Forums 2


  • Posted By Ann Corona I cannot continue to pay my 2nd loan (HELOC) on my vacation home. It will go to foreclosure. Can the lender file a deficiency judgment against me in the case of the HELOC, or can only the first mortgage holder file a deficiency judgment in Minnesota?
    (1)
    • Posted By steele in minnesota
      In Reply to: HELOC Foreclosure in Minn. Posted by Ann Corona Actually in Minnesota deficiency judgements are so rare the foreclosure sites will usually state that Minnesota does not allow them.

      But these usually refer to primary housing. I am not sure if a second home is covered under this.

      I'll see what our attorneys have to say.

      Steele V. Propp
      Foreclosure Specialist
      MInneapolis, MN
      steelep@aol.com
      (0)
  • Posted By UncleSamwantsU Some say foreclosure is very public? What does that exactly means? What kind of public information will there be and how will that affect me? Shouldn't that information only shows up in my credit report? Please Advice!
    (3)
    • Posted By kthor
      In Reply to: How public does a foreclosure gets? Posted by UncleSamwantsU Yes Foreclosures is a public event .. your home address will be publish in newspaper, websites, auctions places when your in foreclosures..and many great deal of people will have your info such as attorneys, banks, investors etc ....



      (0)
    • Posted By steele in minnesota
      In Reply to: How public does a foreclosure gets? Posted by UncleSamwantsU You may want to spend some time reading the information on this website as it pertains to the foreclosure process. Foreclosure includes public notice in most instances. In states that use non-judicial foreclosure the information will appear in an area newspaper multiple times.

      For example, here in Minnesota the notice will appear six times (once a week for six weeks). It will be in the legal notices section of various area newspapers or financial newspapers. Now, do lots of people read this section? Let's just say enough. Mainly just those interested in making a buck off your situation, but claiming that they are doing you a favor (he said with irony). And you WILL be hearing from them. At least you will if you are in my area. I am told by people in foreclosure that they receive dozens, sometimes as many as 50-60 contacts in the form of letters, phone calls and personal visits.

      In such circumstances you will feel it is very public. Nothing you can do about it if you let the property go to foreclosure. What happens is described right in your loan documents.

      Where are you located? The process varies somewhat by area.

      Steele V. Propp
      Foreclosure Specialist/Loss Mitigator
      Schatz Group GMAC
      Minneapolis, MN
      steelep@aol.com
      • Minnesota Foreclosure Network: Information and More
      (1)
      • Posted By UncleSamwantsU
        In Reply to: Re: How public does a foreclosure gets? Posted by steele in minnesota I'm in California. Also some say a foreclosure is a killer on credit report. Does that means I cannot buy a home ever again?
        (0)
  • Posted By Joe Mendoza If you are foreclosing your home in the state of Texas and title and loan is under only one spouses name...can they come after the other spouses credit? Also , if you have a second home in a different state....can they come after that other house's equity when you sale?
    (2)
    • Posted By Joe Mendoza
      In Reply to: question on foreclosed home Posted by Joe Mendoza can someone define in detail what is short sale?
      (1)
      • Posted By steele in minnesota
        In Reply to: short sale Posted by Joe Mendoza Not alot of detail involved, just a lengthy and demanding process.

        Simply put, a short sale occurs when you can't sell the property for what is owed. Instead you get a lower offer and ask the lender if they will take less. If they agree, it is a short sale. The money is "short".

        Now you will not walk away with anything. And you also have to pass some basic tests like financial distress and inability to repay the loan as well as the property truly being worth what you are being offered (yes, they will double check that).

        The lender will look at the situation as you present it and will decide if they will accept less. Basically they are looking at do they lose more now or later.

        I am simplifying things a bit, but I hope you get the idea.

        Good luck.

        Steele
        (0)
  • Posted By Tiffany We purchased our home in California in 2004. Our loan was 2 years adjustable interest only loan on our 1st and fixed on our 2nd. Our 1st mortgage 588,000 7% payment 3,430.00 are 2nd 142,000 10% 1507.00. Our loan has adjusted over the last year and a half and is now on our 1st 6018.16 and 2nd 1547.00 including taxes. We went into foreclosure last Oct and did a loan modification which placed all past due payments to the rear of the loan and we put down 11,000 (which I was told was the best they can do). Now we are of course back in the same situation because we can't get refinanced because our credit is horrible. I was told that our lender is now offering to lower interest rate to make it more affordable to their customers that have preditory loans. We applied but were told they can't help us because we already did a loan modification and they only do 1 the lifetime of a loan. We are 2 months behind on our payments and our interest rate is going up in Oct which will make our mortgage payment 8100.00 a month. In my neighborhood homes are on the market from 4 - 8 months. We can't keep paying. How much time will I have if I just stop now?
    (12)
    • Posted By Tiffany
      In Reply to: Re: Screwed on a Home Loan in California (Foreclosure pending) Posted by Anthony Our home will be going on the market the beginning of next month. I have talked with several loss mitigation reps and all of them said that they will NOT do another Loan Modification. I was advised by my lender to do a short sale. I did submit all the paperwork and I requested a lower interest rate and I was told that it would be declined. My lender is Chase mortgage anyone have any info?
      (3)
    • Posted By RSI
      In Reply to: Screwed on a Home Loan in California (Foreclosure pending) Posted by Tiffany in some way or another.

      But in reality, (based on the information you've provided) you're getting what you signed up for. You gambled that you'd be able to refi when you took the loan...and your bet has not paid off.

      So you're screwed...but you weren't screwed.

      "Now we are of course back in the same situation because we can't get refinanced because our credit is horrible." Wrong!

      You're back in the same situation because you can't afford the loan you took out.

      I'm not sure how you're coming up with the "preditory loan" classification as being applicable to your loan.
      I'm guessing this is your way of tempering your acceptance of responsiblity for the choices you made.

      In any event, a loan modification is different than a lender-sponsored streamline refinance.

      Either way, not certain how you plan to refinance the two loans into one anyway considering the limitations re: jumbo loans.

      So basically, you could have lead with : "We are 2 months behind on our payments and our interest rate is going up in Oct which will make our mortgage payment 8100.00 a month. In my neighborhood homes are on the market from 4 - 8 months. We can't keep paying. How much time will I have if I just stop now?"

      But since you felt it necessary to go there...so did I.

      The answer you are seeking - approximately 5 months.
      (6)
      • Posted By Tiffany
        In Reply to: Screwed implies you were cheated ... Posted by RSI Is it true that you can only do 1 Loan Modification throughout the lifetime of your loan? If so, are there any other options to avoid foreclosure?
        (0)
      • Posted By Tiffany
        In Reply to: Screwed implies you were cheated ... Posted by RSI The reason my title was referring to being screwed on a home loan was because we were told by our lender that this was the best loan that we could get which we found out later on was not true. We were also told that the same lender would refinance after the 2 year and they would not return our calls. A year ago they went out of business from my understanding for being a preditory lender. So I do feel that I was cheated and lied to but that's my issue. I just am trying to figure out what's the best thing for me to do now. If anyone has any suggestions. We are planning on trying to do a short sale but our home is worth 50,000 more than what we owe. I appreciate any and all (4)
        • Posted By NJD
          In Reply to: Re: Screwed implies you were cheated ... Posted by Tiffany "We are planning on trying to do a short sale but our home is worth 50,000 more than what we owe."

          By definition this would not be considered a short sale candidate. You shoud list your home for sale at its fair market value and sell. With $50,000 in equity there is no reason why the lender would consider accepting less than is due.

          If your property is worth less than you think it is, substantially less, and anticipated proceeds from sale aren't enough to payoff all liens.. you may approach your lender for short sale consideration.
          (0)
        • Posted By RSI
          In Reply to: Re: Screwed implies you were cheated ... Posted by Tiffany it probably was the best loan you could get...with them. Still, I find it hard to believe you didn't shop around before settling on this loan (your posting suggests you're someone who is pretty astute). My guess is that you knew your credit was already in the tanker so you, too, believed it was the best loan that could happen and as such jumped at the opportunity to fulfill the need for immediate gratification.

          You agreed to the terms so ultimately...it is your issue.

          Based on the information provided, foreclosure sounds likely if you can't figure a way to increase the income.

          You might try listing your property for sale in the mean time. A potential sale bagged even 5 months out might allow you to avoid completion of the foreclosure process.

          Re: the loan modification, every loan presents with different characteristics and guidelines available for workout remedy should default occur.

          Many 'sub-prime' lenders are stingy with assigning loan mods, opting instead for a repay plan.

          There is no absolute for your question re: loan modification assignment frequency since it is investor specific so far as discretionary application is concerned.
          (2)
          • Posted By Tiffany
            In Reply to: Probably wasn't a lie ... Posted by RSI Yes, I do believe that we jumped into this loan without checking around, but only because it was a friend or aleast someone we thought was a friend. Our credit score was 675 but we opt to do a no money down and that's why I was told that our loan was what it was. I will put the house on the market and try to sell vs trying to do a short sale. thank you
            (1)
            • Posted By RSI
              In Reply to: Re: Probably wasn't a lie ... Posted by Tiffany I'm totally in great appreciation of your willingness to try to problem solve this situation.

