Sounds like your HELOC is in a second position.
If you find out you are responsible it is possible they will settle for a lesser amount and provide terms.
If the HELOC and first lien is with B of A there may be a bit more flexability. At some point B of A may sell the debt to a collection agency.
Hope that answered your question.... more
I read through the answers to your initial question, and the responses were largely spot on. At this point, however, with the question shifting from a general one to one very specific to your unique circumstances, I strongly recommend you eschew the opinions of the Realtors, mortgage lenders, etc on this site for proper legal advice from a Real Estate attorney. We all have opinions, but they won't be rooted in a comprehensive understanding of case law. Good luck.... more
Stranger things can happen. A second is not in first position and there wouldn't be proceeds to pay off the first. I'll be interested to here more experienced replies here. The second is typically not larger than the first so to be able to pay it off doesn't seem likely.
Laura Myers... more
Wow, scary situation...
Have you called your agent (the seller)? Have you called the title company that handled this transaction? I would start with calling both of them. Title insurance is in place to keep this very thing from happening.... more
This property is most likely heading towards foreclosure but is not in nor has been foreclosed on at this time. Pre foreclosure or short sale and all the price reductions would indicate this.
At this point, you would be dealing with the current owner and then the owner will take any offers to the bank and ask the bank to approve the deal. Even if the seller accepts your $150,000 offer, the bank has final say.
Short sales can take 3 or more months to get approval.... more
Your best bet is to speak to your BK attorney. However, this I know. You can opt to keep the house and out of BK. You will want to speak with the mortgage company beforehand and try to come to a loan modification agreement. Keep in mind that if you keep it, the 2nd, and 3rd will still come after you. By keeping the house you assume all the debt deeded to it. The only way to get rid of it all is to let the house go in the BK.... more
Arliss, if you are trying to go direct, my personal opinion is that you will not have any luck. However, there are many agents that represent the banks out there and that have access to these types of properties. The same deal you will get with the bank is the same deal you will have with the REO Agent. I have a several agents that represent a large portfolio of bank owned properties. I would suggest contacting me for further discussion. Direct: 480.650.8602... more
No, you must pay cash at the foreclosure sale. Also, there are new laws that prevent you from being evicted after foreclosure. You should be able to stay until your current lease expires. Check the link below.... more
good morning alissa....the mortgage debt should be reaffirmed with the bk trustee...i assume dad's bk filing is a chapter-7.right?..that means he will acknowledge the mortgage as a debt and the home as an asset (if the value is upside down or not upside down, it still needs to be acknowledged as an asset)....as long as you maintain the payments, you're okay......to continue to stay in the home.....also, if the two of you quit claim deed to just you, that also has to be acknowledged to the bk trustee...his bk attorney can give you both the proper guidance on what proceedures to follow, and in what order...i hope that helps...best of luck to you both....bob mcclure- success mortgage partners- plymouth, michigan......... more
Yes, each bank handles their process differently and then you have each negotiator that is strong or weak in the process. Then you have each lisitng agent that is strong or weak in the process too All of which affect time. Also, if there is back end mtg insurance, second liens, bad BPO's...so much to add to the list that can make or break time lines.
Keller Williams... more
That Beauty is an Active Short Sale offered @ 110K
Here is link to the Listing
Check with a attorney but when a mortgage company accepts a deed in lieu there should be no deficeincy judgment. But I have seen some banks to some strange stuff in the last 6 months, so confirm with the bank.... more
Kimberly, Call your mortgage lender and tell them your situation. Many lenders are working out plans with homeowners right now. Instead of all of this unnecessary worry, find out the facts from your lender and you will know your time frames exactly. Good luck!... more
All bank owned homes that are for sale, listed by REALTOR'S (R) are supposed to be on the MLS. There are some "scam" companies out there that try to sell lists. and some legitimate ones too. In my opinion the best bet is to get with an astute agent that can set you up a website (fromMLS that comes direct to you) and they can have all REO listings sent direct to you. This way you can get only what you want. There are a lot of them out there now.
I represent the Seller on some of these properties and have Buyers agents who do this for people all the time. let me know if you want more info.... more
No one can give you a reliable answer. The best way to find out is to make an offer. In general these REO properties are priced slightly below market and that is what they sell for. There is no reason for a bank to sell it for a price too much below market price, especially in an in-demand market like Scottsdale.... more