inconvenience I may be causing you.

    Please let me know what direction youwould like to proceed in. You can reach me at ........

    End letter

    This house is in New Mexico , I have a lease untill may of this year.

    I also do not have the money to move in this short of time, and our credit in not good. I would like to buy the house if possible , and financing can be arranged . But I dont really know how to take the letter.Can he still sell me the house , and what rights do I have as a rtenter with a lease if he cant?

    : (1)

    • Posted by tony on February 13, 2003 at 22:55:55:

      In Reply to: Forclosure on the house I am renting. Posted by Joe on February 13, 2003 at 19:42:06:

      It appears from what I read that your landlord has a sale date for this month. If that occurs he has a right to, redeem the house (30 days). If he does that, meaning he catches up all the back payments, he can keep the house. If he doesn't, he looses it. You have no rights as a tenant, kinda sucks, but its reality.

      Yes you can buy it from him, and I would explore any option that he may have in order to do so. You may not need any money to do this since he said he has equity in the property to help cover the downpayment and closing costs.

      I hope this helps you, feel free to contact me directly with any questions.

      TonyABS & Associateswww.stopforeclosureinfo.com

      : (0)

  • Posted by Ronnie Stephens on February 13, 2003 at 17:16:10:

    I was approached by a local company about becoming an investor in pre-foreclosures which I am not at all familiar with. They find homes facing foreclosure that have equity in them, negotiate a lease purchase option with the owners to give up their equity, then negotiate with the mortgage holder to accept a smaller paydown. They get a FNMA mortgage to pay of the bank and charge the owner the amount of the note + $150 to stay in the house. After so long a time, the owners are given a way to buy the house back at a pre-agreed value (higher than what they originally owed). That's when the investors cashes out with their equity. They say they need investors who can qualify for loans because FNMA only allows 10 investment properties per investor. Basically they are using you to qualify for a loan. Does this all sound on the up and up?

    : (1)

    • Posted by Bill H on February 13, 2003 at 23:30:18:

      In Reply to: Becoming an investor in Pre-foreclosures Posted by Ronnie Stephens on February 13, 2003 at 17:16:10:

      : I was approached by a local company about becoming an investor in pre-foreclosures which I am not at all familiar with. They find homes facing foreclosure that have equity in them, negotiate a lease purchase option with the owners to give up their equity, then negotiate with the mortgage holder to accept a smaller paydown. They get a FNMA mortgage to pay of the bank and charge the owner the amount of the note + $150 to stay in the house. After so long a time, the owners are given a way to buy the house back at a pre-agreed value (higher than what they originally owed). That's when the investors cashes out with their equity. They say they need investors who can qualify for loans because FNMA only allows 10 investment properties per investor. Basically they are using you to qualify for a loan. Does this all sound on the up and up?



      : (0)

  • Posted by Jom on February 13, 2003 at 14:58:46:

    I just went and watched my first trustee sale.

    Now that the sale is over, the owner has (in Colorado) 75 days to redeem.

    If I wanted to work a deal with the "current" owner, would I:

    Pay them a small fee (whatever we work out), for which they would deed the property to me, and then I go down and redeem the mortgage?

    Is that the order it is done?

    Jom

    : (0)

  • Posted by NJDJ on February 13, 2003 at 03:06:06:

    My house is going to sheriff's sale tomorrow 2/13/03can I still file Chap. 13 after the sale..? or would I just be wasting the $185 filing fee.

    Second, I understand in NJ the redemption period is 10 days.if I do not file Chap. 13 will the Sheriff's Dept. evict me from the home in exactly 10 days or can I get more time to move my personal property..?

    NJDJ



    : (2)

    • Posted by Joe on February 13, 2003 at 15:43:25:

      In Reply to: NEED HELP IN NJ !!! Posted by NJDJ on February 13, 2003 at 03:06:06:

      Where in NJ are you. Maybe we can help.Joe.

      : (1)

      • Posted by NJDJ on February 13, 2003 at 22:22:15:

        In Reply to: Re: NEED HELP IN NJ !!! Posted by Joe on February 13, 2003 at 15:43:25:

        : Where in NJ are you. Maybe we can help.: Joe.

        I am in Evesham Twp, Burlington countyI called the sheriff's Dept today and they said the bank ended up getting the house.

        Joe, are you an investor...?

        NJDJ

        : (0)

  • Posted by Bulldog on February 13, 2003 at 01:33:08:

    My foreclosure was stopped on 2/4/03 with a cash "Sales & Purchase Agreement" from an investor. Now, the investor wants to give me $15k in cash, reinstate my 1st & 2nd and make monthly payments on these loans, and have me sign over a warranty deed to him tomorrow. Since this is not an official loan assumption, but a temporary plan whereby the investor intends to re-sell my house in 3-6 months (per the contract), is there any paperwork that I need to have the investor sign to protect myself? I've heard of other people doing this type of deal, but want to make sure there are no hidden land mines. Thanks!

    : (0)

  • Posted by Cyndi on February 13, 2003 at 01:08:24:

    I have recently filed for Chapter 13. Included in this is the past due amount of my mortgage loan. I have not signed the bankruptcy papers as of this date but will be doing so in a couple of business days. Does anyone know how long it takes, in the sate of NC, for the proceedings to go to Foreclosure court? The bankruptcy lawyer advised me that everything would be fine, but he just made it sound so simple. I'm a "worry wart" so I had to get some more reassurance. I'm in Eastern NC. Thanks!!!

    : (0)

  • Posted by Mark Minervino on February 13, 2003 at 00:04:28:

    I've moved with my job and bought a new house in North Carolina. Meanwhile, my house in Scituate, Mass., has been on the market for more than five months. It's the lowest-priced house in the town, but I still can't move it (being far away, I can't push the process). I cannot affort to pay two mortgages anymore, and am becoming desperate. I don't want to rent it out, as it will be ruined, and Mass. laws always favor the renter, never the landlord. The house appraised for $300,000.00, and I owe $230,000.00. Any suggestions?

    : (2)




    • Posted by Mark Minervino on February 13, 2003 at 00:04:28:

      : Did you find a solution to this issue ? Let me know. : (0)

    • Posted by Trinity Consulting on February 15, 2003 at 02:02:58:

      In Reply to: What To Do with Boston-Area House Posted by Mark Minervino on February 13, 2003 at 00:04:28:

      : I've moved with my job and bought a new house in North Carolina. Meanwhile, my house in Scituate, Mass., has been on the market for more than five months. It's the lowest-priced house in the town, but I still can't move it (being far away, I can't push the process). I cannot affort to pay two mortgages anymore, and am becoming desperate. I don't want to rent it out, as it will be ruined, and Mass. laws always favor the renter, never the landlord. The house appraised for $300,000.00, and I owe $230,000.00. Any suggestions?

      Our company may be able to find a solution to your problem.Please contact me regarding some options that we offer.JDTrinity Consultingjd53@attbi.com

      : (0)

  • Posted by got out? on February 12, 2003 at 13:03:23:

    I had a mobile home financed and lived in it for a couple of years... I relocated w/ work and couldn't move it... Long story short... I entered into the homeowners assistance program with the creditor for them to assist in finding someone to assume the loan. I completed some paperwork giving them the power to do so... It sold after several months and I am out of the picture... does this negatively impact my credit. My account was current when the other person took it over.

    : (3)

    • Posted by Jim V on February 14, 2003 at 20:34:06:

      In Reply to: loan assumption Posted by got out? on February 12, 2003 at 13:03:23:

      : I had a mobile home financed and lived in it for a couple of years... I relocated w/ work and couldn't move it... Long story short... I entered into the homeowners assistance program with the creditor for them to assist in finding someone to assume the loan. I completed some paperwork giving them the power to do so... It sold after several months and I am out of the picture... does this negatively impact my credit. My account was current when the other person took it over.

      If it was a formal assumption, yes, you are off the hook. If it was an informal assumption, as long as you can document that the loan was current when title changed hands, it shouldn't hurt you.

      : (2)




      • Posted by Jim V on February 14, 2003 at 20:34:06:

        : : I had a mobile home financed and lived in it for a couple of years... I relocated w/ work and couldn't move it... Long story short... I entered into the homeowners assistance program with the creditor for them to assist in finding someone to assume the loan. I completed some paperwork giving them the power to do so... It sold after several months and I am out of the picture... does this negatively impact my credit. My account was current when the other person took it over.

        : : If it was a formal assumption, yes, you are off the hook. If it was an informal assumption, as long as you can document that the loan was current when title changed hands, it shouldn't hurt you.

        : (0)




      • Posted by Jim V on February 14, 2003 at 20:34:06:

        : : I had a mobile home financed and lived in it for a couple of years... I relocated w/ work and couldn't move it... Long story short... I entered into the homeowners assistance program with the creditor for them to assist in finding someone to assume the loan. I completed some paperwork giving them the power to do so... It sold after several months and I am out of the picture... does this negatively impact my credit. My account was current when the other person took it over.

        : : If it was a formal assumption, yes, you are off the hook. If it was an informal assumption, as long as you can document that the loan was current when title changed hands, it shouldn't hurt you.

        : (0)

  • Posted by Jom on February 12, 2003 at 03:14:12:

    I was researching the clerk and recorder records on a few foreclosure properties today. In two instances, the owner of the property had judgements recorded against them. One for a business matter. The other for some form of fraud they committed. While it was very clear that the judgement was filed against the individual, it was not clear (to me) if it was attached to the property. These judgements were brought by individuals, but confirmed by civil court.

    Does the judgement attach automatically to their property? If so, what happens in the case that their first lien holder forecloses?

    Thanks.

    Jom

    : (2)

    • Posted by Tony on February 12, 2003 at 09:48:26:

      In Reply to: Understanding judgements Posted by Jom on February 12, 2003 at 03:14:12:

      A judgment brought by an individual or a business against the homeowner and won can be then levied against any assets that the person has, typically it is filed against his home. They can also go after their checking and saving accounts or any other asset they may have. It is not done automatically by the court, it is something that the creditors attorney will do after they win the judgment. Almost always the judgment is granted because the homeowner fails to show up for court.

      Now if a 1st mortgage forecloses, the odds are pretty good that the sale price will be for the amount due to the lender. If bidding goes higher than that amount, then whatever funds are left are dispersed to the lien holders after the 1st, in the priority they recorded. So, if there was a second mortgage, and a judgment recorded (in that order) after the 1st mortgage, and there is a bid of $5,000.00 above the 1st mortgage holders opening bid, the $5,000.00 is first paid to the 2nd Mortgage holder, if there is any left, it goes to the judgment holder. That a big IF.

      If after the sale there is no Additional funds for the judgment holder, it is wiped away, and they have to pursue other options to collect the debt.

      Hope that helps clear things up

      Tonywww.stopforeclosureinfo.com

      : (1)




      • Posted by Tony on February 12, 2003 at 09:48:26:

        I have a judgement against me, I own a home in another town, make mortgage pmts on it monthly. I have it rented. The collection agency has served the tenants with papers saying that the tenant now has to pay the collection agency the rent. Is that legal? Can they do that. The rent of the home goes to the Mortgage Company. Thank you

        : (0)

  • Posted by E.M. Ray on February 12, 2003 at 02:41:23:

    *Foreclosure initiation has begun on my Denton County, TX home.*Current info. from Loss Mitigation/Homeowners Assistance Dept. is "File, Still in Review!" [Been in review for 2 mos. & long enough to receive foreclosure papers.]*March '03 reinstatement amount will be = $15,000.*Mortgage pymnt. now over 40%gross [income loss since house purchase]-should we request from lender a preforeclosure sale or ask for a deed-in-lieu? *[Selling in new development will be difficult- competing w/builders incentives, etc., blt. 2002 & appraisal over purchased price.]*Can we find someone to do a short sale or to keep our credit in tact, should we shoot for a repayment or modification, budget, & then list house? Much appreciation for any info, EMRay

    : (1)

  • Posted by Jom on February 12, 2003 at 02:07:15:

    I was researching the clerk and recorder records on a few foreclosure properties today. In two instances, the owner of the property had judgements recorded against them. One for a business matter. The other for some form of fraud they committed. While it was very clear that the judgement was filed against the individual, it was not clear (to me) if it was attached to the property. These judgements were brought by individuals, but confirmed by civil court.

    Does the judgement attach automatically to their property? If so, what happens in the case that their first lien holder forecloses?

    Thanks.

    Jom

    : (0)

  • Posted by Cindi on February 11, 2003 at 21:33:39:

    Hello...

    After getting names and adresses of properties that are in dafault (Notice of Default), how and where do you get information on exactly what they owe, how much they're behind in payments, and liens on the property, etc., before approaching them (property owners)?...Also, is it better to approach them in person or by mail?...If by mail, do you have a form letter (seasoned investors) that you can share to send to these people without putting them on the defensive side????

    Any help, comments would be greatly appreciated.

    Thanks

    cindi

    : (0)

  • Posted by IB (NJ) on February 11, 2003 at 19:56:12:

    What happens when both the first and second lien holders foreclose on a property? In this particular situation, the second lien holder initiated foreclosure followed by a lis pendens filed by the first. How is priority for sheriff sale determined in this instance?

    : (2)

    • Posted by Nick(Colorado) on February 11, 2003 at 20:22:50:

      In Reply to: Both First and Second Lien Holders foreclose on Property? Posted by IB (NJ) on February 11, 2003 at 19:56:12:

      IB:

      To protect their interest in the property the second may now buy-out or reinstate the first. If they do not want to go this route they may go to auction before the first, wait out the ten days, get the deed, then do a buy-out or reinstatment of the first. Only if the first goes to auction before the second, and then the second does not redeem, do they lose interest in the property.

      : (1)

      • Posted by Bill H on February 11, 2003 at 20:29:43:

        In Reply to: Re: Both First and Second Lien Holders foreclose on Property? Posted by Nick(Colorado) on February 11, 2003 at 20:22:50:

        : IB:

        : To protect their interest in the property the second may now : buy-out or reinstate the first. If they do not want to go this route : they may go to auction before the first, wait out the ten days, get : the deed, then do a buy-out or reinstatment of the first. Only if the : first goes to auction before the second, and then the second does : not redeem, do they lose interest in the property.:

        In your scenario:

        1. Second TD forecloses and takes over the property subject to the first.

        2. If second does nothing to reinstate or pay off the first or negotiate with them and first goes to foreclosure; the second will be wiped out.

        3. Liens have priortity based on their position. The first is first, the second is second, etc. Anything junior to the foreclosing lien is, with certain exceptions, wiped out at the foreclosure sale.

        : (0)

  • Posted by Mark on February 11, 2003 at 19:23:03:

    Help, please...

    Here's the scenario:House in So California, market value $420KBank, 1st TD is $220KSecondary Federal & State tax leins total $400K

    1. If the Bank forecloses, what's the max bid amount that you, the investor, would bid for that house?

    2. IF an investor buys it for, say, $250K, what happens to the tax leins? Would the extra $30K go toward them, and the remainder disappears? Or, would the leins stay with (your new) house? Or, would the tax leins stay with the taxpayer who created the mess?

    Thanks in advance for some insight here.

    Mark

    : (6)

    • Posted by Nick(Colorado) on February 12, 2003 at 13:08:58:

      In Reply to: Foreclosure auction bid amount and lein results... Posted by Mark on February 11, 2003 at 19:23:03:

      Mark:

      Realistically I would suggest that your familiarize yourself withthe ROR rules that the local IRS field office uses. Unfortunatelythe numbers that you have indicated will result in two things happening. First any overbid at auction will go to the state or federal taxing authority, depending on priority. Second, the IRSwill almost certainly exercise their ROR on this property. So Iwould suggest to you that you try and reach a negotiated agrementwith the taxing authorities.



      : (0)

    • Posted by Bill H on February 11, 2003 at 20:40:05:

      In Reply to: Foreclosure auction bid amount and lein results... Posted by Mark on February 11, 2003 at 19:23:03:

      : Help, please...

      : Here's the scenario:: House in So California, market value $420K: Bank, 1st TD is $220K: Secondary Federal & State tax leins total $400K

      : 1. If the Bank forecloses, what's the max bid amount that you, the investor, would bid for that house?

      : 2. IF an investor buys it for, say, $250K, what happens to the tax leins? Would the extra $30K go toward them, and the remainder disappears? Or, would the leins stay with (your new) house? Or, would the tax leins stay with the taxpayer who created the mess?

      : Thanks in advance for some insight here.

      : Mark

      Mark:

      First off, the tax liens remain with the property. They become your problem if you are the successful bidder at the sale.

      Second, do some homework and call the state and IRS and ask what their positions will be. Will they take less? Are they going to play hardball? The state of California has a 36,000,000,000 (Billion) deficit and it is doubtful to me that they will be willing to move much.

      After your homework, decide on your bid and go for it.

      Good Luck -- God Bless

      Bill H

      : (4)

      • Posted by Mark Small on February 12, 2003 at 01:08:44:

        In Reply to: Re: Foreclosure auction bid amount and lein results... Posted by Bill H on February 11, 2003 at 20:40:05:

        Well, first,... thanks, Bill, for your reply.

        Actually, I'm the current homeowner, and I'm considering allowing a foreclosure, just to make the tax leins disappear. The plan was to have a friend be the top bidder at the foreclosure sale...

        I do, however, find it hard to believe that the leins would stay with the property. They are secondary to the bank's 1st TD which would be causing the foreclosure.

        Are you sure? Do you know the legal precidence or statute that might cover this area?

        Thanks.

        : (3)

        • Posted by Bill H on February 12, 2003 at 01:49:00:

          In Reply to: Re: Foreclosure auction bid amount and lein results... Posted by Mark Small on February 12, 2003 at 01:08:44:

          : Well, first,... thanks, Bill, for your reply.

          : Actually, I'm the current homeowner, and I'm considering allowing a foreclosure, just to make the tax leins disappear. The plan was to have a friend be the top bidder at the foreclosure sale...

          : I do, however, find it hard to believe that the leins would stay with the property. They are secondary to the bank's 1st TD which would be causing the foreclosure.

          : Are you sure? Do you know the legal precidence or statute that might cover this area?

          : Thanks.

          HI Mark:

          1. Yes, The first TD lien will wipe out all but taxes. The local taxes will remain until paid or the property goes to tax lien sale.

          2. If it goes to tax lien sale, the first will redeem and then sell.

          3. The IRS lien will remain for 120 days after the sale. If there is equity, they will appraise and bring in a bidder and redeem for taxes and then sell. (See www.ustreas.gov/auctions/irs) There are lots of them there.

          4. If your friend is the successful bidder he/she will have to deal with the first TD holder who have the right to call their loan due and demand the entire amount or they will foreclose on them.

          5. The foreclosure will remain on your credit report for seven years.

          6. Taxes and assessments from governmental agencies have always had precedence as liens against property. Otherwise how would the governmental agencies collect taxes. Everybody would try to do what you are proposing.

          Good Luck -- God Bless

          Bill H

          : (2)

          • Posted by Mark Small on February 12, 2003 at 03:29:59:

            In Reply to: Re: Foreclosure auction bid amount and lein results... Posted by Bill H on February 12, 2003 at 01:49:00:

            Wow. It sounds like you are quite knowledgable in this area. This is a good thing.

            Please explain further, if you would...

            You said "The first TD lien will wipe out all but taxes." So, the foreclosing 1st TD lein would not wipe out the 2nd (and beyond) tax leins, is that right? Remember, these are INCOME tax leins (as a result of capital gains tax, not any payroll or similar tax issues... I understand there IS a difference), not PROPERTY tax leins.

            You said "If it goes to tax lien sale, the first will redeem..." What does 'redeem' mean there?

            If the friend is the successful bidder, of course he'd have to pay off the 1st TD, but we're trying to erase the other leins. You're saying that if my friend buys it for the 1st TD amount, $220k, then the state & fed tax agencies would realize that there's equity there, and within the 120 days, hold another auction? Is that it?

            I visited the ustreas.gov website. Interesting. There are 22 properties there, all over the country. I'll look further for relevant statutes, etc...

            Again, Thanks a bunch.

            Mark





            : (1)

            • Posted by Bill H on February 12, 2003 at 05:27:19:

              In Reply to: Re: Foreclosure auction bid amount and lein results... Posted by Mark Small on February 12, 2003 at 03:29:59:

              : Wow. It sounds like you are quite knowledgable in this area. This is a good thing.

              : Please explain further, if you would...

              : You said "The first TD lien will wipe out all but taxes." So, the foreclosing 1st TD lein would not wipe out the 2nd (and beyond) tax leins, is that right? Remember, these are INCOME tax leins (as a result of capital gains tax, not any payroll or similar tax issues... I understand there IS a difference), not PROPERTY tax leins.

              : You said "If it goes to tax lien sale, the first will redeem..." What does 'redeem' mean there?

              : If the friend is the successful bidder, of course he'd have to pay off the 1st TD, but we're trying to erase the other leins. You're saying that if my friend buys it for the 1st TD amount, $220k, then the state & fed tax agencies would realize that there's equity there, and within the 120 days, hold another auction? Is that it?

              : I visited the ustreas.gov website. Interesting. There are 22 properties there, all over the country. I'll look further for relevant statutes, etc...

              : Again, Thanks a bunch.

              : Mark

              Mark:

              1. The first TD WILL NOT wipe out the tax liens.

              2. Tax liens have always had priority over everything else. No matter what their position.

              3. The IRS lien is of course an income tax lien. Yes, if there is equity they will take action to get their $$$.

              4. If your friend is the successful bidder, he has just participated with you in what could easily be considered "Tax Fraud" or "Income Tax Evasion." He would not be considered a bonfide purchaser if the government chose to investigate. Both of you could very well be held culpable and liable for the scheme.

              5. I misspoke about the first and the tax lien. If your friend paid off the first. He would have to pay off the local taxes to prevent the property from going to tax lien sale.

              6. Redeem, merely means that it is paid off or redeemed. The debt is satisfied.

              5. The IRS has 120 days after the sale to decide what they want to do. There would be equity. The IRS would see that a 450K house is free and clear except for their lien and you can bet your socks they will exercise their rights and sell it for taxes. Your friend would have a choice, pay the IRS lien or lose because the IRS tax lien would now be in a first position. It would move up as a result of the first foreclosing and being paid off. Whoever bought it at the IRS sale would still have to take care of the local taxes or else lose it at a tax lien sale. Mark, Friend, they damn near got you going and coming. I'm sure you have heard the old axiom. There is only two sure things, "Death and Taxes."

              6. THe US Treasury main site is WWW.ustreas.gov/ There you can find info on the Treasury, IRS, Secret Service, all kinds of info.

              7. Your statement "we are trying to erase the tax liens" could easily be held against you if they chose to read these posts.

              8. My advice, and I am 71+, been doing this since the mid 70's, is to give up the schenagians and look at things logically and not risk looking at them through cell bars. I am not an attorney and do not try to give legal advice, but I think you are playing with dynamite and a very short fuse to get the tax authorities down on your neck.

              8. Do like I originally said, talk to the tax authorities and see if anything can be worked out. You apparently earned the $$$ and like all of us wish to pay no more than your fair share. But; you have to pay that fair share or suffer the consequences.

              Bill H

              : (0)

  • Posted by GARY on February 11, 2003 at 15:55:25:

    CAN A PERSON DISPUTE THEIR CREDIT REPORT THAT IS REFLECTING A FORECLOSURE WHEN A "NOTICE OF INTENT" WAS ISSUED? DOES THE FACT THAT THERE WAS NO "NOTICE OF DEFAULT" CHANGE WHAT APPEARS ON THE CREDIT REPORT?

    : (2)

    • Posted by njdave on February 12, 2003 at 18:51:26:

      In Reply to: REPORTING A FORECLOSURE Posted by GARY on February 11, 2003 at 15:55:25:

      You'll have to submit your dispute to the Reporting Agency in writing. They'll investigate and make any corrections warranted.

      You might also send a nice letter to your Lender's Customer Service Department and ask that they too contact the Credit Reporting Agency and request that your history be amended to delete the 'foreclosure' mark.

      : (0)

    • Posted by Gary on February 11, 2003 at 18:43:49:

      In Reply to: REPORTING A FORECLOSURE Posted by GARY on February 11, 2003 at 15:55:25:

      : CAN A PERSON DISPUTE THEIR CREDIT REPORT THAT IS REFLECTING A FORECLOSURE WHEN A "NOTICE OF INTENT" WAS ISSUED? DOES THE FACT THAT THERE WAS NO "NOTICE OF DEFAULT" CHANGE WHAT APPEARS ON THE CREDIT REPORT?

      Gary:

      Shame on you. If you are a loanranger as your e-mail says you should know the difference between NOD and NTS.

      In many states a Notice of Default is not required. The Notice of Sale is always required.

      No, it does not change what is reflected on your credit report. How long have you been doing loans?

      : (0)

  • Posted by candace Engelhart on February 11, 2003 at 12:25:30:

    I just found out the house I currently rent is being foreclosed on. The sale date is June 11. Do I have to be out by that date if it is bought? If it does sell at the auction how much time do I have to leave?

    : (1)

    • Posted by Trinity Consulting on February 15, 2003 at 02:09:30:

      In Reply to: rental foreclosure Posted by candace Engelhart on February 11, 2003 at 12:25:30:

      : I just found out the house I currently rent is being foreclosed on. The sale date is June 11. Do I have to be out by that date if it is bought? If it does sell at the auction how much time do I have to leave?

      I suggest you contact the lender. Since you are already making payments, they may allow you to continue.We have contacted lenders before with properties that were rented and they allowed the individual who was renting to continue. There may be a option to even buy the property on a short sale.JDTrinity Consultingjd53@attbi.com

      : (0)

  • Posted by popsbig40 on February 11, 2003 at 00:45:36:

    had a nice job and got a timeshare. now no job, behind, and facing foreclosure. how can i sell the timeshare being behing in payments??

    : (1)

    • Posted by Trinity Consulting on February 15, 2003 at 02:06:15:

      In Reply to: foreclosure Posted by popsbig40 on February 11, 2003 at 00:45:36:

      : had a nice job and got a timeshare. now no job, behind, and facing foreclosure. how can i sell the timeshare being behing in payments??

      there may be options with your time share, but we need to know more details.please contact me JDTrinity Consulting

      : (0)

  • Posted by MW on February 11, 2003 at 00:14:22:

    Over the past three years i have purchased three timeshares thinking that it was a great investment. meanwhile my wife has a serious illness and has to live out of state getting medical care and we can't afford the timeshares anymore. Should i let them all go into foreclosure or what? We are financially being ruined by the timeshares as we have to maintain two households in different states. Timeshares are in Arizona, Canada and Los Vegas. Can't sell because we owe too much. Any suggestions?

    : (1)

    • Posted by Trinity Consulting on February 15, 2003 at 02:11:55:

      In Reply to: can't afford timeshares - should i foreclose Posted by MW on February 11, 2003 at 00:14:22:

      : Over the past three years i have purchased three timeshares thinking that it was a great investment. meanwhile my wife has a serious illness and has to live out of state getting medical care and we can't afford the timeshares anymore. Should i let them all go into foreclosure or what? We are financially being ruined by the timeshares as we have to maintain two households in different states. Timeshares are in Arizona, Canada and Los Vegas. Can't sell because we owe too much. Any suggestions?

      There are options for individuals with time shares and being behind in payments.I need more details as to the note structure to assist you. Please contact me.JDTrinity Consultingjd53@attbi.com

      : (0)

  • Posted by Steve on February 10, 2003 at 18:18:50:

    Assuming that a junior lien holder was not properly notified of the foreclosure process what recourse would they have against the owner? Is the whole sale null and void or is the new owner on the hook? Thanks for all your help. Steve

    : (0)

  • Posted by Jennifer on February 10, 2003 at 16:09:57:

    28 houses in multiple states, slashed over 400K. 20% sweat equity. One owner, clear title, no loans. Easy transaction. Looking to sell portfolio, might consider bundling a into sections. Will pay referral fee, email for details.

    Tesnjen@aol.com

    JenniferCapital Access

    : (0)

  • Posted by Jennifer on February 10, 2003 at 16:01:43:

    28 houses in multiple states, slashed over 400K. 20% sweat equity. One owner, clear title, no loans. Easy transaction. Looking to sell portfolio, might consider bundling a into sections. Will pay referral fee, email for details.

    Tesnjen@aol.com

    JenniferCapital Access

    : (1)

    • Posted by Bill H on February 10, 2003 at 18:26:37:

      In Reply to: Portfolio of 20+ properties slashed 400K! Posted by Jennifer on February 10, 2003 at 16:01:43:

      : : 28 houses in multiple states, slashed over 400K. 20% sweat equity. One owner, clear title, no loans. Easy transaction. Looking to sell portfolio, might consider bundling a into sections. Will pay referral fee, email for details.

      : Tesnjen@aol.com

      : Jennifer: Capital Access



      : (0)

  • Posted by Mike on February 09, 2003 at 03:21:47:

    We will pay a fee for pre foreclosures or property probates in Texas and Florida.

    Mike

    : (0)

  • Posted by Mike - Texas on February 09, 2003 at 03:09:20:

    In Reply to: Pre-Foreclosures Needed! posted by Elite Finders on February 08, 2003 at 20:01:13 (this was posted on another web site) looks like ole Elite may not be doing so well - just my opinion!

    Believe the kinder gentler approach would get you a response. I am also looking to work with people in the Dallas, Texas, St. Pete and Tampa, Florida areas. We pay our fee at closing. Also, a signature even "kiss my grits" would have been appropriate.

    Mike - Texas

    We are looking for pre-foreclosures to purchase. If you know of any we will pay you a fee. Thanks

    : Elite Finders: elitefinders@aol.com



    : (0)

  • Posted by chris on February 09, 2003 at 00:43:37:

    I'm very new at this foreclosure business and I went to the sheriff's auction on 1/31/03 and won the bid on a condo for $6500. I just found out yesterday that I only paid off the second lien and now the first lien holders want $90,000 in 30 days cash. What can I do? The property is worth about $95,000. It's only been a week, is there any way the whole transaction can be cancelled? Do you think the bank will accept a deed in lieu of foreclosure?Thanks for any advice you can give me.

    : (2)

    • Posted by Ward-CA- on February 10, 2003 at 12:09:35:

      In Reply to: Made a mistake at auction. Please Help!! Posted by chris on February 09, 2003 at 00:43:37:

      : I'm very new at this foreclosure business and I went to the sheriff's auction on 1/31/03 and won the bid on a condo for $6500. I just found out yesterday that I only paid off the second lien and now the first lien holders want $90,000 in 30 days cash. What can I do? The property is worth about $95,000. : It's only been a week, is there any way the whole transaction can be cancelled? Do you think the bank will accept a deed in lieu of foreclosure?: Thanks for any advice you can give me.=•=•=•=•=•=•=•=•=•=•=

      Chris,

      If you did not give the Sheriff a cashier’s check for the purchase then you might be able to call the bank and put a “stop payment” on the check.

      If that’s not possible then ask the Sheriff what permissible excuses are there for cancelling a sale. Is mistake one of them?

      Best of luck.

      : (1)




      • Posted by Ward-CA- on February 10, 2003 at 12:09:35:

        Don't know how or where to start and don't have financing set up yet. Need a plan or direction from someone who's been there and wants to be a mentor...

        ThanksLen : (0)

  • Posted by Sandra on February 08, 2003 at 23:45:36:

    Hello,E-mail me and we can discuss the need for investors.

    : (1)

    • Posted by Got Money on February 09, 2003 at 00:26:46:

      In Reply to: Investors needed Posted by Sandra on February 08, 2003 at 23:45:36:

      : Hello,: E-mail me and we can discuss the need for investors.



      : (0)

  • Posted by paula on February 08, 2003 at 17:19:24:

    we have a bankruptcy that discharged in 1996 we did not include our home, our home was forclosed on in jan.2002, now we have to pay capital gains tax, is it possible for us to put this in bankruptcy?

    : (2)

    • Posted by Mike on February 09, 2003 at 03:13:39:

      In Reply to: forclosure/bankruptcy Posted by paula on February 08, 2003 at 17:19:24:

      The quick answer is you are "SOL" and are responsible for the taxes. Sorry, but the buck stops someplace and your prior BK if less than seven years obligates you.

      Mike

      we have a bankruptcy that discharged in 1996 we did not include our home, our home was forclosed on in jan.2002, now we have to pay capital gains tax, is it possible for us to put this in bankruptcy?