              Remember this: In business..there are no friends. You might acquire allies along the transaction road but everyone comes to the table in a business situation with an agenda.

              I wish you the best in the months ahead butand have no doubt you will bounce back.
              (0)
  • Posted By wes does any one have any referrals or recommendations for someone to assist in a short sale in san diego? also, what are the chances the lender would accept a short sale instead of foreclosure? my lender is citibank. i owe $485,000 appraised at $400,000. thanks so much.
    (3)
    • Posted By Henry_CA
      In Reply to: recommendations for assistance in a short sale ( san diego ) Posted by wes The realtor I use has closed several short sales this year for me. If you would like his information email me. Good luck.
      (0)
    • Posted By Ralph
      In Reply to: recommendations for assistance in a short sale ( san diego ) Posted by wes Do you have a sale pending on your house for $400,000? A short sale is a sale that comes up "short." If you do have an offer, call your bank and talk to them about your situation. Your real estate agent might help you, but often agents don't get paid in short sale situations. The lender will want to see the appraisal and the offer you've received. They'll also need a hardship letter and recent financials. If you don't have a sale pending, then you may want to consider a deed in lieu of foreclosure instead.

      Ralph Oliver Thompson
      Attorney and Broker
      Not intended as legal advice
      ForeclosedDreams.com
      (0)
  • Posted By Kurt We are getting ready to have the house foreclosed on. What can I expect? What are the steps? We are a bit afraid but there is no way to save the house. Is there a court hearing? Am I going to be sued? Someone please help!
    (3)
    • Posted By steele in minnesota
      In Reply to: What can I expect? Please help Posted by Kurt Every state is different. Start out with telling us where the property is located and then give us some details as to your situation.

      We can't help without them.

      Otherwise for general info on the foreclosure process just look right here on the site.

      Steele
      (2)
      • Posted By Kurt
        In Reply to: Re: What can I expect? Please help Posted by steele in minnesota The property is in Neenah Wisconsin. Got into a 2 year ARM and the rate is going through the roof, plus our property taxes went up to over $3600.00 a year. The taxes will go up every year for the next couple years. The long and short of it is we just can't afford it anymore. I just need to know what the process is going to be like. cOURT? cAN i CALL THE MORTGAGE COMPANT AND JUST TELL THEM TO TAKE IT?
        (1)
  • Posted By Nelson Are you in foreclosure and want to get rid of your property.We are real estate investors located in Denver looking to acquire a portfolio of real property in the metro Denver area.No equity no problem will buy as long as its in parts of Arapahoe,Douglas,Boulder,Jefferson,Adams,parts of Denver counties.Contact for more info.
    (1)
    • Posted By steele in minnesota
      In Reply to: Looking for Real Estate in Denver Metro. Posted by Nelson Business solicitation on this area of the site is strictly forbidden. Notice is right at the top of the forum. Please try reading the rules of the forum before posting.

      Then please stop soliciting immediately.

      Steele
      (0)
  • Posted By JDLV Variable interest rate went, up costing extra $600/month. Returning the Deed vs Foreclosure? Live in Nevada. House worth $40,000 less than loan, can't get refinanced. If I return the Deed will a judgement go against me? How far down the tubes does credit score go...ever recover?
    (1)
    • Posted By steele in minnesota
      In Reply to: Return Deed, or Foreclosure Posted by JDLV Broad questions but here are the basics. Whether you can "return the deed" is up to the lender. This is called a deed in lieu. Not all lenders will even consider it. You can also try a short sale if the lender will allow. Again, it is up to them.

      As to judgements, yes, it is possible that if the lender gets one penny less than you owe you could be in for a deficiency judgement.

      How far will you credit score go down? Impossible to calculate that but different actions have different severity on your score. Short sale and deed in lieu are less, foreclosure is worse.

      At this point you need to gather all your options and go from there. First talk to your lender about options. That is the place to start.

      Steele V. Propp
      Foreclosure Specialist/Loss Mitigator
      Schatz Group GMAC Real Estate
      Minneapolis, MN
      steelep@aol.com
      • Minnesota Foreclosure Network
      (0)
  • Posted By Reinstatement Services, Inc. the new BLOG category is up and running on this site.
    Check out www.all-foreclosure.com/blogs/

    ...at the Foreclosure Dock, Reinstatement Services, Inc. provides some helpful tips on dummy proofing your way to foreclosure workout help.

    If you have suggestions for special topics you might want addressed, let me know. we'll do our best to comply.


    • Dummy Proof Your Way to Foreclosure Help
    (0)
  • Posted By swamped I have to walk from a rental in Florida. How long exactly will my credit be shot if I go into foreclosure vs. agree to a short sale? There is about a $75K difference here in the loan/value of the home, and I can't make another payment. I can't see being able to pay off the difference in a short sale either.

    Also, I have a 1st & 2nd with BofA (not 30 days late yet) and wondering if anyone has any experience with BofA and this process.
    (0)
  • Posted By swamped I have to walk from a rental in Florida. How long exactly will my credit be shot if I go into foreclosure vs. agree to a short sale? There is about a $75K difference here in the loan/value of the home, and I can't make another payment. I can't see being able to pay off the difference in a short sale either.

    Also, I have a 1st & 2nd with BofA (not 30 days late yet) and wondering if anyone has any experience with BofA and this process.
    (0)
  • Posted By dwight grupp hi, my name is dwight, I've been living in a ski town for seven years..It really is paradice..However I've been trying to sell my trailer for 4 years. no luck, I'm going crazy over this,I don't want to forclose because of bad credit, however is it worth delayin my life...
    (1)
    • Posted By Tamara
      In Reply to: forclosure Posted by dwight grupp why don't you rent it out?
      (0)
  • Posted By karin We are looking at purchasing a home through sheriff's sale in Indiana for the purpose of rehabbing and flipping for profit. My question is, when purchasing at a sheriff's sale, does that guarantee clear title or could a lien pop up and bite you later???
    (2)
    • Posted By steele in minnesota
      In Reply to: clear title/?? Posted by karin It is ultimately your responsibility to determine if title is clear or not. Remember that it really depends on who is doing the foreclosing. A secondary loan could be doing the foreclosing, even a townhouse/condo association. Any loan in front of it would still be there.

      You should have a relationship with a title company so you can have a title search done as needed. You can also learn how to do this yourself but I would not recommend it to start.

      It's not a matter of a lien popping up. They are there all along. Some people just don't bother looking for them.

      Now, when you buy a bank owned property (REO) this is a different matter. Title is cleared in order to put it on the market. That is one time you are "guaranteed" clear title.

      Steele V. Propp
      Foreclosure Specialist/Loss Mitigator
      Schatz Group GMAC Real Estate
      Minneapolis, MN
      steelep@aol.com
      • Minnesota Foreclosure Network
      (0)
    • Posted By Tamara
      In Reply to: clear title/?? Posted by karin yes sometimes it can. look for you local REIA real estate investors Assoc for people who know your area and can help you answer those questions. if you live near louisville you can go to kreia.com for tips and meeting times
      (0)
  • Posted By Jen I am currently in the process of going through a foreclosure. I received a really bad loan and my payment went up an extra 500, in 6 more months it will go up additional 500. I will not be able to make these payments and I am upside down in my loan so I wasn't able to refi. also my debt is out of control. During the foreclosure process I will be paying off all of my debt so I am debt free before renting. I am 1 1/2 month's behind in my mortgage and I would like to know what is the time line in the state of MN before I will be out of my home. They said that they are sending a letter on Aug 9th to the state. Please help! Thanks!
    (2)
    • Posted By steele in minnesota
      In Reply to: Going through Foreclosure Posted by Jen No need to panic. You have a good 8-10 weeks before the public sheriff sale and then another 6 months during which you can continue to live in the house (our redemption period). And this process usually only starts when you have missed three payments, not one. Sounds like someone is giving you a run around.

      You have time to go over options.

      Steele V. Propp
      Foreclosure Specialist/Loss Mitigator
      Schatz Group GMAC
      Minneapolis, MN
      steelep@aol.com
      • Minnesota Foreclosure Network: Information and More
      (1)
      • Posted By jen
        In Reply to: Re: Going through Foreclosure Posted by steele in minnesota Thank you for the information! I really appreciate it!
        (0)
  • Posted By wes when forced to short sale, would you recommend paying for an attorney to help with the process (and is $3000 a resonable price to pay for the service)or just using a real estate agent that has experience with short sales. thanks so much!!
    (4)
    • Posted By steele in minnesota
      In Reply to: attorney or experienced agent (short sale) Posted by wes $3,000 seems more than a tad high. OK, it seems like highway robbery, but that's me. There are reputable services that can do it for considerably less.

      For the record, most attorneys and most Realtors have little experience in this area. Even many of the groups out there advertising that they can help aren't that wonderful.

