Re: Foreclosure
Posted by carlos cespedes on February 11, 2005 at 07:39:20:In Reply to: Re: Foreclosure posted by aviator0808 on December 19, 2004 at 04:31:58:
: First a disclaimer: I am not a legal advisor/attorney/ lawyer whatever you want to call it. This all just pertains to my personal knowledge/experience and it is, to the best of my knowledge, the truth.
: Maybe this post will be able to help you in your situation: : First and most important: You are still the owner of the home until it actually is cried out at the auction!!! You can almost always cure the loan because the banks do not want this to be a bad loan in their books any more than you do... Check your state law to find when it has to be cured by in order to prevent it from going to auction. In Washington it is eleven days prior to the auction date. Some states such as Georgia you can cure the loan up until the moment it is cried out at the courthouse steps!!! If there is equity in the home, you shouldn't have a problem finding a pre foreclosure investor who can buy your house, and get your taxes, liens, backpayments taken care of. That is what I recently began doing, but I live halfway across the country (Washington)so I regret that I can't help you directly, but if I can help you indirectly by giving you information, I feel good doing that. I got into this field because when I look at the auction, every house I see is a house that someone's equity got COMPLETELY wiped out on!!! Try to contact a local pre forclosure investor. Keep posting on the web and I'm sure you won't have a problem finding one. A major advantage to going to one of these people is they can assume your loan until they refinance or sell(maybe a few months). This way you don't have to wait for a loan to go through in order to sell it to them, you can do it THAT DAY. The banks don't complain about this because, again, they want the loan cured as much as you do. Don't let the attorney's letter fool you that says you cant make your back payments up anymore: Talk to the payoff department of the lendor-it's their decision. It is imperative, though, that you do something as soon as possible. Also- there are going to be vultures in every aspect of every business so make sure you are going to get your share of the equity: that is what you are trying to save, aside from your credit. What I usually offer the homeowners is half of the total profit from the house including back payments paid as well as liens on the house, some cash upon vacating. I give the rest to them when I refinance or sell. I look at it as a partnership with them. Try to get a good deal, but if you have no time left remember- anything is better than a foreclosure and ruined credit!!! If there is little or no equity, there are still ways investors can create it!!! They are skilled in negotiating with banks and lien holders so give it a try anyway. If this is the case you may get little or no money for the sale of the house, but again it is better than a foreclosure. Thank you for taking the time to read this!!! Hope it helps! Good luck and God Bless!
This is a wellheart response and advice.A lawyer can not make it better.I do foreclosures follow up from A-Z and I found it very useful I am just a Realtor.
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Comments:: : First a disclaimer: I am not a legal advisor/attorney/ lawyer whatever you want to call it. This all just pertains to my personal knowledge/experience and it is, to the best of my knowledge, the truth. : : Maybe this post will be able to help you in your situation: : : First and most important: You are still the owner of the home until it actually is cried out at the auction!!! You can almost always cure the loan because the banks do not want this to be a bad loan in their books any more than you do... Check your state law to find when it has to be cured by in order to prevent it from going to auction. In Washington it is eleven days prior to the auction date. Some states such as Georgia you can cure the loan up until the moment it is cried out at the courthouse steps!!! If there is equity in the home, you shouldn't have a problem finding a pre foreclosure investor who can buy your house, and get your taxes, liens, backpayments taken care of. That is what I recently began doing, but I live halfway across the country (Washington)so I regret that I can't help you directly, but if I can help you indirectly by giving you information, I feel good doing that. I got into this field because when I look at the auction, every house I see is a house that someone's equity got COMPLETELY wiped out on!!! Try to contact a local pre forclosure investor. Keep posting on the web and I'm sure you won't have a problem finding one. A major advantage to going to one of these people is they can assume your loan until they refinance or sell(maybe a few months). This way you don't have to wait for a loan to go through in order to sell it to them, you can do it THAT DAY. The banks don't complain about this because, again, they want the loan cured as much as you do. Don't let the attorney's letter fool you that says you cant make your back payments up anymore: Talk to the payoff department of the lendor-it's their decision. It is imperative, though, that you do something as soon as possible. Also- there are going to be vultures in every aspect of every business so make sure you are going to get your share of the equity: that is what you are trying to save, aside from your credit. What I usually offer the homeowners is half of the total profit from the house including back payments paid as well as liens on the house, some cash upon vacating. I give the rest to them when I refinance or sell. I look at it as a partnership with them. Try to get a good deal, but if you have no time left remember- anything is better than a foreclosure and ruined credit!!! If there is little or no equity, there are still ways investors can create it!!! They are skilled in negotiating with banks and lien holders so give it a try anyway. If this is the case you may get little or no money for the sale of the house, but again it is better than a foreclosure. Thank you for taking the time to read this!!! Hope it helps! Good luck and God Bless! : This is a wellheart response and advice.A lawyer can not make it better.I do foreclosures follow up from : A-Z and I found it very useful I am just a Realtor. Optional Link URL : Link Title :
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