      : (0)

    • Posted by rose on February 08, 2003 at 21:46:06:

      In Reply to: forclosure/bankruptcy Posted by paula on February 08, 2003 at 17:19:24:

      : we have a bankruptcy that discharged in 1996 we did not include our home, our home was forclosed on in jan.2002, now we have to pay capital gains tax, is it possible for us to put this in bankruptcy?



      : (0)

  • Posted by Vic on February 08, 2003 at 13:42:10:

    Hi There! I have recently created an REI BirdDog site and was wondering if I could receive some input on it? If you find any mistakes or imporovments...plese let me know. Your help is appreciated!

    http://www.rebirddog.com

    Thanks!

    Vic

    : (2)

    • Posted by spelling counts on February 08, 2003 at 20:00:02:

      In Reply to: Need opinions on my REI Bird Dog Site please. Posted by Vic on February 08, 2003 at 13:42:10:

      I noticed a misspelling on the first form I clicked on (Sellers Form). The word was "lien". I suppose a general proofreading is in order.

      : (1)

      • Posted by Mike on February 09, 2003 at 03:19:26:

        In Reply to: Re: Need opinions on my REI Bird Dog Site please. Posted by spelling counts on February 08, 2003 at 20:00:02:

        I waded through your site but found no info on where you are operating - am I wrong or what - DO NOT TELL ME YOU ARE NATIONAL! By the way, you need to spend some bucks to get a professional site - it looks like some kid created the current site. SORRY but you need some constructive criticism.

        Mike

        I noticed a misspelling on the first form I clicked on (Sellers Form). The word was "lien". I suppose a general proofreading is in order.



        : (0)

  • Posted by Shawn on February 08, 2003 at 09:48:44:

    Can someone tell me or email me and let me know if these Forclosure sites are a scam before I give them my credit card

    : (1)

    • Posted by Reinstatement Services, Inc. on February 08, 2003 at 23:22:13:

      In Reply to: Are Forclosure Sites a Scam Posted by Shawn on February 08, 2003 at 09:48:44:

      It is always best to thoroughly investigate any establishment that you might be interested in doing business with, particularly if you have no known history about the organization. Also, before making a monetary commitment, you should know about cancellation/return policies.

      A little homework at the outset will save you much time and money in the long run.



      : (0)

  • Posted by Worried on February 07, 2003 at 22:08:04:

    If i am not home when the sheriff's department comes to present me with the papers, will they send it through the mail?

    : (1)

    • Posted by ABS Inc Customer Service on February 08, 2003 at 08:58:43:

      In Reply to: Legal Papers Posted by Worried on February 07, 2003 at 22:08:04:

      If a sherriff is retained to serve you documents regarding foreclosure, you can be sure they will not give up if you are not home. They will do their best to serve you. Some states allow documents to be sent via registered/certified mail. Even if this document never reaches you, whether you do not get the notices of you refuse to sign for it, thekey element here is that the lender attempted to reach you and that it is documented.

      Hope that helps, you can find more info at www.stopforeclosureionfo.com

      Tony



      : (0)

  • Posted by sharon on February 07, 2003 at 13:35:38:

    I want to sell my home than to lose it out-right! Right now I am still unemployed, I know there is Chapter 7 or 13 and some other services to out there in making arrangements. But, What is reality with what will happen if I can't pull this out of my BUTT?If sold when will we have to move out?Can I list my property with a realtor or do they just want to wait till I get forclosed on, so they can get in CHEAP? ETC.?

    : (4)

    • Posted by gabriela on February 11, 2003 at 15:52:53:

      In Reply to: up coming sheriff sale March Posted by sharon on February 07, 2003 at 13:35:38:

      : I want to sell my home than to lose it out-right! Right now I am still unemployed, I know there is Chapter 7 or 13 and some other services to out there in making arrangements. But, What is reality with what will happen if I can't pull this out of my BUTT?: If sold when will we have to move out?: Can I list my property with a realtor or do they just want to wait till I get forclosed on, so they can get in CHEAP? ETC.?

      hi tell me where in illinois ?where is your home located ,maybe i would like to buy your house I am privte person ,not organization I need more info.

      : (0)

    • Posted by Jom on February 07, 2003 at 14:36:18:

      In Reply to: up coming sheriff sale March Posted by sharon on February 07, 2003 at 13:35:38:

      Hi Sharon,

      We might be able to help you better if you told us:

      What state are you in?

      How much equity do you feel you have in the property?

      If you know, how much $$ is needed to reinstate your loan.

      Jom

      : I want to sell my home than to lose it out-right! Right now I am still unemployed, I know there is Chapter 7 or 13 and some other services to out there in making arrangements. But, What is reality with what will happen if I can't pull this out of my BUTT?: If sold when will we have to move out?: Can I list my property with a realtor or do they just want to wait till I get forclosed on, so they can get in CHEAP? ETC.?



      : (2)

      • Posted by sharon on February 07, 2003 at 14:47:08:

        In Reply to: Re: up coming sheriff sale March Posted by Jom on February 07, 2003 at 14:36:18:

        Hi JOM,I am located in IL. I am not sure what my equity is, I was told a couple years ago the value was about 185,000. How would you suggest to find out?

        Sharon

        : Hi Sharon,

        : We might be able to help you better if you told us:

        : What state are you in?

        : How much equity do you feel you have in the property?

        : If you know, how much $$ is needed to reinstate your loan.

        : Jom

        : : : I want to sell my home than to lose it out-right! Right now I am still unemployed, I know there is Chapter 7 or 13 and some other services to out there in making arrangements. But, What is reality with what will happen if I can't pull this out of my BUTT?: : If sold when will we have to move out?: : Can I list my property with a realtor or do they just want to wait till I get forclosed on, so they can get in CHEAP? ETC.?



        : (1)

        • Posted by Tony on February 08, 2003 at 09:11:14:

          In Reply to: Re: up coming sheriff sale March Posted by sharon on February 07, 2003 at 14:47:08:

          Sharon

          We are a company located in Illinois that works on stopping foreclosure for people. There are usually many options for people. You mentioned bankruptcy. Yes this is an option, but we do not believe in bankruptcy for most people. Since we are not attorneys we can not give you legal advice in this regard.

          We do at time purchase properties, if this is something you are looking into feel free to contact me directly. ANY option is ALWAYS better than allowing a foreclosure to occur.

          We offer several other options on our website www.stopforeclosureinfo.com . If we can help you please feel free to give us a call.

          TonyABS & Associates IncToll Free 877-952-3600

          : (0)

  • Posted by RAE DIGGS on February 07, 2003 at 12:39:58:

    sitational facts 1)the servicing was in 30 days of changing companies 2)with orig company lost mitigation was in place 3)the 1st payment to new company w/ late fees was cashed, denied and returned over 2 months later 4)the amount was questioned because payment was disputed 5) I just rec'd $2000 of the $3900 back because escrow was over paid $3900 - $1000 (lawyer fees) - $2000 dollars (undue escrow) -$500 (returned CASHED payment) = 1 months payment actually outstanding! Is this an illegal foreclosure and should I seek legal resolve?

    : (1)

    • Posted by Reinstatement Services, Inc. on February 07, 2003 at 15:14:23:

      In Reply to: ILLEGAL FORECLOSURE Posted by RAE DIGGS on February 07, 2003 at 12:39:58:

      Foreclosure occurs after the culmination of a forced sale of the property. If a sale has not taken place, then you are in the midst of the foreclosure process.

      If the loan is delinquent and the process is indeed underway then I'd be looking to stabilize the situation by putting a workout in place with the current mortgagee before a sale is held.

      Payment disputes can always be filed at a later date.

    • Default and Foreclosure Solutions


    : (0)

  • Posted by Andrew Kerchen on February 07, 2003 at 03:44:29:

    we foreclosed on a home in california after refinancing for a lower%.first we tried to grant deed the home to a "friend"with $4127 for closing costs,he was going to make payments if he couldnt sell it.he never followed thru.after legal consult we couldnt afford $100 an hour to persue with a lawyer but he suggested small claims court.he was a no show at court.Then we almost had the place sold thru a realtor and they backed out on the day to sign escrow papers after replacing the septic tank so they could get fha.being unable to find a renter and trying to carry 2 mortgage payments it went into foreclosure the end of 2002.now i have a 1099-c debt cancelled 93k and fair market value is only 50k but we almost sold it for 110k. should I file my taxes without 1099-c and suffer the repercussions,bankruptcy or pay the government for the rest of my days.any guidance would be appreciated ,thank you,Andrew

    : (1)

    • Posted by Mike on February 09, 2003 at 03:35:20:

      In Reply to: foreclosed now what? Posted by Andrew Kerchen on February 07, 2003 at 03:44:29:

      Andrew:

      I'm a bit confused? Your message states you foreclosed after rerinancing for a lower % rate. How is this possible? If you didn't own it how could you get a lower rate on a home you did not own?

      Forget you friend - he lived there free and scre-- you.

      Than you hire an attorney to collect the $4,127 at a hundred dollars an hour. Not too smart.

      Small claims court you say the attorney never showed --so what! Did you? You could have explained to the judge - don't you ever watch afternoon TV with Judge Judy?

      You state you "almost had the place sold" - there is no such thing as "almost."

      Guess what?? You are liable for the difference $43,000 of taxable income ($93K-$50K).

      You are the most naive investor I have ever met on the web and consider the $43,000 a college education! Greed will do amazing things to people!

      Mike

      we foreclosed on a home in california after refinancing for a lower%.first we tried to grant deed the home to a "friend"with $4127 for closing costs,he was going to make payments if he couldnt sell it.he never followed thru.after legal consult we couldnt afford $100 an hour to persue with a lawyer but he suggested small claims court.he was a no show at court.Then we almost had the place sold thru a realtor and they backed out on the day to sign escrow papers after replacing the septic tank so they could get fha.being unable to find a renter and trying to carry 2 mortgage payments it went into foreclosure the end of 2002.now i have a 1099-c debt cancelled 93k and fair market value is only 50k but we almost sold it for 110k. should I file my taxes without 1099-c and suffer the repercussions,bankruptcy or pay the government for the rest of my days.any guidance would be appreciated ,thank you,Andrew



      : (0)

  • Posted by Mike K. on February 06, 2003 at 21:54:04:

    HI. I am new to the foreclosure and preforclosure market. I have invested in HUD/ VA homes in the past. I was wondering if anyone would be willing to give some advice via email or phone or here. I have read many of the posts.

    : (0)

  • Posted by Ernie on February 06, 2003 at 15:13:17:

    i recently went to a foreclosure sale at the courthouse steps, understand everything pretty much that was going on. However, was wondering why many properties went for just $100, and only one bidder. Why is that? Please help

    : (2)

    • Posted by Mike on February 09, 2003 at 03:39:02:

      In Reply to: $100 foreclosures Posted by Ernie on February 06, 2003 at 15:13:17:

      Depends on the state you are in - some states require the buyer to pay for tax stamps depending on the price - obviously $100 and paying the tax stamps is much less than paying the stamps on $50,000. Obviously the first note holder bid the price in at $100. If you had bid the property up he/she would have entered a bid at the foreclosure bank price.



      i recently went to a foreclosure sale at the courthouse steps, understand everything pretty much that was going on. However, was wondering why many properties went for just $100, and only one bidder. Why is that? Please help



      : (0)

    • Posted by tinaj on February 06, 2003 at 23:52:51:

      In Reply to: $100 foreclosures Posted by Ernie on February 06, 2003 at 15:13:17:

      : i recently went to a foreclosure sale at the courthouse steps, understand everything pretty much that was going on. However, was wondering why many properties went for just $100, and only one bidder. Why is that? Please help

      could you go to the courthouse and study the sale documents and see what happened? could it have been land sold for back taxes? Whatever it was, i bet the documents are public records. Get out your good reading glasses and your magnifying glass (LOL) and go look!

      : (0)

  • Posted by yvonne on February 06, 2003 at 09:54:46:

    i would like to know - can a mortgage company post your property for sale while you are gathering the money for reinstatement? --- your property has not been finally foreclosed.

    : (1)

    • Posted by Reinstatement Services, Inc. on February 06, 2003 at 13:11:28:

      In Reply to: proceedures for mortgage companies in the state of virginia Posted by yvonne on February 06, 2003 at 09:54:46:

      : i would like to know - can a mortgage company post your property for sale while you are gathering the money for reinstatement? --- your property has not been finally foreclosed.



      : (0)

  • Posted by Jessica on February 05, 2003 at 23:08:55:

    When a home is foreclosed, can it be resold for more than the foreclosure price?

    : (2)

    • Posted by theshortsalepro on February 06, 2003 at 10:32:14:

      In Reply to: Q about foreclosures Posted by Jessica on February 05, 2003 at 23:08:55:

      : When a home is foreclosed, can it be resold for more than the foreclosure price?

      Yes, and oftentimes is.

      : (1)

      • Posted by Mike on February 09, 2003 at 03:41:14:

        In Reply to: Re: Yes (nt) Posted by theshortsalepro on February 06, 2003 at 10:32:14:

        the shortsalespro is correct the proceeds after all other expense go to the former owner.

        When a home is foreclosed, can it be resold for more than the foreclosure price?

        : Yes, and oftentimes is.



        : (0)

  • Posted by Victor Ingram on February 05, 2003 at 22:43:50:

    How many mortgage payments have to be missed before you recieve NOD in Nj? After that how long does it take before the sheriff sale.

    : (0)

  • Posted by James Cluff Jr. on February 05, 2003 at 21:39:58:

    Does anyone know if I can Do the Deed in Lieu of Foreclosure in the state of ohio?? please respond..

    : (1)

    • Posted by Mike on February 09, 2003 at 03:43:06:

      In Reply to: Deed in Lieu of Foreclosure Posted by James Cluff Jr. on February 05, 2003 at 21:39:58:

      the state does not make any difference it is up to the lender if they will accept a "Deed in Lieu." Better start talking to the responsible individual.

      Does anyone know if I can Do the Deed in Lieu of Foreclosure in the state of ohio?? please respond..



      : (0)

  • Posted by Oneida Meranto on February 05, 2003 at 16:28:14:

    I have a beautiful victorian house that has been completely renovated. I have been renting it and able to make the monthly payments until oct, when my tenants moved out and I was diagnosed with cancer. I now have it rented, but the bank wants all of the past payments. I also have a second totaling to about 235,000 on the house; recently appraised at 295,000. Any investors out there, or can you provide a link for investors? THanks

    : (5)

    • Posted by Bryan on February 09, 2003 at 14:58:53:

      In Reply to: looking for investors in denver Posted by Oneida Meranto on February 05, 2003 at 16:28:14:

      Call me I may be able to help.

      : I have a beautiful victorian house that has been completely renovated. I have been renting it and able to make the monthly payments until oct, when my tenants moved out and I was diagnosed with cancer. I now have it rented, but the bank wants all of the past payments. I also have a second totaling to about 235,000 on the house; recently appraised at 295,000. Any investors out there, or can you provide a link for investors? THanks



      : (0)

    • Posted by Bryan on February 09, 2003 at 14:56:37:

      In Reply to: looking for investors in denver Posted by Oneida Meranto on February 05, 2003 at 16:28:14:

      : I have a beautiful victorian house that has been completely renovated. I have been renting it and able to make the monthly payments until oct, when my tenants moved out and I was diagnosed with cancer. I now have it rented, but the bank wants all of the past payments. I also have a second totaling to about 235,000 on the house; recently appraised at 295,000. Any investors out there, or can you provide a link for investors? THanks



      : (0)

    • Posted by Mike on February 09, 2003 at 03:47:41:

      In Reply to: looking for investors in denver Posted by Oneida Meranto on February 05, 2003 at 16:28:14:

      Doesn't matter how "beautiful" the property is in Denver the ecomony "stinks!" You will have a hard time finding an investor at any price with the move outs on I-25 -- 40 to 50 cents on the dollar is very common. YES I have been an investor in Denver during the late 90's but not now - I got out early. Advice - take what you can get and accept the loss.

      I have a beautiful victorian house that has been completely renovated. I have been renting it and able to make the monthly payments until oct, when my tenants moved out and I was diagnosed with cancer. I now have it rented, but the bank wants all of the past payments. I also have a second totaling to about 235,000 on the house; recently appraised at 295,000. Any investors out there, or can you provide a link for investors? THanks



      : (2)

      • Posted by Bob H on February 09, 2003 at 19:02:20:

        In Reply to: Denver Investor Posted by Mike on February 09, 2003 at 03:47:41:

        Mike,You appear to be a self-proclaimed authority on a number of topics on this board, however, your current assessment of the Denver market is just plain crap.

        The market is soft, but nothing is selling at 40-50 cents on the dollar. If you have any evidence to the contrary, I'm sure those who frequent this board would love to see it.

        Bob H

        : (1)

        • Posted by Mike on February 11, 2003 at 03:17:10:

          In Reply to: Bullsh*t Posted by Bob H on February 09, 2003 at 19:02:20:

          Dear BS Opps I mean Bob!

          Spoken like a true Denver Realtor!



          Mike,: You appear to be a self-proclaimed authority on a number of topics on this board, however, your current assessment of the Denver market is just plain crap.

          : The market is soft, but nothing is selling at 40-50 cents on the dollar. If you have any evidence to the contrary, I'm sure those who frequent this board would love to see it.

          : Bob H



          : (0)

  • Posted by bigp on February 04, 2003 at 19:43:50:

    I sold a house to some people who have now stopped paying on a second mortgage I am carrying. They are still paying on the 1st mortgage as far as I know. What are my options? Should I forclose on them or buy the first mortgage or what? I was in a bind to get rid of this house or I wouldnt have carried the second mortgage.

    : (3)

    • Posted by Tinaj on February 06, 2003 at 23:55:34:

      In Reply to: 2nd mortgage carrier needs his money/house back! Posted by bigp on February 04, 2003 at 19:43:50:

      We sold our first house to a single woman who paid 10K down and got a mortgage, then we carried a 10K 2nd mortgage. AFter the first six months or so, she was at least two weeks late every month, then three weeks.

      I wrote her a letter and told her I couldn't make my house payment without her money and would she please see what she could do. I realize this is probably naive, but it worked then and it might work for you. She was never late again, after she understood that I needed that money, it wasn't just for mad money. Sometimes people think it's better to be late on paying an individual rather than a bank or mortgage co. since individuals usually don't call you at work or send out past-due notices. ITs worth a try?

      : (0)

    • Posted by Bill H on February 05, 2003 at 02:00:24:

      In Reply to: 2nd mortgage carrier needs his money/house back! Posted by bigp on February 04, 2003 at 19:43:50:

      : I sold a house to some people who have now stopped paying on a second mortgage I am carrying. They are still paying on the 1st mortgage as far as I know. What are my options? Should I forclose on them or buy the first mortgage or what? I was in a bind to get rid of this house or I wouldnt have carried the second mortgage.

      Really does not take a rocket scientist to figure if they are not paying you on the second, what is to be gained by your buying the first. Then you could have two non performing loans.

      First, I would check and see if they are indeed paying on the first. If so fine, If not take action immediately to protect your interest.

      If the first is in arrears, correct and initiate foreclosure proceedings.

      First thing you learn in Law101 is, "The courts do no look with favor to those who sit upon their rights." In other words if you don't they won't.

      Good Luck -- God Bless

      Bill H

      : (1)

      • Posted by Mike on February 09, 2003 at 03:50:21:

        In Reply to: Re: 2nd mortgage carrier needs his money/house back! Posted by Bill H on February 05, 2003 at 02:00:24:

        Bill H is correct FORECLOSURE AND RUN TO THE COURT HOUSE!

        I sold a house to some people who have now stopped paying on a second mortgage I am carrying. They are still paying on the 1st mortgage as far as I know. What are my options? Should I forclose on them or buy the first mortgage or what? I was in a bind to get rid of this house or I wouldnt have carried the second mortgage.

        : : Really does not take a rocket scientist to figure if they are not paying you on the second, what is to be gained by your buying the first. Then you could have two non performing loans.

        : First, I would check and see if they are indeed paying on the first. If so fine, If not take action immediately to protect your interest.

        : If the first is in arrears, correct and initiate foreclosure proceedings.

        : First thing you learn in Law101 is, "The courts do no look with favor to those who sit upon their rights." In other words if you don't they won't.

        : Good Luck -- God Bless

        : Bill H



        : (0)

  • Posted by Sheila on February 04, 2003 at 19:02:44:

    How long does it take to foreclose. My note will be current by the end of this month. However I was told proceedings will start on the 10th. I will have the money by the end of the month. Will that stop the proceedings, or it it to late.

    : (0)

  • Posted by Ryan on February 04, 2003 at 17:43:54:

    We are looking at starting over somewhere else. The only problem is we're in a house that the loss on sale we'd take (if we even were able to sell) is most likely more than two times our annual take home salary. We don't really care if we can't buy again for awhile. We have really good careers; it's just that our house is new, the real estate market is BAD, and we want out. Any advice?

    : (2)

    • Posted by Fred on February 05, 2003 at 15:42:38:

      In Reply to: Want to get rid of house--foreclosure?? Posted by Ryan on February 04, 2003 at 17:43:54:

      : We are looking at starting over somewhere else. The only problem is we're in a house that the loss on sale we'd take (if we even were able to sell) is most likely more than two times our annual take home salary. We don't really care if we can't buy again for awhile. We have really good careers; it's just that our house is new, the real estate market is BAD, and we want out. Any advice?



      : (1)

      • Posted by fredp on February 05, 2003 at 15:44:17:

        In Reply to: Re: Want to get rid of house--foreclosure?? Posted by Fred on February 05, 2003 at 15:42:38:

        Ryan, what state is the property located on?, please send me info on the situation to my email and I can see if we can help you. Thanks

        : We are looking at starting over somewhere else. The only problem is we're in a house that the loss on sale we'd take (if we even were able to sell) is most likely more than two times our annual take home salary. We don't really care if we can't buy again for awhile. We have really good careers; it's just that our house is new, the real estate market is BAD, and we want out. Any advice?



        : (0)

  • Posted by AD on February 04, 2003 at 13:45:45:

    Other than the appraiser, is the mortgage company liable for an inflated appraisal on a property which was requested by the mortgage broker on behalf of the mortgage company?

    What are my rights? Also, can I sue the mortgage company or is it not worthwile? The property is located in Tampa, Florida. I purchased the property (second home) six months ago for $310k which is only worth $180k.

    Can I just give the property back to the mortgage company and call it even or should I sue?? I have perfect credit and I don't want it dinged even though there is no fault of mine.

    Help!!!......

    : (2)

    • Posted by Reinstatement Services, Inc. on February 04, 2003 at 14:45:04:

      In Reply to: Liabilities Posted by AD on February 04, 2003 at 13:45:45:

      a joint legal action against the appraiser, the lender, and the seller for fraud.

      You might end up with the property free and clear in an out of court settlement.

      Certainly, you need some legal guidence. Consulting with a real estate attorney might help.

      The other thing might be to file criminal charges with the authorities that service that particular jurisdiction. Most law enforcement departments have a real estate fraud section that is devoted to these types of issues if a criminal complaint is being sought.

      Something to think about.

    • Default andForeclosure Mediation


    : (1)

    • Posted by AD on February 04, 2003 at 15:12:39:

      In Reply to: Probably, I'd look into filing... Posted by Reinstatement Services, Inc. on February 04, 2003 at 14:45:04:

      Thanks for your insight. I am exploring these options and I am waiting to hear back from the mortgage company on the findings of their investigation.

      Do you know of a good lawyer in Tampa who has had experience with this before?

      =======

      : a joint legal action against the appraiser, the lender, and the seller for fraud.

      : You might end up with the property free and clear in an out of court settlement.

      : Certainly, you need some legal guidence. Consulting with a real estate attorney might help.

      : The other thing might be to file criminal charges with the authorities that service that particular jurisdiction. Most law enforcement departments have a real estate fraud section that is devoted to these types of issues if a criminal complaint is being sought.

      : Something to think about.



      : (0)

  • Posted by Christy on February 04, 2003 at 13:22:18:

    I just recieved a letter from a lawyer on Sat. and received a claim from the court house on Mon.. I don't unsderstand any of this. I tried to talk to the bank and he said I had to talk to the lawyer. I talked to the lawyer and he said he could not do anything because he already filed a case. My parents are going through the exact same thing with the same bank. Both were filed on the same day. What do I do?

    : (1)

    • Posted by Reinstatement Services, Inc. on February 04, 2003 at 14:37:56:

      In Reply to: I need help! Posted by Christy on February 04, 2003 at 13:22:18:

      of your mortgage loan contract, the first thing you might consider doing is working to stabilize the situation by securing a workout from you lender. Depending upon the type of workout you chose to pursue, a workout could allow you to retain the property and give you the time you need to move the loan towards reinstatement.

      If you believe that the foreclosure process has been initiated in error, you might consider filing a complaint with the establishment's governing entity.

    • Default and Foreclosure Solution


    : (0)

  • Posted by DIANNE VULCANO on February 04, 2003 at 11:34:21:

    I FILES FOR CHAPTER 7 BANKRUPTCY IN 2000. I WAS DISCHARGED (PERSONAL LIABILITY) ON A SECOND MORTGAGE WHICH HAS A LIEN ON THE PROPERTY. I AM PRESENTLY IN CONTRACT TO SELL THE HOUSE WITH A SUBSTANTIAL AMOUNT OF EQUITY. THE LOAN HAS BEEN IN DEFAULT FOR 49 MONTHS. THE SERVICER HAS MADE NO ATTEMPT TO COLLECT OR FORECLOSE. AM I ENTITLED THE THE HOMESTEAD EXEMPTION LAW OF $$20,000.00 PER MARRIED COUPLE? THE BANK INSISTS I PAY THE PRINCIPAL BALANCE PLUS ALL MISSED PAYMENTS AND PENALTIES.

    : (1)

    • Posted by Nick(Colorado) on February 04, 2003 at 13:12:17:

      In Reply to: HOMESTEAD EXEMPTION IN NEW YORK Posted by DIANNE VULCANO on February 04, 2003 at 11:34:21:

      Dianne Vulcano:

      No, the homestead exemption only protects a certain amount of equityagainst involuntary liens. Your second mortgage is a voluntarylien. Also you should reread you mortgage agrement, most likelyyou signed away your homestead rights with the second mortgage.

      : (0)

  • Posted by Mike on February 04, 2003 at 10:42:30:

    Hello, I've been trying to buy directly from the owners of a home who are in the midst of foreclosure proceedings. The auction date is in 10 days. The owners stated that their attorney said they had 6 months to sell the house after the auction date. I know there is a 6 month redemption period in Michigan but will the current owners of the property be able to live in the house and attempt to sell it during those 6 months? How long can the current owners stay in the house after the foreclosure auction? Can they stay there and try to sell the house? Thanks for any information. Mike.

    : (1)

    • Posted by Nick(Colorado) on February 04, 2003 at 13:33:00:

      In Reply to: First time foreclosure buyer in Michigan Posted by Mike on February 04, 2003 at 10:42:30:

      Mike:

      The answers are all yes, and 6 months in Michigan. If theproperty is vacant, or a farm, the rules may change. I would suggest that you carefully read all of the Michigan state statuesregarding foreclosure -before- you do your first deal.

      : (0)

  • Posted by BIGDADDY on February 04, 2003 at 10:09:03:

    Ward and others,

    It's a pleasure to speak with you. I have just started to visit this site in the past week or so and enjoy reading your thoughtful post very much.

    I came across this board when I was looking for some information pertaining to pre-foreclosures and shortsales.

    I am a seasoned investor that has bought and sold nearly 100 properties or so in the past several years using all different methods to aquire and then do a rapid resale. I've even done true flips where I was only on title for several minutes or so and I do have experience with short sales and foreclosures, just not as much as I'd like to have. So, I would like to ask you what your thoughts are on a particular deal that I am working on and see if you could offer any suggestions.

    Have a nice young couple that are in the midst of foreclosure. The scheduled sale date is Feb. 19th, 2003. The house is a nice 3 BDRM, 1 Full Bath, 2 half baths, Club Basement etc. in a good stable area. I am waiting for the payoff and reinstatement letter from the law firm handling the foreclosure process to arrive by tomorrow. I believe the payoff will come in at approx. $135k. The young couple don't care what I do or how I do it if I can possibly help them. They were put in this position due to an illness in the family and ultimately a death. I feel that I could comfortably retail it to a buyer that I have lined up for $156K to $157K. Some repairs are needed but nothing major. Now, the deal would be much more palatable if I could get the bank to take a slight reduction in their payoff to around $128K (their original loan was for around $127k)if at all possible while still allowing me (I wouldbe using a POA)to accept a contract of sale from the potential buyers for $156k to $157k thereby allowing me to make my desired profit.I would handle the transaction (negotiations and sale) with a POA. I would also obviously have to get the foreclosure sale postponed.

    How would you approach the lender to try to finesse the deal. I have a few ideas, but would be interested to hear from any seasoned investor that has had some experience with this type of transaction.

    Thank you in advance for your assistance in this matter.

    Good Luck with your investing and God Bless America!!!!

    BIGDADDY



    : (0)

  • Posted by Eva on February 04, 2003 at 02:53:50:

    I had a property go into forclosure last year. I receieved a 1099 for the full amount of the loan. Am I going to have to pay taxes on this amount?

    : (1)

    • Posted by Mike on February 09, 2003 at 03:57:40:

      In Reply to: taxes and forclosed property Posted by Eva on February 04, 2003 at 02:53:50:

      Normally you are liable for the taxes between the purchase price and foreclosure price - sells at $95K you bought at $110K taxes owed based on $15K or at 20% approximately $3,000

      I had a property go into forclosure last year. I receieved a 1099 for the full amount of the loan. Am I going to have to pay taxes on this amount?



      : (0)

  • Posted by DJ on February 04, 2003 at 01:26:07:

    My home is getting ready to go into it's second sheriff's sale ( next week) I filed Chapter 13 the first time but did not follow through with the trustee so the lender has received relief from the stay andit is back in foreclosure.. my chapter 13 was dismissed Can I,in the state of NJ file a second Chapter 13...? Please Help...

    : (1)

    • Posted by Tinaj on February 06, 2003 at 23:38:16:

      In Reply to: Chapter 13 Posted by DJ on February 04, 2003 at 01:26:07:

      : My home is getting ready to go into it's second sheriff's sale ( next week) I filed Chapter 13 the first time but did not follow through with the trustee so the lender has received relief from the stay and: it is back in foreclosure.. my chapter 13 was dismissed Can I,in the state of NJ file a second Chapter 13...? Please Help...

      I THINK but am not sure that legally you can FILE a ch. 13 any time. But since you just filed one and it was dismissed, the courts may not allow you to start another one. But if you can file one, you will buy yourself some time anyway. Still sounds like a good question for your lawyer to me.

      : (0)

  • Posted by Amy on February 04, 2003 at 01:01:24:

    Can a bank from New York foreclose your property in California?

    : (2)

    • Posted by Bill H on February 04, 2003 at 10:29:02:

      In Reply to: CA foreclosure law Posted by Amy on February 04, 2003 at 01:01:24:

      : Can a bank from New York foreclose your property in California?



      : (0)

    • Posted by Ward-CA- on February 04, 2003 at 01:12:00:

      In Reply to: CA foreclosure law Posted by Amy on February 04, 2003 at 01:01:24:

      : Can a bank from New York foreclose your property in California?



      : (0)

  • Posted by Tom E. on February 03, 2003 at 21:26:04:

    Hi,I have recently put in a couple offers on different properties and the banks seem slow to either accept or counter my offers.It took a week and a half for counter and the other one has been 5 days with no response.Is this normal for banks? Thanks,Tom

    : (0)

  • Posted by Jay on February 03, 2003 at 20:18:16:

    My home was foreclosed on in Aprilof 2002. I got a 1099-C (Cancellation of Debt) from in the mail today that tells me I need to claim $110,000 as "other income" on my taxes. Is this for real???? How can the $110,000 I couldn't pay over 27 years become an amount I'm liable for right now??? Any advice??

