You need to contact a real estate attorney to do a forclosure if that is the route that you want to go. Thankfully it sounds like you have a properly recorded note and mortgage to have the attorney start with.... more
You mean like you're going to buy a gallon of milk? Well, I wouldn't suggest it... But you probably can. Generally, you at least want to have a title check because otherwise how will you know if you are actually paying the real owners of the house? There are also common contingencies beyond that like inspections...and if the owners are living there they probably can't move with a moment's notice.... more
You need to speak with an attorney on this issue and be sure and bring the collection letters and any foreclosure materials and previous mortgage materials with you to the meeting. Without knowing your specific situation it would be impossible for anyone to give you an answer. It's possible that the 2nd mortgage was sold to a collection agency and they may or may not have the right or ability to collect on this old debt.... more
You can have your agent call and verify. REO agents work under very strict guidelines. Listing agents are required to present all offers to seller (unless seller has specified in writing that they don't want to see offers of xxx criteria). So chances are your offer was presented, as the REO agent would have a lot to lose if they didn't adhere to guidelines! I would double check with your agent though who should help answer your questions and ease your concerns.
Unfortunately now some buyers are losing out on deals with cash investor competition. Banks and other sellers are willing to accept cash offers even if they're lower, due to loans being tougher to perform on, and cash being a better bet.
But keep trying. See properties as soon as they come on the market and submit offers quickly! You will get something. If you need any help, feel free to contact me.
Keller Williams Realty
#1 Buyers Agent KW Los Angeles
It lasts up to 7 years. Although once it is all done and over I have found that some credit repair companies can get it taken off with some time, money and effort.
Here is a company I have referred to my clients... more
Hi Odie, if it were I, I would attempt a Short Sale instead of a foreclosure. Credit bureaus put short sales in a different scoring bucket than foreclosures when generating a score. The foreclosure bucket is dealt with more severely in that it takes longer to recoup the points lost by the event.
Besides the scoring by the credit bureaus, lenders (read Fannie & Freddie) allow a return to the best rate pricing sooner with a short sale (2 years) than with a foreclosure (5 years). For a Short Sale the Credit score hit ranges 80-200 points from best case to worst case with short sales. Figure it’s closer to 200 points with a foreclosure.
While its true that your credit report will take a hit, your score will be negatively affected for 2 years after the foreclosure and it will show in the "derogatory" section of the credit report 7 to 10 years. Subject to change, lenders will also not lend to anyone who has had a foreclosure/short sale within 3 years.
Best, Steve... more