Foreclosure in 97229>Question Details

Gracefrog, Home Owner in 97229

House is foreclosing March 1st!!! Have no idea what the next steps are!.

Asked by Gracefrog, 97229 Fri Jan 7, 2011

We got behind a little evry year making HUGE repairs, gas line, sewer line, water line, ect.. Now its on the line, we JUST got the auction sale papers. As I said, March 1st. What is the next step? We are so broke! We cant find any rent houses that will let us do a deposit this month, and move in with rent the next. They want it all immediately. Dont want the trouble of a short sale. Wells Fargo hasn't offered a cash for keys, but is it possible I can negotiate this myself? How? We are in Texas, if that helps any. And I have no idea when to be completely moved! Before the day of the sale? Or do we have a "grace period"?

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The first thing I would suggest is to contact an attorney. The laws are different in each state. Sorry for the situation you are in, with the economy the way it is right now..the outlook doesnt look to good.
1 vote Thank Flag Link Sun Jun 19, 2011
Thanks, Karissa, for documenting what a bank could possibly find when they proceed to evict the previous owner. There could $1,000 of dollars in damages, and buying from the bank is "as is". Thant's why Bank REO's could be a real downer.

DAVID COOPER Las Vegas Foreclosure Speiclaist with 35 years experience buying below market. For a free list see website or Call +1-7024997037
1 vote Thank Flag Link Fri Jun 17, 2011
Obviously you've gotten some great answers already but just my 2 cents... It doesn't sound like you've contacted Wells directly but you should at least give it a try. As far as a short sale, I would almost always recommend that, it will likely be a bad choice at this late date because Wells will not promise to wait to foreclose and its a risk. That's because you could easily go through the hassle of putting it on the market, getting it sold, and then have the foreclosure take place after all of that. Sorry to say its very common and I know from personal experience where I worked at a Realty that specialized in short sales. The foreclosure dept doesn't talk to the short sale department and before you have a chance to do anything you find out its been sold. I would hesitate to put yourself through that unless you're totally prepared for that risk.

One last idea, you didn't say what kind of loan. I have an FHA and I got 6 payments behind last year. In Oregon, (and other states but not sure about Texas) there is the ability to do a one-time FHA insured claim. There's no qualifications, its just part of FHA policy. If you're behind, 1 time in the life of the mortgage you're allowed to have your back payments and fees paid. So FHA paid $20000 toward my pending foreclosure and that was that. It was easy, in fact my local HUD office and my mortgage lender did it in short time, and I didn' t have to qualify. So if you have an FHA I would definitely find out if you can do an FHA insured claim in Texas. Of course, they did add that on to the balance of my loan so now I'm more in debt, so that's a consideration.
other than that, I will say that all of us are learning what is valuable in life and as safe and secure as we might feel in a home, there could be less stress and a better home buying opportunity at a better time in your future, so don't feel like its the end of the world!
1 vote Thank Flag Link Fri Jan 7, 2011
Let's start with straight information. As to when you have to move: You have five days before the sale date to bring everything current, under the law. So if you plan on moving, use that as a start day.

What you can do: You can generally delay foreclosure even though the process has alreay started. You can ask for a loan modification, forebearance, give a deed-in-lieu of foreclosure or do a short sale. If you try a short sale, the bank nearly always stays the foreclosure process to give the owner a chance to sell.

A lot of this you can do on your own. First, call Wells Fargo and ask for the Loss Mitigation Dept. (NOT collections). It will be a very frustrating series of conversations, and they will ask you to send them a lot of financial information, but in the end, you may be eligible for a Cash for Keys/Deed-in-lieu program.

You can also contact Open Door at http://www.opendoorcc.net. They are HUD-certified foreclosure counselors, among other things they do, and can help for free. You may be able to do most of it online.

Finally, you may want to try a short sale. Heck,what's to lose?