    : (3)

    • Posted by Nick(Colorado) on February 03, 2003 at 21:08:55:

      In Reply to: Cancellation of Debt & IRS Posted by Jay on February 03, 2003 at 20:18:16:

      Jay:

      Sometimes following a foreclosure or a short sale the defaulted lien grantor may have some 1099 liability. This liability is normally limited to the difference in the REO sale amount and the outstanding amount of the lien. Like so:

      Outstanding lien amount: 100KAuction amount: 100KREO (Bonafide purchase for value) amount: 80K1099c liability: 20K

      From your post it sounds like the 110K figure was the total lienamount. If this lien is not a second; then there may be somethingfunny going on here. To get more usefull information I think thattwo items would help:

      1. Was the lien used to purchase the property.2. The state in which the property resides.

      This is important because some states to not allow this type of liability if the lien was use to purchase the property. It alsoseems to me that if the REO sale by the bank is not a true "arm's-length" deal, then any 1099c liability is suspect. (i.e. Someone in the bank's REO department sold it to their children for a dollar) However I would think that the burden of proof would fall on you.



      : (2)

      • Posted by Jay on February 03, 2003 at 21:21:04:

        In Reply to: Re: Cancellation of Debt & IRS Posted by Nick(Colorado) on February 03, 2003 at 21:08:55:

        The home is in Michigan. Total amount of debt cancelled is 110,159.19 Fair market value is 103,000. Home sold at auction for 89,250.00

        : (1)

        • Posted by Nick(Colorado) on February 04, 2003 at 13:28:54:

          In Reply to: Re: Cancellation of Debt & IRS Posted by Jay on February 03, 2003 at 21:21:04:

          Jay:

          Sorry things still do not add up. First, lenders almost always take property to foreclosure auction with a bid based on howmuch they are owed. In this case that would be the 110K plus foreclosure costs. Under these conditions they would almost certainly take back the property, and sell it as and REO. Second,even if this did not happen, the numbers indicated put the canceleddebt at about 20K. Either way, because of the amount of money involved, about 30K in tax liability. I would suggest that you seek local, professional, help on understanding what happened.



          : (0)

  • Posted by AD on February 03, 2003 at 19:48:53:

    About 6 months ago, I purchased a 2nd home in Tampa, Florida from an investment company. The purpose of the home was to fix it up and rent it or sell it. It turns out the owner of the company paid full price($193k) for the home and turned around and sold it to me for ($310k) on the same day. Somehow, my loan is only for $280k. This is called "flipping" with simultaneous closing. Now, I come to find out the house is only worth $180k (if that). The appraisal was inflated to get the deal through. The seller (investment company) had his own contacts doing the entire transaction from start to finish.

    I strongly feel this is a mortgage fraud case. Now, my mortgage has shot up by $1200 per month because of no insurance coverage on the property when it should have been taken from the funds at closing. I am trying to get coverage but I have been unsuccessful probably because of the indifference with the loan balance and market value of the home.

    I am in the process of contacting the Attorney General's office in Florida. Also, I have contacted the mortgage company to initiate an investigation into this matter.

    I have never been late with any of my mortgage payments and I am being proactive. At this point, I don't care about the house and I am throwing money each month for nothing. It has been a week now and I haven't heard anything from the mortgage company other than "we are working on it and we don't have any new status for you at this time".

    By law, what are my rights and options? What is the responsibility of the mortgage company? Aren't they responsible for the appraisal since they required it to underwrite the loan?

    Should I hire an attorney? If so, do you have any recommendations for a good lawyer in Tampa? Actually, I live in Virginia so it is difficult to find a good lawyer without referrals.

    Has anyone been through a similar case before? If so, what was the outcome and how much did the lawyer charge you?

    Thanks in advance for all greatly anticipated responses!!

    : (0)

  • Posted by Debra Johnson on February 03, 2003 at 15:57:41:

    I live in California and wanted to know if there are any lenders or investors that will help to cure a loan to stop a foreclosure? Wells Fargo just obtained a Relief from Automatic Stay from our Chapter 13 case.

    Thank You,Debra

    : (2)

    • Posted by Sunny on February 03, 2003 at 21:51:30:

      In Reply to: Foreclosure Loans Posted by Debra Johnson on February 03, 2003 at 15:57:41:

      : I live in California and wanted to know if there are any lenders or investors that will help to cure a loan to stop a foreclosure? Wells Fargo just obtained a Relief from Automatic Stay from our Chapter 13 case.

      : Thank You,: Debra

      Debra,

      Yes I know 2 companies who can help to stop a foreclosure.Email me and I can set you up with them. I do not know much about the process but they can certainly help you. There is no obligation on your part and your consultation will be 100% free. Let me know.

      Sunny



      : (1)




      • Posted by Sunny on February 03, 2003 at 21:51:30:

        I live in Arizona, I currently right now have a sale date set for my home for may 29 i need to see if there is anyone out there who can help me stop the forclosure sale...thank you : (0)

  • Posted by Sydnor on February 03, 2003 at 15:24:53:

    We'll buy your home to save it from foreclosure! Call 703-928-3382 or email l.sydnor@cox.net

    : (1)




    • Posted by Sydnor on February 03, 2003 at 15:24:53:

      Hi there.. I am looking for preforeclosure letters... Can anyone send me some.. : (0)

  • Posted by Deyon from Arizona on February 03, 2003 at 03:33:23:

    Has anyone had A Beneficial Home Loan and filed chapter 7 bankrupcy and ended up forclosing? If so can you tell me how long you were able to stay before you had to move out? We are just one month behind. Thanks

    : (0)

  • Posted by JD on February 02, 2003 at 20:23:25:

    My wife and I live in Ohio. She still owns the house she lived in before we were married (it is in her name solely) and has been unable to sell it. She owes more than it is worth and has some late fees on the balance as well. She is considering foreclosure as an option. In the event of foreclosure, what are the ramifications for my credit rating and our joint assets?

    : (1)

    • Posted by JTM Investments on February 03, 2003 at 01:38:11:

      In Reply to: Foreclosure / credit question Posted by JD on February 02, 2003 at 20:23:25:

      : My wife and I live in Ohio. She still owns the house she lived in before we were married (it is in her name solely) and has been unable to sell it. She owes more than it is worth and has some late fees on the balance as well. She is considering foreclosure as an option. In the event of foreclosure, what are the ramifications for my credit rating and our joint assets?

      Foreclosure stay on your credit for up to 5-7 yrs.I could hinder other credit purchases you are planning in the future.There may be other ways to sell your home even if the amount you owe is more than it is worth.Please contact me. I would like to see if I can assist you from your problem.

      : (0)

  • Posted by Harry on February 02, 2003 at 17:17:40:

    Our home just went into foreclosure. We put it up for sale just prior to that and now have an offer. Our questions are...1)can we sell it in foreclosure? 2)How do we calculate the payoff? 3) would the payoff include the 3 back payments? Thanks for any advice.

    : (1)

    • Posted by Bill H on February 02, 2003 at 21:18:46:

      In Reply to: Selling in foreclosure Posted by Harry on February 02, 2003 at 17:17:40:

      : Our home just went into foreclosure. We put it up for sale just prior to that and now have an offer. Our questions are...1)can we sell it in foreclosure? 2)How do we calculate the payoff? 3) would the payoff include the 3 back payments? Thanks for any advice.

      1. Yes, you can sell it while it is in foreclosure. The lender would really like that.

      2. Ask you lender for the total amount due. You are probalby in for a surprise because now they will have foreclosure, attorney, etc. fees added in.

      3. The total payoff for the lender should include all that they are owed. It will not include anything else such as taxes, liens, other mortgages, etc.

      Good Luck --- God Bless



      : (0)

  • Posted by Barb on February 02, 2003 at 13:28:45:

    I live in GA and have a foreclosure notice. I don't really want the house, can't afford it. House needs repairs and I owe close to what it is worth. what happens if i just let it foreclose? will i owe any money? What are the conditions of a deed in leui option? i don't even know if i should file bankruptcy or not.

    : (1)

    • Posted by JTM Investments on February 03, 2003 at 01:42:06:

      In Reply to: what is going to happen???? Posted by Barb on February 02, 2003 at 13:28:45:

      : I live in GA and have a foreclosure notice. I don't really want the house, can't afford it. House needs repairs and I owe close to what it is worth. what happens if i just let it foreclose? will i owe any money? What are the conditions of a deed in leui option? i don't even know if i should file bankruptcy or not.

      There may be options for you to consider.A Trust can take over your payments for you and rid you of the burden of your home.If interested, please contact me. Perhaps I can provide you with some options.JTM Investmentsjd53@attbi.com

      : (0)

  • Posted by Melissa G. on February 02, 2003 at 10:56:35:

    First, I read some of the other messages and am going to try going to the bank and ask about the deed-in-lieu. I had tenants in this house that left me hanging out to dry. I haven't been able to make pymts and the bank has told me I can only pay it off at this point. I can't make any pymts. Can they seize my checking/savings accts for repayment of this loan? Should I move them to another bank?

    : (1)

    • Posted by Ward-CA- on February 02, 2003 at 21:48:17:

      In Reply to: After affects of Forclosure Posted by Melissa G. on February 02, 2003 at 10:56:35:

      : First, I read some of the other messages and am going to try going to the bank and ask about the deed-in-lieu. I had tenants in this house that left me hanging out to dry. I haven't been able to make pymts and the bank has told me I can only pay it off at this point. I can't make any pymts. Can they seize my checking/savings accts for repayment of this loan? Should I move them to another bank?=•=•=•=•=•=•=•=•=•=•=

      Melissa,

      Banks frequenty avail themselves of their Right of Offset. That means that they can offset what you owe them by what they owe you.

      If you owe them thousands of dollars then they can offset that sum by the hundreds they owe you that's deposited in their bank.

      I wouldn't trust the bank. I'd stop writing checks on the account and two weeks after that, withdraw all the money and shut down the account.

      : (0)

  • Posted by Karen H. on February 01, 2003 at 15:31:50:

    I carry a second mortgage/lien note that is now in default for over two years. The principal mortgage is with a bank and is a low pay off compared to the value of the property. The mortgagor has found his own buyer for the property, and has agreed to pay what is in default on my lien note. The attorney that I have has advised me to settle with the pay off and not go with adding the additional 18% interest that can be charged according to the terms of default in my lien note. The attorney has also informed me that the mortgagor does not want to pay my attoney's fees with the defualt pay off because he feels they are too high, and wants to split the fees with me at pay off.

    : Under the circumstances , I am not comfortable with splitting the attorney's fees, and the attorney I have has made it seem that it would be easy for the mortgagee to stop foreclosure and I may have difficulty with foreclosure.:: (1) Given the fact that the mortgagor is 2 years in default on this lien note.: (2) The mortgagor was sent three Notices of Default, which gave the amount of default and was given a date to appear at the attorney's office with the ammount due, which was October 17,2002. The mortgagor ignored all of these notices, and it was not until the end of December that the mortgagor contacted my attorney with his offer to pay off the lien note.

    : Under the circumstances, what factors might be considered as to my chances to go forward successfully with foreclosure? My attorney has of course mentioned the steps necessay as to the bidding 80% to 100% of the amounts owed.:Would it be possible to deal directly with the bank that holds the principal lien note, and refinance the amount, or will I have to have the money available in certified funds ?

    : I am not satisfied with the way my attorney has been handling this, and feel I have not been given attention to what is best to my interests in this legal matter. But since I have already have a large fee using this attorney, I feel I need to do some investigation on my own.

    : I appreciate whatever help you can provide in this matter.: I need to make a deicision immediately as to settle or go forward with foreclosure.

    : Thank you so much,: Karen H.

    P.S. I received this question that was posted as a reply in my e-mail! I need a reply to my question! Thanks.



    : (0)

  • Posted by Karen Horner on February 01, 2003 at 12:51:51:

    I carry a second mortgage/lien note that is now in default for over two years. The principal mortgage is with a bank and is a low pay off compared to the value of the property. The mortgagor has found his own buyer for the property, and has agreed to pay what is in default on my lien note. The attorney that I have has advised me to settle with the pay off and not go with adding the additional 18% interest that can be charged according to the terms of default in my lien note. The attorney has also informed me that the mortgagee does not want to pay my attoney's fees with the defualt pay off because he feels they are too high, and wants to split the fees with me at pay off.

    Under the circumstances , I am not comfortable with splitting the attorney's fees, and the attorney I have has made it seem that it would be easy for the mortgagee to stop foreclosure and I may have difficulty with foreclosure. (1) Given the fact that the mortgagor is 2 years in default on this lien note.(2) The mortgagor was sent three Notices of Default, which gave the amount of default and was given a date to appear at the attorney's office with the ammount due, which was October 17,2002. The mortgagor ignored all of these notices, and it was not until the end of December that the mortgagor contacted my attorney with his offer to pay off the lien note.

    Under the circumstances, what factors might be considered as to my chances to go forward successfully with foreclosure. My attorney has of course mentioned the steps necessay as to the bidding 80% to 100% of the amounts owed. IWould it be possible to deal directly with the bank that holds the principal lien note, and refinance the amount, or will I have to have the money available in certified funds.

    I am not satisfied with the way my attorney has been handling this, and feel I have not been given attention to what is best to my interests in this legal matter. But since I have already have a large fee using this attorney, I feel I need to do some investigation on my own

    I appreciate whatever help you can provide in this matter.I need to make a deicision immediately as to settle or go forward with foreclosure.

    Thank you so much,Karen Horner

    : (1)

    • Posted by Karen Horner on February 01, 2003 at 13:03:05:

      In Reply to: Factors to consider in going forward with foreclosure. Posted by Karen Horner on February 01, 2003 at 12:51:51:

      : I carry a second mortgage/lien note that is now in default for over two years. The principal mortgage is with a bank and is a low pay off compared to the value of the property. The mortgagor has found his own buyer for the property, and has agreed to pay what is in default on my lien note. The attorney that I have has advised me to settle with the pay off and not go with adding the additional 18% interest that can be charged according to the terms of default in my lien note. The attorney has also informed me that the mortgagor does not want to pay my attoney's fees with the defualt pay off because he feels they are too high, and wants to split the fees with me at pay off.

      : Under the circumstances , I am not comfortable with splitting the attorney's fees, and the attorney I have has made it seem that it would be easy for the mortgagee to stop foreclosure and I may have difficulty with foreclosure.: : (1) Given the fact that the mortgagor is 2 years in default on this lien note.: (2) The mortgagor was sent three Notices of Default, which gave the amount of default and was given a date to appear at the attorney's office with the ammount due, which was October 17,2002. The mortgagor ignored all of these notices, and it was not until the end of December that the mortgagor contacted my attorney with his offer to pay off the lien note.

      : Under the circumstances, what factors might be considered as to my chances to go forward successfully with foreclosure? My attorney has of course mentioned the steps necessay as to the bidding 80% to 100% of the amounts owed. :Would it be possible to deal directly with the bank that holds the principal lien note, and refinance the amount, or will I have to have the money available in certified funds ?

      : I am not satisfied with the way my attorney has been handling this, and feel I have not been given attention to what is best to my interests in this legal matter. But since I have already have a large fee using this attorney, I feel I need to do some investigation on my own.

      : I appreciate whatever help you can provide in this matter.: I need to make a deicision immediately as to settle or go forward with foreclosure.

      : Thank you so much,: Karen Horner



      : (0)

  • Posted by stressed in TX on January 31, 2003 at 22:55:12:

    My husband and I contracted to have a custom home built with a local reputable builder. Well, long story short, we didn't get what we paid for. We have retained an atty and are filing under the RCLA for damages. Currently, the largest problem is the windows leak. Unfortunately, this legal battle is ongoing and we don't want the house. It has been such a headache that even when the repairs are made, we still want out. All love is lost. We have wanted to sell it for over 6 months now, but can't due to the construction flaws. It is now getting to the point that the legal costs are building causing the house to not only be unwanted, but soon it will be unaffordable to us. We want out without having to voluntarily foreclose. Any Advice, information, or potential buyers, please respond. It is a large beautiful custom home on large riverfront acreage. It was our dream home... :-( now it is our biggest nightmare.

    : (0)

  • Posted by btucker on January 31, 2003 at 22:16:13:

    I need to know if I am responsible for the deficiency on a second mortgage because the house only sold for the amount of the first mortgage. In addition, the second mortgage company has filed bankruptcy and an investment firm bought their portfolio. They are the ones who are trying to collect on this. The foreclosure took place in 1999 and this is the first time anything has come up about a deficiency since that time. They seem too willing to settle for an amount much less than the deficiency amount of $17,000. They contacted me for the first time 7 days ago and gave me a deadline of today to settle or they would file a judgement.

    : (2)

    • Posted by Ward-CA- on January 31, 2003 at 22:50:40:

      In Reply to: 2nd mortgage deficiency after foreclousre by first lienholde Posted by btucker on January 31, 2003 at 22:16:13:

      : I need to know if I am responsible for the deficiency on a second mortgage because the house only sold for the amount of the first mortgage. In addition, the second mortgage company has filed bankruptcy and an investment firm bought their portfolio. They are the ones who are trying to collect on this. The foreclosure took place in 1999 and this is the first time anything has come up about a deficiency since that time. They seem too willing to settle for an amount much less than the deficiency amount of $17,000. They contacted me for the first time 7 days ago and gave me a deadline of today to settle or they would file a judgement. =•=•=•=•=•=•=•=•=•=•=

      Most of the time these time of outfits don't want to take the time nor the money to file a lawsuit against you to squeeze a few bucks out of your hide. But they will try to rattle your cage real good making you think they will.

      They are playing the percentages. They buy up such debt at pennies on the dollar and want to make a fast buck in return without a lot of expensive steps. My advice is to hold tight. You can always settle with them, right up to the day your trial starts.

      So plead poverty and change your phone number.

      Even if they got a judgment against you it's going to be quite tough for them to collect.

      You can tell that they're after the FAST buck by offering you a whopping discount if you will pay the unpaid difference in just 7 days. What's the hurry? It's being manufactured by the creditor since fast collections are their modus operandi. They really don't have the stomach for long legal processes that require the expense of lawyers and filing fees.

      Hold tight. This will blow over.



      : (1)

      • Posted by btucker on January 31, 2003 at 23:01:57:

        In Reply to: It's your stamina versus their threats.. Posted by Ward-CA- on January 31, 2003 at 22:50:40:

        : : I need to know if I am responsible for the deficiency on a second mortgage because the house only sold for the amount of the first mortgage. In addition, the second mortgage company has filed bankruptcy and an investment firm bought their portfolio. They are the ones who are trying to collect on this. The foreclosure took place in 1999 and this is the first time anything has come up about a deficiency since that time. They seem too willing to settle for an amount much less than the deficiency amount of $17,000. They contacted me for the first time 7 days ago and gave me a deadline of today to settle or they would file a judgement. : =•=•=•=•=•=•=•=•=•=•=

        : Most of the time these time of outfits don't want to take the time nor the money to file a lawsuit against you to squeeze a few bucks out of your hide. But they will try to rattle your cage real good making you think they will.

        : They are playing the percentages. They buy up such debt at pennies on the dollar and want to make a fast buck in return without a lot of expensive steps. My advice is to hold tight. You can always settle with them, right up to the day your trial starts.

        : So plead poverty and change your phone number.

        : Even if they got a judgment against you it's going to be quite tough for them to collect.

        : You can tell that they're after the FAST buck by offering you a whopping discount if you will pay the unpaid difference in just 7 days. What's the hurry? It's being manufactured by the creditor since fast collections are their modus operandi. They really don't have the stomach for long legal processes that require the expense of lawyers and filing fees.

        : Hold tight. This will blow over.

        Thanks for all the info and for responding so quickly. I thought that was probably the case. I've probed them for information they don't want to give. They can't even send me a copy of the contract I had with the original lienholder which was Greentree. Greentree sold out to Conseco who in turn filed bankruptcy. At one point in a conversation I was having with this collector he said "We just throw them all out on the table and see who bites." He then realized what he had said and stuttering, added "Then take them to court if they don't!" I'm not worried anymore.



        : (0)

  • Posted by Paul on January 31, 2003 at 21:22:10:

    Looking for investors to get a significant return on their investment. Details of % can be discussed. Looking at pre foreclosures and tax properties. Serious investors only please! Contact - regomoreira@yahoo.comThank you

    : (1)




    • Posted by Paul on January 31, 2003 at 21:22:10:

      : Looking for investors to get a significant return on their investment. Details of % can be discussed. Looking at pre foreclosures and tax properties. Serious investors only please! : Contact - regomoreira@yahoo.com: Thank you

      : (0)

  • Posted by CollinTN on January 31, 2003 at 15:35:13:

    A regular here has emailed me individually with what follows. My response is first, his original email is secondary. Not everyone on this board is looking for investors, so those of you who are looking for information...beware of Bill and other trollers like him.



    Hey Bill,I'm not trying to get 'in the business' of foreclosure. I'm not trying to 'make millions' and 'get rich' off foreclosure property. All the books and seminars regarding this industry do not interest me in the least. I'm not interested in spending cash on classes because buying a foreclosed piece of property isn't something I ever want to do again. I realize there are thousands of other foreclosed houses out there, but I'm only interested in one.

    There is house down the street that is beautiful, spacious, and exactly what I want in a home. I was unable to buy it 2 years ago, even though I had an accepted contract, when it was put up for sale by the mortgage company (because they screwed up the foreclosure process). I've watched it closely as I still want to live in that house...not spruce it up for resale. You've assumed I'm another idiot who believes the hype and bunk of getting-rich-in-real-estate.

    I don't know all the terminology of 'the business', which is why I sought help on that message board. Being supposed experts in the field, I hoped for more understanding. Your email was patronizing, when all I'm asking for is advice.

    Thanks for nothing.

    Bill H. Wrote:MC:

    What part of no is it that you do not understand? The bank or mortgage company CANNOT SELL what they do not own!

    NO! NO! NO! NO! the Deed of Trust is not a GRANT DEED.

    Again, I say, it seems you know just enough to be VERY dangerous to yourself and are determined to buy this property or bust.

    You mentioned that the property had been tied up in bankruptcy, the bank had made mistakes, etc. YES, that is the reason the house has sat vacant for 2 years. The bank is not going to take any chances with the courts and risk a lawsuit.

    You would be well advised to do like I said in the previous post. There are millions of foreclosures each year and this is not the last one in Tennessee.

    This industry is not even close to being like all the books and tapes Guru's on late night TV portray it. Read the fine print in their infomercials ---It says,"UNUSUAL results, your will vary." They only show you the very rare case -- not the everyday.

    If you insist, please remember that when the hammer falls and the auctioneer says you are the successful bidder --he means exactly that. You MUST pay then.

    Please bear in mind that I and the other guys are only trying to help you. No one is trying ti dissuade you from getting into the business. BUT, you should have the basic knowledge to know the difference between a Deed of Trust and Grant Deed.

    When you learned to drive, didn't someone teach you where the gas pedal and the brake pedal were? And, more importantly, the function of each.

    Foreclosure can be very expensive if you do not know something about what you are doing.

    Good Luck,Bill H

    : (6)

    • Posted by Bill H on January 31, 2003 at 20:12:01:

      In Reply to: Need help: bank not going thru usual process Posted by CollinTN on January 31, 2003 at 15:35:13:

      : A regular here has emailed me individually with what follows. My response is first, his original email is secondary. Not everyone on this board is looking for investors, so those of you who are looking for information...beware of Bill and other trollers like him.

      : Hey Bill,: I'm not trying to get 'in the business' of foreclosure. I'm not trying to 'make millions' and 'get rich' off foreclosure property. All the books and seminars regarding this industry do not interest me in the least. I'm not interested in spending cash on classes because buying a foreclosed piece of property isn't something I ever want to do again. I realize there are thousands of other foreclosed houses out there, but I'm only interested in one.

      : There is house down the street that is beautiful, spacious, and exactly what I want in a home. I was unable to buy it 2 years ago, even though I had an accepted contract, when it was put up for sale by the mortgage company (because they screwed up the foreclosure process). I've watched it closely as I still want to live in that house...not spruce it up for resale. You've assumed I'm another idiot who believes the hype and bunk of getting-rich-in-real-estate.

      : I don't know all the terminology of 'the business', which is why I sought help on that message board. Being supposed experts in the field, I hoped for more understanding. Your email was patronizing, when all I'm asking for is advice.

      : Thanks for nothing.

      : Bill H. Wrote:: MC:

      : What part of no is it that you do not understand? The bank or mortgage company CANNOT SELL what they do not own!

      : NO! NO! NO! NO! the Deed of Trust is not a GRANT DEED.

      : Again, I say, it seems you know just enough to be VERY dangerous to yourself and are determined to buy this property or bust.

      : You mentioned that the property had been tied up in bankruptcy, the bank had made mistakes, etc. YES, that is the reason the house has sat vacant for 2 years. The bank is not going to take any chances with the courts and risk a lawsuit.

      : You would be well advised to do like I said in the previous post. There are millions of foreclosures each year and this is not the last one in Tennessee.

      : This industry is not even close to being like all the books and tapes Guru's on late night TV portray it. Read the fine print in their infomercials ---It says,"UNUSUAL results, your will vary." They only show : you the very rare case -- not the everyday.

      : If you insist, please remember that when the hammer falls and the auctioneer says you are the successful bidder --he means exactly that. You MUST pay then.

      : Please bear in mind that I and the other guys are only trying to help you. No one is trying ti dissuade you from getting into the business. BUT, you should have the basic knowledge to know the difference between a Deed of Trust and Grant Deed.

      : When you learned to drive, didn't someone teach you where the gas pedal and the brake pedal were? And, more importantly, the function of each.

      : Foreclosure can be very expensive if you do not know something about what you are doing.

      : Good Luck,: Bill H

      Dear Mr NYNavey:

      You asked for info and were told by 6 other posts that you could not do what you are trying to do.

      Again, The bank cannot sell what it does not own.

      How much simpler can we put it. They do not own the property. Therefore they cannot sell it before the sale without the prior owner being involved.

      I'm sorry for you that your desires to purchase the house got in the way of your understanding of the law.

      I do not know what a troller is and I am in no way connected with anyone of the many late night TV Guru's selling books and tapes.

      Still, in order to protect yourself you need at least the basic knowledge to know the difference between a Deed of Trust and a Grant Deed.

      No one is seeking to insult or intimidate you. Only trying to assist you based on your postings.

      I stand by my last to you" It is better to be remain silent and be thought a fool than to open one's mouth and remove all doub

      : (5)

      • Posted by CollinTN on February 01, 2003 at 00:46:45:

        In Reply to: Re: Need help: bank not going thru usual process Posted by Bill H on January 31, 2003 at 20:12:01:

        You asked for info and were told by 6 other posts that you could not do what you are trying to do.Again, The bank cannot sell what it does not own.How much simpler can we put it. They do not own the property. Therefore they cannot sell it before the sale without the prior owner being involved.

        Of course the bank cannot sell what it doesn't own...that was made clear when the bank tried 2 years ago to sell it. They enlisted the help of a realtor and signed a contract with me, complete with a title search, only to find out 1 day before closing they did not in fact own it due to a technicality. As for the 6 other posts...everyone's suggestions have been aimed at either a person looking to invest for resale. That's not the case in my situation. With all the twists and turns of this property's title history, I wanted to make sure all facts were out so if I do this a 2nd time, there won't be any day-before-closing surprises, or at the least they can be prevented.

        And do you normally insult posters by insinuating they're stupid? There have been far more obvious or redundant questions posted to this board than mine. You do not make newcomers feel welcome with comments like that.

        But I'm violating my own personal rule: Never argue with stupid people. You end up mad, a dry mouth (or sore fingers in this case), and they're still stupid.





        : (4)

        • Posted by Bill H on February 01, 2003 at 01:17:44:

          In Reply to: Stupid Bill Posted by CollinTN on February 01, 2003 at 00:46:45:

          : You asked for info and were told by 6 other posts that you could not do what you are trying to do.: Again, The bank cannot sell what it does not own.: How much simpler can we put it. They do not own the property. Therefore they cannot sell it before the sale without the prior owner being involved.

          : Of course the bank cannot sell what it doesn't own...that was made clear when the bank tried 2 years ago to sell it. They enlisted the help of a realtor and signed a contract with me, complete with a title search, only to find out 1 day before closing they did not in fact own it due to a technicality. As for the 6 other posts...everyone's suggestions have been aimed at either a person looking to invest for resale. That's not the case in my situation. With all the twists and turns of this property's title history, I wanted to make sure all facts were out so if I do this a 2nd time, there won't be any day-before-closing surprises, or at the least they can be prevented.

          : And do you normally insult posters by insinuating they're stupid? There have been far more obvious or redundant questions posted to this board than mine. You do not make newcomers feel welcome with comments like that.

          : But I'm violating my own personal rule: Never argue with stupid people. You end up mad, a dry mouth (or sore fingers in this case), and they're still stupid.

          Mr NYNAVEY:

          You are correct. I am stupid for trying to assist and educate you in the first place.

          One more time, the bank cannot sell what it does not own. No one, you included can change that. They must do as the law requires. Go back to my original post and you will find that I said that you needed to find out for yourself. Don't be so cheap -- hire an attorney or someone to do the search for you if you are incapable of doing so yourself.

          Good night, Good luck, "Old chinese proverb, says, "Be careful what you wish for -- you just might get it."

          Sticks and stones may break my bones but words will never harm me.

          GOODBYE



          : (3)

          • Posted by CollinTN on February 01, 2003 at 13:30:20:

            In Reply to: Re: Stupid Bill Posted by Bill H on February 01, 2003 at 01:17:44:

            Again, you've missed my point. I have complete and full access to the title(s) and documents on record at the county office on this piece of property. Not being versed in title searching when I started this, I've used the wrong terminology and misunderstood much of it. This lack of knowledge led me to this message board.

            However, there is only a 3 year history on this house, as it's fairly new property. I've skimmed every document on record. The history is not in question. I know who lost it, how many liens were on it, and how much it was mortgaged for down to the penny.

            Because the bank had come so close to selling it to us in the first place, they already had the RIGHT TO SELL WHAT THEY OWNED, as you keep telling me they must. I'm not trying to do anything the easy way. There isn't really an easy way when it comes to this, and that was never in doubt.

            I'm trying to avoid going to the auction, so maybe that is taking the easy way out. Not because I'm cheap, but because they'll have their own representative there prepared to outbid me. Regardless, I visited this board to see if short of that process, there was any other way. Never did I expect to get led down another road and lectured on the ins and outs of real estate investing.





            : (2)

            • Posted by tinaj on February 06, 2003 at 23:51:40:

              In Reply to: Missed it again Posted by CollinTN on February 01, 2003 at 13:30:20:

              : Because the bank had come so close to selling it to us in the first place, they already had the RIGHT TO SELL WHAT THEY OWNED, as you keep telling me they must. I'm not trying to do anything the easy way.

              I dont understand. Because the bank "came so close to selling it," that gives them the right to sell it because ...... I just dont get it.

              if I nearly sell you my neighbor's house, and we come down to the closing hour, and you find out I don't have title to my neighbor's house, then I can't sell it to you, but according to your logic since we almost did it that time that makes it okay the next time, legal to sell it?

              : (1)

              • Posted by CollinTN on February 07, 2003 at 00:15:59:

                In Reply to: Close doesn't count in real estate does it? Posted by tinaj on February 06, 2003 at 23:51:40:

                : if I nearly sell you my neighbor's house, and we come down to the closing hour, and you find out I don't have title to my neighbor's house, then I can't sell it to you, but according to your logic since we almost did it that time that makes it okay the next time, legal to sell it?

                There's a long drawn out past on this discussion. The house that was 'almost sold' was literally 'almost sold'...in that 18 hours before closing, the mortgage co. (who was in a contract with myself) realized during foreclosure procedures, the legal address was incorrect in the ad which by law in this state must be run in a publication for 3 consecutive weeks.

                Because of that, the hadn't actually foreclosed correctly, and had to go back and do it again - run the ad with corrections, etc. In the meantime, the couple who'd lived there filed Chapter 7 and the house became an asset which was frozen by the bk court.

                The mortgage co did in fact try to sell us something they had no right to sell - yet. Our very own register of deeds office said all that was needed was a simple re-recording of documents with corrections, but they aren't lawyers either.

                The mortgage co. 'should' be able to sell it this time around, provided they don't make any more typographical errors.



                : (0)

  • Posted by Brad Aden on January 30, 2003 at 20:44:41:

    Does anyone know of a good source for forclosure listings for Downstate Illinois?

