October - November 2003 Archives


  • Posted by Leasa on October 16, 2003 at 01:03:46:

    We have been renting this house for 2 years, signed a new 1 yr lease the end of July 03. August rolls around, we found foreclosure notice on our door. The house goes up for sale next month. Contacted the owners, they intend to let it go. What rights do I have since they knew it was being foreclosed on when they allowed us to sign another lease for another year? Can I stop paying rent now and start saving for a new deposit and first month rent elsewhere or am I legally bound to the lease until the date of sale? I hate thinking that I am padding their pocket with $600 a month while they smirk about it. But I also dont want a bad reputation as someone who doesnt pay their rent. And am I entitled to my deposit back? Can I sue for moving cost and so forth due to their deception? I am a single mom, 4 kids, rent paid like clockwork on the 1st for over 2 years. At a loss as to what I can do. I dont have a problem with moving to another place, I just cant afford it unless I can get my deposit back. Any help would be appreciated.

    : (3)

    • Posted by Reinstatement Services, Inc. on October 16, 2003 at 10:26:35:

      In Reply to: We are the Renters of a foreclosure in NC Posted by Leasa on October 16, 2003 at 01:03:46:

      Petition the landlord to deed the property to you via quit claim. Once done, enter into a forbearance agreement with the lender [we'll help you accomplish this at no charge] and the sale will not take place. It really is this simple. Of course, you'll want to know that Title is not clouded before considering such a venture.

      You'll need your landlord's cooperation for this to work so don't get confrontational with him just yet. There's victory to be had.

      : (2)

      • Posted by Nadine on November 13, 2003 at 20:36:50:

        In Reply to: Why not purchase the property BEFORE the foreclosure sale? Posted by Reinstatement Services, Inc. on October 16, 2003 at 10:26:35:

        What does it mean to quit claim. Is that done often if you rent from someone and wish to purchase property that you live in that is in foreclosure.

        : Petition the landlord to deed the property to you via quit claim. Once done, enter into a forbearance agreement with the lender [we'll help you accomplish this at no charge] and the sale will not take place. It really is this simple. Of course, you'll want to know that Title is not clouded before considering such a venture.

        : You'll need your landlord's cooperation for this to work so don't get confrontational with him just yet. There's victory to be had.



        : (0)

      • Posted by Leasa on October 16, 2003 at 13:09:51:

        In Reply to: Why not purchase the property BEFORE the foreclosure sale? Posted by Reinstatement Services, Inc. on October 16, 2003 at 10:26:35:

        Thanks for that info, not sure I understand any of it, does that mean I would be offering to buy the house? I dont want to own this house, I just want to see if I was bound to the lease since they signed it knowing the house was in forecosure.

        : (0)

  • Posted by Parker Polsey on October 15, 2003 at 21:43:14:

    Well my house is being foreclosed tomorrow Oct 16, 2003. Its due to someone stealing my money and all. When I was sending checks in, this person took the money out of my account. Now I am losing my house and I cant come up with $8000.00 to save it. How long do I have to move out of the house when its foreclosed against.

    : (0)

  • Posted by John on October 15, 2003 at 17:08:23:

    Hi, Need some answers to these questions if possible.1. Does Florida have a Right of Redemption?2. Is the redemption period before your house is sold or after the house is sold (by foreclosure)?3. Is there ANY recourse available to a homeowner to reclaim a home after a foreclosure sale has occured.

    Thanks for any input on this.

    : (4)

    • Posted by JC on December 19, 2003 at 09:08:01:

      In Reply to: Right of Redemption in Florida Posted by John on October 15, 2003 at 17:08:23:

      Florida does not have a right of redemption in the traditional sense which permits the debtor to redeem the proeprty AFTER it has been judicially sold. What it does have, however, is a 10 day protest period which begins from the moment the certificate of sale is recorded. The protest period provides the debtor an opportunity to contest any procedural irregularities with regard to the sale. It does not permit them to "cure" the default and take the property back absent some error in the manner in which the sale was advertised or held.

      Hi,

      : Need some answers to these questions if possible.

      : 1. Does Florida have a Right of Redemption?

      : 2. Is the redemption period before your house is sold or after the house is sold (by foreclosure)?

      : 3. Is there ANY recourse available to a homeowner to reclaim a home after a foreclosure sale has occured.





      : Thanks for any input on this.







      : (2)

      • Posted by sterling on December 29, 2003 at 11:44:14:

        In Reply to: Re: Right of Redemption in Florida Posted by JC on December 19, 2003 at 09:08:01:

        Has florida adopted the Uniform nonjudicial foreclosure Act? if so , where in the statutes can it be found>?

        : Florida does not have a right of redemption in the traditional sense which permits the debtor to redeem the proeprty AFTER it has been judicially sold. What it does have, however, is a 10 day protest period which begins from the moment the certificate of sale is recorded. The protest period provides the debtor an opportunity to contest any procedural irregularities with regard to the sale. It does not permit them to "cure" the default and take the property back absent some error in the manner in which the sale was advertised or held.

        : : Hi,

        : : : Need some answers to these questions if possible.

        : : : 1. Does Florida have a Right of Redemption?

        : : : 2. Is the redemption period before your house is sold or after the house is sold (by foreclosure)?

        : : : 3. Is there ANY recourse available to a homeowner to reclaim a home after a foreclosure sale has occured.



        : : Thanks for any input on this.



        : (1)

        • Posted by JC on December 29, 2003 at 12:06:02:

          In Reply to: Re: Right of Redemption in Florida Posted by sterling on December 29, 2003 at 11:44:14:

          : Has florida adopted the Uniform nonjudicial foreclosure Act? if so , where in the statutes can it be found>?

          Not that I'm aware of.

          : (0)

    • Posted by Jim V on October 15, 2003 at 23:26:08:

      In Reply to: Right of Redemption in Florida Posted by John on October 15, 2003 at 17:08:23:

      : Hi, : Need some answers to these questions if possible.: 1. Does Florida have a Right of Redemption?: 2. Is the redemption period before your house is sold or after the house is sold (by foreclosure)?: 3. Is there ANY recourse available to a homeowner to reclaim a home after a foreclosure sale has occured.

      : Thanks for any input on this.

      From memory, which is suspect, in my case. I think FL has an unofficial 10 day or so redemption period between the time a property is sold at auction and the certificate of title is issued.If the lender was the high bidder at the sale, it is sometimes possible to do post-sale workouts where the lender allows the homeowner to reinstate the loan.Other than that, the only way to invalidate a sale would be through legal action if state procedures were not followed correctly.

      : (0)

  • Posted by Mia on October 15, 2003 at 12:39:33:

    I was purchasing my home on a land contract with the previous owners and defaulted. I was unsuccessful in renegotiating with them, and need to move ASAP, unfortunately.

    What can I take with me? I replaced a couple of the appliances, bought a water softner system and put in several thousand dollars worth of fencing. Can I take these, or are they considered replacements/improvements that I have to leave behind?

    I'd call my lawyer, but it would just be another wasted $500...

    Any help is appreciated.

    : (0)

  • Posted by vicky on October 15, 2003 at 08:18:43:

    what happens with the trustee sale. how long do u have to get out? what happens after that

    : (0)

  • Posted by Denise on October 15, 2003 at 04:30:13:

    We have a VA loan on our property in South Carolina. We are divorcing and have not made a mortgage payment since Nov. 2002. My husband (the veteran) lives in AK; I am overseas. Our home has been on the market since March, but no contracts; we've lowered the price several times. We have heard nothing from our mortgage company (a local savings & loan) until recently when I phoned them about a payoff figure (thought we had a contract on the house, but it fell through). At that time, the women in collections said that since they were not able to locate either of our addresses, they were getting ready to notify us of foreclosure through publication in the local paper. My question is: on a VA Loan, what is the general timetable and process once publication is effected? We're really hoping to sell the house (we've lived there 13 years and have a nice equity in it), but the market is very slow right now where we live. Thanks.

    : (1)

    • Posted by Ward-CA- on October 17, 2003 at 23:44:57:

      In Reply to: What's general foreclosure timeline on VA loan (SC)? Posted by Denise on October 15, 2003 at 04:30:13:

      : We have a VA loan on our property in South Carolina. We are divorcing and have not made a mortgage payment since Nov. 2002. My husband (the veteran) lives in AK; I am overseas. Our home has been on the market since March, but no contracts; we've lowered the price several times. We have heard nothing from our mortgage company (a local savings & loan) until recently when I phoned them about a payoff figure (thought we had a contract on the house, but it fell through). At that time, the women in collections said that since they were not able to locate either of our addresses, they were getting ready to notify us of foreclosure through publication in the local paper. My question is: on a VA Loan, what is the general timetable and process once publication is effected? We're really hoping to sell the house (we've lived there 13 years and have a nice equity in it), but the market is very slow right now where we live. Thanks.

      : (0)

  • Posted by Thomas on October 14, 2003 at 20:47:47:

    My question is this, can I take possesion on a house that I was the high bidder on, an had acceptance by the special master. I have paid the orginal mortgage and waiting for the deed, but if it is empty can I take possesion and change the locks? There are a few items which I feel were left behind i.e. clothes. I need a little advice in this matter. I can go in the house and no one is living there and utilities have been turned off. Thanks for any feed back.

    : (2)

    • Posted by Jim V on October 15, 2003 at 01:36:53:

      In Reply to: Can I take possesion? Posted by Thomas on October 14, 2003 at 20:47:47:

      Thomas,

      I thought I'd previously posted enough to make you feel somewhat comfortable with taking possession. No one can actually say "Do this, and you'll be o.k.", because laws and their enforcement vary in different areas. If I bought a house where access was available, where it appeared to be vacant and utilities were turned off;I'd change locks, secure the property(replacing broken windows and/or doors), photograph the interior, inventory, box and store anything left by the previous owner in the garage and start addressing any issues necessary to make the property marketable.Personal property of the previous owner needs to be made available to them, or disposed of per your state laws regarding unclaimed personal property.You have redemption issues, so you don't want to do high ticket repairs/rehab until redemption is over. Most redemptions don't provide for reimbursement of property improvements.Get over there and change the locks.Not legal advice, just an opinion.If you want/need other opinions, feel free to post again.Congratulations on taking the first steps.

      : (0)

    • Posted by SeanW on October 14, 2003 at 21:27:24:

      In Reply to: Can I take possesion? Posted by Thomas on October 14, 2003 at 20:47:47:

      You should look this up in your state statutes. Every state is different, but they all give the ex-owner a certain amount of time to leave, and stipulate how the buyer must handle abandoned property.

      FWIW, I would not do anything until I record the trustee's deed. It's probably not that big a deal to make a minor mistake, in taking posession of real estate that appears abandoned. But make sure you really own it.

      : (0)

  • Posted by Shane McCormick on October 13, 2003 at 14:25:19:

    Hello everyone,

    I'm new to this message board. I'm going to be honest, I'm a young guy and I don't know much about the real estate business. I'm willing and determined to know as much as possible. My question is, does anyone out there have any suggestions for myself, on what to do? on who to contact? should I go to a few foreclosures to get a feel for it? What should I do?

    Thanks everyone for your time, I apprecitate it

    : (8)

    • Posted by David on October 13, 2003 at 15:03:16:

      In Reply to: Foreclosure Real Estate Posted by Shane McCormick on October 13, 2003 at 14:25:19:

      Shane, Read everything you can put your hands on...i.e. the Investor Guide at www.creativedealguys.comJust read and absorb before you decide which path to invest in.

      Good Luck

      : Hello everyone,

      : I'm new to this message board. I'm going to be honest, I'm a young guy and I don't know much about the real estate business. I'm willing and determined to know as much as possible. My question is, does anyone out there have any suggestions for myself, on what to do? on who to contact? should I go to a few foreclosures to get a feel for it? What should I do?

      : Thanks everyone for your time, I apprecitate it



      : (7)

      • Posted by Shane McCormick on October 13, 2003 at 15:33:47:

        In Reply to: Re: Foreclosure Real Estate Posted by David on October 13, 2003 at 15:03:16:

        Thank you once again Dave for that information. If you don't mind me asking, wheres the "real" money made in the real estate foreclosure business, Renting?Leasing? Selling? Selling to other investors?

        Shane,: Read everything you can put your hands on...: i.e. the Investor Guide at www.creativedealguys.com: Just read and absorb before you decide which path to invest in.

        : Good Luck

        : : Hello everyone,

        : : I'm new to this message board. I'm going to be honest, I'm a young guy and I don't know much about the real estate business. I'm willing and determined to know as much as possible. My question is, does anyone out there have any suggestions for myself, on what to do? on who to contact? should I go to a few foreclosures to get a feel for it? What should I do?

        : : Thanks everyone for your time, I apprecitate it



        : (1)

        • Posted by Meredith Friedman on October 19, 2003 at 10:25:24:

          In Reply to: Re: Foreclosure Real Estate Posted by Shane McCormick on October 13, 2003 at 15:33:47:

          Hi,

          I am new to this board also and eager and determined to get started. I am wondering if it is worth buying the Quick Start Guide to Real Estate Investing for $29.95

          : Thank you once again Dave for that information. If you don't mind me asking, wheres the "real" money made in the real estate foreclosure business, Renting?Leasing? Selling? Selling to other investors?

          : : Shane,: : Read everything you can put your hands on...: : i.e. the Investor Guide at www.creativedealguys.com: : Just read and absorb before you decide which path to invest in.