If you get foreclosed and don't remove your stuff, the sheriff takes it ad stores it at your expense, by the way.

Tough times,and some folks are just having it tougher than others. Good luck to you and let me know if I can help.
1 vote Thank Flag Link Fri Jan 7, 2011
Well having been through this myself recently in Bethany I would suggest you give me a call. Your not going to be able to solve this here online. A lawyer is not going to be able to do much. But with some luck you can pull this one together. Bless you folks. This is not fun!
0 votes Thank Flag Link Tue Mar 11, 2014
Since this is August and your deadline was in March am just curious if you were able to solve your problem with the bank.
0 votes Thank Flag Link Sun Aug 14, 2011
I would contact a licensed real estate professional in your state. You may still be able to do a short sale on the property. If this happens, you don't have to move until the house sells. The bank pays all of the fees and it costs you nothing. Please contact a licensed agent in your state. Make sure you get the advise of someone who has experience in this area. Contact your local board of real estate or state license board for referrals.
Web Reference: http://www.lesliedeluca.com
0 votes Thank Flag Link Mon Jun 20, 2011
So sorry to hear about your current situation. First and foremost you need to consult with a Real Estate Attorney. You can also try contacting Wells Fargo to see what your options may be but usually it is difficult to navigate directly with the lender.
0 votes Thank Flag Link Sat Jun 18, 2011
As an update, I replied back that I was interested and was sent this:
"One (1) copy is for your records. The Relocation Agreement needs to be signed and faxed by end of day 6/20/11. A W9 form also needs to be completed and returned with the agreement as this is reportable income. My fax number is (855) 875-5459. Your move-out inspection is set for 7/15/11 at 3:00 pm. ***only one person needs to sign the W9 form****Please contact us with any questions 1-877-337-4403. You must show up for the inspection Thank You. Thanks"

I have a question about the verbiage though. It says
"1.Occupant(s) agrees not to harm the subject premises in any way or remove any fixtures, including, but not limited to, stoves, ranges, ovens, refrigerators, lights, sinks, blinds, appliances, landscape or permanent attachments from the subject premises. Occupant(s) shall be personally liable for any damage caused by them to the subject premises."

I am not about to leave my refridgerator. It did not come with the house. I bought it brand new 8 years ago it it still runs great. It is not built in either. I can understand about the build in oven and the counter top stove, and even the built in mircwave that I put in. What do you guys think?

You can see the full agreement in Word and PDF on http://ge.tt/90afYD5
Web Reference: http://ge.tt/90afYD5
0 votes Thank Flag Link Fri Jun 17, 2011
It is super Important that you seek legal advice. Further more not all Attorneys make a primary practice of Real Estate. seach for a good solid Real Estate attorney. You are now in a legal situation not a Rela Estate situation. Best of luck with your situation.
0 votes Thank Flag Link Fri Jun 17, 2011
Im sure this is already resolved but wanted anyone else reading this to get this info:

I have a forclosed house that had no bidders at the saledate 5/23/11. Got (non-dated) eviction letter 6/14/11.
I was told about C4K from their attorney.

After calling around through Wells Fargo I got this number 866-518-2164 and was told to email my name, and exact address to 'fhareo@wellsfargo.com' but they forwarded it to 'FHARAP@wellsfargo.com'. I got this reply back the same day:

From: FHARAP@wellsfargo.com [mailto:FHARAP@wellsfargo.com]
Sent: Tuesday, June 14, 2011 9:06 PM
Subject: FW: Cash for Keys Program

***This email does not constitute a binding cash for keys agreement. The information provided in this email is for reference only. ***
a. We will offer you $1,000.00 to vacate the property in 30 days. This is reportable income.
b. The property must be in broom swept condition free of all exterior and interior debris, as well as free and clear of any damages such as Fire, Flood, Earthquake, Tornado, Hurricane and Boiler Explosion.
c. All built-in appliances and fixtures must be left in the property, as well as any landscape. Lawn must be mowed.
This offer is valid until 6/22/11. If offer is not accepted by that time, the offer will no longer be available and eviction will proceed as and when appropriate.
Please reply to this email if you have any questions, or if you are interested in accepting this offer.
Thank You