      I personally wouldn't go it alone but I would really look around and get references and referrals. I do short sale work with a number of banks but prefer to work with a trusted servicer who handles most of the shortsale details while I handle the marketing of the property. It's a good combination.

      What state are you in, Wes? There may be someone here who can point you in the right direction.

      And remember, the bank has to agree to do it. It is not an automatic.

      Steele V. Propp
      Foreclosure Specialist
      Schatz Group GMAC Real Estate
      Minneapolis, MN
      steelep@aol.com
      • Minnesota Foreclosure Network: Information and More
      (1)
      • Posted By helpinghomeowners
        In Reply to: Re: attorney or experienced agent (short sale) Posted by steele in minnesota Find an agent with short sale experience.
        (0)
  • Posted By Tigra Help! My husband and I are going to get a divorce. He recently purchased a new condo in his name alone. Our existing house which I reside in was purchased a year before our marraige and the mortgage is solely in his name. Since we are married, and if he lets the house go into foreclosure, is there any possibility since we have not filed yet that I would be held responsible for the payments of the house or would it effect my credit? Please advise.
    (1)
    • Posted By RSI
      In Reply to: Divorce & Foreclosure info - name not on mortgage Posted by Tigra although governing laws specific to the state you are located in will go far in determining your exposure and legal limit liabilities for husband/wife scenarios.

      Probably best you consult a (your) divorce attorney.
      As an aside, if your husband is still garnering assets while married...you might be entitled to a piece of the new pie.
      • Reinstatement Services, Inc.
      (0)
  • Posted By michael Is there such list? Does anybody know where and how to get it?
    (1)
    • Posted By steele in minnesota
      In Reply to: 30,60,90 days late in payment list Posted by michael While such lists might exist one would question the violation of privacy laws. This is not like those that publish Default and Notice of Auction. They are public knowledge (just most people don't know where to get them).

      I have heard someone talking about this on another forum some time back, but nothing recent.

      Sounds like a good marketing tool on the surface but I would be a little leery.

      Steele V. Propp
      Schatz Group GMAC Real Estate
      Minneapolis, MN
      steelep@aol.com
      • Minnesota Foreclosure Network
      (0)
  • Posted By Azi Ok. We live in CA, and the house we have would sell for 400k, when
    we owe 450k (including 1st, 2nd, back interest, and prepay penalty).
    Since the area we live in has been getting progressively worse, we
    decided to move to a better neighborhood because of our son. The
    new house we are buying, will close escrow in 3 wks, and we are
    buying it 0 down, so no equity! We were told by RE agent that this
    house (old) will not see anytime soon, and no one will rent it for our
    monthly mortgage payments (2700/mo. - which is interest only) --
    worse loan ever! Oh, and the loan is with a prominent Bank, who I
    heard is infamous for putting holds on your sav, cking accnts! We have
    not missed any payments and dont want to....but if no one buys or
    sells it before we move to the other house, we have to let it go to
    forclosure. My question is, what will happen...will the bank come after
    our new house, can they? ...or put hold on our income (which isnt that
    much)!?? This same bank refused to re-finance our loan a few months
    ago!!!! Its like they are daring us!!! Please help me ASAP!
    (6)
    • Posted By Nick(Colorado)
      In Reply to: I am so confused. Posted by Azi Azi:

      Purchase money loans are without recurse in
      California. List the first property for sale,
      at a realist price, pending short sale approval.
      (2)
    • Posted By Rob
      In Reply to: I am so confused. Posted by Azi How is it that with not much income and $2700/month neg. am. upside down house you qualified to purchase
      a new house in a better area with zero down?
      Sounds like if you get out of the first jam you will
      find yourself in another jam shortly.
      (2)
      • Posted By Azi
        In Reply to: Re: I am so confused. Posted by Rob The monthly payments for this new house will actually be lower than the
        one we have now with a better loan....but please respond to my questions
        if you know the answer, otherwise, I rather be in a jam in a better
        neighborhood!!
        (1)
        • Posted By ayrin
          In Reply to: Re: I am so confused. Posted by Azi I am in the exact situation. and dont know what to do. Please email me if u know the answer. Briefly , i am 50K negative of my loan. House value is 500K and i owe 550K.I am paying 4500 for this house. I have found a new house --bigger , better, new and a lot cheaper for 2500 fixed rate/monthly.I am willing to foreclose the older house. but what will be the consequences?
          (0)
  • Posted By Tammie I moved in this house April 2007, signed a lease, etc. My landlord knew when I moved in that she was going into foreclosure and failed to notify me. What are my rights? And what do I do now?
    (4)
    • Posted By Renee
      In Reply to: I am renting a house that's being foreclosed upon Posted by Tammie Tammie, Iam in the same situation. I signed a two year lease and we just found out that the house is in foreclosure. How is it going for you?
      (0)
    • Posted By steele in minnesota
      In Reply to: I am renting a house that's being foreclosed upon Posted by Tammie What state are you in? You need to talk to an attorney who is familar with foreclosures and rentals in your own area.

      To my limited knowledge, as long as she owns the house she can rent it. Here in Minnesota they can even continue to collect rents during the redemption period as they still have all rights to the property.

      Steele V. Propp
      Foreclosure Specialist
      Schatz Group GMAC Real Estate
      Minneapolis, MN
      steelep@aol.com
      • Minnesota Foreclosure Network
      (0)
  • Posted By b Just wondering, becuase i know someone going through this scenario. i know that this is a forclosure website, but i also know that there are many experienced people on this site that may have known someone go through this. Here it is: they are filing chapter 7 bankruptcy and attempting to keep thier home. However, theyre also thinking of letting the home go due to the fact that they are about 50-70k upside down in equity and having a hard time making the payments. would it be better to include the home in the bankruptcy, or let the home go to foreclosure? and if they let the home go to forclosure after the bankruptcy is final, can the lenders come after them for any losses, ie: sue them? Please advise! thank you again!
    (3)
    • Posted By OC_Andy
      In Reply to: Not my scenario, but need help... Posted by b b,

      Depending on what the ruling of the BK is, your friend's best course of acti (0)
    • Posted By steele in minnesota
      In Reply to: Not my scenario, but need help... Posted by b As always, it depends on the state and state foreclosure statutes. Need to fill out these scenarios with more detail if you want answers.

      Steele
      (1)
      • Posted By b
        In Reply to: Re: Not my scenario, but need help... Posted by steele in minnesota my fault.......it is in california
        (0)
  • Posted By b I live in northern california. just got my notice of sale. it shows that the home is being sold at auction at 1030 (2)
    • Posted By Kellym
      In Reply to: notice of sale received, now what? Posted by b Check this out!

      http://ezinearticles.com/?What-Happens-After-the-Foreclosure-Sheriff-Sale&id=633715
      (1)
      • Posted By steele in minnesota
        In Reply to: Re: notice of sale received, now what? Posted by Kellym As this is a general article it really is general rules. And it is wrong when it states that after the sale the high bidder is the new owner. In some 14 states, those with redemption, this is not the case. You don't buy real estate at the sheriff sale, you buy the right to the real estate after the redemption is over.

        Now California (to my understanding) doesn't have redemption so I would check to see what eviction procedures are for this area. The bank won't simple change the locks the day of the sale (only if the house is abandoned and even then it may take a few days). If you are still living there the new owner will have to start the eviction process. You will get notice and timeframe.

        But if you call the Sheriff office now you can get an idea of the normal process.

        Steele


        (0)
  • Posted By Scott Hello,
    Due to a divorce, I am a buyer in the market with no rush to buy. Does it make sense to try to buy a foreclosure in Minneapolis area (northwest suburbs) than look through what is on the market?

    I don't even know where to begin.
    (0)
  • Posted By wes I have a house in san diego that i might foreclose on. i also have 3 investment properties out of state that have a total of $20,000 of equity between the three of them. what happens to my equity on the investment properties if i forclose on my primary home?
    (4)
    • Posted By Ralph
      In Reply to: what assets can the bank get ahold of on a foreclosure Posted by wes California has a one-action rule, in which your lender must elect one action to take against you. If your lender forecloses on a deed of trust out of court (non-judicial foreclosure) the lender has chosen one action and may not bring a lawsuit to recover a deficiency, which would be a second action. If your lender chooses to sue and obtain a foreclosure order at the same time, and if the proceeds of the judicial sale of the real estate are not sufficient to repay the loan balance, then a deficiency for the balance is allowed.

      Fortunately, CA lenders rarely elect judicial foreclosures. No deficiency judgment is permitted after a non-judicial foreclosure or for a judicial foreclosure on a purchase money loan (i.e. a loan for the purchase of your house, not a HELOC).

      Ralph Oliver Thompson, Attorney
      [Disclaimer: not intended as legal advice-please consult with your attorney for specific advice for your situation]

      www.ForeclosedDreams.com
      (0)
    • Posted By steele in minnesota
      In Reply to: what assets can the bank get ahold of on a foreclosure Posted by wes First of all, borrowers don't foreclose on a house. The bank/lender forecloses on the house.