          : : Good Luck

          : : : Hello everyone,

          : : : I'm new to this message board. I'm going to be honest, I'm a young guy and I don't know much about the real estate business. I'm willing and determined to know as much as possible. My question is, does anyone out there have any suggestions for myself, on what to do? on who to contact? should I go to a few foreclosures to get a feel for it? What should I do?

          : : : Thanks everyone for your time, I apprecitate it



          : (0)

      • Posted by Shane McCormick on October 13, 2003 at 15:17:01:

        In Reply to: Re: Foreclosure Real Estate Posted by David on October 13, 2003 at 15:03:16:

        Thank you David for that information I do appreciate it. If you don't mind can I ask you one more questions, is it uncommon for a person who wins a bid at a home foreclosure to sell the real estate to another investor?

        Thank you once again



        Shane,: Read everything you can put your hands on...: i.e. the Investor Guide at www.creativedealguys.com: Just read and absorb before you decide which path to invest in.

        : Good Luck

        : : Hello everyone,

        : : I'm new to this message board. I'm going to be honest, I'm a young guy and I don't know much about the real estate business. I'm willing and determined to know as much as possible. My question is, does anyone out there have any suggestions for myself, on what to do? on who to contact? should I go to a few foreclosures to get a feel for it? What should I do?

        : : Thanks everyone for your time, I apprecitate it



        : (4)

        • Posted by Shane McCormick on October 13, 2003 at 15:26:57:

          In Reply to: Re: Foreclosure Real Estate Posted by Shane McCormick on October 13, 2003 at 15:17:01:

          Thank you once again Dave for that information. If you don't mind me asking, wheres the "real" money made in the real estate foreclosure business, Renting?Leasing? Selling? Selling to other investors?

          Thank you

          Thank you David for that information I do appreciate it. If you don't mind can I ask you one more questions, is it uncommon for a person who wins a bid at a home foreclosure to sell the real estate to another investor?

          : Thank you once again

          : Shane,: : Read everything you can put your hands on...: : i.e. the Investor Guide at www.creativedealguys.com: : Just read and absorb before you decide which path to invest in.

          : : Good Luck

          : : : Hello everyone,

          : : : I'm new to this message board. I'm going to be honest, I'm a young guy and I don't know much about the real estate business. I'm willing and determined to know as much as possible. My question is, does anyone out there have any suggestions for myself, on what to do? on who to contact? should I go to a few foreclosures to get a feel for it? What should I do?

          : : : Thanks everyone for your time, I apprecitate it



          : (0)

        • Posted by Dave on October 13, 2003 at 15:19:04:

          In Reply to: Re: Foreclosure Real Estate Posted by Shane McCormick on October 13, 2003 at 15:17:01:

          Shane, You may be able to flip or assign the rights, however, check with State and Local laws

          : Thank you David for that information I do appreciate it. If you don't mind can I ask you one more questions, is it uncommon for a person who wins a bid at a home foreclosure to sell the real estate to another investor?

          : Thank you once again

          : Shane,: : Read everything you can put your hands on...: : i.e. the Investor Guide at www.creativedealguys.com: : Just read and absorb before you decide which path to invest in.

          : : Good Luck

          : : : Hello everyone,

          : : : I'm new to this message board. I'm going to be honest, I'm a young guy and I don't know much about the real estate business. I'm willing and determined to know as much as possible. My question is, does anyone out there have any suggestions for myself, on what to do? on who to contact? should I go to a few foreclosures to get a feel for it? What should I do?

          : : : Thanks everyone for your time, I apprecitate it



          : (2)

          • Posted by Dave on October 13, 2003 at 15:35:19:

            In Reply to: Re: Foreclosure Real Estate Posted by Dave on October 13, 2003 at 15:19:04:

            I believe it's in Lease/Options. Good rundown of the procedure in that book..

            Go get 'em !

            : Shane,: You may be able to flip or assign the rights, however, check with State and Local laws

            : : Thank you David for that information I do appreciate it. If you don't mind can I ask you one more questions, is it uncommon for a person who wins a bid at a home foreclosure to sell the real estate to another investor?

            : : Thank you once again

            : : : Shane,: : : Read everything you can put your hands on...: : : i.e. the Investor Guide at www.creativedealguys.com: : : Just read and absorb before you decide which path to invest in.

            : : : Good Luck

            : : : : Hello everyone,

            : : : : I'm new to this message board. I'm going to be honest, I'm a young guy and I don't know much about the real estate business. I'm willing and determined to know as much as possible. My question is, does anyone out there have any suggestions for myself, on what to do? on who to contact? should I go to a few foreclosures to get a feel for it? What should I do?

            : : : : Thanks everyone for your time, I apprecitate it



            : (1)

            • Posted by Shane McCormick on October 13, 2003 at 16:40:51:

              In Reply to: Re: Foreclosure Real Estate Posted by Dave on October 13, 2003 at 15:35:19:

              Thank you Dave for your information again. I do appreciate it. Do you have your own real estate investment firm? do you know how I would get local trans. of homes in the area that I may want to potentially purcahse a home? would i go to the town council or realtors or...?

              Thank you

              I believe it's in Lease/Options. Good rundown of the procedure in that book..

              : Go get 'em !

              : : Shane,: : You may be able to flip or assign the rights, however, check with State and Local laws

              : : : Thank you David for that information I do appreciate it. If you don't mind can I ask you one more questions, is it uncommon for a person who wins a bid at a home foreclosure to sell the real estate to another investor?

              : : : Thank you once again

              : : : : : Shane,: : : : Read everything you can put your hands on...: : : : i.e. the Investor Guide at www.creativedealguys.com: : : : Just read and absorb before you decide which path to invest in.

              : : : : Good Luck

              : : : : : Hello everyone,

              : : : : : I'm new to this message board. I'm going to be honest, I'm a young guy and I don't know much about the real estate business. I'm willing and determined to know as much as possible. My question is, does anyone out there have any suggestions for myself, on what to do? on who to contact? should I go to a few foreclosures to get a feel for it? What should I do?

              : : : : : Thanks everyone for your time, I apprecitate it



              : (0)

  • Posted by Robert Moreno on October 13, 2003 at 13:49:54:

    To Whom it May Concern;



    I recently presented an offer on behalf of my client for a property that has gone through the foreclosure process and has been returned to Wells Fargo Bank. The property is located in California. The address is 733 Longfellow Court, Tracy, CA. 95376.



    The offer was presented to the real estate agency marketing the property. Our offer has been put on hold for 30 days and then maybe it is said that it will be reviewed. I have tried to understand the reasoning behind this but have not been given a satisfactory answer.



    Looking at comparable properties in the area and the condition of this property our offer is a fair price. The property has been totally trashed by the previous owner. Walls have been kicked in, sinks and toilets removed, banister going upstairs has been ripped out, carpets are ruined, tile needs to be replaced and much more.



    The home comparables are at $391,000. The work that has to be done will range from $30,000 to $50,000 to be completed in order to bring the house up to its present worth on the open market. This does not include all the other expenses that arise from holding onto a foreclosure property. These are expenses that Wells Fargo stock holders will have to absorb.



    Would you please have someone contact me to explain; Why it is in the best interest of Wells Fargo Bank to hold on to this property, in a market that is in the slower months, instead of selling it to someone who is willing to pay fair market price and very able to get financing from Wells Fargo.



    Am I wrong in thinking that Wells Fargo’s’ business model is banking services and loaning money not selling rehabilitated real estate? We have offered a fair price but more importantly we have also offered a buyer that will use Wells Fargo as the financier. Is not this where a profit will be realized?



    Please have someone call me to explain to me if my logic is incorrect. I can be reached at 925-240-8077.



    I respectfully look forward to your response.



    P.S. Since I wrote this email I have found out that the repairs will be done on the home. I suspect that if done correctly the repairs could be up to $30K and possibly more. The work will hold up the sale of the home for at least another 2 to 3 months. The market is already slow. I just went out with this buyer to look at similar homes. My buyer and I have decided that if we buy another home we will use another lender. The way I see it with some rough numbers you could stand to lose up to $250K plus cost to repair because of your REO company and realtors lack to act on your behalf.



    Robert Moreno



    925-240-8077



    : (0)

  • Posted by thomas on October 12, 2003 at 23:39:28:

    I recently was high bidder at an foreclosure auction in New Mexico and want to take possesion of the property. If the orginal owners have moved on do I still need to serve an eviction, or can I go in to the property? I just want to do the legal thing in this matter. When does the redemption period start? is it the day of the sale or when I recieve the deed from the courts. Thanks for any help.

    : (1)

    • Posted by Jim V on October 13, 2003 at 00:24:27:

      In Reply to: possesion of foreclosed property in NM Posted by thomas on October 12, 2003 at 23:39:28:

      : I recently was high bidder at an foreclosure auction in New Mexico and want to take possesion of the property. If the orginal owners have moved on do I still need to serve an eviction, or can I go in to the property? I just want to do the legal thing in this matter. When does the redemption period start? is it the day of the sale or when I recieve the deed from the courts. Thanks for any help.

      If you are certain there are no occupants in the property, at a minimum, you'll want to secure the property by changing locks and maybe put a sign in the window with a phone number to call if anyone notices a problem with the property. If no one calls within a few days, it's a good bet the previous owners are gone.

      NM redemption begins to run when the Order Approving Sale and Special Master's Report is filed with the court. Redemption period could be either one month, or nine months. You didn't ask, so I'm assuming you have specifics on that. Be cautious about improvements during the redemption period, you don't want to improve a property only to have someone redeem it from under you.

      : (0)

  • Posted by denise on October 12, 2003 at 18:29:31:

    i forgot to mention that litton sold and purchased my home themselves.

    : (0)

  • Posted by denise on October 12, 2003 at 18:27:55:

    hello, i don't know if there is any help for me, but i was in the process of a loan modification, the lender (litton loan) told me i needed to come up with 6,000 by the end of sept. i only came up with 3000. they forclosed on my home oct 8th with out notice. is there anything i can do to save my home?

    : (1)

    • Posted by David on October 16, 2003 at 18:36:10:

      In Reply to: forclosure Posted by denise on October 12, 2003 at 18:27:55:

      Denise,Litton did the same thing to me. I filed chap 13.

      : (0)

  • Posted by TRNJ on October 12, 2003 at 09:33:08:

    Found a property that has been sold at sheriff's sale. There is still time for debtor to redeem. If I am willing to pay the amount needed to redeem, what documents should I get from the debtor in order to have title conveyed to me? Is a quitclaim deed enough? I've done a title search and there are no other liens or judgments. Thanks.

    : (0)

  • Posted by Barry d on October 11, 2003 at 07:19:54:

    Attention homeowners,If your in foreclosure we can help get you money in as little as 7 days.

    No income/job verification, no appraisal, zero credit score required, no rental or mortgage history required upto 70% loan to value. (loan based on equity only)No scam, we have real lenders with millions to loan.Send E-mail with your request.

    : (4)

    • Posted by Jose O Ramos on December 01, 2003 at 16:56:42:

      In Reply to: WE REFINANCE FL, NY, NJ, GA, FORECLOSURES Posted by Barry d on October 11, 2003 at 07:19:54:

      Pls contact me regarding the subject line. Thanks.Jose

      : Attention homeowners,: If your in foreclosure we can help get you money in as little as 7 days.

      : No income/job verification, no appraisal, zero credit score required, no rental or mortgage history required upto 70% loan to value. (loan based on equity only): No scam, we have real lenders with millions to loan.: Send E-mail with your request.



      : (2)

      • Posted by AMY on January 02, 2004 at 14:42:02:

        In Reply to: Re: WE REFINANCE FL, NY, NJ, GA, FORECLOSURES Posted by Jose O Ramos on December 01, 2003 at 16:56:42:



        : Pls contact me regarding the subject line. Thanks.

        : Jose





        : : Attention homeowners,

        : : If your in foreclosure we can help get you money in as little as 7 days.





        : : No income/job verification, no appraisal, zero credit score required, no rental or mortgage history required upto 70% loan to value. (loan based on equity only)

        : : No scam, we have real lenders with millions to loan.

        : : Send E-mail with your request.





        PLEASE E-MAIL ME BACK WITH A CONTACT NUMBER- THANK-YOU

        : (0)

      • Posted by hollie aycox on January 02, 2004 at 09:01:33:

        In Reply to: Re: WE REFINANCE FL, NY, NJ, GA, FORECLOSURES Posted by Jose O Ramos on December 01, 2003 at 16:56:42:



        : Pls contact me regarding the subject line. Thanks.

        : Jose





        : : Attention homeowners,

        : : If your in foreclosure we can help get you money in as little as 7 days.





        : : No income/job verification, no appraisal, zero credit score required, no rental or mortgage history required upto 70% loan to value. (loan based on equity only)

        : : No scam, we have real lenders with millions to loan.

        : : Send E-mail with your request.

        not yet in foreclosure but very behind need to get new loan to start fresh





        : (0)

    • Posted by Ed Smith on October 13, 2003 at 11:11:14:

      In Reply to: WE REFINANCE FL, NY, NJ, GA, FORECLOSURES Posted by Barry d on October 11, 2003 at 07:19:54:

      : Attention homeowners,: If your in foreclosure we can help get you money in as little as 7 days.