Hopes that helps someone. I know I searched forever to try to get some answers as to what would happen.
0 votes Thank Flag Link Tue Jun 14, 2011
Watch out. See an attorney who knows about this before taking anyones advice. There are MANY issues to be addressed. Was it your personal residence? If so for how long? The fact that you moved can be an issue. In Oregon a lender cant foreclose until they have given you a chance to apply for a loan modification and if they turn you down it must be in writing! Was Wells the original lender? Check with a title company to see if it was assigned to MERS. If so, it was probably fraudulent and you can delay the foreclosure with a restraining order. Most judges are doing that. MERS is a mess.
Know the possible consequences for each path you take. Do you have any junior financing? (2nd or 3rd loans) Was your current loan used to originally buy the property or is it a refinance that gave you extra cash? After a foreclosure or short sale, you could be hit with a deficiency judgment even though most people think that foreclosure it the ONLY remedy and that the lender cant do anything to you. Also know that you could have RELIEF OF DEBT tax thrown at you by the IRS after you lose the home or sell it at short sale. Did you try for a loan modification? Did your lender tell you that you had to be late with payments before they coud modify the loan? Possible suit there. Im a little concerned about you giving no information about the entire process---one usually knows when they are in financial trouble, and will have many notices from the lender / trustee. It has to be published. You will have received mail notices requiring signature and probably by process server. Your post sounds like this hit you out of the blue, which is almost impossible.

Regarding cash for keys, thats usually later in the process or AFTER a foreclosure action and though widely hyped in the media---almost no one gets cash for keys. Many times a real estate broker who is assigned to sell the property will have to put up the money then be paid back. Never hurts to ask though. Do you have equity in the property? Will Wells allow a short sale in your case? WAYYY to little info from you to be able to give proper advice. Also beware of 'short sale experts'. Many claim to be. There are some courses but as with any subject, people can pass courses and not know what to do or how to do it. Ive been around for a long time and would personally use the Knudsens who posted an answer. I know a lot about this but do not work with clients for this particular market segment at this time.

Marvin Von Renchler
31 years of service
0 votes Thank Flag Link Thu Jan 20, 2011
Watch out. See an attorney who knows about this before taking anyones advice. There are MANY issues to be addressed. Was it your personal residence? If so for how long? The fact that you moved can be an issue. In Oregon a lender cant foreclose until they have given you a chance to apply for a loan modification and if they turn you down it must be in writing! Was Wells the original lender? Check with a title company to see if it was assigned to MERS. If so, it was probably fraudulent and you can delay the foreclosure with a restraining order. Most judges are doing that. MERS is a mess.
Know the possible consequences for each path you take. Do you have any junior financing? (2nd or 3rd loans) Was your current loan used to originally buy the property or is it a refinance that gave you extra cash? After a foreclosure or short sale, you could be hit with a deficiency judgment even though most people think that foreclosure it the ONLY remedy and that the lender cant do anything to you. Also know that you could have RELIEF OF DEBT tax thrown at you by the IRS after you lose the home or sell it at short sale. Did you try for a loan modification? Did your lender tell you that you had to be late with payments before they coud modify the loan? Possible suit there. Im a little concerned about you giving no information about the entire process---one usually knows when they are in financial trouble, and will have many notices from the lender / trustee. It has to be published. You will have received mail notices requiring signature and probably by process server. Your post sounds like this hit you out of the blue, which is almost impossible.