      Sorry, we have a lot of readers misusing this term.

      As to what the bank can go after...the primary asset, of course, is the property itself. Then it largely depends on your state and the ability of the lender to go after other assets should there not be enough money to pay them back (mortgage, fines, late fees, attorney fees, etc.)

      Not from California but I believe that deficiency judgements are tough to get. Am I remembering that right?

      Anyone?

      Steele V. Propp
      Foreclosure Specialist/Loss Mitigation
      Schatz Group GMAC Real Estate
      Minneapolis, MN
      steelep@aol.com

      • Minnesota Foreclosure Network
      (2)
      • Posted By wes
        In Reply to: Re: what assets can the bank get ahold of on a foreclosure Posted by steele in minnesota i owe $485,000 and could sell for about $400,000. if i foreclose or short sale on my primary property, would the the lender go after my 3 investment properties. i only have equity on 1 of the investment properties ($10,000-$20,000) if so, what's the process?. my credit is in the high 700's how much will a short sale lower my credit? also, can the lender have access to a 401k on a foreclosure or short sale. i live in california. thanks so much.
        (1)
        • Posted By steele in minnesota
          In Reply to: Re: what assets can the bank get ahold of on a foreclosure Posted by wes According to the foreclosure statute charts you should be relatively safe as you are in California and deficiency judgements are extremely hard to do. So much so that these charts refer to them as "prohibited".

          As to the damage to your credit. Most severe would be a foreclosure. Less severe is a short sale. How much it would lower your score is impossible to calculate at this time. Too many factors come into play and we don't know them all yet.

          Now you may want to verify with a California attorney versed in foreclosure law. We don't give legal advise.

          Good luck.

          Steele V. Propp
          Foreclosure Specialist/Loss Mitigator
          Schatz Group GMAC REal Estate
          Minneapolis, MN
          steelep@aol.com
          • Minnesota Foreclosure Network: Informatio and More
          (0)
  • Posted By admin A new section has been opened on this site where you can run your own blog. Content and style is up to you.

    There a few simple rules to follow.
    There are a few short pages of instructions.
    Probably take half an hour to an hour to learn the system basics.
    Click on the link below to find out more, or get your own blog.
    • All Foreclosure Information Blogs
    (3)
    • Posted By Ralph
      In Reply to: Blogs are now available Posted by admin I have a foreclosure blog already, www.ForeclosureTsunami.wordpress.com. Is there a way you can add my existing blog to your site?
      (2)
      • Posted By admin
        In Reply to: Re: Blogs are now available Posted by Ralph Hi Ralph,

        There is support for importing most common blog formats.

        On your existing blog, you'll have to go to Manage/Export on the Dashboard to download your blog.
        Then set up the new blog, log in and go to Dashboard/Manage/Import, select WordPress then point it to your downloaded file.

        You'll have to select and set up the new theme though.
        (0)
      • Posted By admin
        In Reply to: Re: Blogs are now available Posted by Ralph Ralph,

        I'll look at it, but I don't think the capability exists to import an existing blog. They can be exported if you want to move it to your own server, but I haven't seen the import option.

        I'll look more in depth tomorrow and let you know if I find a way to do it.

        One option would be to just cut and paste some of your recent posts to a blog you set up on this server, then build on that blog. You can always export to your own server later on.
        (0)
  • Posted By Mary Does a loan modification render a foreclosure suit moot? A broker claims that his servicer is calling back a loan for fraud, but the servicer is accepting payments, and entered into a loan modification with the borrower.
    (0)
  • Posted By chuck I have a mortgage w/ countrywide and have talked to them about not being able to make monthly payments starting in July. I have it on the market since march with no offers I already have arrangements with family to rent a house from them that they have purchased as investment and plan to move out end of August I want to suggest a DIL vs outright foreclosure is this a good move and what are the ramifications to my credit and future home loans.
    (0)
  • Posted By Frank M Why is it that sometimes properties that have been foreclosed on are auctioned off while others are owned by real estate companies and sold "traditionally." Are there rules that dictate how the property is to be dealt with after foreclosure?
    (2)
    • Posted By steele in minnesota
      In Reply to: REO Posted by Frank M Once the lender has taken a property through the entire foreclosure process and now ownes it, they need to make a decision as to how to best market it.

      In most cases an Asset Management is actually in charge of the process as they act as the foreclosure department. This "third party" company handles everything for the lender.

      When it comes to marketing most still rely on trusted real estate agents skilled in bank owned properties (REOs). These are your listed houses (not owned by real estate companies).

      But some are experimenting with auctions. We see about 3-5% going this route in my area. There are no rules per sec as to which house gets auctioned and which house gets listed. More so, there will be a decision to use the auction process in a certain area and usually they try and group the properties so there are several to choice from.

      More bang for the advertising buck. We will typically see 5-10 houses auctioned in two day period.

      But can you second guess which houses will be auctioned? Not really.

      Steele V. Propp
      Foreclosure Specialist/Loss Mitigator
      Schatz Group GMAC
      Minneapolis, MN
      steelep@aol.com

      • Minnesota Foreclosure Network
      (0)
    • Posted By Jim V
      In Reply to: REO Posted by Frank M Frank,

      There are no rules that I've ever been able to determine. Lending has changed to where it would be unusual for one lender to originate, service and own a given loan.

      Loans are originated, sold into the secondary market where they are sliced and diced for servicing rights with "ownership" often being part of a loan package.

      The loan owner, or insurer, or mortgage insurer could all influence how, and for what price, REO properties are listed for.
      (0)
  • Posted By Kellym Hi

    Does anyone know where I can buy RE investor leads?
    (1)
    • Posted By Steele in Minnesota
      In Reply to: investor leads Posted by Kellym Be a little more specific. What is it you are looking for?

      Steele
      (0)
  • Posted By Kelly We have a property in Nevada that as you know as declined rapidly in the market. We owe more than the property is worth now and due to my job change(used to be in Escrow) and a drastic pay cut we know within 2 months we will not be able to afford the house payments anymore. Not sure where to go with this other than walk. Other properties in my neighborhood are still up and have been for 6 mths or more. I am not in default yet but soon will be. Please advise looking for the right thing to do without messing everything up!
    (15)
    • Posted By Kelly
      In Reply to: Foreclosure??? Posted by Kelly Want to thank all of you for your responses. Let me give a better outlook of my picture. I cannot refi as I have 0 equity in the house due to the market fall. I now owe more than its worth my income went from 56000 per year to 38000 per year. You live where you are at and now I am not there. In the case of forclosure can they come after your job and start to take from your pay to repay them? I have read so much and its all becoming one big mess. In a short sale it looks like I have to be in default, if I am hurting my credit that way anyway what is the difference of a foreclosure? Thanks again for the input
      (1)
      • Posted By Kelly
        In Reply to: Re: Foreclosure??? Posted by Kelly Thanks to all of you for the response. Let me expand my situation. I am not yet in default but I owe more than the property is worth and have no equity for a refi. My income went from 56000 to 38000 in a year and a half. If I am going into default with a short sale what is the difference between that and a foreclosure if my credit is going to be crap!The house at this point is a great source of stress and disappointment for all concerned! Please advise! Thank much
        (0)
    • Posted By Kellym
      In Reply to: Foreclosure??? Posted by Kelly I have learned so, much from this message board, but I"m curious.

      Does anybody remember Kelly's original's post, besides Steele and RSI?

      Thanks,

      Kellym

      (0)
    • Posted By Pamela Anise
      In Reply to: Foreclosure??? Posted by Kelly Good Afternoon Kelly


      My name is Pamela Anise and I am a Certified Loss Mitigation Consultant. I would l like to offer some advise to you and your family. You mentioned that you owe more than the house is worth... Did you ever think about refinancing? Exactly how many months are you behind on your mortgage. You don't necessarily have to go through a short sale. If you really love this house, I say keep it and learn about other business opportunities that will allo you to rebuild your income. Would you be interested in rebuilding your income through great business opportunities? If you are interested, you can email me at Newbeginnings4life@gmail.com.


      Until then, have a Bless Day and O look forward to hearing from you.


      Pamela Anise
      (8)
      • Posted By steele in minnesota
        In Reply to: Re: Foreclosure??? Posted by Pamela Anise Pamela,

        Advise,yes. Solicting for business, NO.

        Please refrain from this in the future. It's clearly stated at the top of the forum.

        Want to advertise? Do it where it belongs.

        Steele

        Steele
        (0)
      • Posted By RSI
        In Reply to: Re: Foreclosure??? Posted by Pamela Anise Dear have-a-bless-day-today-because-tomorrow-I'm-gonna-attempt-to-screw-you-over,

        Which part of..."drastic reduction in income"..." can't afford the payments" ..."significant depreciation in value" didn't you get?

        Ok...before I get all judgemental I'll give you and your certification a chance to explain how exactly a refinance will help this situation and how it will be accomplished without increasing the poster's debt load given the property is reportedly already incumbered to a greater degree than its recupertive value.