      : No income/job verification, no appraisal, zero credit score required, no rental or mortgage history required upto 70% loan to value. (loan based on equity only): No scam, we have real lenders with millions to loan.: Send E-mail with your request.



      : (0)

  • Posted by Heather Rogers on October 11, 2003 at 04:21:48:

    okay my house is possibly going up for foreclosure. I had a home equity line that I got behind on. does anyone know how I would go about saving my home?, I have lived there for 28 years. My mother willed me the home when she passed. I was 17 years old and did not know really what to do other than keep HER house. I scared of loosing it now, please any one if you know how i can fix this let me know

    : (0)

  • Posted by Paul on October 11, 2003 at 00:08:05:

    We are in a difficult situation. House in Idaho. BK discharge April 2002. Here's our problem. We bought a house through a realator who also carried the loan in August 2002. We tried to get a refinance loan 1 year out of BK, but our rate would have been crazy. So we continued paying the realator through a title company. In May of 2003 we were approved for a new home loan (80/20)and decieded to build a new house. Our house has been on the market since May with no one interested. We are asking 2,000 less than we owe, if we are lucky and get an offer the realator who has the loan still may not agree to carry a note. He will not agree to a short sale either. Our new home will be done in a month and we are wondering if we should try to pay 2 house payments for the first month just to get the new loan and use our old house as an "income property" or something, then stop paying and get foreclosed on, or does this realator have nothing on us because he still owes money on it also? We need help, FAST !!!!!

    Please e-mail answers to blakeultima@hotmail.com

    : (1)

    • Posted by SeanW on October 11, 2003 at 11:03:17:

      In Reply to: pre-foreclosure questions - Please Help! Posted by Paul on October 11, 2003 at 00:08:05:

      If you allow a foreclosure on the old house, the loans secured by it (which were not paid in full), could become deficiency judgement liens attached to your new house.

      If these judgements are large, they could be tempting enough to your creditors, to start another foreclosure. (Although usually such judgements just sit quietly in the courthouse records accumulating interest, until the house is sold.)

      Renting the old house at a monthly loss, may be cheaper in the end than allowing the house to be sold distressed at auction and having deficiencies. And if you rent it for a few years, maybe you can finally get rid of it break-even.

      : (0)

  • Posted by Jena on October 10, 2003 at 19:43:13:

    I spoke with the mortgage company's attorney who told me that they are filing the judgement documents soon and that it could be 3-5 months before the next step is taken....all in all about 6-8 months from now for the house to be scheduled for sheriff's sale.

    My question is will I be ordered to move at the time of sale or after the actual sale?

    I live in Ohio.

    Thank you.



    : (1)

    • Posted by Ward-CA- on October 14, 2003 at 00:01:31:

      In Reply to: Foreclosure question Posted by Jena on October 10, 2003 at 19:43:13:

      : I spoke with the mortgage company's attorney who told me that they are filing the judgement documents soon and that it could be 3-5 months before the next step is taken....all in all about 6-8 months from now for the house to be scheduled for sheriff's sale.

      : My question is will I be ordered to move at the time of sale or after the actual sale?

      : I live in Ohio.

      : Thank you.

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

      Jena,

      You have the legal right to stay in possession of the property as long as you hold title to the property.

      Once you lose your title at the foreclosure auction the new owner will have the right to possession and will be obliged to evict you if you don't voluntarily vacate according to the written notice served upon you.

      : (0)

  • Posted by Dina DeDona on October 10, 2003 at 16:08:56:

    Conn.If I pay the reinstatment amount before the due date,can the mortgage company or their lawywer charge additional fees?

    : (5)

    • Posted by Jim V on October 11, 2003 at 00:08:49:

      In Reply to: mortgage reinstatement Posted by Dina DeDona on October 10, 2003 at 16:08:56:

      : Conn.If I pay the reinstatment amount before the due date,can the mortgage company or their lawywer charge additional fees?

      Dina,

      If you have a reinstatement amount, it should be "as of" a certain date, hopefully that's the due date. You need to pay attention to how the lender/attorney requires funds to be paid, they often won't accept a personal check, but will require certified funds and keep in mind the due date is just that, due on that day. A day after, and things will often change.

      It's almost impossible to say how accurate a given lender/foreclosure firm will be with their figures, but if you are being proactive, and make sure they have their payment before the due date, you should be o.k..

      : (0)

    • Posted by Sean, N.C. on October 10, 2003 at 23:31:35:

      In Reply to: mortgage reinstatement Posted by Dina DeDona on October 10, 2003 at 16:08:56:

      Dunno about Connecticut. But under N.C. statutes, the lender can tack on 25% to 75% of the trustee's fees for preparing the foreclosure sale, depending on how far things have progressed.

      It sounds logical to me, that most states would allow a lender to recover whatever additional expenses are incurred, if they follow legal procedures attempting to collect what they're owed.

      : (3)

      • Posted by Sean, N.C. on October 10, 2003 at 23:41:59:

        In Reply to: Re: mortgage reinstatement Posted by Sean, N.C. on October 10, 2003 at 23:31:35:

        I guess I should be a little more specific about my own state. The trustee's fee is capped by statute at 5% of the balance owed, at the time of the sale. The trustee can only charge 25% to 75% of this amount if the sale is cancelled.

        I suspect that in a cancelled (reinstated) sale, the lender makes someone else pay the trustee's bill.

        If a sale actually takes place, however... it's not at all unusual to see a lender "eat" the cost of conducting the sale. Or even ask for less than they're owed.

        : (2)

        • Posted by Jim V on October 11, 2003 at 00:15:44:

          In Reply to: Re: mortgage reinstatement Posted by Sean, N.C. on October 10, 2003 at 23:41:59:

          Sean,

          NC market slow/slowing? I haven't seen reductions in CA opening bids for a while, most notably while the market has remained in a "seller's market" environment. Always interested to hear perspective from other areas.

          : (1)

          • Posted by Sean, N.C. on October 11, 2003 at 10:43:43:

            In Reply to: Re: NC market slow? Posted by Jim V on October 11, 2003 at 00:15:44:

            In N.C., the populous counties are seeing slow price increases, around 2% a year. But there's plenty of new construction in the suburbs-- with "0 down" signs posted that compete with the existing housing. So the market is overall stable, and it's possible to buy 6at 5 cents on the dollar at the auction.

            The small manufacturing towns are losing jobs, and have unemployment over 10%. It's a firm buyer's market out there.

            : (0)

  • Posted by Tina on October 10, 2003 at 12:30:04:

    What is the difference between a sheriffs sale, a judicial sale, an intercounty sale and a special commissioners sale?

    : (3)

    • Posted by Bill H on October 10, 2003 at 12:47:33:

      In Reply to: Sales Posted by Tina on October 10, 2003 at 12:30:04:

      : What is the difference between a sheriffs sale, a judicial sale, an intercounty sale and a special commissioners sale?

      Tina: Be a bit more specific. What state are you in? Then someone can answer or assist you. Different jurisdictions have different statutes.

      Good Luck,

      Bill H



      : (2)

      • Posted by Tina on October 10, 2003 at 14:36:38:

        In Reply to: Re: Sales Posted by Bill H on October 10, 2003 at 12:47:33:

        Sorry, I live in Illinois.

        : (0)

      • Posted by Tina on October 10, 2003 at 12:51:13:

        In Reply to: Re: Sales Posted by Bill H on October 10, 2003 at 12:47:33:

        Sorry, I live in Illinois.

        : (0)

  • Posted by Tina on October 10, 2003 at 12:29:59:

    What is the difference between a sheriffs sale, a judicial sale, an intercounty sale and a special commissioners sale?

    : (1)

  • Posted by Steven on October 10, 2003 at 02:43:33:

    State is Arizona.The forclosure was on a line of credit (2nd mortgage). I was the highest bidder and recieived Trustees Deed at the Trustees Sale. There is a first lien holder with a balance of $112,500. The line of credit was for $65,000. My winning bid was $78,000. Value of property is around $210,000. The people conducting the Trustees sale never informed the first lien holder that they were foreclosing. They did not find out about the foreclosure until after the trustees sale. That apparently is in violation of Arizona Revised Statuate 33 which indicates how and when all recorded interest(s) are to be notified of foreclosure proceedings ie by certified mail.My questions are: 1)Is the sale invalid? If so do I get my bid money back? 2)If the sale is not invalid do I have a RIGHT to reinstate the 1st and/or pay off the first. Key Word is "the right to". Or do I need to get the homeowner to sign off on it in some fashion. I know the answers to the second question depends on the answer to the first question but any info you can give would be appreciated. PS. Every other step since the sale has taken place normally and the owner is due to be evicted in a week. The failure to notify first lien holder was just discovered. What rights do I have and what rights does the homeowner have if any?

    : (3)

    • Posted by Irwin on October 12, 2003 at 09:10:42:

      In Reply to: Trustees Sale of 2nd Valid? Posted by Steven on October 10, 2003 at 02:43:33:

      You're probably okay and you can either assunme or pay off the first. Get in touch with the first mortgage holder (if they'll talk to you since you're not their borrower) and find out the status of their loan. They might be about to foreclose and it will cost you a bunch in fees & costs. Due on Sale normally doesn't apply to a foreclosing second lien holder, but I'm not sure about a third party bidder. For that matter the mortgage company won't know either. BUT with $78k on the line I suggest hiring a good AZ lawyer ASAP. State is Arizona. Also, before you pay out any more money, get title insurance. : The forclosure was on a line of credit (2nd mortgage). I was the highest bidder and recieived Trustees Deed at the Trustees Sale. There is a first lien holder with a balance of $112,500. The line of credit was for $65,000. My winning bid was $78,000. Value of property is around $210,000. The people conducting the Trustees sale never informed the first lien holder that they were foreclosing. They did not find out about the foreclosure until after the trustees sale. That apparently is in violation of Arizona Revised Statuate 33 which indicates how and when all recorded interest(s) are to be notified of foreclosure proceedings ie by certified mail.: My questions are: 1)Is the sale invalid? If so do I get my bid money back? 2)If the sale is not invalid do I have a RIGHT to reinstate the 1st and/or pay off the first. Key Word is "the right to". Or do I need to get the homeowner to sign off on it in some fashion. I know the answers to the second question depends on the answer to the first question but any info you can give would be appreciated. : PS. Every other step since the sale has taken place normally and the owner is due to be evicted in a week. The failure to notify first lien holder was just discovered. What rights do I have and what rights does the homeowner have if any?



      : (0)

    • Posted by SeanW on October 10, 2003 at 23:22:57:

      In Reply to: Trustees Sale of 2nd Valid? Posted by Steven on October 10, 2003 at 02:43:33:

      You can be sure, the senior trust deed has had their share of delinquent and late payments from the ex-owner.

      If you're ready to reinstate that 1st, they'll probably be delighted to take your payments and have the loan performing again. They may not even bother with the due-on-sale clause.

      : (0)

    • Posted by Nick(Colorado) on October 10, 2003 at 10:50:35:

      In Reply to: Trustees Sale of 2nd Valid? Posted by Steven on October 10, 2003 at 02:43:33:

      Steven:

      It is my thought that if no one complains, the sale willstand. I do not see that any party was materially damaged by this oversight. However, if the previous owners are tryingto get the sale reversed, in order to get more time to cure,this may be as good of a reason as any. So I would notmention this oversight to them. If the sale is reverse you get your money back.

      At this point you may either bring the first current, or pay it off. You may use the trustee's deed so show the lender that ownership has been transferred. There are more cleaver ways of using title holding trusts, etc, to avoiddue on sale clauses, if you wish. Keep track of any monies that you spend at this point. If the sale is reversed you will need documentation of your out of pocket expenses.



      : (0)

  • Posted by heather on October 09, 2003 at 23:21:55:

    has anyone ever used a 3rd party mediation service to negotiate a workout ? i am considering it , im afraid if i pay them 1000.00 then the only thing they would work out with my lender would be for me to have to come up with more money i dont have. they all say that i wont have to pay my lender anything , their sure they can put everything on the end of the loan. somehow i just cant trust that.any suggestions?

    : (2)

    • Posted by Reinstatement Services, Inc. on October 10, 2003 at 11:34:47:

      In Reply to: foreclosure mediation Posted by heather on October 09, 2003 at 23:21:55:

      Heather, you submitted an electronic query to RSI on 10/07 but never followed up with the free phone consultation, which is fine...except had you bothered to speak with us you would already KNOW what your gut is telling you now.

      If someone is guaranteeing you a specific outcome on an application for workout that might be submitted to your lender then you are right to be suspicious. If someone is promising that you will not have to make any monetary contributions to your lender once a workout is granted then you need to run from them with haste.

      Since the final decision of workout obviously rests with your lender it could be a very costly mistake for you to make a decision to hire a third party consultant with everything resting on the granting of a specific workout. Trust your intuition and common sense.

      I remember a similar discussion on this board sometime back in April from a poster named Mareno (zeviboy@surewest.net, ---I feel okay posting his email address since it is already part of the archives for this site) who had similar concerns that you have regarding getting off of the fence. He had reached a dead-end in his discussions with his lender, was receiving unemployment, and had been denied workout remedy 3 times before we entered his life.

      Recently, I received this email from him: You are marvelous, wonderful, stupendous, fabulous and a G-d in my book. I rec'd the ppwk from Washington Mutual on Friday and the terms are to modify the loan from 8.5% to 6.5% with my payments at $1367.00/mo for 312 months and $1054.00 in attorney fees. I'm only paying $8.00 more a month than my old payments.