    : (0)

  • Posted by Dee on January 30, 2003 at 18:53:14:

    My husband and I purchased a home 3 yrs ago, that was and is above our means. We are considering bankruptcy, at least to irradicate unsecured debt. We may lose our home, it is not worth it for us to sell it, we would still owe too much. We are wondering how a foreclusure affects us in the long run, we know lots of people that have been reestablished quite well after bankruptcy, is it possible to repair a foreclosure? Thank you.

    : (0)

  • Posted by Victor Krevocheza on January 30, 2003 at 12:21:07:

    I have recieved a letter from a lawyer representing the finance company who aquired my equity loan. Because of job loss I have missed 4-5 payments, but my primary loan for the house is current. Can they foreclose on us even though I am current with my mortgage co.? If so, what are my options. The letter from the lawyer states-pay 33-k by 2/14/03 or proceedings will begin. I am in California.

    : (3)

    • Posted by Tony on February 01, 2003 at 11:12:18:

      In Reply to: How Do I Stop Foreclosure Posted by Victor Krevocheza on January 30, 2003 at 12:21:07:

      DO NOT FILE BANKFUTCY!!!

      It is the last step in an extensive project, filled with options. And also the most damaging in the long term. Current numbers show that 85& of the people who enter into bankrutcy are rejected and kicked out of the plans within 2 yrs! And they now in a position worse than before.

      If you are interested in options and choices, there are several on our website, we can either work for you in stopping the foreclosure, or you can get the material to learn how to do it yourself.

      If you have any questions feel free to email me directly or you can from the site.

      www.stopforeclosureinfo.com

      : (0)

    • Posted by Ward-CA- on January 31, 2003 at 22:32:48:

      In Reply to: How Do I Stop Foreclosure Posted by Victor Krevocheza on January 30, 2003 at 12:21:07:

      : I have recieved a letter from a lawyer representing the finance company who aquired my equity loan. Because of job loss I have missed 4-5 payments, but my primary loan for the house is current. Can they foreclose on us even though I am current with my mortgage co.? If so, what are my options. The letter from the lawyer states-pay 33-k by 2/14/03 or proceedings will begin. I am in California.

      =•=•=•=•=•=•=•=•=•=•=

      Victor,

      The most common device used to temporarily stop a foreclosure is to file an emergency petition in Chapter 13 at your local federal Bankruptcy Court. It will cost you a filing fee of $185.00 and depending on how you do it, you will buy about 4 to 7 weeks of additional time.

      Being current with your other obligations doesn’t have anything to do with your delinquency on your home equity loan. So YES, they can and will successfully foreclose against your equity loan regardless of your payment record with any other loan.

      Foreclosure proceedings in CA are about 4 months long. Throughout all but the last 5 business days of it you can cure your foreclosure by making up all the delinquent payments and paying all the consequential late charges and the lender’s foreclosure costs.

      Hope this helps.

    • Unique, one-on-one foreclosure training


    : (0)

  • Posted by ellis on January 31, 2003 at 05:47:49:

    In Reply to: How Do I Stop Foreclosure Posted by Victor Krevocheza on January 30, 2003 at 12:21:07:

    : I have recieved a letter from a lawyer representing the finance company who aquired my equity loan. Because of job loss I have missed 4-5 payments, but my primary loan for the house is current. Can they foreclose on us even though I am current with my mortgage co.? If so, what are my options. The letter from the lawyer states-pay 33-k by 2/14/03 or proceedings will begin. I am in California.

    Victor,

    i would be happy to answer any questions you may have. Email me and we can chat. i am in california too.

    : (0)

  • Posted by Brian on January 30, 2003 at 08:50:58:

    I am considering putting my house into a short sale. Can you advise me how this works? My house has been on the market for seven months, and I owe more on it than I can get out of it. I am currently living in a different state from where my house is. What about using a not-for-profit liason to negotiate a short sale with my lenders?

    : (2)

    • Posted by Tony on February 01, 2003 at 11:14:53:

      In Reply to: short sale Posted by Brian on January 30, 2003 at 08:50:58:

      Where is the property located?

      : (0)

    • Posted by njdave on January 30, 2003 at 09:55:06:

      In Reply to: short sale Posted by Brian on January 30, 2003 at 08:50:58:

      Hmmm. From your message it sounds like we've already spoken. I would recommend a (local to you) real estate broker from within a national network of affiliated real estate brokers... for which I might receive a referral fee of about one hundred dollars ($100). I would provide the Broker with applicable language that must be included in any listing agreement, advertisement, or Contract For Sale. Simultaneously, I would initiate contact with your mortgagee(s) and establish the foundation for a successful short sale transaction. We would be working as a team (the Seller, the Broker, and the Mortgagee) to 1) avoid a forced, public sale, 2) help maximize the lenders' recovery, and 3) help the Seller repair already damaged circumstances.

      : (0)

  • Posted by MC on January 30, 2003 at 00:47:05:

    I know of a property going up for county auction in March, and might be interested. Can I contact the bank that will foreclose on it directly, before the sale?

    What are the 'standards of etiquette' for this?



    : (7)

    • Posted by Nick(Colorado) on January 30, 2003 at 13:11:43:

      In Reply to: Buy from bank before county sale (in TN)? Posted by MC on January 30, 2003 at 00:47:05:

      MC:

      The bank can not sell what it does not own. If it will be difficult to buy from the current owners; try one of the following:

      - Buy at auction. - Buy from the bank following the auction.

      If the property reverts to the bank, try contacting theirforeclosure department and making and offer before theylist it as and REO.

      : (2)

      • Posted by MC on January 30, 2003 at 13:45:53:

        In Reply to: Re: Buy from bank before county sale (in TN)? Posted by Nick(Colorado) on January 30, 2003 at 13:11:43:

        : - Buy at auction. : - Buy from the bank following the auction.

        : If the property reverts to the bank, try contacting their foreclosure department and making and offer before they list it as and REO.

        The bank has this property recorded in their name already, at the register of deeds' office, or course. Is it better to wait for them to buy it at auction (and remove any junior liens), or try to outbid them at the courthouse steps? There are some back property taxes owed on this house. I would guess any 2nd mortgages were wiped out with the original couple's chapter 13. Is this not the case?

        Thanks again for all the help.MC



        : (1)

        • Posted by IB (NJ) on January 30, 2003 at 14:06:18:

          In Reply to: Better before auction or afterward? Posted by MC on January 30, 2003 at 13:45:53:

          From my knowledge, and maybe someone can correct me here, the bank's name wouldn't be on the DEED unless they own it. This wouldn't occur to after the sheriff sale and (I believe) after the redemption period (if any) has expired. Are you sure it wasn't a mortgage document you were looking at?

          Also, generally speaking, Chap. 13 BK's do not 'wipe out' debts. They postpone them giving you an opp to catch up.

          Why not track the husband and wife down and have them sign a quit claim deed over to you? You may have to grease their palms.....

          : : - Buy at auction. : : - Buy from the bank following the auction.

          : : If the property reverts to the bank, try contacting their foreclosure department and making and offer before they list it as and REO.

          : The bank has this property recorded in their name already, at the register of deeds' office, or course. Is it better to wait for them to buy it at auction (and remove any junior liens), or try to outbid them at the courthouse steps? There are some back property taxes owed on this house. I would guess any 2nd mortgages were wiped out with the original couple's chapter 13. Is this not the case?

          : Thanks again for all the help.: MC



          : (0)

    • Posted by Tony on January 30, 2003 at 07:22:50:

      In Reply to: Buy from bank before county sale (in TN)? Posted by MC on January 30, 2003 at 00:47:05:

      Why not deal directly with the owner? Make a deal with them, take over the note, "subject to the existing mortgage" and everyone wins.

      : (3)

      • Posted by MC on January 30, 2003 at 10:39:10:

        In Reply to: Re: Buy from bank before county sale (in TN)? Posted by Tony on January 30, 2003 at 07:22:50:

        That can't be done in this case. The owners filed Chapter 13 a year ago...have vacated the house over 2 years ago, and are no longer married to each other (if that matters).

        Does the mortgage company who repossessed it have to auction it at the county office...or can it be sold beforehand? Seems like it would save them a lot of trouble if they found a buyer before having to do all that.

        Any advice is greatly appreciated.



        : (2)

        • Posted by Bill H on January 30, 2003 at 20:25:28:

          In Reply to: Re: Buy from bank before county sale (in TN)? Posted by MC on January 30, 2003 at 10:39:10:

          : That can't be done in this case. The owners filed Chapter 13 a year ago...have vacated the house over 2 years ago, and are no longer married to each other (if that matters).

          : Does the mortgage company who repossessed it have to auction it at the county office...or can it be sold beforehand? Seems like it would save them a lot of trouble if they found a buyer before having to do all that.

          : Any advice is greatly appreciated.

          MC:

          It appears to me that you have just enought knowledge of foreclosure to be VERY dangerous to yourself.

          1. As you have been told in other posts. The lender cannot sell what they do not own.

          2. You must be mistaken about the recoreded documents. If the lender owned the property, why would they be foreclosing on themselves?

          3. Chap 13 BK give the party filing BK the right to work things out. NOBODY can do anything until the BK court says OK.

          4. You do not repossess real property. Only personal property chattels are repossessed. Real property is foreclosed.

          5. Yes, the junior liens will be wiped out at the sale. The taxes will remain, unless already paid by the lender, and will be either part of the pay off or the responsibility of the succesful bidder.

          6. If there is a redemption period in TN, the owner will still have the right to redeem for that period of time.

          7. My suggestion:

          a. Forget about this situation. b. Go down to the courthouse and ask the law librarian where to find the foreclosure laws for TN. Make a copy, take them home and study them. c. Contact Ward Hanigan at www.all-foreclosure.com/mb and arrange to take one of his classes. I have no affiliation with him or anyone else, just know his to be worthwile training --NO BS. d. Go to www.johntreed.com and read John's info on the world of foreclosure. Again no affiliation --just know his to be a worthwhile site.

          e. Last but not Least -- If you are absolutely determied to do this deal....PAY YOUR MONEY --TAKE YOUR CHANCES. It's your to win or lose. No risk -- No reward. Good Luck

          Bill H

          : (1)

          • Posted by MC on January 30, 2003 at 22:38:43:

            In Reply to: Re: Buy from bank before county sale (in TN)? Posted by Bill H on January 30, 2003 at 20:25:28:

            Thanks again for all the help in this matter.I'm not making the situation clear enough though.

            The last recorded document on file at the county register's office is a Deed of Trust, with said person representing the bank that issued the mortgage that went into default 2 years ago. This is not the deed? All tax records show this particular mortgage company as the said owner.

            How can they be having another county auction if they already possess ownership? The foreclosed over a year ago, but the ad ran in the newspaper with the incorrect lot #. According to their legal department, this forfeited those foreclosure proceedings. Once the fault was discovered, the couple who'd lived there filed Chapter 13. It's been held up in BK court for a year. Now the mortgage company has been given the go ahead to start foreclosure proceedings again....which brings me full circle to my original postings.

            All documents on file contain a notation of 'legal address' being the physical street address. Can the mortgage company simply re-record the deed showing the correct lot #?

            If so, I want to buy it from them instead of it going up for auction. There is no redemption in TN, and the Chapter 13 must have been finished or the bank wouldn't be proceeding.

            Help?

            : (0)

  • Posted by Cindy on January 29, 2003 at 13:36:54:

    My husband owns a house in Kansas that he has had up for sale for 6 months. He is having no luck selling it and we cannot possibly keep making the payments on it, plus make payments on the house I own, that we are living in...He did have to go into the morgage company a little over 2 years ago and add to this loan for a divorce agreement between him and his ex...What should we do??? We are current on the payment, as of right now.

    : (1)

    • Posted by Trinity Consulting on January 30, 2003 at 03:24:19:

      In Reply to: Can't continue making payments. Posted by Cindy on January 29, 2003 at 13:36:54:

      : My husband owns a house in Kansas that he has had up for sale for 6 months. He is having no luck selling it and we cannot possibly keep making the payments on it, plus make payments on the house I own, that we are living in...He did have to go into the morgage company a little over 2 years ago and add to this loan for a divorce agreement between him and his ex...What should we do??? We are current on the payment, as of right now.

      I offer a program that may take the burden of your property off your hands in less than one week?If you qualify for our program, a Trust will pay you a fair market value for your home and take over the payments.To sse if you qualify apply on line at our web site below or contact me atI suggest you do not wait and fall behind in your mortgage payments. I look forward to hearing from you and hopefully we can work out some sort of solution to your problem.Joe D.Trinity Consulting847-935-6026

      : (0)

  • Posted by SPena on January 29, 2003 at 11:21:52:

    Florida foreclosure sale held November 14, 2002. Certificate of title issued 10 days later. Notice of eviction posted on January 14, 2002. It is my opinion that the lender foreclosed on me illegally, for many different reasons, one of them being that I was paying! I need an attorney. Is it too late?

    PLEASE...HELP!

    : (1)

    • Posted by IB (NJ) on January 30, 2003 at 13:58:48:

      In Reply to: Foreclosure Posted by SPena on January 29, 2003 at 11:21:52:

      For you to believe that the foreclosure was illegal means that you need a lawyer. And only a lawyer can tell you if it's too late. But generally speaking, many states have redemptions periods that allow you to reinstate the loan after the auction. Consult an attorney asap as I do not know when your redemption period ends.

      : Florida foreclosure sale held November 14, 2002. Certificate of title issued 10 days later. Notice of eviction posted on January 14, 2002. It is my opinion that the lender foreclosed on me illegally, for many different reasons, one of them being that I was paying! I need an attorney. Is it too late?

      : PLEASE...HELP!



      : (0)

  • Posted by DM on January 28, 2003 at 16:48:14:

    I was 3 months behind in payments. Sent in a cashier's check for 1 1/2 months worth then followed with 2 more checks. The bank cashed the first one (denied that they did so, but I got the proof), then returned the other 2. They filed a NOD 3 days after cashing the 1st check. Now they want me to sign a agreement to pay attorney fees, filing fees, assessment fees and reinstatement fees. Is this legal? Do I have any recourse? I just want to know if I really owe this. Thanks!

    : (2)

    • Posted by Reinstatement Services, Inc. on January 28, 2003 at 19:31:40:

      In Reply to: Partial Payment Posted by DM on January 28, 2003 at 16:48:14:

      the cashed payment could have been held in suspense, in which case the fact that it was cashed would have little baring on the decision to proceed with the foreclosure action.

      Also, how long a time period elasped between the mail-ins? That would also be relevant.

      I'm not sure what all these fees you've mentioned are. I know that the bank will probably press your obligation to the legal fees but the assessment fees and the reinstatement fees...well, I've never heard of them.

      Perhaps you'd be best served to request a breakdown of the reinstatement figure so that you will know how your money is being spent.

    • Default and Foreclosure Solutions


    : (0)

  • Posted by Tony on January 28, 2003 at 18:21:34:

    In Reply to: Partial Payment Posted by DM on January 28, 2003 at 16:48:14:

    Here's the truth, even if you do not like the answers, still the truth.

    Even if you are late 1 day, you are in Default. Any costs, attorney, court, filing fees or whatever, the lender can hold you liable for. They can do so because you agreed to the terms in your mortgage. Its in there somewhere. Probably on page nine thousand something. That is their catch.Not all lenders operate in the way yours did.... sorry.

    Now filing the NOD 3 days after they cashed your payment is not illegal, just business, bad business practice, but still business. NOW, if they cashed it AFTER the NOD, that's another story. If they did that, then they have to start the foreclosure process form square one. And that simply put is not a wise move on their part.

    One thing keep in mind that foreclosure laws and time frames vary form state to state.

    On our website, you may find answers to your questions on the FAQ page.



    : (0)

  • Posted by steven strube on January 28, 2003 at 15:34:58:

    any free listings to obtaion in the northland of Kansas city?

    : (0)

  • Posted by jennifer on January 28, 2003 at 15:15:51:

    My husband and I have had our house up for sale going on 3yrs. It is in a bad neighborhood and we don't won't our new son growing up in it. We want to buy a new house. We have great credit. My question is, if we go ahead and buy a house, and have 2 payments, but not make the payment of the old house, will both houses be forclosed or just the one that payment isn't be made on. We really want out bad and will sacrifice our credit.

    : (5)

    • Posted by tony on January 30, 2003 at 07:20:16:

      In Reply to: Want out of neighborohood, house won't sale, Forclosure? Posted by jennifer on January 28, 2003 at 15:15:51:

      just out of curiosity, where are you located?

      : (1)

      • Posted by jennifer on January 30, 2003 at 15:14:52:

        In Reply to: Re: Want out of neighborohood, house won't sale, Forclosure? Posted by tony on January 30, 2003 at 07:20:16:

        : just out of curiosity, where are you located?

        I live in Ellenboro NC

        : (0)

    • Posted by Reinstatement Services, Inc. on January 28, 2003 at 15:48:59:

      In Reply to: Want out of neighborohood, house won't sale, Forclosure? Posted by jennifer on January 28, 2003 at 15:15:51:

      The state that your property is located in will have a huge affect on what collection approaches your lender might take if a forced sale does not produce enough to cover the outstanding debt.

      Have you considered offering a deed-in-lieu?

    • Default and Foreclosure Solutions


    : (2)

    • Posted by jennifer on January 28, 2003 at 16:34:27:

      In Reply to: SSafety first! Posted by Reinstatement Services, Inc. on January 28, 2003 at 15:48:59:

      : The state that your property is located in will have a huge affect on what collection approaches your lender might take if a forced sale does not produce enough to cover the outstanding debt.

      : Have you considered offering a deed-in-lieu?

      What is a deed-in-lieu?

      : (1)

      • Posted by Reinstatement Services, Inc. on January 28, 2003 at 19:16:21:

        In Reply to: Re: SSafety first! Posted by jennifer on January 28, 2003 at 16:34:27:

        A deed-in-lieu is secured from your lender through the process of petitioning your lender to accept the deed to the property out right in exchange for your being able to walk away from the property without any further financial liability.

        In essence, you're getting your lender to take ownership of the property in exchange for your 'freedom'.

        Its worth a shot although you must be prepared to present your lender with a definite hardship that precludes you from being able to continue to honor the terms set forth in the mortgage agreement.

        It is much better than foreclosure but will also have an impact on your credit.

      • Default and Foreclosure Solutions


      : (0)

  • Posted by J. Rice on January 28, 2003 at 14:53:46:

    My wife's ex-husband has decided to declare bankruptcy, and we are worried because even though he filed a quit-claim deed his name is still on the mortgage. The mortgage payments have not been late for more than 5 years, could the bank see the ex filing bankruptcy and demand payment in full of the mortgage or make us face foreclosure?

    : (1)

    • Posted by Reinstatement Services, Inc. on January 28, 2003 at 15:45:34:

      In Reply to: Can a bank foreclose while loan is current? Posted by J. Rice on January 28, 2003 at 14:53:46:

      to consult with a bankruptcy attorney to have outlined the exposure your wife faces as a result of the impending bankruptcy filing.

      Generally speaking, however, although the bankruptcy process will definitely be disruptive, if you continue to put aside your regular monthly payment [including late fees and bankruptcy fees] until such time as the bankruptcy is discharged/dismissed, then you should experience minimal threat.

    • Default and Foreclosure Mediation


    : (0)

  • Posted by dwarne on January 28, 2003 at 13:47:45:

    Not long after my bankruptcy case was filed, my mortgage company put myhome in forclosure. When I did talk to the mortgages foreclosure trustee,he didn't know about the bankruptcy until after he filed the foreclosure. Sothen he told me the foreclosure is invalid because of the bankruptcy.Now guess what, the mortgage company wants to amend to my bankruptcyplan to include the foreclosure fees for me to pay when they were the onesthat should not even have taken my property to foreclosure. I should nothave to pay those fees right?

    : (0)

  • Posted by Donna M. Blake on January 28, 2003 at 12:39:06:

    how long do I have before I have to get out?

    : (3)

    • Posted by Sandra on February 08, 2003 at 23:40:09:

      In Reply to: house being auctioned on 2/11/03 Posted by Donna M. Blake on January 28, 2003 at 12:39:06:

      What state are you in? There are people who can help.



      : (0)

    • Posted by someone on January 30, 2003 at 21:58:08:

      In Reply to: house being auctioned on 2/11/03 Posted by Donna M. Blake on January 28, 2003 at 12:39:06:

      can't answer that coz i know didly squat, but what i do know is you probably need to mention what state you are from as laws vary.



      : (0)

    • Posted by Donna M. Blake on January 28, 2003 at 12:45:19:

      In Reply to: house being auctioned on 2/11/03 Posted by Donna M. Blake on January 28, 2003 at 12:39:06:

      : how long do I have before I have to get out?



      : (0)

  • Posted by Tony on January 28, 2003 at 02:12:08:

    We have access to the filings for all 5 of the Chicago area counties. We sell this data for $15.00 per week. This weeks report has 1092 in it. In it you will find Street AddressOwners Name Service address if differentForeclosing lenderLenders Atty & Phone #Orig loan AmountYear loan was originatedType (FHA,CNV)Document #Balance DuePer Diem InterestDate of Bal CalculationCase #Prior MortgagesSale date if set (20% + or - have sale dates)County Property ID # We send this data out each Monday, either by Fax or US mail. Feel free to contact me

    Tony

    : (0)

  • Posted by Rajesh Raman on January 27, 2003 at 21:04:03:

    I have a gem of an opportunity. The profit margin is approx $200 after fixup.

    Serious investors only. Please be ready to move quickly. Please be ready to put in 100% for purchase and fixup in return for 50-50 split of profit. I take care of everything else, including inspections, escrow, fixup, marketing etc.

    : (4)

    • Posted by someone on January 28, 2003 at 22:30:21:

      In Reply to: $200K profit in Single Family Home - Investors wanted Posted by Rajesh Raman on January 27, 2003 at 21:04:03:

      : I have a gem of an opportunity. The profit margin is approx $200 after fixup.

      : Serious investors only. Please be ready to move quickly. Please be ready to put in 100% for purchase and fixup in return for 50-50 split of profit. I take care of everything else, including inspections, escrow, fixup, marketing etc.



      Don't you think it would help if you mentioned what state you were in, how much was needed, etc?

      : (0)

    • Posted by Nagi Elsewaissi on January 28, 2003 at 01:11:34:

      In Reply to: $200K profit in Single Family Home - Investors wanted Posted by Rajesh Raman on January 27, 2003 at 21:04:03:

      : I have a gem of an opportunity. The profit margin is approx $200 after fixup.

      : Serious investors only. Please be ready to move quickly. Please be ready to put in 100% for purchase and fixup in return for 50-50 split of profit. I take care of everything else, including inspections, escrow, fixup, marketing etc.

      Please e-mail me the details

      : (2)

      • Posted by Sunil Kumria on February 03, 2003 at 22:10:16:

        In Reply to: Re: $200K profit in Single Family Home - Investors wanted Posted by Nagi Elsewaissi on January 28, 2003 at 01:11:34:

        : : I have a gem of an opportunity. The profit margin is approx $200 after fixup.

        : : Serious investors only. Please be ready to move quickly. Please be ready to put in 100% for purchase and fixup in return for 50-50 split of profit. I take care of everything else, including inspections, escrow, fixup, marketing etc.

        Hi Rajesh, Send me the details.....we can go from there.

        Thanks

        Sunil



        : (1)

        • Posted by Sandra on February 08, 2003 at 23:41:26:

          In Reply to: Re: $200K profit in Single Family Home - Investors wanted Posted by Sunil Kumria on February 03, 2003 at 22:10:16:

          Where is the property?

          : (0)

  • Posted by Alex Johnson on January 27, 2003 at 20:04:26:

    I owed abdout 6500 in association dues at my town home complex. The association is putting a foreclosure on my property. How can I avoid this? I am trying ti get into a payment arrangement with the association.Thank you.

    : (1)

    • Posted by Sunny on February 03, 2003 at 22:12:20:

      In Reply to: Avoiding Foreclusure Posted by Alex Johnson on January 27, 2003 at 20:04:26:

      : I owed abdout 6500 in association dues at my town home complex. The association is putting a foreclosure on my property. How can I avoid this? I am trying ti get into a payment arrangement with the association.: Thank you.

      I know 2 companies who can help you to avoid foreclosure. There is no cost or obligation for free consultation. Email me.

      : (0)

  • Posted by John on January 27, 2003 at 17:05:21:

    Here's the situation. I agreed to give the house to the wife in the divorce. She agreed to pay the outstanding Home Equity Loan. The balance is $40,000. She has paid nothing and the bank is starting foreclosure proceedings. The house remains in both names with the court order that my name comes off when the Home Equity is paid off. The loan hasn't been paid, the house is in both names. I know there is an ulterior motive here, but I can't figure out what it is. My credit is already down the tubes because of this, so it can't be that. The Home Equity hasn't been paid for two years and they have made no threats to garnish my pay. So what's her game, I can't figure out why someone would intentionally want to lose a $300,000 home. Anyone?

    : (5)

    • Posted by Bill H on January 27, 2003 at 20:56:00:

      In Reply to: Puzzled Posted by John on January 27, 2003 at 17:05:21:

      : Here's the situation. I agreed to give the house to the wife in the divorce. She agreed to pay the outstanding Home Equity Loan. The balance is $40,000. She has paid nothing and the bank is starting foreclosure proceedings. The house remains in both names with the court order that my name comes off when the Home Equity is paid off. The loan hasn't been paid, the house is in both names. I know there is an ulterior motive here, but I can't figure out what it is. My credit is already down the tubes because of this, so it can't be that. The Home Equity hasn't been paid for two years and they have made no threats to garnish my pay. So what's her game, I can't figure out why someone would intentionally want to lose a $300,000 home. Anyone?

      Hell hath no fury compared to that of a woman scorned.





      : (0)

    • Posted by Reinstatement Services, Inc. on January 27, 2003 at 19:27:49:

      In Reply to: Puzzled Posted by John on January 27, 2003 at 17:05:21:

      Perhaps she's counting on you to bail her out.

      Which wouldn't be a bad thing...perhaps you can get her [as a condition of bailout], to sign over a quit claim.

      Just a little food for thought.

    • Default and Foreclosure Mediation


    : (3)

    • Posted by John on January 27, 2003 at 22:33:41:

      In Reply to: Perhaps she knows she's not going to lose it... Posted by Reinstatement Services, Inc. on January 27, 2003 at 19:27:49:

      This whole situation is very odd. During the two years I waited for the divorce, I paid every bill for the house plus child support, so she was able to keep her whole salary. She made a point of insisting to be responsible for the Home Equity Loan, but has never made a payment. I highly doubt she'd ever sign the house over to me in a quit claim. She also got a $200,000 cash settlement at the time of the divorce, so I'm not sure why the $40,000 wasn't paid for the Home Equity. I know there's a method to her maddness and it will involve ruining me even more somehow, but I can't figure out what. Like I said, my credit is already in the toilet. The loan is two years delinquent and my pay has never been garnished, so I can't figure out what she has up her sleeve. I've been calling my lawyer for weeks and have received no response from him, so he's been no help either. At this stage of the game, I dread having to hire a new lawyer, but it may come to that.

      : (2)

      • Posted by Reinstatement Services, Inc. on January 28, 2003 at 01:21:41:

        In Reply to: Re: Perhaps she knows she's not going to lose it... Posted by John on January 27, 2003 at 22:33:41:

        and being a personality that likes 'control' I know first hand how difficult it is when you don't know when the next shoe will drop.

        Best thing for you is to have a number of contingencies in place after you go over what might possibly be a worst case scenario analysis.

        On this end, knowing which state the property is located in might help in isolating possible exposure you might face should a foreclosure be on the horizon.

        Finally, a new attorney is in order. Remember, you shouldn't allow yourself to be put in a position where you have to beg someone to take your money.

      • Default and Foreclosure Mediation


      : (1)

      • Posted by John on January 28, 2003 at 01:45:18:

        In Reply to: I feel your pain, John... Posted by Reinstatement Services, Inc. on January 28, 2003 at 01:21:41:

        I am in New York State. I also have a consultation lined up with a different attorney. I've already paid my attorney in excess of $30,000 over the last two years. I still owe him, but am making installments since the only thing I have left from this divorce are my clothes and part of my weekly paycheck. I gave up everything just to be free and start a new life. But with this foreclosure hanging over my head, I can't help but wonder what's next. I can't imagine she would lose the house and leave the kids with no home. Something isn't right. And I have never received anything from the bank in the past two years, that's not to say it wasn't mailed to the house and thrown in the garbage even though I had given the bank my new address. I only found out about the foreclosure two days ago because my attorney sent me paperwork to sign to house over to her, but I was concerned the Home Equity wasn't paid yet, so I called the bank. Wasn't I surprised when they told me my lawyer had called a month ago and knew this. Kind of makes me wonder who he's working for. Just talking about this has helped and the feedback has been encouraging.

        : (0)

  • Posted by cliff on January 26, 2003 at 20:47:11:

    I am nearing a resolution with American Savings Bank, FSB, of Honolulu, Hawaii in re-instating a mortgage note I co-signed with my parent and brother in Kapolei, HI in November 1995. The title of the property has all three names with 1/3 share on the deed.

    I accepted American Savings Bank, FSB, proposal with the following:

    1. $3000.00 downpayment due upon signing2. The new loan balance is $137K after recapitalization of past dues plus attorney fees and costs less $3,000.00 down payment. The original balance is $116K.3. The life of the note remains at 22 years (275 months)4. The interest rate is 7.375% since inception5. The new P&I plus escrow impound is $1094.96. The original monthly payment is $914.006. I paid $9,000 to the AOAO Pae Ko Gardens property manager to release the lien to the property.

    Since the deal is not final, I would like to ask for any assistance in negotiating with the lender to reduce the interest rate from 7.375% to 6.00%. I told the ASB if the rate reduction is approved, I will not seek refinancing in the future. In addition, I did not incur the delinquents. My mom incurred the delinquents, and I am trying to save the property. Moreover, I will make this property as my primary resident, and I will rent my other property (in good standing). This will generate rental income. I also told Anson Pang, collections manager, that I will maintain my loyalty by refinancing my other property with ASB when it becomes available in October 1, 2003. Again, Mr. Pang rejected my requests several times.

    Any assistance will be greatly appreciated.

    Aloha,Cliff

    : (0)

  • Posted by John on January 26, 2003 at 19:15:06:

    Need advice on how/what to offer an owner in foreclosure who has no equity built up – how do I approach him to make it attractive?

    If you need further details please contact me as the sale is mid February and it has huge profit potential.

    Thank you in advance,john

    : (0)

  • Posted by Larry on January 26, 2003 at 16:43:12:

    What defines a foreclosure on a home? When does the process end and the foreclosure Status begins?

    : (1)

    • Posted by Bill H on January 26, 2003 at 18:53:48:

      In Reply to: foreclosure Status Posted by Larry on January 26, 2003 at 16:43:12:

      : What defines a foreclosure on a home? When does the process end and the foreclosure Status begins?

      Larry:

      Do not know where you are, so in general:

      Foreclosure is the process by which the lender takes possession of the collateral, the real property, (Automobiles and personal property are reppossessed) securing the loan that is not being paid.

      It normally starts when you miss from one to six payments, depending on the lender.

      The time it takes depends on the state in which you live. From a few weeks to several months.

      First you will receive a registered return receipt letter saying that you are in default, not making payments, etc.

      Then the notice may be recorded in the courthouse records or published in a newspaper of general circulation in the county in which the property is located.

      After a length of timed, again determined by where you live, the property will be posted with a notice of sale and you will receive a notice of sale.

      Again, after a length of time, the property will be sold at public auction at a time and place stated in the posted notice and the letter to you.

      After the sale, if there is no redemption period, you will be notified by the new owner to vacate the property.

      If there is a redemption period, you will be notified that you have XXX number of days to pay it off and get it back. Failing to do so, it goes to the purchaser at the trustee sale. Good Luck -- God Bless

      Bill H

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  • Posted by Sherry on January 26, 2003 at 16:19:29:

    Our house was auctioned on Thursday, 1/23/03 at 5 pm, I'm assuming it was sold. How long do I have to vacate the property, I haven't received any notice telling me to leave yet. I live in the state of Virginia.