        PS...the poster also said he/she wasn't behind on payments yet. Something else you forgot to absorb in your haste to commit assault and battery.

        (6)
        • Posted By PA
          In Reply to: Certified Clueless Posted by RSI You sound like a drama queer. Just b/c her income decreased it does not mean it is the end of the world. Yes, it is true that in situations with low or no income people tend to panic. However, to every problem their is a solution. YOU RSI don't have to get snappy because other people would like to help and give suggestions. Are you experiencing difficulties with you finances or business. It sounds like it. Next time, try to be more professional when expressing yourself.

          Until then, have a Bless Day!!!!!!!!!:):):)
          (5)
          • Posted By k-------
            In Reply to: Re: Certified Clueless Posted by PA is what it is plain and simple.

            To use God as an emotional bridge in order to capture a bit of green (dollars) is offensive... and Pamela Anus, you should be ashamed.

            That coupled with the fact that you've demonstrated (at least in this posting) a disconnect with what might be in the poster's best interest is further telling. Come on..."Yes, it is true that in situations with low or no income people tend to panic. "...wonder what kind of certification process you slept through to come up with that one.

            Other than refinance the poster's already upside-down, unaffordable loan at an even higher rate and cost to the homeowner (who by the way is experience cash flow problems); and...oh yeah, start the poster on the path to a new business opportunity / pyramid scheme...what favorable solution have you brought to the table?

            So, Pamela, you get another opportunity to provide clarification...one better than "drama queer"; which, believe it or not almost sounds like a compliment. I've been called worse.
            (1)
            • Posted By NJD
              In Reply to: Religious Sodomy Posted by k------- K, you must have seen the documentary Borat who pronounced the aforementioned "A" word as, "a nous" which featured, coincidently, drama queers.
              (0)
          • Posted By Jim V
            In Reply to: Re: Certified Clueless Posted by PA PA,

            I think the point of the board is to provide solutions or options for those that may need it.
            Did your post address options or solutions, or was it more to promote opportunities for you?

            Snarky replies suggesting someone is a "queer" or are themselves going through financial distress don't really address the original poster's issues.

            Did you miss the part at the top of the board where it says "do not request off board contact"? If you missed it, just say so and try to stay within the bounds of what's allowed.
            (2)
            • Posted By Bruce J
              In Reply to: WTF is a Bless Day? Posted by Jim V People are losing their life savings over greedy bankers who knew exactly what we have to deal with by now. Now there are some others who we have to deal with regardless of what our kids have to suffer. Grow up and mean when you say you believe in god and have a hart for those who are in need.
              (1)
              • Posted By Jim V
                In Reply to: God created banker to sock our money and other to sock Posted by Bruce J
                Bruce J,

                God has nothing to do with housing, bankers, and foreclosure.

                Crappy things happen to people, I can't argue that. Does that mean that the bankers are bad, or that there were evil influences making people buy homes?
                No.
                Sh*t happens. It's part of being human.

                When we move from providing potential solutions to people's problems to "let me help you, God wants you to do this" then there is an issue.

                I have no problem with any religion individuals may practice, I do have an issue when religion is brought into secular problems. I really have issues when people use religion to promote their own business interests.

                I hope that answered your incoherent post, if not, just STFU.


                (0)
    • Posted By RSI
      In Reply to: Foreclosure??? Posted by Kelly Start thinking about a short sale.

      You can strategically position yourself so that while you are in wait mode (lenders usually do not actively begin loss mitigation efforts until 3 payments are missed)some of the requirements for short sale consideration will have already been completed...such as listing the property for sale and comp valuations secured.
      (0)
    • Posted By steele in minnesota
      In Reply to: Foreclosure??? Posted by Kelly Start a dialog with your lender now. Explain the situation and see if they have any recommendations or options. Perhaps there will be nothing this early in the game, but more and more lenders are attempting to be proactive.

      Let us know your progress on this.

      Steele V. Propp
      Foreclosure Specialist/Loss Mitigator
      Schatz Group GMAC Real Estate
      Minneapolis, MN
      steelep@aol.com
      • Minnesota Foreclosure Network: Information and more
      (0)
  • Posted By MAAPLA I am 3 months behind in my mortgage payment and I do not want to keep the home, can't afford and I need to do a short sale in the shortes time possible. What can I do. Please help.
    (3)
    • Posted By steele in minnesota
      In Reply to: need help to sell my home that's in default Posted by MAAPLA I would recommend finding a real estate agent who is a short sale specialist to market your home. Yes, you can sell direct to an investor but it will be at the lowest price. Your home is best served by having the greatest exposure and the most potential buyers,not just one. Remember that the worse the deficit the worse it will affect you personally (in most instances).

      Steele V. Propp
      Foreclosure Specialist/Loss Mitigator
      Schatz Group GMAC Real Estate
      Minneapolis, MN
      steelep@aol.com


      (0)
    • Posted By Jorge Perez
      In Reply to: need help to sell my home that's in default Posted by MAAPLA MAAPLA... what city and state do you live in?
      We can probably help you. We can negotiate directly with the lender to buy your house.
      How many loans do you have and what are the balances?

      Thanks,
      Jorge.
      (1)
  • Posted By MAAPLA I am 3 months behind in my mortgage payment and I do not want to keep the home, can't afford and I need to do a short sale in the shortes time possible. What can I do. Please help.
    (3)
    • Posted By Barbara
      In Reply to: need hekp to sell my home that in default Posted by MAAPLA What state are you in?
      (0)
    • Posted By kathy
      In Reply to: need hekp to sell my home that in default Posted by MAAPLA Find a Real Estate specialist that has a lot of experience with short sales and make sure that they have actually closed their short sales. And get a Realtor that knows a lot about short sales. Where are you located city and state. as i am in the process.
      (1)
      • Posted By de
        In Reply to: Re: need hekp to sell my home that in default Posted by kathy in the process of short selling or did you have an offer already?
        how would you actually know that the agent is specialist in short sale?
        (0)
  • Posted By Neon I have a house I purchased in Utah as an investment property, but the market has gone extremely soft. I can make payments on the house for a few more months, but am frightened of the repercussions of a foreclosure if I can't get this home sold or leased. I have my primary residence with some equity and a small amount in a 401k account. Does anyone know what the bank can 'come after' as far as my other assets regarding a foreclosure on an investment?
    (0)
  • Posted By Rudro Hello all, I could use some help here. I currently live in Louisiana but owned a home in Texas. The Home in Texas was foreclosed upon last month and it would appear that as this was a FHA loan, HUD purchased the home from the mortgage company at the time of the foreclosure.

    The question is, can I be held legally liable for the deliquincy amount from a Foreclosure on the house in Texas? Does it matter that I live in a different state than the one in which the house that was foreclosed upon was in? Which states laws would apply? I assume Texas, since this is where the house was.

    Finally, if a judgement is made against me for the deficency, what is the realistic results of a financial judgement? Can wages be garnished, etc..

    Thanks in advance!!
    (1)
    • Posted By rudro
      In Reply to: Result of Foreclosure with two states involved Posted by Rudro Any thoughts on this?
      (0)
  • Posted By Kathy I have a 80/20 loan with the same mortgage company option one, my question is can i do a deed in lieu of foreclosure with two loans of the same company?
    (3)
    • Posted By RSI
      In Reply to: Deed in Lieu of Foreclosure Posted by Kathy Lenders make the final determination whether a deed-in-lieu is beneficial to them.

      Most lenders will consider ALL other options before even entertaining DIL questions.

      An extermemly high number will not even think about it...particularly if there is the presence of a second.

      Remember, all considerations of workout has to work to the benefit of the lender first and foremost for it to be considered.
      • Reinstatement Services
      (2)
      • Posted By Kathy
        In Reply to: Not your choice Posted by RSI I understand that it is ultimatley up to the lender and that it is their last choice and they look at everything else. I have had my home for sale for 60 days now with no offers and it is $80k lower then what i paid for it, and lower then anyone else in our area. The prices are dropping fast in our area and there are no buyers. So i would think that instead of going threw a foreclosure and since i have both loans through the same bank that it would be benifical to them to do the DIL as it would save them a lot of money in the long run. I have heard that you can not do the dil if you have 2 loans as you can not split the house between two banks, but what if they are at the same bank. I am still hopeful for a sale and pray that one comes a long and we are doing everything that we can, but it is starting to look pretty bleek.
        (1)
        • Posted By Reinstatement Services, Inc.
          In Reply to: Re: Not your choice Posted by Kathy Why would a DIL be beneficial to the lender?

          The answer has to be reduced to numeric values for the benefit to be determined.

          How much exactly is accepting a DIL going to save the lender? You'll have to factor in actual and associated costs to make a determination. When you're done, you'll see what your lender knows... acceptance of a DIL in instances like the one you've discribed doesn't do anything to bolster the lender's bottom line.

          Now if you had one loan and a positive equity position that would be a different story.




