TJ, Take care of yourself. A lawyer, title or escrow officer could give you a specific answer about your husband but more importantly you need to address the elephant in the room by dealing with your present home. You have several options and depending upon the current loan servicer you may be able to get an accommodation or receive up to $35,000 cash for keys to walk away.
If the home is the stress, then get it out of the way and it might lead to a path for healing the relationship or simplifying the separation.... more
The following time-line is applicable for non-judicial California Foreclosures under a Deed of Trust. Foreclosures begin with the Trustor (borrower) not making the monthly payments to the Beneficiary (Lender), the first missed payment is technical default, but in practical terms, most Beneficiaries do not begin the process until the third payment is missed. If the Beneficiary cannot resolve the defaulted payment amount with the Trustor through Forbearance or other Loss Mitigation measures, the Beneficiary will instruct the Trustee to begin Foreclosure proceedings.
Day 1
Notice of Default is filed with the county recorder.
Within 10 business days
Mail Notice of Default to borrower address
Within 1 month
Mail Notice of Default
After 3 months
Set Trustee Sale date
25 days before Trustee Sale date
Send notice of sale to I.R.S.(when necessary)
Within 10 days from 1st publication of Trustee Sale
Send beneficiary request for property directions
14 days before Trustee Sale date
Record Notice of Trustee Sale
7 days before sale date
If court action, 7day rule may apply
5 business days before sale date
Expiration of borrower's right to re-instate the loan... more
Hello Nissa,
As John Bender stated, this may be a tough transaction. Also as stated by others here the short sale process has been streamlined (in a lot of cases) and they are taking much less time.
I understand your urgency to get back into a home but it might be better to plan for this after your 36 months are up. Start working with your Loan Officer now to get your documents in order and prepare for anything that might hold you back, and get a good feel for which lender will provide more leniency for your situation.
If you take your time and get all of your ducks in a row it could give you a better advantage.
Best of luck to you,
Terry Hammill
RE Market Solutions - Providing professional Short Sale solutions to Real Estate Agents and their Clients.... more
They flip a coin.Heads they winn tales you loose. Just in case you are one out of the the hundred whose offer was accepted on a foreclosure only to find out two months later that you're offer is not high enough even after having received verbal confirmation and acceptance of the same and with assurance you ordered the moving van.
Lesson to remember as time passes so do values . Appraisers are like weather men gone with the wind after 30 days and guess who they work for? Nah .... you only paid for it.
Values are not appraised conventionally they are manipulated by scam artists.... more
According to a recent article in the San Francisco Chronicle and well known website RealtyTrac banks may seize more than 1 million U.S. homes this year after legal scrutiny of their foreclosure practices
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โWhatโs Newโ ย According to the Wall Street Journal there are 5 main issues that will be affecting the housing market for 2012. ย Confidence and jobs: Housing is more affordable than it has been
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California Foreclosure and Tenants Rights ย ย ย In a recent web search for a friend who is a renter affected by foreclosure I found ย ย Tenants Together, Californiaโs statewide organization for rentersโ
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If you are one of the thousands of homeowners seeking a resolve and answers to a loan modification with Bank of America, you might try attending their Customer Outreach Event Thursday, September 29th through
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I've done it with other servicers other than Fannie Mae. Ken would be the most knowledgeable considering the number of REO's he has done. Be sure to at cash for keys. The bank want the property sold but Fannie has lost of bureaucracies.... more
I only know of cash for keys when the house is deeded back to the bank at the auction, and the previous owner is reluctant to leave. Why would the bank offer you cash when they don9;t own the property? And why would they offer you cash after finding a vacant house and having the locks changed legally. Those locks will be changed almost immediately once the bank is the new owner, and if you try to come back in, you could be arrested for trespassing.
David Cooper Las Vegas Foreclosure Investor in Bank Owned REOs with Cash Flow. call or email for FREE daily list. +1-7024997037 not a real estate agent... more
Read the post and then read my answer. This is a very common scenario and this will help so many Realtors and agents if they will take the time to read what I have written here. Homeowners, you should
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Pass this information on.ย We MUST stop the madness of all of these modification scam artist.STIPULATION RE FACTS~ CONCLUSIONS OF LAW AND DISPOSITION IN THE MATTER OF: ZACHARY IAN GONZALEZ The State of
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Elite REO offers short sale services after other home-saving technique such as loan modification have failed in the area of Southern California known as the Inland Empire or the I.E. Located 37 miles inland
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That's cool to hear, and glad to hear that you and your husband are OK now.
Thanks for the referral. I hope you'll continue to engage and encourage others facing a similar situation, since you could share first-hand your experience and outcome.
God bless.... more
Confer with an attorney, much is governed by the lease agreement you signed with org. property owner terms if the home was sold.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com... more
If you are asking this as a hypothetical question then we all know the answer NO , but Appraisers are required by law to follow strict standards and foreclosure properties do get factored in especially in areas where normal comparables are hard to find.
Bob Patrick
Buy a home after foreclosure expert... more