    : (1)

    • Posted by Donna M. Blake on January 28, 2003 at 12:36:52:

      In Reply to: House has been auctioned how long do I have to get out? Posted by Sherry on January 26, 2003 at 16:19:29:

      : Our house was auctioned on Thursday, 1/23/03 at 5 pm, I'm assuming it was sold. How long do I have to vacate the property, I haven't received any notice telling me to leave yet. I live in the state of Virginia.



      : (0)

  • Posted by Angie on January 26, 2003 at 01:49:48:

    Can anyone tell me the best way to contact owners of homes that are in early preforeclosures? Local attorneys? Does the paper usually list them as public notices?Thanks

    : (1)

    • Posted by johlweiler on January 26, 2003 at 03:23:51:

      In Reply to: preforeclosures - texas, denton county Posted by Angie on January 26, 2003 at 01:49:48:

      Angie:

      I have dealt with Denton Co. a couple of years ago. In Texas the postings are 21 days prior to the sale. I can't remember the street but it is the courthouse west of downtown. They are posted on the wall. Or you can get the foreclosure list (see the URL's home page)--Foreclosure Listing Service. Also in that same building you can do the Title search and/or look up the note. If you wait too long, the owners have had quiet a few investors trying to buy their properties and are quite grumpy. Don't get discouraged.James

      : Can anyone tell me the best way to contact owners of homes that are in early preforeclosures? Local attorneys? Does the paper usually list them as public notices?: Thanks



      : (0)

  • Posted by Amy on January 26, 2003 at 01:24:46:

    We were going to have to foreclose January 7th and I hired a forclosure specialist who got our amount owed, in time to stop the sale, from the total of $10,000 upfront to $6600 upfront and $400 per month for 3 more months. We paid the $6600 and I have made one repayment and have 2 to go. What are the chances of being able to refinance while in this repayment plan?? Our interest rate is very high.... 11% and we are paying extra to catch our escrow up. Original mortgage $990 with $460 in escrow, back escrow and insurance. We are 3 years into our mortgage and had some medical issues with our 3 yr old (and bad advice that we don't have to make a payment in Oct while trying to refinance originally in Oct which the guy dropped the ball on) that put us behind. Thanks for any advice.

    : (1)

    • Posted by njdave on January 26, 2003 at 13:52:39:

      In Reply to: Can we refinance while in forclosure status? Posted by Amy on January 26, 2003 at 01:24:46:

      In theory, and if qualified, you could refinance your mortgage loan. In practice, however, that's unlikely unless you have substantial equity (at least 30%).

      You think that 11% interest is too high? That'll be the lowest rate you see for awhile.

      I suggest that you keep making payments. Then, after your loan is current and you've made at least 12 consecutive, timely monthly payments.... explore refinance options.

      If you can't hang on and afford the monthly payments... then you should seriously consider selling the house. After all, it's just a house. Stix and Bricks. Life is too short to get hung up on material possessions. The American Indians had the right idea.

      In America, the people who need cheap money the most have the least access to it.

      : (0)

  • Posted by Angela on January 25, 2003 at 16:35:41:

    I am current on all payments and never been late, however I need to move out of state and have not been able to sell my home, It has been listed almost a year. If I sell I will owe an additional $11,000. above the sell price. How will this affect my credit? And for how long? What will hapen if I get married will this transfer to his credit also? I have no equity and am not worried about that. Thank You.

    : (0)

  • Posted by Trina on January 24, 2003 at 23:32:14:

    Can anyone tell me how to get the mortgage company/banks to send me their REO property lists?

    : (1)

    • Posted by cjs on January 25, 2003 at 00:45:42:

      In Reply to: New to the business Posted by Trina on January 24, 2003 at 23:32:14:

      : Can anyone tell me how to get the mortgage company/banks to send me their REO property lists?:

      SIMPLE --- Why not ask them?

      : (0)

  • Posted by Pam on January 24, 2003 at 14:51:20:

    We are on a repayment plan to save our house from foreclosure. We didn't qualify for anything else and really don't qualify for the extra $500/month we have to pay, but we wanted to stay in the house. So, we now have a monthly payment of $2200. I filled out an app online to see if we could qualify for any type of refinancing to get that payment down. Well, our credit is the lowest is can be and we can't do that. The broker touched base with an investor who has offered to purchase the house from us, keep 10% equity in it for us, we would lease it from him for a little less than our normal mtg payment, and then have the option to purchase it when we were ready. Does anyone know anything about this? We had come to the conclusion that we would sell because we just can't afford it, but my dh built it and we really love it. I'm just wondering if this is legit or if it's a scam. Please help! Thanks!

    : (0)

  • Posted by annbird on January 24, 2003 at 14:35:28:

    Iam THREE months pregnant and I HAVE three kids and live in a foreclosure house that the bank attorney is trying to evict me.THE question I am asking is their anything I can do about the situation

    : (2)

    • Posted by Heidi on January 26, 2003 at 03:18:32:

      In Reply to: what can I do about a foreclousure house that I living in Posted by annbird on January 24, 2003 at 14:35:28:

      Ann, I wrote you an email.

      : (0)

    • Posted by anniebird on January 24, 2003 at 14:38:19:

      In Reply to: what can I do about a foreclousure house that I living in Posted by annbird on January 24, 2003 at 14:35:28:

      : Iam THREE months pregnant and I HAVE three kids and live in a foreclosure house that the bank attorney is trying to evict me.THE question I am asking is their anything I can do about the situation



      : (0)

  • Posted by Mark on January 24, 2003 at 13:12:14:

    Within the last past 18th months I was laid off 3 times. I am also in the Air National Guard. After September 11th I was put on Active Duty for a year and was stationed at a local area base. With all of the above combination I was forced to filed chapter 7 Bankrupcy. To save money we filed ourselves. I was unable to house payments for 9 months. The bank is starting to foreclose on my property. We owe 203,0000 on the loan and we have a second mortgage on the house for 61,000...bad mistake. I would of listed the house up for sale a year ago when this happened, however our house had structure problems. After threatening the builder with attorneys, we were able to get most of the problem resolved. I am now free to list my property. I plan to list the home at 284,000. Most models on our block have sold from 260,000 to 289,0000. We have lots of upgrades and the best landscaping on the block. My court date with the 1st mortgage company is February 7th. I am also protected by the soldiers and sailors act because I have recently been deployed for a year overseas to the middle east. My wife and kids are still living in our home. What happens to the second mortage company since we filed chapter 7? Are we still obligated to repay the second mortgage? I believe that our house will sell for 279,000. Are we able to keep any profits when the first mortgage is paid? What about requesting short-sale from the mortgage companies? The foreclosiong mortgage company recently sent a VA appraiser at our home to appraise our home. Does my wife need to put the house on the market before she goes to court on February 7th and should she get an attorney? The 1st morgage is a VA loan and both mortgages were included in our chapter 7 bankrupcy. Please help need advice.....

    sign....overseas

    : (0)

  • Posted by Mark on January 24, 2003 at 13:09:29:

    Within the last past 18th months I was laid off 3 times. I am also in the Air National Guard. After September 11th I was put on Active Duty for a year and was stationed at a local area base. With all of the above combination I was forced to filed chapter 7 Bankrupcy. To save money we filed ourselves. I was unable to house payments for 9 months. The bank is starting to foreclose on my property. We owe 203,0000 on the loan and we have a second mortgage on the house for 61,000...bad mistake. I would of listed the house up for sale a year ago when this happened, however our house had structure problems. After threatening the builder with attorneys, we were able to get most of the problem resolved. I am now free to list my property. I plan to list the home at 284,000. Most models on our block have sold from 260,000 to 289,0000. We have lots of upgrades and the best landscaping on the block. My court date with the 1st mortgage company is February 7th. I am also protected by the soldiers and sailors act because I have recently been deployed for a year overseas to the middle east. My wife and kids are still living in our home. What happens to the second mortage company since we filed chapter 7? Are we still obligated to repay the second mortgage? I believe that our house will sell for 279,000. Are we able to keep any profits when the first mortgage is paid? What about requesting short-sale from the mortgage companies? The foreclosiong mortgage company recently sent a VA appraiser at our home to appraise our home. Does my wife need to put the house on the market before she goes to court on February 7th and should she get an attorney? The 1st morgage is a VA loan and both mortgages were included in our chapter 7 bankrupcy. Please help need advice.....

    sign....overseas

    : (0)

  • Posted by Jay on January 24, 2003 at 01:07:47:

    Home has already been sold in foreclosure. Eviction process started, have 30 days to leave. Washer, dryer and refrigerator came with home. Purchased 3 years ago. Do I get to take these with me, or do they have to stay?

    : (1)

    • Posted by Jim V on January 24, 2003 at 03:07:05:

      In Reply to: What items can I keep? Posted by Jay on January 24, 2003 at 01:07:47:

      : Home has already been sold in foreclosure. Eviction process started, have 30 days to leave. Washer, dryer and refrigerator came with home. Purchased 3 years ago. Do I get to take these with me, or do they have to stay?

      Washers, dryers and refrigerators are usually considered personal property, not part of the real estate because they are not permanently attached to the real estate. You may take your personal property. The exception to that would be if any of those items were built-in type appliances.



      : (0)

  • Posted by Jim on January 23, 2003 at 23:12:23:

    A friend of mine was within a matter of days of being foreclosed on (state of MO) but then she filed for Ch. 13 bankruptcy protection. That was many months ago. Now she is getting ready to have her bankruptcy case dismissed because of inability to make regular payments due to loss of job. After her case is dismissed how long will it take for her mortgage company to foreclose on her again? Will the foreclosure process pick up where it left off (a matter of days until loss of property) or will the process have to be started all over again? How much time will I have if I want to purchase her house? Thank you very much for any info. you can give me

    : (1)

    • Posted by Jim V on January 24, 2003 at 03:02:01:

      In Reply to: Foreclosure & Ch. 13 Posted by Jim on January 23, 2003 at 23:12:23:

      : A friend of mine was within a matter of days of being foreclosed on (state of MO) but then she filed for Ch. 13 bankruptcy protection. That was many months ago. Now she is getting ready to have her bankruptcy case dismissed because of inability to make regular payments due to loss of job. After her case is dismissed how long will it take for her mortgage company to foreclose on her again? Will the foreclosure process pick up where it left off (a matter of days until loss of property) or will the process have to be started all over again? How much time will I have if I want to purchase her house? Thank you very much for any info. you can give me

      Chapter 13 will normally force the lender to suspend foreclosure action until the Chapter 13 payments have repaid all past due amounts. If the Chapter 13 payments are missed, the lender seeks relief from the stay and resumes the foreclosure action where they left off. I would expect fairly prompt action by the lender.

      : (0)

  • Posted by Kelly T on January 23, 2003 at 18:22:43:

    Our house went into foreclosure. It was sold on Dec. 16, 2002 at an auction. I was told by the attorney representing the mort. company that the bank bought the house back. How long until we get evicted? I asked the attorney this question, and they did not know. We live in Wilmington, NC.

    : (0)

  • Posted by Victor on January 23, 2003 at 15:21:14:

    Can anyone tell me where I can find/meet seasoned real estate investors? My company sells foreclosures throughout Chicago and suburbs. Many or the properties are still occupied or unlisted with no price. I need to find investors who want to make a deal before we list our properties on MLS...WHERE DO I LOOK? Is there a website? REO club? Thank you for your time!

    : (1)

    • Posted by jd53@attbi.com on January 25, 2003 at 01:51:08:

      In Reply to: Where do I Iook? Posted by Victor on January 23, 2003 at 15:21:14:

      : Can anyone tell me where I can find/meet seasoned real estate investors? My company sells foreclosures throughout Chicago and suburbs. Many or the properties are still occupied or unlisted with no price. I need to find investors who want to make a deal before we list our properties on MLS...WHERE DO I LOOK? Is there a website? REO club? Thank you for your time!

      I would like to discuss any deals you have.I purchase all types of properties in Chicago.I have programs to qualify home owners with damaged credit also. This may help increase your sales also.drop me a line or call meJoeJTM Investments847-571-0765

      : (0)

  • Posted by Edward Nolan (Ohio) on January 22, 2003 at 23:36:06:

    Hello everyone,

    Well, It's time I move on. I hope I have given everyone that reads this board answers to help them no matter the situation.

    The reason for me not posting to this board anymore is strictly a business decision that came from the owners of this board and myself. From my understanding, they did not like the fact of me advertising my site that gives away free links to many recorders online search sites. I guess it's a conflict due to this board promoting others that require you to pay for the info I give freely.

    I am not upset. I guess it will just fuel my drive to complete putting 50 independent forums on my site. One for each state.

    Sincerely,Ed (Ohio)

    : (0)

  • Posted by Landa on January 22, 2003 at 21:52:30:

    What does motion for relief from stay means.And what can I do about it?

    : (1)

    • Posted by Reinstatement Services, Inc. on January 23, 2003 at 11:41:20:

      In Reply to: Foreclosure Posted by Landa on January 22, 2003 at 21:52:30:

      One of the perks of filing bankruptcy is that under its protection collection processes/activities are [stayed] suspended/halted, for a time.

      A petition to the courts for relief from stay can be interpreted as a petition by a creditor to be granted the go ahead to continue collection activity.

      Hasn't your bankruptcy attorney explained this to you? If not, a call to him/her is definitely in order.

    • Default and Foreclosure Solutions


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  • Posted by James on January 22, 2003 at 05:26:40:

    I live in Ohio. I found a Condo I would like to buy at the local Sheriff's Auction. It's vacant. The Sheriff's website lists its appraisal at 73,000 and bidding starts at 2/3 that. I am going to the auction because I want a good deal, and want to save some money. I would probably bid as high as 60,000. If I go, and I am the highest bidder, pay the 60,000 cash for the property, is it then mine, or are there other hoops I would have to jump through? More importantly, are there any other hoops I would have to jump through that may cost me more then the 60,000 to own the property free and clear???

    Thanks,James

    : (1)

    • Posted by Ward-CA- on January 22, 2003 at 12:22:11:

      In Reply to: Buying @ Sheriff's Auction Posted by James on January 22, 2003 at 05:26:40:

      : I live in Ohio. I found a Condo I would like to buy at the local Sheriff's Auction. It's vacant. The Sheriff's website lists its appraisal at 73,000 and bidding starts at 2/3 that. I am going to the auction because I want a good deal, and want to save some money. I would probably bid as high as 60,000. If I go, and I am the highest bidder, pay the 60,000 cash for the property, is it then mine, or are there other hoops I would have to jump through? More importantly, are there any other hoops I would have to jump through that may cost me more then the 60,000 to own the property free and clear???

      : Thanks,: James==========James,

      Check with your County Tax Collector to determine if there are any delinquent property taxes. Whatever property taxes are owing will not be wiped off title by the pending auction. So if you're the winning bidder you will have to pay those delinquent property taxes.

      I would also check to see if there are any delinquent condo association dues and what their priorities are in Ohio.

      Hope this helps.

      : (0)

  • Posted by B.A. on January 22, 2003 at 02:55:04:

    I am to a point in our foreclosure proceedings where it went to court. I have not heard anything from anyone either mail or phone. When a sale date is posted will they contact me? I only went into foreclosure because the mortgage company doubled my mortgage amount and I continued to pay the old amount. The mortgage company would no longer accept my mortgage amount because the amount was not doubled. Now it went into foreclosure. The company said it was a different kind of situation. I am scared because no one has contacted me. What do I do? All of my other debts are not behind except for a 2nd mortgage who is now harrassing me. Should I file bankruptcy?? What do I do? I need advice.

    : (1)

    • Posted by PJ on January 23, 2003 at 17:19:50:

      In Reply to: I need advice please! Posted by B.A. on January 22, 2003 at 02:55:04:

      : I am to a point in our foreclosure proceedings where it went to court. I have not heard anything from anyone either mail or phone. When a sale date is posted will they contact me? I only went into foreclosure because the mortgage company doubled my mortgage amount and I continued to pay the old amount. The mortgage company would no longer accept my mortgage amount because the amount was not doubled. Now it went into foreclosure. The company said it was a different kind of situation. I am scared because no one has contacted me. What do I do? All of my other debts are not behind except for a 2nd mortgage who is now harrassing me. Should I file bankruptcy?? What do I do? I need advice.

      *********Don't be afraid to contact the attorney(s) that are working for the mortgage company. They will tell you if a sale date is set or not. They do usually contact you within a week or so of the judgement against you. Depending on the state you are in, the sale date is usually 30 after the judgement.

      If you're other bills are not behind, and you can afford to move, I wouldn't recommend filing bankruptcy. You might want to consider refinancing your home, or selling it so that a foreclosure doesn't ruin your credit also. But, if you are determined to keep your home and can't do a workout aggreement with your lender, a bankruptcy filing WILL stop foreclosure sales or proceedings. Good luck.



      : (0)

  • Posted by Whitey on January 21, 2003 at 21:05:44:

    I have an apartment in Downtown Denver that I have to get out of as soon as possible.

    Contact me at 303 475 4872

    : (0)

  • Posted by KAREN CARMAN on January 21, 2003 at 19:23:00:

    I LIVE IN CORPUS CHRISTI TEXAS, I HAVE TRIED TO GET OUT OF THIS FORECLOSURE, AFTER I PAID $5,000 IN OCTOBER I WAS TOLD MY PAYMENTS WOULD BE $2,000 A MONTH FOR THE NEXT THREE MONTHS (MY ORIGINAL PAYMENT WAS $700 A MONTH THEY WANTED MY INSURANCE AND TAXES IN ESCROW) I GIVE UP!!!! MY QUESTION IS HOW LONG DO I HAVE AFTER MY FORECLOSURE SALE OF MARCH 4, 2003 TO VACATE THE PREMESIS?

    : (2)

    • Posted by Reinstatement Services, Inc on January 22, 2003 at 13:50:28:

      In Reply to: FORECLOSURE Posted by KAREN CARMAN on January 21, 2003 at 19:23:00:

      then why not contact your lender's loss mit department for a more workable workout remedy?

      Based on the info you have provided it sounds like the collections department extended a repayment schedule that was unrealistic...

      Best to deal with this situation head on and bring resolution fast.

      Regarding time frame for eviction, typically the occupant is given a 3 day notice to vacate following recording of title. If the holdover tenant does not vacate accordingly then the process of eviction by filing a suit is conducted. In this instance, 'how much time' becomes a factor of how long it takes for your lender to petition the court and have a final judgement entered.

      Because your state allows for a deficiency judgment should the forced sale of the property not produce enough to cover the debt, it becomes even more important for you to bring closure to this matter outside of foreclosure.

    • Default and Foreclosure Solutions


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  • Posted by Edward Nolan (Ohio) on January 21, 2003 at 23:37:52:

    In Reply to: FORECLOSURE Posted by KAREN CARMAN on January 21, 2003 at 19:23:00:

    Karen Hi,

    To answer your question of when you need to vacate, it's usually the same day of the sale by the sheriff.

    But listen. Why don't you go to my site and spell out your situation in detail so everyone who searches the database in your area can see it and possably help you before the sale.

    Just go to the URL below and select your state.

    http://igloos.hypermart.net

    Ed

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  • Posted by STEVEN REED on January 21, 2003 at 16:01:52:

    HOW DO I GET INFORMATION ON FORECLOSER HOMES OR SHERIFFS SALES IN LICKING COUNTY, OHIO OR NEWARK, OHIO 43055?

    : (4)




    • Posted by FORECLOSER HOMES OR SHERIFFS SALES IN LICKING COUNTY, OHIO OR NEWARK, OHIO 43055?

      : (0)




    • Posted by STEVEN REED on January 21, 2003 at 16:01:52:

      : HOW DO I GET INFORMATION ON FORECLOSER HOMES OR SHERIFFS SALES IN LICKING COUNTY, OHIO OR NEWARK, OHIO 43055?

      : (0)




    • Posted by STEVEN REED on January 21, 2003 at 16:01:52:

      : HOW DO I GET INFORMATION ON FORECLOSER HOMES OR SHERIFFS SALES IN ocean county, NJ : (0)

    • Posted by STEVEN REED on January 21, 2003 at 16:04:10:

      In Reply to: BUYING FORECLOSER HOMES Posted by STEVEN REED on January 21, 2003 at 16:01:52:

      : HOW DO I GET INFORMATION ON FORECLOSER HOMES OR SHERIFFS SALES IN LICKING COUNTY, OHIO OR NEWARK, OHIO 43055?



      : (0)

  • Posted by adam on January 21, 2003 at 14:36:17:

    My house is in forclosure, my ? is how long do i have to get out of it? is there a certain time limit that the bank has to give us notice before they kick us out ? thank you for your help

    : (1)

    • Posted by Bill H on January 21, 2003 at 17:28:58:

      In Reply to: how long ? Posted by adam on January 21, 2003 at 14:36:17:

      : My house is in forclosure, my ? is how long do i have to get out of it? is there a certain time limit that the bank has to give us notice before they kick us out ? thank you for your help

      The foreclosure process and time allowed to vacate varies from state to state. Where are you?

      : (0)

  • Posted by Steve on January 21, 2003 at 02:26:30:

    I am so confused as to what I should do. I spoke with Loss Mit today and we worked out a repayment of approx $3,000 to be paid by this Friday and $1,700 per month for four months. This would make my loan current.

    I believe that we can do this although it will be very difficult. My wife and I are wanting to file a BK chapter 7 because we have quite a few medical and personal debts that we continue to be behind on. What we are wondering is if we file the Chapter 7 and we are in the middle of a repay negotiation can the lender break that agreement if I keep my end of the bargain through the BK? Do they have to let me keep my home in a BK if I tell the court that I only want to reaffirm the home and the car?

    What I don’t want to do is send them $3,000 by Friday and another $1700 30 days later for two or three months only to have them tell me thank you for the money but we are not letting you keep your home.

    One of the options that we had thought we could do is declare the BK, keep the cash , let them have the home, and then find an owner carry or try to work on financing another home mortgage in two or three years.

    I need advice quickly because once I send them the $3000 I can not ask for it back.

    : (4)

    • Posted by Jim on January 23, 2003 at 23:20:46:

      In Reply to: foreclosure this Friday! Help Posted by Steve on January 21, 2003 at 02:26:30:

      A friend of mine filed Ch. 13 bankruptcy protection and they had to stop the foreclosure.

      : I am so confused as to what I should do. I spoke with Loss Mit today and we worked out a repayment of approx $3,000 to be paid by this Friday and $1,700 per month for four months. This would make my loan current.

      : I believe that we can do this although it will be very difficult. My wife and I are wanting to file a BK chapter 7 because we have quite a few medical and personal debts that we continue to be behind on. What we are wondering is if we file the Chapter 7 and we are in the middle of a repay negotiation can the lender break that agreement if I keep my end of the bargain through the BK? Do they have to let me keep my home in a BK if I tell the court that I only want to reaffirm the home and the car?

      : What I don?t want to do is send them $3,000 by Friday and another $1700 30 days later for two or three months only to have them tell me thank you for the money but we are not letting you keep your home.

      : One of the options that we had thought we could do is declare the BK, keep the cash , let them have the home, and then find an owner carry or try to work on financing another home mortgage in two or three years.

      : I need advice quickly because once I send them the $3000 I can not ask for it back.

      : (0)

    • Posted by PJ on January 23, 2003 at 17:27:56:

      In Reply to: foreclosure this Friday! Help Posted by Steve on January 21, 2003 at 02:26:30:



      I would seek out a bankruptcy attorney BEFORE you send the $3000.

      Is the sale date on Friday, or proceedings begin on Friday?

      The lender usually won't break the agreement until you do. If you do keep your end of the bargain and send the $3000.00 and keep paying the $1700.00, it should be fine, and if you are capable of doing so, I would do it instead of filing for bankruptcy. If you other bills are so much a month that it is overwhelming, you should consider bankruptcy.



      : I am so confused as to what I should do. I spoke with Loss Mit today and we worked out a repayment of approx $3,000 to be paid by this Friday and $1,700 per month for four months. This would make my loan current.

      : I believe that we can do this although it will be very difficult. My wife and I are wanting to file a BK chapter 7 because we have quite a few medical and personal debts that we continue to be behind on. What we are wondering is if we file the Chapter 7 and we are in the middle of a repay negotiation can the lender break that agreement if I keep my end of the bargain through the BK? Do they have to let me keep my home in a BK if I tell the court that I only want to reaffirm the home and the car?

      : What I don’t want to do is send them $3,000 by Friday and another $1700 30 days later for two or three months only to have them tell me thank you for the money but we are not letting you keep your home.

      : One of the options that we had thought we could do is declare the BK, keep the cash , let them have the home, and then find an owner carry or try to work on financing another home mortgage in two or three years.

      : I need advice quickly because once I send them the $3000 I can not ask for it back.



      : (0)

    • Posted by Reinstatement Services, Inc. on January 21, 2003 at 12:54:48:

      In Reply to: foreclosure this Friday! Help Posted by Steve on January 21, 2003 at 02:26:30:

      : I am so confused as to what I should do. I spoke with Loss Mit today and we worked out a repayment of approx $3,000 to be paid by this Friday and $1,700 per month for four months. This would make my loan current.

      : I believe that we can do this although it will be very difficult. My wife and I are wanting to file a BK chapter 7 because we have quite a few medical and personal debts that we continue to be behind on. What we are wondering is if we file the Chapter 7 and we are in the middle of a repay negotiation can the lender break that agreement if I keep my end of the bargain through the BK? Do they have to let me keep my home in a BK if I tell the court that I only want to reaffirm the home and the car?

      : What I don’t want to do is send them $3,000 by Friday and another $1700 30 days later for two or three months only to have them tell me thank you for the money but we are not letting you keep your home.

      : One of the options that we had thought we could do is declare the BK, keep the cash , let them have the home, and then find an owner carry or try to work on financing another home mortgage in two or three years.

      : I need advice quickly because once I send them the $3000 I can not ask for it back.



      : (0)

    • Posted by Lisa on January 21, 2003 at 12:14:31:

      In Reply to: foreclosure this Friday! Help Posted by Steve on January 21, 2003 at 02:26:30:

      Steve,

      You have a few choices here.

      1. Continue with the repayment plan, and after it is complete file the chap 7. If you file during the repayment plan you could mess up that plan. Although it is possible to keep the home outside of chat 7 ( you are allowed to keep the porperty, but you must declare it and the debt).You are allowed to reafirm the house and the car. Your attorney will advise you on that.

      And of couse you can file a chap 7 and allow them to keep the house, I would file as close to the sale date as posible and just hoard $ for when it comes time to move.

      You can also work with a seller and do a lease purchase or owner finace plan with someone in your area. These sellers are usually flexable with people with credit problems

      Hope that helps

      Lisawww.absassociates.citymax.com

      : (0)

  • Posted by GP on January 21, 2003 at 02:20:07:

    After several months of unsucceful attempts to sell my home (Illinois), it will be auctioned off this week. What happens now?

    1. The lender rejected several offers we received on the property during the last 6 months. We owe approx $100K with back taxes, fees, and principal. The lender rejected offers in the mid $80s. Can we be held liable for a greater amount if, for example, the house auctions for $70K?2. The property is vacant, but we still have some personal property stored there. Does this need to be cleared out before the auction?3. What happens if the property doesn't sell at auction? I have planned to have all of the utilities disconnected and insurance cancelled the day after the auction, but i don't want to be liable if a pipe freezes or some other disaster.

    Thanks.Greg

    : (3)

    • Posted by Lisa on January 21, 2003 at 12:02:28:

      In Reply to: My forclosed property is being auctioned this week. What now Posted by GP on January 21, 2003 at 02:20:07:

      I thought I put the link in the follow up, opps!

      Here you go

      : (1)

      • Posted by GP on January 22, 2003 at 01:13:37:

        In Reply to: opps Posted by Lisa on January 21, 2003 at 12:02:28:

        : I thought I put the link in the follow up, opps!

        : Here you go

        So what's the link?



        : (0)

    • Posted by Lisa on January 21, 2003 at 11:57:59:

      In Reply to: My forclosed property is being auctioned this week. What now Posted by GP on January 21, 2003 at 02:20:07:

      1.Yes, you may be held liable if the house sells for lesser value. THEY MAY do a deficiency judgement or send you a 1099.

      2. Yes, we recommend removing your property before the auction. Although there will be confirmation sale hearing after the sale at which time the ownership will change. It could be approximately one week later.

      3. I do not recommend canceling the utilities prior to the auction...you are still the owner and can be held liable. Afther the auction when ownership changes.

      Our company is located in the Chicago area and has a website that answers your questions. Check it out and contact us if you have any further questions.



      : (0)

  • Posted by Steve on January 21, 2003 at 01:57:29:

    I am fairly new to the REI world and looking to find the best way to invest with no money down. My credit was good last year, but has suffered lately. Thinking of doing "subject to" deals via preforeclosures and finding HML's to flip properties. Looking to the pros to see if I am going in the right direction. thanks

    : (2)

  • Posted by Derek on January 21, 2003 at 01:30:26:

    I would greatly appreciate any help that you could give. I am interested in short sales and would like to invest in a course. book on how to do them. Does anyone have any recommendations?Thanks!Derek

    : (0)

  • Posted by Will on January 20, 2003 at 23:33:34:

    what's the procedure in getting tennants out from a foeclosed property ? what if after serving notice they don't leave ?

    Also with regards to getting property insurance after the trustee sales - how soon can this be doneThanks -WD

    : (0)

  • Posted by Tommy on January 20, 2003 at 15:27:22:

    Iknow some people that has a s/f home they can no longer aford due to job cutbacks, they just want to get out from under mortage before foreclosure starts. house is worth 85000 they they owe 68000 they have trailer they own.their note on s/f is 750.00 mo.

    : (1)

    • Posted by Tommy on January 20, 2003 at 15:29:12:

      In Reply to: can this be a money making.. deal... Posted by Tommy on January 20, 2003 at 15:27:22:

      : Iknow some people that has a s/f home they can no longer aford due to job cutbacks, they just want to get out from under mortage before foreclosure starts. house is worth 85000 they they owe 68000 they have trailer they own.their note on s/f is 750.00 mo.



      : (0)

  • Posted by SONYA on January 20, 2003 at 15:23:28:

    I AM INTERESTED IN PURCHASING A HOUSE THAT IS A FORECLOSER. THE BANK IS ASKING TOO MUCH FOR THIS HOUSE.THIS HOUSE NEEDS REPAIRS. WHAT CAN I DO?

    : (1)

    • Posted by IB (NJ) on January 30, 2003 at 13:44:27:

      In Reply to: FORECLOSURES Posted by SONYA on January 20, 2003 at 15:23:28:

      Submit an offer of what you think the house is worth (actually submit about $10k less and hope the bank counter offers).

      : I AM INTERESTED IN PURCHASING A HOUSE THAT IS A FORECLOSER. THE BANK IS ASKING TOO MUCH FOR THIS HOUSE.: THIS HOUSE NEEDS REPAIRS. WHAT CAN I DO?



      : (0)

  • Posted by Tommy on January 20, 2003 at 15:05:44:

    i joint venture with afriend of mines we bought this s/f home from a realestate co. we paid 7000 apiece for property including fix-up. house is worth 55000.heard a lot mortage co. not wanting to finace if not season. can anyone help me.

    : (1)

    • Posted by JTM Investments on January 30, 2003 at 03:33:16:

      In Reply to: owners need cash fast..... Posted by Tommy on January 20, 2003 at 15:05:44:

      : i joint venture with afriend of mines we bought this s/f home from a realestate co. we paid 7000 apiece for property including fix-up. house is worth 55000.heard a lot mortage co. not wanting to finace if not season. can anyone help me.

      I can arrange for no seasoned loans nationwide.Plese contact me.JoeJTM Investments847-935-6026847-571-0765 cell

      : (0)

  • Posted by Chris Godreau on January 20, 2003 at 12:28:34:

    What sites offer the most comprehensive info on COMPARABLES in the NE Florida area?

    : (1)

    • Posted by scinv on January 28, 2003 at 20:25:28:

      In Reply to: What site offers the most comprehensive info on COMPARABLES? Posted by Chris Godreau on January 20, 2003 at 12:28:34:

      : What sites offer the most comprehensive info on COMPARABLES in the NE Florida area?

      try homeradar.com

      : (0)

  • Posted by Brent T. Lewis on January 20, 2003 at 11:31:50:

    I forgot to add the following info. with my question: We live in Columbia, South Carolina and have lived in our Condo for the past 10 years. Brent T. Lewis or Patricia R. Lewis, 1btlewis or pat@cmark.org Appeal??

    : (3)

    • Posted by Brent T. Lewis on January 20, 2003 at 14:40:37:

      In Reply to: Appeal?? Posted by Brent T. Lewis on January 20, 2003 at 11:31:50:

      : I forgot to add the following info. with my question: We live in Columbia, South Carolina and have lived in our Condo for the past 10 years. Brent T. Lewis or Patricia R. Lewis, 1btlewis or pat@cmark.org Appeal??



      : (0)

    • Posted by Brent T. Lewis on January 20, 2003 at 14:17:31:

      In Reply to: Appeal?? Posted by Brent T. Lewis on January 20, 2003 at 11:31:50:

      : I forgot to add the following info. with my question: We live in Columbia, South Carolina and have lived in our Condo for the past 10 years. Brent T. Lewis or Patricia R. Lewis, 1btlewis or pat@cmark.org Appeal??



      : (1)

      • Posted by Brent T. Lewis on January 20, 2003 at 14:18:17:

        In Reply to: Re: Appeal?? Posted by Brent T. Lewis on January 20, 2003 at 14:17:31:

        : : I forgot to add the following info. with my question: We live in Columbia, South Carolina and have lived in our Condo for the past 10 years. Brent T. Lewis or Patricia R. Lewis, 1btlewis or pat@cmark.org Appeal??



        : (0)

  • Posted by Brent T. Lewis on January 20, 2003 at 11:21:04:

    Our Condo recently went to Foreclosure Court and the judge did not render a decision at that time. How long do we have until a decision is made and can an appeal be made? It was due to non payment of regime fees and not non payment of the mortgage. HELP!! Brent T. Lewis 1btlewis@msn.com or pat@cmark.org, Do we have an appeal?

    : (0)

  • Posted by Brent T. Lewis on January 20, 2003 at 11:18:58:

    Our Condo recently went to Foreclosure Court and the judge did not render a decision at that time. How long do we have until a decision is made and can an appeal be made? It was due to non payment of regime fees and not non payment of the mortgage. HELP!!

    : (0)

  • Posted by Bich Nguyen on January 20, 2003 at 10:29:01:

    After I bought a foreclosure home, the people (the previous owner) who were still stayed in the property were asking me to let them have sometime to move out. I felt sorry for them, therefore, I gave them a week to do so. After a week, I check back. They were gone but I could not believe these people unkindly took the complete A/C unit out, dish washer, oven, toilet bowl, sink, riffed off all the kitchen/bathroom carpenets, knocked down fences. Their action was un-lawful. Can I do something about it? Should I file charges on them? Please help!

    : (1)

    • Posted by Nick(Colorado) on January 20, 2003 at 13:27:01:

      In Reply to: Previous owner took all the home appliances Posted by Bich Nguyen on January 20, 2003 at 10:29:01:

      Bich Nguyen:

      You are going to have to look at the following issues:

      1. Can you find the people/do they have work.2. What are the limits of small claims court in your state.3. Do they have any really property that can be attached.4. Do they have any money/attachable income.5. The time and consternation of your time and effort.

      There is no issue with you going to court, showing the repaircosts, and getting a judgment. But the collection action will be difficult.

      : (0)

  • Posted by Phyllis on January 20, 2003 at 02:34:32:

    I have recently been late on my mortgage payments because of being laid off. My payments have never been more than 2 months behind. I went to the bank to make a payment and they would not accept it. They didn't tell me why because they didn't know why. It took my loan officer a day and a half to find out the bank was in the process of foreclosing. Isn't there some rule that says I should have been notified that they were going to foreclose if I didn't catch the payments up to date. I have never recieved 1 letter from them. Please reply someone.

    : (1)

    • Posted by PJ on January 23, 2003 at 17:32:41:

      In Reply to: Rules on foreclosure Posted by Phyllis on January 20, 2003 at 02:34:32:

      They should have notified you...but it would help if you would tell us what state you are in?

      They could have accelerated your balance, but they should have notified you.

      You might want to contact your lender directly and relentlessly to find out why you were not notified, how far into foreclosure or acceleration you are, and talk to them about a work out agreement. If I am not mistaken, they are REQUIRED to offer you a workout agreement at least once.



      : I have recently been late on my mortgage payments because of being laid off. My payments have never been more than 2 months behind. I went to the bank to make a payment and they would not accept it. They didn't tell me why because they didn't know why. It took my loan officer a day and a half to find out the bank was in the process of foreclosing. Isn't there some rule that says I should have been notified that they were going to foreclose if I didn't catch the payments up to date. I have never recieved 1 letter from them. Please reply someone.



      : (0)

  • Posted by johnnie frustrate on January 19, 2003 at 10:11:45:

    My house was up for auction.I kept in constant contact with the bank and tried hard for weeks to borrow the money from friends and family.Luckily,a friend of mine loaned me the money to give to my bank an hour before the sale.We gave his check to the teller and asked her to verify the funds at my friend's bank and post my payment.Then she called my loan officer in another state to let him know I had made my payment.He said the "cash" had to be on his desk or he wouldn't stop the auction.It was impossible for me to withdraw the$13,000,take it to the nearest Western Union,and wire that much money in so little time.The auction took place,but the bank ended up keeping the house.Is it possible to get my house back and void the auction?

    : (1)

    • Posted by Reinstatement Servcies, Inc. on January 19, 2003 at 16:43:20:

      In Reply to: had money -didn't matter Posted by johnnie frustrate on January 19, 2003 at 10:11:45:

      There is still time [particularly if title has not yet been recorded] to petition your lender to rescind the foreclosure action and reinstate the loan.

      Tha state you live in will also determine if there is a mandatory redemption period in place that will allow you a specified period of time to repurchase the property.

      The type of loan you have as well as who your lender is will have an impact on how successful you will be in getting your lender to set aside the foreclosure action.

    • Default and Foreclosure Mediation


    : (0)

  • Posted by Derek on January 19, 2003 at 02:07:09:

    If someone does not have equity in their home, and they are going through foreclosure, as an investor, is there anything I can do? I have heard of people buying the property but do not understand how they profit. Can anyone help?Thanks!Derek

    : (2)

    • Posted by Jason Cameranesi on January 20, 2003 at 05:58:25:

      In Reply to: quick questions Posted by Derek on January 19, 2003 at 02:07:09:

      You can do a short sale especialy if there is more than one mortgage.

      : (0)

    • Posted by Bill H on January 19, 2003 at 15:04:40:

      In Reply to: quick questions Posted by Derek on January 19, 2003 at 02:07:09:

      : If someone does not have equity in their home, and they are going through foreclosure, as an investor, is there anything I can do? I have heard of people buying the property but do not understand how they profit. Can anyone help?: Thanks!: Derek



      : (0)

  • Posted by Rich on January 19, 2003 at 01:20:44:

    I'll try to make this long story a shorter one. A year and a half ago, I had a chapter 7 bk discharged. My wife and I petitioned the court to reafirm our home, which we did (We lost 4 rental properties in the bk). 2 months later, my wife moves out and leaves me with the mortgage. I lost my business in the bk, so I'm trying to rebuild it with little resources. My company truck broke down in November and it cost me $1100 in repairs. I called my bank and said I was going to have problems coming up with the payment for that month. I asked if it would be O.K. if made 2 payments the next month. And the woman said to try and have the payments there by the 19th of December. On the 16th of December, I priority mailed the two payments in the form of 2 money orders. On the 23, I receive a letter from my bank's attorney telling me that the bank is foreclosing on my home. I called my bank immediately and they said they never received my payment, and that once the foreclosure was sent to the attorney, the only way I could stop it was to reinstate it through the attorney. I contacted the attorney and they said they would send me the reinstatement figures within 5 -10 days. That was the 23rd of Dec.I had called the bank and the attorney a number of times since then and they said I should be receiving the figures soon. Today, the 18th of Jan., I received them. I expected the reinstatement to cost around $3000, which I could handle. The figure was $6800. Over $4000 in legal fees. I called to see what had happened to the money that I sent. The bank said they received it on Dec 26, and that they sent it to the attorney. The attorney said they didn't receive it. So I'm out an additional $1100. The attorney didn't waste any time in establishing an auction date, though. My home is to be auctioned on Friday the 24. The housing market is down in my area, and I can't see the house bringing half of what is owed on it. I need to come up with $4000 in about 3 days. I don't want to be paying a deficiency judgement the rest of my life. Any suggestions?

    : (1)

    • Posted by Reinstatement Services, Inc. on January 19, 2003 at 16:13:56:

      In Reply to: Stop Foreclosure Posted by Rich on January 19, 2003 at 01:20:44:

      Get with your lender's loss mitigation department immediately. Provided the monthly income is sufficient to cover the monthly debt, they should be able to assist you in putting a workout agreement in place that would allow you to move towards reinstatement utilizing a repayment schedule.

      Once the agreement is in place, this would effectively forestall the foreclosure activity and allow you a chance to catch up.

    • Default and Foreclosure Mediation


    : (0)

  • Posted by Teep on January 18, 2003 at 22:22:58:

    Sorry if my questions sound dumb, I am uneducated on the subject of foreclosed properties.

    Should I go through a realtor to buy a foreclosure? Also how can I find out how long the house has been on the market; do I get information from the local court house?

    remove the word "not" in e-mail to reply.

    Thanks in advance for any advice,Teep

    : (2)

    • Posted by Teep on January 22, 2003 at 23:53:50:

      In Reply to: foreclosure listing with a realtor Posted by Teep on January 18, 2003 at 22:22:58:

      Spoke to the realtor. The home is in the control of the Bankruptcy court. All offers must be approved by the coart. Does this make the price less flexible. They are asking more than other houses in the area have normally sold for. They must be trying to recoup some of their losses.....

      : (0)

    • Posted by Edward Nolan (Ohio) on January 21, 2003 at 23:31:08:

      In Reply to: foreclosure listing with a realtor Posted by Teep on January 18, 2003 at 22:22:58:

      Teep Hi,

      There is no harm in going through a realtor to buy a foreclosed property. But just to make sure you're still getting a good deal I would research the address of the property to see what the Notice of Default said and also to see what the sheriff's deed said the bank spent at sheriff sale for it. Then I would make an offer through a realtor to buy!

      Always try to get a current listing of defaults from the recorders office though. This way you can get the home before sheriif sale and before the bank has a chance to buy it back!

      You can visit my web site. I have links to many online recorder offices. Or if you like you can email me and tell me what county you are in so I can add your county to my site!

      Ed

      : (0)

  • Posted by Don on January 18, 2003 at 16:32:19:

    A friend of mine has asked me this;foreclosure has went to court,she wants to file bankrupcy,is it too late for her to include the house on the bankruptcy??

    : (0)

  • Posted by john on January 18, 2003 at 14:29:21:

    Found a foreclosure that is going to auction 2nd week of february. It is a chicago condo that is 2 years old but do not think the interior was completed and cannot find if it is or not. The owner and foreclosing bank is out of state and I have their contact information. Went to city hall and found an irs lien was released and a small mechanics lien may have been. The documents show 2 mortgages and the legal notice shows the judgement is the total of both. I called the lawyers handling the foreclosure and could not get any information other than “what is in the paper’s legal notice”. Do I contact the owner and what do I ask? Do I contact the bank and what do I ask/tell them? Is there anything I can do before the auction to get the property or should I wait for auction and hope I am the only bidder to get at $1 over the judgement? This is my first venture and I am hesitant on how to approach this as I do not want to miss any detail/s and end up with a very costly mistake.

    Thank you for any information you can provide.

    John

    : (2)

    • Posted by louis from NY on February 11, 2003 at 00:25:44:

      In Reply to: first foreclosure & have some questions- Posted by john on January 18, 2003 at 14:29:21:

      John, I am in a similiar situation. I found a coop apt in my neighborhood foreclosed and would like to make a small investment. How do you go about the business of finding the IRS and other liens? What other tips you'd kindly share? Thanks

      : (0)

    • Posted by Edward Nolan (Ohio) on January 18, 2003 at 15:36:43:

      In Reply to: first foreclosure & have some questions- Posted by john on January 18, 2003 at 14:29:21:

      John Hi,

      Looks like you did your homework, great! Now all you have to do is contact the owner and get them to sign a purchase agreement. If there is any equity in the property you may want to give a little back to the homeowner as a way of sowing up the deal.

      In te contract you'll want to put a contingency that says "Contingent to clear title". This wayif anything pops up you didn't find and it's really bad, you can get out of the deal and wait for auction.

      After you get a singed contract go to your title company and let them process the deal if you're planning on keeping the property. If you are planning on selling it then you'll need to more quick so as to still get it to the title company!

      Good Luck!Ed

      : (0)

  • Posted by Mike Beckman on January 18, 2003 at 10:32:13:

    Hello, I live in the Dallas area and am interested in this whole process of turning houses for a profit. Can anyone tell me the story on this in Texas. Appreciate your help

    : (1)

    • Posted by Ward-CA- on January 18, 2003 at 14:06:23:

      In Reply to: pre foreclosures Posted by Mike Beckman on January 18, 2003 at 10:32:13:

      : Hello, I live in the Dallas area and am interested in this whole process of turning houses for a profit. Can anyone tell me the story on this in Texas. Appreciate your help

      =•=•=•=•=•=•=•=•=•=•=

      Mike,

      I’d suggest you subscribe to a good foreclosure notice service in your area, if it’s available. If not, you’ll have to go to your local courthouse that’s been designated where the foreclosure auctions are to take place (on the first Tuesday of each month, between the hours of 10:00 am to 4:00 pm) and look at the upcoming sales via the Notices of Sale posted there.

      Alternatively, all Notices of Sale are also recorded at the County Clerk’s office for the public’s inspection and purview. The notice of sale will recite the particular deed of trust that’s in default and the file number assigned to it by the county clerk. Using that file number you can easily look up the recorded facsimile of the original trust deed and the amount of the original borrowing and the address of the property recited thereon. You can also cross reference the legal description and the common address of the property at the county tax assessor’s office.

      At this point you’d want to drive by the property to eyeball its condition, neighborhood, etc. and get some recent sales comps for the property.

      Finally you’d want to go to the property and meet with the defaulting owner’s and structure a deal that would give the owners some money and save their credit from a foreclosure auction and at the same time make it worthwhile for you.

      Hope this helps.

      : (0)

  • Posted by Mike Beckman on January 18, 2003 at 10:29:19:

    Hello, I live in the Dallas area and am interested in this whole process of turning houses for a profit. Can anyone tell me the story on this in Texas. Appreciate your help

    : (0)

  • Posted by Hung Van on January 17, 2003 at 17:02:14:

    Once I have executed a writ of Possession can any experts tell me what needs to be done with the personal items still left in the property?

    : (1)

    • Posted by Bill H on January 17, 2003 at 18:38:04:

      In Reply to: People still in house after foreclosure sale Posted by Hung Van on January 17, 2003 at 17:02:14:

      : Once I have executed a writ of Possession can any experts tell me what needs to be done with the personal items still left in the property?

      Do not throw it away. Do no know where you are, However; in most states you must inventory it, place it in storage and comply with the abandoned property laws and then you can sell it at public auction. Check with your local courthouse law library or for faster general info go by one of the U-Store-It typ of storage places and ask them how they handle it.



      : (0)

  • Posted by Jim Cooper on January 17, 2003 at 15:08:30:

    My House is in Forecloser i was out of work for a year but now I am working again. I live in New Jersey I have the money to catch up on my payments but not for the late fees and attorney fees and all the other added costs I don't understand..nobody will work with me need help Please!!!!!!!!!!!!

    : (1)

    • Posted by njdave on January 17, 2003 at 15:39:16:

      In Reply to: Need Help to stop a forecloser on my House Posted by Jim Cooper on January 17, 2003 at 15:08:30:

      Depending upon the circumstances and status... you may be able to have the loan reinstated.

      : (0)

  • Posted by Eva on January 17, 2003 at 14:00:01:

    My home foreclosed in Aug. 2001. It sold at auction for approx. $20,000 more than what was owed. I was told I was entitled to this difference. Is this true? Also, I had a 2nd (ie, lien), if I am entitled to the difference, is the lien paid off first and the difference left, given to me? I'm very confused?

    : (6)

    • Posted by Reinstatement Services, Inc. on January 17, 2003 at 14:39:50:

      In Reply to: "Surplus Funds" Posted by Eva on January 17, 2003 at 14:00:01:

      for you to expect a substantial reimbursement that might trickle down to you after all of the other lienholders, taxes, impound/escrow, prepayment penalty clauses, corporate advances, etc...fees have been satisfied.

      Still, if there is a surplus after all payments have been disbursed, you would be entitled to it.

    • Default and Foreclosure Mediation


    : (5)

    • Posted by Eva on January 17, 2003 at 20:00:57:

      In Reply to: Not a significant enough cushion... Posted by Reinstatement Services, Inc. on January 17, 2003 at 14:39:50:

      A question about your reply; what do you mean when you all lienholders if I had one lien of a small amount? Also, impound? Never heard of impound fees, can you explain?

      : (4)

      • Posted by Jim V on January 17, 2003 at 20:17:40:

        In Reply to: Re: Not a significant enough cushion... Posted by Eva on January 17, 2003 at 20:00:57:

        : A question about your reply; what do you mean when you all lienholders if I had one lien of a small amount? Also, impound? Never heard of impound fees, can you explain?

        Eva,

        I think you said you had a first and a second home loan and it sounded like the first is the one who foreclosed. If the bid amount was greater than the amount due on the first, the second would be paid next with any overage after that going to you.

        Impounds are commonly collected as part of the monthly payment with the lender paying property taxes and insurance from those collected amounts. If the monthly payments aren't made, the lender will often still pay for taxes and insurance and will add the unpaid monthly amounts to the total owed.



        : (3)

        • Posted by Eva on January 17, 2003 at 21:32:55:

          In Reply to: Re: Not a significant enough cushion... Posted by Jim V on January 17, 2003 at 20:17:40:

          One last question. I realize foreclosures stay on your credit history for quite a while, what happens when I want to buy again and all other debts are paid? How difficult is it going to be?

          : (2)

          • Posted by Ward-CA- on January 18, 2003 at 14:31:13:

            In Reply to: Buying again Posted by Eva on January 17, 2003 at 21:32:55:

            : One last question. I realize foreclosures stay on your credit history for quite a while, what happens when I want to buy again and all other debts are paid? How difficult is it going to be?

            =•=•=•=•=•=•=•=•=•=•=

            Eva,

            A foreclosure typically stays on the defaulting owner’s credit record for about 7 years.

            However, you can start out right away repairing your credit standing so that it’s good enough to get most credit cards after two years. Make it a point of maintaining a prompt payment record for your rent, utilities and then a credit card or two and you might be considered a good enough risk after 5 years to apply for another home loan.

            Just remember to consistently pay your credit obligations 5 days before they’re due and your credit record will soon report that you’re paying “better than agreed”.

            What creditors are looking for is evidence that you have learned how to discipline yourself to live within your means—that your credit management skills are evident.

            Hope this helps.

            : (1)

            • Posted by Eva on January 22, 2003 at 14:59:42:

              In Reply to: Rebuilding your credit worthiness.. Posted by Ward-CA- on January 18, 2003 at 14:31:13:

              I wondered if my first question regarding "Surplus Funds" applies to FHA loans? I failed to mention that. Thanks for the insight. It helped a great deal!: =•=•=•=•=•=•=•=•=•=•=

              : Eva,

              : A foreclosure typically stays on the defaulting owner’s credit record for about 7 years.

              : However, you can start out right away repairing your credit standing so that it’s good enough to get most credit cards after two years. Make it a point of maintaining a prompt payment record for your rent, utilities and then a credit card or two and you might be considered a good enough risk after 5 years to apply for another home loan.

              : Just remember to consistently pay your credit obligations 5 days before they’re due and your credit record will soon report that you’re paying “better than agreed”.

              : What creditors are looking for is evidence that you have learned how to discipline yourself to live within your means—that your credit management skills are evident.

              : : Hope this helps.



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  • Posted by Lisa on January 17, 2003 at 01:32:07:

    My sister sold her house and held the mortgage for the buyer - she has an investment mortgage on the property herself. The buyer has defaulted and my sister hired an attorney and started forclosure proceedings. The buyer tried to evade the servers, etc. (apparently she was experienced) The attorney "made a mistake" early on, and now they have to start all over; it may take 5 months or more. In the mean time my sister is making her payments as well as RE tax payments - been going on a year and quite a hardship. QUESTION: What are the consequences if my sister lets her mortgage company foreclose?? She is in the house she would stay in for the next 8 years at least - that mtg is ok - good credit otherwise - OR does anyone know an attorney that practices in the Chicago area (Will county) that could take on this deadbeat??

    : (1)

    • Posted by Reinstatement Services,Inc. on January 17, 2003 at 14:34:35:

      In Reply to: How long will a foreclosure stay on credit report?? Posted by Lisa on January 17, 2003 at 01:32:07:

      : My sister sold her house and held the mortgage for the buyer - she has an investment mortgage on the property herself. The buyer has defaulted and my sister hired an attorney and started forclosure proceedings. The buyer tried to evade the servers, etc. (apparently she was experienced) The attorney "made a mistake" early on, and now they have to start all over; it may take 5 months or more. In the mean time my sister is making her payments as well as RE tax payments - been going on a year and quite a hardship. QUESTION: What are the consequences if my sister lets her mortgage company foreclose?? She is in the house she would stay in for the next 8 years at least - that mtg is ok - good credit otherwise - OR does anyone know an attorney that practices in the Chicago area (Will county) that could take on this deadbeat??



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  • Posted by SB on January 17, 2003 at 00:19:54:

    Is there any rule to wether a senior lien has to give notice to junior liens once forclosure has begun? And once sheriff sale has happend,is the lender obligated to let the juniors know when the redemtion period is up? Property is located in Michigan

    : (1)

    • Posted by Jim V on January 17, 2003 at 15:29:13:

      In Reply to: notice given to junior liens Posted by SB on January 17, 2003 at 00:19:54:

      : Is there any rule to wether a senior lien has to give notice to junior liens once forclosure has begun? And once sheriff sale has happend,is the lender obligated to let the juniors know when the redemtion period is up? Property is located in Michigan

      In most, if not all jurisdictions, if a senior does not notify a junior of foreclosure proceedings, the junior will not be extinguished from the title of the property. It is in the senior's best interest to make sure all juniors are notified.I do not believe notification is required for anything more than the beginning of the foreclosure process.



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  • Posted by Janice Wagner on January 16, 2003 at 21:13:27:

    My name is Janice Wagner and I need to know if I have money owe to me do to a refinance from my mothers name witch is Wilka Jefferson. The address to this estate is 1085 Lela Drive, Magnolia, MS 39652. If you can tell me something about this I would be thankful.

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  • Posted by David Evanson on January 16, 2003 at 16:13:49:

    Have more houses to buy than money or investor partners. If you are in the Eugene, Oregon area and want to make money in real estate without the steep learning curve than maybe we can help each other. E-mail me with the amount of cash you have available and get put on my "wholesale buyers list" evanson@mail.com

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  • Posted by Lisa on January 16, 2003 at 14:51:39:

    I moved into condo building about 2 yrs ago and since then there's been nothing but problems. I have loud neighbors, the association's in debt, and taxes have risen 25%. My condo's been on the market since October and I am current on all the payments. In the last two months there has been a rash of armed home invasions in the complex and I'm afraid to go home. (I've been staying with a friend.) Should I wait for a buyer, or should I take the money going to mortgage and assessments and find an apartment in a safer neighborhood?

    : (1)

    • Posted by Ward-CA- on January 18, 2003 at 12:39:03:

      In Reply to: what's my next move? Posted by Lisa on January 16, 2003 at 14:51:39:

      : I moved into condo building about 2 yrs ago and since then there's been nothing but problems. I have loud neighbors, the association's in debt, and taxes have risen 25%. My condo's been on the market since October and I am current on all the payments. In the last two months there has been a rash of armed home invasions in the complex and I'm afraid to go home. (I've been staying with a friend.) Should I wait for a buyer, or should I take the money going to mortgage and assessments and find an : apartment in a safer neighborhood?



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  • Posted by Edilma Jimenez on January 16, 2003 at 13:42:08:

    I had been looking for a house and some people suggest that the best deal will be foreclosure, it is that true?

    : (1)

    • Posted by njdave on January 17, 2003 at 11:11:41:

      In Reply to: Foreclosure procedure Posted by Edilma Jimenez on January 16, 2003 at 13:42:08:

      What may be a 'deal' to one person could be a series of headaches for another. Don't limit your search to a "preforeclosure" or an REO. Check the classified ads under For Sale By Owner, or For Rent By Owner, and be conscious of any "For Sale" signs that pop up in the neighborhoods in which you have an interest.

      In what state/area are you looking?

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  • Posted by RS on January 16, 2003 at 13:21:09:

    I would like to learn about foreclosure and finding foreclosed or pre-forclosure properties. Where do I start? There are several web sites promising list of foreclosures for a fee, is there a preferred/genuine one that you use? Are there any Good books that I can read that give info on how to get started (not just motivation type books)?I understand you are all really busy but I would appreciate if some of you experts would point me in the right direction.Thanks in advanceRS

    : (1)

    • Posted by Edward Nolan (Ohio) on January 18, 2003 at 00:30:28:

      In Reply to: To the experts on this board Posted by RS on January 16, 2003 at 13:21:09:

      RS,

      Welcome to this board!This is not my personal board but I like the atmosphere here and this is why I post to it.

      As for your question "Where do I start?" - Reading as much of this board as possable is good. Not only will you get answers to some questions you may have later, you may also learn about things in other states. Although that may not interest you right now.

      The next thing would be to get a notebook - I recomend taking notes from this board so you can refer back to them at any time.

      Since this is something you are thinking about doing I recomend taking a step forward and setting yourself up in business by forming an LLC - Limited Liablity Corporation. Here in Ohio it costs $125.00 to form a company of this kind. It usually takes a good month to two months to complete everything. So, in the mean time send for a free packet from your state capital building. When you know it's on it's way, review other sites about the pro's and cons of such a company.

      After a month and a half from now, you'll have good knowledge about LLC's and real estate and you should be waiting to get info back from your state about your LLC. While you wait, go around your town and collect all the "I Buy Homes" business cards you can find. Call all of them and ask them if there is an organization in your area that they belong to that you can attend to learn more about the business. Ask if they would be willing to mentor you and in return you'll be their bird dog for a while. This way you get on the job type training. I recomend you mentor from one at a time in one month intervals. In three months you should have had 3 mentors and have learned a little from all 3.

      After you receive your tax ID number from your LLC filing at the state capital building you're ready to "PUT TOGETHER DEALS".

      If, when you had a mentor, you did help acquire property for them, you should have knowledge of how to find deals for yourself. However, don't think for a minute that they told you everything. Most will not tell you everything due to the fact you will become a competitor. Unless they are smart, and offer to mentor you for part ownership in your company, I hope you understand, you know very little. Should you receive such an offer, do not give up more than 30% ownership of your company and make sure all the deals you put together are first signed in your company and then sold (flipped) for at least $500-$1000.00 or more, to your mentor. Do not be greedy !!!

      Speeking of greedy, let me let you get other views now. Should you want to talk with me more simply post to this and I'll answer.

      Ed

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  • Posted by Nagi on January 16, 2003 at 09:46:43:

    I bought a foreclosure property yesterday at a trustee sale (all cash and settlement within 20 days). I paid $20 K at the sale. Due to my ignorance, i realized that the price I pais is more than the market value for this house!I didnt settle yet. Is there a way out from this with the least damages?

    : (1)

    • Posted by Edward Nolan (Ohio) on January 18, 2003 at 15:47:27:

      In Reply to: Is there a way out? Posted by Nagi on January 16, 2003 at 09:46:43:

      Ouch,

      I hold back when I tell you that in the state of ohio I believe you could be subject to a small jail sentance and or court costs should you not hold up to your end of the bargain.

      Your best bet yould be to get the deal done and then do a lease option to at least hopefully break even by getting a down plus a pos cash flow and your asking when you sell.

      Whew, glad it's not me..

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  • Posted by Joseph on January 16, 2003 at 02:25:24:

    My brother is behind in loan payments for loan used to purchase a manufactured home, i.e. mobile home. Original loan was for approx $27,000 @ 14.5% interest rate!!! He actually paid the loan for 5 years before being laid off. Principal balance currently $26.000. He is now 4+ months behind in loan payments. Additionally, he is behind similar # of months on $200/month trailer park lot rental payments. I want to buy the loan from GreenPoint Credit. What are my options? How much leverage do i have? What should I be careful about? What should i bid? The trailer is located in a small town (population under 50,000) in Wisconsin and is at least 10 years old. If i buy the loan for an amount well below the current principal balance does this create a taxable event for my brother? Would it be wise to wait for GreenPoint to foreclose and buy the trailer at the foreclosure sale? Would i have much competition? Thanks for any and all advice

    : (1)

    • Posted by gerardo on January 16, 2003 at 13:49:58:

      In Reply to: foreclosure or not? Posted by Joseph on January 16, 2003 at 02:25:24:

      : My brother is behind in loan payments for loan used to purchase a manufactured home, i.e. mobile home. Original loan was for approx $27,000 @ 14.5% interest rate!!! He actually paid the loan for 5 years before being laid off. Principal balance currently $26.000. He is now 4+ months behind in loan payments. Additionally, he is behind similar # of months on $200/month trailer park lot rental payments. I want to buy the loan from GreenPoint Credit. What are my options? How much leverage do i have? What should I be careful about? What should i bid? The trailer is located in a small town (population under 50,000) in Wisconsin and is at least 10 years old. If i buy the loan for an amount well below the current principal balance does this create a taxable event for my brother? Would it be wise to wait for GreenPoint to foreclose and buy the trailer at the foreclosure sale? Would i have much competition? Thanks for any and all advice



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  • Posted by beth on January 16, 2003 at 01:09:25:

    weoved into a mobile home on about an acre about 5 months ago.it was leae with option.owner lives in texas about a month ago i was told by the lender of the property that its going to foreclose.owner hadnt paid since 6 months before i moved in.he didnt tell us or notify anything.we were served a summons of notice to lis pendens.we want to purchase but hes got 2 mortgages.what or how do i do?

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  • Posted by ANDY ZOUB on January 15, 2003 at 23:59:52:

    LOOKING FOR HELP WITH FORCLOSURE INFORMATION. LOOKING TO GET IN THE BUSINESS

    : (1)

    • Posted by Edward Nolan (Ohio) on January 18, 2003 at 00:52:59:

      In Reply to: HELP Posted by ANDY ZOUB on January 15, 2003 at 23:59:52:

      Andy,

      Hi, I am always looking to help people in this business. But, most people after they find out a little about this business think they know everything and flee to do things their way.

      I have a plan...

      Anyone wanting a mentor, I will mentor! Plain and simple. All I ask for is for them to be honest with themselves first.

      To be honest you first take a look at yourself and ask, if I had something everyone wanted could I give it to everyone if they didn't pay? Of course not right?

      Right, sure!

      But wait, you can if you have a plan right? Who knows.

      Let me ask you this... Did God give his son and get paid? He did not get paid directly imediately. He got paid indirectly and over time and continues still to recieve. Right? Or am I too deep?

      Look, Do yourself a big favor. Read this board. Get to know who's who by the post's, and then decide who will mentor you. When you decide who it wil be you let them know! If they don't want you, they loose! You move on... But, when you tell them they will mentor you, you better be willing to do as they say. TIME IS IMPORTANT to many people on this board. TIME IS MONEY to most.

      Sometimes a little double edge sword is what is needed right from the beginning. It seperates the Abraham/Isaac situation from all the rest. Gen. 22/2.

      Ed

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  • Posted by yadira soto on January 15, 2003 at 23:33:43:

    thank you for your response however I feel that that didnt not answer all my questions.I need to knowq the law for Indiana and the email was mostly for CA. please help I want to know how long does the process of foreclosure take for Indiana I already contacted the Circuit court in crown point and they aSKED ME TO CALL THE sheriff and when i called the sheriff they tolled me to call the lawyer in charge of the lawsuit and I have not heard an asnswer yet.please respond and help.

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  • Posted by tommy on January 15, 2003 at 23:11:02:

    I found a large home,country living with one acre.House can appraise at 90000.00 owner owes 70000.00.owner wants 3000.00 in pocket but will condider lease option with 750.00 per month including taxes and insurance.I currently own a home and pay at least 546.00 per months including taxes and insurance. Should I rent my home to get this home? Need advice bad

    : (1)

    • Posted by Bill H on January 15, 2003 at 23:53:48:

      In Reply to: green investor need some advice Posted by tommy on January 15, 2003 at 23:11:02:

      : I found a large home,country living with one acre.House can appraise at 90000.00 owner owes 70000.00.owner wants 3000.00 in pocket but will condider lease option with 750.00 per month including taxes and insurance.I currently own a home and pay at least 546.00 per months including taxes and insurance. Should I rent my home to get this home? Need advice bad

      Tommy: Tough question, only you know what your true financial situation is. Are you comfortable with additional possible negative? Do you have ability to carry if it does not work out? If they cannot pay the mortgage now -- how are they going to lease option? How long will they pay before leaving? You are the only one that can answer these and other personal financial questions.

      Good luck -- God Bless

      Bill H

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  • Posted by ranae on January 15, 2003 at 22:19:50:

    my husband left and i dont make enough to take care of my kids and keep the house. i live in a manufatured home and owe more than the house will ever sell for not to mention that it is almost impossible to sell where i live right now. any ideas on what i should do i dont want to foreclose the home is in my mothers name. any help would be great as of now i am not late on any payments

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  • Posted by Sabrina on January 15, 2003 at 16:33:26:

    I found a home that is being sold through a trustee sale. I do not have the min bid in cash. What are my options. Min bid is 98,000.00. I've seen the outside of the home and it needs a little work. Neighborhood is nice and I've seen similar homes sell for approx 190,000-200,000. I acquired the prop characteristics through the County Assessor's Ofc. Please help.

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    • Posted by Bill H on January 15, 2003 at 17:28:17:

      In Reply to: trustee sale Posted by Sabrina on January 15, 2003 at 16:33:26:

      : I found a home that is being sold through a trustee sale. I do not have the min bid in cash. What are my options. Min bid is 98,000.00. I've seen the outside of the home and it needs a little work. Neighborhood is nice and I've seen similar homes sell for approx 190,000-200,000. I acquired the prop characteristics through the County Assessor's Ofc. Please help.

      Not much chance. Trustee sales are all cash, immediate upon winning bid. Is this a first TD that is foreclosing. If so I expect that the bidding will be hot and heavy. $100,000 in equity will draw a crowd in a phone booth. There will be lots of guys and gals that will be after it.

      If it is a junior lien and there is $100,000 ahead of it then there is nothing to buy.

      Good Luck

      Bill H

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      • Posted by BillH on January 15, 2003 at 17:33:21:

        In Reply to: Re: trustee sale Posted by Bill H on January 15, 2003 at 17:28:17:

        I'm sorry what is a TD? Should I contact the owner directly? Thanks for your help!

        : (1)

        • Posted by Bifll H on January 15, 2003 at 18:28:54:

          In Reply to: Re: trustee sale Posted by BillH on January 15, 2003 at 17:33:21:

          : I'm sorry what is a TD? Should I contact the owner directly? Thanks for your help!

          Sabrina:

          A TD is a Trust Deed, the document that secures the note. I sugest that you contact Ward at www.all-foreclosure.com and get into one of his classes before you jump into the business. You seem rather new at the process and it can be very expensive it you do not know at least the basics.

          I do not recommend most of the late-night TV books and tapes Guru's. Some are OK but read the fine print and you will see where it says "Unusual results, yours will vary" and all they show is the "good deal things". You must investigate before you invest. Learn first and then profit from your mistakes as you go along. Go to www.johntreed.com and look at his list of the late night Guru's. John is pretty straight and up front.

          Again, get at least the basics under you belt before you jump into the fray.

          Good Luck,

          Bill H

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  • Posted by Bella on January 15, 2003 at 03:38:51:

    I am being harrassed by a mortgager. They call about 8 times a day. They tell my husband to get another job. They say they will continue to call until we pay up. We are in the process of fighting this payment because we no longer own the property. What are the laws for mortagers to call and harrass for a payment??

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    • Posted by Edward Nolan (Ohio) on January 18, 2003 at 15:59:20:

      In Reply to: harrassment Posted by Bella on January 15, 2003 at 03:38:51:

      Bella,

      Hi, I don't want to get into the full details of this but to help answer your question ...If what you say is entirely correct and you didn't stretch the truth any then you can get help.

      There is something called The FDCPA it stands for The Fair Dept Collections Practices Act. This act is a set of protocals, or rules, that govern how lending and collection agengies go about their business of collecting on a debt.

      One rule within the FDCPA goes over the times of day and the amount of times in a day they can call you. There are other rules that talk about 3rd party disclosures too.

      When anyone is believed to be past due by a lender or collection agency it's up to the person who owes money or not owes money to show proof anyway they can within reason that they don't owe, within a period of time that is also spelled out within the FDCPA. Usually 30 days.

      I suggest you contact your Attorney General by written letter explaining the details around your mortgage and your claim.

      Good LuckEd

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      • Posted by Bella on January 22, 2003 at 02:43:02:

        In Reply to: FDCPA or Attorney General Posted by Edward Nolan (Ohio) on January 18, 2003 at 15:59:20:

        : Bella,

        : Hi, I don't want to get into the full details of this but to help answer your question ...: If what you say is entirely correct and you didn't stretch the truth any then you can get help.

        : There is something called The FDCPA it stands for The Fair Dept Collections Practices Act. This act is a set of protocals, or rules, that govern how lending and collection agengies go about their business of collecting on a debt.

        : One rule within the FDCPA goes over the times of day and the amount of times in a day they can call you. There are other rules that talk about 3rd party disclosures too.

        : When anyone is believed to be past due by a lender or collection agency it's up to the person who owes money or not owes money to show proof anyway they can within reason that they don't owe, within a period of time that is also spelled out within the FDCPA. Usually 30 days.

        : I suggest you contact your Attorney General by written letter explaining the details around your mortgage and your claim.

        : Good Luck: Ed

        Thanks for the information and I have been reading up. Why would contacting the Attorney General help? How many phone calls a day can a lender make? WHen they do speak to me they will not let me have a word in edgewise.... just continue to give their speech while I talk. They also harrass my daughter.... What is my next step?

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  • Posted by Bella on January 15, 2003 at 03:30:49:

    WE took a 2nd mortgage out on a home in 98. The house was given back to the bank en lue of foreclosure because the 2nd mortgager would not accept the payoff the first mortgager offered. Since I do not own the property anymore, do I still owe the 2nd mortgage ?? Do I still have to pay this off by law?

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  • Posted by Harold on January 14, 2003 at 19:17:18:

    Are there any other options to buying @ a trustee sale besides already having the cash or a hard money lender. Something like a more traditional mortgage???

    : (3)

    • Posted by Jim V on January 14, 2003 at 21:26:05:

      In Reply to: Trustee sale funding Posted by Harold on January 14, 2003 at 19:17:18:

      CA is cash(or it's equivalent) only, due at the time of sale. Other trustee sale states may have different rules.



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  • Posted by Murphy on January 14, 2003 at 19:08:30:

    Hi, we have a second on our home that is a 125% loan. We already filed chapter 7 to help with our debt. Our home is worth 195,000....we owe our 1st 160,000 and our 2nd 79,000...total about 240,000...our second is not willing to work with us at all, no reaffirmation no short sale. Will filing a chapter 13 help us with the unsecure portion. We would like to sell the house but do not have the money to cover the 2nd. Should we just stop paying and let them forclose on the house? Is this the only way? We know our credit is worthless so this won't hurt us anymore. We do have a lawyer but he seems to think that we should stop paying the mortgages, save the money, let them forclose on the house. He said in IL it usually takes from 6-9 months before we have to move out. This way we have saved the money from the mortages and we start a clean slat? What do you all think. Any advice please...Thanks

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  • Posted by yani on January 14, 2003 at 14:58:33:

    we had a chance to move to a much better neighborhood so I am trying to sell the house that I have but keep running into problems because I paid more than the house is worth and it has some problems but I don't want to be foreclosed on but I cannot pay both house notes. What can I do? IF I am foreclosed on what is the process? And what can I do to get the foreclosure off of my credit?

    : (1)

    • Posted by Jim V on January 17, 2003 at 15:46:52:

      In Reply to: House Posted by yani on January 14, 2003 at 14:58:33:

      : we had a chance to move to a much better neighborhood so I am trying to sell the house that I have but keep running into problems because I paid more than the house is worth and it has some problems but I don't want to be foreclosed on but I cannot pay both house notes. What can I do? IF I am foreclosed on what is the process? And what can I do to get the foreclosure off of my credit?

      The question that comes to my mind with posts like yours is "If you were making money on the sale of the property, would you give the profit to the bank?".

      I'm not trying to be harsh, but expecting the lender to take a hit because you don't want the property you bought isn't really the right thing to do, IMHO.

      : (0)

  • Posted by tim on January 14, 2003 at 14:53:12:

    I am a student in learning real estate right now? I have heard the foreclosure term many times and I read many articles regarding to it. I know I need to have enough money to be qualified as bidder in the trustee's auction. However, if I, just want to observe not buying, am allow to enter auction place and watch how is a process proceeds in California?

    : (3)

    • Posted by Jim V on January 14, 2003 at 16:06:00:

      In Reply to: Am I allow to observe Foreclosure Sale Auction? Posted by tim on January 14, 2003 at 14:53:12:

      Foreclosure auctions are required to be open to the public. Bidding is the only part that requires qualification. Show up slightly before auction time and you'll see exactly how the process works. If you have specific questions on the process, you could also ask the auctioneer either before or after the proceedings.

      : (2)

  • Posted by Kim on January 14, 2003 at 14:50:27:

    We were holding 2 mortgages on our home when we filed bankruptcy and did not include the mortgage in the bankruptcy. We reaffirmed the first mortgage but did not reaffirm the second. The bank is now going to foreclose on the home. What happens if we don't sell for high enough to cover the mortgages?

    : (1)

    • Posted by kim on January 14, 2003 at 14:58:31:

      In Reply to: foreclosure after bankruptcy Posted by Kim on January 14, 2003 at 14:50:27:

      : We were holding 2 mortgages on our home when we filed bankruptcy and did not include the mortgage in the bankruptcy. We reaffirmed the first mortgage but did not reaffirm the second. The bank is now going to foreclose on the home. What happens if we don't sell for high enough to cover the mortgages? Bankruptcy was a year ago. We live in Colorado. The first mortgage is for 120,000 the second for 40,000. Bought for 160,000 2 years ago.



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  • Posted by dc on January 14, 2003 at 14:18:28:

    a few questions. if i sign someone up to a land contract do they still come in at the closing and sign off on their original mortgage and deed or do i since they passed ownership to me via the land contract? should i have a lawyer write my contracts or do office supply stores have sufficent forms? and where does the closing for land contracts held, tittle company, lawyers office? thanks to anyone who takes the time to read and reply.

    : (1)

    • Posted by Bill H on January 14, 2003 at 21:54:10:

      In Reply to: land contracts Posted by dc on January 14, 2003 at 14:18:28:

      : a few questions. if i sign someone up to a land contract do they still come in at the closing and sign off on their original mortgage and deed or do i since they passed ownership to me via the land contract? should i have a lawyer write my contracts or do office supply stores have sufficent forms? and where does the closing for land contracts held, tittle company, lawyers office? thanks to anyone who takes the time to read and reply.

      I suggest you visit www.all-foreclosure.com/mb and make arrangements to attend one of Ward's classes. Plus go to www.stewartcalif.com/docsonline and get a copy of their land sale contract and READ it VERY carefully. It will answer most of your questions.

      Good Luck



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  • Posted by yadira soto on January 13, 2003 at 22:20:51:

    I need someone with experience to help us in making the right decision!!! Our house is going into foreclosure as we speak because of a broker that lied to us and screw everything that we worked hard for, we can no longer afford to pay the house and at first we wanted to fight and try to keep the house but every direction that we took had a close door.Now all we want is to move out and forget that this mess ever occur. I quess my questions are how long does this mess of foreclosure take? and can they kick us out of the house without a warning?. We have gotten letters about the foreclosure and the superior court but we really dont have a clue on what they mean and How long do we have to move out. Please help I would love to chat with someone that can help us and answer some question for us.thank you.

    : (1)

    • Posted by SB on January 14, 2003 at 13:49:59:

      In Reply to: foreclosure Posted by yadira soto on January 13, 2003 at 22:20:51:

      The Foreclosure process depends on which state you are in. (i.e. in CA, the lender will file a Notice of Default in which you have 90days to pay up, after that they set a date for Trustee sale, typically 21 days after that the home can be sold. Have you considered creative re-financing? sb

      : I need someone with experience to help us in making the right decision!!! Our house is going into foreclosure as we speak because of a broker that lied to us and screw everything that we worked hard for, we can no longer afford to pay the house and at first we wanted to fight and try to keep the house but every direction that we took had a close door.Now all we want is to move out and forget that this mess ever occur. I quess my questions are how long does this mess of foreclosure take? and can they kick us out of the house without a warning?. We have gotten letters about the foreclosure and the superior court but we really dont have a clue on what they mean and How long do we have to move out. Please help I would love to chat with someone that can help us and answer some question for us.thank you.



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  • Posted by John on January 13, 2003 at 21:49:05:

    i have seen all of the "foreclosure experts" on the internet but i am specifically looking for those in chicago/cook county. i have exhausted my resources and would like any information pertaining to who they are or how to contact them.

    thank you in advance for any information you may provide.

    : (2)

    • Posted by Mark on January 15, 2003 at 15:24:30:

      In Reply to: who are the experts in chicago foreclosures??? Posted by John on January 13, 2003 at 21:49:05:

      Yes, In Chicago and the surrounding counties.



      : (0)

    • Posted by Mark on January 15, 2003 at 15:22:41:

      In Reply to: who are the experts in chicago foreclosures??? Posted by John on January 13, 2003 at 21:49:05:

      John, I don't know if I'm an "expert", but I have experience with HUD's, bank REO's and preforeclosures, so I may be able to help you.

      Let me know.Mark

      gazoo19@aol.com

      : (0)

  • Posted by Lynn on January 13, 2003 at 20:14:47:

    My question is, if a property in foreclosure is up for sale and an offer, less than what is owed to the lender is presented to the lender for consideration, along with facts about the current market and the lenght of time the property has been listed, and the lender accepts a short pay-off, is the seller responsible for the difference owed, to the lender? or not? Please respond quickly. Thank you!!!

    : (1)

    • Posted by theshortsalepro on January 14, 2003 at 07:06:43:

      In Reply to: short payoff Posted by Lynn on January 13, 2003 at 20:14:47:

      It depends. It depends on the terms of short sale that are agreed to by the parties. If the lender forgives the balance... it will issue an IRS form 1099 to the Seller. There may be a liability to income tax, but not necessarily.

      : (0)

  • Posted by Wendy on January 13, 2003 at 18:12:41:

    To make things more clear. My husband kicked me out of the house that we bought in both of our names. His credit sucked before we got married. Other than the whole house issue (foreclosure because he won't make the payment), my credit is awsome. I have tried to help him when I have the money, but he says forclosure is the only option. He doesn't care because his credit was shot before. WHAT CAN I DO?????

    : (3)

    • Posted by Wendy on January 14, 2003 at 14:49:15:

      In Reply to: Foreclosure and credit Posted by Wendy on January 13, 2003 at 18:12:41:



      Well, my ex says refuses to try anything. I thought he should get a roomate to help out. He said that he justs wants to get out of the whole thing. He refuses to take any of my advice. The house is in Nebraska.

      : (0)

    • Posted by SB on January 14, 2003 at 13:53:32:

      In Reply to: Foreclosure and credit Posted by Wendy on January 13, 2003 at 18:12:41:

      Wendy, Have you guys considered creative financing to keep the house? what state do you live in?Sean

      : To make things more clear. My husband kicked me out of the house that we bought in both of our names. His credit sucked before we got married. Other than the whole house issue (foreclosure because he won't make the payment), my credit is awsome. I have tried to help him when I have the money, but he says forclosure is the only option. He doesn't care because his credit was shot before. WHAT CAN I DO?????



      : (1)

      • Posted by Wendy on January 14, 2003 at 15:02:24:

        In Reply to: Re: Foreclosure and credit Posted by SB on January 14, 2003 at 13:53:32:

        Well, my ex is lazy and stubborn. I have told him that he should get a room mate or anything to avoid forclosure. He said that he just wants to be done with it.: Wendy, Have you guys considered creative financing to keep the house? what state do you live in?: Sean

        : : To make things more clear. My husband kicked me out of the house that we bought in both of our names. His credit sucked before we got married. Other than the whole house issue (foreclosure because he won't make the payment), my credit is awsome. I have tried to help him when I have the money, but he says forclosure is the only option. He doesn't care because his credit was shot before. WHAT CAN I DO?????



        : (0)

  • Posted by Wendy on January 13, 2003 at 17:29:28:

    How bad does forclosing on a house hurt your credit?

    : (0)

  • Posted by Kip (WA) on January 13, 2003 at 03:29:56:

    For the bid amount is it the full min bid or is it 10% w/ the remainder due in 30 days? What about the length of redemption rights of the homeowner being foreclosed on ?

    : (1)

    • Posted by Bill H on January 13, 2003 at 12:42:40:

      In Reply to: Trustee Sale Question (Bid/Redemption) Posted by Kip (WA) on January 13, 2003 at 03:29:56:

      : For the bid amount is it the full min bid or is it 10% w/ the remainder due in 30 days? What about the length of redemption rights of the homeowner being foreclosed on ?

      The bid price is the full amount in Cash at the fall of the hammer. Some trustees will give you a short period of time, perhaps 1 hr, to get the cash. Others require the money immediately. Check with the trustee conducting the sale. No redemption rights.



      : (0)

  • Posted by Nancy on January 13, 2003 at 02:35:13:

    We are in an interesting situation. We have a house that we cannot live in any more due to medical issues. The house was a previous HUD home, and there were more problems than we knew about, and we were never able to get ahead on repairs. We consider the home non-sellable (no offers in over 6 months) and we have no money to fix up due to my disability (not yet approved for disability income). The house has numerous structure problems due to termites (been treated) and plumbing problems. We make enough $$ to pay the monthly first and second mortgage, as long as hubby works overtime, so not sure bankrupt is the answer. Any way we can just walk away from a non-sellable house due to health issues, and structure issues? The house is actually respondsible for some of the health issues I have (mold), and we are willing to sell for balance due on loans, but no one will offer that amount due to condition of the house....any suggestions, condemn the property, insurance...help?

    : (1)

    • Posted by Nancy on January 13, 2003 at 03:31:32:

      In Reply to: Foreclose or what? Posted by Nancy on January 13, 2003 at 02:35:13:

      Even investors are not interested in this house..here is the list of problems that need fixed:

      Plumbing:

      Front and back outside faucets need replaced (leak inside)

      Leaks under kitchen sinkBathtub pipes need anchoring, probably replacedFrench drain needs replacedHalg bath needs faucetsHot water heater needs replaced

      Electrical:Garage needs to be completely rewiredDownstairs bedrooms (2 needs wired)Old outlets need replaced

      Structural:New roof, house and garageDownstairs windows need wood frame replaced (termite damage)Upstairs kitchen window needs repaired (possible roof leak in this area)garage facing and support beams need replaced (termite and carpenter ant damage)New deck stairsCement block wall collapsing, needs replacedBack stairs to undercroft damagedBack door upstairs needs replaceddownspouts and gutters on house and garage need replacedtermite inspection and prevention (AGAIN!)Black mold removalHUGE crack in downstairs fllor (?) cause unknownbottom half of driveway needs replaced

      Cosmetic:Carpeting or hardwood floors repairedall other floors need replacedtrim throughoutkitchen cabinents stained or paintedupdated bathroom (original one from 1965)need to complete 3rd bedroom (electric and closet)

      We were in the process of fixing this place up, when I sustained a pretty significant orthopedic injury, thus the need to move. Its a split level house and I cannot do stairs (walk with cane and use wheelchair occasionally)cannot work, and cannot finish re-model and repairs. House is in Ohio, NEED advice!





      : (0)

  • Posted by Edward Nolan on January 13, 2003 at 01:15:09:

    If so, I added links on my site to TRUE "Notice Of Defaults" in these counties...

    California:StanislausSiskiyouNevadaPlacerYoloContra, andFresno.

    Other states that I added information for are...

    Colorado - Larimer CountyVermont - Milton CountyWashington - Snohomish

    : (0)

  • Posted by dc indiana on January 12, 2003 at 21:58:37:

    just a few questions. if i sign someone up to a land contract in a pre-foreclosure deal which i promise to sell the house with-in, say 3 months will they have to come in and sign off on the original deed and mortgage they signed when they purchased the house? or does the land contract make me the one that signs off at closing. I ideally will be buying house that are in pre-foreclosure (i've already researched my area and will be soon contacting the best prospects; i just want to totally understand any problems that may arise) paying them moving cost say 1000 dollars then paying off the back payments, fixing up the house, and reselling it to a buyer who can get a loan and cash me out i would then give my sellers 20 to 30 percent of the profit or what ever percent we agreed on. does this seem like a good way to operate? also should i have a lawyer write up my purchase agreements or are their legal forms that are good enough at office stores? also how does the closing take place, title office, lawyers office? thanks to anyone who takes the time to read and reply.

    : (0)

  • Posted by John on January 12, 2003 at 15:39:17:

    for further education and training...as i have some experience with high end deals. i am willing to apprentice or compensate. You must be the best in this field and other opportunities could arise from our arrangement/s. serious inquiries need only reply or any lead/information to locate the expert i am seeking.

    thank you in advance.

    : (0)

  • Posted by Allen Rohr on January 12, 2003 at 01:09:44:

    I want to get into foreclosures and tax liens. Robert Allen is having a seminar for $2495, is it worth the investment? Has anyone had any experience with this company?

    : (0)

  • Posted by Shelley on January 11, 2003 at 18:47:39:

    In Jan 2002 I was notified by my lender, who had just acquired my loan form another company , that I was in default and I had to pay up or foreclose. I reinstated, a task you have to find out on your own, in 2/02 could have been in January if the atty. for my lender would have given me the quote! Lenders are awesome at playing hot potatoe with your phone calls aren't they? That department is busy mam is all I got. Any way..I reinstated and have a notarized reinstatement agreement signed by all parties curing me of the default and leaving me in good standing. It even has the original filing on it as if nothing ever changed from the day I purchased the home. Now on my credit report it shows a foreclosure. Do I have any legal leg to stang on in getting that removed and amended to late payments? The foreclosure would have to mean it foreclosed right? I asked the lender to include reinstatement and after 3 1/2 months of sitting on my request told me NO.

    : (1)

    • Posted by Reinstatement Services, Inc. on January 11, 2003 at 23:04:56:

      In Reply to: Need advice Posted by Shelley on January 11, 2003 at 18:47:39:

      Lender's are entitled to report to the cerdit reporting agencies Accurate information regarding your payment history.

      IF your lender had begun the foreclosure process [as evidenced by the charging of lengal fees], then your lender is entitled to report such action to the credit reporting agencies.

    • Default and Foreclcosure Mediation


    : (0)

  • Posted by eva on January 11, 2003 at 13:10:32:

    I have a very good friend that come to me yesterday in tears. She came home to a letter on her door that said foreclosed. She told me that she had been in contact with someone at her mortgage company and was filling paperwork out to explain her situation to them. She was told to fax them and they would notify her of the dollar amount to keep her in good standing...well then came this letter on her door. Does this mean it is too late for her??? Can she do anything to keep her house? She is a single mother that receives no child support. Please send help asap!! I am trying to help her in any way I can!!!

    : (2)

    • Posted by sb on January 14, 2003 at 13:59:26:

      In Reply to: foreclosed>is it too late??? Posted by eva on January 11, 2003 at 13:10:32:

      Depends on how long ago the Foreclosure process has begun and what state you live in? Has she considered creative re-financing to lower her payments? I'm assuming she still has a job to make payments?Sean: I have a very good friend that come to me yesterday in tears. She came home to a letter on her door that said foreclosed. She told me that she had been in contact with someone at her mortgage company and was filling paperwork out to explain her situation to them. She was told to fax them and they would notify her of the dollar amount to keep her in good standing...well then came this letter on her door. Does this mean it is too late for her??? Can she do anything to keep her house? She is a single mother that receives no child support. Please send help asap!! I am trying to help her in any way I can!!!



      : (0)

    • Posted by Reinstatement Services, Inc. on January 11, 2003 at 22:51:53:

      In Reply to: foreclosed>is it too late??? Posted by eva on January 11, 2003 at 13:10:32:

      from the limited information you've provided. Could be, the lender has posted the property in preparation for the sale.

      Although I suspect your friend has a very good idea as to the actual status of the loan, a quick call to the attorney/trustee hired to process the foreclosure action will give her an exact status of the loan.

      If the foreclosure action hasn't been completed [culminating with a sale] then there might still be options available for your friend to explore.

      If the sale has already taken place, your friend might be entitled to a right of redemption. If a third party has not purchased the propety, your friend might be able to get his/her lender to rescind the foreclosure action and reinstate the loan.

    • Default and Foreclosure Solutions


    : (0)

  • Posted by Don Carter on January 11, 2003 at 12:18:18:

    We need to get a list of Preforeclosure and Foreclosures on Residential Mortgage Notes.Contact me with any information.

    : (7)

  • Posted by Don Carter on January 11, 2003 at 12:16:07:

    If you are a solid Lender or Loan source that can assist with Loans on Preforeclosures and Foreclosures,please let me know if Hard Money Lenders can help or whom i might contact to help,we have many people that can come to us looking for this type of financing,if you could suggest any solid possiblities.

    : (2)

    • Posted by Barry on January 14, 2003 at 15:24:10:

      In Reply to: Need Lenders of Preforeclosures and Foreclosure Homes Posted by Don Carter on January 11, 2003 at 12:16:07:

      Most any mortgage broker can help with pre-foreclosures or foreclosures. For Hard Money there are several sources, my prefered is Statewide.com out of Houston, Tx other is rehabfunding.com both have 65% programs for distressed properties. Hope this helps.

      : If you are a solid Lender or Loan source that can assist with Loans on Preforeclosures and Foreclosures,please let me know if Hard Money Lenders can help or whom i might contact to help,we have many people that can come to us looking for this type of financing,if you could suggest any solid possiblities.



      : (1)




      • Posted by Barry on January 14, 2003 at 15:24:10:

        : Most any mortgage broker can help with pre-foreclosures or foreclosures. For Hard Money there are several sources, my prefered is Statewide.com out of Houston, Tx other is rehabfunding.com both have 65% programs for distressed properties. Hope this helps.

        : : If you are a solid Lender or Loan source that can assist with Loans on Preforeclosures and Foreclosures,please let me know if Hard Money Lenders can help or whom i might contact to help,we have many people that can come to us looking for this type of financing,if you could suggest any solid possiblities.

        : (0)

  • Posted by DRUBBO on January 11, 2003 at 03:24:40:

    HERE IS THE SITUATION, MY HUSBAND AND BROTHER BOUGHT A HOUSE TOGETHER MANY YEARS AGO, WE HAVE SINCED MOVED AWAY(IT HAS BEEN OVER 7 YEARS) AND LEFT THE HOUSE TO MY BROTHER IN LAW. WE COME TO FIND OUT THAT HE HAS NOT BEEN PAYING THE MORTGAGE AND THE HOUSE IS IN THE PROCESS OF FORCLOSING. WE DID NOT KNOW ANYTHING ABOUT THIS UNTIL IT WAS TOO LATE TO EVEN TRY TO DO SOMETHING(THE HOUSE WAS ALREADY $10,000 IN THE REARS). MY HUSBAND HAS TRIED TO GET HIM TO SELL OR JUST GIVE THE HOUSE UP, BUT MY BROTHER IN LAW REFUSES, HE WANTS TO DRAG THIS OUT UNTIL THE BANK PHYICALLY REMOVES HIM,WHICH WE HEAR CAN TAKE YEARS. IN THE MEANTIME OUR LIVES ARE BEING RUINED BY THIS WHOLE ORDEAL, IS THERE ANYTHING WE CAN DO OR OUR WE STUCK? WE DON'T KNOW IF THERE IS ANYWAY WE ARE ABLE TO FORCE HIM TO GIVE UP THE PROPERTY SINCE MY HUSBAND IS TECHNICALLY STILL PART OWNER. I REALLY NEED SOME HELP,PLEASE, ANYBODY?

    : (1)

    • Posted by sb on January 14, 2003 at 14:02:45:

      In Reply to: NEED ADVICE ON FORECLOSURE Posted by DRUBBO on January 11, 2003 at 03:24:40:

      What state do you live in? Have you considered creative financing to lower the payments? and yes, eventually they will remove the occupant from the home. Length of time depends on state. Do you have the money to bring the payments to current?

      Sean

      : HERE IS THE SITUATION, MY HUSBAND AND BROTHER BOUGHT A HOUSE TOGETHER MANY YEARS AGO, WE HAVE SINCED MOVED AWAY(IT HAS BEEN OVER 7 YEARS) AND LEFT THE HOUSE TO MY BROTHER IN LAW. WE COME TO FIND OUT THAT HE HAS NOT BEEN PAYING THE MORTGAGE AND THE HOUSE IS IN THE PROCESS OF FORCLOSING. WE DID NOT KNOW ANYTHING ABOUT THIS UNTIL IT WAS TOO LATE TO EVEN TRY TO DO SOMETHING(THE HOUSE WAS ALREADY $10,000 IN THE REARS). MY HUSBAND HAS TRIED TO GET HIM TO SELL OR JUST GIVE THE HOUSE UP, BUT MY BROTHER IN LAW REFUSES, HE WANTS TO DRAG THIS OUT UNTIL THE BANK PHYICALLY REMOVES HIM,WHICH WE HEAR CAN TAKE YEARS. IN THE MEANTIME OUR LIVES ARE BEING RUINED BY THIS WHOLE ORDEAL, IS THERE ANYTHING WE CAN DO OR OUR WE STUCK? WE DON'T KNOW IF THERE IS ANYWAY WE ARE ABLE TO FORCE HIM TO GIVE UP THE PROPERTY SINCE MY HUSBAND IS TECHNICALLY STILL PART OWNER. I REALLY NEED SOME HELP,PLEASE, ANYBODY?



      : (0)

  • Posted by Stephanie on January 11, 2003 at 02:27:00:

    I feel that I was done totally wrong by mortgage company and because of lack of communication in the mortgage company I lost my house

    : (1)

    • Posted by Reinstatement Services, Inc. on January 11, 2003 at 22:37:26:

      In Reply to: foreclosure done wrong Posted by Stephanie on January 11, 2003 at 02:27:00:

      you might be able to reclaim ownership of your home, particularly if a redemption period is mandated.

      If you have evidence [or a strong suspicion] that you've been violated by your lender, you might have legal recourse.

      Why not consult an attorney to determine if your rights were infringed upon.

    • Default and Foreclsoure Solutions


    : (0)

  • Posted by dina01 on January 10, 2003 at 23:21:04:

    I have a conventional mortgage and missed 1 payment. They wanted both and I had been off work and called my lender to ask if I could add one to the end of my loan or work out a payment plan. I was told they would be willing to work something out, but I would have to let my loan "sit" until it became 4 months past due, then it would be "re amortized", a new loan would be issued and I'd start all over. I was told to hold on to the payments, and my loan would go on hold. I asked if this could lead to foreclosure and was told no. I don't really understand how this works. It's now been 3 months, I've called to check the status, customer service won't tell me anything, and Loss Mit seems pretty busy all of a sudden. I'm getting worried, and wondering if this was a dumb move and whether I should move quickly to Chapter 13BK or something. Please help!

    : (2)

    • Posted by Reinstatement Services, Inc. on January 11, 2003 at 22:32:16:

      In Reply to: Let my loan "sit"? Does this make sense?? Posted by dina01 on January 10, 2003 at 23:21:04:

      Although most lenders do have an active collections department who's reps are trained to collect on past due money [even if it means extending a repayment schedule], if is determined that the workout assistance required is more involved than a couple of months, collection reps SHOULD then direct you to their loss mitigation department where counselors there are trained to handle more involved efforts of remedy such as loan modifications and the like.

      Based on the information you've provided, if you do not have a formal [written] agreement in place with your lender that allows you to temporarily suspend/defer payments until some later date, then you should indeed be suspect.

      It might be too late to stave off the legal fees that are associated with the begining of the foreclosure process but it would definitely be in your best interest to speak with your lender not later than Monday, to determine the exact status of your loan and to put a workout agreement in place.

      Before you make a decision to bring a third party into the process, you should first see if you are successful in putting a plan in place on your own.

      By the way, all of this should be able to be accomplished without the need to file bankruptcy.

      : (0)

    • Posted by Curtis on January 11, 2003 at 00:47:43:

      In Reply to: Let my loan "sit"? Does this make sense?? Posted by dina01 on January 10, 2003 at 23:21:04:

      Wrong move! Call us and we will do a conference call to your lender ASAP!Faith Rock301-651-9454

      : (0)

  • Posted by Big Easy on January 10, 2003 at 21:35:20:

    Hi!Was anyone in on the LeGrand short sale conference call last night? I heard it was free and in the call he covered the critical path for getting a short sale offer put together and accepted by the lenders. Anybody on the call, and if so can you please post his recommended steps? Also, there was a post a week ago or so about a free short sale tool that somebody at his MOS bootcamp had mentioned called www.EasyHUD.com ... any feedback on this or other short sale tools out there?

    Big Easy



    : (0)

  • Posted by PATRICK A PIGNOTTI on January 10, 2003 at 07:40:12:

    I LOST MY JOB A FEW MONTHS BACK,FILED BANKRUPTCY,WAS RENTING OUT 2ND HOUSE, RENTERS MOVED, TRIED TO SELL HOUSE/FOUND OUT DURING CLOSING THAT QUIT-CLAIM DEED I HAD FROM DIVORCE SEVERAL YEARS BACK WAS NO GOOD/EX WIFE LIVING OVERSEAS(TURKEY) CANNOT LOCATE/DON'T HAVE MONEY TO FIX HOUSE OR FIX LEGAL PROBLEMS. HOW DO I FORECLOSE PROPERTY.

    : (1)

    • Posted by NANCY (GA) on January 10, 2003 at 16:28:17:

      In Reply to: FORECLOSURE Posted by PATRICK A PIGNOTTI on January 10, 2003 at 07:40:12:

      what state are you in?



      : (0)

  • Posted by Tom on January 10, 2003 at 01:40:55:

    I'm concerned about the damage that I might see after the owner has been foreclosed on. Is there anyway to minimize what they might do or is it expected?

    : (0)

  • Posted by Donald Morgan on January 09, 2003 at 21:38:49:

    Need information in implementing a non-traditional foreclosure on a condominium unit. I need answers to the following questions:

    1. Where do you get the forms?2. How are the forms submitted?3. How is the disclosure served?

    Thank you for your help.

    : (0)

  • Posted by ram on January 09, 2003 at 21:09:55:

    There are tons of repos in alabama available at repo lots, selma, tuscaloosa, etc. don t know what you are looking for, but prices are cheap now

    : (2)

    • Posted by Edward Nolan (Ohio) on January 11, 2003 at 14:05:44:

      In Reply to: repos Posted by ram on January 09, 2003 at 21:09:55:

      Ram Hi,

      Would you want to sell them on my web site? IT'S FREE.All you have to do is take 3 pictures of each repo, or real estate deal you put together. Now the easy part input the information about each one for free on my site.

      : (1)

      • Posted by Edward Nolan (Ohio) on January 11, 2003 at 14:14:43:

        In Reply to: resell the repos and real estate, I'll provide the traffic. Posted by Edward Nolan (Ohio) on January 11, 2003 at 14:05:44:

        Below is a link to my site for you to advertise your deals for free.If your looking to purchase a deal thats okay too. Follow the link below.

        Be sure to bookmark the site for your future use.

        Ed

        : (0)

  • Posted by Joey on January 09, 2003 at 19:22:19:

    Any investors willing to buy homes that i bought pre-forclosure in NY, Or those any one know where i could find these investors?

    : (3)

    • Posted by Barry on January 14, 2003 at 15:27:06:

      In Reply to: Got Investor? Posted by Joey on January 09, 2003 at 19:22:19:

      Look in your local newspaper under realestate, should be ad's saying "I Buy Realestate" most of these are investors and will talk to you about buying your home.

      : Any investors willing to buy homes that i bought pre-forclosure in NY, Or those any one know where i could find these investors?



      : (0)

    • Posted by IB (NJ) on January 13, 2003 at 19:50:35:

      In Reply to: Got Investor? Posted by Joey on January 09, 2003 at 19:22:19:

      Is this NYC and the surrounding area? Please email me at lkng4home@hotmail.com. I know an investor or two who will buy from you.



      : (0)

    • Posted by Edward Nolan (Ohio) on January 11, 2003 at 13:57:44:

      In Reply to: Got Investor? Posted by Joey on January 09, 2003 at 19:22:19:

      Joey Hi,

      You can go to my web site Igloos.Hypermart.net and advertise for free each home you want to sell. You can even upload 3 images of each home for free too! Just make sure if the home is in NY that you post the information in the New York section.

      Ed

      : (0)

  • Posted by hud on January 09, 2003 at 15:56:23:

    If I let the bank foreclose what can I be held accountable for? I live in Texas, my house was built in 2002,I have no real equity built up,the house is exactly like it was when I bought it(except I added a water softener). I am losing my job and cannot afford the payments-also renting is not really an option because my payment is higher then most rentals(it is not in the average rental rate area).I have tried selling but have had no offers in over 4 months and I want is what is owed on the mortgage.

    : (1)

    • Posted by Reinstatement Services, Inc. on January 09, 2003 at 17:38:08:

      In Reply to: foreclosure accountability Posted by hud on January 09, 2003 at 15:56:23:

      might be the answer you're looking for.

      In the scenario you've presented, listing the home for sale would be my 1st line of defense.

    • Default and Foreclosure Mediation


    : (0)

  • Posted by Rob on January 08, 2003 at 18:23:55:

    I am a full-time student who recently received a State of California Real Estate Salesperson Conditional License. I want to learn everything I can concerning foreclosures, trustee sales, and REOs (including approaching persons in default, lenders, and investors) as it pertains to property in the Los Angeles area in order to become a foreclosure specialist. Could someone recommend a book that covers those areas of real estate in detail which was written specifically for this part of the country (Los Angeles, California)???

    : (0)

  • Posted by Ramona on January 08, 2003 at 17:14:07:

    I am a divorced, single mother and I am 4 months behind on the mortgage and I was told by my lender that I am in foreclosure. I live in Pgh. PA. I got behind because I got divorced and the bills were just overwhelming. I am employed however I can not afford the additional monthly payments that the lender proposed to catch up. I can't file bankruptcy because I have no other debt aside from my utilities and my car payment already comes out of my paycheck. I am not qualified for any bank loans to pay up the 2800.00 I owe. I was going to let it get foreclosed on. I know my credit will be shot, is there anything else that I need to worry about? Can I move out of my house before the foreclosure? what is involved during this process? And how much time do I have to stay in my home. I have not received an official letter from an attorney only a letter from my lender which I received on 12/24/02 (Wonderful xmas present, wasn't it). Any suggestions would be greatly appreciated. (Can you email me a response to my email address)

    : (3)

    • Posted by IB (NJ) on January 08, 2003 at 19:04:36:

      In Reply to: Foreclosure Posted by Ramona on January 08, 2003 at 17:14:07:

      How much time do you have? Why don't you place it on the market and sell with a Realtor?

      : (2)

      • Posted by Tim on January 20, 2003 at 19:23:52:

        In Reply to: Re: Foreclosure Posted by IB (NJ) on January 08, 2003 at 19:04:36:

        : How much time do you have? Why don't you place it on the market and sell with a Realtor?



        : (1)

        • Posted by Tim on January 20, 2003 at 19:27:31:

          In Reply to: Re: Foreclosure Posted by Tim on January 20, 2003 at 19:23:52:

          Call me at 310-222-8644 if you get this post soon. I can save your credit and assume all payments,up keep on the property as well as taxes.Don't bother with the R/E. Please mention the Ramona posting. Tim

          : (0)

  • Posted by Scott on January 08, 2003 at 14:52:36:

    Looking to sell a great Loft in downtown Denver. 1 Bed and 1 Bath with great view of Downtown. If interested or know of someone who is interested, please let me know.scott_a_wayne@hotmail.com

    : (1)

    • Posted by Edward Nolan (Ohio) on January 11, 2003 at 14:11:09:

      In Reply to: Selling Investment Property Posted by Scott on January 08, 2003 at 14:52:36:

      Scott,

      If you have pictures or would like to get more exposure in selling your Loft I have a web site that you can advertise for free on. You can even upload 3 pictures of the loft for free too.

      Igloos.Hypermart.net

      Simply select the state and input your information.

      Ed

      : (0)

  • Posted by Bob on January 08, 2003 at 14:24:20:

    Yesterday the bank called us and told us they were going to foreclose on our business on Friday. Everything we own is attached to the business. Is there anything that we can do in the next two days.

    : (2)

    • Posted by TIM on January 22, 2003 at 17:47:34:

      In Reply to: Forecloser of our Business Posted by Bob on January 08, 2003 at 14:24:20:

      I would like to talk to you regarding your property. can you call me at 310-901-3646 or E-mail me with your phone # and I'll call you.

      : (0)

    • Posted by Mark-IL on January 08, 2003 at 19:10:28:

      In Reply to: Forecloser of our Business Posted by Bob on January 08, 2003 at 14:24:20:

      There must be more to it than that. I don't know we're you're located, but I don't believe a bank can foreclose anywhere with only 2 days notice.



      : (0)

  • Posted by gator on January 08, 2003 at 02:04:39:

    would anybody know how to compile a list of homes that are fire damaged in the Metro Detroit area

    : (0)

  • Posted by momstein on January 07, 2003 at 17:25:27:

    We are in Indiana.

    : (1)

    • Posted by Reinstatement Services, Inc. on January 07, 2003 at 18:35:55:

      In Reply to: state Posted by momstein on January 07, 2003 at 17:25:27:

      Indiana law allows for a DJ.

      Risk to other property [real and/or personal] is substantial, and might include garnishment, levy, or seizure to satisfy the deficit.

      Whether this will actually happen in your case will be determined by your lender.

      Naturally, it would be in your best interest to resolve the situation outside of foreclosure.

    • Default and Foreclosure Solutions through Mediation


    : (0)

  • Posted by momstein on January 07, 2003 at 17:08:44:

    Have had home for sale for nearly two years...have dropped price (with agent) to enough to simply walk away. But we are now in foreclosure (no sell date set yet) and dont know if we can sell the house before the bank takes it back. Was stupid enough to have to file BK and not declare on the home. Just couldn't ever get caught up. What about a deed in leiu? Can the mortgage company come back with us for what they can't sell the house for? We just want to get away from the house (found a nice rental) and the payments. Lots of equity (but cant afford current, let alone with a refinance or 2nd mortgage). Any advice would be greatly appreciated. It is keeping us up at night worrying about it.

    : (8)

    • Posted by Tim on January 20, 2003 at 19:34:48:

      In Reply to: Foreclosure advice needed Posted by momstein on January 07, 2003 at 17:08:44:

      I am in a position to keep you out of forclosure and protect you from anymore adverse credit issues. Call me ASAP and we'll put it together. FYI this is not a scam program, I can just get you squared away if you call me ASAP so we can get more details. Good Luck, Tim

      : (2)

      • Posted by momstein on January 21, 2003 at 17:31:35:

        In Reply to: Re: Foreclosure advice needed Posted by Tim on January 20, 2003 at 19:34:48:

        Please email me with information. You stated in your post to call you, but did not leave a number.

        Thanks for any help to get rid of the property without further damage done.

        : (1)

        • Posted by TIM on January 21, 2003 at 21:19:58:

          In Reply to: Re: Foreclosure advice needed Posted by momstein on January 21, 2003 at 17:31:35:

          310-222-8644 IS THE NUMBER, I'LL DO MY BEST10A-7P MON-SAT P.S.T.

          : (0)

    • Posted by TheShortSalePro on January 07, 2003 at 21:56:29:

      In Reply to: Foreclosure advice needed Posted by momstein on January 07, 2003 at 17:08:44:

      Sounds like your real estate agent isn't being all that he/she can be. Lots of equity? Why not reduce the price ASAP and sell? If you need a reliable real estate broker (local to you) that can list and market your home while in foreclosure... let me know ASAP.

      : (3)

      • Posted by momstein on January 10, 2003 at 16:23:43:

        In Reply to: Re: Sell ASAP Posted by TheShortSalePro on January 07, 2003 at 21:56:29:



        We are open to any options at this point. Have reduced the price to simply pay off the mortgage (plus her commission). Willing to hear anything. We are even willing to do a deed in leiu of foreclosure, but can't get the mortgage company to return our calls.



        : Sounds like your real estate agent isn't being all that he/she can be. Lots of equity? Why not reduce the price ASAP and sell? If you need a reliable real estate broker (local to you) that can list and market your home while in foreclosure... let me know ASAP.



        : (2)

        • Posted by NANCY (GA) on January 10, 2003 at 16:30:37:

          In Reply to: Re: Sell ASAP Posted by momstein on January 10, 2003 at 16:23:43:

          what state are you in?

          : (1)

          • Posted by momstein on January 10, 2003 at 16:52:06:

            In Reply to: Re: Sell ASAP Posted by NANCY (GA) on January 10, 2003 at 16:30:37:

            : Indiana.

            : what state are you in?



            : (0)

    • Posted by Reinstatement Services, Inc. on January 07, 2003 at 17:22:13:

      In Reply to: Foreclosure advice needed Posted by momstein on January 07, 2003 at 17:08:44:

      The state the property is located in will have a definite effect on whether or not your lender will be entitled to pursue a deficiency judgment should the sale of the property at auction not produce enough to extinguish the debt.

      You might consider petitioning your lender directly for deed-in-lieu approval. This might provide you with the sort of remedy you're seeking as a viable alternative to foreclosure.

      To request DIL consideration, contact your lender's loss mit department. They will be able to direct your efforts at no additional cost to you.



      : (0)

  • Posted by Nancy (GA) on January 07, 2003 at 17:01:49:

    If you live in Georgia and have problems making payment on your mortgage, please let me know I can definitely help you. I can be reached at zephy@usa.com

    : (5)

    • Posted by njdave on January 07, 2003 at 21:58:53:

      In Reply to: I CAN HELP THOSE IN FORECLOSURE!!! Posted by Nancy (GA) on January 07, 2003 at 17:01:49:

      What's your secret? Care to share? There are thousands of families that face mortgage foreclosure in Georgia. Most would be able to save their homes with a little bit of help. Are you willing?

      : (4)

      • Posted by NANCY (GA) on January 08, 2003 at 14:19:40:

        In Reply to: Re: Really? Posted by njdave on January 07, 2003 at 21:58:53:

        We’re advisors and also investors and work with a lot of families going through foreclosures. The solutions we use depend on the family needs and situation. If you know of any one or property you can let me know by email me at zephy@usa.com or have them contract me, I will be happy to help them. we mainly work in georgia for now

        : (0)

      • Posted by Edward Nolan (Ohio) on January 08, 2003 at 00:17:48:

        In Reply to: Re: Really? Posted by njdave on January 07, 2003 at 21:58:53:

        Lets say the people being foreclosed on really could get by with just a band aid on their situation. Lets say they owe 5,000 dollars and their mortgage payment is 500.00 a month. Lets say the mortgage owed is 60k on an appraised home of $75k. Lets say there are no other liens too just to keep it simple!

        Would you walk away? Most will walk away since they can't raise the 5,000 needed to help out.

        But, lets say you had 5,000 and you checked out the current owners and found they had great jobs and you decided to let them do a Lease Option from you after you had them deed the home to you. You by law can not make the option price for more than the current amount owed 60k, but, you could take a down payment, and charge more than the current mortgage payment amount, plus an interest on the 5,000 that is figured into the lease amount.

        Or heck, give them 2k pay off the 5k and Rent To Own to someone else.

        If njdave can do it, then he started as a broker and grew to an investor level.

        dare to dream ...

        : (2)

        • Posted by Bill H on January 11, 2003 at 00:48:50:

          In Reply to: A little secret here ... Posted by Edward Nolan (Ohio) on January 08, 2003 at 00:17:48:

          : Lets say the people being foreclosed on really could get by with just a band aid on their situation. Lets say they owe 5,000 dollars and their mortgage payment is 500.00 a month. Lets say the mortgage owed is 60k on an appraised home of $75k. Lets say there are no other liens too just to keep it simple!

          : Would you walk away? Most will walk away since they can't raise the 5,000 needed to help out.

          : But, lets say you had 5,000 and you checked out the current owners and found they had great jobs and you decided to let them do a Lease Option from you after you had them deed the home to you. You by law can not make the option price for more than the current amount owed 60k, but, you could take a down payment, and charge more than the current mortgage payment amount, plus an interest on the 5,000 that is figured into the lease amount.

          : Or heck, give them 2k pay off the 5k and Rent To Own to someone else.

          : If njdave can do it, then he started as a broker and grew to an investor level.

          : dare to dream ...

          What law says you cannot make the lease option for more that the balance due?



          : (1)

          • Posted by Edward Nolan (Ohio) on January 11, 2003 at 13:51:45:

            In Reply to: Re: A little secret here ... Posted by Bill H on January 11, 2003 at 00:48:50:

            But,

            How about this. Does this simplify it...

            When you Lease Option back to the original owners it's a no no.When you Lease Option to potential new owners it's okay.

            : (0)

  • Posted by Sharon on January 07, 2003 at 15:53:03:

    Forclosure ad read "buyer responsible for eviction of any occupants" I want to know how costly is this procedure and can it become a nightmare?

    : (2)

    • Posted by tyrone jenkins on January 16, 2003 at 16:13:23:

      In Reply to: purchasing forclosed property Posted by Sharon on January 07, 2003 at 15:53:03:

      : Forclosure ad read "buyer responsible for eviction of any occupants" I want to know how costly is this procedure and can it become a nightmare?



      : (0)

    • Posted by Nick(Colorado) on January 07, 2003 at 17:37:57:

      In Reply to: purchasing forclosed property Posted by Sharon on January 07, 2003 at 15:53:03:

      Sharon:

      Normally one reaches a cash-for-keys agrement with the current occupants, to get them out of the property. This is almost always preferable. If you have to do an eviction this can be a nightmare.

      If you live out west, usually the laws are leniate, you will have to pay the sheriff several hundred dollars to come out and keep the peace. You will also have to have a moving crew to move all of the occupant's stuff to the nearest public property, i.e. the street. Total time shouldbe less than one month.

      If you live out east, usually the laws are slanted to givefavor to the occupant. Eviction can be a very long and expensive option. For instance it can take 6 to 9 months to get a person that is willing to try and drag it out.

      Also some jurisdictions have requirements to store or auctionthe occupants abandoned property. I would suggest that youunderstand your local statues before you bid on a foreclosure.



      : (0)

  • Posted by Dianne on January 07, 2003 at 08:31:27:

    I am the owner of the property. The individual purchasing the property died in July 2002, leaving no Will. The dependent children have left the country. They have no plans to pay the outstanding balance. I need to foreclose on the property. I don't have a lot of money, would like to do it myself if I can. Where can I get information on how to do so. The property is located in Kern County California

    : (1)

    • Posted by njdave on January 07, 2003 at 14:27:08:

      In Reply to: How to foreclose on property, owner financed Posted by Dianne on January 07, 2003 at 08:31:27:

      If you are the owner of the property... you don't need to foreclose. You already own the property. However, if you are the holder of a mortgage used to finance the purchase of the property... you may be empowered to initiate foreclose proceedings.

      The Mortgage/Mortgage Note or whatever security instrument you used will indicate what event triggers a foreclosure.

      No sense fooling around with this. Return to the Attorney who drafted the mortgage/mortgage note/DOT and he/she will make certain that it's done properly.

      This is not a good place to 'learn by doing'.

      : (0)

  • Posted by tammy on January 07, 2003 at 01:53:39:

    The home that I want to buy is listed as a "short sale" what does this mean, and is there any benefit to buying such a home?

    : (1)

    • Posted by theshortsalepro on January 07, 2003 at 11:43:46:

      In Reply to: short sale Posted by tammy on January 07, 2003 at 01:53:39:

      The home's mortgage loan payoff is probably in an amount greater than the Sales price. The Seller needs permission from the mortgagee to sell.

      A successful short sale may benefit the mortgagee, the Seller, and perhaps the Buyer. The downside is that the process will take much longer.

      However, if you are happy with your Offer.... it may be worth your while to wait.

      : (0)

  • Posted by kim on January 06, 2003 at 19:25:04:

    Filed Bankrupacy in 1993 while in 1st marriage. We had a 1st and 2nd mortgage on our home which went to foreclosure several months after our bankrupacy release in 1994. Now, a collection agency seems to have purchased the loan acct info from the original owner of the 2nd and is wanting full repayment of that loan...approx'ly $58k. CAN THEY DO THIS. We thought that since they foreclosed and took the property back, both the 1st and the 2nd mortgage companies recouped their loss....eight yrs have passed.....confused and in need of some advice. Thanks

    : (1)

    • Posted by Nick(Colorado) on January 07, 2003 at 14:03:48:

      In Reply to: Foreclosure 1994, 2003 Collection agency notice Posted by kim on January 06, 2003 at 19:25:04:

      Kim:

      This can be the case. The holder of the first note foreclosed and took back the property. The second was never fully satisfiedat auction and lost its attachment to the property due to the action of foreclosure. Under these conditions, the second can become an unsecured personal note. (depending on state law) At this point the note would have been sold, at a deep deep discount, tosome type of collection house. They are the one hounding you.Please check you state statues, some states do not allow for thistype of collection if the note was for the purchase of the property.This type of action is usually allowed if the note was use forother purposes like cars, trips, collage etc.

      : (0)

  • Posted by Penny on January 06, 2003 at 15:29:15:

    We are the 2nd lienholder of a house in So. Calif. We are foreclosing and the trustee sale is this week. We have been trying to find out the status of the 1st but have been unsuccessful. They have not started foreclosure, but will not tell us what is owed, if in arrears, nothing. Are we responsible for the 1st if we win the bid? There is also a 3rd but we have been told they are out of luck.

    : (0)

  • Posted by Margret Henkels on January 06, 2003 at 15:02:19:

    my mortgage broker says I can't do a 0 down on investment property.....even with great credit. is this true? we want to buy, fix up and sell a house.

    : (2)

    • Posted by Edward Nolan (Ohio) on January 08, 2003 at 00:00:03:

      In Reply to: 0 down financing on investment property Posted by Margret Henkels on January 06, 2003 at 15:02:19:

      Margret,

      It could be that the deal may be to tight. The appraisal and asking price may be the same or close to the same leaving no room depending on how you plan on doing the deal. I am guessing you are wanting to finance it yourself and this is why I say these things.

      If, however, you signed a contract to let someone else fix it by selling to that other person your deal, then, you could possably do a no money down deal on this same home by using OPM which stands for Other Peoples Money. In this case the worker, to finance the deal.

      If you post the numbers as a responce, I'll give you a break down and help you understand better.I would need to know...

      appraisal amountasking amountamount settled atthe loan to value percent the bank will do

      I hope you got all that.Ed

      : (0)

    • Posted by Andy Mazur on January 07, 2003 at 12:34:29:

      In Reply to: 0 down financing on investment property Posted by Margret Henkels on January 06, 2003 at 15:02:19:

      : my mortgage broker says I can't do a 0 down on investment property.....even with great credit. is this true? we want to buy, fix up and sell a house.



      : (0)

  • Posted by Tina on January 06, 2003 at 14:11:32:

    Can someone please tell me where I can get a NOD list for the Chicagoland area?

    : (1)

    • Posted by Edward Nolan (Ohio) on January 07, 2003 at 23:48:38:

      In Reply to: NOD list Posted by Tina on January 06, 2003 at 14:11:32:

      Tina Hi,

      You might as well be asking for someone to give you their diamond mind. LOLYou know you're asking for the most coveted secret ever in real estate? Of course you do or you wouldn't be asking right!To all of you who do not know what Tina is asking for let me tell you ... NOD stands for Notice of Default. A notice of default is what is recorded at the records office within the county the home is in. The notice filed tells the public that the record is in default. In this case the record is a mortgage. Before the home shows up on the sheriff sale list and before the home shows up in the news papers, there has to be a NOD on record at the county court house. So you see, what Tina is asking for is a free pass to the front of the line! Right Tina, you sly thing you. I like your style. She's a sharp cookie, and knows her stuff so watch out Chicago here comes Tina ...

      http://cgi.chicago.tribune.com/homes/help/faq.htm

      Simply go to the bottom of the page once you get to the above site and there will be a break down by county for different county recorder offices. If they have an online search section then you may be able to look up default right from home

      Good Luck TinaEd

      : (0)

  • Posted by S A on January 06, 2003 at 01:16:29:

    I am now due for 4 months of mortgage payments. I have spoken to Collection Dept a few times through out the month of Dec, 2002. Although they were willing to work with me and asked for me to make payment with whatever I had on hand, I did not make the payment due to circumstances beyond my control. I felt embarrassed and did not call the representative I made the promise to. I spoke to her on Friday. I was informed that since I did not make payment as I promised, I need to pay $8700 on Monday before 5pm or she will start foreclosure proceedings. I had tried to make one payment but they returned the cashiers check because they need all of it. I have $3k on hand, if they allow me to pay them at least $1k each week through out the month of January, I will be able to get the mortgage up to date. Does any one have any suggestions on how I can convince my lender that I WILL pay them this time? I need to avoid foreclosure proceedings by all means and friends and family do not have available money to lend me. :(2)

    • Posted by nancy on January 07, 2003 at 16:24:24:

      In Reply to: Avoiding ForeClosure Posted by S A on January 06, 2003 at 01:16:29:

      what state are you in? I might be able to help you. please email.

      : (0)

    • Posted by Reinstatement Services, Inc. on January 06, 2003 at 14:34:37:

      In Reply to: Avoiding ForeClosure Posted by S A on January 06, 2003 at 01:16:29:

      Have you spoken with the loss mitigation department in your lender's camp? They should be able to assist you in circumventing foreclosure by applying a workout remedy [such as a repayment schedule].

    • Default and Foreclosure Mediation


    : (0)

  • Posted by lynn sahaida on January 05, 2003 at 19:34:09:

    Is it true that all foreclosed property goes to auction first, then if not sold at auction goes back to the bank, which then hands the REO property over to a real estate broker? I would like to move to Manhattan, but the only way I could entertain such a thought would be to find a foreclosed property that would be cheaper than market prices. I am trying to learn how to find such a property through a real estate broker or bank. Does anyone know if there is such a source of information that focuses on New York City?

    I have seen listings in the New York Times real estate section that advertise foreclosures for a fee of several hundred dollars. I'm not sure if they are selling auction listings or preforeclosures. I'm afraid of the auction route, as I'm not interested in foreclosures as a business proposition. I only want to find an affordable place to live for myself. From my web searching, it appears that auctions are the only way to go. Yet it appears to me (at least with my limited knowledge) that buying at auction means not being able to see the property, and you may end up with angry non paying tenants on the premesis as well. I'd prefer to avoid auction and buy from a broker instead. How do I find out who lists such properties? Any advice would be greatly appreciated. Thank you. :(1)

    • Posted by Edward Nolan (Ohio) on January 07, 2003 at 23:27:58:

      In Reply to: REO/foreclosure question Posted by lynn sahaida on January 05, 2003 at 19:34:09:

      Lynn Hi,

      Here's a web site that might help. Ocwen.com you can searhc for properties in your state. The properties are bank owned.

      Or, you can get an MLS listing from any realtor. Tell the realtor what your after. When a home is foreclosed 2 things happen. If it's FHA the government guaranteed the bank it's money if foreclosure and the govt. gives the bank it's money and the home becomes a HUD home, or, if it's not FHA, and the banks buys it at auction, then they can sell it on the mls or to anyone inquiring about it.

      Do your homework though...Any home sold at auction generates a Sheriff's Deed. Search your county records after the auction to see who puirchased the property and what they paid for it. You'll be surprised at what you find. Here's an example: A home seeling at sheriff still owes the bank 60k. At sheriff sale the bank wins the sale. (No One Else Bidded) The bank purchased it at 30k. Now if they list it on the MLS, if it's appraisal is higher than what it paid at sheriff, you'll at least know how low your offer to the bank through your realtor can be !!!

      : (0)

  • Posted by steph on January 05, 2003 at 13:56:46:

    we went through bankruptcy a year ago we reaffirmed vehicle loan and wanted to reaffirm house well we kept house but never was sent reaffirm.agreement on house.now our house insurance is so high we can't pay mortgage so letting house go bk can anyone tell us what happens after forclosure we live in alabama and we owe 89,900 our loan was for 101,500 but put about 10,000 down appraisedfor 103,000 as of when house was baught.need to know if there is anything we can do to keep from being sued or wages garnished if anything owed after sell since banruptcy can not be option. :(2)




    • Posted by steph on January 05, 2003 at 13:56:46:

      I AM GOING THREW A DEVORCE I AM IN CHAPTER 13 I MAKE PAYMENTS OUT OF MY PAYROLL CK, WHICH IS CURRENT. MY MORTG. PAYMENT FROM JAN TO NOW HAS BEEN LATE 2 TIMES ALSY I HAD TO PAY MY PROPETY TAXES 1,800 OUT OF MY POCKET TWO WEEKS AGO. MY MAY PAYMENT WILL ALSO BE LATE BY TWO WEEKS. AFTER THIS I WILL BE COUGHT UP WILL AND CAN THEY TRY TO FORECLOSE IN THIS TIME PERIOD, THE REASON WHY I ASK IS MY LAST CK, HAS NOT BEEN CASHED YET CAN YOU TELL WHAT IS GOING ON. ALSO I FOUND OUT THE COMPANY HAS HAD ALOT OF LEGAL PROBLEMS LATELY WITH HOLDING CUSTMERS CKS. AND THE IS A POSABLE CLASS ACTION SUITE AGANIST THEM.

      : (0)

    • Posted by Reinstatement Services, Inc. on January 05, 2003 at 14:45:57:

      In Reply to: forclosure after bankruptcy Posted by steph on January 05, 2003 at 13:56:46:

      if the debt was not reaffirmed. Evenso, a quick call to your bankruptcy attorney should be able to assist you in determining your degreee of negative exposure with regards to the debt.

    • Default and Foreclosure Solutions
    :(0)
  • Posted by debbie on January 05, 2003 at 01:24:34:

    Karen,

    I'm a foreclosure specialist, and would be able to share with you your rights. We may be able to prevent a foreclosure from damaging your credit. Additionally, we may be able to save some of your equity that you have in the home. Please fax me the details of your situation at 440 235-7078. Give me your telephone number and I'll call you immediately. We're want to take care of this matter as quickly as possible to reserve your credit.

    Sincerely, :(3)

    • Posted by Reinstatement Services, Inc. on January 05, 2003 at 13:02:17:

      In Reply to: foreclosure Posted by debbie on January 05, 2003 at 01:24:34:

      Is this a clever attempt at slipping in an ad? Which post are you responding to? As near as I can tell, there hasn't been a 'Karen' post for weeks.

      Oily...is the impression I'm getting, Deb. :(2)

      • Posted by JJ on January 05, 2003 at 22:27:09:

        In Reply to: Clever Posted by Reinstatement Services, Inc. on January 05, 2003 at 13:02:17:

        : Is this a clever attempt at slipping in an ad? Which post are you responding to? As near as I can tell, there hasn't been a 'Karen' post for weeks.

        : Oily...is the impression I'm getting, Deb.

        You should talk. :(1)

        • Posted by Walter Penniman, RSI on January 05, 2003 at 23:06:31:

          In Reply to: Re: Clever Posted by JJ on January 05, 2003 at 22:27:09:

          Care to expound on your impression of RSI, JJ?

        • Default and Foreclosure Solutions
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