          • Reinstatement Services
          (0)
  • Posted By carol Do you think countrywide will accept an offer for deed in lieu if the payments are current? I requested a short sale and was verbally told I probably wouldn't qualify, but she didn't say why.
    Does the deed in lieu affect your credit like a foreclosure? If the property in jeopardy is in my name only and I have another property jointly, can them come after the 2nd property?
    (0)
  • Posted By bstark We may potentially be facing foreclosure, but fear our credit will be ruined? What will happen if we end up having to foreclose? How long will it be until we will be able to purchase a home again? How long will this be on our credit? Please advise
    (2)
    • Posted By RSI
      In Reply to: Credit after Foreclosure Posted by bstark No doubt about it, foreclosure can have devastating effects on credit.

      What this means is that ANYone asking to view your credit will be privy to the scar.
      Employment,insurance, future solicitations for credit, etc., could affected.

      In the long run, foreclosure will cost you...but is certainly something that can be recovered from over time.

      Foreclosure remains on the credit profile for 7 years.
      • Reinstatement Services
      (0)
    • Posted By JoeInAL
      In Reply to: Credit after Foreclosure Posted by bstark It all depends on how your current credit situation is, in reality. Prior to my layoff and foreclosure, I had a mid-700 to 800 credit score. It went down to 600-615 but 6 months after my foreclosure I am back to 650 and should be in the 700 range by years end. Your ability to purchase a home will be impacted for approximately 3 years of sound credit and will dramatically improve after the 7 years the foreclosure is reported on your CR. It was definitely the toughest part and choice of my life and never want to repeat it. But that which does not kill you truly does make you stronger.
      (0)
  • Posted By Everett L. McCreary 2 months after signing mortgage, co. transfers 2nd to
    another co. get behind by sending both notes to 2nd. I
    tried to catch up but 1st mort. held check which made me current, cashed the next 2 and returned that check
    which put me behind again forcing my action Help:
    (3)
    • Posted By Pamela Anise
      In Reply to: Forced to Chapter 13 Posted by Everett L. McCreary Why do you feel the need to file a Chapter 13? That is the worse thing to do. Are you currently in a foreclosure status?
      (2)
      • Posted By Everett L. McCreary
        In Reply to: Forced to Chapter 13 Posted by Pamela Anise I got behind due to an error on my part. The mortgage co. cashed all my checksuntil I send in 2 payments an
        5 days lather sent in another which put me up to date.
        The mortgage co. held that check for 5 weeks before returning it and trouble has followed. Chapter 13 was
        I thought my out. Credit score went from 693 to 489.
        (1)
        • Posted By Pamela Anise
          In Reply to: Re: Forced to Chapter 13 Posted by Everett L. McCreary You said, "Chapter 13 was your way out". Did you file Chapter 13? Do you
          completely understand the terms and conditions of Chapter 13?


          (0)
  • Posted By Gabe Hello-
    Trying to sort out my mom's finances (from afar--I live in the UK, brother lives in Seattle, WA) and we have a few questions. She's got to give up her house and wants to do so. It's too big for just her and she cannot afford it anymore. She's upside down by about $40-50k, having refi'd a couple of years ago with an 80% first and a 15% second to avoid PMI; both closed at same time. (So like a purchase money second but for a cash-out refi.) At that time her full appraisal came in at $127k or something; the real estate agent says we'll be lucky to get mid-70s for it. I think she owes about 110k. She's two months behind on the first and five on the second.

    If she walks away and is foreclosed on, are deficiency judgments allowed in MO? It's a critical issue because of her job--further financial/tax issues could mean she loses her job and her retirement benefits (which is the only thing she has left, really). There are no further assets to speak of.

    So for instance if we do a short sale we'd get a 1099 which would tax her for the forgiven debt, and she'd have to pay those taxes right away pretty much.

    Also, the lender is EMC (on both loans) if anyone knows anything about them.

    Thanks for the help!
    -g
    (2)
    • Posted By Tammy
      In Reply to: deficiency judgments in missouri? EMC 1st/2nd near foreclosu Posted by Gabe Sorry to hear about your mom's finances. I am by no means an expert in foreclosure, but I did go through it. According to foreclosure laws a judgment deficiency is not allowed in the state of Missouri. Use a search engine such as Yahoo! and type in missouri foreclosure. You'll come up with Missouri state statutes. Hope this helps.

      (1)
      • Posted By Gabe
        In Reply to: Re: deficiency judgments in missouri? EMC 1st/2nd near foreclosu Posted by Tammy I have done that, and I get conflicting information. (Not unusual IMHO when trying to research something on the net.) Many sites say that they are allowed, including this site's summary page (http://www.all-foreclosure.com/procedures.htm). Here's one in particular that I found:


        "In the state of Missouri, a creditor that has foreclosed upon his collateral is permitted to pursue a deficiency action against those personally liable for the debt. In a separate action, the lender may file suit on the note and reduce the deficiency to judgment. The deficiency amount is the full amount due the lender less the bid amount."

        Maybe anyone knows whether deficiency judgments are likely and/or usual with this lender, or in Missouri in general?

        Tammy, I'm glad to hear that you've not had one so far! And here's hoping they aren't...

        Best
        -Gabe
        (0)
  • Posted By susie Does anyone know of an awesome Bankruptcy Attorney that specializes in real estate in Central Florida??
    (0)
  • Posted By Tammy My husband and I allowed a rental property to go into foreclosure about a year ago. The property is in Kansas. The property sold in April 2007 for less than what we owed on it (Somewhere around $45,000 less). We have been waiting for a deficiency judgment to know what we still owe, but have gotten nothing about it. When can we expect to hear something about the deficiency? Will we hear anything if they decide not to do a deficiency judgment? Thanks for the help.
    (0)
  • Posted By Mary I think it is great that this site offers people advice during the foreclosure process. But what about life after foreclosure? I lost my home to foreclosure and managed to get an apartment, but the landlord I have keeps throwing at me the fact that she helped me. I feel very uncomfortable, because I thought I should be honest about the whole foreclosure issue. Now my dilemma is I don't want to renew my lease with this woman, and want to be able to get another apartment. Has anyone had any problems getting an apartment? or what were your experiences after you lost your home?
    (1)
    • Posted By Mary
      In Reply to: Life After Foreclosure Posted by Mary You'll be alright. My home was foreclosed 3 1/2 years ago, and it was the most traumatizing event of my life. But we managed to get through it...and don't feel obligated to tell anyone what happened. Try private owners; they usually don't ask for that kind of info, nor do they always pull your credit. Good luck!
      (0)
  • Posted By michael Is there a site you can subscribe to receive list of people who are 30, 60 or 90 days late in their mortgage payments? I've heard this is given out by some or all of the 3 credit bureaus!
    (1)
    • Posted By michael
      In Reply to: late in payments list Posted by michael Is there such list? anybody knows where to get them?
      (0)
  • Posted By PAUL M hope someone can provide me with insight..I was served pre foreclosure papers on 6/21/07. We always had no problem making our payments on time. I started a small business over a year again and our cas flow was weak not to mention paying for college. I also defaulted on some credit card debt and began paying some of it off. Since then I am back in the work force with a good paying job. I filled out loss mitagation paperwork and submitted it back to the bank. My concern is our credit history is in bad shape. We have the cash flow again to meet the needs of our mortgage and more however will the bank be flexible looking at this? I am sick to my stomach..

    (3)
    • Posted By Robert Rathbun
      In Reply to: PRE-FORECLOSURE - PLEASE HELP!! I NEED INPUT Posted by PAUL M Hey Paul,

      I work for a Bank in NYC that specializes in foreclosure bailouts as well as credit rehabilitation. We have a very unique program. If interested please email me back and I will assess your situation and let you know exactly what I can do for you.