      Heather...whether you utilize our service or not [and based on the information you’ve submitted thus far I’m not even sure we can help you]...you've got some decisions to make and quickly.

      We know that the legal right to your home will be stripped from you and you will be forced to move if the foreclosure is allowed to continue. We know that you haven't had any success in dealing with your lender because you're still here looking for reassurance. We know that if you allow this trust-paralysis to continue to grip you then you will most assuredly lose your home and investment.

      Your job is to decide on a strategy that will generate positive movement and allow you to accomplish your goals. You will probably not find anyone to take your case free...so make a decision.

      If you don't have any money to put towards a downpayment contribution that your lender might insist on as a condition of workout then list the property for sale. If you feel confident that you can raise enough money to qualify for a repayment plan or loan modification and your lender is still showing no interest in what you have to say, then the logical solution would be to hire someone who will get your voice heard and your goal met [whether that be a consultant or a bankruptcy attorney].

      Bottom line: as a sale date approaches things will not get any easier. In fact, the closer it gets to sale the more demanding your lender will be regarding workout stipulations and the less likely you will be to realize success in this effort. Its time to stop the canvass and polling and take some real action.

      : (0)

    • Posted by njdave on October 10, 2003 at 05:19:22:

      In Reply to: foreclosure mediation Posted by heather on October 09, 2003 at 23:21:55:

      "they all say that i wont have to pay my lender anything"

      That may or may not be true, but I would suggest that you anticipate having to demonstrate that your financial hardship has been resolved, AND that you may be required to make a hefty downpayment toward the arrears.

      If your situation has not been reversed, you don't have $1,000, and you realy would be hard pressed to make an increased monthly payment, it's time to seriously consider the sale of your home.

      : (0)

  • Posted by Michelle on October 09, 2003 at 15:35:21:

    My husband and I filed CH 7 bankruptcy last year and our house was included in the filing. The foreclosure hearing on our house is not until December, but I am being relocated due to my job and we need to find an apartment. All of the apartment apps. that I have received say that you will automatically be denied a lease if you have property in foreclosure. Does anyone know how to get around this type of issue?

    Thanks,Michelle

    : (0)

  • Posted by ronald casterella on October 09, 2003 at 13:39:58:

    i was illegally arrested and foreclosed on on 8-29-03 it all started back on 9-11-01 when my work comp stopped due to adjuster having a doctor making a fraud report on 8-3-01 that i was back at maximum medical improvement meanwhile last time i saw this doctor was on 5-23-01 since seeing him i saw dr.saether in june she put me in physical therapy then said go back to dr. steinmetz end of june i told her i would have to find new nerogist cause dr.steinmetz said end of may he would never see me again then in july i went to orthopedic surgeon he also said i need to see a nerogist or nerosurgeon when i called adjuster at walmart chris barker she refused to give me another doctor cause she said i had 2 orthopedic surgeons i am not going to get 2 nerogists that is agaist the law but she got away with it she also owed me money from january to june she said i will said it when i am dam good and ready cause of walmart i am still disabled cause they refused to send me to doctors i finally got my congresswomen to get me an appointment with nerosurgoen in june 2002 1 year later after the fact after he examined me he said i was not at mmi and i should see a specilist in miami for my leg see they made me work from january to april 4 months i reinjured myself and told dr.steinmetz my lawers are all terrible joe north said we will sue walmart and shop there on sunday all talk had great lawer in his firm jodi squires but she left firm i was never told they gave me tricia prado she was nightmare i got all evidece but she did not believe it so i left her then burkert hart would not touch case then goldstein buckly rice pirce had maryjack but she quit cause she would not take depo from dr.steinmetz i now have burke and lebel it took 9 months just for 1 mediation it usually takes 30 days so now we get to how we lost my condo i was living there when they stopped paying me my work comp on 9-11-01 i called countrywide immedily i spoke to a nice gentlemen name steve he mailed me a letter on 9-27-01 stating as long as countrywide can talk to my attorneys they will put payments to back of loan evrything went fine til may 2002 they foreclosed on me i went to court it was dropped then in july countrywide dismissed foreclosure entirly then in august they wanted to put it back on the doc but it was more then 10 days so everything should be over. then in june 2003 they said they were going to foreclose again it has been on the doc off the doc so many times plus i was never giving 30 day written notice by countrywide itself only through the lawers i was never giving 3 day warning either just served a writ which was illegal cause person never owned my proprty when i went to court on 9-16-03 state attorny drooped all charges meanwhile when sheriffs dept arrested me they thtew me on bed 2 300 pound cops they damaged everything we owned cause they threw everything outside alot of stuff was stolen i have a eyewitness also judge seals was in on this with countrywide on 5-23-03 i have proof where judge writes to countrywide not enough proof to grant default perhaps serving him with a new affadafit and a new servicer would cure the problem countrywide response judge please foreclose on him so i have enough evidece where disclosure was used judge should be disbarred and countrywide person who said they were helping me should face felony charges another problem with countrywide selling my condo to fish properties they are in bed together it is against the law it is like a kickback your help in this manner is greatly apprecited another thing i read they could put a lien on my work comp cause i am do back money so they could have put a lien on it and i still think fish properties does not own my property which means i should be back in there cause i read with a illegal writ they are to put the proper owners back in there house i have epilepsy had several seizures cause of all this and my wife got the shingles was at doctors office twice gave her antibiotics worse for me spending 7 hours in jail illegally false arrest

    : (2)

    • Posted by Reinstatement Services, Inc. on October 09, 2003 at 14:22:08:

      In Reply to: countrywide illegalforecloure Posted by ronald casterella on October 09, 2003 at 13:39:58:

      and this time leave out all of the jail stuff. I didn't read your post because it is much too convoluted.

      Stick to the mortgage loan situation [current status, sale date, lender, what you might be looking to accomplish] and we might be able to steer you in the right direction for remedy.



      : (0)

    • Posted by ronald casterella on October 09, 2003 at 13:42:50:

      In Reply to: countrywide illegalforecloure Posted by ronald casterella on October 09, 2003 at 13:39:58:

      : i was illegally arrested and foreclosed on on 8-29-03 it all started back on 9-11-01 when my work comp stopped due to adjuster having a doctor making a fraud report on 8-3-01 that i was back at maximum medical improvement meanwhile last time i saw this doctor was on 5-23-01 since seeing him i saw dr.saether in june she put me in physical therapy then said go back to dr. steinmetz end of june i told her i would have to find new nerogist cause dr.steinmetz said end of may he would never see me again then in july i went to orthopedic surgeon he also said i need to see a nerogist or nerosurgeon when i called adjuster at walmart chris barker she refused to give me another doctor cause she said i had 2 orthopedic surgeons i am not going to get 2 nerogists that is agaist the law but she got away with it she also owed me money from january to june she said i will said it when i am dam good and ready cause of walmart i am still disabled cause they refused to send me to doctors i finally got my congresswomen to get me an appointment with nerosurgoen in june 2002 1 year later after the fact after he examined me he said i was not at mmi and i should see a specilist in miami for my leg see they made me work from january to april 4 months i reinjured myself and told dr.steinmetz my lawers are all terrible joe north said we will sue walmart and shop there on sunday all talk had great lawer in his firm jodi squires but she left firm i was never told they gave me tricia prado she was nightmare i got all evidece but she did not believe it so i left her then burkert hart would not touch case then goldstein buckly rice pirce had maryjack but she quit cause she would not take depo from dr.steinmetz i now have burke and lebel it took 9 months just for 1 mediation it usually takes 30 days so now we get to how we lost my condo i was living there when they stopped paying me my work comp on 9-11-01 i called countrywide immedily i spoke to a nice gentlemen name steve he mailed me a letter on 9-27-01 stating as long as countrywide can talk to my attorneys they will put payments to back of loan evrything went fine til may 2002 they foreclosed on me i went to court it was dropped then in july countrywide dismissed foreclosure entirly then in august they wanted to put it back on the doc but it was more then 10 days so everything should be over. then in june 2003 they said they were going to foreclose again it has been on the doc off the doc so many times plus i was never giving 30 day written notice by countrywide itself only through the lawers i was never giving 3 day warning either just served a writ which was illegal cause person never owned my proprty when i went to court on 9-16-03 state attorny drooped all charges meanwhile when sheriffs dept arrested me they thtew me on bed 2 300 pound cops they damaged everything we owned cause they threw everything outside alot of stuff was stolen i have a eyewitness also judge seals was in on this with countrywide on 5-23-03 i have proof where judge writes to countrywide not enough proof to grant default perhaps serving him with a new affadafit and a new servicer would cure the problem countrywide response judge please foreclose on him so i have enough evidece where disclosure was used judge should be disbarred and countrywide person who said they were helping me should face felony charges another problem with countrywide selling my condo to fish properties they are in bed together it is against the law it is like a kickback your help in this manner is greatly apprecited another thing i read they could put a lien on my work comp cause i am do back money so they could have put a lien on it and i still think fish properties does not own my property which means i should be back in there cause i read with a illegal writ they are to put the proper owners back in there house i have epilepsy had several seizures cause of all this and my wife got the shingles was at doctors office twice gave her antibiotics worse for me spending 7 hours in jail illegally false arrest



      : (0)

  • Posted by lois thomas-nitti on October 09, 2003 at 11:55:21:

    My husband and I are trying to give back the house to Fairbanks as we have had it on the market for 1 and 1/2 years and cannot sell it. The house was appraised at 383,000. and we are down to 329,000. and owe Fairbanks 296,000. We even have an attorney who is not able to make contact with a live person who will tell us what to do. My husband is 78 years old and I am 68. We are thinking about bankruptcy as we are going broke trying to keep up with the utilities and association fees, insurance, etc. We own a small home where we are now living and its more than a problem keeping things going at both houses. Our main problem is also not being able to get ahold of a person to help us with this matter. Please please help us. Mrs. Nitti

    : (1)

    • Posted by Reinstatement Services, Inc. on October 09, 2003 at 14:39:25:

      In Reply to: Fairbanks Mortgage Posted by lois thomas-nitti on October 09, 2003 at 11:55:21:

      this is the loan resolution department at Fairbanks. Let the representative know that you're interested in exploring a deed-in-lieu of foreclosure. From there, you should be able to garner some direction.

      : (0)

  • Posted by taken for a ride???? on October 09, 2003 at 09:10:21:

    through our own stupid fault we got behind on a car payment--the car loan is with the same place as our mortgage--when we got behind on our car payments the bank refused to take our house payments unless we paid on the past due amount on the car--i can live without a car cant live without a home so we tried to appease the banking gods by paying on the car--so we could pay on our mtg.--to make a long story short our financial situation was bleak and money that should have gone to keep the mortgage current ended up on the car loan and soon we were behind on both--as our financial situation improved we paid on both but they were still behind--we tried getting an amount over and above the regular payment to take care of the arreages--the bank agreed but after they had our hard earned dough they paid on the vehicle (which by now the loan is upside down on) instead of the mortgage--we asked for a modification on the loans to straighten this out and spell out what we were to pay where it wouldgo & be applied and how it would clear up the arreages--the bank claims we have already done that by our informal workout plans that have failed due to we are not paying them to keep a car and letting our house go back--we tried taking the car to them--they refused it and demanded money and said if we didnt take the car back that we would end up paying for it to be towed--they dont want the car they want money and our holding our mtg hostage to get it--my question did we enter into a modification agreement by agreeing to pay for both and pay over the amount due each month or is a modification agreement formal and would it spell out where that money was to go and evetually spell out how the arreages were taken care of--now our bank tells us we have defaulted on everything and they are looking at foreclosure due to the fact that we failed to provide them with the money we agreed when we modified the loans--did we modify the 2 loans or is modification formal?

    : (1)

    • Posted by Reinstatement Services, Inc. on October 09, 2003 at 11:17:21:

      In Reply to: modification???? Posted by taken for a ride???? on October 09, 2003 at 09:10:21:

      Wow. This sounds unreal. How about you give us a call to see if we can work something out with your lender on the matter of the mortgage...Free of Charge.

      Unless one was used to secure the other, this episode doesn't make much sense. I'm intrigued.

      Phone Walter at 661 263-1186 if you're interested in taking us up on our offer of help.

      You have until close of business [5:00 PST] to contact us. After that time the offer of free assistance will be revoked.

      : (0)

  • Posted by Nenee on October 08, 2003 at 16:37:03:

    I've been hearing that I shouldn't go to Foreclosure companies for workout help. If your lender will not help you, what do you do? I want to keep my home, my life, rebuild my credit. Wells Fargo put me on a payment plan wanting me to pay over $2200 a month...there was no way that I could afford that. I have already had a loan modification...so now what? I can afford payments, but bad things happen to good people. I'm at wits end and emotionally drained. Please help

    : (3)

    • Posted by Nenee on October 10, 2003 at 17:13:46:

      In Reply to: RECEIVED FORECLOSURE PAPERS TODAY Posted by Nenee on October 08, 2003 at 16:37:03:

      Thanks for the info

      : (0)

    • Posted by Jim V on October 09, 2003 at 01:24:50:

      In Reply to: RECEIVED FORECLOSURE PAPERS TODAY Posted by Nenee on October 08, 2003 at 16:37:03:

      I don't know where this backlash against workout companies is coming from, but they can sometimes assist with a dificult situation.