Regarding cash for keys, thats usually later in the process or AFTER a foreclosure action and though widely hyped in the media---almost no one gets cash for keys. Many times a real estate broker who is assigned to sell the property will have to put up the money then be paid back. Never hurts to ask though. Do you have equity in the property? Will Wells allow a short sale in your case? WAYYY to little info from you to be able to give proper advice. Also beware of 'short sale experts'. Many claim to be. There are some courses but as with any subject, people can pass courses and not know what to do or how to do it. Ive been around for a long time and would personally use the Knudsens who posted an answer. I know a lot about this but do not work with clients for this particular market segment at this time.

Marvin Von Renchler
31 years of service
0 votes Thank Flag Link Thu Jan 20, 2011
First thing speak to a real estate attorney. They will be able to let you know what your rights are and you options. If you have a hardship and time perhaps a short sale is a possibility. After you speak to the attorney you will know if you should speak to a real estate agent.

Good luck,
0 votes Thank Flag Link Tue Jan 18, 2011
Use craigslist to find a house you can rent from someone other than a business. Talk with a real person about your situation, show consistent job history and you can probably rent a different home without a problem. A lot of people who own just a couple rental homes make personal decisions and aren't bound by their corporations rules.

Save as much as you can right now.
0 votes Thank Flag Link Tue Jan 18, 2011
It is not clear but it seems like you have a house in 97229, but have moved to Texas? Take care NOT to appear to have "abandon" the residence. You should definately check with Legal Council but each time I see someone leave a few months early the bank tries to claim you abandon the property and the game chages somewhat at that point. Careful. If your home has some equity, I have multiple buyers for it. If the home is under water (many are) then you are in a situation where the choices you make can drastically improve or deplete your outcome. Breathe, the papers they send you CANNOT EAT YOU! Always communicate with the bank, even though it is tough, stand up and speak your position. this bank in particular will ring the phone off the hook if you do not talk to them. I have seen Wells call more than one time a day, every day. Be proactive and keep them in the loop. The option for a short sale will not be successful unless the home is marketed. If you have no ability to keep the payments up, and are likely to lose the home, then it may be time to market it. If it is your primary residence you will likely have no personal liability, but make sure if you have a second mortgage it is not personally guaranteed. I am a CDPE (Certified Distressed Property Expert) and can offer some more help with resouurces, give a call or email if you like.

Airika Waible
503-793-4336
Airika@bludotrealty.com
http://www.bludotrealty.com
Web Reference: http://www.bludotrealty.com
0 votes Thank Flag Link Mon Jan 10, 2011
Great answers. Seeing a Lawyer is important but many of us know they are good at getting things resolved but are not always that creative. Take a deep breath. Maybe you can hold them off. Our office is in Bethany...I live there...and we are experienced in the options that have been discussed and then some.

Check us out at OregonShortSaleBrokers.com or on google under Oregon Short Sales and you will see we come up #1.

You have some time so be smart and listen to what is being said here. You need to hire someone competent and let them run through all the options.

I know what this is like because we have been through it too!

Best wishes and stay strong!

Dirk Knudsen
Principal Broker
Re/Max Metro Gold
Bethany Village Mall
5037998383
0 votes Thank Flag Link Sun Jan 9, 2011
You have several options to postpone your auction date. You could call an attorney and try to do a bankruptcy. That should buy you more time to live in your house for free. Although, it will cost you $$$$. An attorney may have some other foreclosure defense options for you, as well, such as a "produce the note" defense. Again - $$$$.

If you haven't asked for a loan modification yet, that might help. Although, it seems a little late for that.

You could attempt a short sale. I know you say you don't want the trouble, but if we can generate a quick offer for your property, we might be able to postpone the auction date. Then, you would be able to live in your house for free for the months it takes to process the short sale. You could save your money for a move and keep foreclosure off your credit.

For sure, time is running out. So, if you want to stop the auction date, you need to do something right away. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states
0 votes Thank Flag Link Fri Jan 7, 2011
A tip of the Metzker hat to Dave Sutton and Mary Englund! My work is mostly consulting, so if you decide to do a short sale, call one of them. I've never met either one, but I can't wait to do so. Neither is self- serving, and you can tell they are client-centered.

Mary: People like you should get Realtor of the Year award instead of those who--well, I can't say what I think because of NAR so-called "ethical rules." You're a trooper and I wish the short sale broker community had more like you. An editorial remark: What's happening to lenders in those other states doesn't mean much in Oregon. We have non-judicial foreclosures and those states don't. That difference is where the lawsuits were based. Also, B of A is an East Coast bank, where Wells is West Coast. They're different. West Coast is a little more laid back. And good advice on the e-fax services. They copy your stuff to pdf format, so when the Loss Mitigation people lose it, you have a pdf copy and can email it instead of trotting down to Kinkos and faxing it..

I love this information exchange, except for the human tragedies happening over and over. Thank goodness for the Dave Suttons and Mary Englunds of the Realtor world.
0 votes Thank Flag Link Fri Jan 7, 2011
My heart goes out to you. I also had a March sale date on my home in Oregon and was fortunate enough to be able to pay all the back payments bringing it out of foreclosure on Christmas eve. I have been through a year of XX*?@@***!! with Bank of America. Wells Fargo isn't much better. It's too late for you to do much. My advice is to seriously look at Chapter 13 bankruptcy after consulting a bankruptcy attorney IF you want to stay in your home. They will usually consult with you for free. One attorney told me he could delay the process for as much as a year. It will put an immediate stop to the foreclosure, but it may not be your best bet if you can't make the payments, plus pay your bankruptcy attorney. Also, call one of the HUD counselors. Ask how long they have been doing this and interview them as though you were hiring an attorney. Some aren't so good, but some are. They can sometimes get a delay in the foreclosure, while you work out a restructuring or modification of your loan. Don't hire a modification company, no honest ones exist that I'm aware of. You'll have to do this yourself. I wouldn't move until the Sheriff comes to the door. Foreclosures are often delayed, so it may not happen March 1, and you may not have to move for quite a while. On my sale, Oregon law required the bank to meet with me in person to look at a possible modification before selling my home. They don't meet with you, nor did they phone as they said they would. But, at the last minute after sending in my information for the 15th time, they sent me a modification in the mail without any notice at all. But even at that they've been known to cancel modifications down the road after making months of payments so don't trust them. Take a modification if they will give you one, but get a real estate lawyer to advise on any papers to be signed. Also, really read through the comments on the following website and learn as much as you can. If you can buy more time there is a lot you can do. Go to http://www.loansafe.org to get some of the best information available from others like you. Put all your financial information for your loan modification application on your computer and be prepared to fax it at least 15 times over and over again. Make dealing with the bank your part-time job, or get a detail oriented friend to do this with you if detail isn't your thing. Sign up for a computer fax service to save time and frustration. Myfax or Efax.com Your credit is probably shot so don't worry about a short sale or a deed in lieu. Selling at this point will only add stress to your life. Buy as much time as you can with the bank, and try to figure out where you can move to quickly should you need to. Where can you store your things for a short time, and who might rent you some space in their home. Good luck. Feel free to contact me if you need morale support. I'm pretty disgusted with the banks and am seriously thinking of filing a lawsuit, something other brokers in my same shoes in Oregon are doing. There is a class action lawsuit against Bank of America on behalf of Oregonians, and Washingtonians, and there may be one against Wells Fargo on behalf of Texans. The attorney's general in Nevada and Arizona have filed charges of fraud against Bank of America just last month. Massachusetts has just ruled on a case telling two big banks that they had no authority to foreclose on two homes long ago foreclosed--these will have to be reversed. And a single mom in Portland Oregon was able to walk into federal court, by herself without a lawyer, and get a judge to give her a restraining order against Bank of America stopping the foreclosure on her home. All of this is bound to change foreclosures with all banks in all states. Lawsuits are springing up all over and as the state courts rule on them, the foreclosure process will likely be delayed (and hopefully cleaned up). What Americans are going through is absolutely unthinkable. State law is being trampled on by the big banks in a way that is too complicated for the average person to understand and it's changing basic property ownership rights. The courts need to step in and stop them. Americans aren't simply down on their luck--we've been conned by the big banks and wall street in a horrible way! I no longer sell foreclosures or short sales and recommend that other brokers do the same. From my perspective, too many of these homes have been taken through fraud, not foreclosure, and I want no part of assisting in the process.
0 votes Thank Flag Link Fri Jan 7, 2011
Read William Metzker's answer again. He has everything right.
0 votes Thank Flag Link Fri Jan 7, 2011
One option is to get it on the market now as a short sale. Another option is to find an investor who may be willing to buy it prior to auction. Several such investors come to our regular Tuesday night classes. If your house really does sell at auction you will most likely then be asked to leave by the person who purchases it at auction; or if it really does go to auction with a minimum bid but it does not sell at the courthouse that day then the bank will contact you most likely days or weeks later and ask you to move.
Hope your luck turns around and you have a better year.
John C. Davis
Allan Polendey Properties
1905 NW 169th Place #100
Beaverton, OR 97006
503-292-3999
Web Reference: http://www.alpolendey.com/
0 votes Thank Flag Link Fri Jan 7, 2011
Chris and Alexander have both provided you great advice. Whatever you do you must do it quickly. If you DO have equity in your home, you will have to consider if you have enough to "fire sale" the property prior to foreclosure keeping in mind that penalties and interest levied against your property by your lender are likely very significant.

My assumption is that you do not have enough, if any, equity in your home at this point otherwise you would have already attempted to sale it. Take Chris' advice and seek immediate assistance from legal counsel.

Good luck to you!

Patrick

Patrick R. Smith, MBA, EcoCertified Broker
Oregon Realty Company
4001 NE Halsey Street, Suite 100
Portland, OR 97232
patricksmith@oregonrealty.com
0 votes Thank Flag Link Fri Jan 7, 2011
You posted this in Oregon so laws and resources will vary but a great place to start is with HUD. I have posted a link for Texas below. Oregon has established help for homeowners where they will make payments for qualified homeowners for up to a year maybe Texas has something similar. Also you can call 1 888 995 HOPE. Bankruptcy could be an option if you have the income to sustain a plan to pay the arrears get a referral to a knowledgeable attorney. The more you know the better.

God bless and keep us posted.
0 votes Thank Flag Link Fri Jan 7, 2011
Cash for keys will not be an option until after the Wells takes the home back.
A short sale will give you a fighting chance there is still time and I am experienced with them. You need to get it on the market NOW!
Yes, you can negotiate it yourself and you calling Wells is the best way to get started to a resolution.
You are in Texas and the property is in Oregon?

Call me.

Kevin Sucher
Principle Broker
503-214-4139
ksucher@prunw.com
0 votes Thank Flag Link Fri Jan 7, 2011
Sorry to hear of your situation. You need to see a bankruptcy and/or real estate attorney NOW! Clock is ticking... You're past the point of a short sale if the auction is already scheduled. If you're unable to hire an attorney, call your local state bar association - there is probably some type of legal-aid service available in your area.

Best of luck!

Chris Aldridge
RE/MAX
Portland, OR
0 votes Thank Flag Link Fri Jan 7, 2011
Does your house still have enough equity in it for you to sell? Do you have the cash to make the payment? If not the quickest way to stop/delay the foreclosure is short sale.

Get your home on the market ASAP to secure a buyer and present it to the bank. You still have several options but need to act quickly.

Contact us for a no obligation consultation.

Alexander Phan
Principal Broker
Keller Williams Realty Professionals
Alex@PortlandShortSales.com
0 votes Thank Flag Link Fri Jan 7, 2011
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