      Thanks
      (0)
    • Posted By jhuff
      In Reply to: PRE-FORECLOSURE - PLEASE HELP!! I NEED INPUT Posted by PAUL M If you are able to reinstate the loan, the bank should be willing to work with you. The usually will go through loss mitigation process to help get you caught up and put you on a pay plan. They will usually want some kind of financial statement to verify that you will be able to make the payments on the pay plan and explaination of what caused the default. Your credit rating should not affect this because you are not applying for your loan, and they should be willing to work with you to keep it out of foreclosure. You need to contact them about a pay plan and make sure that they get it out of the foreclosure process. Good luck
      (0)
  • Posted By RA Does anyone have any recommendations for companies that do the short sale negotiation for you? I've seen a few like National Short Sale Center. Any opinions about them?
    (7)
    • Posted By jhuff
      In Reply to: Short Sale Negotiators Posted by RA I would try and do it yourself. They can not do anything that you can not do. If it is your house the bank would rather talk to you and there is some paper work that you will have to complete for them like a detailed letter explaining your situation, and why you need a short sale. The will likely have someone do a Brokers price Opinion on the property and it is worth less than you owe they will entertain taking a short sale. Each lender has a formula that they use ei some will let it sale for 90% of the market value etc. They will have to approve any offers on the property and will usually delay foreclosure during the process. You need to talk to someone in the loss mitigation dept of your lender
      (6)
      • Posted By Matthew
        In Reply to: Re: Short Sale Neiators Posted by jhuff RA- Jhuff-
        There are benefits that are found with working with the pro's- former loss mits people, know what to say and how to ask for it.
        The aspect of self taught and learning from your mistakes.this is one of the best- you will be up and close to the stress and difficulties of being in a financial hardship, it makes you appreciate life!
        after 10 yrs as a self taught flipper ( over 100 shorts)I can appreciate the help of the pro's now and then to get it done.
        (5)
        • Posted By NJD
          In Reply to: Re: Short Sale Negotiators Posted by Matthew as a professional "Ethical Approach to Short Sale" negotiator, having witnessed countless 'botched' attempts and being asked to ressurect failed or stalled transactions....the difference between going it pro se and having guidance is the pro se process is simply placing an order, and then crossing fingters hoping it will be filled.... vs. preparing, presenting, and then negotiating a factual, compelling argument supportive of a business proposal.
          (4)
          • Posted By TJ
            In Reply to: Re: Short Sale Negotiators Posted by NJD National Short Sale Center is horrible. They want money up front and promise nothing. Their contacts are no better than yours. Trust me on this!
            (2)
            • Posted By de
              In Reply to: Re: Short Sale Negotiators Posted by TJ can you elaborate more coz we're contemplating of using them.
              (0)
            • Posted By TM
              In Reply to: Re: Short Sale Negotiators Posted by TJ No short sales are guaranteed. The lender has 100% of all decision making rights. The benefit of having a professional work the short sale is that lenders are not easy to work with and relationships help, in fact relationships are the KEY to completing a successful short sale. Also, the lender will want your home to be listed on the MLS for some time and typically doesn't want to speak to you unless you have a buyer. The pros will have that taken care of for you. Remember time is of the essence and if you don't know what you are doing you will make costly time consuming mistakes.
              (0)
  • Posted By Daniel K Hello.
    I have offically closed on a short sale last monday. I was doing it with a realtor via my lender. In conversations with the lender, i was assurred this was a short sale and once closed, it was over and they would not come after me for money. Now i have just been served a forcloseure. since i have done a short sale, will this forclosure show up on my credit report or will it show as a short sale? since i have been served, does it now shoe it on public records? my understanding that a short sale i would not be served and would not be on public record. is this a mistake by the lender? if so, what can i do to fix the possible forclosure on my credit report?


    Thanks!
    Daniel
    (4)
    • Posted By jhuff
      In Reply to: I am very confused: Shortsale / Forclosure Posted by Daniel K I am confused. If they did a short sale, then they were paid off and they not be foreclosing because they should no longer have a lien on the property
      (0)
    • Posted By NJD
      In Reply to: I am very confused: Shortsale / Forclosure Posted by Daniel K Probably a case where one hand doesn't know what the other hand is doing. Have your closing attorney resend a final HUD1 to the lender's foreclosure attorney who filed the foreclosure, and demand it be rescinded. Make sure you keep handy copies of the final HUD1, and the letter demanding the foreclosure be rescinded as you may need to provide copiues to the credit reporting agencies when you dispute the derrogatory credit appearing on your report(s).
      (2)
      • Posted By Matthew
        In Reply to: Re: I am very confused: Shortsale / Foreclosure Posted by NJD Dave -
        thats generally what happens but they don't have to remove it from the credit- they can say "settled for less than owed" and keep the derogatory payment history.
        (1)
        • Posted By NJD
          In Reply to: Re Shortsale / Foreclosure Posted by Matthew That's correct about how a lender could report a completed short sale transaction. But that's not how I viewed, or responded to the question.

          I believe the post stated a foreclosure had been filed after the short sale transaction had been completed.

          If that's the case the lender filed after the fact and in error, and can be compelled to rescind the lawsuit, and revise the credit report in so far as the tardy foreclosure filing.
          (0)
  • Posted By divina the amount owed to first lender is 600k and for the second is 175k the offer is only 650, what will happen to the second, will the 2nd be wiped out and will the 2nd lender run after us. the 2nd loan was line of credit by the way and the property is in california. please help us if you know anyting about this. thanks so much.
    (2)
    • Posted By jhuff
      In Reply to: shortsale Posted by divina you will need to negotiate a short sale with the second also. Because the second will not be wiped out just because you do a short sale with the first and fact you can not do the first without the second because the buyer who just paid off the first would not have clear title. The only way the second is wiped out is if the first lien holder forecloses on the first, then the second has the option of taking over the first or being wiped out
      (0)
    • Posted By NJD
      In Reply to: shortsale Posted by divina "what will happen to the second"

      To complete the sale as described above, the second mortgagee must agree to accept less than its due. The second, once presented with a formal application for short sale consideration, will confirm 1) the validity of your hardship, 2) the validity of your inability to repay the debt, and 3) the property's value with respect to the Offer.

      If the situation qualifies for mortgagee approved, preforeclosure short sale... it will either accept proceeds from sale as payment in full and then forgive the unpaid portion of the debt (triggering a tax event), or agree to release its secutity interest to facilitate a 'short sale' but require you repay the deficiency amount over time.


      (0)
  • Posted By TRod I am very interested in purchasing a home that is currently in foreclosure. I have noticed many homes in my area which seem abandoned. How do I go about purchasing a home in foreclosure? Is there any websites I can get more information for the New York area. What is the price I pay for the home (market value or the amount the lender is asking for)?

    Can someone help me get started??

    Thanks
    (1)
    • Posted By steele in minnesota
      In Reply to: NEED INFORMATION- HOW TO BUY FORECLOSURE HOMES Posted by TRod If you google the word "foreclosure" you will get thousands, if not tens of thousands, of hits. Everyone and their mother is trying to get into this game and sell you something.

      A simple suggestion for a beginner is to skip the late nite TV hype and either go to your local library or bookstore and start with a couple of the good beginner books on foreclosure purchasing. Learn the basics first. I believe there is both a "Dummies" and "Idiot Guide" out there that offer good basic information.

      Do this before falling for the online courses and various gurus out there that promise the world and rarely give you anything. And especially before you start signing up for websites that promise you inside information on thousands of properties in your area. Most will have next to no information that is accurate and/or timely.

      My opinion, of course.

      Steele
      Schatz Group GMAC
      Minneapolis, MN
      • Minnesota Foreclosure Network: Information and More
      (0)
  • Posted By Paul M I hope someone can provide me with insight..I was served pre foreclosure papers on 6/21/07. We always had no problem making our payments on time. I started a small business over a year again and our cas flow was weak not to mention paying for college. I also defaulted on some credit card debt and began paying some of it off. Since then I am back in the work force with a good paying job. I filled out loss mitagation paperwork and submitted it back to the bank. My concern is our credit history is in bad shape. We have the cash flow again to meet the needs of our mortgage and more however will the bank be flexible looking at this? I am sick to my stomach..
    (0)
  • Posted By D. Rettig` Where can I get a list and numbers or e-mail addresses for banks with REO property
    (1)
    • Posted By steele in minnesota
      In Reply to: REO Posted by D. Rettig` Most banks have gotten out of the practice of putting up their REO properties on their websites. Oh,there are still a few. Simply google "REO, real estate".

      Most now use asset management companies to market properties. This site (all foreclosure) has several of their sites listed (a few of the banks as well).

      Personally, if you ally yourself with a Realtor that specializes in this area (for real) they will often have access to the information. I am one and have one of the most comprehensive lists of REOs for my metro area. It's for clients but you should seriously have such an agent on your side anyway. IMHO.

      Just so you know, banks will rarely deal with you direct. That is why they hire asset management companies.

      Steele
      (0)
  • Posted By Emerson I live in California and was wondering after you purchase a home from a trustee's sale what should I expect? How do you get keys? Will the owners typically be out at that point? Is there any right of redemption period in Ca or once it's sold at auction is it sold?
    (0)
  • Posted By Taylor I've been researching buying homes at trustees sales, but have a question. I've recently seen some homes going to auction for $50k, but when I look on the tax records (I'm a realtor so I can see what the owner mortgaged) they have a first for say $305k and a second for $45k. I am assuming the foreclosure is being brough on by the second (balance + fees) since the $50k auction bid is closer to the second owning amount then the first. My question is this...how does the first get satisfied? If the second lien holder forecloses what happens to the first? Does that go with the old owner or does that become my debt (I doubt my debt, but not sure?) Any help is appreciated!
    (2)
    • Posted By Taylor
      In Reply to: purchasing at trustees sales Posted by Taylor Forgot to mention I live in CA.
      (1)
      • Posted By steele in minnesota
        In Reply to: Re: purchasing at trustees sales Posted by Taylor First mortgage stays against the house so in essense you do "inherit" it. I am simplifying things a bit but that is basically what happens.

        So watch out. This is a classic mistake beginner investors can make. Always know just who is doing the foreclosure.