      I think Scott basically covered the options, if you've tried several workout options, and you can't keep up with the payments, you need to look at other options. Sometimes, that means selling the property, even if you'd really rather live there. Yes, bad things happen to good people, but lenders will usually require that they either get the payments, or they'll get the property. It's basic business practice, and sadly doesn't account for distress.

      : (0)

    • Posted by Scott on October 08, 2003 at 20:41:38:

      In Reply to: RECEIVED FORECLOSURE PAPERS TODAY Posted by Nenee on October 08, 2003 at 16:37:03:

      you said:Wells Fargo put me on a payment plan wanting me to pay over $2200 a month...there was no way that I could afford that.

      I say:

      Sell your home. if you've already had a loan modification, and you've defaulted on that, there is a huge probability that they won't work out a plan again. If you want to keep your home, you have to reinstate the whole loan. If you don't have any of the money, getting a loan to reinstate won't help. I have done this in Texas and now in California. Sometimes it's best to get a fresh start.

      Scott

      : (0)

  • Posted by HEATHER on October 07, 2003 at 18:45:24:

    ARE THESE PEOPLE FOR REAL? I CANNOT AFFORD TOP GIVE THEM 1500.00 AND THEM TAKE THE MONEY AND RUN . IVE TALKED WITH MY LENDER NUMEROUS TIMES , BUT STILL THE SAME SMART REMARKS.IM 9000.00 BEHIND , AND I NEED SOME HELP. IF ANYONE HAS ANY INFO ABOUT FORECLOSURE ASSISTANCE COMPANIES PLEASE RESPOND BEFORE I MAKE A HUGE MISTAKE .

    : (5)

    • Posted by NJdave on October 08, 2003 at 09:56:05:

      In Reply to: STOP FORECLOSURE MEDIATION SERVICES? Posted by HEATHER on October 07, 2003 at 18:45:24:

      Who is the lender? What type of mortgage loan do you have? Have you received any assistence from them (forbearance/modification/workout)within the last 18 months? Would you be able to maintain the payments if the loan were reinstated? Would you be able to afford the regular monthly paymnent, plus another $200 per month? What is the approximate value of the home? What is the approximate payoff on the mortgage loan?

      : (4)

      • Posted by heather on October 08, 2003 at 10:22:22:

        In Reply to: Re: STOP FORECLOSURE MEDIATION SERVICES? Posted by NJdave on October 08, 2003 at 09:56:05:

        : Who is the lender? What type of mortgage loan do you have? Have you received any assistence from them (forbearance/modification/workout)within the last 18 months? Would you be able to maintain the payments if the loan were reinstated? Would you be able to afford the regular monthly paymnent, plus another $200 per month? What is the approximate value of the home? What is the approximate payoff on the mortgage loan?

        conseco was , then they filed bk. greentree is now the lender.its a convential loan . i have never recieved any assistance. my husband has a very good income now , i am trying to go to law school, so i dont work , but yes , we can definatley afford the payments, amd any extra that we has to pay.the payoff is appx. 62000.00, the home is appx. 50000.00 plus we have 4 ac. of land up for the loan appraised at 12000.00 . the stop foreclosure companies ive spoken with see no problem in getting the loan reinstated but i just need to know if theyre just trying to take my money

        : (3)

        • Posted by NJDave on October 08, 2003 at 11:02:56:

          In Reply to: Re: STOP FORECLOSURE MEDIATION SERVICES? Posted by heather on October 08, 2003 at 10:22:22:

          If you don't feel up to the challenge of attempting a workout "pro se" you should check with the BBB before you retain the services of any 3rd party mediator.

          My suggestion would be to contact RSI, a frequent contributor to this, and other boards. Their link has been provided as a convenience. Check them out.

          : (2)

          • Posted by heather on October 08, 2003 at 11:57:39:

            In Reply to: Re: STOP FORECLOSURE MEDIATION SERVICES? Posted by NJDave on October 08, 2003 at 11:02:56:

            : If you don't feel up to the challenge of attempting a workout "pro se" you should check with the BBB before you retain the services of any 3rd party mediator.

            : My suggestion would be to contact RSI, a frequent contributor to this, and other boards. Their link has been provided as a convenience. Check them out.

            i would attempt a workout program myself , but i dont know who to contact at greentree. i tried to talk to the repossession dept. and they just treat me like dirt. i asked for the loss mitigation dept this morning , the operator at greentree said they dont have that dept.any suggestions on how to start

            : (1)

            • Posted by astalt(MI) on October 31, 2003 at 12:23:12:

              In Reply to: Re: STOP FORECLOSURE MEDIATION SERVICES? Posted by heather on October 08, 2003 at 11:57:39:

              : : If you don't feel up to the challenge of attempting a workout "pro se" you should check with the BBB before you retain the services of any 3rd party mediator.

              Greentree Loss Mitigation--> 877-816-9125 x35926: : My suggestion would be to contact RSI, a frequent contributor to this, and other boards. Their link has been provided as a convenience. Check them out.

              : i would attempt a workout program myself , but i dont know who to contact at greentree. i tried to talk to the repossession dept. and they just treat me like dirt. i asked for the loss mitigation dept this morning , the operator at greentree said they dont have that dept.any suggestions on how to start



              : (0)

  • Posted by HEATHER on October 07, 2003 at 18:41:33:

    ARE THOSE COMPANIES FOR REAL? I CANNOT AFFORD TO PAY 1500.00 FOR THEM TO STOP MY FORECLOSURE AND THEM TAKE THE MONEY AND RUN.IVE TRIED TO WORK SOMETHING OUT WITH MY LENDER,I CANNOT FILE BK , THE HOME IS NOT IN MY NAME.POOR CREDIT , NO LOAN POSSIBLE.PLEASE , IF YOU HAVE ANY INFO PLEASE RESPOND,I HAVE TRHEE LITTLE BABIES TO FIND A HOME FOR IF I CANT FIND A WAY TO KEEP THIS ONE

    : (4)

    • Posted by Jim V on October 07, 2003 at 20:00:34:

      In Reply to: 3RD PARTY MEDIATION SERVICES? Posted by HEATHER on October 07, 2003 at 18:41:33:

      : ARE THOSE COMPANIES FOR REAL? I CANNOT AFFORD TO PAY 1500.00 FOR THEM TO STOP MY FORECLOSURE AND THEM TAKE THE MONEY AND RUN.IVE TRIED TO WORK SOMETHING OUT WITH MY LENDER,I CANNOT FILE BK , THE HOME IS NOT IN MY NAME.POOR CREDIT , NO LOAN POSSIBLE.PLEASE , IF YOU HAVE ANY INFO PLEASE RESPOND,I HAVE TRHEE LITTLE BABIES TO FIND A HOME FOR IF I CANT FIND A WAY TO KEEP THIS ONE

      Heather,

      One difficulty I see is you stating the home is not in your name. If the home isn't in your name, the loan probably isn't either. A lot of the options get eliminated when you aren't the "legal" owner/borrower. I could be wrong, but I think it might be difficult for you to do a lender workout if you aren't the borrower. If any other readers have done non-borrower workouts, feel free to correct me.

      Sorry I couldn't provide something helpful.

      : (3)

      • Posted by Reinstatement Services, Inc. on October 08, 2003 at 10:54:14:

        In Reply to: Re: 3RD PARTY MEDIATION SERVICES? Posted by Jim V on October 07, 2003 at 20:00:34:

        Even if the home is not owner occupied, most lenders will choose workout over foreclosure if the income is sufficient to cover the monthly debt and if the histroy of the loan has not been chronic.

        The formal exception to this statement being this: most government-sponsored loans carry with them the stipulation that the home must be owner occupied for a workout to be considered or extended. Still, many servicers/lenders are often willing to overlook even this criterion in favor of workout IF they have the full support of the legal owner and if the relationship hasn't been sullied by combative communications.

        RSI has never had a file disapproved for lack of owner occupancy.

        : (1)

        • Posted by Jim V on October 08, 2003 at 11:52:55:

          In Reply to: GSE criteria Posted by Reinstatement Services, Inc. on October 08, 2003 at 10:54:14:

          In my mind, this supports what I was trying to convey on a post down the board about the benefits of specialists. Thanks for the correction/clarification.

          Jim

          : (0)

      • Posted by heather on October 08, 2003 at 10:27:33:

        In Reply to: Re: 3RD PARTY MEDIATION SERVICES? Posted by Jim V on October 07, 2003 at 20:00:34:

        : : ARE THOSE COMPANIES FOR REAL? I CANNOT AFFORD TO PAY 1500.00 FOR THEM TO STOP MY FORECLOSURE AND THEM TAKE THE MONEY AND RUN.IVE TRIED TO WORK SOMETHING OUT WITH MY LENDER,I CANNOT FILE BK , THE HOME IS NOT IN MY NAME.POOR CREDIT , NO LOAN POSSIBLE.PLEASE , IF YOU HAVE ANY INFO PLEASE RESPOND,I HAVE TRHEE LITTLE BABIES TO FIND A HOME FOR IF I CANT FIND A WAY TO KEEP THIS ONE

        : Heather,

        : One difficulty I see is you stating the home is not in your name. If the home isn't in your name, the loan probably isn't either. A lot of the options get eliminated when you aren't the "legal" owner/borrower. I could be wrong, but I think it might be difficult for you to do a lender workout if you aren't the borrower. If any other readers have done non-borrower workouts, feel free to correct me.

        : Sorry I couldn't provide something helpful.

        thanks for that info. greentree knows that we live in the home , and they call here to "chew on us" even though the loan is in my father in laws name. all of the mediation services ive spoken with say it makes no difference if its not in our name , they can still do a work out but i dont trust them at all , so i think ill look into what you said . thanks so much !!

        : (0)

  • Posted by were we duped??? on October 07, 2003 at 09:54:15:

    to make a long story short we had some financial hardships and got behind on our mortgage--we currently are filing chapter 7 bankruptcy--we had an agreement with our bank to make payments on the loan through the bankruptcy process--before it began we made scheduled payments and instead of paying on the loan the lender kept the money in their own secured savings account--now that we have filed the lender refuses to take any payments and we have an ample amount of money in a savings account that now has to be amended to the bankruptcy--any ideas on what to do--our options are pretty clear--find refinancing--post 7 discharge--file chapter 13 after 7 discharged (since the only thing left will be the house) or sell the house which we dont want to do and--any suggestions or advice appreciated. We live in Iowa--any lenders post 7 out there? House has value of 72,000---loan amount needed is 56,000. I welcome any help or ideas!!!thank you!!!

    : (2)

    • Posted by njdave on October 07, 2003 at 10:25:01:

      In Reply to: repayment plan or refinance Posted by were we duped??? on October 07, 2003 at 09:54:15:

      "we had an agreement with our bank to make payments on the loan through the bankruptcy process"

      I'm not clear on what you've done. Did you first file a BNK 13 petition and promise to make payments to both the lender, and the Trustee? Or did you reaffirm your loan and go straight to a Chapter 7?

      Typically, the bankrupt petitioner makes the regularly scheduled mortgage loan payments directly to the Lender, and makes the BNK plan payments (arrearages, etc.) to the Trustee for the term of the Chapter 13 plan.

      Usually, only after a Chapter 13 fails would the petitioner change to a Chapter 7.

      Can you clarify?

      : (1)

      • Posted by were we duped??? on October 07, 2003 at 13:00:09:

        In Reply to: Re: repayment plan or refinance Posted by njdave on October 07, 2003 at 10:25:01:

        : "we had an agreement with our bank to make payments on the loan through the bankruptcy process"

        : I'm not clear on what you've done. Did you first file a BNK 13 petition and promise to make payments to both the lender, and the Trustee? Or did you reaffirm your loan and go straight to a Chapter 7?

        : Typically, the bankrupt petitioner makes the regularly scheduled mortgage loan payments directly to the Lender, and makes the BNK plan payments (arrearages, etc.) to the Trustee for the term of the Chapter 13 plan.

        : Usually, only after a Chapter 13 fails would the petitioner change to a Chapter 7.

        : Can you clarify?

        we thought long and hard about bankruptcy before doing we did a straight chapter 7--we have filed--yes we reaffirmed--we are currently waiting on our 341 hearing which is the end of this month--before we filed we let the lender know that we were going to file at that time the lender said they would not attempt foreclosure if we paid and would work with us during the bankruptcy process to workout a loan program thatwould take care of the arreages while taking current payments--now we sit holding up our end of the deal(the filing of bankruptcy) and the lender sits with money they never applied to the loan that we paid before the filing and now they also will not work with us--essentially we are filing bankruptcy meaning you have nothing and here our bank sits with over 4000 of our money--we have money to pay --they wont let us before the bankruptcy was filed we sent payments to the bank and they accepted them but did not apply them to the loan--after they got the notice we had filed they closed all our accounts and stopped dealing with us and referred us to their attorney who basically told us too bad--im not working with you--we may know more after the 341 meeting about where things are going--we are not converting our bankruptcy at all--we can file chapter 13 after our chapter 7 is discharged (should be January if all goes well)--that is the second to worse case scenario--the worse case scenario is being foreclosed on before all that happens--i guess in short we are filing "chapter 20--not a real chapter but is a 13 after a 7"--we would like to completely forgo the "chapter 20" and either work with the lender or try a different avenue. am just looking for suggestions or ideas from readers thank you!!



