Many homes in foreclosure, the owner know they are going to lose the home because they get behind on the payments, the inside gets destroyed , Fixtures taken out, copper removed, Air conditioners removed. It cost a lot to recondition the homes to get them move in ready.
The mortgage companies, banks do not want to be in the Real Estate business , they are in the lending business and want to unload them as quickly as possibly. So they are only interested in recovering as much of the remaining loan balance as possible.
Contact a Real Estate agent in your area and let them guide you through the process.... more
i asked him 2 give me a refi and he said he would check into with his bank due to the fact that he borrowed the money from his eq on his home. the bank refri him yet he refuses to do so with me. I had a full closing but in reading the truth to lenden act he never did a credit check, never asked about work history, nothing. my main issue is he is listed as my mortg holder. he never gives me my tax forms and he even went and colleted the rent from my tenant saying he owns the house... i listed this in S.c Im sorry about that. my home is in FL.... more
2bluestarmom if it is similar to Ohio where there is not a right of redemtion period if you want to pay off the judgement amount and the property is sold at the auction it is a race to see who can get there first. Be aware in Ohio you can redeem the property by paying off the judgement amount. The only thing is if you could do that why did the property go into forclosure to begin with unless you won the lottery!... more
Welcome to the world of real estate. Fun eh? Hopefully things like what you're describing will not take place in the future. There is a lot of "sweeping up" that's being done and the rats are being run out of town.
Unfortunately, it seems like the exact situation you're describing is the result of some underhanded dealings when the property was first purchased.
I'd contact a real estate attorney. It's a very simple question, and I can all but bet that they'll help you for free.
Right now, real estate attorneys across the country are growing cobwebs. They need the business.
Nearly all state bars have a 1-800 number, whereby you can call for a referral and speak to an attorney in your area for free.
I just did some research if you follow this link: http://www.scbar.org/public/files/docs/publicphonelist.pdf you'll be given a number whereby you can speak to an attorney for less than $50.00 for 30-mins. Whenever I've used such services, the attorneys have always spoken to me for far longer and they have more often than not waived the fee.
Either way, I think it's worth $50-bucks. Just incase the link doesn't work: you can call them at 1-800-868-2284 and they'll give you several numbers of attorneys in your area who will talk to you TODAY.
Good luck and let us know how it turns out. As well, feel free to contact me via e-mail if I can be of further assistance.
I think there's a solution here, that can be favorable to you, it's just figuring out how to go about it in the best way.
Eric M. Abrams
California Real Estate Broker
DRE #R01862927... more