        Steele V. Propp
        Foreclosure Specialist
        Schatz Group GMAC
        Minneapolis, MN
        (0)
  • Posted By joy what is the law on foreclosure in california, can they garnish your wages?
    (0)
  • Posted By Jen I have one of those interest only loans and my payment is increasing 500.00 a month, then in 6 months after that it will increase another 500.00. Which means a total of 2900 a month for a 228K loan. This would be fine if I wasn't so buried in debt. I am upside down in my loan so I am not able to refinance the house for a better rate. I owe 10K more than I bought the house for. I was told that I should go through the foreclosure process and pay off all my debt while going through the process and rent a house for 2 years after the foreclosure and I would be able to buy a house in 2 years. I am not sure if this is a good option. Since it will hurt my credit but my credit is hurting right now with my debt to income ratio. Any advice?
    (3)
    • Posted By Lisa
      In Reply to: Do I foreclose? Posted by Jen Hey Jen. Is selling the house a possibilty? Can you sell the house, pay off your debt, and avoid foreclosure on your credit? I believe this is your best option.
      (2)
      • Posted By Jen
        In Reply to: Re: Do I foreclose? Posted by Lisa I would need to do a short sale, I owe a total of 24K on the house and the appraisal came in around 230K. Add realtor fees to that I would have a short sale and a 1099 on top of that. So I feel stuck. Thanks for your advice though!
        (1)
        • Posted By NJD
          In Reply to: Re: Do I foreclose? Posted by Jen Your lender forecloses the mortgage, you do not.

          If you can't keep the house, selling short is better than allowing the lender to foreclose and force a foreclosure sale. A 1099 can follow a foreclosure, too.
          (0)
  • Posted By Totally lost Please help... This is driving me nuts. I bought our home (in CA) for 440K in '06 with fixed rate for 2 yrs. I never thought that the market will be as bad as it is right now when I decided to buy it. My payment will go as much as 1K (under ARM) after the 2 yrs fixed - in '08. There's 2 loans - 1st was 352K & the 2nd was $88K. Right now, I'm current with my payments but worried about next yr, when it goes to ARM. This is our principal residence. The current value is lower than the purchase value. I haven't called my lender yet, but worst case scenario if they say no to refi, I might have to have it foreclosed. It seems now a days a lot of people is on the same situation as mine. Can they go after me? I still have a job, but a single parent with 2 kids. Can they go after my 401K & my little savings (for my kids' college)? Any help will be greatly appreciated. I'm getting depressed because of this issue. Thank you.
    (8)
    • Posted By Jim V
      In Reply to: CA home loan / foreclosure ques. Posted by Totally lost Totally lost,

      Lender's recourse on a purchase money loan in CA is limited to the property. If you haven't refinanced your purchase money loans, the lenders can't come after you personally.


      (7)
      • Posted By Totally lost
        In Reply to: Re: CA home loan / foreclosure ques. Posted by Jim V Thanks a lot Jim V - for the info. I greatly appreciate it.

        If anyone knows a site for this kind of issues, please send me the url. It'll be very helpful.
        (6)
        • Posted By Ralph
          In Reply to: Re: CA home loan / foreclosure ques. Posted by Totally lost Check out www.ForeclosedDreams.com.
          (5)
          • Posted By Totally lost
            In Reply to: Re: CA home loan / foreclosure ques. Posted by Ralph Thank you Ralph. The url is very informative.
            (2)
  • Posted By MARITZA OQUENDO I need to know the Laws on Forclosure for Judical and Non Judical. Where can I get this information?
    (2)
    • Posted By steele in minnesota
      In Reply to: Laws on Forclosure Posted by MARITZA OQUENDO Basic information is right here on this site. Start exploring. The guys have done a wonderful job of having reference material at your finger tips.

      Steele
      (0)
    • Posted By Jim V
      In Reply to: Laws on Forclosure Posted by MARITZA OQUENDO Maritza,

      Each state has different laws, you probably don't need to know the laws for all potential foreclosure jurisdictions.

      Did you want to know something about an individual state's foreclosure process?
      (0)
  • Posted By Mark Didricksen I am thinking about bidding on a property up at auction from the sheriff. I was wondering if anyone has any suggestions or have run into any problems doing this. It is a DuPage (Illinois) sheriff auction that is set up by the courts. Also with leins on properties, once it is won at auction are all the liens settled or are the responsibility of the purcharcer? Any insight into this would be helpful. Thanks, Mark
    (2)
    • Posted By Nick(Colorado)
      In Reply to: buying an auction property Posted by Mark Didricksen Mark Didricksen:


      From the sounds of your post, I would suggest
      that you first seek some more training/knowledge
      in the area. Try joining a local real estate
      investment club. And most importantly, learn how
      to do a title search.


      (0)
  • Posted By Jackie Hudson I have a home with USDA and it is about to be foreclosed on,because my husband left me in debt with it 20,000 dollars I tryed to work out an re-payment plan but the payment was way more than my income to make it up,I think USDA is in the wrong with the payment they came up with. I need help trying to fine somebody to help me with keeping my home. USDA is very hard to work with and not nice at all. They are not helping me in any way.
    (0)
  • Posted By Lee There is a house for short sale in my area (florida). the house was sold last year for 241K. and the owner cant make payments anymore. (1st 192K and 2nd 49K mortgages same bank) he has it listed as a short sale with a realtor for 199K. it needs work/a new roof/updating. can i get away with offering 190K or less especially if i pay cash and accept house as-is?
    would the lender be more likely selling to me since i am paying cash rather than someone who is trying to get funding?
    (11)
    • Posted By c.harper
      In Reply to: what to offer on a short sale? Posted by Lee It really is more a matter of what the lender's appraised value of the home is. They want 85-92% of the appraised value netted back to them after closing.
      (0)
    • Posted By Jim V
      In Reply to: what to offer on a short sale? Posted by Lee Lee,

      If the property is listed for $199k, you shouldn't have any qualms about offering 190k, especially if it's an as-is cash offer. Most they can say is no.

      If you were offering $100k, I'd say you either need a lot of support for that kind of price, or it's not going to fly. Yes, I've have recent discussions about those kind of offers, and don't think they serve either the investor, or the lender.
      (8)
      • Posted By Lee
        In Reply to: Re: what to offer on a short sale? Posted by Jim V Thank you for your response.
        I offered 188K, however there was another offer at full price (financed). The agent called me and said that the owner said he would rather deal with me since i was paying cash buying as-is, and could close in 7 days. he counter-offered 193K. but before i could counter offer or accept the 193K, the agent got another call from the other buyer's agent and asked to call me back. when she called me back, she said that she had bad news for me, that the other buyer agreed to buy house as is. the agent then told me if i offered full price that the seller would take my offer.i told her i couldnt do that. oh well, there will always be another house, but i do feel as if i was used. the agents were sharing information about each deal so they could rack up the hype and get the most out of both of us. i really dont feel that is right.
        (7)
        • Posted By NJD
          In Reply to: Re: what to offer on a short sale? Posted by Lee "I really dont feel that is right."

          That may be, but it is the real estate broker's job to get the best possible offer for the seller. This is especially so when lenders' preforeclosure short sale approval is required.

          (6)
          • Posted By Lee
            In Reply to: Re: what to offer on a short sale? Posted by NJD But i still feel its highly unethical to share personal information about my contract with the other buyer's agent.
            (5)
            • Posted By Matthew
              In Reply to: Re: what to offer on a short sale? Posted by Lee Lee-
              you should feel that way- that was unethical. fair is fair regardless- the realtor cannot do that. Call the agents broker and report it.
              I have been doing RE investing for 10 years.

              (4)
              • Posted By steele in minnesota
                In Reply to: Re: what to offer on a short sale? Posted by Matthew Actually that is a misconception. While many of us feel that it is inappropriate to share info, it is not unethical. That feeling is more of a custom developed over time, not law and not in the Code of Ethics. This is one of the reasons the phrase regarding treating all parties "fairly" was removed years ago. With opposing sides when is anything "fair"? Someone can always feel slighted. Instead the Code of Ethics talks about treating the parties "honestly". No lying. There is a difference. I know as I served on Professional Standards for many years.

                Have also had several conversations with attorneys. There is no right of confidentiality for the "opposing" party unless that was agreed upon ahead of time (and in writing). And it rarely is. An agent only owes confidentiality to his/her client. In this case, the seller. In fact, there is a legal argument that by not doing what this agent did that he/she might not be truly representing his/her client.

                Technically the listing agent can play bidders off each other all he/she wants.

                Again, you may not like it (I don't either), but it is not unethical or illegal. And that answer surprised me as much as anyone when I found it out.

                But it is interesting how the tone changes when the shoe is on the other foot. If you were told about the other offer and could beat it, most would want to know.

                Situational ethics :>)

                Steele
                Schatz Group GMAC
                Minneapolis, Mn
                steelep@aol.com
                (3)
                • Posted By steele in minnesota
                  In Reply to: NewYork Posted by Adi Multiple messages saying the exact same thing can get you booted off this board. Especially when you are not even on the subject.

                  If you like the forum, interact with us.

                  Steele
                  (0)
  • Forums:
    Archives: