Notice of default is not the same as a foreclosure. The notice of default is a legal document filed with the court to put the owner and the public on notice that the mortgage payments are not being made, the loan is in default, and if the situation is not remedied the bank intends to foreclose. After that, the time frame depends on two things, whether or not the owner brings the mortgage back into good standing some how, perhaps by paying the late payments or by obtaining a mortgage modification from his bank; and, if they do not, how long it takes the bank to actually foreclose. In New Jersey, where i live, if the owner does nothing, it could still take 1 to two years for the actual foreclosure to occur.
It is also possible the owners will offer the home for sale as a short sale. In that case you would need a good real estate agent to work with because the bank will have to approve the short sale and they will most likely insist the home be listed through a real estate professional in order to get the highest price possible.... more
"Who's Going to sell this house today?"From the northern tip of the Del Mar race track to the United States, Mexico, border. The city of San Diego is the perfect back drop for anyones life style. Spending
Hello Nancy. That percentage would be within the acceptable range but the most important question is whether you are comfortable with the payment being close to 50% of your income. As to whether it is wise, I would suggest you consult with a financial advisor or an accountant who could go over in detail what your plans and goals are. Good luck Nancy!... more
A duplex in Westchester is desirable. Many folks love the schools and the location to LAX. I checked the listing. It looks like the bank has been trying to sell it for over a year. The started around 900k. The units are on the small size. I haven't seen this duplex but it seems like a great deal. Without seeing it I would say 1600-1800 would be safe. The rental market is still strong. Especially if they are clean units.
Monique Carrabba... more