        : (0)

  • Posted by Steven on October 06, 2003 at 20:10:19:

    Please, Please Please. Do not pay anyone to help you arrange a foreclosure workout with your bank.Simply contact a local Realtor for assistance.Ask to speak to their broker and let them know that you need help to stop your foreclosure. They will give you all the options.

    Good luck, God Bless

    : (12)

    • Posted by TruthSquared on October 08, 2003 at 18:35:15:

      In Reply to: NEVER NEVER PAY ANYONE FOR FORECLOSURE WORKOUT HELP Posted by Steven on October 06, 2003 at 20:10:19:

      My friend, celebrating his 50th birthday, went to have a colonoscopy. When he was finished he asked the Doctor what he found. The Doctor replied that he had found a polyp or two, and some diverticulosis, which was normal, but nothing out of the ordinary. My friend then asked the Doctor for a Note that he could give to his wife as proof positive that his head was not up his a**. Crag, he couldn't give you that note.

      : (0)

    • Posted by NJDave on October 07, 2003 at 07:29:17:

      In Reply to: NEVER NEVER PAY ANYONE FOR FORECLOSURE WORKOUT HELP Posted by Steven on October 06, 2003 at 20:10:19:

      While it may not always be necessary to hire a professional service provider to help an emotionally and financially distraught homeowner devise a non-foreclosure alternative, real estate brokers or brokers' agents have no particular skillset or expertise to provide credit counseling.... If they do, they are the exception to the rule. Wasting time soliciting a real estate salesperson's advice as the foreclosure clock ticks is counterproductive to effectuating a non foreclosure alternative.... unless your agenda is NOT to preserve their continued homeownership... but to list and sell.

      I suspect that a real estate salesperson's advice would be to sell.

      I suspect that a bankruptcy attorney's advice would be to go bankrupt.

      I suspect that a mortgage broker's advice would be to refinance.

      I suspect that a real estate speculator's advice would be to 'lemme grab the deed'

      There are many non profit organizations that provide counseling... some good, some not so good. There are also many professional services available to distressed homeowners who, for a 'fee' will seek to devise a workout. Some good, some merely "consultants in sheeps' clothing..."



      : (2)

      • Posted by Craig on October 08, 2003 at 05:47:12:

        In Reply to: Re: Huh???? Posted by NJDave on October 07, 2003 at 07:29:17:

        I suspect NJDAVE that you have nothing to do but role play as a wannabe DR PHIL. If you want to guess and undermine Steve's message do it somewhere else. I'm one of those people who called a Real-estate person and they HELPED ME and called my lender, then they helped me with a workout so I could get out of foreclosure.FREE, no charge, Naaadaa.Why don't you just forget about leaving negative messages, At this time no one wants a smarty, they just need ways to fix their problem?OHH, I also tried a workout company and the stiffed be for money too. Thanks for YOUR no needed advice.

        Craig Jones

        : (1)

        • Posted by NJDave on October 08, 2003 at 08:27:54:

          In Reply to: Re: Huh???? Posted by Craig on October 08, 2003 at 05:47:12:

          I'm glad, Craig, that you were able to escape foreclosure, and reiterate that you were indeed fortunate that you happened upon a real estate salesperson who was able to successfully take you through what is usually a complicated matter. I'd love to have that real estate salesperson's name for I would include that person's office in my network of affilated brokers, and give that person referrals for homeowners who face mortgage foreclosure. You see, Craig, in my 20+ years as a troubled loan counselor, I've met only a handful of real estate salespeople who knew (or cared about) the differences between a preforeclosure and an REO. Since many pre-foreclosure listings are time consuming, otherwise problematic, and often result in reduced commissions, the majority of real estate brokers and brokers' agents avoid foreclosure situations like the plague. In fact, at seminars I've attended and have been featured as a guest speaker, the majority of real estate salespeople and their brokers in attendance weren't at all familar with their own state's foreclosure process. Due to the brokers lack of the requisite understanding, many completed mortgage foreclosures across the USA which occured while a property had been improperly listed for sale, could have been avoided.

          Apparently, you had the resources to enter into a satisfactory repayment plan with your lender. If you were 'stiffed' by a mediation provider, I hope that you served notice to your area's Better Business Bureau. Thanks for your opinion. Perhaps if you had a bit more experience you might have responded differently.

          : (0)

    • Posted by Jim V on October 07, 2003 at 01:23:28:

      In Reply to: NEVER NEVER PAY ANYONE FOR FORECLOSURE WORKOUT HELP Posted by Steven on October 06, 2003 at 20:10:19:

      And believe it or not, I wasn't just answering phones.

      It wasn't a small office, and I can guarantee that virtually all of the people in the office had absolutely NO CLUE as to how to deal with, or address, issues specific to homeowners with some financial distress.

      If you're a Realtor, perhaps you could answer some of the questions that are listed chronologically down the board. With your infinite wisdom, I'm sure you can solve all of the issues.

      I have nothing against Realtors, I've been one and continue to deal with them, but foreclosure is a specific issue that most Realtors, IMHO, are totally unqualified to deal with. Post answers, or respond to this post, I suppose it'll be fairly obvious where the knowledge lies.

      : (5)

      • Posted by susan on October 08, 2003 at 06:02:14:

        In Reply to: Re: I worked in a real estate office. Posted by Jim V on October 07, 2003 at 01:23:28:

        You said... With your infinite wisdom, I'm sure you can solve all of the issues.

        WHAT ARE YOU SORE ABOUT WITH A COMMENT LIKE THAT?I KNOW a lot OF REAL ESTATE PEOPLE WHO HELP PEOPLE IN FORECLOSURE, FREE. WHY ... because in return they receive referrals and believe me they do refer other friends who are looking to buy or sell their home. It takes no time at all to call a lender and request a workout solution for the client. Please wake up and smell the MONEY. Workout companies are not brain doctors, anyone can ask a lender for a workout solution if they know what to say. Why charge the person for a thing like that. Help one person and they will be your best friend and in return, they love to help you.

        : (4)

        • Posted by Reinstatement Services, Inc. on October 08, 2003 at 13:22:25:

          In Reply to: What are you saying? Posted by susan on October 08, 2003 at 06:02:14:

          This is an interesting thread with several facets worthy of exploration.

          On the one hand we've got the protagonist suggesting the absurdity of paying for workout assistance but in the same breath boasting of the payoff gained by those to which she seeks to divert the business to [isn’t this still payment?]. Then on the other hand we've got RSI who tends to favor getting paid for the specific service in question because we like the idea of having food on our table.

          The premise for Sue's argument is asinine. Following Susie's line of thinking, why, then should we pay for haircuts, or oil changes, or most anything for that matter? Why should we pay thousands of dollars in agent commissions when there is this thing that exists called "For Sale by Owner"? Why? Because we are a people who enjoy convenience. But more than that, we also appreciate that there are those professionals with specialized skills who are trained to do a better job.

          The fact that Sue [and Steven] has chosen to minimize the work involved in soliciting a lender for workout remedy is a pathetic ploy that even those holding troubled loans [based on their history of rejections from their lender] will able to see through. If the work were that simple... if securing remedy was merely a phone call away...then why not direct those individuals to their lender rather than a broker?

          Bottom line: Can an individual sell their property without the assistance of a real estate professional? Absolutely. Likewise, can a person holding a distressed loan accomplish their goals in avoiding foreclosure without the assistance of a mediator? Of course. In fact, our recommendation to mortgagors holding distressed loans is always to try what's free first and work your way out being ever aware of the clock.

          Even so, based on the rate of foreclosure, based on the number of bankruptcy filings, based on the number of prospective clients soliciting ours and other organizations for foreclosure avoidance assistance, based on the volume of posters seeking help in this and similar discussion forums… reality suggests that there is a definite need that exists that is NOT being met...and "real estate people" have been around for at least as long as the foreclosure situation. They’ve definitely been in place for long enough to have established a reputation for being the “go to” point of contact IF they held skill in mediating workouts. But they aren’t considered the “go to” source in this area because, short of listing a property, securing a buyer, and referring to funding sources “real estate people” do not overall possess the knowledge and skill necessary to secure the best remedy for a troubled homeowner soliciting workout assistance from their lender. And by the way, this should not be construed as being a slight to realtors. Some of my best friends…[smile]

          So I guess my question to Susan would be...why haven't those in the real estate industry NOT stepped up to the plate in effort to stabilize this foreclosure epidemic that has become woven into the fabric of our culture given the simplicity of the workout effort coupled with the brokers desire to help and ultimately secure a Sale referral ?

          And Susan, if your answer is anything other than because the payoff and knowledge in this area just isn't there...then you are a liar.

          : (2)

          • Posted by AJ on October 26, 2003 at 12:07:24:

            In Reply to: Why pay? Posted by Reinstatement Services, Inc. on October 08, 2003 at 13:22:25:

            : This is an interesting thread with several facets worthy of exploration.

            : On the one hand we've got the protagonist suggesting the absurdity of paying for workout assistance but in the same breath boasting of the payoff gained by those to which she seeks to divert the business to [isn’t this still payment?]. Then on the other hand we've got RSI who tends to favor getting paid for the specific service in question because we like the idea of having food on our table.

            : The premise for Sue's argument is asinine. Following Susie's line of thinking, why, then should we pay for haircuts, or oil changes, or most anything for that matter? Why should we pay thousands of dollars in agent commissions when there is this thing that exists called "For Sale by Owner"? Why? Because we are a people who enjoy convenience. But more than that, we also appreciate that there are those professionals with specialized skills who are trained to do a better job.

            : The fact that Sue [and Steven] has chosen to minimize the work involved in soliciting a lender for workout remedy is a pathetic ploy that even those holding troubled loans [based on their history of rejections from their lender] will able to see through. If the work were that simple... if securing remedy was merely a phone call away...then why not direct those individuals to their lender rather than a broker?

            : Bottom line: Can an individual sell their property without the assistance of a real estate professional? Absolutely. Likewise, can a person holding a distressed loan accomplish their goals in avoiding foreclosure without the assistance of a mediator? Of course. In fact, our recommendation to mortgagors holding distressed loans is always to try what's free first and work your way out being ever aware of the clock.

            : Even so, based on the rate of foreclosure, based on the number of bankruptcy filings, based on the number of prospective clients soliciting ours and other organizations for foreclosure avoidance assistance, based on the volume of posters seeking help in this and similar discussion forums… reality suggests that there is a definite need that exists that is NOT being met...and "real estate people" have been around for at least as long as the foreclosure situation. They’ve definitely been in place for long enough to have established a reputation for being the “go to” point of contact IF they held skill in mediating workouts. But they aren’t considered the “go to” source in this area because, short of listing a property, securing a buyer, and referring to funding sources “real estate people” do not overall possess the knowledge and skill necessary to secure the best remedy for a troubled homeowner soliciting workout assistance from their lender. And by the way, this should not be construed as being a slight to realtors. Some of my best friends…[smile]

            : So I guess my question to Susan would be...why haven't those in the real estate industry NOT stepped up to the plate in effort to stabilize this foreclosure epidemic that has become woven into the fabric of our culture given the simplicity of the workout effort coupled with the brokers desire to help and ultimately secure a Sale referral ?

            : And Susan, if your answer is anything other than because the payoff and knowledge in this area just isn't there...then you are a liar.



            : (1)

            • Posted by AJ on October 26, 2003 at 12:31:26:

              In Reply to: Re: Why pay? Posted by AJ on October 26, 2003 at 12:07:24:

              : : Hey - I was just reading the debate on "why pay for workout assistance" and wanted to add 2 cents to the debate. I am a licensed Illinois real estate and licensed in Wisconsin also. I will have my Wisconsin Broker's license as well very shortly. I can tell you (at least from my experience) that the VAST majority of real estate brokers and sales people around Northern Illinois (Chicago) and Southern Wisconsin are COMPLETELY CLUELESS when it comes to any aspect of Foreclosures. Fortunately for me, my broker works with many pre-foreclosures and forclosures. I have helped numerous people prevent forclosure (for free) and helped several people complete short sales. I have come across a small handfull of agents who have knowledge about foreclosures, but I would bet the bank that well over 90% of the other brokers and agents I deal with DO NOT EVEN KNOW THE FIRST THING ABOUT THE FORECLOSURE PROCESS...NO LESS HOW TO HELP SOMEONE OUT OF IT. Unless a person in foreclosure can contact a real estate broker with great knowledge in the area of foreclosure assistance, I must think that they would be far better off contacting a company who specializes in this if their goal was to keep the home. I think some excellent points were brought up about comparing pay of both professionals.



              Foreclosure This is an interesting thread with several facets worthy of exploration.

              : : On the one hand we've got the protagonist suggesting the absurdity of paying for workout assistance but in the same breath boasting of the payoff gained by those to which she seeks to divert the business to [isnt this still payment?]. Then on the other hand we've got RSI who tends to favor getting paid for the specific service in question because we like the idea of having food on our table.

              : : The premise for Sue's argument is asinine. Following Susie's line of thinking, why, then should we pay for haircuts, or oil changes, or most anything for that matter? Why should we pay thousands of dollars in agent commissions when there is this thing that exists called "For Sale by Owner"? Why? Because we are a people who enjoy convenience. But more than that, we also appreciate that there are those professionals with specialized skills who are trained to do a better job.

