July - August 2003 Archives


  • Posted by Kit Carson on August 20, 2003 at 06:21:27:

    Me and my husband have owned a house since Feb 2000. We are in the military and moved. We put it on the market for sale for 6 months with no luck. We then rented it for a year and ended up with the tenants doing over $5,000. in damage. It has now been repaired to new condition and on the market going on its 5th month now. We are paying for the house and all that comes with it (electric, water, phone, alarm, yard) to try and sell, but we don't live in the home and its like paying for 2 places at once. I don't want to ruin our credit and lose our VA, but don't see any other option.

    :(3)

    • Posted by Angela on September 13, 2003 at 13:41:31:

      In Reply to: Wanting other options then foreclosure Posted by Kit Carson on August 20, 2003 at 06:21:27:

      Any equity? Ownership for 3 1/2 years, I'd think you have some equity. If the house is listed with an agent, you might be missing the investor pool if it's not brought to their attention.

      VA will let an assumption take place w/approval - better to break even than to let the foreclosure happen? Run an ad of your own - NO MONEY DOWN - NO CLOSING COSTS ... let someone assume the loan and you pay the small closing costs (probably less than 1 month's payment) - VA is also very flexible on credit for other veterans. If you're near a base, put up some 0 down fliers, etc. Realtors often aren't as creative as they should be in targeting a buyer (this coming from a Realtor.. LOL)

      If all else fails, visit us.

      : (0)

    • Posted by damien on August 22, 2003 at 09:58:45:

      In Reply to: Wanting other options then foreclosure Posted by Kit Carson on August 20, 2003 at 06:21:27:

      : Me and my husband have owned a house since Feb 2000. We are in the military and moved. We put it on the market for sale for 6 months with no luck. We then rented it for a year and ended up with the tenants doing over $5,000. in damage. It has now been repaired to new condition and on the market going on its 5th month now. We are paying for the house and all that comes with it (electric, water, phone, alarm, yard) to try and sell, but we don't live in the home and its like paying for 2 places at once. I don't want to ruin our credit and lose our VA, but don't see any other option.

      Kit,I assume that the house is near a military base. If so, you could try two additional options. One would be to rent the house via the military. Some bases offer a rental service for there officers and I have found this to workout well. If not, the other option would be to re-rent the house, but use a rental agency that will prescreen the renter to avoid possible damage. Although you always have a risk in renting, its not a bad idea if left to those who do a good job. It sounds like the house is upside down, and letting it foreclose would not be the best option, but at the same time if your cash poor over the problem you need to consider approaching the bank for a short sale option becuase of the problem. This might cause you to lose the VA, but would save you from a foreclosure should that develope.

      Good LuckDamien

      :(1)

      • Posted by Kit on August 22, 2003 at 16:19:21:

        In Reply to: Re: Wanting other options then foreclosure Posted by damien on August 22, 2003 at 09:58:45:

        Sadly the base only refers people to companies that rent. We did have it through a rental company and they screwed us terribly. The tenents were even military, so I'm scared to death of renting and couldn't afford for this to happen again. Plus the rent we recieved still made us put out about $125. out of pocket. It sadly is a base that everyone is over seas right now, so it more looks like a ghost town.

        :(0)

  • Posted by mary on August 19, 2003 at 23:22:06:

    I have found a neighborhood where some homes are int he process of forclosure, my sister bought one, but we cant find out any thing about the rest of them, how do I search records to find out which bank is involved? The owners were screwd out of the homes by a fake lender we think, thanks so much!

    :(0)

  • Posted by Robin on August 18, 2003 at 22:34:07:

    We have a rental home that is in the process of being foreclosed upon. I'm surprised that it is taking the mortgage company so long to start the process, however I'm extrememly grateful that it has. I read a ways down on the board that you can get a mortgage broker (I think that's what it was) to act as a go between and try to help get a short sale in progress. We know what a shortsale is and we've even received a shortsale packet from our mortage holder. But, the packet is so confusing that we have no idea how/where to start. So, I guess my question is, how will the broker work for us and what kind of fee's are involved? Thanks in advance. We really want to keep this house off the foreclosure block because we are looking to buy a new home in the not so distance future.

    :(2)

    • Posted by Angela on September 13, 2003 at 14:00:10:

      In Reply to: new here, need help Posted by Robin on August 18, 2003 at 22:34:07:

      If you're going to call a local agent, I'd suggest a real estate agent, and one who specializes in REO property. They should be familiar enough to negotiate a short sale for you and probably have investors/buyers lined up for that scenario.

      Otherwise find an experienced real estate investor who can buy the property and negotiate the short sale.

      : (0)

    • Posted by damien on August 18, 2003 at 22:50:31:

      In Reply to: new here, need help Posted by Robin on August 18, 2003 at 22:34:07:

      : We have a rental home that is in the process of being foreclosed upon. I'm surprised that it is taking the mortgage company so long to start the process, however I'm extrememly grateful that it has. I read a ways down on the board that you can get a mortgage broker (I think that's what it was) to act as a go between and try to help get a short sale in progress. We know what a shortsale is and we've even received a shortsale packet from our mortage holder. But, the packet is so confusing that we have no idea how/where to start. So, I guess my question is, how will the broker work for us and what kind of fee's are involved? Thanks in advance. We really want to keep this house off the foreclosure block because we are looking to buy a new home in the not so distance future.

      Robin,I am not sure what state you are located in. However If you would like some help with your workout package from your lender I will be more than happy to take a look and see if I can get you started.

      Our company (WCPS) is a licensed brokerage firm in California and we all have years of experience in foreclosure work with national servicers.



      :(0)

  • Posted by Glenn on August 18, 2003 at 21:12:21:

    Does anyone know the procedure to foreclose on a tax lien sale home? I have already obtain a title search on the property.

    :(1)

    • Posted by njdave on August 20, 2003 at 16:25:35:

      In Reply to: Tax Sale lien Foreclosure in NJ Posted by Glenn on August 18, 2003 at 21:12:21:

      If you own the tax lien certificate on a property, and have followed the procedures for recording the lien (and hopefully servicing the lien, too) the homeowners have 2 years to redeem the lien. If they don't you can initiate foreclosure. Since it's clear that you aren't sure of the steps involved, you should hire an attorney.

      In a nutshell, you would have to file a notice of intent to foreclose to those entitled to redeem. You would then file the complaint, and lis pendens. The summons is served upon the defendants. You would seek entry of final judgment in a strict foreclosure.... then evict the occupants.

      :(0)

  • Posted by Randy on August 18, 2003 at 20:59:22:

    State: MichiganI purchased a sherrifs deed at auction for 8kThe house is valued at 129k. I found out after I bought that this is a second mortgage and the first had already gone to auction in May. No one bought the first so the bank had the sherrifs deed for the senior lien. The redemption period for the senior lien ends in late september. I approached the owner in an attempt to buy the house, he informed me that he sold the home, and closed today. He would not tell me if how much he sold the home for. If it was more than the value of the first lien (54k) do I have any claim to that money or am I wiped out?Is there any way to collect that money??

    :(2)

    • Posted by Angela on September 13, 2003 at 13:57:41:

      In Reply to: Need Help, I think I screwed up BIG TIME Posted by Randy on August 18, 2003 at 20:59:22:

      Welcome to foreclosure investing! Rule #1 - DO YOUR HOMEWORK!! Not trying to sound smug, but we see this come across so many times.

      The owner will need to pay you off in order to sell. Even if the senior lien took a short sale, that doesn't affect your position.

      If they don't redeem, you will need to pay OFF the first mortgage so have financing lined up.

      Good luck!

      : (0)

    • Posted by Nick(Colorado) on August 19, 2003 at 11:59:06:

      In Reply to: Need Help, I think I screwed up BIG TIME Posted by Randy on August 18, 2003 at 20:59:22:

      Randy:

      If the owner of the property sells during the redeption period then all liens must be cleared. So you should be made whole by the sale. A trustee, or title company, will be contacting youfor figures. Give them the initial bid amount (without an over bid) plus interest charges. If there is no sale, then you must redeem the first following the owner's redeption period, if you wish to protect you interest in the property. If the owner isseeking a short, then your position is pretty weak, especiallyif you do not have the cash to pay off the first's redeption.If this is the case, then take what you can get.

      :(0)

  • Posted by carol on August 18, 2003 at 13:01:34:

    I have property in North Carolina and I was trying to save it but I have a second mortgage. Ijust recently found out that the foreclosure was dismissed on Aug 7 what do all this means

    :(1)

    • Posted by Angela on September 13, 2003 at 14:02:07:

      In Reply to: foreclosure dismissed Posted by carol on August 18, 2003 at 13:01:34:

      If "dismissed" means what I think it does, it means you're going to be receiving a knock on your door with eviction papers soon. NC does not have a redemption period, so if the sale took place (ie what I think "dismissed" means...) then you're out of options.

      Call the county and clarify... give us more info.



      : (0)

  • Posted by Martha on August 18, 2003 at 12:01:41:

    I am currently in bankruptcy. My mortage company for the second time in less than two years has started foreclosure proceedings against me and my husband. They are not applying my monthly payments to the correct account/loan number. My lawyer is not helping. Can anyone out there help me or offer advice? I live in Ohio.

    :(0)

  • Posted by Jim @ REmentors.com on August 17, 2003 at 22:41:37:

    Hello all,One of the fine folks who runs this website was kind enough to allow me to post this here.Take a look below.........**************************************************

    Prosperity Real Estate Investors Expo in sunny Florida, in November, 2003! You do not want to miss this one! The seminar will feature a multitude of speakers and good information for a VERY LOW PRICE! We will have three days of speakers, talks, one on one discussions, free give-aways, and lots of fun and networking opportunities. Information and registration information is posted at www.REmentors.com

    Some of the featured speakers will be:

    John $Cash$ Locke, "Subject to, that's what I do".

    Steve Cook, from Flippinghomes.com

    John Ross, from Lease Purchase America.

    Rev. Dr. Frank Berry, the President of his local REIA and a creative investor for over 50 years. (Yes, 50 years........good stuff there.)

    Curtis Brooks, who will not be selling a thing, just GIVING away information. (he has been buying over 100 houses per year for the last several.)

    Jay Mitton's Group- "One of the most renowned tax attorneys in the country today, he has advised countless thousands of individuals regarding pressing money matters that concern all of us. As an attorney, tax advisor, author, and newspaper columnist, Jay has been written about and interviewed by such prestigious institutions as CNN, The Wall Street Journal, Money Magazine, Boardroom Reports, and Forbes Magazine as well as other national media. He is nationally known as "The Father of Asset Protection". Jay will be sending experts to speak about asset protection and tax lien investing. Ernest Tew- Mr. Tew majored in real estate at the University of Florida and has been involved full time in real estate investments since 1960. He has been actively involved in the acquisition, development, management and marketing of several hundred million worth of real estate. Although he is experienced in handling large transactions, in recent years he has specialized in mini-storage facilities and manufactured homes communities. He was president of the Gainesville, Florida, Board of Realtors in 1965-the youngest Realtor to hold the presidency at that time. In 1983, he was one of only seven in the country to receive the Academy Certified Exchanger designation from The Academy Network. In 1989, he received the Golden Eagle Award, the Academy's highest award, for the creative way he structured the purchase of the 20 story Founders Tower office building in Oklahoma City, one of the state's best known landmarks. Ernest Tew is the author of three popular "how-to" books. He shares his insights, secrets and money-making mobile home strategies in his highly informative book:"How to Get Rich Helping Others" and will be presenting for the first time, his newest course materials.

    Jim Mitchell- Jim has been a full time investor since 1998, and runs www.REmentors.com. He has mentored investors all over the U.S. and continues to do so while still being a full time investor himeself.

    Jim's brand of teaching is the "No holds barred", "Say it like it is" type.

    He offers REAL WORLD info with NO HYPE OR FLUFF, just good stuff, which he shares, based on his experience as a full time investor and REI teacher/mentor.

    He is an advocate of AGGRESSIVE marketing, and would be best classified as "The Biker who buys houses".

    Jim will be speaking about marketing your REI business for BIG PROFITS and buying houses subject to, with several BRAND NEW systems he has personally developed and uses presently in his business to extract the maximum amount of profit from each deal. Not the tired old, "buy sub2, sell with a L/O".

    There are several other speakers as well, but we do not have their bio's completed as of yet.

    Folks, you do not want to miss this event. The price: $79.95 to register, after September 1st, 2003.

    ***DISCOUNT REGISTRATION offered prior to September 1st, 2003, for any registered members of the REmentors.com discussion forum of $29.95..

    :(0)

  • Posted by Terri on August 17, 2003 at 15:30:59:

    I have a house I have lived in for 19 years now. I owe approximately $65,000 on it and the property taxes appraises it for $56,000. It needs about $40,000 worth of repairs. How can I get out of this nightmare. I have thought about just stopping to pay the payments ($700.00 a month). What is legal?

    :(2)

    • Posted by roy on August 17, 2003 at 21:17:13:

      In Reply to: house blues in Alabama Posted by Terri on August 17, 2003 at 15:30:59:

      what is the address

      :(1)

      • Posted by Terri on August 19, 2003 at 06:51:16:

        In Reply to: Re: house blues in Alabama Posted by roy on August 17, 2003 at 21:17:13:

        : Why? Give me your phone number.: what is the address



        :(0)

  • Posted by Beth on August 16, 2003 at 20:42:49:

    What can cause a rescinding or an overturning of a foreclosure? When a property is foreclosed upon does any other lein that is associated with the property go with the foreclosure?

    :(7)

    • Posted by geraldine on November 18, 2003 at 09:10:26:

      In Reply to: what causes it Posted by Beth on August 16, 2003 at 20:42:49:

      : What can cause a rescinding or an overturning of a foreclosure? When a property is foreclosed upon does any other lein that is associated with the property go with the foreclosure?



      : (4)

      • Posted by Darryl - Ca on November 18, 2003 at 12:05:53:

        In Reply to: Re: what causes it Posted by geraldine on November 18, 2003 at 09:10:26:

        A bankruptcy filed after a foreclosure sale will rescind it.Usually all junior liens are extinguished after a foreclosure sale unless of course they are the I.R.S. They have a 120-day after the sale right of redemption. However I do know how to keep a lien on title indefinately.By the way I am in California.: : What can cause a rescinding or an overturning of a foreclosure? When a property is foreclosed upon does any other lein that is associated with the property go with the foreclosure?



        : (0)

      • Posted by geraldine on November 18, 2003 at 09:21:11:

        In Reply to: Re: what causes it Posted by geraldine on November 18, 2003 at 09:10:26:

        Has anyone ever had a foreclosure rescinded. What are the steps to request it, or does the lender have to initiate it. I would like to hear more about this.Can anyone offer any feedback. I lost my home 2 weeks ago..after trusting a foreclosure mediator to help and at the last minute I feel I was abandoned by them. Only found out 1 day before the sale date that they couldn't work anything out with the lender for me. I didn't know enough about bankruptcy to file in time. I am so hurt...even though I take full blame for losing my home, it was mostly due to poor financial management and automobile expenses which I put before my mortgage. I have so many regrets, I just keeep wishing I could start over again and be given one more chance. I really need counseling...I've been crying every day since the sale...and thinking back that if only I had done more exploring in bankruptcy and how it worked, I would have driven 500 miles to the courts to file, but my time ran out. I really thought I was gonna be helped up till the last minute. Does anyone know of any counseling for people that have experienced foreclosure. Please help me before I lose it. This site is wonderful!, but I found it too late.

        : (2)

        • Posted by Darryl-CA on November 18, 2003 at 12:21:52:

          In Reply to: Re: what causes it Posted by geraldine on November 18, 2003 at 09:21:11:

          Hello Geraldine. I am not an attorney and I am not giving you any legal advice. Under the U.S. Bankruptcy Code Title 11, Chapter 5, Subchapter 3,Section 548(a)(1)(B)- The trustee may avoid any transfer of an interest of the debtor in property, that was made on or within one year before the filing of a petition if the debtor voluntarily or involuntarily received less than a reasonably equivalent value in exchange for such transfer or obligation; and was insolvent on the date that such transfer was made or became insolvent as a result of such transfer. In other words, if you file chapter 13 bankruptcy within 1 year of the foreclosure sale, and had equity which you did not receive, the court trustee can and will reverse the foreclosure if you are now insolvent.I have reversed many sales using this method.If you need more info call me @562-500-0732 :: Has anyone ever had a foreclosure rescinded. What are the steps to request it, or does the lender have to initiate it. I would like to hear more about this.: Can anyone offer any feedback. I lost my home 2 weeks ago..after trusting a foreclosure mediator to help and at the last minute I feel I was abandoned by them. Only found out 1 day before the sale date that they couldn't work anything out with the lender for me. I didn't know enough about bankruptcy to file in time. I am so hurt...even though I take full blame for losing my home, it was mostly due to poor financial management and automobile expenses which I put before my mortgage. I have so many regrets, I just keeep wishing I could start over again and be given one more chance. I really need counseling...I've been crying every day since the sale...and thinking back that if only I had done more exploring in bankruptcy and how it worked, I would have driven 500 miles to the courts to file, but my time ran out. I really thought I was gonna be helped up till the last minute. Does anyone know of any counseling for people that have experienced foreclosure. Please help me before I lose it. This site is wonderful!, but I found it too late.



          : (0)

        • Posted by Darryl-C A on November 18, 2003 at 11:57:51:

          In Reply to: Re: what causes it Posted by geraldine on November 18, 2003 at 09:21:11:

          Hello Geraldine. I am not an attorney and I am not giving you any legal advice. Under the U.S. Bankruptcy Code Title 11, Chapter 5, Subchapter 3,Section 548(a)(1)(B)- The trustee may avoid any transfer of an interest of the debtor in property, that was made on or within one year before the filing of a petition if the debtor voluntarily or involuntarily received less than a reasonably equivalent value in exchange for such transfer or obligation; and was insolvent on the date that such transfer was made or became insolvent as a result of such transfer. In other words, if you file chapter 13 bankruptcy within 1 year of the foreclosure sale, and had any equity which you did not receive, the court trustee can and will reverse the foreclosure if you are now insolvent.I have reversed many sales using this method.If you need more info call me @562-500-0732 : Has anyone ever had a foreclosure rescinded. What are the steps to request it, or does the lender have to initiate it. I would like to hear more about this.: Can anyone offer any feedback. I lost my home 2 weeks ago..after trusting a foreclosure mediator to help and at the last minute I feel I was abandoned by them. Only found out 1 day before the sale date that they couldn't work anything out with the lender for me. I didn't know enough about bankruptcy to file in time. I am so hurt...even though I take full blame for losing my home, it was mostly due to poor financial management and automobile expenses which I put before my mortgage. I have so many regrets, I just keeep wishing I could start over again and be given one more chance. I really need counseling...I've been crying every day since the sale...and thinking back that if only I had done more exploring in bankruptcy and how it worked, I would have driven 500 miles to the courts to file, but my time ran out. I really thought I was gonna be helped up till the last minute. Does anyone know of any counseling for people that have experienced foreclosure. Please help me before I lose it. This site is wonderful!, but I found it too late.



          : (0)

    • Posted by Ward-CA- on August 16, 2003 at 21:14:13:

      In Reply to: what causes it Posted by Beth on August 16, 2003 at 20:42:49:

      : What can cause a rescinding or an overturning of a foreclosure? When a property is foreclosed upon does any other lein that is associated with the property go with the foreclosure?

      =-=-=-=-=-=-=-=-=-=-=-=-=-=

      Beth,

      A rescission of a foreclosure can occur when the property owner fully reinstates the delinquent loan.

      A rescission can also occur after a lender recognizes that they’ve made a material mistake in the foreclosure process and elect to start all over again.

      In most foreclosure jurisdictions most liens and interests junior to the foreclosing lien are wiped off the title of the secured property.

      Hope this helps.

      :(1)

      • Posted by Jodie on November 08, 2003 at 08:16:17:

        In Reply to: Rescissions occur for various reasons... Posted by Ward-CA- on August 16, 2003 at 21:14:13:

        If there is no right of redemption, are there other ways to get the mortgage company to rescind the foreclosure once the auction has taken place?

        If there is a second mortgage and they were trying to foreclose as well and they were not aware that the property went to auction, can they get it rescinded?

        Thanks.

        : (0)

  • Posted by Beth on August 16, 2003 at 16:27:42:

    Does anyone know how this works and how it is going to affect us. The original foreclosure was in Nov 2002 and the deed recorded in March 2003. Now Chase is saying there was a mistake in the paperwork and they are resending the foreclosure. Also what about the 2nd mortgage we owe on the property. When the foreclosure took place it didn't include the 2nd. Was the foreclosure suppose to include all liens on the property? Any help or advice would be appreciated I"m at my wits end trying to figure this one out.

    :(1)

    • Posted by Reinstatement Services, Inc. on August 16, 2003 at 19:07:33:

      In Reply to: resending foreclosure Posted by Beth on August 16, 2003 at 16:27:42:

      Rescinding or overturning the foreclosure action returns the loan to the status it held [including all leins] prior to the sale taking place.

      You might have a small window of opportunity to either sell the property, make good on the loan, or negotiate a workout that will allow you to retain ownership.

      :(0)

  • Posted by Trilly on August 16, 2003 at 08:54:24:

    My husband and I are trying to purchase an REO. We have past the point of settling on a price through the Seller agent, paid the earnest money and had the property inspected.

    The property inspection revealed some costly items so we submitted a Request for Repairs to the Seller agent. Now, I do not expect the Bank to agree to the repairs, we mainly wanted them to see the condition of the property. The problem is, the Seller agent would not forward our list of repairs to the Bank for them to reject; they stone-walled it. Is this legal?

    :(0)

  • Posted by Ken on August 15, 2003 at 21:41:53:

    OK, I'll try to keep this as short as possible.

    We own a house up in WA state. For the past couple of years my buddy has been living there and making the payments. He intended on buying the house when he could get his own financing. That didn't happen. He told me a couple months ago that he was moving out by September. I thought, no problem, I'll just sell it for what I owe, and be done with it. I had approx. 13,000 equity judging by what other places there were selling for. I called the agent and said, "OK, I'm not looking to make any money, I just want to sell it without having to pay anything".

    No problem right, Wrong. We were having problems getting the payoff amount from Chase who owns the second mortgage. So here's what happened.

    We give the real estate agent the amounts (guestimate)We get an offerEven agree to pay $3,000 closing costsThey signWe Sign2 days later Chase finally gets back to us and the amount we owe is $7,000 MORE than what we thought.

    So now instead of making a little money, we're going to have to come up with $4,038 to close! Bottom line is, we don't have it. I'm already barely making ends meet paying off creditors trying not to file bankruptcy. I've talked to Chase who has the 2nd to see if they'd accept $31,500 instead of the $35,500 and so far no answer. It's suppose to close on the 21ST! I realize I screwed up by not finding the exact amount first, and I told them that, but that's history now. I told them my only alternative if they don't accept my offer is to file bankruptcy.

    So my questions are....

    Will filing bankruptcy keep the buyers from suing me for not holding up my end of the bargain? As luck would have it, one of them is a lawyer. They're saying that they've already invested about $4k into the house. My thought to that is I can't be held accountable for them spending money on something that wasn't theirs yet. Apparently they've also filed papers to keep the mortgage companies from selling it if I do file bankruptcy.

    Basically, I can't pay, so what happens if Chase doesn't accept my short sale offer?

    If I did file bankruptcy, can one of the mortgage companies still come after me for something?

    Are there any alternatives?

    I was just trying to do the right thing by selling the house to keep from filing bankruptcy, and screwed that up, so now I don't know what to do.

    Thanks for any help.

    :(12)

    • Posted by Reinstatement Services, Inc on August 16, 2003 at 15:39:29:

      In Reply to: Need advice on house sale gone bad! Posted by Ken on August 15, 2003 at 21:41:53:

      1. At the very least, you should press Chase to agree to converting some of the outstanding balance into unsecured debt if that's what it takes to close the sale.

      2. Close the deal with the buyers and get the realtor to kick in since, in my opinion, he/she should have been a bit more savy in executing the contract.

      3. Eat the cost and consider this an expensive lesson in property investment and contract negotiations.

      BTW, unsecured debt can be discharged in bankruptcy [chapter 7] if the court agrees that you are insolvent.



      :(11)

  • Posted by Debbie on August 15, 2003 at 17:22:07:

    Last April my husband lost his job after being with the co. for 20 years. He has now secured a new job but with a salary decrease of over 50%. We can no lnger afford our home and have tried to sell it. I am one payment behind and the loan is a VA loan. We have other debt totaling about $40,000. Would it be better to file for bankruptcy and try to keep the house or allow the house to go into foreclosure. Also does anyone know what the ramifications are with the Government when a house goes into foreclosure.

    Thanks

    :(1)

    • Posted by Reinstatement Services, Inc. on August 15, 2003 at 18:16:10:

      In Reply to: VA Loan Foreclosure vs Bankruptcy GA Posted by Debbie on August 15, 2003 at 17:22:07:

      Really sorry to hear of the drastic change in income. I can see where adjusting to a large reduction could present an enormous challenge.

      Perhaps reducing the asking price of the property might generate buyer interest. A short sale might be another option worth considering.

      Because you've stated that you can no longer afford the home I really don't see where filing bankruptcy to try to keep the house is going to work in your favor unless you're requesting a discharge of your other debt [chapter 7].

      Depending upon the state the property is located in, you might risk exposure to a deficiency judgement if the sale of the property does not produce enough to cover the debt.

      Regarding your VA benefits, they will be compromised also if the debt is not addressed to the VAs satisfaction.

      :(0)

  • Posted by Wendy Gish on August 14, 2003 at 17:27:08:

    Hi, I have a client that needs to do a short sale like now! I don't know much about it. I would be willing to give you the name for a finders fee. It is up in the High Dessert. email me at newdaymortgage@aol.com if your serious \Wendy

    :(1)

    • Posted by TheShortSalePro on August 15, 2003 at 07:15:18:

      In Reply to: I need a buyer of Short Sale Posted by Wendy Gish on August 14, 2003 at 17:27:08:

      I've written a ShortSalePrimer for Brokers and others who need to know how best to handle their short sale listings, or Clients. The link is atop this message board. Or, email me privately. I can assign a real estate broker to list and market the property, then act as a liaison between the Seller, the Broker, and the foreclosing lienholder(s) to facilitate the transaction.

      :(0)

  • Posted by Wendy Gish on August 14, 2003 at 17:27:03:

    Hi, I have a client that needs to do a short sale like now! I don't know much about it. I would be willing to give you the name for a finders fee. It is up in the High Dessert. email me at newdaymortgage@aol.com if your serious \Wendy

    :(0)

  • Posted by Robert on August 14, 2003 at 11:29:24:

    Hi,

    I would like to buy a house in foreclosure in Miami Florida. Does anyone know where to look or of any website that might help?

    :(1)

    • Posted by Marino on August 14, 2003 at 11:38:16:

      In Reply to: Looking for foreclosure in Florida Posted by Robert on August 14, 2003 at 11:29:24:

      Don't know!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

      :(0)

  • Posted by dmartin on August 13, 2003 at 12:55:49:

    If 1st mortgage holder foreclosed on home, does loan holder have to repay 2nd loan? Virginia

    :(1)

    • Posted by Nick(Colorado) on August 13, 2003 at 13:58:37:

      In Reply to: second mortgage Posted by dmartin on August 13, 2003 at 12:55:49:

      Virginia:

      Yes. The second will be removed from excumberence on theproperty by the foreclosure of the first. At this pointthe second will become unsecured debt of the orignal grantor. Such low quality debt will generally be sold, at discount, to collection agencies. As it is unsecured,it may be discharged during BNK 13/7.



      :(0)

  • Posted by SPena on August 13, 2003 at 11:44:36:

    Florida: Property foreclosed in November 2002. Eviction completed on Valentines Day, 2003. However, nothing about this foreclosure was legal. Can I sue the lender at this point? What would be the best case scenario? Any suggestions as to government agencies I can contact?

    :(0)

  • Posted by Pubstor on August 12, 2003 at 21:50:19:

    Purchased my first forclosure at a sheriffs auction in Michigan. I have researched the title, checked for back taxes. I have inspected the property and found it to be occupied. The redemption is 6 months since it is not more than 3 acres..etc. Do I have to do anything during the redemption period?Do I need a lawyer?Are there any court papers I should file(I have not incurred any extra expenses)?THanks

    :(0)

  • Posted by Saul Colbert on August 12, 2003 at 19:35:27:

    Im facing foreclosure on a property in MD. I initiated a Chapter 13 bankruptcy but pulled out because of an inexperienced lawyer. What impact would simply allowing the foreclosure to run its course have on purchasing a home in the future (2-3 yrs from now)? I have previously used loss mitigation services by my mortgage company but faltered because of long lapse in employment. Thanks

    :(2)

    • Posted by thomas saporita on August 14, 2003 at 13:34:00:

      In Reply to: Im in a bind Posted by Saul Colbert on August 12, 2003 at 19:35:27:

      : Im facing foreclosure on a property in MD. I initiated a Chapter 13 bankruptcy but pulled out because of an inexperienced lawyer. What impact would simply allowing the foreclosure to run its course have on purchasing a home in the future (2-3 yrs from now)? I have previously used loss mitigation services by my mortgage company but faltered because of long lapse in employment. Thanks

      Hi,sorry to hear about the bad times. Probably your best bet is try to sell the mortage to an investor. you need to provide an investor with more info on the property.

      :(0)

    • Posted by TheShortSalePro on August 13, 2003 at 03:45:00:

      In Reply to: Im in a bind Posted by Saul Colbert on August 12, 2003 at 19:35:27:

      An inexperienced lawyer? Mortgage foreclosure will haunt you for many, many years. It's best to try to avoid losing the home at Sheriff's Sale. Since you know that you cannot afford to keep the home, why not sell? If you owe more than it's worth you'll have to consider a negotiated short sale.

      :(0)

  • Posted by Richard Reese on August 12, 2003 at 11:30:20:

    Hello there the state that I'm asking about for foreclosure laws and the process is the state of MISSOURI. There more I would like to know, but right now the foreclosure laws and process for the state of MISSOURI will do for now. Thank you for your time.

    Richard ReeseSaint, Louis Missouri

    :(3)

    • Posted by TheShortSalePro on August 12, 2003 at 17:43:59:

      In Reply to: Foreclosure Laws& Process Posted by Richard Reese on August 12, 2003 at 11:30:20:

      It's a trust deed state, both judicial and non judicial foreclosure are available. Non judicial foreclosure can be completed within 2 months. The process includes: substitution of trustee, publication, title search, and statutory mail notices.

      :(0)

    • Posted by Richard on August 12, 2003 at 11:33:35:

      In Reply to: Foreclosure Laws& Process Posted by Richard Reese on August 12, 2003 at 11:30:20:

      : Hello there the state that I'm asking about for foreclosure laws and the process is the state of MISSOURI. There more I would like to know, but right now the foreclosure laws and process for the state of MISSOURI will do for now. Thank you for your time.

      : Richard Reese: Saint, Louis Missouri



      :(1)

      • Posted by Carmen Penrose on August 22, 2003 at 17:20:24:

        In Reply to: Re: Foreclosure Laws& Process Posted by Richard on August 12, 2003 at 11:33:35:

        Please advise how many months late payments before bank foreclosure and process, San Juan, Puerto Rico



        :(0)

  • Posted by patty on August 12, 2003 at 09:31:04:

    Can someone tell me if I can force my ex-landlord into foreclosure? I was recently awarded judgement for a security deposit and pro-rated rent. As he has not abided by the judgement, I am now ready to file a judgement lien on his property. Once that is done, is it possible for me to force him into foreclosure and obtain the property which has the lien on it?

    :(0)

  • Posted by Carol Tindall on August 12, 2003 at 09:20:09:

    My husband and I are 3 months behind on our mortgage, and would like to get caught up, the problem is that he is having a hard time finding a job. He is a mechanic, and last year he earned over $50,000, so if he got a job, we could be caught up in no time, but no one is hiring. Our mortgage co sent us a letter saying that if we dont have $2700 by sept 1, then they might accelerate our loan, or sell the house...is there a grace period after sept 1 before our home is sold? If so maybe my husband can make the money in time to save the house...

    :(0)

  • Posted by dan on August 12, 2003 at 08:01:08:

    When a home is foreclosed, then sold to the highest bidder at auction, what liens or judgments is the bidder required to pay? I think they will pay any outstanding property tax or municipal obligations(sewer), but what about 2nd mortgages or credit lines which were secured by the property any never payed back?

    :(0)

  • Posted by Jena on August 12, 2003 at 06:20:44:

    Is the court summons the first step in the foreclosure process? Do I begin counting the months before sheriff's sale from this date? (Ohio)

    :(1)

    • Posted by Melanie Christian on November 03, 2003 at 11:34:02:

      In Reply to: Foreclosure notice Posted by Jena on August 12, 2003 at 06:20:44:

      I tried to make an agreed amount payment to bring my account current but I was told my home went to foreclosure 2 days before. I did not receive a notice stating that I would be going into foreclosure. Is it not stated by law that I have to recieve a notice? Thanks for your help!

      : (0)

  • Posted by rick on August 11, 2003 at 21:51:32:

    Are there any services thet put out a list of notices of sale in utah?

    :(2)

    • Posted by Travis Wengreen on November 13, 2003 at 20:01:26:

      In Reply to: foreclosure listing services in utah Posted by rick on August 11, 2003 at 21:51:32:

      : Are there any services thet put out a list of notices of sale in utah?



      : (0)

    • Posted by Robin on August 19, 2003 at 17:59:54:

      In Reply to: foreclosure listing services in utah Posted by rick on August 11, 2003 at 21:51:32:

      We have a house in Utah that we are willing to shortsale on. We owe $52 but will go as low as the lender will let us. It is being used as a rental property right now. We haven't had any problems keeping it rented. It is in a less than desirable neighborhood, but as I said, it is a good rental. If interested post back and I'll e-mail you.

      :(0)

  • Posted by Mitchell Scoggins on August 11, 2003 at 18:26:12:

    My wife and I getting getting a divorce, we own 2 houses that are both being foreclosed on, one has already happened as she refused to sign to sell. I only owed 76K and it sold for 96K at auction, who get the positive equity?

    :(1)

    • Posted by Tom (MI) on August 11, 2003 at 19:57:31:

      In Reply to: Positive Equity in Foreclosure Posted by Mitchell Scoggins on August 11, 2003 at 18:26:12:

      If all the liens are payed off then the access should go to you and the ex.

      Tom

      :(0)

  • Posted by sugar on August 11, 2003 at 12:58:13:

    Oklahoma- Forclosure proceedings were started on a home that I own and I didn't know it. I am in the process of getting divorced and my husband was suppose to be paying the payments. We are trying to sell the house,but to no avail, it is still there. My question is this...there really is no way for me to begin cleaning up my credit (which he ruined) until this house is gone is there?

    :(2)

    • Posted by Russell on August 20, 2003 at 00:18:34:

      In Reply to: forclosure Posted by sugar on August 11, 2003 at 12:58:13:

      : Oklahoma- Forclosure proceedings were started on a home that I own and I didn't know it. I am in the process of getting divorced and my husband was suppose to be paying the payments. We are trying to sell the house,but to no avail, it is still there. My question is this...there really is no way for me to begin cleaning up my credit (which he ruined) until this house is gone is there?

      Sugar:

      Where in Oklahoma is the house located? What are the particulars of the house? Email me with the details.

      Thanks.

      Russell

      :(1)

      • Posted by Kit Carson on August 20, 2003 at 06:19:10:

        In Reply to: Re: forclosure Posted by Russell on August 20, 2003 at 00:18:34:

        Me and my husband have owned a house since Feb 2000. We are in the military and moved. We put it on the market for sale for 6 months with no luck. We then rented it for a year and ended up with the tenants doing over $5,000. in damage. It has now been repaired to new condition and on the market going on its 5th month now. We are paying for the house and all that comes with it (electric, water, phone, alarm, yard) to try and sell, but we don't live in the home and its like paying for 2 places at once. I don't want to ruin our credit and lose our VA, but don't see any other option.

        :(0)

  • Posted by Stephanie on August 11, 2003 at 01:50:44:

    My husband and I are considering purchasing our first home via owner financing. We have been researching some of the methods that buyers and sellers use, but can not find an answer to the one question. If we make our payments to the seller but he does not make the payment to his lender and the house is foreclosed on, what happens to us and our investment in the property? Also, any other pros and cons of purchasing a home in this manner would be helpful in our decision. FYI - the property is in Florida

    :(3)

    • Posted by Cynthia on August 11, 2003 at 13:48:49:

      In Reply to: Owner financing and foreclosure Posted by Stephanie on August 11, 2003 at 01:50:44:

      Stephanie:

      What Damien said is not 100% true, you can have the loan payments reported on your credit report. I do that for people who Lease Option from me - it is a task that has to be completed by a willing party, but it can be done. Cynthia



      :(0)

    • Posted by Reinstatement Services, Inc. on August 11, 2003 at 09:59:01:

      In Reply to: Owner financing and foreclosure Posted by Stephanie on August 11, 2003 at 01:50:44:

      : My husband and I are considering purchasing our first home via owner financing. We have been researching some of the methods that buyers and sellers use, but can not find an answer to the one question. If we make our payments to the seller but he does not make the payment to his lender and the house is foreclosed on, what happens to us and our investment in the property? Also, any other pros and cons of purchasing a home in this manner would be helpful in our decision. FYI - the property is in Florida



      :(0)

    • Posted by damien on August 11, 2003 at 09:37:15:

      In Reply to: Owner financing and foreclosure Posted by Stephanie on August 11, 2003 at 01:50:44:

      : My husband and I are considering purchasing our first home via owner financing. We have been researching some of the methods that buyers and sellers use, but can not find an answer to the one question. If we make our payments to the seller but he does not make the payment to his lender and the house is foreclosed on, what happens to us and our investment in the property? Also, any other pros and cons of purchasing a home in this manner would be helpful in our decision. FYI - the property is in Florida

      Stephanie,

      When you do owner financing and the owner does not make the payments to the lender yes you can lose the house to foreclosure. The easy way around that is to have a payment service company make the payments. You send the money to them, they make they payment and an extra get passed along to the original owner.

      The con's are, nothing will be reported on your credit report, thus no home credit will be built.

      My question would be, why not get your own loan? They are very easy to qualify for. If you live in Calif, you can visit our site and apply online at www.888wcps.com

      good luck

      :(0)

  • Posted by Rich on August 10, 2003 at 14:21:14:

    This is really a long complicated situation that I will shorten as much as possible.

    I have a house that was sold, or so I thought. We agreed on terms early in June (6/2/03 to be exact) with a closing date of 8/29. Just the other day the sellers agent indicated they were going through a divorce and will not be executing the purchase. The following is an approach that I want to take.

    1) Push the real estate agent into pressuring the buyer to complete the transaction.

    2) The pending failure of their marriage has no bearing on the contract to purchase. And the loan company should be able to lend them the money on the basis that they have two incomes...Frankly I don't care if they have to live together.

    3) They house is a hard sell and I will be losing $20K already. The location is not ideal and I paid to much.

    4) The other factor is that the home is still owned by my ex and I. I am solely responsible for the mortgage ($1300/m). Both of us will have to fork out $7500 to go to the closing table. So each of us (me and the Ex) have a different motive.

    My questions are:

    a) What legal position can I take to "force" the sale or seek financial compensation for losses due to the buyer's backing out of the deal.

    b) Any experience with short sale negotiations with the lender? Maybe I can negotiate somewhat of a reduced loss.

    c) If this deal falls through I may be forced to give the home to the bank. I have a good job, but we have moved on, purchased another home, etc...I realize this will be a "hit" on my credit, but it may be such that I can afford to live with that.

    Thanks

    :(2)

    • Posted by Angela on August 12, 2003 at 22:49:03:

      In Reply to: House sale going bad - need advice Posted by Rich on August 10, 2003 at 14:21:14:

      Depending on how airtight your contract is, you may have various options, all of which would be spelled out in your contract and state statutes.

      At the very least, if all contingencies have been removed from the purchase agreement, you should be able to retain the earnest money.

      More rare is something called specific performance, where a court can order the buyers to buy the property. This is difficult to achieve and rare, but it can be done if there are no loopholes whatsoever for the buyer. Of course, pursuing this would be time consuming and expensive, as it is a legal process.

      Leaning on the real estate agent will get you nowhere. The agent can't force the buyer to go through with the sale. They can explain the ramifications to the buyer, but more likely they will be explaining the potential "outs" THEIR client has. Remember, they work for the buyer, not you (at least that is what I took from your post).

      Your best bet is to ask them to pony up damages and let them out of the contract and move on. Reality is, unfortunately, that most buyers can weasel out of a purchase agreement through various means, the biggest loophole being their loan officer will say they can't qualify.

      If it were me, I'd hire a real estate attorney to draft a letter threatening a specific performance lawsuit, but offering to accept an amount in settlement. Let this amount be enough to offset your potential loss from putting the property back up for sale.

      As for your 2nd set of scenarios, you could offer owner financing, lease it out, sell to an investor (like us), negotiate a short sale, or give it back. I'd do the last one as only a last resort.

      Good luck.

      :(0)

    • Posted by damien on August 10, 2003 at 19:43:50:

      In Reply to: House sale going bad - need advice Posted by Rich on August 10, 2003 at 14:21:14:

      : This is really a long complicated situation that I will shorten as much as possible.

      : I have a house that was sold, or so I thought. We agreed on terms early in June (6/2/03 to be exact) with a closing date of 8/29. Just the other day the sellers agent indicated they were going through a divorce and will not be executing the purchase. The following is an approach that I want to take.

      : 1) Push the real estate agent into pressuring the buyer to complete the transaction.

      : 2) The pending failure of their marriage has no bearing on the contract to purchase. And the loan company should be able to lend them the money on the basis that they have two incomes...Frankly I don't care if they have to live together.

      : 3) They house is a hard sell and I will be losing $20K already. The location is not ideal and I paid to much.

      : 4) The other factor is that the home is still owned by my ex and I. I am solely responsible for the mortgage ($1300/m). Both of us will have to fork out $7500 to go to the closing table. So each of us (me and the Ex) have a different motive.

      : My questions are:

      : a) What legal position can I take to "force" the sale or seek financial compensation for losses due to the buyer's backing out of the deal.

      : b) Any experience with short sale negotiations with the lender? Maybe I can negotiate somewhat of a reduced loss.

      : c) If this deal falls through I may be forced to give the home to the bank. I have a good job, but we have moved on, purchased another home, etc...I realize this will be a "hit" on my credit, but it may be such that I can afford to live with that.

      : Thanks

      Rich,Although laws differ from state to state, in most states if the buyer backs out prior to signing docs they lose the deposit. Other than that, your options are limited. Applying pressure on the agent is not advised, since the agent knows the laws and has a duty to serve the interest of the clients not the seller.

      Damien

      :(0)

  • Posted by farid on August 10, 2003 at 13:07:22:

    hi please tell me how can I BUY A FORECLOSURE PROPERTY THANKS

    :(1)

    • Posted by damien on August 10, 2003 at 19:46:01:

      In Reply to: buy a foreclosure Posted by farid on August 10, 2003 at 13:07:22:

      : hi please tell me how can I BUY A FORECLOSURE PROPERTY: THANKS

      Farid,This question is to general. Depending on your state the process differs. If your looking to invest in real estate, check out our site

      Damien

      :(0)

  • Posted by DANI on August 10, 2003 at 02:06:27:

    Is it too late to try to obtain a deed in lieu of foreclosure after filing Chap 7 and the relief from stay has been granted to proceed with the foreclosure proceedings? I was not aware that one could do this and just need any advice if possible. Thank you.

    :(2)

    • Posted by njdave on August 11, 2003 at 12:44:51:

      In Reply to: Deed in Lieu of Foreclosure in FL Posted by DANI on August 10, 2003 at 02:06:27:

      It isn't so much as you wanting to offer a deed in lieu as your mortgagee's willingness to accept it from you. Is it too late? If your mortgagee thinks that it would be to their advantage to accept the deed from you, they'll consider it. Have you called and asked them? That would be the first step. Call their foreclosure/loss mitigation department and tell them that you simply want to deed them the house. They'll ask a few dozen questions, and ask that you completed an application. They'll investigate and, possibly, respond to your request.



      :(1)

      • Posted by Kelley on November 08, 2003 at 03:50:29:

        In Reply to: Re: Deed in Lieu of Foreclosure in FL Posted by njdave on August 11, 2003 at 12:44:51:

        Is this considered a foreclosure and will it harm your creit?Thanks,

        : It isn't so much as you wanting to offer a deed in lieu as your mortgagee's willingness to accept it from you. Is it too late? If your mortgagee thinks that it would be to their advantage to accept the deed from you, they'll consider it. Have you called and asked them? That would be the first step. Call their foreclosure/loss mitigation department and tell them that you simply want to deed them the house. They'll ask a few dozen questions, and ask that you completed an application. They'll investigate and, possibly, respond to your request.



        : (0)

  • Posted by robert on August 10, 2003 at 01:14:10:

    I am doing a bankruptcy CH7 and I had planned on keeping the house. I have 3 mortages for about the total of the property, which is not in sellable shape. I may have to move out of state and so selling the property does not seem to be an option. How bad is having a foreclosure on your record? I lost my first house back in 1989 when I divorced my first wife, that did not seem like such a big deal, but now second bankruptcy and second foreclosure - will that mess me up forever? What is a short sell? Who do I turn to for advice - my bankruptcy lawyer did not seem to know?thanks for any help you can provide

    :(1)

    • Posted by Angela on August 12, 2003 at 22:51:20:

      In Reply to: I Need Advice In Arizona Posted by robert on August 10, 2003 at 01:14:10:

      Are you behind on payments? With 3 mortgages, you're a good candidate for a short sale. Contact a Realtor to list the place and negotiate the short sale for you, contact an investor to buy it and negotiate (like us) or give up - you DO have options. Don't throw in the towel just yet - 2 foreclosures can't look good in the long term picture.

      :(0)

  • Posted by Chris on August 09, 2003 at 00:50:54:

    I need to start with a question. If their is a first and second mortgage on a place; and then federal tax leins are added (both personal & business) When the property goes to foreclosure does the tax lein take senority over even the first mortgage (like in a property tax situation). So if the tax leins were to add up to more then the total value of the house the holders of the first & second mort. would actually get nothing. [How is that even legal the mortgage holders are getting screwed!]That was the question. Now the Scenario. If the tax lein does take scenority. Could the following be possible,(or even legal) 5 STEPS 1)contact the first mort. holder and offer to buy for pennies on the dollar since they would probably get nothing with a tax lein that large. 2) Do the same with the second mortgage 3)Then (and this is key) contact the tax department and let them know you were interested in picking up the property but it just wouldn't be feasable with a lein the large. Since the taxes have nothing to do with you see if they will take a said amount ($) to execute a "Lien Release and Partial Satisfaction of Judgement". 4) Pay the previous owner a little bit to move out, so you won't have to continue with a foreclosure (Which saves you time & money and keeps foreclosure off his file). 5)Move in! Let me know what you think about all of this. It may seem far fetched but I'm trying to think outside of the conventional box.

    :(7)

    • Posted by Terry on August 10, 2003 at 10:15:41:

      In Reply to: Foreclosure Scenario: I need ALL of your expertise Posted by Chris on August 09, 2003 at 00:50:54:

      : I need to start with a question. If their is a first and second mortgage on a place; and then federal tax leins are added (both personal & business) When the property goes to foreclosure does the tax lein take senority over even the first mortgage (like in a property tax situation). So if the tax leins were to add up to more then the total value of the house the holders of the first & second mort. would actually get nothing. [How is that even legal the mortgage holders are getting screwed!]That was the question. Now the Scenario. If the tax lein does take scenority. Could the following be possible,(or even legal) 5 STEPS 1)contact the first mort. holder and offer to buy for pennies on the dollar since they would probably get nothing with a tax lein that large. 2) Do the same with the second mortgage 3)Then (and this is key) contact the tax department and let them know you were interested in picking up the property but it just wouldn't be feasable with a lein the large. Since the taxes have nothing to do with you see if they will take a said amount ($) to execute a "Lien Release and Partial Satisfaction of Judgement". 4) Pay the previous owner a little bit to move out, so you won't have to continue with a foreclosure (Which saves you time & money and keeps foreclosure off his file). 5)Move in! Let me know what you think about all of this. It may seem far fetched but I'm trying to think outside of the conventional box.

      Chris, if the home is sold at foreclosure, the trustee must notify the IRS and the clsock starts ticking. Typically they were notified when the notice was posted at the courthouse. Now who ever the successfull bidder is on the sale, IE investor or bank, they can now negotiate with the IRS for release of the FTL, yes you pay part of it or you wait out the 120 day right of redemption the IRS has to redeem that property, and they pay you the bid amount plus interest. You can not sell that property untill the release has been recorded ot the 120 day has expiredTerry

      :(0)

    • Posted by Terry on August 10, 2003 at 10:11:30:

      In Reply to: Foreclosure Scenario: I need ALL of your expertise Posted by Chris on August 09, 2003 at 00:50:54:

      : I need to start with a question. If their is a first and second mortgage on a place; and then federal tax leins are added (both personal & business) When the property goes to foreclosure does the tax lein take senority over even the first mortgage (like in a property tax situation). So if the tax leins were to add up to more then the total value of the house the holders of the first & second mort. would actually get nothing. [How is that even legal the mortgage holders are getting screwed!]That was the question. Now the Scenario. If the tax lein does take scenority. Could the following be possible,(or even legal) 5 STEPS 1)contact the first mort. holder and offer to buy for pennies on the dollar since they would probably get nothing with a tax lein that large. 2) Do the same with the second mortgage 3)Then (and this is key) contact the tax department and let them know you were interested in picking up the property but it just wouldn't be feasable with a lein the large. Since the taxes have nothing to do with you see if they will take a said amount ($) to execute a "Lien Release and Partial Satisfaction of Judgement". 4) Pay the previous owner a little bit to move out, so you won't have to continue with a foreclosure (Which saves you time & money and keeps foreclosure off his file). 5)Move in! Let me know what you think about all of this. It may seem far fetched but I'm trying to think outside of the conventional box.



      :(0)

    • Posted by Bill H on August 09, 2003 at 21:15:35:

      In Reply to: Foreclosure Scenario: I need ALL of your expertise Posted by Chris on August 09, 2003 at 00:50:54:

      : I need to start with a question. If their is a first and second mortgage on a place; and then federal tax leins are added (both personal & business) When the property goes to foreclosure does the tax lein take senority over even the first mortgage (like in a property tax situation). So if the tax leins were to add up to more then the total value of the house the holders of the first & second mort. would actually get nothing. [How is that even legal the mortgage holders are getting screwed!]That was the question. Now the Scenario. If the tax lein does take scenority. Could the following be possible,(or even legal) 5 STEPS 1)contact the first mort. holder and offer to buy for pennies on the dollar since they would probably get nothing with a tax lein that large. 2) Do the same with the second mortgage 3)Then (and this is key) contact the tax department and let them know you were interested in picking up the property but it just wouldn't be feasable with a lein the large. Since the taxes have nothing to do with you see if they will take a said amount ($) to execute a "Lien Release and Partial Satisfaction of Judgement". 4) Pay the previous owner a little bit to move out, so you won't have to continue with a foreclosure (Which saves you time & money and keeps foreclosure off his file). 5)Move in! Let me know what you think about all of this. It may seem far fetched but I'm trying to think outside of the conventional box.

      Hi Chris:

      Bob is partially correct. IRS Tax Liens priority is determined by the date of recordation..ie., if they are the 3rd lien to record then they are in 3rd place. They have 120 days after the sale in which to redeem. Normally they will not bother with it if the lien is less than $20,000 and the equity is not there. If they decide to pursue it they will advertise on the IRS Website for guaranteed bidders..ie., someone who will guarnatee to bid the amount they specify to satisfy their lien. They will then sell it and successful bidder takes the property subject to the senior liens.

      Your proposed scenario will not fly in that the first TD lender has nothing to fear from the IRS lien, nor does the 2nd (the IRS lien is 3rd). In the foreclosure the 1st TD will get paid, any excess will drop through to the 2nd and then to the IRS.

      And: if you get the other liens released, the IRS moves up to first position and you still would not get them to discount because you built up the equity for them. Wishful thinking scenario.... but it proves that at least you are trying.... somthing a lot of people will not do.

      Good Luc,

      =======>Bill



      :(0)

    • Posted by Bob H on August 09, 2003 at 14:44:03:

      In Reply to: Foreclosure Scenario: I need ALL of your expertise Posted by Chris on August 09, 2003 at 00:50:54:

      Federal tax liens do not have priority over other encumbrances. The priority of a Federal tax lien is established in the same manner as any other lien - by the date of recording.

      They do have a 180 day redemption period (even in non-redemption states) but other than that, no special priority status.

      :(0)

    • Posted by steve on August 09, 2003 at 01:05:48:

      In Reply to: Foreclosure Scenario: I need ALL of your expertise Posted by Chris on August 09, 2003 at 00:50:54:

      : I need to start with a question. If their is a first and second mortgage on a place; and then federal tax leins are added (both personal & business) When the property goes to foreclosure does the tax lein take senority over even the first mortgage (like in a property tax situation). So if the tax leins were to add up to more then the total value of the house the holders of the first & second mort. would actually get nothing. [How is that even legal the mortgage holders are getting screwed!]That was the question. Now the Scenario. If the tax lein does take scenority. Could the following be possible,(or even legal) 5 STEPS 1)contact the first mort. holder and offer to buy for pennies on the dollar since they would probably get nothing with a tax lein that large. 2) Do the same with the second mortgage 3)Then (and this is key) contact the tax department and let them know you were interested in picking up the property but it just wouldn't be feasable with a lein the large. Since the taxes have nothing to do with you see if they will take a said amount ($) to execute a "Lien Release and Partial Satisfaction of Judgement". 4) Pay the previous owner a little bit to move out, so you won't have to continue with a foreclosure (Which saves you time & money and keeps foreclosure off his file). 5)Move in! Let me know what you think about all of this. It may seem far fetched but I'm trying to think outside of the conventional box.

      Tax Leins are classed as priority debt so they will be paid off first and then the mortgages if it is greater than the value of the property then I don't see why the mortgage co. wouldn't take a payoff I'm sure they would give you a nice discount!

      :(2)

      • Posted by Bill H on August 09, 2003 at 21:22:02:

        In Reply to: Re: Foreclosure Scenario: I need ALL of your expertise Posted by steve on August 09, 2003 at 01:05:48:

        : : I need to start with a question. If their is a first and second mortgage on a place; and then federal tax leins are added (both personal & business) When the property goes to foreclosure does the tax lein take senority over even the first mortgage (like in a property tax situation). So if the tax leins were to add up to more then the total value of the house the holders of the first & second mort. would actually get nothing. [How is that even legal the mortgage holders are getting screwed!]That was the question. Now the Scenario. If the tax lein does take scenority. Could the following be possible,(or even legal) 5 STEPS 1)contact the first mort. holder and offer to buy for pennies on the dollar since they would probably get nothing with a tax lein that large. 2) Do the same with the second mortgage 3)Then (and this is key) contact the tax department and let them know you were interested in picking up the property but it just wouldn't be feasable with a lein the large. Since the taxes have nothing to do with you see if they will take a said amount ($) to execute a "Lien Release and Partial Satisfaction of Judgement". 4) Pay the previous owner a little bit to move out, so you won't have to continue with a foreclosure (Which saves you time & money and keeps foreclosure off his file). 5)Move in! Let me know what you think about all of this. It may seem far fetched but I'm trying to think outside of the conventional box.

        : Tax Leins are classed as priority debt so they will be paid off first and then the mortgages if it is greater than the value of the property then I don't see why the mortgage co. wouldn't take a payoff I'm sure they would give you a nice discount!

        Steve:

        You are confusing PROPERTY TAX LIENS and IRS TAX Liens. IRS tax lien DO NOT HAVE PRIORITY...their postition is determed by their recordation date. If they record 3rd, they are 3rd!

        PROPERTY TAX LIENS...the way that all governmental agensice get the money to operate are the MOST SENIOR liens on the property and take priority over all else.

        Be careful in giving advice about things that you are not knowledgeable about...It confuses the people who read the posts.

        Good Luck,

        =======>Bill

        :(1)

        • Posted by Austin Piatt on October 19, 2003 at 08:16:59:

          In Reply to: Re: Foreclosure Scenario: I need ALL of your expertise Posted by Bill H on August 09, 2003 at 21:22:02:

          I read your scenario and it scares me. I have a first and second mortgage on a property. My first mortgage is preceded by a IRS tax (not property tax) lien in 1994 and another in 1996...for about 25% of the property value. We bought the first mortgage in 1998 and the second in 2002. Do these liens have priority over our first and second mortgage. Then we learned recently that the tenant received another tax lien in 2003. We are getting ready to foreclose. Who is going to have to pay the IRS or will it just attach to the foreclosed on tenants?

          : (0)

  • Posted by Dionicio Camacho on August 08, 2003 at 23:52:07:

    Does anyone no what a warranty deed in lieu of forclosure is and who I need to talk to about it? Should this be handled by a lawyer or can I do this myself by going to the bank and talking to the loan officer.

    :(1)

    • Posted by steve on August 09, 2003 at 01:00:32:

      In Reply to: warranty deed in lieu of forclosure Posted by Dionicio Camacho on August 08, 2003 at 23:52:07:

      : Does anyone no what a warranty deed in lieu of forclosure is and who I need to talk to about it? Should this be handled by a lawyer or can I do this myself by going to the bank and talking to the loan officer.

      deed in lieu is basically you saying to the bank that if you transfer or give up your rights to the property that will suffice and it will all be settled. Get a lawyer

      :(0)

  • Posted by Ms. Ame Hamlet on August 08, 2003 at 23:13:44:

    My step mom is a senior citizen and her home is getting ready to forclose in Oct 2003. Her biological daughter suggested to refinance the house,the mother agreed. The mortgage is behind 47K. Her daughter bacame very ill and died. What options does my step-mom has at this point. She cannot pay the outstanding mortgage.

    :(2)

    • Posted by steve on August 09, 2003 at 00:56:35:

      In Reply to: Senior Citizen Step-Mom home is forclosing- needs advise Posted by Ms. Ame Hamlet on August 08, 2003 at 23:13:44:

      : My step mom is a senior citizen and her home is getting ready to forclose in Oct 2003. Her biological daughter suggested to refinance the house,the mother agreed. The mortgage is behind 47K. Her daughter bacame very ill and died. What options does my step-mom has at this point. She cannot pay the outstanding mortgage.

      You could possibly do a streamline refinance? they will usually lower the mortgage rate and do a loan mod with the rest(throw the balance on the back of the loan)Not too likely but, worth a try.

      :(1)

      • Posted by Bryan Miller on October 01, 2003 at 20:55:40:

        In Reply to: Re: Senior Citizen Step-Mom home is forclosing- needs advise Posted by steve on August 09, 2003 at 00:56:35:

        : : My step mom is a senior citizen and her home is getting ready to forclose in Oct 2003. Her biological daughter suggested to refinance the house,the mother agreed. The mortgage is behind 47K. Her daughter bacame very ill and died. What options does my step-mom has at this point. She cannot pay the outstanding mortgage.

        : You could possibly do a streamline refinance? they will usually lower the mortgage rate and do a loan mod with the rest(throw the balance on the back of the loan)Not too likely but, worth a try.



        : (0)

  • Posted by Hsosa on August 08, 2003 at 17:29:18:

    Property is in california

    refinaning a 1st and 2nd. The payoff on the 1s is $152KThere is a second but the escrow company cannot not find the beneficiary for the second. looks like the note was sold to the cadle company in VA.

    I talked to my escrow company. They told me that a loss bond would have to be put up to refinance the home or another suggestion was a quiet title be placed on the property. do you have to wait 5years for the 2nd to fall off? or do you have to find the 2nd beneficiary to pay them off. Im a loan officer trying to refinance the house. yes iM doing this as a favor for a family i i know . most loan officer s would not even touch a deal like this.

    :(1)

    • Posted by Cynthia on August 10, 2003 at 08:59:56:

      In Reply to: refinance 1st and 2nd Foreclosure Posted by Hsosa on August 08, 2003 at 17:29:18:

      : Property is in california

      : refinaning a 1st and 2nd. : The payoff on the 1s is $152K: There is a second but the escrow company cannot not find the beneficiary for the second. looks like the note was sold to the cadle company in VA.

      : I talked to my escrow company. They told me that a loss bond would have to be put up to refinance the home or another suggestion was a quiet title be placed on the property. do you have to wait 5years for the 2nd to fall off? or do you have to find the 2nd beneficiary to pay them off. Im a loan officer trying to refinance the house. yes iM doing this as a favor for a family i i know . most loan officer s would not even touch a deal like this.

      Hi Hsosa: I am in CA. too and I agree, nobody is going to touch a deal when they cannot get clear title. Are you sure that they have tried every resource? Have you tried a second esccrow company? I don't know where you are located but I use Alison-McCloskey and they are excellent. Good luck! Cynthia

      :(0)

  • Posted by Pattyk on August 08, 2003 at 17:18:31:

    State: Missouri

    My husband and I have been following a property since May of this year. Homeowner filed BK and Foreclosure due to a divorce. We were granted accessed to the home and authorized to get information about the loan. We did try to buy pre-forclosure but was not successful with the distressed homeowner. The mortgage company either did know or didn't tell us that it was a Fannie Mae foreclosure, and the offer we made to the mortgage company after the Trustee Sale was not considered as the property never really got to the REO department because it went to Fannie Mae.

    We are still interested in purchasing the property. It is located close by and we can watch the property. Two days ago a large dumpster appeared and the property was cleaned out inside and out. And they have added a lock box on the side door, and I no long can get into the property thru the garage keycode.

    The property has not yet been assigned to a realtor and is not yet listed on the Fannie Mae website as forsale.

    Now my question. How can I position myself to be first in line to purchase?

    and

    I suppose I will need a realtor who is familiar with foreclosures and Fannie Mae,,, any recommondations in the ST. Louis area...

    and

    Will this be a sealed bid? Like an auction for 10 days or will it be more of a traditional real-estate, where a sign will go up and open houses, etc.?

    I've been reading this site for awhile now, very interesting!!

    PattykMissouri

    :(4)

    • Posted by damien melle on August 10, 2003 at 10:26:05:

      In Reply to: Forecosures & Fannie Mae Posted by Pattyk on August 08, 2003 at 17:18:31:

      : State: Missouri

      : My husband and I have been following a property since May of this year. Homeowner filed BK and Foreclosure due to a divorce. We were granted accessed to the home and authorized to get information about the loan. We did try to buy pre-forclosure but was not successful with the distressed homeowner. The mortgage company either did know or didn't tell us that it was Fannie Mae, and the offer we made to the mortgage company after the Trustee Sale was not considered as the property never really got to the REO department because it went to Fannie Mae.

      : We are still interested in purchasing the property. It is located close by and we can watch the property. Two days ago a large dumpster appeared and the property was cleaned out inside and out. And they have added a lock box on the side door, and I no long can get into the property thru the garage keycode.

      : The property has not yet been assigned to a realtor and is not yet listed on the Fannie Mae website as forsale.

      : Now my question. How can I position myself to be first in line to purchase?

      : and

      : I suppose I will need a realtor who is familiar with foreclosures and Fannie Mae,,, any recommondations in the ST. Louis area...

      : and

      : Will this be a sealed bid? Like an auction for 10 days or will it be more of a traditional real-estate, where a sign will go up and open houses, etc.?

      : I've been reading this site for awhile now, very interesting!!

      : Pattyk: Missouri

      Patty,

      Fannie Mae hass a single location in the USA that handles all the REO properties. Even though you do not see it listed on the website, I would not assume its not listed with agent.

      Never the less, the property will sell for market value once it hits the REO department. If you would like to contact that service center, I would go to the fannie mae website www.efanniemae.com and search or call.

      Good luck

      :(1)

      • Posted by Pattyk on August 10, 2003 at 20:06:10:

        In Reply to: Re: Forecosures & Fannie Mae Posted by damien melle on August 10, 2003 at 10:26:05:

        I've talked to Fannie Mae and have their website pegged for checking. I also hired a realtor with 30 years experience. I"m also checking the property twice daily for For Sale signage. I"m getting my preapproved letter and hopefully have positioned myself so that I can put in an offer on the property.

        With a rental property it's easy to say "oh there will be another one" but this house is special to me and we'd like (scratch that, LOVE) to live there. And when the house was built they might as well have put on name on the door knocker -as it's "so" us... I've been told the house could come on the market tommorrow or 30-45 days.

        Any tips on how to find out BEFORE the general public about this house is most helpful. Is there some "hot sheet" ???

        Fannie Mae said they update the list M-F around 10:00 a.m. ( i will call back to see if that is Central time, California time or what)... and realtor put me on an email list that forwards listing in this zipcode.

        Anyone have any other helpful suggestions? Tip? Tricks?

        Thanks ~Patty

        : Patty,

        : Fannie Mae hass a single location in the USA that handles all the REO properties. Even though you do not see it listed on the website, I would not assume its not listed with agent.

        : Never the less, the property will sell for market value once it hits the REO department. If you would like to contact that service center, I would go to the fannie mae website www.efanniemae.com and search or call.

        : Good luck



        :(0)

    • Posted by Steve on August 09, 2003 at 00:51:43:

      In Reply to: Forecosures & Fannie Mae Posted by Pattyk on August 08, 2003 at 17:18:31:

      : State: Missouri

      : My husband and I have been following a property since May of this year. Homeowner filed BK and Foreclosure due to a divorce. We were granted accessed to the home and authorized to get information about the loan. We did try to buy pre-forclosure but was not successful with the distressed homeowner. The mortgage company either did know or didn't tell us that it was Fannie Mae, and the offer we made to the mortgage company after the Trustee Sale was not considered as the property never really got to the REO department because it went to Fannie Mae.

      : We are still interested in purchasing the property. It is located close by and we can watch the property. Two days ago a large dumpster appeared and the property was cleaned out inside and out. And they have added a lock box on the side door, and I no long can get into the property thru the garage keycode.

      : The property has not yet been assigned to a realtor and is not yet listed on the Fannie Mae website as forsale.

      : Now my question. How can I position myself to be first in line to purchase?

      : and

      : I suppose I will need a realtor who is familiar with foreclosures and Fannie Mae,,, any recommondations in the ST. Louis area...

      : and

      : Will this be a sealed bid? Like an auction for 10 days or will it be more of a traditional real-estate, where a sign will go up and open houses, etc.?

      : I've been reading this site for awhile now, very interesting!!

      : Pattyk: MissouriI bought a small unit from fannie mae in Utah. It was not an auction, I imagine you will need to find a real estate agent that will watch for it to show up on mls and then jump at it. Fannie Mae will take care of making sure it has no leins and it is a clean title and we were quite aggressive in negotiations and got what we want even thought they would have had no problem selling the property. They are good to deal with hopefully you can find a fannie mae agent.

      :(1)

      • Posted by Pattyk on August 09, 2003 at 08:38:49:

        In Reply to: Re: Forecosures & Fannie Mae Posted by Steve on August 09, 2003 at 00:51:43:

        Thanks! It appears it's going to be a regular traditional msl listed property. Anyone else have any comments or suggestions?

        :(0)

  • Posted by steve on August 08, 2003 at 10:34:49:

    Sherica, It sounds like a sticky and stressful situation to me. There are a few things that could happen here, first, if you can start making an income so that you can show the mortgage co. you can afford to do this,your x could quit deed the property back to you which is what you probably did when you were divorced, by the way this does not relieve anyone of the debt, you will also have to take his name off of the title. then maybe you could workout a Loan modification with the bank which would throw the arrears or deficiency to the back of the loan, You would need to call the mortgage co. and talk with the foreclosure agent they will want tax returns (2 yrs),income statements last few months,W-2(2 yrs), and a hardship letter which consists of one paragraph explaining why this all happened. Hopefully they would work with you on this.you will just have to plead with the company. If this doesnt work you could file a ch.7 and it would'nt be any different than before you had full rights to the property. 2nd you could file ch.7 and all lawsuits and discrepancies would need to be included in the bankruptcy so that no one can come back and sue you. These are pretty much your only choices as far as I can see. Get more advice if you can! good luck!



    :(0)

  • Posted by steve on August 08, 2003 at 10:32:38:

    Sherica, It sounds like a sticky and stressful situation to me. There are a few things that could happen here, first, if you can start making an income so that you can show the mortgage co. you can afford to do this,your x could quit deed the property back to you which is what you probably did when you were divorced, by the way this does not relieve anyone of the debt, you will also have to take his name off of the title. then maybe you could workout a Loan modification with the bank which would throw the arrears or deficiency to the back of the loan, You would need to call the mortgage co. and talk with the foreclosure agent they will want tax returns (2 yrs),income statements last few months,W-2(2 yrs), and a hardship letter which consists of one paragraph explaining why this all happened. Hopefully they would work with you on this.you will just have to plead with the company. If this doesnt work you could file a ch.7 and it would'nt be any different than before you had full rights to the property. 2nd you could file ch.7 and all lawsuits and discrepancies would need to be included in the bankruptcy so that no one can come back and sue you. These are pretty much your only choices as far as I can see. Get more advice if you can! good luck!



    :(0)

  • Posted by Sherica on August 07, 2003 at 23:39:47:

    Hello everyone,

    I'm about to see an attorney tommorow for bankruptsy and wanted to see if I had any options before I file.... I bought a house with a VAloan as a co signer with my husband for $83,000 in March of 2002, and we divorced last September. In the divorce he took responsibility for the house (don't know what that's called), but the loan of coarse is still is in my name as well. The almost identical house next door sold for $62,000 before I moved out in August of last year, so that pretty much eliminated the chance of selling the house (that house next door was actually in better shape than ours). I received an email from my ex about a week ago saying he had not made a payment since Dec. of last year. I have had no letters, calls, nothing from the loan company before that. Well, I called the loan company today and they said the foreclosure will be final Sept. 2nd. I am unemployed and going to school and have no way of taking care of the house. He is planning on filing chapter 7 bankruptsy, so I'm thinking they will come back one me for the money that is not made on the house (which should be a LOT!!). He has basically just screwed me. I'm wondering what reprocussions will be from the VA and the bank. Should I file a chapter 7 also? I don't want the lawyer to talk me into it if it's not necessary. One more thing to consider.. I also co signed with him on his car which he let them reposess (he's a serious loser!) that we owed 15,000 and they sold for 4,000, so there is an $11,000 descrepency on that too (pardon my awful spelling). I am in TN now, if that makes a difference. I have a car in my name (never a payment a day late) that will be payed off in Dec., and a computer that I also payed off. My credit would be perfect if it wasnt for this awful situation. I tell ya one thing... I've learned my lesson on who to take out loans with!!! Thank god I'm only 23 and can have my credit situation ok by the time I'm 30. I just really need to know what actions will be taken against me, if the VA will make any kind of difference, and if I should go ahead and file Ch. 7. All I know is that it's not fair that even though we have got a divorce and has taken responsibility for this house and the rodeo, and I have not not talked to him or recieved any info on the payments not being made, AND not lived in that house since all this has happened and I could possibly take all responsibility for him not caring at all (due to the fact he's going to file ch. 7). I just really need some advice guys. Anything would be so greatly appreciated. The thought of filing bankruptsy makes me a nervous reck! I'm hoping that someone besides a bankruptsy attourney can give an oppinion.

    Thanks so much for anyone with advice!

    :(2)

    • Posted by sam on November 21, 2003 at 11:18:37:

      In Reply to: I'm in a bad situation... need help quick! Posted by Sherica on August 07, 2003 at 23:39:47:

      i am gay and i dont know how to tell my parents

      : (0)

    • Posted by steve on August 08, 2003 at 10:18:08:

      In Reply to: I'm in a bad situation... need help quick! Posted by Sherica on August 07, 2003 at 23:39:47:

      : Hello everyone,

      : I'm about to see an attorney tommorow for bankruptsy and wanted to see if I had any options before I file.... I bought a house with a VA loan as a co signer with my husband for $83,000 in March of 2002, and we divorced last September. In the divorce he took responsibility for the house (don't know what that's called), but the loan of coarse is still is in my name as well. The almost identical house next door sold for $62,000 before I moved out in August of last year, so that pretty much eliminated the chance of selling the house (that house next door was actually in better shape than ours). I received an email from my ex about a week ago saying he had not made a payment since Dec. of last year. I have had no letters, calls, nothing from the loan company before that. Well, I called the loan company today and they said the foreclosure will be final Sept. 2nd. I am unemployed and going to school and have no way of taking care of the house. He is planning on filing chapter 7 bankruptsy, so I'm thinking they will come back one me for the money that is not made on the house (which should be a LOT!!). He has basically just screwed me. I'm wondering what reprocussions will be from the VA and the bank. Should I file a chapter 7 also? I don't want the lawyer to talk me into it if it's not necessary. One more thing to consider.. I also co signed with him on his car which he let them reposess (he's a serious loser!) that we owed 15,000 and they sold for 4,000, so there is an $11,000 descrepency on that too (pardon my awful spelling). I am in TN now, if that makes a difference. I have a car in my name (never a payment a day late) that will be payed off in Dec., and a computer that I also payed off. My credit would be perfect if it wasnt for this awful situation. I tell ya one thing... I've learned my lesson on who to take out loans with!!! Thank god I'm only 23 and can have my credit situation ok by the time I'm 30. I just really need to know what actions will be taken against me, if the VA will make any kind of difference, and if I should go ahead and file Ch. 7. All I know is that it's not fair that even though we have got a divorce and has taken responsibility for this house and the rodeo, and I have not not talked to him or recieved any info on the payments not being made, AND not lived in that house since all this has happened and I could possibly take all responsibility for him not caring at all (due to the fact he's going to file ch. 7). I just really need some advice guys. Anything would be so greatly appreciated. The thought of filing bankruptsy makes me a nervous reck! I'm hoping that someone besides a bankruptsy attourney can give an oppinion.

      : Thanks so much for anyone with advice!

      Sherica, It sounds like a sticky and stressful situation to me. There are a few things that could happen here, first, if your x would quit deed the property back to you which is what you probably did when you were divorced, by the way this does not relieve anyone of the debt, you will also have to take his name off of the title. then maybe you could workout a Loan modification with the bank which would throw the arrears or deficiency to the back of the loan, You would need to call the mortgage co. and talk with the foreclosure agent they will want tax returns (2 yrs),income statements last few months,W-2(2 yrs), and a hardship letter which consists of one paragraph explaining why this all happened. Hopefully they would work with you on this.you will just have to plead with the company. If this doesnt work you could file a ch.7 and it would'nt be any different than before you had full rights to the property. 2nd you could file ch.7 and all lawsuits and discrepancies would need to be included in the bankruptcy so that noone can come back and sue you. These are pretty much your only choices as far as I can see. Get more advice if you can! good luck!

      :(0)

  • Posted by WCPS on August 07, 2003 at 19:58:23:

    Please visit our site to see the details of the note that needs funding.

    click on the "Current Deals" on the top left side of the page.

    Thank youWCPS

    :(0)

  • Posted by Ea on August 07, 2003 at 18:51:00:

    NC state. Property went to foreclosure, was bid and in the 10day "upset" period. The owner filed for Chapter 13 bankruptcy 25 hours prior to the deadline on the "upset" period. What happens now???

    :(0)

  • Posted by renee on August 06, 2003 at 23:31:23:

    on 03-26-03 we refinanced are home on march 10th we gave are lending insiitution a a electronic draft payment in the amount of 2,800 for a payment we were behind in the middle of march when are loan officer confirmed that the refi went threw and are closing will be on march 26th of o3 we remined to him that a check we gave for 2,800 he then said to discard that that all the monies that was owed was all in this loan the pay off bal was 129,540 at closiing total was 136,500 are fiirst payment would bbe on 5-01-03 weekly in the amoount of 314.96 this plan is called a eazy pay plan gets taken out every monday we live in the state of il. will this is todays date 08-06-03 on 08-03-03 we recivied a letter from the mortage co. saying that we are in forclousure i called the mortgage asking them what was the meaning behind this letter we are to date with are mortaage they have informed me that are first mortgage is behind and are second one is up to date we do not have a second mortgage they said we do i went crazy and asked them to prove that to me so they calld back after they researched and informed us that on march 31st they put that 2,800 electronic draft thew are bank and it came back as a nsf there for the had to reopen are loan with them the one we closed on in march of 03 remind you this is 08-03 so what they did was given us to mortgages so the first one that they are forclosingg on is in the amount of 2,800 but wait there is late fees and so on so the amount they need is 3.777.89 so on 08-03 i get a phone call from are mortgage co asking us to make a payment for we are in default for june and july and i told them we are not in default she said yes you are and you need to make a payment right away then she paused for a second and said oh know its my mistake your current on your mortgage will by this time i fell im going crazy is my home being taken away or is it not .i called custermer service back and told them i just got off the phone with some one and they said it was a mistake and we were current with are mortgage this person i am talking to know says let me pull you up on the screen she said you are current on your second loan but your first loan you are in forclousre i wanted to die i have never been so confussed we dont have two loans we never signed for two loans asked why are you doing this to us we have had this mortgage co. since we bought this house and know since we refianced it seems they want are house. I ask the morage commpany why did they wait four months to let us know that they hve receivied a NSF check. They said that are bank was holding that check and they just receivied it. So i called our bank were we have our checking and they went back as far as febuary, and our records shows know electronic withdraw was ever presented through our checking account. So i called back to the mortgage company and told them what are bank has said and they are printing out bank statement so we can send the mortgage commpany a copy. The mortgage states "that this makes no difference because the loan that we closed on March 26 2003, because money was still owed on it. ( im at a lost) On 8-4-03 We receivied another letter from our mortgage co. Stating "they are going to be adding $1,418 to our mortgage because we dont have home owners ins. In fact we do we are payed up until january 15 of 2004. Our insurance company has sent them over copies of the policey. Not once but twice. The thing of it is it was our mortgage co. the one that is saying that we do not have home owners ins. they are the one that payed our ins. co. for the one year policey, but still they want prof on 5-20- of 2003 we had a small house fire and our insurane money that we recieved from the house fire is sitting in there lost draft department, but yet we have no insurance; what moore can we do. On 8-5-03 i receivied 4 phone calls from the mortgage co. demanding payments for the defaults that we are in. I cant find no defaults that we are in, because of the fact our bank account says our mortgage payment is made every monday. and for the fact that

    :(2)

    • Posted by Reinstatement Services, Inc. on August 07, 2003 at 08:45:55:

      In Reply to: need some answers please help Posted by renee on August 06, 2003 at 23:31:23:

      it seems you have an issue with your lender regarding delinquent payment or negative escrow account.

      My suggestion would be to contact your lender's loss mitigation department to determine if a workout agreement can be reached that will allow you to make an additional monthy payment over a specified term that will go towards the delinquent portion of the outstanding debt.



      :(0)

    • Posted by Ward-CA- on August 07, 2003 at 01:27:47:

      In Reply to: need some answers please help Posted by renee on August 06, 2003 at 23:31:23:

      : on 03-26-03 we refinanced are home on march 10th we gave are lending insiitution a a electronic draft payment in the amount of 2,800 for a payment we were behind in the middle of march when are loan officer confirmed that the refi went threw and are closing will be on march 26th of o3 we remined to him that a check we gave for 2,800 he then said to discard that that all the monies that was owed was all in this loan the pay off bal was 129,540 at closiing total was 136,500 are fiirst payment would bbe on 5-01-03 weekly in the amoount of 314.96 this plan is called a eazy pay plan gets taken out every monday we live in the state of il. will this is todays date 08-06-03 on 08-03-03 we recivied a letter from the mortage co. saying that we are in forclousure i called the mortgage asking them what was the meaning behind this letter we are to date with are mortaage they have informed me that are first mortgage is behind and are second one is up to date we do not have a second mortgage they said we do i went crazy and asked them to prove that to me so they calld back after they researched and informed us that on march 31st they put that 2,800 electronic draft thew are bank and it came back as a nsf there for the had to reopen are loan with them the one we closed on in march of 03 remind you this is 08-03 so what they did was given us to mortgages so the first one that they are forclosingg on is in the amount of 2,800 but wait there is late fees and so on so the amount they need is 3.777.89 so on 08-03 i get a phone call from are mortgage co asking us to make a payment for we are in default for june and july and i told them we are not in default she said yes you are and you need to make a payment right away then she paused for a second and said oh know its my mistake your current on your mortgage will by this time i fell im going crazy is my home being taken away or is it not .i called custermer service back and told them i just got off the phone with some one and they said it was a mistake and we were current with are mortgage this person i am talking to know says let me pull you up on the screen she said you are current on your second loan but your first loan you are in forclousre i wanted to die i have never been so confussed we dont have two loans we never signed for two loans asked why are you doing this to us we have had this mortgage co. since we bought this house and know since we refianced it seems they want are house. I ask the morage commpany why did they wait four months to let us know that they hve receivied a NSF check. They said that are bank was holding that check and they just receivied it. So i called our bank were we have our checking and they went back as far as febuary, and our records shows know electronic withdraw was ever presented through our checking account. So i called back to the mortgage company and told them what are bank has said and they are printing out bank statement so we can send the mortgage commpany a copy. The mortgage states "that this makes no difference because the loan that we closed on March 26 2003, because money was still owed on it. ( im at a lost) On 8-4-03 We receivied another letter from our mortgage co. Stating "they are going to be adding $1,418 to our mortgage because we dont have home owners ins. In fact we do we are payed up until january 15 of 2004. Our insurance company has sent them over copies of the policey. Not once but twice. The thing of it is it was our mortgage co. the one that is saying that we do not have home owners ins. they are the one that payed our ins. co. for the one year policey, but still they want prof on 5-20- of 2003 we had a small house fire and our insurane money that we recieved from the house fire is sitting in there lost draft department, but yet we have no insurance; what moore can we do. On 8-5-03 i receivied 4 phone calls from the mortgage co. demanding payments for the defaults that we are in. I cant find no defaults that we are in, because of the fact our bank account says our mortgage payment is made every monday. and for the fact tha

      :(0)

  • Posted by Ed on August 06, 2003 at 13:07:30:

    I need a question answered, I had an opportunity to purchase a home which has two loans on it. The second mortgage had not been paid in a year. Here is the scenerio Home is valued at approx $220,000. First Mortgage balance of $70,000 with Second Mortagage balance of $50,000. The homeowner is current on the first. The homeowner has now been told has long as teh first is current the second cannot take the property. Is this true? I do not believe so but I would like someone else's opinion.

    :(4)

    • Posted by Jon-PA on August 07, 2003 at 09:22:21:

      In Reply to: 2nd Mortgage Foreclosures Posted by Ed on August 06, 2003 at 13:07:30:

      If the 2nd wishes to foreclose in order for them to take the property to Sale they will need to payoff the 1st lien. In most cases if the property is worth it for them to payoff they will have no problem doing so.

      :(1)

      • Posted by Bill H on August 07, 2003 at 17:43:25:

        In Reply to: Re: 2nd Mortgage Foreclosures Posted by Jon-PA on August 07, 2003 at 09:22:21:

        : If the 2nd wishes to foreclose in order for them to take the property to Sale they will need to payoff the 1st lien. In most cases if the property is worth it for them to payoff they will have no problem doing so.

        There is no law that I know of that says the 2nd must pay off the first in order to foreclose.

        Most states, to the contrary, have statutes that says if the 2nd forcloses, they are entitled to take the property subject2.

        At worst, a lender can require that you qualify for the loan (1st TD you are taking over) and pay an assumption fee.

        =========>bill

        :(0)

    • Posted by Damien Melle on August 06, 2003 at 14:11:52:

      In Reply to: 2nd Mortgage Foreclosures Posted by Ed on August 06, 2003 at 13:07:30:

      : I need a question answered, I had an opportunity to purchase a home which has two loans on it. The second mortgage had not been paid in a year. Here is the scenerio Home is valued at approx $220,000. First Mortgage balance of $70,000 with Second Mortagage balance of $50,000. The homeowner is current on the first. The homeowner has now been told has long as teh first is current the second cannot take the property. Is this true? I do not believe so but I would like someone else's opinion.

      Ed,

      I was found this to be false, of course state law does vary and I don't know all the states.

      Damien Melle

      :(0)

    • Posted by Bill H on August 06, 2003 at 14:03:30:

      In Reply to: 2nd Mortgage Foreclosures Posted by Ed on August 06, 2003 at 13:07:30:

      : I need a question answered, I had an opportunity to purchase a home which has two loans on it. The second mortgage had not been paid in a year. Here is the scenerio Home is valued at approx $220,000. First Mortgage balance of $70,000 with Second Mortagage balance of $50,000. The homeowner is current on the first. The homeowner has now been told has long as teh first is current the second cannot take the property. Is this true? I do not believe so but I would like someone else's opinion.

      Ed:

      NO, Never heard of it....unless it is some law specifically for your state only. If it were the case there would be no junior liens on anything.

      Every lienholder has the right to protect their interest.

      The only exceptions I can think of is if that particular 2nd Deed of Trust does not contain a Power of Sale Paragraph -or- contains specific language stating that they (the 2nd) do not have the right to foreclose. Would be rather unusual...but then I have seen lots of strange things in this real estate business.

      Good Luck,

      Bill H

      :(0)

  • Posted by Chris on August 06, 2003 at 01:51:05:

    This property is in North Dakota,Their is a first mortgage-$135,000; a second mort-$44,000 ; and a tax lein. I am interested in the property. Is it a common practice to try and purchase the lein from the first mortgage holder before the foreclosure. (the ideal is to try and purchase it at a lower price then continue with forclosure on the property) I did try and get a hold of the mortgage co, and after being transferred numerous times and given about 20 differant 800 # to call, I was told they only sell notes when you buy like 100 or a 1000 notes at a time. Is that common or am I not getting ahold of the right department that I need to speak with. If so what department would that be. My next questions is if I were to purchase the first note and then foreclose; is it required that I take the property to auction? If it is then it's not going to do me much good unless I try to purchase the 2nd motrgage at a discount as well. Do I follow the same process with purchasing the first. Now regaurding the tax lein. The way I understand it they have the option during their 120 day redemption period to reclaim the property. If they do this do they have to pay you the amount you spent on the property or is it the actual amount that the first or second mortgage was origionally for. Do they reclaim often, would it be possible to get a letter from them saying they choose not to excerise their right of the redemption period.(For loan purposes). I would appreciate any help you can give please feal free to add any important information that you think would help.

    :(3)

    • Posted by TheShortSalePro on August 06, 2003 at 05:14:19:

      In Reply to: Urgeant Posted by Chris on August 06, 2003 at 01:51:05:

      What you've been told by the first mortgagee is not uncommon. Unless there is a compelling reason to sell an individual mortgage and note, they won't spend the time. There could be other factors, as well, including the type of mortgage, and the Investor who actually owns the mortgage.

      Are you prepared to plunk down $130,000 cash or more to buy the first mortgage? How much is the tax lien?

      Of equal importance, how much is this property worth?

      :(2)

      • Posted by Chris on August 06, 2003 at 12:15:32:

        In Reply to: Re: Urgent Posted by TheShortSalePro on August 06, 2003 at 05:14:19:

        : What you've been told by the first mortgagee is not uncommon. Unless there is a compelling reason to sell an individual mortgage and note, they won't spend the time. There could be other factors, as well, including the type of mortgage, and the Investor who actually owns the mortgage.

        : Are you prepared to plunk down $130,000 cash or more to buy the first mortgage? How much is the tax lien?

        : Of equal importance, how much is this property worth?

        The property is worth about $180,000 but the tax leins, from what I understand are worth well over the FMV of the house. What about the other questions in the first part: 1) Which department to talk to directly 2) Does the house have to go to auction (even when you forclose) 3) if so you want to look at buying the 2nd mortgage right 4) What amout will the tax dpt have to pay; the amount you bought the lein for or the original amount of the mortgages.[If it's the amount you paid what is the benefit of that it seems like the tax dpt would be punishing you rather then the person that owed the taxes in the first place. 5) have you heard of getting a letter from the tax dpt regaurding them to not use the redemption period. Somewhere it seems that someone wouldn't get their money because the 1st & 2nd mortgage pretty much equal the value of the House. So know you have this tax lein where if the buyer pays FMV for the house that would pay off the first 2 mortgages and still not help the tax lein. Appreciate any imput over and above these answers!

