Foreclosure in Portland>Question Details

Hottyoo7, Home Owner in Portland, OR

Own 2 houses. Need help with Oregon Real Estate Law. Debating Forclosure

Asked by Hottyoo7, Portland, OR Tue May 17, 2011

Owned a home, couldn't sell it, too upside down. Bought a new house as our family is expanding and we had to buy bigger for all of us to fit under one roof, can I let the old home fall into forclosure....will the new house be safe, or can they come after my assests including the new home. Also, Flagstar bank owns both mortgages. Will this be a problem?

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Answers

14
Sorry for your situation. Lots of Americans are holding properties that are under water. But you are not alone, as I am aware of exact same situation where a person was able to foreclose on the second house.

You have not provided info on what type of loans do you have. If you foreclose a home, its going to be on your credit history for 7 years. Which can affect your loans & financial situation in future. So you want to be very careful in assessing your financial situation. A wise step might be to secure 30 year fixed loan on your home as interest rates are rock bottom.

Start with discussing with bank to negotiate your loan on first house. You can try short selling the first house and see if bank will be OK with it. Other option is that you could rent out the first house.

Best of luck!
Manisha Jain, Realtor
http://manishajain.weebly.com
1 vote Thank Flag Link Wed Jun 1, 2011
Realtors are the wrong people to answer this question. Suggest you consult a real estate attorney.
1 vote Thank Flag Link Tue May 17, 2011
Several referrals below support him - Phil Querin is who I refer clients to, as well. The feedback has always been excellent. Only take the advice of an attorney specializing in real estate law.
0 votes Thank Flag Link Mon Jun 6, 2011
Keep in mind that you do have other options besides a foreclosure and short-sale.
0 votes Thank Flag Link Tue May 17, 2011
best thing to do: try to get legal advise. you may only end-up with a loan modification. maybe not. who knows. if the attorney inclines toward a short sale you can have multiple options on chosing the real estate agent for doing this.
try Buckely LeChevallier. 503-620-8900.
0 votes Thank Flag Link Tue May 17, 2011
First let me say that I am sorry you are in this situation. You are not alone. This is a highly complex situation with substantial consequences if it is not handled correctly. A highly competent attorney is the correct first step to resolving your situation. We are Certified Distressed Property Experts and we only consider working with clients that first seek legal advice. We work with one of the most experienced law firms which specialize in advising clients with distressed real estate. They provide you with a free no obligation consultation to review your case. If you would like additional information contact me.
0 votes Thank Flag Link Tue May 17, 2011
You should be able to short sale your original house. We would be happy to explain the process to you. Our services are FREE for homeowners. Please give us a call to discuss your specific situation.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Tue May 17, 2011
My suggestion is - if you need help with Oregon Real Estate law youneed to be speaking with a real estate attorney. As agents we are not allowed to practice law. I hope you get answers quickly. I am sorry I dont have the answers for you.
0 votes Thank Flag Link Tue May 17, 2011
We have helped people in exactly this situation.
I would be happy to talk to you.
I am a certified distressed property expert.
http://www.HelpWithDistressedHomes.com
0 votes Thank Flag Link Tue May 17, 2011
Contact me and I can recommend a real estate attorney. If he says it's ok to short sell it.

Then I will list it and get it sold.


Keenan Driscoll
Principal Real Estate Broker

YOUR REFERRALS ARE ALWAYS GREATLY APPRECIATED!

Keenan Driscoll Realty
2445 NW Lovejoy Suite #2
Portland, Oregon 97210

Direct Line: 503-706-9126
keenan@yourrealtorinpdx.com

<http:YourRealtorInPDX.com>
0 votes Thank Flag Link Tue May 17, 2011
These answers are giving you good direction in speaking with a real estate attorney. I would also include consulting with your CPA for the possible tax ramifications of a short-sale vs foreclosure. Have you considered renting the old property? All the best,
Janeese Jackson, Principal Broker
Real Estate Resource
503-709-0802
jj@janeesejackson.com
Web Reference: http://fabulousportland.com
0 votes Thank Flag Link Tue May 17, 2011
Echoing what everyone else has said, you need to find a good Real Estate attorney. You'll need to find recommendations from friends and do your due diligence to find the right one with the right solution for you. But you might start at http://www.q-law.com/blog/ or the non profit http://goodgriefamerica.ning.com/ has some interesting information and attorney referrals.
And please don't pay money to a loan modification service, as suggested by the Oregon Attorney General's office. An attorney is a must, but just make sure they're up to speed in the current financial and judicial climate as there's a lot going on in Oregon right now regarding foreclosures.
Best to you
0 votes Thank Flag Link Tue May 17, 2011
Phil Querin RE lawyer
PORTLAND (main office):
121 SW Salmon Street, Suite 1100 Portland, OR 97204
Tel: (503) 471- 1334
Fax: (503) 961-1862

Heard him talk many times and he can help point you in right direction.

Good luck!
0 votes Thank Flag Link Tue May 17, 2011
Always talk with a Real Estate Lawyer if you're considering Law! However, I would highly recommend short selling as an alternative to just letting the other home go into foreclosure. Contact me and I'll tell you all the ways it would benefit you: 503-975-6853.
0 votes Thank Flag Link Tue May 17, 2011
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