              : : The fact that Sue [and Steven] has chosen to minimize the work involved in soliciting a lender for workout remedy is a pathetic ploy that even those holding troubled loans [based on their history of rejections from their lender] will able to see through. If the work were that simple... if securing remedy was merely a phone call away...then why not direct those individuals to their lender rather than a broker?

              : : Bottom line: Can an individual sell their property without the assistance of a real estate professional? Absolutely. Likewise, can a person holding a distressed loan accomplish their goals in avoiding foreclosure without the assistance of a mediator? Of course. In fact, our recommendation to mortgagors holding distressed loans is always to try what's free first and work your way out being ever aware of the clock.

              : : Even so, based on the rate of foreclosure, based on the number of bankruptcy filings, based on the number of prospective clients soliciting ours and other organizations for foreclosure avoidance assistance, based on the volume of posters seeking help in this and similar discussion forums& reality suggests that there is a definite need that exists that is NOT being met...and "real estate people" have been around for at least as long as the foreclosure situation. Theyve definitely been in place for long enough to have established a reputation for being the go to point of contact IF they held skill in mediating workouts. But they arent considered the go to source in this area because, short of listing a property, securing a buyer, and referring to funding sources real estate people do not overall possess the knowledge and skill necessary to secure the best remedy for a troubled homeowner soliciting workout assistance from their lender. And by the wa

              : (0)

        • Posted by Jim V on October 08, 2003 at 11:38:32:

          In Reply to: What are you saying? Posted by susan on October 08, 2003 at 06:02:14:

          Susan,

          I'm not sore about anything. My comment about "...with your infinite wisdom,..." followed my statement about questions on this board. If I look down the board, I can't see one question Steven has answered, or voiced an opinion on. Does he know anything at all about foreclosure, or is he just promoting the use of a Realtor? I don't know, but one way to find out would be if he shared some knowledge or thoughts.

          I actually worked in 3 different real estate offices and I'll stay with my opinion that the majority of Realtors know very little about foreclosure.

          It is certainly possible for a borrower to successfully negotiate and complete a workout program with a lender without the assistance of a workout company, Realtor, new lender or their closest friend. But, some people either are not comfortable with the terminology and requirements or they've reached a point where the lender-borrower relationship is combative instead of co-operative. A third party can sometimes be of assistance. If I was looking to sell a property, I don't think I'd call a workout company. If I was looking for a lender workout, I don't think I'd call a Realtor.

          In just about two hours, I get to go meet with an attorney, and I expect I'll be writing a check before I leave. It's not that I can't deal with the issue for free, it's that an attorney can deal with it more efficiently. I hope that explains my thoughts a little more completely.

          : (0)

    • Posted by Mike on October 06, 2003 at 20:14:27:

      In Reply to: NEVER NEVER PAY ANYONE FOR FORECLOSURE WORKOUT HELP Posted by Steven on October 06, 2003 at 20:10:19:

      That is a great idea for people to know. I hope that everyone reads that.Well done.

      : (0)

    • Posted by Mike on October 06, 2003 at 20:14:21:

      In Reply to: NEVER NEVER PAY ANYONE FOR FORECLOSURE WORKOUT HELP Posted by Steven on October 06, 2003 at 20:10:19:

      That is a great idea for people to know. I hope that everyone reads that.Well done.

      : (0)

  • Posted by Arby on October 06, 2003 at 16:47:35:

    Help!! we found a house we liked and found out yesterday that this house is on foreclosure. it has been on foreclosure since mid 2002. We found out that they have 2 weeks left to try to sell the house or the court will take it. The house has been in the market for 4 months. There are city inspecttions need to be completed and some other improvements.

    How should we proceed? Shd we still submit the offer? What if the house is taken by the court while we're in the middle of waiting for the closing date? What the hurdles will be in buying house in this stage? What the lenders (theirs and ours) will look at in this type of purchase?

    THANKS very much for the insights.

    : (1)

    • Posted by wayne on October 27, 2003 at 07:01:34:

      In Reply to: IL Foreclosure Posted by Arby on October 06, 2003 at 16:47:35:

      : Help!! we found a house we liked and found out yesterday that this house is on foreclosure. it has been on foreclosure since mid 2002. : We found out that they have 2 weeks left to try to sell the house or the court will take it. The house has been in the market for 4 months. : There are city inspecttions need to be completed and some other improvements.

      : How should we proceed? Shd we still submit the offer? What if the house is taken by the court while we're in the middle of waiting for the closing date? What the hurdles will be in buying house in this stage? What the lenders (theirs and ours) will look at in this type of purchase?

      : THANKS very much for the insights. yes go ahead and make an offer on the house and please call me and i will help you get a mortgage for the house my number is 630-627-7732 ext 104 i look forward to speaking with you on this matter.

      : (0)

  • Posted by Howard on October 06, 2003 at 11:39:43:

    Haven't been able to sell our Utah home which has a 1st and 2nd for more than the listing price. We are now current on payments, but have sold all our stock & have credit card debt to finance our underachieving business. We can no longer meet the payments. Should we seek a deed-in-lieu? Will we face a deficiency judgment?

    : (2)

    • Posted by Nick(Colorado) on October 07, 2003 at 11:54:38:

      In Reply to: Foreclosure or deed-in-lieu Posted by Howard on October 06, 2003 at 11:39:43:

      Howard:

      Utah statues allows for deficiency judgments. You will need to speak with a person that is up to speed on Utahlaw as to if, and when, a deficiency may be perused.Generally they are not perused. As to the deed-in-lieu,you will need to offer this to the holder of the second.If the holder of the first and the second are the sameentity, a DIL will be more likely. I would suggest thatif you can no longer afford the property, seek a sale, short sale, or DIL.

      : (0)

    • Posted by Jay on October 06, 2003 at 16:52:23:

      In Reply to: Foreclosure or deed-in-lieu Posted by Howard on October 06, 2003 at 11:39:43:

      We are in Utah too. We have a home in foreclosure. We are currently trying to do a deed in lieu but the sheriffs sale is fast approaching. I don't know that we will be able to get it done in time.

      I don't know what you have to do to "qualify" for a deed in lieu, but I do know that they don't accept deed in lieu's all the time. Sometimes they say no.

      : (0)

  • Posted by kylie on October 04, 2003 at 23:37:57:

    Found that name in San Francisco doing foreclosure work. Listed number (510) 808-0363Good luck

    Kylie

    : (0)

  • Posted by Jay on October 04, 2003 at 23:36:11:

    The sheriffs sale is set for november 4th. We are already out of the house. What do we have to do next? Do we have to appear anywhere or do any paperwork? Thanks very much for any info. We are nervous about this.

    : (4)

    • Posted by Angela on October 15, 2003 at 21:30:21:

      In Reply to: sheriffs sale is set...now what? Posted by Jay on October 04, 2003 at 23:36:11:

      What state are you located in?

      : (0)

    • Posted by SeanW on October 05, 2003 at 08:45:22:

      In Reply to: sheriffs sale is set...now what? Posted by Jay on October 04, 2003 at 23:36:11:

      You're still the owner, and you have 4 weeks to try and find a buyer.

      When it goes to foreclosure, it will probably sell for around 75% of it's retail value. That probably won't pay off a second mortgage, which I assume you have, like most people in default.

      The 2nd lien holder could possibly get a deficeincy judgement against you after the sherrif's sale. They don't usually bother-- they figure why chase people that are broke. But other homeowners have been known to get a nasty surprise when they buy their next house-- a defiency from the past, immediately attaching itself to the new property!

      It's still worth talking to the 2nd, and asking them if "you sell the house for whatever you can", will they leave you alone in the future. You could probably list it with a Realtor for 85% of what it's worth, and a handyman or investor may buy it in the next 4 weeks. It's worth a shot.

      (Also, if you can at least open escrow on the house, the bank persuing the foreclosure will often postpone the sale a few more weeks... to see what will happen.)



      : (0)

    • Posted by SeanW on October 05, 2003 at 08:44:39:

      In Reply to: sheriffs sale is set...now what? Posted by Jay on October 04, 2003 at 23:36:11:

      You're still the owner, and you have 4 weeks to try and find a buyer.

      When it goes to foreclosure, it will probably sell for around 75% of it's retail value. That probably won't pay off a second mortgage, which I assume you have, like most people in default.

      The 2nd lien holder could possibly get a deficiency judgement against you after the sherrif's sale. They don't usually bother-- they figure why chase people that are broke. But other homeowners have been known to get a nasty surprise when they buy their next house-- a defiency from the past, immediately attaching itself to the new property!

      It's still worth talking to the 2nd, and asking them if "you sell the house for whatever you can", will they leave you alone in the future. You could probably list it with a Realtor for 85% of what it's worth, and a handyman or investor may buy it in the next 4 weeks. It's worth a shot.

      (Also, if you can at least open escrow on the house, the bank persuing the foreclosure will often postpone the sale a few more weeks... to see what will happen.)



      : (1)

      • Posted by Jay on October 05, 2003 at 09:51:38:

        In Reply to: Keep Trying To Mitigate Your Situation Posted by SeanW on October 05, 2003 at 08:44:39:

        Thanks for the response. We actually only have the one mortgage. We left the home do to the unsafety of the neighborhood. We tried selling for over 2 yrs. No one wants to buy in that neighborhood. We have tried renting, and are now in the process of disposing of some tenants that refuse to pay and refust to leave. It's a mess.We will try selling though, between now and the 4th. Other houses in the area that have gone into foreclosure have not sold at all. Not sure what happens then.

        Is there any paper work I have to do? Do I have to appear in court or anything like that to complete the foreclosure? What happens to my taxes this next spring?Thanks very much for your response.

        : (0)

  • Posted by Cindy Ellis on October 04, 2003 at 17:03:38:

    I am going on three months behind in my mortgage, totalling over $2,000. My husband has been out of work 4 months out of the last six months. I do not want to lose our home, but we do not know what to do. There is no way that we can catch up on the payments at this time and with our credit, we are unable to obtain a loan. We are seeking advice as to what direction we need to take.

    : (4)

    • Posted by Allen on March 20, 2004 at 06:11:38:

      In Reply to: financial situation Posted by Cindy Ellis on October 04, 2003 at 17:03:38:

      What City/State do you live in?

      : (0)

    • Posted by Allen on March 20, 2004 at 06:10:36:

      In Reply to: financial situation Posted by Cindy Ellis on October 04, 2003 at 17:03:38:

      What City/State do you live in?

      : (0)

    • Posted by Allen on March 20, 2004 at 06:09:45:

      In Reply to: financial situation Posted by Cindy Ellis on October 04, 2003 at 17:03:38:

      What City/State do you live in?

      : (0)

    • Posted by SeanW on October 04, 2003 at 23:11:02:

      In Reply to: financial situation Posted by Cindy Ellis on October 04, 2003 at 17:03:38:

      Your priority should probably be on protecting your credit more than protecting the house. You can always buy another house cheap, by meeting a different homeowner in default, and taking over his payments!

      If you can at least continue on your payments, the bank may agree to ignore the arrearage (for now) if you put the house up for sale.

      You might not lose the house anyway. Perhaps while it's listed for sale, your husband will find work. Then you can ask the bank to give you time to make up the arrears, de-list the house, and stay put.



      : (0)

  • Posted by Allen on October 04, 2003 at 14:30:40:

    : There is a new company that can help anyone who is in Foreclosure.: No credit check, no appraisal, no mortgage history, no employment check.: Lender will give upto 70% LTV. @ 11%



    : (5)

    • Posted by Leigh Ann Dyer on October 12, 2003 at 16:07:15:

      In Reply to: Foreclosure help available Posted by Allen on October 04, 2003 at 14:30:40:

      I am in Houston, TExas. Please send me info.

      : (0)

    • Posted by njdave on October 04, 2003 at 16:25:01:

      In Reply to: Foreclosure help available Posted by Allen on October 04, 2003 at 14:30:40:

      If this isn't some creative sham/trickery, and a legitimate loan product, Please tell me more! Are you licensed to do business in every state?

      : (3)

      • Posted by Allen on October 06, 2003 at 19:34:50:

        In Reply to: Re: Foreclosure help available Posted by njdave on October 04, 2003 at 16:25:01:

        I understand.This is real. If you need help, you need all the friends you can get.

        I'm a Lic Mortgage Broker and a Lic Realtor. What can I do for you?

        : (2)

        • Posted by njdave on October 06, 2003 at 19:46:47:

          In Reply to: Re: Foreclosure help available Posted by Allen on October 06, 2003 at 19:34:50:

          You indicated a 70% LTV for folks with bad credit... at 11%. How bad is bad? Is there a minimum FICO score that you'll consider? For how long a term? How many points? Any other unusual fees? Who is the Lender, and is that lender licensed in all 50 states? Is there an on-line application? What are the fees involved?

          And, exactly what is a licensed Realtor?

          : (1)

          • Posted by LOL on October 26, 2003 at 23:54:12:

            In Reply to: Re: Foreclosure help available Posted by njdave on October 06, 2003 at 19:46:47:

            LOL

            : (0)

  • Posted by Allen Jones on October 04, 2003 at 14:22:31:

    There is a new company that can help anyone who is in Foreclosure.No credit check, no appraisal, no mortgage history, no employment check.Lender will give upto 70% LTV. @ 11%

    : (0)

  • Posted by Allen Jones on October 04, 2003 at 14:20:30:

    There is a new company that can help anyone who is in Foreclosure.No credit check, no appraisal, no mortgage history, no employment check.Lender will give upto 70% LTV. @ 11%

    : (2)

    • Posted by CS on January 05, 2004 at 14:35:46:

      In Reply to: Foreclosure help now available Posted by Allen Jones on October 04, 2003 at 14:20:30:

      What stage of the foreclosure are you talking about??I am in the "after the sheriff's sale, no one bought the home, lender had mislead me, home is sitting empty, trying to recover" stage. This has been going on for a year. Can you help???