        :(1)

        • Posted by Nick(Colorado) on August 06, 2003 at 13:17:36:

          In Reply to: Re: Urgent Posted by Chris on August 06, 2003 at 12:15:32:

          Chris:

          You are barking up the wrong tree. The first has no reasonto sell, they are not at risk. Even if they did sell, you have no reason to buy, as your position can be upset at auction.as to the questions:

          1. Lose mitigation, or "foreclosure" department.2. Yes, useless this property is in Connecticut.3. Better idea.4. You did not indicate the type of tax lien. This is the -MOST- important element of this deal. Property tax liens are almost always non-negotiable. IRS tax liens can be negotiated.5. Depends on the type of tax lien.

          Making the assumption that the tax lien is IRS, and ifyou are interested in the property, try one of thefollowing:

          Option 1:

          Buy at auction, and hope that the IRS does not exercise anROR on the property. If the deal is thin, they will notcome after it, keep good records on expenses as the IRS ROR is to 120 days from auction.

          Option 2:

          Buy the second and bid at auction. If you are in a redeption state, the algorithm here changes slightly.

          Option 3:

          Negotiate (as a single package) a short with the second, and an offer in compromise with the IRS.





          :(0)

  • Posted by Sandra on August 05, 2003 at 18:34:07:

    My husband and I have a contract with a Timeshare Resort. We are behind on three month payments. We are unable to make payment but can probably arrangement low payments. If not able to make payments would a foreclosure be suitable?How would it effect my credit and for how long?Would it interfere in buying a car, etc.?

    :(1)

    • Posted by damien melle on August 06, 2003 at 00:00:32:

      In Reply to: Timeshare foreclosure in Texas Posted by Sandra on August 05, 2003 at 18:34:07:

      : My husband and I have a contract with a Timeshare Resort. We are behind on three month payments. We are unable to make payment but can probably arrangement low payments. If not able to make payments would a foreclosure be suitable?: How would it effect my credit and for how long?: Would it interfere in buying a car, etc.?

      Sandra,

      Please email me the details of the timeshare, such as location, cost, balance of loan, payments, past due amount etc.

      Our company does investment in real estate all over the USA, and if we can help I would be more than happy to explain the options.

      You can also view our site at www.888wcps.com

      Damien Melledamien@888wcps.com

      :(0)

  • Posted by Greg Davis on August 05, 2003 at 04:42:27:

    I was served foreclosure papers in July, and am now six months behind in payments as of the beginning of August. I attempted to reconcile the account by calling the mortgage company, but they told me that I was (at the time) 4 months behind and they would not accept anything but the full amount plus attorney fees. While I have other debt that I am trying to clear via debt management, I have sufficient income at this time to maintain the mortgage as it stands and maybe even a little more. I don't want to go the bankruptcy route if I can help it. I also have a timeshare that if I am able to sell, would substantially pay off the outstanding credit card debt I have. Can anyone tell me please the best option I have? According to the summons, I only have a couple of more days before I have to provide the mortgage company's attorney a letter. I am also unfamiliar with foreclosure proceedings. Please help.

    :(2)

    • Posted by Reinstatement Services, Inc. on August 05, 2003 at 08:29:28:

      In Reply to: Don't Want To Lose Posted by Greg Davis on August 05, 2003 at 04:42:27:

      As a starting point, contact your lender's loss mit/default alternatives department. They should be able to provide you with the remdy you are seeking. Allow a specified period of time to accomplish your goal as often, the review process w/in this department can be extremely lengthy.

      If you don't secure remedy w/in a timely period then post back and we'll see if we can help.

      Also, some options you might ask your lender about might include a repayment plan, a loan modification, or refinance if your interest is in retaining the property.

      :(0)

    • Posted by Greg Davis on August 05, 2003 at 04:44:10:

      In Reply to: Don't Want To Lose Posted by Greg Davis on August 05, 2003 at 04:42:27:

      I reside at the property, which is in Florida.

      :(0)

  • Posted by chris Kennedy on August 05, 2003 at 03:46:03:

    I will try to make this short....In March of 95 there was a mountain that fell in the town where my parents owned a house.The whole town was deemed a disaster area. Although my parents house sustained no damage,it,as well as all the other houses in town lost its value.In september of 95,The bank holding the morgage to the house foreclosed due to nonpayment(by advise from my moms lawyer),and although they filed a foreclosure notice with the recorders office the never acted on it.In 1997 my parents quitdeeded the property to me.The property(due to time passing)now has its original value again and I wanted to get a loan on its equity. The problem is there was never a Deed of Conveyance filed and when the loan company did a ti?le search the original lender is still there as holding the deed,and to make things worse,the original lending insti?ution sold out to B of A, and no longer exists.My questions, ...How can I get a release if no-one at B of A can find any record of the debt?, and ....Can they decide to take the property now that it has value?or is there a statute of limitations or something? I am in Ca......Please help ASAP,I need that loan!! PS: The ? in the middle of two words should be a "T"but this site claimed the words were offenceive.

    :(3)

    • Posted by Reinstatement Services, Inc. on August 05, 2003 at 08:33:42:

      In Reply to: Bank Posted by chris Kennedy on August 05, 2003 at 03:46:03:

      : I will try to make this short....: In March of 95 there was a mountain that fell in the town where my parents owned a house.The whole town was deemed a disaster area. Although my parents house sustained no damage,it,as well as all the other houses in town lost its value.: In september of 95,The bank holding the morgage to the house foreclosed due to nonpayment(by advise from my moms lawyer),and although they filed a foreclosure notice with the recorders office the never acted on it.: In 1997 my parents quitdeeded the property to me.The property(due to time passing)now has its original value again and I wanted to get a loan on its equity. The problem is there was never a Deed of Conveyance filed and when the loan company did a ti?le search the original lender is still there as holding the deed,and to make things worse,the original lending insti?ution sold out to B of A, and no longer exists.My questions,: ...How can I get a release if no-one at B of A can find any record of the debt?, and ....Can they decide to take the property now that it has value?or is there a statute of limitations or something? I am in Ca......Please help ASAP,I need that loan!! : PS: The ? in the middle of two words should be a "T": but this site claimed the words were offenceive.



      :(2)

      • Posted by Chris Kennedy on August 05, 2003 at 15:37:58:

        In Reply to: Who has been paying the property taxes [nt] Posted by Reinstatement Services, Inc. on August 05, 2003 at 08:33:42:

        I have. I started paying them when the assessors officedeemed us tax worthy.

        :(1)

        • Posted by ReinstatementServices, Inc. on August 05, 2003 at 17:02:26:

          In Reply to: Re: Who has been paying the property taxes [nt] Posted by Chris Kennedy on August 05, 2003 at 15:37:58:

          Sounds like you're on the cusp of a legal battle where the directive becomes: Will the legal owner of the property please stand up.

          You mentioned foreclosure but I'm not clear as to whether the forced sale took place or if the process was initiated and never completed.

          In any case, because you've been paying taxes for nearly a decade and presumeably still occupy the property, it would seem that you might have a valid claim to rights as well.

          The best thing for you is to secure an attorney who will be able to assist you in 'title proofing' your home.

          You should also begin to embrace the fact that nothing is free and you might be called to surrender the property or make good on the loan.

          Be careful which hornet's nest you choose to stir...you may not like the outcome.

          :(0)

  • Posted by Jena on August 04, 2003 at 22:09:14:

    I live in Ohio and was discharged chapter 7 bankruptcy in July, 03. I surrendered the property because of no equity and two additional mortgages. There was no way I could afford the monthly payments and the needed maintenance, especially with wrecked credit.

    I received foreclosure papers in July, as well, and am unsure of the time frame for the disposal of the house. I am ready to move out, but want the house out of my name. Will the mortgage company do this prior to the completion of the sale? If so, what is the procedure?

    :(4)

    • Posted by Raj on August 15, 2003 at 22:13:09:

      In Reply to: Ready to walk away Posted by Jena on August 04, 2003 at 22:09:14:

      Jena,You can stay in the house rent free for some time. Foreclosure sale will take place. You will be given an eviction notice and eviction process will start. Time line varies depending on where the house is located. You can move out when the eviction process is complete or any time before that.Raj



      :(0)

    • Posted by Reinstatement Services, Inc. on August 05, 2003 at 00:16:02:

      In Reply to: Ready to walk away Posted by Jena on August 04, 2003 at 22:09:14:

      Jena, I almost never ask this question...but how old are you? What do you see as the benefit in having the home out of your name? And what would be the lender's motivation for granting such a request?

      If you had steady income, why would 'wrecked credit' interfere with your ability to meet your monthly obligations?

      And why in God's name would you think it possible to get the lender to pave the way for a nice tidy exit from your financial obligation to them?

      To get the property out of your name you would simply convey interest via quit claim...but you'd still be the named party on the loan, and thus, in the foreclosure action.

      To get the mortgage loan out of your name prior to the forced sell of the property you will have to secure a buyer and close escrow.



      :(2)

      • Posted by Jena on August 05, 2003 at 12:04:01:

        In Reply to: Soon enough... Posted by Reinstatement Services, Inc. on August 05, 2003 at 00:16:02:

        I am in my mid 40s and the benefit to having the property out of my name is to avoid any liability for damage while it sits vacant.

        I assumed that the mortgage company technically owns it anyway, so why wouldn't they be willing to remove me as owner.

        Based on your information, I guess I'll have to wait out the sale.

        My income is not sufficient to cover the ongoing expenses as well as upkeep to the property. I have two additional mortgages and am unable to secure refinancing. I understand I could go through the workout process to catch up, but I'd be unable to afford the monthly payments.

        I have a steady income, but it's much less than when the house was purchased and the wrecked credit prohibits me from refinancing or consolidating the three loans.

        As far as a tidy exit? I've already been discharged via chapter 7 BK, so that's a moot point and quit claim isn't possible because of the additional mortgages.

        I do appreciate your response. It's been quite informative.



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

        : Jena, I almost never ask this question...but how old are you? What do you see as the benefit in having the home out of your name? And what would be the lender's motivation for granting such a request?

        : If you had steady income, why would 'wrecked credit' interfere with your ability to meet your monthly obligations?

        : And why in God's name would you think it possible to get the lender to pave the way for a nice tidy exit from your financial obligation to them?

        : To get the property out of your name you would simply convey interest via quit claim...but you'd still be the named party on the loan, and thus, in the foreclosure action.

        : To get the mortgage loan out of your name prior to the forced sell of the property you will have to secure a buyer and close escrow.



        :(1)

        • Posted by Reinstatement Servcies, Inc. on August 05, 2003 at 17:13:58:

          In Reply to: Re: Soon enough... Posted by Jena on August 05, 2003 at 12:04:01:

          No. You're still the legal owner until the foreclosure process has been completed.

          I wish you the best.

          :(0)

  • Posted by Wendy on August 04, 2003 at 09:07:06:

    I purchased a home in October, 2002 and it was foreclosed on in May of 2003. I put almost $20,000 down. Am I entitled to get any of that money back?

    :(2)

    • Posted by Damien Melle on August 04, 2003 at 09:36:36:

      In Reply to: Am I entitled to get of my down payment back after foreclosure? Posted by Wendy on August 04, 2003 at 09:07:06:

      : I purchased a home in October, 2002 and it was foreclosed on in May of 2003. I put almost $20,000 down. Am I entitled to get any of that money back?

      Wendy,

      The only time you get money back on a foreclosure is when the property sells at auction for more than what is owed on the house (this includes all mortgages you may have). For example, if your house sold for $100,000 and your total balance on the mortgage, including the late charges, legal fees, foreclosure fees, etc equaled $80,000. Then in this case you would get $20,000 refund.

      However if the house sold for less or just the amount to cover the fees then NO, you get nothing.

      Hope this helps.Damien MelleWWW.888wcps.com

      :(0)

    • Posted by Reinstatement Services, Inc. on August 04, 2003 at 09:17:19:

      In Reply to: Am I entitled to get of my down payment back after foreclosure? Posted by Wendy on August 04, 2003 at 09:07:06:

      : I purchased a home in October, 2002 and it was foreclosed on in May of 2003. I put almost $20,000 down. Am I entitled to get any of that money back?



      :(0)

  • Posted by JoAnn on August 03, 2003 at 21:41:45:

    My house loan was sold to ocwen federal bank. What a nightmare it has turned out to be. My first mistake was refinancing through Concseco. They appraised my house for 45,000 more than it is really worth. We questioned them about that. But they had us believing it was really worth that much. So after refinancing we owe more than 85,000 on a 50,000 house. We fell behind on one payment to ocwen, and that is where all the trouble started. They want all these other extra fees paid. I have seen on web boards that they love to forclose on houses. We are thinking of filing bankruptsey just to get out from under this. We can't even sell it for anywhere near that price. we even tried to go back to the our bank to see if they could help us out. No help... ocwen will not even work with us. They want us to send post dated checks to them for extra fees. And they are going to up our payment they say for a year.. Help what is a person to do...

    :(1)

    • Posted by Reinstatement Services, Inc. on August 04, 2003 at 09:15:28:

      In Reply to: Don't know what to do Posted by JoAnn on August 03, 2003 at 21:41:45:

      Make certain that your actions in this phase are consistent with the goal you are trying to reach.

      Perhaps, a Chapter 7 bankruptcy filing will be best suited to accomplishing your desired end. Another option might be to consider seeking short sale approval from the lender. A lender approved short sale should allow you to sell the property for less than the amount owed with no further debt owing.



      :(0)

  • Posted by anom on August 03, 2003 at 21:11:53:

    Are there any websites where you can look at list of foreclosures and not have to subscribe? Everyone i have looked at you have to have membership. Also this is something we are thinking of getting into. Does anyone know of any good books on buying foreclosures for resale. We are in the process of doing our first one. thanks

    :(3)

    • Posted by Reeba on October 06, 2003 at 11:24:07:

      In Reply to: Foreclosure Websites Posted by anom on August 03, 2003 at 21:11:53:

      : Are there any websites where you can look at list of foreclosures and not have to subscribe? Everyone i have looked at you have to have membership. Also this is something we are thinking of getting into. Does anyone know of any good books on buying foreclosures for resale. We are in the process of doing our first one. thanks



      : (0)

    • Posted by Bill H on August 05, 2003 at 14:56:31:

      In Reply to: Foreclosure Websites Posted by anom on August 03, 2003 at 21:11:53:

      : Are there any websites where you can look at list of foreclosures and not have to subscribe? Everyone i have looked at you have to have membership. Also this is something we are thinking of getting into. Does anyone know of any good books on buying foreclosures for resale. We are in the process of doing our first one. thanks

      Do a google search on "Foreclosure" and you will find literally hundreds of thousands...you choice which to visit.

      Good Luck,

      =======>bill



      :(0)

    • Posted by Damien Melle on August 03, 2003 at 22:17:47:

      In Reply to: Foreclosure Websites Posted by anom on August 03, 2003 at 21:11:53:

      : Are there any websites where you can look at list of foreclosures and not have to subscribe? Everyone i have looked at you have to have membership. Also this is something we are thinking of getting into. Does anyone know of any good books on buying foreclosures for resale. We are in the process of doing our first one. thanks

      Anom,

      Visit the following site, they offer services to investors in the California Real Estate Martket.

      ,

      :(0)

  • Posted by Barbara on August 03, 2003 at 13:42:36:

    When someone buys a foreclosure property is it very difficult to obtain if you are pre-qualified through a lender? The second question I have may seem strange but here goes; if the home is haunted must it must be revealed to the possible buyer before the sale goes through?

    :(2)

    • Posted by damien melle on August 03, 2003 at 15:32:25:

      In Reply to: foreclosure properties Posted by Barbara on August 03, 2003 at 13:42:36:

      : When someone buys a foreclosure property is it very difficult to obtain if you are pre-qualified through a lender? The second question I have may seem strange but here goes; if the home is haunted must it must be revealed to the possible buyer before the sale goes through?

      Barbara,I am not sure your first question I did not understand. Regarding the second question... WOW.. I am not an attorney, however I would say (my opinion) that since a so called haunted home is not a legal term, atleast not one I have heard of nor my attorney ( i just had to ask him, since I happen to be speaking with him when I read this). So We both thought that this would be a matter of opinion (that is haunted). So in that cause NO, but it most likely has some issues of leaking roof, or leaking windows (drafts) or something that makes you think its haunted and if this is the case, I would say then being licensed, yes you need to disclose those items..

      good Luck..Damien

      :(1)

      • Posted by Barbara on August 03, 2003 at 17:52:55:

        In Reply to: Re: foreclosure properties Posted by damien melle on August 03, 2003 at 15:32:25:

        Damien; What I meant in my first question was if a home listed as a foreclosure was what the buyer wanted and had the financial means to buy would they find it rife with hidden costs above and beyond the foreclosure's listed price. Would they find themselves in a bidding race?

        :(0)

  • Posted by Anne on August 03, 2003 at 05:41:43:

    is there a place to find out about foreclosures without paying money over the internet?

    :(2)

    • Posted by Freda on August 08, 2003 at 03:51:08:

      In Reply to: forclosure list's Posted by Anne on August 03, 2003 at 05:41:43:

      : Can you have bank financing to purchase a home in a trustee sale or do you have to purchase with cash? Also, can you purchase default property with financing through a bank?

      :(0)

    • Posted by Freda on August 08, 2003 at 03:46:09:

      In Reply to: forclosure list's Posted by Anne on August 03, 2003 at 05:41:43:

      : is there a place to find out about foreclosures without paying money over the internet?



      :(0)

  • Posted by Chris on August 03, 2003 at 05:16:34:

    I'm looking at a property right now that is in the beginning stages of getting forclosed on. The value is roughly $170,000. The current owners first mort. is $135,000 and a second mort. for $44,000. He also has some high dollar federal tax leins. Because of the cost it doesn't seem beneficial to purchase it from the owner. And I'm affraid the amount at auction is more than were looking at spending. NOW TO MY QUESTION! 1)Is it possible to buy the first mortgage from the company before forclouse continues and then forclose on the property ourselves? 2)If that were to happen how would an individual forclose on another individual. 3) Also is the federal tax lein treated like a third morgage and wiped away once forclosure takes place.

    :(4)

    • Posted by Bill H on August 05, 2003 at 14:47:30:

      In Reply to: URGEANT: pre-forclosure buying Posted by Chris on August 03, 2003 at 05:16:34:

      : I'm looking at a property right now that is in the beginning stages of getting forclosed on. The value is roughly $170,000. The current owners first mort. is $135,000 and a second mort. for $44,000. He also has some high dollar federal tax leins. Because of the cost it doesn't seem beneficial to purchase it from the owner. And I'm affraid the amount at auction is more than were looking at spending. NOW TO MY QUESTION! 1)Is it possible to buy the first mortgage from the company before forclouse continues and then forclose on the property ourselves? 2)If that were to happen how would an individual forclose on another individual. 3) Also is the federal tax lein treated like a third morgage and wiped away once forclosure takes place.

      Chris:

      My initial advice is "Walk away from this and work on something more worthwhile."

      >>> Now lets look at the other parts of your post:::The value is roughly $170,000. NOW TO MY QUESTION! 1)Is it possible to buy the first mortgage from the company before forclouse continues and then forclose on the property ourselves?<<<< With 35K in equity what is the compelling reason for the first to discount the mortgatge? They have nothing to worry about, the equity should cover their lien and the 2nd and IRS have to take their own actions to protect their positions.

      >>> 2)If that were to happen how would an individual forclose on another individual.<<< Done every day, deeds of trust are what controls the forclosing, it matters not if you are and individual, every entity has a right to protect their interest.

      >>>3) Also is the federal tax lein treated like a third morgage and wiped away once forclosure takes place.<<<< NO, IRS has 120 days after the sale to sell. Normally they will not got after it if there is less than 20K in equity. But; you cannot count on it. If they are interested they will advertise for bidders on their website. If they are successful in getting a guaranteed bidder then they will sell it for their lien subject to the existing debt just like any other transaction.

      Good luck,

      Bill H

      :(0)

    • Posted by damien melle on August 03, 2003 at 09:56:58:

      In Reply to: URGEANT: pre-forclosure buying Posted by Chris on August 03, 2003 at 05:16:34:

      : I'm looking at a property right now that is in the beginning stages of getting forclosed on. The value is roughly $170,000. The current owners first mort. is $135,000 and a second mort. for $44,000. He also has some high dollar federal tax leins. Because of the cost it doesn't seem beneficial to purchase it from the owner. And I'm affraid the amount at auction is more than were looking at spending. NOW TO MY QUESTION! 1)Is it possible to buy the first mortgage from the company before forclouse continues and then forclose on the property ourselves? 2)If that were to happen how would an individual forclose on another individual. 3) Also is the federal tax lein treated like a third morgage and wiped away once forclosure takes place.

      Chris,You can offer to purchase the first mortgage, it does not mean that they will listen, call you back, or even answer the phone. Normally first mortgages are much harder to negotiate since they are in first position and they are insured by either MI, PMI, VA, or FHA. But never the less, its always worth a try if you like the property.

      Second, Federal Tax Liens are not wiped off at foreclosure..... Uncle Sam has a redemtion period of 3 months (not sure, it could be longer, I normally don't deal with IRS Liens).

      But if you did buy the 1st you could continue the foreclosure process. you are not 1 person foreclosing on another person, you would be the new note holder or to the borrower, his new mortgage company...

      THsi deal however sounds bad, 133,000 + legal fees, + property fixup cost + sale agent fees + your time = no profit margin... you need to consider all the factors before deciding on a property.

      Hope this helps. If your looking to invest in real estate, check out

      :(2)

      • Posted by Chris on August 03, 2003 at 11:20:51:

        In Reply to: Re: URGEANT: pre-forclosure buying Posted by damien melle on August 03, 2003 at 09:56:58:

        : : I'm looking at a property right now that is in the beginning stages of getting forclosed on. The value is roughly $170,000. The current owners first mort. is $135,000 and a second mort. for $44,000. He also has some high dollar federal tax leins. Because of the cost it doesn't seem beneficial to purchase it from the owner. And I'm affraid the amount at auction is more than were looking at spending. NOW TO MY QUESTION! 1)Is it possible to buy the first mortgage from the company before forclouse continues and then forclose on the property ourselves? 2)If that were to happen how would an individual forclose on another individual. 3) Also is the federal tax lein treated like a third morgage and wiped away once forclosure takes place.

        : Chris,: You can offer to purchase the first mortgage, it does not mean that they will listen, call you back, or even answer the phone. Normally first mortgages are much harder to negotiate since they are in first position and they are insured by either MI, PMI, VA, or FHA. But never the less, its always worth a try if you like the property.

        : Second, Federal Tax Liens are not wiped off at foreclosure..... Uncle Sam has a redemtion period of 3 months (not sure, it could be longer, I normally don't deal with IRS Liens).

        : But if you did buy the 1st you could continue the foreclosure process. you are not 1 person foreclosing on another person, you would be the new note holder or to the borrower, his new mortgage company...

        : THsi deal however sounds bad, 133,000 + legal fees, + property fixup cost + sale agent fees + your time = no profit margin... you need to consider all the factors before deciding on a property.

        : Hope this helps. If your looking to invest in real estate, check out

        Thanks Damien, for replying so quickly, two other points. 1) Rather the the first mortgage holder continue adding up costs through the forclosure and selling process would they possible take less then the price of the first mortgage, so they don't have to continue with the process since I heard banks will try and do what they can to not forclose on someone. 2) with this 3 or 6 month redemption period for the federal tax lein. If I bought the property and now forclosed what would they be able to do within that 3 6 month period. Would they have to pay you for what the first morgage was worth or can they take the place out from under you.

        :(1)

        • Posted by damien melle on August 03, 2003 at 15:22:53:

          In Reply to: Re: URGEANT: pre-forclosure buying Posted by Chris on August 03, 2003 at 11:20:51:

          : : : I'm looking at a property right now that is in the beginning stages of getting forclosed on. The value is roughly $170,000. The current owners first mort. is $135,000 and a second mort. for $44,000. He also has some high dollar federal tax leins. Because of the cost it doesn't seem beneficial to purchase it from the owner. And I'm affraid the amount at auction is more than were looking at spending. NOW TO MY QUESTION! 1)Is it possible to buy the first mortgage from the company before forclouse continues and then forclose on the property ourselves? 2)If that were to happen how would an individual forclose on another individual. 3) Also is the federal tax lein treated like a third morgage and wiped away once forclosure takes place.

          : : Chris,: : You can offer to purchase the first mortgage, it does not mean that they will listen, call you back, or even answer the phone. Normally first mortgages are much harder to negotiate since they are in first position and they are insured by either MI, PMI, VA, or FHA. But never the less, its always worth a try if you like the property.

          : : Second, Federal Tax Liens are not wiped off at foreclosure..... Uncle Sam has a redemtion period of 3 months (not sure, it could be longer, I normally don't deal with IRS Liens).

          : : But if you did buy the 1st you could continue the foreclosure process. you are not 1 person foreclosing on another person, you would be the new note holder or to the borrower, his new mortgage company...

          : : THsi deal however sounds bad, 133,000 + legal fees, + property fixup cost + sale agent fees + your time = no profit margin... you need to consider all the factors before deciding on a property.

          : : Hope this helps. If your looking to invest in real estate, check out

          : Thanks Damien, for replying so quickly, two other points. 1) Rather the the first mortgage holder continue adding up costs through the forclosure and selling process would they possible take less then the price of the first mortgage, so they don't have to continue with the process since I heard banks will try and do what they can to not forclose on someone. 2) with this 3 or 6 month redemption period for the federal tax lein. If I bought the property and now forclosed what would they be able to do within that 3 6 month period. Would they have to pay you for what the first morgage was worth or can they take the place out from under you.

          Chris,

          Its possible the bank will take less, this depends on the equity, location, bank, and or servicer of the mortgage. Its always worth a try.

          Regarding the IRS, if you foreclosed on the house and it became an REO, the IRS would only take back the house on redemption if they have a bidder to pay the cost of the lien plus the cost you put in the house. So to answer your question, no you will not lose your money, but don't do rehab work for that period, because they only pay back your original cost, not rehab cost so you would take a loss. Its a touch and go subject depending alot on the lien amount, property equity, location, etc.. No real answer can give you what your looking for..

          Good LuckDamien

          :(0)

  • Posted by Angela on August 02, 2003 at 20:08:51:

    I read somewhere that I need to be a real estate broker in California if I want to buy more than 7 notes or properties a year. It is also required if I use investors money to buy notes. Is this true? What are the benefits of becoming a broker? What is the downside of becoming a broker? It is easy enough for me to become a broker. Since I have a college degree I just have to pass the tests.

    :(1)

    • Posted by David on August 05, 2003 at 10:04:19:

      In Reply to: Benefits of becoming a RE Broker in California for note brokering? Posted by Angela on August 02, 2003 at 20:08:51:

      Angela,

      Where does it say you have to be a broker to BUY notes, I thought that requirement only kicked in if you SOLD notes?

      You are exempt from the two-year experience requirement if you have a four year degree from an accredited university or college. Take a look at the CA Department of RE Webiste.

      David

    • CA Department of Real Estate


    :(0)

  • Posted by Mike on August 02, 2003 at 10:22:38:

    My family and me have sold a commercial building under land contract. The buyer has defaulted under the contract by not paying for insurance and is constantly late on making payments. I personally want to get them out of there because I know that they can afford to pay the bills, I think they are just pocketing all the money for themselves. Someone please give me some advise on how to pursue this, we want them out before we get screwed again. Thank you.

    :(1)

    • Posted by Damien Melle on August 02, 2003 at 10:54:28:

      In Reply to: Business foreclosure Posted by Mike on August 02, 2003 at 10:22:38:

      : My family and me have sold a commercial building under land contract. The buyer has defaulted under the contract by not paying for insurance and is constantly late on making payments. I personally want to get them out of there because I know that they can afford to pay the bills, I think they are just pocketing all the money for themselves. Someone please give me some advise on how to pursue this, we want them out before we get screwed again. Thank you.

      Mike,What state do you live in? Also, it depends alot on whats written in the contract. Business transactions can be alot different that residential.

      :(0)

  • Posted by K. Cole on August 01, 2003 at 23:36:35:

    I want to get rid of the house. We have already claimed Chapter 13. Can we just call the mortgage company and tell them to come get it. I am tired of it.

    :(8)

    • Posted by TheShortsalePro on August 02, 2003 at 07:45:12:

      In Reply to: let them take it back Posted by K. Cole on August 01, 2003 at 23:36:35:

      Is there any equity? If so, why not sell? That would be the responsible course of action. Even if you owe more than the home is worth. If you need help selling, email me. I work with brokers across the USA listing property that requires a mortgagee approved short sale. If conditions are such that you are at the end of your emotional rope, and you simply want to dump the problem on someone else, then contact your attorney, and ask about changing from a 13, to a 7.

      :(7)

      • Posted by Joe on August 02, 2003 at 10:52:39:

        In Reply to: Re: let them take it back Posted by TheShortsalePro on August 02, 2003 at 07:45:12:

        : Is there any equity? If so, why not sell? That would be the responsible course of action. Even if you owe more than the home is worth. If you need help selling, email me. I work with brokers across the USA listing property that requires a mortgagee approved short sale. If conditions are such that you are at the end of your emotional rope, and you simply want to dump the problem on someone else, then contact your attorney, and ask about changing from a 13, to a 7.

        HOw does BK help with giving back the property? My attorney told me that BK only delays foreclosure but you can not file BK on real property... Not sure how you see this different, Please explain. ThanksJoe

        :(6)



        • Posted by steele in minnesota on January 15, 2009 at 13:45:22:

          In Reply to: Buying a Foreclosure Posted by Kathleen Quinn on January 14, 2009 at 09:50:41:

          Most national sites that claim to have good foreclosure information are poor at best. If you check out this site you will find a number of bank foreclosure listings and who to locally contact. Most areas have a few select agents that specialize in REOs. These are also good to know. In my area a number of us (yes, I am a REO listing agent for the Twin Cities, MN) have websites that provide this kind of information and how to buy them.As stated, unless you have lots of time to weed through all the garbage, REO properties (bank owned housing that has completed the foreclosure process) are a solid source of properties.Now, not all are good deals. But most are extremely competitively priced.Steele (5)

          • Posted by Joe on August 02, 2003 at 13:10:34:

            In Reply to: Re: let them take it back Posted by TheShortSalePro on August 02, 2003 at 11:10:17:

            : If the Mortgagor walks away from the property, he/she may be pursued for the deficiency, if any. By changing from a repayment plan, to a liquidation... she would not have the personal responsibility to repay the debt. That's why I suggested the mortgagor seek advice from his/her attorney.

            Okay, and with California not allowing that, I can see why my attorney said what he said.

            Makes scense..Joe

            :(3)

            • Posted by Reinstatement Services, Inc. on August 03, 2003 at 21:40:26:

              In Reply to: Re: let them take it back Posted by Joe on August 02, 2003 at 13:10:34:

              there are a few instances where deficiency judgment is allowed in California. Is it frequently exercised?...no. Is it legally enforceable for applicable cases? yes.

              Regardless, I believe that many attorneys miss the boat when it comes to REALLY understanding foreclosure and bankruptcy from the homeowner's perspective.

              When a homeowner enters an attorney's office to inquire about stopping a foreclosure, the attorney automatically steers the homeowner towards bankruptcy because that is where their expertise [and payday] lies when in fact most debtors can indeed secure the remedy they are seeking without filing bankruptcy or without incurring the added expense of securing counsel.

              I agree that a popular misconception with debtors is that bankruptcy will stop foreclosure when in fact it simply serves to [in most cases] postpone the inevitable.

              So how do we go about educating the public in this matter?

              We receive a lot of calls from homeowners who cloak themselves with the attorney badge as if were a suit of armor. The client will say...well my attorney said, or 'my attorney can'...as if they've just held court in the presence of God. Fact is, I don't care if the debtor hires F. Lee Baily himself...if an agreement with the lender is not reached then the foreclosure action WILL eventually continue and culminate in the sale of the home. Don't you find the fact that you "cannot file BK on real property" to be irrelevant to most debtors because at this stage [and particularly if foreclosure, to them, appears inevitable] they are less interested in protecting the real property and more interested in being relieved of the debt or any collateral damage?

              For many, bankruptcy is seen as being either the redeemer or the absolver. Either way, by the time they reach this stage, the debtor has pretty much arrived at a 'whatever' stance as most feel that since the credit is already severely damaged...what's one more negative mark in the grand scheme of things.

              I'd be interested in hearing your thoughts [and other's] on how we in this industry can set about educating the public to the real workings of bankruptcy, particularly as it relates to foreclosure, and identifying/profiling those individual cases where bankruptcy might be most applicable and beneficial.

              I find this to be an interesting subject and I welcome the opportunity to hear many thoughts on the subject.

              k-------

              :(2)

              • Posted by njdave on August 04, 2003 at 16:00:04:

                In Reply to: Actually, Joe... Posted by Reinstatement Services, Inc. on August 03, 2003 at 21:40:26:

                When I address a group of first time homebuyers, or distressed homeowners, I often like to use terms or phrases that will generate a few questions from the initially reserved group I frequently use the term, bankruptcy salesmen. (last week, another panelist at the seminar, an attorney, shifted uneasily in her seat)..

                A few years ago the ABA published a blurb... that only 10% of the folks who seek bankruptcy as a means to save their home... are successful.

                Do you want info on attorneys and foreclosure in general, or just attorneys whose practice is limited to bankruptcy?

                :(1)

                • Posted by Reinstatement Services, Inc on August 04, 2003 at 17:25:05:

                  In Reply to: Re: OK Posted by njdave on August 04, 2003 at 16:00:04:

                  Howdy Dave...

                  More so a brainstorming session on how we in the foreclosure industry might better educate homeowners as to the real benefits of bankruptcy and what it is truely designed to accomplish...and which cases are best suited for bankruptcy intervention..is there a specific profile? are we heading into a new field of forensic bankruptcy and foreclosure...interesting stuff.

                  I think homeowners should also be brought up to speed as to the pitfalls of bankruptcy. And I'm not sure how to accomplish this on a more widespread basis, either---without committing the necessary dollars to the project or setting aside time for grant writing work.

                  In today's market, it would appear that the use of bankruptcy as a foreclosure avoidance strategy is more inclusive rather than situational meaning it is commonly accepted as the alternative to foreclosure to the exclusion of many other, and often more viable, remedies.

                  I guess my next question would be how to go about educating the public as to the pitfalls of bankruptcy without having it fall under the umbrella of dispensing legal advice?

                  We know that bankruptcy for most is not the answer and since it is not...it can't be [if you follow my logic].

                  I guess I'm just really kinda frustrated with how effortlessly, and misguidedly, people threatened with foreclosure arrive at the decision to file bankruptcy when there is for sure better and more effective help available in most cases.

                  :(0)

          • Posted by Joe on August 02, 2003 at 11:25:38:

            In Reply to: Re: let them take it back Posted by TheShortSalePro on August 02, 2003 at 11:10:17:

            : If the Mortgagor walks away from the property, he/she may be pursued for the deficiency, if any. By changing from a repayment plan, to a liquidation... she would not have the personal responsibility to repay the debt. That's why I suggested the mortgagor seek advice from his/her attorney.

            Okay, and with California not allowing that, I can see why my attorney said what he said.

            Makes scense..Joe

            :(0)

  • Posted by Gai on August 01, 2003 at 21:36:09:

    We have a large inventory of post sale properties. Take a look and bring me an offer.



  • :(0)

  • Posted by John Kinder on August 01, 2003 at 21:27:56:

    Is this a good deal at $12,000? Should I bid?Can you run the numbers for me? What kind of a profitwould I make if I bid $12,000 or $13,000 on this note.Thanks!

    :(7)

    • Posted by damien melle on August 01, 2003 at 23:10:23:

      In Reply to: Is this a good deal? Posted by John Kinder on August 01, 2003 at 21:27:56:

      : Is this a good deal at $12,000? Should I bid?: Can you run the numbers for me? What kind of a profit: would I make if I bid $12,000 or $13,000 on this note.: Thanks!

      John,

      The note for sale is a good deal, because in the event the homeowner does refi as planned, you will get the difference from what you paid to what is owed. And, because the LTV is at a good ratio, you have plenty of room to move around in the event you need to foreclose on the property. Since your purchasing the note from WCPS, should such action need to be taken the company will handle the process with no upfront money.

      All notes sold always have equity so should foreclosure need to take place the return is always greater than the original investment.. Its a win win purchase.

      Regarding the amount to bid, that depends on the amount of return your looking for. All the numbers are listed on the website in regards to other liens, estimated values, and so on..

      I can say that its a strong market and several investors have been going back and forth on the bidding.

      I hope that helps.

      again the link to the site ishttp://www.888wcps.com/FC_Home/Investor/investor.html

      Also, if you are looking for additional investments, check out the section on the site that shows current deals that need funding. you will see a link on the investor main page, just follow the link above.

      Good Luck

      :(6)

      • Posted by John Kinder on August 02, 2003 at 00:34:16:

        In Reply to: Re: Is this a good deal? Posted by damien melle on August 01, 2003 at 23:10:23:

        What are the possible risks with this note.What are some pitfalls that could occur, so thatI could actually end up losing money after purchasingthe note?

        : : Is this a good deal at $12,000? Should I bid?: : Can you run the numbers for me? What kind of a profit: : would I make if I bid $12,000 or $13,000 on this note.: : Thanks!

        : John,

        : The note for sale is a good deal, because in the event the homeowner does refi as planned, you will get the difference from what you paid to what is owed. And, because the LTV is at a good ratio, you have plenty of room to move around in the event you need to foreclose on the property. Since your purchasing the note from WCPS, should such action need to be taken the company will handle the process with no upfront money.

        : All notes sold always have equity so should foreclosure need to take place the return is always greater than the original investment.. Its a win win purchase.

        : Regarding the amount to bid, that depends on the amount of return your looking for. All the numbers are listed on the website in regards to other liens, estimated values, and so on..

        : I can say that its a strong market and several investors have been going back and forth on the bidding.

        : I hope that helps.

        : again the link to the site is: http://www.888wcps.com/FC_Home/Investor/investor.html

        : Also, if you are looking for additional investments, check out the section on the site that shows current deals that need funding. you will see a link on the investor main page, just follow the link above.

        : Good Luck



        :(5)

        • Posted by Damien Melle on August 02, 2003 at 01:43:39:

          In Reply to: Re: Is this a good deal? Posted by John Kinder on August 02, 2003 at 00:34:16:

          : What are the possible risks with this note.: What are some pitfalls that could occur, so that: I could actually end up losing money after purchasing: the note?

          : : : Is this a good deal at $12,000? Should I bid?: : : Can you run the numbers for me? What kind of a profit: : : would I make if I bid $12,000 or $13,000 on this note.: : : Thanks!

          : : John,

          : : The note for sale is a good deal, because in the event the homeowner does refi as planned, you will get the difference from what you paid to what is owed. And, because the LTV is at a good ratio, you have plenty of room to move around in the event you need to foreclose on the property. Since your purchasing the note from WCPS, should such action need to be taken the company will handle the process with no upfront money.

          : : All notes sold always have equity so should foreclosure need to take place the return is always greater than the original investment.. Its a win win purchase.

          : : Regarding the amount to bid, that depends on the amount of return your looking for. All the numbers are listed on the website in regards to other liens, estimated values, and so on..

          : : I can say that its a strong market and several investors have been going back and forth on the bidding.

          : : I hope that helps.

          : : again the link to the site is: : http://www.888wcps.com/FC_Home/Investor/investor.html

          : : Also, if you are looking for additional investments, check out the section on the site that shows current deals that need funding. you will see a link on the investor main page, just follow the link above.

          : : Good Luck

          John,

          This note is the 2nd trust deed on a house with plenty of equity. The worst case would be you need to file for foreclosure. Since the property has so much equity, most likely you would sell of the note at the trustee sale and still profit. For example, if you buy the note for $15,000 and you have to foreclose, the opening bid would be the cost of foreclosure (wcps handles, no up front fees) + your outstanding balance, the $21,000. This means worst case you still make $6,000 profit from the note.

          If the homeowner refinances the loan, you make the $6,000.

          If he pays you off, you make the $6,000

          If the foreclosure takes place and no one bids, the property will become yours. The 3rd mortgage will have been removed from the foreclosure and you will just have to continue making the payments on the 1st mortgage until you resold the property. This is the investor dream.....

          Hope that helps.Damien Melle

          :(4)

          • Posted by newest_newbie on August 02, 2003 at 19:28:49:

            In Reply to: Re: Is this a good deal? Posted by Damien Melle on August 02, 2003 at 01:43:39:

            Please explain this part of your response."If the foreclosure takes place and no one bids, the property will become yours. The 3rd mortgage will have been removed from the foreclosure and you will just have to continue making the payments on the 1st mortgage until you resold the property. "

            I am in Calif. I think I have to pay off the 1st right away. I was told I cannot bid at the foreclosure sale if I don't have the funds for the 1st in my pocket. I could lose all my money I paid for the 2nd if I can't bid.Please explain.

            : : What are the possible risks with this note.: : What are some pitfalls that could occur, so that: : I could actually end up losing money after purchasing: : the note?



            :(3)



            • Posted by Re: Is this a good deal? - newbie1150 15:44:56 08/03/03(1)(2)

              • Posted by newbie1150 on August 03, 2003 at 15:44:56:

                In Reply to: Re: Is this a good deal? Posted by Damien Melle on August 03, 2003 at 10:09:18:

                Damien, I noticed that on 06/12/2003 a Notice of Trustee's Sale showed up on the countryrecorder's website. How will this affect the notefor sale?



                :(1)

                • Posted by Damien Melle on August 03, 2003 at 16:30:10:

                  In Reply to: Re: Is this a good deal? Posted by newbie1150 on August 03, 2003 at 15:44:56:

                  : Damien, I noticed that on 06/12/2003 a : Notice of Trustee's Sale showed up on the country: recorder's website. How will this affect the note: for sale?

                  THe NOD was filed on 6/12/03. Since then the borrower has started a payment plan with the lender. We confirmed the terms with the lender, as followed. He is to make one payment per month as normal. If he can do this 4 months in a row without being late he will qualify for a loan modification. The lender will then take the back payments and add them to the rear of the loan. So far the borrower, per the lender has been current and the final payment for this plan will be september.

                  Once the loan is reported a current status the borrower is working with "Consumer Finance Mortgage Company" to refi all loans into one consolidated payment.

                  Damien

                  :(0)

  • Posted by Sharon(Missouri) on August 01, 2003 at 11:21:57:

    What ad would I use to get my phone ringing for pre-foreclosures? I would like to specialize in this area to help people in my area. I would like to assign my contracts for $3,000-$5,000 to real estate investors if I'm finding really good deals. Once I have enough cash saved in reserves, I would like to get educated on doing short sales.........buying properties at a discount and rent, lease option, or sale with owner financing.... I already have "Get the Deed" course by Charlie France, and "Lease Option" course by William Bronchick...I understand the concepts, and I'm ready to take action... Just need confirmation that my plan makes sense before I get started....

    Thanks for responding.

    Sharon

    :(4)

    • Posted by TheShortSalePro on August 02, 2003 at 07:20:13:

      In Reply to: Attn: WARD AND OTHER PROS???????? Posted by Sharon(Missouri) on August 01, 2003 at 11:21:57:

      I've written an article, "How to Prequalify a Short Sale Candidate" that provides an overview of what is involved. Feel free to email me, and I'll send it to you in Word.

      :(3)

      • Posted by chuck on August 02, 2003 at 18:57:12:

        In Reply to: Re: free 'how to' article Posted by TheShortSalePro on August 02, 2003 at 07:20:13:

        : I've written an article, "How to Prequalify a Short Sale Candidate" that provides an overview of what is involved. Feel free to email me, and I'll send it to you in Word.

        Please send me via my e-mail your free article too.Thanks-chuck

        :(2)

        • Posted by Donna on August 02, 2003 at 19:17:46:

          In Reply to: Re: free 'how to' article Posted by chuck on August 02, 2003 at 18:57:12:

          :Could you please send this article to my e-mail address as well? Thanks in advance Donna

          :(1)

          • Posted by JustStartin' on September 09, 2003 at 11:41:03:

            In Reply to: Re: free 'how to' article Posted by Donna on August 02, 2003 at 19:17:46:

            : :Could you please send this article to my e-mail address as well? Thanks in advance Donna

            Will you send me the article as well? I appreciate you.

            : (0)

  • Posted by Sheila on August 01, 2003 at 07:13:07:

    My husband and I are separated and will be divorced within a year. We own a home in NC and also have a 2nd mortgage that is 125% of the equity in our home. Obviously, the numbers do not work for us to sell. In fact, a local realtor told us we would need approx. $27K to bring to the table to close if it were to sell. This is impossible. Currently, we are both paying 1/2 of the 1st and 2nd mortgages which equals $900 each. He lives in the home for now. It looks like we have no other option but, forclosure. Any ideas or options would be welcomed but, I would like to know what to expect when we don't make our payments.

    :(1)

    • Posted by Damien Melle on August 01, 2003 at 09:20:26:

      In Reply to: Help Posted by Sheila on August 01, 2003 at 07:13:07:

      : My husband and I are separated and will be divorced within a year. We own a home in NC and also have a 2nd mortgage that is 125% of the equity in our home. Obviously, the numbers do not work for us to sell. In fact, a local realtor told us we would need approx. $27K to bring to the table to close if it were to sell. This is impossible. Currently, we are both paying 1/2 of the 1st and 2nd mortgages which equals $900 each. He lives in the home for now. It looks like we have no other option but, forclosure. Any ideas or options would be welcomed but, I would like to know what to expect when we don't make our payments.

      Sheila,

      Foreclosure is not good, I would advise to avoid at all cost..

      My company takes over houses all over the USA from people in your situation. The cost is free, but has to be approved. If you would like to submit your property for approval please call my office or email me for instructions.

      ThanksDamien M. Melle(888) 927-7266 ext 23damien@888wcps.com

      :(0)

  • Posted by patti on July 30, 2003 at 23:33:15:

    I am looking for someone who can reconcile a Wells Fargo mortgage statement. I believe it is from an AS400 system. The statement reviews two years of payments that involves late fees and foreclosure fees and a suspense account. I am willing to pay for someone's expertise. Yes, I have contacted Wells...they do not have the skill level to interpret.

    :(2)

    • Posted by Nye Lavalle on September 17, 2003 at 06:47:57:

      In Reply to: wells fargo mortgage statement Posted by patti on July 30, 2003 at 23:33:15:

      : I am looking for someone who can reconcile a Wells Fargo mortgage statement. I believe it is from an AS400 system. The statement reviews two years of payments that involves late fees and foreclosure fees and a suspense account. I am willing to pay for someone's expertise. Yes, I have contacted Wells...they do not have the skill level to interpret.



      : (0)

    • Posted by damien melle on July 31, 2003 at 09:12:33:

      In Reply to: wells fargo mortgage statement Posted by patti on July 30, 2003 at 23:33:15:

      : I am looking for someone who can reconcile a Wells Fargo mortgage statement. I believe it is from an AS400 system. The statement reviews two years of payments that involves late fees and foreclosure fees and a suspense account. I am willing to pay for someone's expertise. Yes, I have contacted Wells...they do not have the skill level to interpret.

      Patti,Interesting... GE Capital Mortgage was purchase by Wells Fargo. Prior to Wells Fargo, GE Capital used the AS400 system, and I worked for this company as a collector but specialized in payment dispute and research. So I understand your complication in this statement. All though, I make no guarantee, I would be more than happy to reveiw your statement and see if I can help you out...

      You can reach me at (888) 927-7266 ext 23and you can fax your statement to (530)348-7228

      Damien Mellewww.888wcps.comdamien@888wcps.com

      :(0)


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  • Posted by Di on July 30, 2003 at 23:20:08:

    I read about a notice of trustee's sale in my local paper. It reads "The sale will be made without covenant or warranty regarding, possession, or encumbrances to satisfy the obligation secured by a lien and recorded... in the amount of $6,443.00 including the total amount of the unpaid balance and reasonably estimated costs, expenses, and advances at the time of the initial publication of this notice.

    I am new at this. Does this mean that someone can come in and bid at least the $6k and own the home outright? Would there be anything else they would owe, like a balance of a mortgage, in order to purchase the home?

    :(1)

    • Posted by damien melle on July 31, 2003 at 09:28:59:

      In Reply to: Found a notice in the local paper Posted by Di on July 30, 2003 at 23:20:08:

      : I read about a notice of trustee's sale in my local paper. It reads "The sale will be made without covenant or warranty regarding, possession, or encumbrances to satisfy the obligation secured by a lien and recorded... in the amount of $6,443.00 including the total amount of the unpaid balance and reasonably estimated costs, expenses, and advances at the time of the initial publication of this notice.

      : I am new at this. Does this mean that someone can come in and bid at least the $6k and own the home outright? Would there be anything else they would owe, like a balance of a mortgage, in order to purchase the home?

      Di,Stop, Before you go forward ask yourself this. Does this sound to good to be true? The answer 99.9% of the time is YES, (meaning its not true)... The auction is most likely referring to a second, third, or fourth mortgage. In which case if you were the winning bidder you would now have to make the payments or payoff those mortgage in front of the mortgage you just bid on. I suggest that if you want to start bidding on properties you do some research first on the process, your state laws, etc... Then I suggest that you research each property to know all the liens, judgments, bonds, or anything else that is stuck to the property that could effect your outcome..

      I am not sure of the state you are located, however if in s. California you can view www.888wcps.com and click on foreclosure.

      A great place for education is www.all-foreclosure.com

      good luck,Damien

      :(0)

  • Posted by WCPS on July 30, 2003 at 20:06:16:

    To view note and information, click on investor tab on banner.

    WCPS

    :(1)

    • Posted by John Kinder on August 01, 2003 at 21:29:55:

      In Reply to: note for sale, Posted by WCPS on July 30, 2003 at 20:06:16:

      Replied to main board by accident.See main board for this reply. Under post"Is this a good deal"



      :(0)

  • Posted by Mike on July 30, 2003 at 14:00:38:

    I am 3 month's delequent and my account has been turned over to an attorney. I am in the process of awaiting my mortgage company to review a workout packet in which I have requested a modification (attach the deliquent amount to the end of the mortgage). They have told me that this review will take 4 weeks. I have contacted the attorneys office and they indicated I have plenty of time and that 2 weeks before the date the mortgage company gave me to call them and request a reinstatement letter. He indicated that this would give me time to either determine if the mortgage company would work with me and my request for a modification, or to pay the deliquent amount and return to making my monthly payments through the mortgage company. Does this sound correct? Secondly, should I contact an attorney to represent me during this possible foreclosure process? Any help is appreciated!

    :(2)

    • Posted by Reinstatement Services, Inc. on July 30, 2003 at 16:30:04:

      In Reply to: South Carolina foreclosure Posted by Mike on July 30, 2003 at 14:00:38:

      Just make certain that you check in regularly with your lender to determine the status of the review process. To safeguard against being ill-prepared if and when an offer of workout is extended, you might consider preparing for a worse case scenario situation which might mean coming up w/ 50% of the reinstatement figure.

    • Default and Foreclosure Solutions


    :(1)

    • Posted by Mike on July 31, 2003 at 07:36:16:

      In Reply to: Sounds like you're up for the job. Posted by Reinstatement Services, Inc. on July 30, 2003 at 16:30:04:

      Already done...I've got the majority of the reinstatement fee, but just waiting to see if the lender will work with me on the workout package (that way I can utilize the money I have to put toward the interest)...hoping and praying right now!

      :(0)

  • Posted by Matthew Bryson on July 30, 2003 at 09:22:59:

    What information do I need to be aware of if I allow my house to undergo foreclosure? I know my credit will be effected, but that is not a major concern for me at this point in my life. Is there anything else I should know that might bite me in the butt if I allow this to happen?

    :(1)

    • Posted by Reinstatement Services, Inc. on July 30, 2003 at 10:46:33:

      In Reply to: foreclosure North Carolina Posted by Matthew Bryson on July 30, 2003 at 09:22:59:

      ...if you don't first make an attempt to sell or proffer a deed-in-lieu to your lender.

      ...That you will be vulnerable to a deficiency judgment.

      ...That, in the final analysis, your good name [credit] is really all that you have and that you should do your best [regardless of your age] to protect it.

    • Default and Foreclosure Solutions


    :(0)

  • Posted by Anil on July 30, 2003 at 01:09:52:

    Two parts question! Is REO the best way to buy properties? Secondly how do we know which bank is REO for a particular property? Any other tips on this subject are appreicated. Warm Regards, Anil

    :(4)

    • Posted by PRABHA on September 17, 2003 at 15:37:18:

      In Reply to: REO Properties, How to find out which Bank Owns? Posted by Anil on July 30, 2003 at 01:09:52:

      : Two parts question! Is REO the best way to buy properties? Secondly how do we know which bank is REO for a particular property? Any other tips on this subject are appreicated. Warm Regards, Anil



      : (1)

      • Posted by errol walters on September 24, 2003 at 16:49:18:

        In Reply to: Re: REO Properties, How to find out which Bank Owns? Posted by PRABHA on September 17, 2003 at 15:37:18:

        : : Two parts question! Is REO the best way to buy properties? Secondly how do we know which bank is REO for a particular property? Any other tips on this subject are appreicated. Warm Regards, Anil



        : (0)

    • Posted by Damien Melle on July 31, 2003 at 15:48:06:

      In Reply to: REO Properties, How to find out which Bank Owns? Posted by Anil on July 30, 2003 at 01:09:52:

      : Two parts question! Is REO the best way to buy properties? Secondly how do we know which bank is REO for a particular property? Any other tips on this subject are appreicated. Warm Regards, Anil

      Typicaly REO properties are sold for normal market value. Unless you call the bank the day of the foreclosure sale. The best deals come directly from the owner in destress.

      Good Luck

      :(1)

      • Posted by Sandra Culbreth on September 05, 2003 at 20:49:09:

        In Reply to: Re: REO Properties, How to find out which Bank Owns? Posted by Damien Melle on July 31, 2003 at 15:48:06:

        : : Two parts question! Is REO the best way to buy properties? Secondly how do we know which bank is REO for a particular property? Any other tips on this subject are appreicated. Warm Regards, Anil

        : Typicaly REO properties are sold for normal market value. Unless you call the bank the day of the foreclosure sale. The best deals come directly from the owner in destress.

        : Good Luck



        : (0)

  • Posted by Kevin on July 29, 2003 at 10:36:21:

    I am in foreclosure and in the middle of minor remodeling and repairs. A friend tells me that I have to complete the remodeling (ie paint the walls and other minor items) before the foreclosure or the court will force me to do so. I don't have any equity (FL) what are my obligations? I am relocating out of state.

    :(3)

    • Posted by Angela on July 29, 2003 at 23:45:33:

      In Reply to: remodeling Posted by Kevin on July 29, 2003 at 10:36:21:

      Don't bypass the options you still have. Sell the house.

      I have never heard of a bank requiring the owner to do ANY repairs - maybe I've just never come across it but that sounds ridiculous to me. Often foreclosed homes are in very rough shape. Stop spending money on the house and find someone to buy it.

      Visit us and we'll see if we can help.



    :(0)

  • Posted by TheShortSalePro on July 29, 2003 at 13:46:31:

    In Reply to: remodeling Posted by Kevin on July 29, 2003 at 10:36:21:

    Your friend's suggestion that you complete repairs might be a good idea if you were to try to sell the home before your lender completes the foreclosure.

    Why not try to sell? That would help your future ability to borrow... instead of doing nothing.

    Even with little, zero, or negative equity, you can still sell your home via mortgagee approved short sale.

    :(1)

    • Posted by Spot on July 29, 2003 at 21:53:08:

      In Reply to: Re: remodeling Posted by TheShortSalePro on July 29, 2003 at 13:46:31:

      : Your friend's suggestion that you complete repairs might be a good idea if you were to try to sell the home before your lender completes the foreclosure.

      : Why not try to sell? That would help your future ability to borrow... instead of doing nothing.

      : Even with little, zero, or negative equity, you can still sell your home via mortgagee approved short sale.

      : Every Property has a value to someone. If your in over your head or cant finish the house, it is still worth selling to someone that can complete the repairs even at a lower value than what you started out looking for. Its worse to do nothing and risk a total loss.

      :(0)

  • Posted by Nick on July 29, 2003 at 07:15:59:

    Once you receive a final judgement of foreclosure, how long do you have before you have to move out of your house? The state is Florida.

    :(2)

    • Posted by Jena on August 04, 2003 at 21:56:10:

      In Reply to: Final Judgement of foreclosure Posted by Nick on July 29, 2003 at 07:15:59:

      How long does it take to get the final judgement; initial filing was 6/03???

      : Once you receive a final judgement of foreclosure, how long do you have before you have to move out of your house? The state is Florida.



      :(0)

    • Posted by Angela on July 29, 2003 at 23:42:12:

      In Reply to: Final Judgement of foreclosure Posted by Nick on July 29, 2003 at 07:15:59:

      Zero.

      Once the paperwork is filed you are out. There is no redemption period once that paper is prepared.

      Best to start looking for a new place as soon as possible.

      :(0)

  • Posted by Alan Valentine on July 28, 2003 at 14:29:54:

    My son put down a deposit on a house here in Michigan. As the approval process for his mortgage is going through, we found out through our mortgage company that the house is in foreclosure. OUr real estate agent when she was showing us the house never mentioned it. IN fact, our son came in with an offer for $122K, and the owners came back with 123K. Had we known it was in foreclosure, who's to say we wouldn't have offered a lower amount. Plus, the people extended the closing date another week past the time agreed upon when he signed the papers. Do we have any recourse of getting out of this deal and getting our deposit back of $2000.00?

    :(2)

    • Posted by Bill H on July 28, 2003 at 19:14:15:

      In Reply to: foreclosure information Posted by Alan Valentine on July 28, 2003 at 14:29:54:

      : My son put down a deposit on a house here in Michigan. As the approval process for his mortgage is going through, we found out through our mortgage company that the house is in foreclosure. OUr real estate agent when she was showing us the house never mentioned it. IN fact, our son came in with an offer for $122K, and the owners came back with 123K. Had we known it was in foreclosure, who's to say we wouldn't have offered a lower amount. Plus, the people extended the closing date another week past the time agreed upon when he signed the papers. Do we have any recourse of getting out of this deal and getting our deposit back of $2000.00?

      I agree with SSPro. So you find a weasal way to back out and get your $2,000 back. Then someone else comes along and buys the house out from under you....gonna be happy with that or will you complain that you got the short end of the stick.

      Whether or not is was in foreclosure has/had no merit in your argument. Get a lawyer, pay him several thousand and get out of the deal and lose the house.

      Then what?

      ========>Bill

      :(0)

    • Posted by TheShortSalePro on July 28, 2003 at 17:07:53:

      In Reply to: foreclosure information Posted by Alan Valentine on July 28, 2003 at 14:29:54:

      What difference does it make that the owner's mortgage was in foreclosure? Your son entered into an agreement to buy the house. Does your son like the house any less? Does it have fewer rooms than was thought?

      :(0)

  • Posted by ROBERT PERUSKI on July 28, 2003 at 02:28:20:

    I CALLED THE BANK AND THEY SAID THAT AFTER THE REDEMPTION PERIOD IS OVER JUST TOSS THE KEYS ON THE COUNTER AND LOCK THE DOOR BEHIND YOU. THEN SHE SAID WE WILL GET A LOCKSMITH CHANGE THE LOCKS SEND A CREW IN TO TAKE OUT ANYTHING THAT IS LEFT OVER. THEN WE WILL UPDATE THE HOUSE AND SELL IT TO PAYOFF THE LOAN.DOE'S ALL THIS SOUND RIGHT TO YOU?

    :(2)

    • Posted by Angela on July 29, 2003 at 23:32:11:

      In Reply to: TOSS THE KEYS CLOSE THE DOOR Posted by ROBERT PERUSKI on July 28, 2003 at 02:28:20:

      What about that doesn't sound right? That's exactly the way it works.

      :(0)

    • Posted by Reinstatement Services, Inc on July 28, 2003 at 09:26:52:

      In Reply to: TOSS THE KEYS CLOSE THE DOOR Posted by ROBERT PERUSKI on July 28, 2003 at 02:28:20:

      : I CALLED THE BANK AND THEY SAID THAT AFTER THE REDEMPTION PERIOD IS OVER JUST TOSS THE KEYS ON THE COUNTER AND LOCK THE DOOR BEHIND YOU. THEN SHE SAID WE WILL GET A LOCKSMITH CHANGE THE LOCKS SEND A CREW IN TO TAKE OUT ANYTHING THAT IS LEFT OVER. THEN WE WILL UPDATE THE HOUSE AND SELL IT TO PAYOFF THE LOAN.: DOE'S ALL THIS SOUND RIGHT TO YOU?



      :(0)

  • Posted by Angela on July 27, 2003 at 23:25:09:

    Are there any services on the internet that show vacancy rates. I would like to buy where the vacancy rates are repidly decreasing.

    :(0)

  • Posted by ANOM on July 27, 2003 at 22:37:18:

    LET ME EXPLAIN MY SITUATION, WE BOUGHT A FORECLOSED HOME BY PUBLIC AUCTION THAT HAS 2 MORTGAGES ON IT. THE SECOND MORTGAGE CO IS THE ONE THAT FORECLOSED. THE MORTGAGE AMOUNT OWED WAS 70,000. THEY WERE THE ONLY ONES THAT SHOWED AT THE AUCTION, THEY BID 30,000 AND WALKED OUT. WE WON AND ACCORDING TO THE COURT DOCUMENTS WE MUST PAY ALL MORTGAGES? THE SENIOR MORTGAGE CO DID NOT COME TO THE AUCTION AND THEIR LOAN IS FOR 140,000. IS THERE ANY LOOP HOLES TO GO THROUGH. WHY DID THE FIRST MORTGAGE CO BID SO LOW? IS THERE ANY NEGOTIATION GROUNDS FOR THE SR MORTGAGE CO. WE HAVE NO CHOICE, WE JUST HAVE TO PAY THAT MORTGAGE OFF ALSO? I LIVE IN SOUTH CAROLINA.THANK YOU AND PLEASE HELP

    :(2)

    • Posted by Angela on July 29, 2003 at 23:30:16:

      In Reply to: BOUGHT A FORECLOSURE WITH 2 MORTGAGES, HELP Posted by ANOM on July 27, 2003 at 22:37:18:

      That is a hard lesson to learn. When a 2nd or other junior lien forecloses, the first always takes priority and is always there. I guess I'm curious how much you bid? The way I understand it is like this:

      - Let's say property is worth $230k. First mortgage is $140k, 2nd is $70k. If the property sells for $50k at the sale, the $50k goes to the first mortgage company and the junior lien is wiped out. If the property sells for $210k at the auction, the first is paid off, the 2nd is paid off as well. You said the second mortgage company showed at the auction? Does anyone have a different understanding of how the funds are disbursed in this case? The way I see it the 2nd mortgage isn't going to get anything unless the price you bid was over the $140k owed to the first. Does anyone disagree with this?

      There aren't any loopholes that I've heard of - you're stuck with what you bought.

      Good luck to you!

      :(0)

    • Posted by Bill H on July 27, 2003 at 23:51:04:

      In Reply to: BOUGHT A FORECLOSURE WITH 2 MORTGAGES, HELP Posted by ANOM on July 27, 2003 at 22:37:18:

      : LET ME EXPLAIN MY SITUATION, WE BOUGHT A FORECLOSED HOME BY PUBLIC AUCTION THAT HAS 2 MORTGAGES ON IT. THE SECOND MORTGAGE CO IS THE ONE THAT FORECLOSED. THE MORTGAGE AMOUNT OWED WAS 70,000. THEY WERE THE ONLY ONES THAT SHOWED AT THE AUCTION, THEY BID 30,000 AND WALKED OUT. WE WON AND ACCORDING TO THE COURT DOCUMENTS WE MUST PAY ALL MORTGAGES? THE SENIOR MORTGAGE CO DID NOT COME TO THE AUCTION AND THEIR LOAN IS FOR 140,000. IS THERE ANY LOOP HOLES TO GO THROUGH. WHY DID THE FIRST MORTGAGE CO BID SO LOW? IS THERE ANY NEGOTIATION GROUNDS FOR THE SR MORTGAGE CO. WE HAVE NO CHOICE, WE JUST HAVE TO PAY THAT MORTGAGE OFF ALSO? I LIVE IN SOUTH CAROLINA.: THANK YOU AND PLEASE HELP

      TURN OFF the caps key...CAPITALS are yelling at us. It makes your post difficult to read.

      >>>LET ME EXPLAIN MY SITUATION, WE BOUGHT A FORECLOSED HOME BY PUBLIC AUCTION THAT HAS 2 MORTGAGES ON IT. THE SECOND MORTGAGE CO IS THE ONE THAT FORECLOSED.<<< The second is junior to the first and the first has nothing to worry about in its position.

      >>>>THE MORTGAGE AMOUNT OWED WAS 70,000. THEY WERE THE ONLY ONES THAT SHOWED AT THE AUCTION, THEY BID 30,000 AND WALKED OUT. WE WON AND ACCORDING TO THE COURT DOCUMENTS WE MUST PAY ALL MORTGAGES?<<<<< Apparently the second felt that their position was only worth the $30,000 and were happy to get it. Yes, That is correct you must take care of the senior liens. You bought the property subject to the senior liens, etc.

      >>>>>THE SENIOR MORTGAGE CO DID NOT COME TO THE AUCTION AND THEIR LOAN IS FOR 140,000. IS THERE ANY LOOP HOLES TO GO THROUGH.<<<< None that I know of...you are the new owner subject to the first

      >>>>>WHY DID THE FIRST MORTGAGE CO BID SO LOW?<<<<< They did not bid at all...did not have to their position is not in jeopardy in any way...THEY ARE FIRST!!

      >>>> IS THERE ANY NEGOTIATION GROUNDS FOR THE SR MORTGAGE CO.<<<<< Why would they discount? You bought it and agreed by your purchase to pay them.

      >>>> WE HAVE NO CHOICE, WE JUST HAVE TO PAY THAT MORTGAGE OFF ALSO?<<<<< Welcome to the world of the dangers of "NOT investigating BEFORE you invest." You may approach the first and tell them that you are now the owner of the property and wish to reinstate their loan and begin payments. They will most probably allow it with an assumption fee and possible qualifiying. If they do not and call the loan...YES, you must come up with the $140,000 or else you lose what you have invested.

      Foreclosure is not an easy "Cookie Cutter Business" as you have learned first hand. You should ALWAYS know before you bid exactly what you are bidding on.

      Good Luck,

      ====Bill

      :(0)

  • Posted by Debra on July 27, 2003 at 17:07:59:

    What happens to the Senior Lien Holders interest if the Second Lien Holder files a NOD and sells the property? The Senior loan is current but the second wants to foreclose.

    :(1)

    • Posted by Bill H on July 27, 2003 at 23:52:38:

      In Reply to: Second Lien Holder Posted by Debra on July 27, 2003 at 17:07:59:

      : What happens to the Senior Lien Holders interest if the Second Lien Holder files a NOD and sells the property? The Senior loan is current but the second wants to foreclose.

      nt

      :(0)

  • Posted by TT on July 27, 2003 at 12:13:42:

    i am interested in buying foreclosure property in Los Angeles in california. what's the procedure and requirements for real estates public aution?

    :(0)

  • Posted by Patricia on July 27, 2003 at 10:58:31:

    I am looking for a repo'd mobile for my father. He is moving to N. SD Co in S. Cal early fall of 2003. Top budget is about 20K. He does have a mobile in Granite Bay CA for sale or trade, it's a 2 bdr, 2 ba, screened porch, completely skirted, carport, nice little lot that it sits on etc...

    :(0)

  • Posted by Nick Sahota on July 27, 2003 at 00:41:27:

    Has anybody out there bought Matt Garcia's investment plan and succeeded? I am thinking of investing in his plan so I can make use of his money to buy my first property to get the ball rolling. He says it works, does it really?

    :(1)

    • Posted by Angelo on August 07, 2003 at 02:03:23:

      In Reply to: Matt Garcia's Investment Plan Posted by Nick Sahota on July 27, 2003 at 00:41:27:

      Did you ever buy this program? I have been getting the e-mails, but have not looked into it yet. I was just curious if it has any potential. Any info you have would help.



      :(0)

  • Posted by Katy on July 25, 2003 at 21:15:28:

    I was wondering if anyone has had any dealings with cendent mortgage. they are so horrible. my husband lost his job we then had to make a month in a half payment for 7 months(1800 a month) had one to go couldn't make the payment, we received a letter today saying we have 30 days to pay over 3100 not including late fees or we face foreclosure. they have been no help. advice please!!

    :(6)

    • Posted by jessica kuhn on August 18, 2003 at 13:41:28:

      In Reply to: Cendent mortgage Posted by Katy on July 25, 2003 at 21:15:28:

      : I was wondering if anyone has had any dealings with cendent mortgage. they are so horrible. my husband lost his job we then had to make a month in a half payment for 7 months(1800 a month) had one to go couldn't make the payment, we received a letter today saying we have 30 days to pay over 3100 not including late fees or we face foreclosure. they have been no help. advice please!!



      :(4)

      • Posted by marlo on October 08, 2003 at 23:59:44:

        In Reply to: Re: Cendent mortgage Posted by jessica kuhn on August 18, 2003 at 13:41:28:

        : : I was wondering if anyone has had any dealings with cendent mortgage. they are so horrible. my husband lost his job we then had to make a month in a half payment for 7 months(1800 a month) had one to go couldn't make the payment, we received a letter today saying we have 30 days to pay over 3100 not including late fees or we face foreclosure. they have been no help. advice please!!Comment:They are horrible I might lose 1000.00 and a new home ecause of the awful service I received!!!!!!!!!!!!marlo

        : (0)

      • Posted by Joe on September 28, 2003 at 18:17:31:

        In Reply to: Re: Cendent mortgage Posted by jessica kuhn on August 18, 2003 at 13:41:28:

        Hello, I have quite a complaint about the goings on of Cendent Mortgage. The story goes like this... My future wife and myself had been looking for a home for quite a while when we had finally found one. We did not have a buyer's agent and went with the advice of the listing agent to redo our pre-approval with Cendent. They recommended FHA over conventional and we agreed to it in possession of a good faith estimate set forth by our mortgagers. During the entire month before closing, my pregnant fiancee and myself jumped through every hoop that Cendent put in our way. Within a week of closing, we could not get in touch with our loan agent,Kelly Wynne (ext. 80773)to save our lives. Finally, the day of closing was here and being first time home buyers we were quite excited. However we found out that an FHA dispute on the property had been sitting on Kelly's desk for four days. The loan was not yet approved. Our agent called Cendent and complained and Cendent apologized and offered us a conventional loan at the same rate. We agreed,not signing a thing, and missed work again the next day to close, only to find out that closing costs had now come up $2000.00 over the amount that was in good faith. Any veteran of the real estate world would tell you that FHA has higher rates and less down, whereas conventional has lower rates with more down. We were then promised in writing to have our rate dropped to the amount that was locked prior to, and be refunded our difference in closing with the good faith. So we closed. Here it is, one month later. We have not recieved any correspondance from Cendent at all. NO apology. NO letter of intent. Not even a letter thanking us for using their company. Just alot of dead space in our trust for a buisness partner for maybe the next thirty, and a two thousand dollar hole in our unborn's savings. So needless to say, I would NOT RECOMMEND CENDENT MORTGAGE TO ANY ONE AT ALL, FIRST TIMER OR NOT. THEY HAVE NO UNDERSTANDING OF CUSTOMER CARE OR APPRECIATION. Please feel free to email me about possible solutions to this or similar complaints.



        : (0)

      • Posted by Joe on September 28, 2003 at 17:53:21:

        In Reply to: Re: Cendent mortgage Posted by jessica kuhn on August 18, 2003 at 13:41:28:

        : : I was wondering if anyone has had any dealings with cendent mortgage. they are so horrible. my husband lost his job we then had to make a month in a half payment for 7 months(1800 a month) had one to go couldn't make the payment, we received a letter today saying we have 30 days to pay over 3100 not including late fees or we face foreclosure. they have been no help. advice please!!



        : (0)

      • Posted by jessica kuhn on August 18, 2003 at 13:43:29:

        In Reply to: Re: Cendent mortgage Posted by jessica kuhn on August 18, 2003 at 13:41:28:

        : : thats horrible!!!!we havent had problems yet but weve only had the house three years thanks for the info.

        :(0)

    • Posted by Reinstatement Services, Inc. on July 28, 2003 at 09:23:31:

      In Reply to: Cendent mortgage Posted by Katy on July 25, 2003 at 21:15:28:

      of the situation is that your lender was indeed a BIG help. Rather than proceeding with foreclosure they gave you an opportunity for remedy. It is because of your lender, primarily, that you are still in the home today.

      My advise: show a little appreciation for what has already been done on your behalf. After all, its not the lender's fault that your husband lost his job any more than I would presume it is your husband's fault.

      I recommend an attitude ajustment BEFORE contacting your lender to petition them once again for workout assistance. While you're working the lender angle I also recommend that you contact family, friends, employers, etc. to ask for a loan or pay advance so that you'll be ready to bring the loan current should your forbearance efforts fail.

      Before considering bankruptcy, or other remedies that might have a less than desired effect, try your lender's loss mit department once more.

      If your loan is government sponsored then you might qualify for a number of other remedies that might better assist you in bringing the loan back on track.

    • Default and Foreclosure Solutions


    :(0)

  • Posted by Lori Jimenez on July 25, 2003 at 20:33:19:

    We filed bankruptcy last year, owe $1000 in property taxes, and we owe $33,000 on a house that's worth $26,000. Our home is in a park in WASHINGTON state. We must move, and we are even leaving some furniture an appliances behind. What is foreclosure? What would we have to pay to just get out of this house? I have no job, and we are planning to move in with my parents. Can anyone help me, PLEASE?? God bless you!

    :(0)

  • Posted by Frank-CA on July 24, 2003 at 19:55:12:

    Dear Ward,

    What is the best approach to senior TD Holders to have them not call the loan when you buy a junior 2nd or 3d TD?

    Just bought a 3d TD at a sale, however there are 2 loans senior to this TD. My intention is to make these loans current and keep on paying them until I have rehabbed the house and payoff of all loans through sale escrow. Out of a point of leverage I would not like to payoff these loans currently. What is the best way to make payments on these loans, should I call them or do I wake up lenders who are calling the loan?

    Any prior experience or suggestions,

    Frank

    :(1)

    • Posted by Ward-CA- on July 25, 2003 at 01:38:22:

      In Reply to: How to deal with Senior TD Holders when you bought Junior? Posted by Frank-CA on July 24, 2003 at 19:55:12:

      : Dear Ward,

      : What is the best approach to senior TD Holders to have them not call the loan when you buy a junior 2nd or 3d TD?

      : Just bought a 3d TD at a sale, however there are 2 loans senior to this TD. My intention is to make these loans current and keep on paying them until I have rehabbed the house and payoff of all loans through sale escrow. Out of a point of leverage I would not like to payoff these loans currently. What is the best way to make payments on these loans, should I call them or do I wake up lenders who are calling the loan?

      : Any prior experience or suggestions,

      : Frank=-=-=-=-=-=-=-=-=-=-=-=-=-=-

      Frank,

      I don’t think you mean that you bought the 3rd TD.

      I think what you meant to say is that you acquired the ownership to the foreclosed property by paying off the balance of 3rd with the highest payoff amount. As a consequence, your ownership is subject to the remaining balances of the 1st and 2nd loans.

      To protect your ownership of the property you have to reinstate the back payments on both of the senior loans. To do that you have to contact those lenders (ask for the “loans in default” department) and tell them you’re the new owner via the trustee’s sale of the 3rd trust deed and thus want to reinstate their delinquent balances.

      They will ask you for proof you’re the new owner by foreclosure. Fax them a copy of your recorded trustee’s deed or the auctioneer’s receipt. With that they will talk with you about their arrearages and what it will take to cure them.

      Tell them you intend to fix and flip the property very quickly and will keep their loan current while you do it. If they ask about your insurance coverage tell them a new policy, naming them as a loss payee, is on its way.

      They probably won’t bring up their “due on sale” rights since that’s not their concern. That’s the concern of the Compliance Department.

      The compliance department will probably contact you by letter in about 60 days and give you 60 more days to either formally qualify and assume their loan, or pay them off. Just tell them you are in the process of selling the property and will be asking for their payoff demand shortly.

      Hope this helps.



      :(0)

  • Posted by GQ on July 24, 2003 at 11:58:10:

    As I understand it, when the holder of a fourth has a non-judicial sale, they are just selling the fourth subject to the senior liens. Why would a buyer put up good money when they don't even know the balances due on the three loans in front of them. Also, when the fourth is purchased "subject to" the senior loans, will those lenders be notified and call the due on sale clauses. It also seems that a prospective buyer would not be privy to any of the loan information on the three senior loans. Is it reasonable to say that the foreclosing party would settle for less than is owed (sell the note) rather than foreclose?

    If it goes to sale, would you expect the seller to buy it in order to support their $120,000 note even though the property may not have the value to support it?

    :(1)

    • Posted by Ward-CA- on July 25, 2003 at 02:18:05:

      In Reply to: Forclosing a fourth Posted by GQ on July 24, 2003 at 11:58:10:

      : As I understand it, when the holder of a fourth has a non-judicial sale, they are just selling the fourth subject to the senior liens. Why would a buyer put up good money when they don't even know the balances due on the three loans in front of them. Also, when the fourth is purchased "subject to" the senior loans, will those lenders be notified and call the due on sale clauses. It also seems that a prospective buyer would not be privy to any of the loan information on the three senior loans. Is it reasonable to say that the foreclosing party would settle for less than is owed (sell the note) rather than foreclose?

      : If it goes to sale, would you expect the seller to buy it in order to support their $120,000 note even though the property may not have the value to support it?

      -=-=-=-=-=-=-=-=-=-=-

      No, the lienholder of the fourth isn’t selling their loan. The winning bidder at the fourth’s trustee sale is paying off the balance of the fourth for the highest bid amount and receiving the ownership of the property in exchange, subject to the remaining three senior liens.

      A smart, savvy buyer wouldn’t buy the property without knowing, fairly closely, what the aggregate balances of the remaining liens total up to. She can come close via the use of an amortizing calculator and some reasonable assumptions concerning past home loan interest rates, etc.

      The senior remaining lienholders aren’t notified that the fourth’s trustee sale took place, nor the results thereof. No one is notified, not even the owners in default—except the recipients of any overbid going down to the junior lienholders and perhaps the hapless ex-owners.

      You’re right in stating that a “prospective buyer” won’t be privy to the details of the senior liens. But the minute she becomes the owner by foreclosure she’s the actual property owner, not a prospective buyer.

      And as such, she’s entitled by law to cure the delinquent balances of the senior remaining liens. So by showing the senior lienors her trustee’s deed or the auctioneer’s receipt she will garner their co-operation on that score.

      Whether the foreclosing fourth would sell at a discount depends on the amount of protective equity they perceive to exist. If it’s skinny they might sell out, but who would want to follow in their footsteps? It would have to be a substantial discount and that’s not probable in this rampant seller’s market.

      Your final paragraph seems out of context so I don’t know how to address it.

      Hope this helps.

      :(0)

  • Posted by Dennis on July 23, 2003 at 20:09:33:

    How does foreclosure show on credit report and how long, What about Premium Mortgage Insurance?

    :(0)

  • Posted by Maria Morales on July 23, 2003 at 16:01:04:

    When you find a house and its REO/Foreclosure at they have a price of $50,000, does that mean the house is that price?

    :(1)

    • Posted by njdave on July 27, 2003 at 09:41:12:

      In Reply to: HOW DOES FORECLOSURE WORK? Posted by Maria Morales on July 23, 2003 at 16:01:04:

      If the property is an REO (bank owned property) that's been listed for sale with a real estate broker at, say, $50,000, yes. The asking price is $50,000.

      When you see a notice of Sheriff's Sale, or Trustee Sale and a judgment amount is listed at $50,000, it's just that. An amount owed to that particular lender.

      In order to best answer your question, can you tell us in what context you saw the $50,000 price?

      :(0)

  • Posted by pat on July 23, 2003 at 14:57:51:

    I am in PA. I took a partial mortgage out on a fully paid for home. I could not keep up the payments. Now the house was foreclosed on and the sale has been completed. If the house sold for more than the balance owed to the lender what happens to the remaining funds? Basically I am asking will I receive anything? thanks

    :(1)

    • Posted by Bill H on July 23, 2003 at 20:15:12:

      In Reply to: foreclosure balance remaining Posted by pat on July 23, 2003 at 14:57:51:

      : I am in PA. I took a partial mortgage out on a fully paid for home. I could not keep up the payments. Now the house was foreclosed on and the sale has been completed. If the house sold for more than the balance owed to the lender what happens to the remaining funds? Basically I am asking will I receive anything? thanks



      :(0)

  • Posted by Norm on July 23, 2003 at 13:41:38:

    Sold our 2nd house on land contract 3 months ago & they quit paying already. They put $2000 down & are suppose to make $700 monthly payments with a $50 per day late fee. They have $1400 in late fees alone not to mention the $700 payment they never made good. Contract was drawn up by my attorney. My attorney says we should file a forclosure action on them today. Anyone have any ideas on what happens if we go that route? 07/23/03

    thanks

    :(1)

    • Posted by UFS on July 23, 2003 at 18:21:29:

      In Reply to: Land contract fpreclosure Posted by Norm on July 23, 2003 at 13:41:38:

      Unfortunately, while you may receive some answers from a public discussion board, the only GOOD answers you will get will be from your attorney. If the laywer advises you to proceed with foreclosure, they ought to spend a few minutes discussing with you the likely procedures/outcomes as well as discuss unlikely possibilities... so you have a full understanding regarding the advice they are giving you. Call them back and ask for the information.

      :(0)

  • Posted by Anne on July 23, 2003 at 06:18:15:

    We need some insight. We have been trying to purchase a home for over a month now. Everything is set on our end...only now we found out that the person we are buying from filed bankruptcy three days before signing the contract with us (unbeknownst to his real estate agent) and that his FOUR mortgages have moved into foreclosure. There is a possibility he will have to bring money to the closing. I'm sure the amount owed is over the value of the home. We have put alot of time (HARD labor) into the house already along with a few bucks for paint, carpet, etc... We have someone moving into our house August 1st. We are thinking about asking the owner (who doesn't know we know the story) if we could rent the home until the closing. The bank says to give them two weeks to get it out of the court system.

    The house is in Indiana...the owner lives in KY. Any thoughts?

    :(0)

  • Posted by Michelle on July 22, 2003 at 20:57:41:

    Hello All,

    How do you go about obtaining the foreclosure surplus proceeds from a sale?

    :(1)

    • Posted by Bill H on July 22, 2003 at 23:43:58:

      In Reply to: Obtaining Debtor Surplus Proceeds from Foreclosure - DC Posted by Michelle on July 22, 2003 at 20:57:41:

      : Hello All,

      : How do you go about obtaining the foreclosure surplus proceeds from a sale?

      If you were the owner that was foreclosed on, contact the lender and ask for an accounting of the funds. If there is any surplus after payment of all arreages, costs, attorney fees, junior liens, tax liens, etc., they will eventually refund it to you. Unless the property sold for considerably over the opening bid I doubt if there is anything to refund.

      Ask the bank for an accounting.

      Good Luck,

      =====>bill



      :(0)

  • Posted by mina on July 22, 2003 at 20:40:55:

    hi! i sound so stupid but here is our sad story... my husband let his co worker to use his name to buy their house with agreement that they will give him a couple of hundreds dollars every month till finished the payment for return. that was a year ago. my husband lost contanct with them after the restaurant they worked together got bunkrupcy and closed out. last month my husband wanted to apply for credit card from the bank and then, he just found out that the house has been foreclosed for last 10 months now. we didn't even know where the house was and contact the lender to get more info about this house. this house has not been on sale yet and is owned by the bank now. we live in atlnata, Ga but the house is located 30 mile out side of atlanta. ga.

    i woner if we can sue this person for fraud to get him responsibility of this foreclore mess, or other option was if we can buy the house to erace this foreclose on my husband credit?

    i feel really bad that we lost the "dream house" even before we get to live in... we are just a married couple with a 20 months boy baby and live in apartment in atlnat ga. never lived in house before...

    i know this is my husband falt. he shouldn't make such an agreement. now we are desperate to find any kind of options. anybody knows any options to resolve this problem or any attorney can help to keep this house? also, how long this has to be on his credit record?

    mina

    sorry for long story but hope it's not too late to get some answer. any answer will be appreciated.



    :(2)

    • Posted by Ward-CA- on July 25, 2003 at 02:38:34:

      In Reply to: can we buy back the house after foreclosure? Posted by mina on July 22, 2003 at 20:40:55:

      : hi! i sound so stupid but here is our sad story... my husband let his co worker to use his name to buy their house with agreement that they will give him a couple of hundreds dollars every month till finished the payment for return. that was a year ago. my husband lost contanct with them after the restaurant they worked together got bunkrupcy and closed out. last month my husband wanted to apply for credit card from the bank and then, he just found out that the house has been foreclosed for last 10 months now. we didn't even know where the house was and contact the lender to get more info about this house. this house has not been on sale yet and is owned by the bank now. we live in atlnata, Ga but the house is located 30 mile out side of atlanta. ga.

      : i woner if we can sue this person for fraud to get him responsibility of this foreclore mess, or other option was if we can buy the house to erace this foreclose on my husband credit?

      : i feel really bad that we lost the "dream house" even before we get to live in... we are just a married couple with a 20 months boy baby and live in apartment in atlnat ga. never lived in house before...

      : i know this is my husband falt. he shouldn't make such an agreement. now we are desperate to find any kind of options. anybody knows any options to resolve this problem or any attorney can help to keep this house? also, how long this has to be on his credit record?

      : mina

      : sorry for long story but hope it's not too late to get some answer. any answer will be appreciated.

      =-=-=-=-=-=-=-=-=-=-=-=-=-

      Mina,

      Your husband was a “straw buyer” for a fee—pretending he was buying the house when he really wasn’t. He was just a “stand in” for the co-worker. As such, you won’t be able to sue someone whom you conspired with to defraud a lender. So I wouldn’t stir up that hornet’s nest if I were your husband.

      Buying the foreclosed property from the lender, after the fact, won’t restore your husband’s ruined credit. That’s water under the bridge.

      At this point the best advice I can give you is to work at cleaning up your credit record by paying every account, including your rent, on time or even a few days earlier than agreed.

      For two years after the foreclosure creditors will be very reluctant to give you any credit whatsoever. But after that they will relent and little by little you will find them willing to give you credit based on your previous two years’ credit history. In about four to five years you should be able to buy that house you want, especially if you have saved up a down payment of about 10% of its sales price.

      Hope this helps.



      :(1)

      • Posted by Tristan on September 03, 2003 at 16:10:21:

        In Reply to: No, you'll have to wait a few years.. Posted by Ward-CA- on July 25, 2003 at 02:38:34:

        Mina, I'm sorry to say this but your husband just payed some "stupid tax" and learned a lifes lesson. Never let someone use your name. Protect your credit with your life practically. My ex husband messed up my credit while we were seperated. We are now divorced of course. I had no idea he was putting things in my name. Let me suggest you listen to a radio show by a Christian financial counselor named Dave Ramsey. You can listen to the archive online at www.daveramsey.com. It changed my life. Now I am debt free and my husband and I are saving for a house. I knew it would take ten years for the things my ex put on my credit to come off so we concentrated on making my new husbands credit perfect. Now we can get things in his name. At the end of the ten years I will reestablish my credit. If I can make it through all this I know there's hope for you. Hang in there. Do the right, smart things while you are passing the time and working on your credit.

        : (0)

  • Posted by Gail Dunworth on July 22, 2003 at 13:50:53:

    I owe 2 years now on property taxes and just found out. I only found out because I received a foreclosure notice if it is not paid by August 14th, 2003. My husband was supposed to deal with all of the bills and recently moved out for the 12th time in the last 2 yrs. I was unaware until a few days ago. I guess my question is, even though the property is already in foreclosure or the process of can I make payment arrangements?

    :(1)

    • Posted by Bill H on July 22, 2003 at 16:40:46:

      In Reply to: Property taxes Posted by Gail Dunworth on July 22, 2003 at 13:50:53:

      : I owe 2 years now on property taxes and just found out. I only found out because I received a foreclosure notice if it is not paid by August 14th, 2003. My husband was supposed to deal with all of the bills and recently moved out for the 12th time in the last 2 yrs. I was unaware until a few days ago. I guess my question is, even though the property is already in foreclosure or the process of can I make payment arrangements?

      Do not know where you are or what your location's policies are.

      IMMEDIATELY go to your local tax collector's office, explain your situation, ask for a payment plan. Some will allow it some will not...worst that can happen is they say NO...then you know you have to come up with the $$$ to pay ikt off.

      If you fail to pay it and you have a mortgage on your property then your lender will pay it an initiate foreclosure and you have and even bigger problem.

      Take action immediately as taxes are the most senior lien against property...that's where local government get the $$$ to operate...they will sell it!

      Good Luck,

      Bill H



      :(0)

  • Posted by BrokeForSure on July 21, 2003 at 16:32:04:

    Wife and I are very broke, and very in debt. Seems we both accumulated nice amounts of credit card debt before we knew each other. I think we both thought they were manageable for ourselves seperately with our jobs and so on. But then we get married, and have a kid. Wife no longer works as it just makes no sense to be honest. With her extra income we would be in another tax bracket that would actually be costing us to have her work, not to mention she would barely be covering the cost of child care with her extra income.

    Anyway, we are really stuck now. Deciding between first forclosing on the house, and trying to move into a small apartment for a while and continue to work to get the debt under control rather then going the bankruptcy route.

    Just not sure what to do or anything right now. I make a decent salary that is affording us to barely make it pay check to pay check, and this is with us already doing the debt management thing which is helping us out some.

    :(6)

    • Posted by what is the Industry, environment, trends, and outlook of Fo on July 22, 2003 at 13:34:26:

      In Reply to: Foreclosure or bankruptcy questions ? Posted by BrokeForSure on July 21, 2003 at 16:32:04:

      : Wife and I are very broke, and very in debt. Seems we both accumulated nice amounts of credit card debt before we knew each other. I think we both thought they were manageable for ourselves seperately with our jobs and so on. But then we get married, and have a kid. Wife no longer works as it just makes no sense to be honest. With her extra income we would be in another tax bracket that would actually be costing us to have her work, not to mention she would barely be covering the cost of child care with her extra income.

      : Anyway, we are really stuck now. Deciding between first forclosing on the house, and trying to move into a small apartment for a while and continue to work to get the debt under control rather then going the bankruptcy route.

      : Just not sure what to do or anything right now. I make a decent salary that is affording us to barely make it pay check to pay check, and this is with us already doing the debt management thing which is helping us out some.



      :(0)

    • Posted by what is the Industry, environment, trends, and outlook of Fo on July 22, 2003 at 13:34:04:

      In Reply to: Foreclosure or bankruptcy questions ? Posted by BrokeForSure on July 21, 2003 at 16:32:04:

      : Wife and I are very broke, and very in debt. Seems we both accumulated nice amounts of credit card debt before we knew each other. I think we both thought they were manageable for ourselves seperately with our jobs and so on. But then we get married, and have a kid. Wife no longer works as it just makes no sense to be honest. With her extra income we would be in another tax bracket that would actually be costing us to have her work, not to mention she would barely be covering the cost of child care with her extra income.

      : Anyway, we are really stuck now. Deciding between first forclosing on the house, and trying to move into a small apartment for a while and continue to work to get the debt under control rather then going the bankruptcy route.

      : Just not sure what to do or anything right now. I make a decent salary that is affording us to barely make it pay check to pay check, and this is with us already doing the debt management thing which is helping us out some.



      :(0)

    • Posted by Bill H on July 21, 2003 at 17:28:44:

      In Reply to: Foreclosure or bankruptcy questions ? Posted by BrokeForSure on July 21, 2003 at 16:32:04:

      : Wife and I are very broke, and very in debt. Seems we both accumulated nice amounts of credit card debt before we knew each other. I think we both thought they were manageable for ourselves seperately with our jobs and so on. But then we get married, and have a kid. Wife no longer works as it just makes no sense to be honest. With her extra income we would be in another tax bracket that would actually be costing us to have her work, not to mention she would barely be covering the cost of child care with her extra income.

      : Anyway, we are really stuck now. Deciding between first forclosing on the house, and trying to move into a small apartment for a while and continue to work to get the debt under control rather then going the bankruptcy route.

      : Just not sure what to do or anything right now. I make a decent salary that is affording us to barely make it pay check to pay check, and this is with us already doing the debt management thing which is helping us out some.



      Tough situation to try and assist with what with your comment

      ">>>>Wife no longer works as it just makes no sense to be honest.<<<<<"

      How do we know you are being honest with us?

      ========?bill

      :(3)

      • Posted by BrokeForSure on July 21, 2003 at 18:08:16:

        In Reply to: No Sense to be honest? Posted by Bill H on July 21, 2003 at 17:28:44:

        Humm.. I guess you don't really know. I thought I explained it, and I don't see where I would need to lie about this.

        As stated before, not even sure why I am explaining it to you other then you questioned if I was lying. But anyway, we have a 1 year old daughter and my wife is a stay at home mom. Avg. cost for child care around here is about $400 a week, $10 an hour or so. If my wife works, she may be able to make about $500 a week, but doubtful right now in this economy and lack of jobs. Her additional income would also put us in another tax bracket which would cost, but not a whole lot. Additional vehicle expenses, and clothes expenses for a new job (possibly) but all in all... it does not pay to have her work and our child in day care or something.

        It does make more sense for me to work a part time job in the evenings, although we would be stuck with the added income on taxes, we would come out ahead some. I think the only reason for not doing so right now is I already have another part time job and already don't get to spend much time with my daughter as it is.

        Anyway, I hope that clears it up. Just looking for any suggestions or advice to the matter. Its a big mess, but we will manage one way or the other. Main thing I am trying to do right now is manage our marriage and not let the financial situation get us to down and depressed. I would rather toss everything else away then to loose my wife and child, they just aren't replaceable.

        : How do we know you are being honest with us?

        : : ========?bill



        :(2)

        • Posted by Bill H on July 21, 2003 at 21:38:51:

          In Reply to: Re: No Sense to be honest? Posted by BrokeForSure on July 21, 2003 at 18:08:16:

          : Humm.. I guess you don't really know. I thought I explained it, and I don't see where I would need to lie about this.

          : As stated before, not even sure why I am explaining it to you other then you questioned if I was lying. But anyway, we have a 1 year old daughter and my wife is a stay at home mom. Avg. cost for child care around here is about $400 a week, $10 an hour or so. If my wife works, she may be able to make about $500 a week, but doubtful right now in this economy and lack of jobs. Her additional income would also put us in another tax bracket which would cost, but not a whole lot. Additional vehicle expenses, and clothes expenses for a new job (possibly) but all in all... it does not pay to have her work and our child in day care or something.

          : It does make more sense for me to work a part time job in the evenings, although we would be stuck with the added income on taxes, we would come out ahead some. I think the only reason for not doing so right now is I already have another part time job and already don't get to spend much time with my daughter as it is.

          : Anyway, I hope that clears it up. Just looking for any suggestions or advice to the matter. Its a big mess, but we will manage one way or the other. Main thing I am trying to do right now is manage our marriage and not let the financial situation get us to down and depressed. I would rather toss everything else away then to loose my wife and child, they just aren't replaceable.

          : : How do we know you are being honest with us?

          : : : : ========?bill

          Brokeforsure:

          No, I did not understand your post. Your syntax threw me a curve.

          1. Foreclosure---7 years of credit problems.2. Bankruptcy ---7 years of credit problems.3. Deed in Lieu of Foreclosure --- Not as bad a foreclosure but will show up on your credit report. This is a way of your giving the property back to the lender. They do not have to take it back. But; it saves them the foreclosure process. Talk with your lender, keep notes of all conversations, document your situation, tell them that you simply cannot afford to keep the property and they may listen.

          Analyze your finances, ie., renting vs owning, if you rent that is going to change your tax situation as you get no write off or credit for rent paid.

          It might be more advantageous to try and bite the bullet, have your wife work weekend to cut child care. Demeaning as it may seem to be her extra income might just get you over the hump.

          In any of the above, whichever you chose, about two years of "Good Solid On-Time Debt Payment" will go a long way toward getting you back credit wise.

          If you are in a debt management program "Stick to It." There is no easy solution to your problem.

          Good Luck with whatever you decide,

          ======>bill

          :(1)

          • Posted by Lost on July 30, 2003 at 07:12:00:

            In Reply to: Re: No Sense to be honest? Posted by Bill H on July 21, 2003 at 21:38:51:

            Why Dont you lease to own your house, or rent it out for more then u will need to pay rent else where. That way your mortage will be paid. Have your wife get the weekend job yep she needs it. and you may have enough left over to pay your rent.

            : : Humm.. I guess you don't really know. I thought I explained it, and I don't see where I would need to lie about this.

            : : As stated before, not even sure why I am explaining it to you other then you questioned if I was lying. But anyway, we have a 1 year old daughter and my wife is a stay at home mom. Avg. cost for child care around here is about $400 a week, $10 an hour or so. If my wife works, she may be able to make about $500 a week, but doubtful right now in this economy and lack of jobs. Her additional income would also put us in another tax bracket which would cost, but not a whole lot. Additional vehicle expenses, and clothes expenses for a new job (possibly) but all in all... it does not pay to have her work and our child in day care or something.

            : : It does make more sense for me to work a part time job in the evenings, although we would be stuck with the added income on taxes, we would come out ahead some. I think the only reason for not doing so right now is I already have another part time job and already don't get to spend much time with my daughter as it is.

            : : Anyway, I hope that clears it up. Just looking for any suggestions or advice to the matter. Its a big mess, but we will manage one way or the other. Main thing I am trying to do right now is manage our marriage and not let the financial situation get us to down and depressed. I would rather toss everything else away then to loose my wife and child, they just aren't replaceable.

            : : : How do we know you are being honest with us?

            : : : : : : ========?bill

            : Brokeforsure:

            : No, I did not understand your post. Your syntax threw me a curve.

            : 1. Foreclosure---7 years of credit problems.: 2. Bankruptcy ---7 years of credit problems.: 3. Deed in Lieu of Foreclosure --- Not as bad a foreclosure but will show up on your credit report. This is a way of your giving the property back to the lender. They do not have to take it back. But; it saves them the foreclosure process. Talk with your lender, keep notes of all conversations, document your situation, tell them that you simply cannot afford to keep the property and they may listen.

            : Analyze your finances, ie., renting vs owning, if you rent that is going to change your tax situation as you get no write off or credit for rent paid.

            : It might be more advantageous to try and bite the bullet, have your wife work weekend to cut child care. Demeaning as it may seem to be her extra income might just get you over the hump.

            : In any of the above, whichever you chose, about two years of "Good Solid On-Time Debt Payment" will go a long way toward getting you back credit wise.

            : If you are in a debt management program "Stick to It." There is no easy solution to your problem.

            : Good Luck with whatever you decide,

            : ======>bill



            :(0)

  • Posted by Dave on July 21, 2003 at 15:07:36:

    We are renting a house and they are foreclosing on the landloard who is in jail. What are my options and what rights does my family have. Can they just throw us to the curb? Any help is appreciated.

    :(1)

    • Posted by Bill H on July 21, 2003 at 17:22:43:

      In Reply to: Foreclosure Posted by Dave on July 21, 2003 at 15:07:36:

      : We are renting a house and they are foreclosing on the landloard who is in jail. What are my options and what rights does my family have. Can they just throw us to the curb? Any help is appreciated.

      Dave:

      If it goes through the sale, the new owner must give you notice to vacate. Time to do so depends on your state laws. If you have been a good on time tenant s/he may want you to stay. When contacted you can possibly resolve the move/stay question at that time.

      Good Luck,

      ======>bill



      :(0)

  • Posted by Stevie on July 21, 2003 at 10:49:33:

    Hi. If you recieve a "final judgement" of foreclosure, can you still avoid foreclosure proceedings somehow, or does final mean just that... final. Also, is the redemption period before your house is sold or after the house is sold. How long is redemption period in Florida, and how long does the whole foreclosure process take? Thanks.

    :(2)

    • Posted by kathy M on November 02, 2003 at 22:28:24:

      In Reply to: Foreclosure question Posted by Stevie on July 21, 2003 at 10:49:33:

      : Hi. If you recieve a "final judgement" of foreclosure, can you still avoid foreclosure proceedings somehow, or does final mean just that... final. Also, is the redemption period before your house is sold or after the house is sold. How long is redemption period in Florida, and how long does the whole foreclosure process take? Thanks.

      How long does it take for a house to be foreclosed on, once the process starts?

      : (0)

    • Posted by kathy M on November 02, 2003 at 22:27:06:

      In Reply to: Foreclosure question Posted by Stevie on July 21, 2003 at 10:49:33:

      : Hi. If you recieve a "final judgement" of foreclosure, can you still avoid foreclosure proceedings somehow, or does final mean just that... final. Also, is the redemption period before your house is sold or after the house is sold. How long is redemption period in Florida, and how long does the whole foreclosure process take? Thanks.



      : (0)

  • Posted by David on July 20, 2003 at 17:08:27:

    My wife lost her job and for over a year we have gotten by on my salary but it is tough. In June of this year we filed chapter 7. Yes we were current on all debt (or no more than 15-20 late) Of course we reaffirmed with our Mortgage. I sent the June payment in on June 20th. Yes, that's late but we are quickly recovering. On July 14th I decided to call them to let them know that the July payment would be made on July 28th and Aug would be made by Aug 10th. After that we would be back on track. Because I file bankruptcy I had to speak to the bankruptcy specialist. I told her my plan. She said NO! She was filing a "motion to release" so that the bankruptcy would not stop them from foreclosing!!! I'm not even 30 days late. She said the June payment did not post until July 1st and she rejected it. She requested I send in the June July and $250 accumulated late charges immeadiately. Once received, she would forward the information to the company Atty and he would make the final decision to Foreclose or not!! What? I'm not even 30 days late!!! Well I can send the June, July and Late charges on 07/28 and then the August payment by 08/10. She was rude and unwilling to be helpful? Why? Because we filed bankruptcy. Can they foreclose on someone not 30days late. No we have not received anything about forclosure in the mail. Was she just strong arming me? Is my plan to get current that unreasonable?

    :(1)

    • Posted by Reinstatement Services, Inc. on July 21, 2003 at 09:56:36:

      In Reply to: Is this true????? Posted by David on July 20, 2003 at 17:08:27:

      is not an easy feat.

      If you are in a position to bring the account current by July 28th then my recommendation is to do so but use a service such as western union quick collect or wire the funds so that you can have proof of when the funds were submitted. All the foreclosure talk at that point should go away.

      And David, your loan is more than 30 days delinquent. Even so, don't get bogged down with things that are irrelevant. Concentrate on bringing the loan current before the end of this month and tell your wife that she will need to intensify her job search even if it means taking on one [for a time] that pays her less than what she is accustomed to.

    • Default and Foreclosure Solutions


    :(0)

  • Posted by Kim Black on July 20, 2003 at 13:47:23:

    Three years my husband and I filed bankruptcy. It took three years in court because the bank did not secure mobile home which is on land. They filed as a mortgage only. So the trustee owns my home now.

    The bank still wants my payment of the full mortgage payment. If we stop making payments, since we will have no house, my lawyer says the land will go into foreclosure.

    My question is, can the bank come after me for the money of the original loan?

    We live in the state of Michigan.

    Hopefully you can give me some advice.

    Sincerely,

    Jon and Kim Black

    :(1)

    • Posted by Reinstatement Services, Inc. on July 21, 2003 at 09:58:46:

      In Reply to: Foreclosure (can bank come after us for money owed) Posted by Kim Black on July 20, 2003 at 13:47:23:

      : Three years my husband and I filed bankruptcy. It took three years in court because the bank did not secure mobile home which is on land. They filed as a mortgage only. So the trustee owns my home now.

      : The bank still wants my payment of the full mortgage payment. If we stop making payments, since we will have no house, my lawyer says the land will go into foreclosure.

      : My question is, can the bank come after me for the money of the original loan?

      : We live in the state of Michigan.

      : Hopefully you can give me some advice.

      : Sincerely,

      : Jon and Kim Black

    • Default and Foreclosure Solutions


    :(0)

  • Posted by stephanie on July 20, 2003 at 01:00:15:

    my husband and i filed chapter 7. we didn't add the mortgage which is 55,000, or the second mortgage which is 11,000. we already had the meeting of the creditors. anyway we aren't going to be able to afford to keep the house now, so i wanted to know how the forclosure laws in ohio work..can we just give the house back to the bank and walk away owing nothing? or will we be liable for 2nd. mortgage..and or owe the difference after a sheffifs sale? thanks

    :(6)

    • Posted by g. miller on November 02, 2003 at 21:09:50:

      In Reply to: forclosure questions Posted by stephanie on July 20, 2003 at 01:00:15:

      I am interested in virginia laws concerning "purchase money mortgages". Is there a statute stating whether or not these have to be paid back if a property goes into forclosure? If so, if it was junior to the other loans would it be cleared?

      : (0)

    • Posted by connie witt on October 01, 2003 at 16:40:46:

      In Reply to: forclosure questions Posted by stephanie on July 20, 2003 at 01:00:15:

      : my husband and i filed chapter 7. we didn't add the mortgage which is 55,000, or the second mortgage which is 11,000. we already had the meeting of the creditors. anyway we aren't going to be able to afford to keep the house now, so i wanted to know how the forclosure laws in ohio work..can we just give the house back to the bank and walk away owing nothing? or will we be liable for 2nd. mortgage..and or owe the difference after a sheffifs sale? thanks



      : (0)

    • Posted by Donna Toline on July 21, 2003 at 14:43:22:

      In Reply to: forclosure questions Posted by stephanie on July 20, 2003 at 01:00:15:

      : my husband and i filed chapter 7. we didn't add the mortgage which is 55,000, or the second mortgage which is 11,000. we already had the meeting of the creditors. anyway we aren't going to be able to afford to keep the house now, so i wanted to know how the forclosure laws in ohio work..can we just give the house back to the bank and walk away owing nothing? or will we be liable for 2nd. mortgage..and or owe the difference after a sheffifs sale? thanks



      You might want to speak to an attorney . . . and / or your accountant . . . what will the results be in January if you do? Are you going to receive a 1099 for the $ amount you owe the bank? and then be taxed on it as if you receive it as income?

      :(0)

    • Posted by Reinstatement Services, Inc. on July 21, 2003 at 10:12:58:

      In Reply to: forclosure questions Posted by stephanie on July 20, 2003 at 01:00:15:

      Your questions beg for specifics. Unfortunately, to provide you with the answers will require near prophetic abilities. Since every loan, lender, and state varies with regards to the treatment of foreclosure I can only provide you with general answers.

      Your state allows for DJ. This means if your lender so chooses then he can pursue a Deficiency Judgement if the sale of the home does not generate enough proceeds to cover the existing debt.

      You will have to petition your lender for acceptace of a deed-in-leiu. Your lender will have to agree to accept the deed as an alternative to foreclosure for the proffer to be valid.

      More likely, the 2nd will be converted into personal debt if there is not a positive equity position. If it is in the 2nds best interest, they will bring current the 1st and foreclose on the property to protect their interest.

      If you simply walk away you risk exposure to all or some of the affore mentioned with the increased risk of more aggressive collection activity and severely impaired credit.

    • Default and Forelcosure Solutions


    :(2)

    • Posted by James Roberts on August 09, 2003 at 18:06:33:

      In Reply to: Answers Posted by Reinstatement Services, Inc. on July 21, 2003 at 10:12:58:

      : Your questions beg for specifics. Unfortunately, to provide you with the answers will require near prophetic abilities. Since every loan, lender, and state varies with regards to the treatment of foreclosure I can only provide you with general answers.

      : Your state allows for DJ. This means if your lender so chooses then he can pursue a Deficiency Judgement if the sale of the home does not generate enough proceeds to cover the existing debt.

      : You will have to petition your lender for acceptace of a deed-in-leiu. Your lender will have to agree to accept the deed as an alternative to foreclosure for the proffer to be valid.

      : More likely, the 2nd will be converted into personal debt if there is not a positive equity position. If it is in the 2nds best interest, they will bring current the 1st and foreclose on the property to protect their interest.

      : If you simply walk away you risk exposure to all or some of the affore mentioned with the increased risk of more aggressive collection activity and severely impaired credit.

      Hi. I have a question. I'm not sure I understand all the specifics of the process. Is a deed-in-leiu and voluntary foreclosure the same thing?

      :(1)

      • Posted by lorrie on November 03, 2003 at 08:31:20:

        In Reply to: Re: Answers Posted by James Roberts on August 09, 2003 at 18:06:33:

        the landlord of a house i live in has beeb forclosed on and the sheriffs sale papers are attached to the house am i still legally responsible to pay him the rent or do i pay the bank or hold off in esgrow until the sale is final?

        : (0)

  • Posted by ROBERT PERUSKI on July 19, 2003 at 20:35:36:

    I HAVE UNTIL DEC. 7TH AND THEM MY REDEMPTION PERIOD RUNS OUT. I PUT MY HOME UP FOR SALE FOR 129,500 GOT AN OFFER FOR 126,000 FIRM WITHIN TWO DAYS IT WAS ON THE MARKET. BUT THE HOUSE WAS SOLD AT THE AUCTION FOR 115,000. THE REALTOR SAID THAT I WILL GET $1600.00 OUT OF IT AT THE MOST IF I TAKE THIS GUYS OFFER. SHOOT I CAN HAVE MORE MONEY IF I BANK MY CHECKS AWAY TILL THE REDEMPTION PERIOD IS OVER AND STAY IN THE HOUSE TILL THEN. WHAT WOULD YOU DO?

    :(0)

  • Posted by frank valle on July 19, 2003 at 14:26:40:

    How can you protect yourself against unforeseen liens against a foreclosed property you are bidding on ?

    :(0)

  • Posted by Terry Tolle on July 19, 2003 at 13:26:38:

    I live in Tennessee ans my home is being foreclosed upon. I don't want to try to keep it, I just want to know what will happen to me after it is sold. Can they garnish my wages if it is sold for less than what is owed? Can they go after my 401(k)?

    :(1)

    • Posted by Debra A Clements on October 18, 2003 at 15:05:36:

      In Reply to: Foreclosure Posted by Terry Tolle on July 19, 2003 at 13:26:38:

      : I live in Tennessee ans my home is being foreclosed upon. I don't want to try to keep it, I just want to know what will happen to me after it is sold. Can they garnish my wages if it is sold for less than what is owed? How long do I have to move from the property once the home is sold?

      : (0)

  • Posted by Aly on July 18, 2003 at 23:40:19:

    I am confused as to what a Tax lein is?We havent paid our 2002 taxes. We got a letter in the mail saying there is now a tax lein on the house. We dont want to lose the house, but cant pay the whole amount right now. What exactly can we do? Can they kick us out of our house for being a few montrhs late on taxes? Please help and thanks in advance.

    :(7)

    • Posted by shannon on August 13, 2003 at 18:10:06:

      In Reply to: Got Tax lein on home..what does this mean? Posted by Aly on July 18, 2003 at 23:40:19:

      my husband has his own business using our home address. he is behind on his business taxes and they put a lein on our house. can they take our house?

      :(0)

    • Posted by James on July 20, 2003 at 00:20:50:

      In Reply to: Got Tax lein on home..what does this mean? Posted by Aly on July 18, 2003 at 23:40:19:

      When you say taxes are you referring to property taxes or IRS taxes? I am surprised that either would file a lien so quickly. On property taxes, you are usually given a number of notices. the interest penalties are pretty steep the first few months. It takes several years of tax delinquency before the attys go to court. In this case you have ample time, but don't let it go. After another year it will be tougher to scrape together enough money for both years. Many times the attys will allow you a payout if you can come up with enough up front money.

      Second case, If this is IRS and if this is just for the 2002 Income Taxes, they are probably trying to get your attention. They usually give you a notice first. But this fast is unusually. And you can worjk out a payment plan with them.

      Are you sure this is a tax lien or a notice that a tax lien may/will be filed if this is not paid? Also, check the year that caused this tax lien to be filed. Could be from previous years.

      : I am confused as to what a Tax lein is?: We havent paid our 2002 taxes. We got a letter in the mail saying there is now a tax lein on the house. We dont want to lose the house, but cant pay the whole amount right now. What exactly can we do? Can they kick us out of our house for being a few montrhs late on taxes? Please help and thanks in advance.



      :(1)

      • Posted by Aly on July 20, 2003 at 16:35:58:

        In Reply to: Re: Got Tax lein on home..what does this mean? Posted by James on July 20, 2003 at 00:20:50:

        ok. let me quote the letter i recieved...

        "Records of the tax office reflect that the taxes as shown in the enclosed statement remain unpaid and are now delinquent. In accordance with the texas Constitution and chapter 32 of the texas property tax code, a lein against your property to secure the payment of these taxes now exsist."

        So, my qestion is..what does that mean?This is our first house, so Im not real familiar with how all this works. The house is completely paid off ( we bought from owner, and it is now in our name) This is the first year we have even had to deal with the taxes ourselves. All the taxes are paid up untill the 2002, which is the one in question. Hope this helps in letting the understand, and any infomation is appreciated.

        :(0)

    • Posted by James on July 20, 2003 at 00:18:59:

      In Reply to: Got Tax lein on home..what does this mean? Posted by Aly on July 18, 2003 at 23:40:19:

      When you say taxes are you referring to property taxes or IRS taxes? I am surprised that either would file a lien so quickly. On property taxes, you are usually given a number of notices. the interest penalties are pretty steep the first few months. It takes several years of tax delinquency before the attys go to court. In this case you have ample time, but don't let it go. After another year it will be tougher to scrape together enough money for both years. Many times the attys will allow you a payout if you can come up with enough up front money.

      Second case, If this is IRS and if this is just for the 2002 Income Taxes, they are probably trying to get your attention. They usually give you a notice first. But this fast is unusually. And you can worjk out a payment plan with them.

      Are you sure this is a tax lien or a notice that a tax lien may/will be filed if this is not paid? Also, check the year that caused this tax lien to be filed. Could be from previous years.

      : I am confused as to what a Tax lein is?: We havent paid our 2002 taxes. We got a letter in the mail saying there is now a tax lein on the house. We dont want to lose the house, but cant pay the whole amount right now. What exactly can we do? Can they kick us out of our house for being a few montrhs late on taxes? Please help and thanks in advance.



      :(0)

    • Posted by njdave on July 19, 2003 at 14:11:00:

      In Reply to: Got Tax lein on home..what does this mean? Posted by Aly on July 18, 2003 at 23:40:19:

      I'm sure that the process in Texas may differ from what is used in New Jersey. In NJ, once a homeowner fails to pay taxes due, the taxing authority creates a lien, and exposes that lien to public auction. Proceeds from the Tax Lien auction are used to pay the taxes due. The lien is evidenced by a tax lien certificate (a debt) payable at a stated interest. The homeowner has a specific period during which he/she may redeem the lien by paying the face value, plus interest and fees.In NJ, the redemption is 2 years (if the lien was purchased by an investor) or 6 months if the lien was not sold at auction, but purchased instead by the taxing authority.

      :(0)

    • Posted by Aly on July 18, 2003 at 23:41:26:

      In Reply to: Got Tax lein on home..what does this mean? Posted by Aly on July 18, 2003 at 23:40:19:

      by the way, im in texas.

      :(1)

      • Posted by Bill H on July 19, 2003 at 16:04:41:

        In Reply to: Re: Got Tax lein on home..what does this mean? Posted by Aly on July 18, 2003 at 23:41:26:

        : by the way, im in texas.

        Aly:

        Basically in Texas you have two possible redemption periods...6 months or 24 months depending on what type property and if you have a homestead filed.

        Your house will go up for sale at a tax deed auction, probably your lender will redeem and start foreclosure before the sale though.

        If it is sold at the tax auction, you have either 6 months or 24 months to redeem at costs plus 25 percent interest for first year and 50 percent for 2nd year.

        My suggestion....get the $$$ and pay it off NOW!

        Good Luck,

        Bill H



        :(0)

  • Posted by john on July 18, 2003 at 20:36:26:

    where can i pick up the surplus from my house that was foreclosed on?

    :(1)

    • Posted by NJDave on July 19, 2003 at 14:13:40:

      In Reply to: please help from new jersey Posted by john on July 18, 2003 at 20:36:26:

      If proceeds from Sheriff's Sale exceeded the amount due (1st mortgagee, 2nd mortgagee, judgments, plus sheriff's sale commissions) then you should call the Sheriff from your county. The foreclosure clerk can provide details of the sale, and where to petition for excess proceeds.

      :(0)

  • Posted by Susan on July 18, 2003 at 13:14:05:

    Hi,I am new to this board and would like some ifo on HUD housing. I found some property for that has a leaky basement and alot of mold. The area is a great one though and the home has ALOT of potential. It has a great layout and very convienent. This property is listed as UNINSURED, so i will be paying cash for it.I went through the real estate and bid 60% of the asking price, but read somewhere on HOW much to bid to get the proprty at a good price, but this was on a site that gave you HALF the info and then you had to pay to recie4ve the rest. I would like to purchase this property for my struggling daughter to give her a little "start".Does anyone know anything enough about HUD and how much should I bid to get it aqt a decent price? The property is listed at $48,000. and I bid $28,00.I am new to this and anyhelp would be appreciated as there is another person bidding against me...I jsut found oput.Many ThanksSusan

    :(1)

    • Posted by Bill H on July 18, 2003 at 21:11:38:

      In Reply to: HUD question...from a newbie Posted by Susan on July 18, 2003 at 13:14:05:

      : Hi,: I am new to this board and would like some ifo on HUD housing. I found some property for that has a leaky basement and alot of mold. The area is a great one though and the home has ALOT of potential. It has a great layout and very convienent. This property is listed as UNINSURED, so i will be paying cash for it.I went through the real estate and bid 60% of the asking price, but read somewhere on HOW much to bid to get the proprty at a good price, but this was on a site that gave you HALF the info and then you had to pay to recie4ve the rest. I would like to purchase this property for my struggling daughter to give her a little "start".: Does anyone know anything enough about HUD and how much should I bid to get it aqt a decent price? The property is listed at $48,000. and I bid $28,00.: I am new to this and anyhelp would be appreciated as there is another person bidding against me...I jsut found oput.: Many Thanks: Susan

      Go to www.hud.gov and log onto the HUD site, look on the right hand side and you will see "Homes for Sale."

      Then go to that part of the site, you will find all states and territories that HUD operates in. Select the state that you live in and go to it.

      Then look for "Bid Statistics" There you will find the highest bid to date on the property you are attempting to purchase. If yours is not the high bid and you wish to pay more, get in touch with your realtor and up the ante.

      You can continue this until you win or decide that it is too expensive.

      HUD will normally hold the price for about 90 days and then drop it by 10 percent or so....you can try to wait them out or follow the bidding...either way you will be getting it for the least that they will accept.

      Good Luck,

      ======>bill

      :(0)

  • Posted by Christy Perez on July 18, 2003 at 09:29:54:

    I live in Colorado and I am currently 4months behind on my mortgage payments. I have one month for them but they will not accept a "partial payment". We just recently had a bankruptcy dicharged in May and we are having trouble getting a $5,000 loan. We need the money by July 28th and need a compasionate institution to give us a chance. We both work and have no debt except for our mortgage.We are desperate and need help FAST. I pray you can assist us in finding someone who will help us reverse our situation. Thank you

    Sincerely,

    Christy Perez

    :(1)

    • Posted by Reinstatement Services, Inc. on July 18, 2003 at 10:12:32:

      In Reply to: loan to cure foreclosure process Posted by Christy Perez on July 18, 2003 at 09:29:54:

      Based on the information you've provided you might consider as a first line of defense contacting the loss mitigation department in your lenders organization so that they might assist you in securing a workout. This effort is free and will provide you with the resolution you are seeking.

    • Default and Foreclosure Solutions


    :(0)

  • Posted by KB on July 18, 2003 at 07:52:20:

    My situation is now; the house was up for a sheriff's sale, we declared bankruptcy and stopped the sale. We had our meeting of creditors about 2 weeks ago. My questions are now: 1.) When will they sell the house at auction? 2.) we have our house up for sale by a realtor, can we still sale it or do a short sale? 3.) How much notice are we going to get before they sell it and how long will we have to leave after the sherriff's sale?

    THANKS FOR EVERYTHING GUYS!!!! WHAT A HELPFUL BOARD!

    :(2)

    • Posted by Reinstatement Services, Inc. on July 18, 2003 at 10:09:15:

      In Reply to: LOTS OF QUESTIONS IN KY Posted by KB on July 18, 2003 at 07:52:20:

      As long as you are in active bankruptcy you are covered by the protections afforded by the court.

      Once bankruptcy has been discharged/dismissed then the lender is likely to proceed with aggressive collection efforts with might not be limited to the forced sale. The good news is that your state sponsors a redemption period during which time you can still actively secure a buyer and sell the property. Your lender will have to agree to accept any offer of short sale.

      If your home is released from the protection of the court under bankruptcy then you are more likey NOT to receive any further notice of sale.

    • Default and Forelcosure Solutions


    :(1)

    • Posted by Hollie Jones on July 29, 2003 at 17:51:17:

      In Reply to: What is the current status of the bankruptcy filing? Posted by Reinstatement Services, Inc. on July 18, 2003 at 10:09:15:

      : As long as you are in active bankruptcy you are covered by the protections afforded by the court.

      : Once bankruptcy has been discharged/dismissed then the lender is likely to proceed with aggressive collection efforts with might not be limited to the forced sale. The good news is that your state sponsors a redemption period during which time you can still actively secure a buyer and sell the property. Your lender will have to agree to accept any offer of short sale.

      : If your home is released from the protection of the court under bankruptcy then you are more likey NOT to receive any further notice of sale.



      :(0)

  • Posted by R. Boyer on July 17, 2003 at 12:27:07:

    How would I proceed to secure quiet ownership on undeveloped land located in southern California, San Bernardino County, aquired thru delinquent HOA Assessments where no Insurance can be issued to secure clear ownership pf land. What is step by step procedure?

    :(1)

    • Posted by Bill H on July 17, 2003 at 16:43:28:

      In Reply to: Quiet Ownership Procedure Posted by R. Boyer on July 17, 2003 at 12:27:07:

      : How would I proceed to secure quiet ownership on undeveloped land located in southern California, San Bernardino County, aquired thru delinquent HOA Assessments where no Insurance can be issued to secure clear ownership pf land. What is step by step procedure?

      Post this on Ward's board as I suggested. It is a California Board and someone will give you an accurate answer.

      Good Luck,

      Bill H



      :(0)

  • Posted by Allison Fournier on July 17, 2003 at 06:10:04:

    This question pertains to a home in Maryland. My husband had a VA Loan with Chase Manhattan Mortgage Corporation that he bacame behind on. We decided that we were tired of being "mortage poor" and were thinking of selling our home. After missing 3 payments chase sent a letter with the intent to begin foreclosure proceddings. We found a buyer and called Chase who decided to let us sell our home ourselves and to stop any further forecloseure proceddings with the contract on our home showing the amount of the sale was going to be more than the balance owed...There was never anything filed witht he courts and i have a release of lean from Chase. Can they report on my husbands credit report FORECLOSURE?

    :(0)

  • Posted by ROBERT PERUSKI on July 17, 2003 at 00:44:38:

    I JUST GOT A BID ON MY HOUSE WHICH IS IN THE REDEMPTION PERIOD. DO YOU THINK THAT IT IS POSSIBLE TO GET THE MORTAGE COMPANY TO GET RID OF SOME OF THE ADDED FEE'S THEY HAVE TACKED ON NOW THAT I HAVE A BUYER FOR THE HOUSE?

    :(2)

    • Posted by Reinstatement Services, Inc. on July 18, 2003 at 10:14:47:

      In Reply to: CAN THIS HAPPEN? Posted by ROBERT PERUSKI on July 17, 2003 at 00:44:38:

      +

    • Default and Foreclosure Solutions


    :(0)

  • Posted by Angela on July 17, 2003 at 18:43:15:

    In Reply to: CAN THIS HAPPEN? Posted by ROBERT PERUSKI on July 17, 2003 at 00:44:38:

    Once the sale takes place, the old mortgage basically disappears. It is not likely that you can do any negotiating at this point. Did the bank win the auction? The only way to find out would be to call and ask, but the property is most likely with the REO department at this point, and not in the loss mitigation stage where they would negotiate with you on these things. If you're in a state like MN, you have to pay the full redemption amount to the Sheriff to redeem, and the bank really doesn't have anything to say about it - it is a set amount.

    Anyone disagree with me?



  • :(0)

  • Posted by Lisa on July 16, 2003 at 21:35:05:

    I am looking for people who are current on mortgage payments but are right on the edge... I can help please email me personally... Thank You Lisa

    :(1)

    • Posted by Lisa on July 25, 2003 at 13:53:05:

      In Reply to: Forclosure Help>>>>> Posted by Lisa on July 16, 2003 at 21:35:05:

      : I am looking for people who are current on mortgage payments but are right on the edge... I can help please email me personally... Thank You Lisa



      I am one of those people................

      :(0)

  • Posted by Chanelle on July 16, 2003 at 16:30:43:

    I would like to buy an inexpensive house in forclosure that I could have remodeled, but I don't know where to look. I heard that there is a list of them somewhere.

    :(2)

    • Posted by Eric LoBosco on January 05, 2004 at 16:37:03:

      In Reply to: Looking for forclosures in California... Posted by Chanelle on July 16, 2003 at 16:30:43:

      I can get my hands on hot preforeclosure leads in Orange County, California with title searches daily! Avoid paying for preforeclosure leads that are resold numerous times, get all exclusive leads here!



      : (0)

    • Posted by Tony on July 16, 2003 at 18:29:21:

      In Reply to: Looking for forclosures in California... Posted by Chanelle on July 16, 2003 at 16:30:43:

      : I would like to buy an inexpensive house in forclosure that I could have remodeled, but I don't know where to look. I heard that there is a lists of them somewhere Northern California ..



      :(0)

  • Posted by AB on July 16, 2003 at 12:04:54:

    I am new to the foreclosure process and am considering bidding on a home in CA for me and my wife. How do I know if I am bidding on the 1st loan or a second (junior lien)? How can I research this? If there is a first, how do I know how much is owed there?As I understand it the junior liens get wiped out but I do not want to bid on a place just to have the 1st loan co. foreclose take it away from me.Thank you in advance for any and all help.

    :(1)

    • Posted by Nick(Colorado) on July 16, 2003 at 13:40:01:

      In Reply to: Foreclosure in CA Posted by AB on July 16, 2003 at 12:04:54:

      Ab:

      To determine which lien is going to auction you will need to do a ti,tle search at the county recorder's office. You may estimatethe amount own on the lien by doing a TVM curve on the loan down to the estimated time of default. The initial amount of the loan may be determined from the recorder's fee, or from its first page. BTW: Following individual properties to auction is not a very good algorithm. If you like the property, it will invariably never make it to the block. Track all of the properties, and be prepared to bid on any that cross the block that have clearvalue.



      :(0)

  • Posted by Mark on July 16, 2003 at 08:02:21:

    I have a contract on house....sale day is 7 days from today. Worth 120k....final judgement is 62k. I saw an Estoppel letter at the house that said money owed is 66k. They turned down my initial offer of 52k. Should I offer the estoppel price of 65k or the final judgement price of 62k.

    Also there is a 17k IRS lien..however the guy at IRS told me they have only redeemed 2 liens in past five years...so after six months of ownership my lien will go away....

    I honestly think the bank knows the house is in a hot area and is looking forward to getting it back. Can they ask for more than the final judgement???

    :(0)

  • Posted by R. Boyer on July 15, 2003 at 18:55:41:

    How would I proceed to secure a quiet ownership on undeveloped land aquired thru delinquent HOA Assessments where no insurance can be issued to secure clear ownership. What is step by step procedure.

    :(3)

    • Posted by jafon on November 18, 2003 at 07:21:16:

      In Reply to: Quiet Ownership Procedure Posted by R. Boyer on July 15, 2003 at 18:55:41:

      Visit REMOVED for information on this.

      : How would I proceed to secure a quiet ownership on undeveloped land aquired thru delinquent HOA Assessments where no insurance can be issued to secure clear ownership. What is step by step procedure.



      : (0)

    • Posted by Bill H on July 15, 2003 at 20:12:56:

      In Reply to: Quiet Ownership Procedure Posted by R. Boyer on July 15, 2003 at 18:55:41:

      : How would I proceed to secure a quiet ownership on undeveloped land aquired thru delinquent HOA Assessments where no insurance can be issued to secure clear ownership. What is step by step procedure.

      each state is a little different, where is the property located?



      :(1)

      • Posted by R. Boyer on July 17, 2003 at 12:21:06:

        In Reply to: Re: Quiet Ownership Procedure Posted by Bill H on July 15, 2003 at 20:12:56:

        : : How would I proceed to secure a quiet ownership on undeveloped land aquired thru delinquent HOA Assessments where no insurance can be issued to secure clear ownership. What is step by step procedure.Undeveloped Land in Southern California, San Bernardino County.

        : each state is a little different, where is the property located?



        :(0)

  • Posted by t shaw on July 15, 2003 at 18:22:05:

    we have entered a "fresh start" agreement with fairbanks in order for us to try and sell our home and avoid losing it to foreclosure sale. At first they told me they were postponing the sale while doing up the agreement now i am told it is "on hold" can someone tell mne the diffence? they are not very forthcoming with information. I live in oregon.Thanks

    :(1)

    • Posted by Susan on July 16, 2003 at 00:16:48:

      In Reply to: difference between postponing-holding sale Posted by t shaw on July 15, 2003 at 18:22:05:

      : we have entered a "fresh start" agreement with fairbanks in order for us to try and sell our home and avoid losing it to foreclosure sale. At first they told me they were postponing the sale while doing up the agreement now i am told it is "on hold" can someone tell mne the diffence? they are not very forthcoming with information. I live in oregon.Thanks

      Hi - I am a real estate broker in Oregon and one of my clients has decided to let her house go back to the bank. Since I have her home listed, I am trying to negotiate a short sale with her mortgage company. When I called them they said they would first need her to complete their hardship packet which basically is asking for her debts and income type stuff. In the cover letter they are referring to a Forebearance Agreement. After looking up the definition of a Forebearance Agreement I have learned that it is an agreement to temporily postpone a foreclosure action against the homeowner. Did your bank refer to your agreement as a Forebearance Agreement?



      :(0)

  • Posted by Kory on July 15, 2003 at 01:12:59:

    Anyone have experience, good or bad, with Houses Plus.com. Looks to me like another internet scam saying we can help, etc. and doing nothing. I think if you ask no questions from them, maybe something would be done, but the minute you start asking questions -- the contact stops! Has to make you wonder? I keep writing them and get no response. Can't even talk to them on the phone. Hmmmmm?

    :(2)

    • Posted by Angela on July 16, 2003 at 22:19:57:

      In Reply to: HousesPlus Posted by Kory on July 15, 2003 at 01:12:59:

      Dave is right. We get 30+ inquiries a day, work with people in foreclosure trying to help them negotiate with their banks (which is VERY time consuming) and simply cannot get back to everyone. We are not a large corporation or anything... we have to pick and choose who we work with and in all honesty, as bad as this sounds, I don't have time to sit and answer questions all day. When people start asking way too many questions and I get the feeling they are uncomfortable with what we can offer them, I move on to the next person. I'm not trying to dodge anything... we just don't have time to be "convincing" people to work with us. There are way too many people who need our help that we can actually help them, to be spending hours answering questions. I even put this information in our auto-responder on our website so people would know that there is a chance we may not reply at all. Again, I know it sounds horrible, but it's just the way it is for us right now. Maybe someday we'll have 200 employees or something, but for right now we're doing the best we can. I'm actually lucky I don't have a life... LOL

      Reading the message boards at midnight is my way of winding down from the day, so I'm glad I saw your post.

      That's really all there is to it...

      I work about 10-12 hours a day and still feel like I've accomplished very little at the end of the day after sitting on hold all day playing phone tag with loss mitigation departments, the sheriff's office (for redemption info), attorneys... then answering emails and trying to get paperwork done - Not to mention we work nationwide and I need to try to travel to some of these houses at times. We are not "part timers" or a fly by night operation, but if you had any idea the overwhelming number of inquiries we get...

      We do the best we can but honestly can only do so much at once and sometimes don't even get back to people unless they are instantly interested in what we can offer them. If not, "next" -

      That's the only way we can work.

      I'm sorry if you've been trying to reach us but your name doesn't even sound familiar off the top of my head. Please email me again and I'll do what I can.

      Thanks -

      AngelaHousesPlus



    :(0)

  • Posted by njdave on July 15, 2003 at 08:33:12:

    In Reply to: HousesPlus Posted by Kory on July 15, 2003 at 01:12:59:

    They could be overwhelmed with inquiries, have too little staff to service them, or, could be a part-time, fly-by-nite organization.

    If you need specific information regardinf a foreclosure problem, either post it here, or email me privately.

  • non profit resource

    :(0)

  • Posted by greg on July 14, 2003 at 14:15:57:

    is it possible to file bankruptcy after being foreclosed on.my wife is left with a debt from ex husbands failed business. he filed bankruptcy and now they are after her to pay off the remaining debt after foreclosure. HELP

    :(0)

  • Posted by Jan on July 14, 2003 at 08:59:08:

    My landlord has in formed me in June that she has not paid the mortgage in 2 months, yet I have been paying her rent. Are there any rights for me as a Tenant? She has received mail from the Bank and I am checking the court docket every week to see when the property hits... The jurisdiction is Ohio, Cuyahoga... any advice? Thanking you in advance!

    :(0)

  • Posted by ThinkingOfWalkingAwayInTexas on July 13, 2003 at 15:01:25:

    I bought my house in the Austin area 2 years ago with my wife at the time... I have since divorced and I have struggled to make my payments over the last year... I can no longer handle the emotional and financial stress... worse yet, due to the housing market in the area my home has around negative 10-15 in equity and I doubt I could sell it given the amount of homes for sale in my area.

    I don't know what to do - the stress is literally making me sick to my stomach... I've even considered chapter 7 but I would like to prevent it if possible... I have a FHA loan - can I just give the house back to Chase Manhattan (who I assume would then collect from HUD)? I called them about this before but they did not want to even talk to me because I am not behind in my payments... what should I do? Please help!

    Thanks!

    :(3)

    • Posted by PHR on July 23, 2003 at 22:37:49:

      In Reply to: Young,in over my head,just want out!! Don't know what to do! Posted by ThinkingOfWalkingAwayInTexas on July 13, 2003 at 15:01:25:

      What you're wanting to do is called a "short sale." You may want to list the propery with a Realtor in your agent at your break-even point and then hope you get an offer. If the offer is low (which it will be if it's overpiced) then go to your bank and see if they'll agree to a low payoff. They'll ask for a hardship statement and other verification showing why you can no longer make the payments. The last thing the bank (or HUD) wants is your house! If you're lucky you can get your lender to outline the steps for a short sale before you start.

      PHR

      :(0)

    • Posted by jill on July 18, 2003 at 16:22:18:

      In Reply to: Young,in over my head,just want out!! Don't know what to do! Posted by ThinkingOfWalkingAwayInTexas on July 13, 2003 at 15:01:25:

      You have quite a few options...You can contact HUD and request a "short sale". This allows you to sell the property for less than the amount owed. You'll need a good real estate agent to work with. Contact the local real estate board and ask for the top five listing agents in your area. Interview each one to see if they have any experience with short sales.

      Contact your lender and find out if your loan is owned by Fannie Mae or Freddie Mac. Although your lender is servicing the loan, the loan is probably owned by one of the FMs. If the lender will not work with you, send a letter to the president of each organization (see each company's web site for the names), explaining your situation. They'll make sure the lender/servicer will work with you.

      You may be able to do a "deed-in-lieu". That means that you give back the deed and walk away.

      Another option is loan modification. Your lender can take a second look at your loan and modify it for you (i.e, lower the payment with an extended loan, reduce the interest on the loan and thus the payments, etc.) This is a fairly new option, but pursue it.

      Last option, get a roommate to help defer the cost of the mortgage.

      You really have so many options. Trust me. It's not that bad.

      God bless you and good luck.



      :(0)

    • Posted by Angela on July 13, 2003 at 16:30:14:

      In Reply to: Young,in over my head,just want out!! Don't know what to do! Posted by ThinkingOfWalkingAwayInTexas on July 13, 2003 at 15:01:25:

      This is exactly the type of scenario we specialize in. Visit us and let's see what we can do.



    :(0)

  • Posted by dave on July 13, 2003 at 11:53:54:

    How long will i have to move if i file a deed in lieu of foreclosure in michigan

    :(4)

    • Posted by njdave on July 14, 2003 at 07:44:39:

      In Reply to: deed in lieu of foreclosure Posted by dave on July 13, 2003 at 11:53:54:

      Everything is negotiable. Such a transaction is for the benefit for, and must be agreeable to both parties.(you can't simply execute a Deed in favor of your mortgagee, file it, and walk away)

      If your mortgagee has agreed to accept a DIL, then negotiate for a convenient date to vacate, promising that you'll leave the premises in broom swept condition, too.

      :(3)

      • Posted by dave on July 15, 2003 at 18:43:41:

        In Reply to: Re: deed in lieu of foreclosure Posted by njdave on July 14, 2003 at 07:44:39:

        : Everything is negotiable. Such a transaction is for the benefit for, and must be agreeable to both parties.: (you can't simply execute a Deed in favor of your mortgagee, file it, and walk away)

        : If your mortgagee has agreed to accept a DIL, then negotiate for a convenient date to vacate, promising that you'll leave the premises in broom swept condition, too.

        i guess my lawyers advise was wrong...my bank informed me i must give them 45 days to make a decision on a DIL and since my sheriff sale is july 25 they won't consider it. If i let it go to sale and they have to evict me it will be in the winter since i have a 6 months redemption and more than likely they will get frozen pipes...but guess they can't see that since the mortgage holders are from California.



        :(2)

        • Posted by TheShortSalePro on July 15, 2003 at 19:20:45:

          In Reply to: Re: deed in lieu of foreclosure Posted by dave on July 15, 2003 at 18:43:41:

          Do you have any equity (difference between what you owe, and the as-is, fair market value)?

          If so, why not sell?

          :(1)

          • Posted by dave on July 16, 2003 at 20:04:53:

            In Reply to: Re: deed in lieu of foreclosure Posted by TheShortSalePro on July 15, 2003 at 19:20:45:

            : Do you have any equity (difference between what you owe, and the as-is, fair market value)?

            : If so, why not sell?

            its on the market...not much equity..major layoffs and factory closings in our area.

            :(0)

  • Posted by lloyd larson on July 11, 2003 at 23:38:52:

    Iam in calif. and my partner wont pay his half of the ballon payment on the property that we bought. the owner of the property who is elderly has threatened to start foreclosure and I dont blame her. I paid my half when it was due in april. My partner agreed if I paid what he has in the undeveloped land he would deed his half to me. I had the docus.drawn up and are in the tile co waiting for his sig. but now he wont sign them and he doesnt return my call. I would like to fill out the papers for the owner and get him to do something. Where can I download infor. and documents and do this for the owner. I think would be a trustee forclosure

    :(0)

  • Posted by Nevadaprincess on July 11, 2003 at 23:09:29:

    Okay, this is the situation...I am a birdog for this local investor, and found him a property that was 50 %LTV not in foreclosure. Two months later the property was given a notice of default. Three months later the property was sold in auction, and the bank was the only buyer. We had a purchaser in escrow ready to sign papers, when the escrow company did a final check on escrow and informed the buyer of the foreclosure. Hence, killed the deal.

    I stood a chance of making $12,500.00. My investor says that he saw the hud one and I could have only made $7,500 after the 50/50 split. He gave these people a certified check of $5000.00, when they moved out. He is out of the money. I confired that the property went to auction by calling the Nevada Legal news.

    NOW, my questions are:1. how did he get to see the HUD-1? Is that something that I could have seen too? Would he have a copy?

    2. The property was sold on June 30th. Nevada is a trust deed state. It's now 11 July, 2003...Do we even have a recission period.

    3. What can the investor do to really get this property back?

    :(0)

  • Posted by JD on July 11, 2003 at 14:31:13:

    Lookin for good reliable info on Illinois foreclosure and bank owned properties.

    :(0)

  • Posted by Gary Q on July 10, 2003 at 20:19:58:

    My home is going into foreclosure by the holder of a fourth T.D. Can a trusted family member buy the fourth (hopefully at a discount) and still have a secure position? What if they then foreclose but want to own the property? Do they have to pay off the other senior loans? There are default judgements against my wife and myself at the county. These need to be seperated from the property.

    :(0)

  • Posted by Denesa on July 10, 2003 at 19:42:29:

    Hi,I'm looking a home in Cypress,Tx.. If your in a bind and want out of your mortgate, I would love to help.

    :(0)

  • Posted by Craig on July 10, 2003 at 14:32:51:

    We need out of our home now. It has been on the market for one year. We have dropped the price twice and still not sold. We live in a small town in PA that most homes sell for $50-$75 and ours started out on the market at $139,500. We have two mortgages on it and they are both current. We need to sell now so we can avoid foreclosure since we have to move for personal reasons. If there is nothing we can do, how long will it take before foreclosure procedures actually start after we stop paying? We are trying to rent it, but chances are in this community we won't be able to get what we need to cover the expenses. Our realtor believes that it will sell, but who knows when??? Please help. Thanks.

    :(0)

  • Posted by PgriS on July 10, 2003 at 09:27:36:

    My home in Florida foreclosed in March 2003. 1st mortgage (158,000)company retained the home, no bidders. They have since sold the home (234,000). 2nd mortgage (23,000) not paid. Should not the 2nd mortgage been paid when the home sold?

    :(1)

    • Posted by Nick on July 10, 2003 at 10:26:48:

      In Reply to: After Foreclosure Posted by PgriS on July 10, 2003 at 09:27:36:

      PgriS:

      Under the conditions that you outlined there is no obligation on the part of the holder of the first to given any monies to the holder of the second. If the second wanted to maintain the property as securitythey could have made the first current, and the foreclosed. Atthis point the second will proceed as an unsecured loan.

      :(0)

  • Posted by Al on July 08, 2003 at 21:45:34:

    Just wondering if anyone of you took coaching by Matt Garcia? Thanks.

    :(6)

    • Posted by Dimitri on September 08, 2003 at 20:51:47:

      In Reply to: Any experience with Matt Garcia of Hard Money Store? Posted by Al on July 08, 2003 at 21:45:34:

      why dont they tell people upfront on the conference call that this BRILLAINT concept costs you money.

      anyone got anymore comments

      : (1)

      • Posted by NOT scammed on October 23, 2003 at 16:01:26:

        In Reply to: has anyone found out anything more about this business Posted by Dimitri on September 08, 2003 at 20:51:47:

        Oct conference and when i called to get phone interview I asked if it would cost me money and the lady hung up on me.I say stay away. If you go to their other website and click on the application for investor you can see the fees they charge to borrow money, About 500 just for appl fee

        : why dont they tell people upfront on the conference call that this BRILLAINT concept costs you money.

        : anyone got anymore comments



        : (0)

    • Posted by Ed on September 03, 2003 at 20:31:15:

      In Reply to: Any experience with Matt Garcia of Hard Money Store? Posted by Al on July 08, 2003 at 21:45:34:

      Just talked to them for 1 1/2 hours and they want $5600 to get started. Sounds like a scam. Be careful.



      : (1)

      • Posted by Mark Moon on October 27, 2003 at 14:17:40:

        In Reply to: Re: Any experience with Matt Garcia of Hard Money Store? Posted by Ed on September 03, 2003 at 20:31:15:

        Be very cautious!!! I personally think this program is deceiving. They want you to spend over $5500 for training materials and access to a mentor only. This does not include the money required to begin necessary rehabs. In addition, they will take 50% of the profits. You are better off getting a hard money loan from a lender directly. In my opinion, the information is NOT worth $5000. He is taking advantage of honest, hard-working people. One day his luck will run out!!!



        : (0)

    • Posted by Durand on August 09, 2003 at 16:57:41:

      In Reply to: Any experience with Matt Garcia of Hard Money Store? Posted by Al on July 08, 2003 at 21:45:34:

      : Just wondering if anyone of you took coaching by Matt Garcia? Thanks.

      I am looking into this program now and would like to hear what others have experienced as well

      :(0)

    • Posted by Durand on August 09, 2003 at 16:53:01:

      In Reply to: Any experience with Matt Garcia of Hard Money Store? Posted by Al on July 08, 2003 at 21:45:34:

      : Just wondering if anyone of you took coaching by Matt Garcia? Thanks.



      :(0)

  • Posted by Never Settle on July 08, 2003 at 18:34:54:

    There's a house coming up at a Trustee's sale next week in California that I am interested in. I can qualify for a mortgage w/ a substantial downpayment, but do not have the 100% purchase price CA law requires. Is there a way to get around the 100% or are there companies that will loan the money?

    :(3)

    • Posted by Gary Patrick on July 14, 2003 at 23:32:51:

      In Reply to: Loan for Trustee's Sale??? Posted by Never Settle on July 08, 2003 at 18:34:54:

      Contact a mortgage lender and give them all the details. There are 100% loans available.Gary PatrickLoan Officerwww.irwinmortgage.com/lo/patrick

      :(0)

    • Posted by Rande Johnsen on July 08, 2003 at 20:11:48:

      In Reply to: Loan for Trustee's Sale??? Posted by Never Settle on July 08, 2003 at 18:34:54:

      For a completed answer read California Civil Code Section 2924. This code section governs foreclosure actions in the state of California.Once a sale is completed, in California, the "power of sale" contained in the deed of trust has been used. Without full payment of the amount due under the note we [a foreclosure trustee]are [is]unable to pay the foreclosing lender. In addition, if your loan falls apart we [a trustee]would not have the ability to resell the property. This could result in legal action from the Trustor if an attempt is made to sell the property after the "power of sale" is gone. Be like everyone else. If you don't have the money, beg or borrower it from someone else. Or get a partner.

      Good Luck

      :(1)

      • Posted by Never Settle on July 09, 2003 at 14:53:39:

        In Reply to: Re: Loan for Trustee's Sale??? Posted by Rande Johnsen on July 08, 2003 at 20:11:48:

        Thank you for the help. One addition question: If I am able to borrow the money from friends and family, will a bank then give me a mortgage so I can pay them back?

        :(0)


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