      : (0)

    • Posted by CS on January 05, 2004 at 14:29:35:

      In Reply to: Foreclosure help now available Posted by Allen Jones on October 04, 2003 at 14:20:30:



      : There is a new company that can help anyone who is in Foreclosure.When you say in foreclosure, what part of foreclosure do you mean? I am in the "post sherfiff's sale, no one bought my home at the sale, discovered that the lender mislead me, trying to recover my home, home still sitting empty" stage.This part has been going on for about a year. Can you help???

      : No credit check, no appraisal, no mortgage history, no employment check.

      : Lender will give upto 70% LTV. @ 11%







      : (0)

  • Posted by MIke - Texas on October 04, 2003 at 10:41:29:

    Know there are some pretty smart people out there so need a little help on an unusual situation as follows:

    Texas warehouse coming to foreclosure value $300K probably going at sale for $150K. Looks good so far - now the kicker!

    Inside the warehouse is a number of vending machines - softdrink/candy - approximately 100 machines. At sometime in the past service/repairs was performed on a number of the machines. Owner did not pay and therefore and two "mechanics liens" of $15K & $100K were put on the warehouse not on the equipment. WILL these liens drop off at foreclosure purchase as it would with a home purchase? Really don't want the machines and am willing to give them up to mechanic lienholder. Any thoughts?

    Mike - Texas



    : (1)

    • Posted by Irwinn on October 12, 2003 at 20:23:00:

      In Reply to: Warehouse Liens Posted by MIke - Texas on October 04, 2003 at 10:41:29:

      : Know there are some pretty smart people out there so need a little help on an unusual situation as follows:

      : Texas warehouse coming to foreclosure value $300K probably going at sale for $150K. Looks good so far - now the kicker!

      : Inside the warehouse is a number of vending machines - softdrink/candy - approximately 100 machines. At sometime in the past service/repairs was performed on a number of the machines. Owner did not pay and therefore and two "mechanics liens" of $15K & $100K were put on the warehouse not on the equipment. WILL these liens drop off at foreclosure purchase as it would with a home purchase? Really don't want the machines and am willing to give them up to mechanic lienholder. Any thoughts?

      : Mike - Texas

      I think you might be misreading the documents pertaining to liens for repairs. The liens were most likely placed by someone at the warehouse address against the personal property located in the building. It doesn't seem possible that the facts you present could give rise to liens against the real estate. But in any event, before you part with any money, have it checked out by a lawyer.

      : (0)

  • Posted by Irwin on October 04, 2003 at 05:53:35:

    This Glossary of Terms can be useful from time to time.

    : (0)

  • Posted by Jeff on October 03, 2003 at 22:23:34:

    Hello,

    At one point in time me and my wife owned our home free and clear (if there is such a thing).. Any way we owned it until i got a wild hair one day to mortage it...

    I bought a video store and got a loan against our home to buy the video store, only the contents not a building... Anyway i went thru a lot trying to get this loan because our credit was not the best in the world and we finally got it....

    My wife got sick and some other things happend and we had to shut the video store down and it has been in storage for 2 years now......Now here is my question

    They are wanting to forclose on our loan because we couldn't pay.......

    When we got this loan the loan people knew that we had a double wide trailer for a home...they had it appraised and we told them numerous times that it was a trailer...

    They never did take the title to the trailer it is still in our name in a lock box....I have called the sec of state and they state that there is no lein or anything against the title to the trailer and it is still in our name not the loan company....

    My question is do we own the house and they just own the land now....

    I live in illionis...any info would really help me ..

    Thanks Jeff

    : (1)

    • Posted by Irwin on October 04, 2003 at 05:28:55:

      In Reply to: who actually owns my home (help please) Posted by Jeff on October 03, 2003 at 22:23:34:

      Generally speaking, (Illinois law might differ) a mobile home is considered personal property, not real estate. It's like financing a car. If you also own the land you might have mortgaged it, and the bank could foreclose and force it to be sold by the sheriff. But the trailer wouldn't (automatically) go with it and you could probably move it off the land. You should have a local attorney review your loan documents and tell you where you stand. : Hello,

      : At one point in time me and my wife owned our home free and clear (if there is such a thing).. Any way we owned it until i got a wild hair one day to mortage it...

      : I bought a video store and got a loan against our home to buy the video store, only the contents not a building... Anyway i went thru a lot trying to get this loan because our credit was not the best in the world and we finally got it....

      : My wife got sick and some other things happend and we had to shut the video store down and it has been in storage for 2 years now......Now here is my question

      : They are wanting to forclose on our loan because we couldn't pay.......

      : When we got this loan the loan people knew that we had a double wide trailer for a home...they had it appraised and we told them numerous times that it was a trailer...

      : They never did take the title to the trailer it is still in our name in a lock box....I have called the sec of state and they state that there is no lein or anything against the title to the trailer and it is still in our name not the loan company....

      : My question is do we own the house and they just own the land now....

      : I live in illionis...any info would really help me ..

      : Thanks Jeff



      : (0)

  • Posted by AB on October 03, 2003 at 17:08:24:

    A house I was interested in purchasing went to Auction and became an REO. The foreclosing bank was Citibank however when I call their REO dept they have no record of this house being an REO. I then subscribed to Realtytrac and they also had the house listed as an REO however they had the owner listed as JWI Investment Corp with no further information. I have attempted to get a contact for this JWI Investment Corp but after Internet searches as well as searching the yellow pages I been unable to find anything on this company. I also contacted the Recorder’s office and they still have the original (foreclosed) owner listed.Any ideas on how I can find out who the owner is? Specifically, a phone number for them?

    Thanks for your help in advance

    : (1)

    • Posted by Kylie on October 04, 2003 at 23:39:38:

      In Reply to: REO in CA question Posted by AB on October 03, 2003 at 17:08:24:

      Found that name listed in San Francisco doing foreclosure work. Listed number(510) 808-0363

      Good luck

      Kylie

      : (0)

  • Posted by marcend on October 03, 2003 at 11:18:48:

    I was reading the information in the website and being the novice that I am there are a few accronyms that I am not familiar with. The one that comes to me is REO. What is an REO? I'm not sure if it was mentioned, but I missed it. Thanks in advance for the information.

    : (1)

    • Posted by DARRYL on November 07, 2003 at 11:05:57:

      In Reply to: Foreclosures Posted by marcend on October 03, 2003 at 11:18:48:

      REO means real estate owned or bank reposessed property:

      : (0)

  • Posted by cho on October 02, 2003 at 15:18:05:

    My home is scheduled to be sold November 4, 2003. What is the redemptiom period? When the home is sold will I get a notice from the bank notifying me of how much time I have to get out? What is the legal process? Please advise

    : (1)

    • Posted by njdave on October 03, 2003 at 09:58:57:

      In Reply to: need help quick georgia Posted by cho on October 02, 2003 at 15:18:05:

      In most cases, Georgia uses a non judicial foreclosure process which includes a 'private power of sale'. Depending upon the type of security deed, you may be able to cure the default before the Sale. You will have no right to redeem after a properly conducted Sale. You may be subject to immediate eviction.

      If you have not exhausted all available options or alternatives, you may wish to consult with a bankruptcy attorney.

      : (0)

  • Posted by rich on October 01, 2003 at 22:55:32:

    I am interested in making money investing in forclosures in California. I know pretty much nothing about it and all I see is scam style stuff that always promise you everything but want money before they'll give you any info. I've also heard to stay away from mentoring programs because why would anyone do mentoring when they could make way more investing themselves. Since I know little about investing in forclosures I need someone like a mentor to help me. How can I find a good one, if there is such a thing. Also, do you need a realtors license to buy and sell forclosures? It seems that there are few forclosures and lots of realtors all over them. Is there really enough forclosures to go around for investing to be worthwhile? I would like to buy low and sell high of course but how easy or difficult is it?

    Thanks

    : (0)

  • Posted by Tony on October 01, 2003 at 16:07:08:

    I am in the process of buying a house in Northern California. The seller has filed for bankruptcy yesterday. There is a mortgage on the house. He has accepted our offer, contingent upon agreement from lender. I understand this is not quite foreclosure. Some one told me that California law says, in case of bankruptcy, the seller can come back in a year to buy the house back at the same price as I am paying now. Is this true? Is this case applicable in my case? Does anyone have details about this law? Any other discussion board that deals with such things?Please help.Thanks in advance.

    : (2)

    • Posted by Reinstatement Services, Inc. on October 02, 2003 at 11:27:26:

      In Reply to: Is this a case of foreclosure? Posted by Tony on October 01, 2003 at 16:07:08:

      In cases of judicial foreclosure a 12 month ROR does exist.

      : (0)

    • Posted by Irwin on October 02, 2003 at 03:39:09:

      In Reply to: Is this a case of foreclosure? Posted by Tony on October 01, 2003 at 16:07:08:

      It sounds like your doing a short sale. California seems to have many quirky laws concerning real estate. Also, the bankruptcy filing affects the seller's ability to convey clear title while the property is considered under the control of the bankruptcy trustee. So be sure to consult a local attorney for help with this deal. : I am in the process of buying a house in Northern California. The seller has filed for bankruptcy yesterday. There is a mortgage on the house. He has accepted our offer, contingent upon agreement from lender. I understand this is not quite foreclosure. Some one told me that California law says, in case of bankruptcy, the seller can come back in a year to buy the house back at the same price as I am paying now. Is this true? Is this case applicable in my case? Does anyone have details about this law? Any other discussion board that deals with such things?: Please help.: Thanks in advance.



      : (0)

  • Posted by Barbie on October 01, 2003 at 10:42:34:

    In Texas, how long does a foreclosure effect your credit? And in what specific ways does it effect it?

    : (2)

    • Posted by serena chea on October 17, 2003 at 14:53:15:

      In Reply to: How Long Does a foreclosure Effect Your Credit? Posted by Barbie on October 01, 2003 at 10:42:34:

      Foreclosure stays on your credit for 7 years but if you're clean two years after the foreclosure, you should be fine--can get home loans for example.



      : (0)

  • Posted by Tracy on September 30, 2003 at 23:09:28:

    My husband and I are purchasing a townhouse in Las vegas that was a foreclosure. We signed the papers, the seller signed the papers(offer papers) they cashed our 1000.00 good faith deposit, we are suppose to close on the 6th and now the broker is telling us that the investor wants to rebuy the property. The bank is the seller and I don't know who the investor is...it is all very confusing... any advice????? Thanks Tracy

    : (1)

    • Posted by NJDave on October 01, 2003 at 07:06:22:

      In Reply to: purchasing a forclosure, about to close, investor wants to rebuy property..? Posted by Tracy on September 30, 2003 at 23:09:28:

      It sounds like the property was an REO, IF a Bank was the seller. Perhaps the holder of the mortgage (Investor) wants the property for itself, and rejected the Offer. Does your state have a right of redemption?

      : (0)

  • Posted by Tracy on September 30, 2003 at 23:09:03:

    My husband and I are purchasing a townhouse in Las vegas that was a foreclosure. We signed the papers, the seller signed the papers(offer papers) they cashed our 1000.00 good faith deposit, we are suppose to close on the 6th and now the broker is telling us that the investor wants to rebuy the property. The bank is the seller and I don't know who the investor is...it is all very confusing... any advice????? Thanks Tracy

    : (1)

    • Posted by Reinstatement Services, Inc. on October 02, 2003 at 11:35:43:

      In Reply to: purchasing a forclosure, about to close, investor wants to rebuy property..? Posted by Tracy on September 30, 2003 at 23:09:03:

      The terminology in the purchase contract should spell out contingencies and so forth.

      Perhaps, you might consider having the interested investor or seller buy out your contractual interest and subsequent release. I see this as an opportunity to make a few thousand without much effort.

      : (0)

  • Posted by Tracy on September 30, 2003 at 23:05:30:

    My husband and I are purchasing a townhouse in Las vegas that was a foreclosure. We signed the papers, the seller signed the papers(offer papers) they cashed our 1000.00 good faith deposit, we are suppose to close on the 6th and now the broker is telling us that the investor wants to rebuy the property. The bank is the seller and I don't know who the investor is...it is all very confusing... any advice????? Thanks Tracy

    : (1)

    • Posted by Irwin on October 02, 2003 at 03:25:47:

      In Reply to: purchasing a forclosure, about to close, investor wants to rebuy property..? Posted by Tracy on September 30, 2003 at 23:05:30:

      My guess is that the "investor" is the former owner who now wants to buy his former house back. The purchase agreement that you signed with the bank may or may not legally bind them to you. Take it all to to an attorney to find out where you stand.

      : My husband and I are purchasing a townhouse in Las vegas that was a foreclosure. We signed the papers, the seller signed the papers(offer papers) they cashed our 1000.00 good faith deposit, we are suppose to close on the 6th and now the broker is telling us that the investor wants to rebuy the property. The bank is the seller and I don't know who the investor is...it is all very confusing... any advice????? Thanks Tracy



      : (0)


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