I am not sure what you mean by "stopped the foreclosure". She should contact her lender and ask them how they are dealing with the issue and see if they will compromise in some way that allows her to stay in the home and make payments. If not, she will not be able to purchase a new home for sometime due to the credit report delenquency and the 2 - 4 yr wait that will start after the foreclosure and once the home is sold.... more
The VA and other government agencies, as well as banks, often choose to limit their expense in selling off the homes they own due to foreclosure by refusing to do things that a regular seller would do like prorating the taxes and clearing liens on the property (like utility bills). you have the option when making an offer on the property to request that they pay for those things, or you can offer a lower price if your agent advises that you will definitely need to pay the costs yourself. Go over the contract with your agent very carefully so you can make an informed decision.... more
You could look on foreclosureradar.com or call your trustee. By law you should have received a "notic of default" from your lender. Your TS number, also referred to as your "trustee sales number"..... And the listed trustee that is handling the legalities. Often times when you call the trustee you could even do it on their automated service by imputing that number and it will tell your your trustee sale date. The sale can be postponed for mitigating circumstances in certain cases. I'm not licensed in your state but well familiar with the process. I'm happy to speak with you if you want to pick my brain. I know this can be stressful for you and your family. I know it's complex ..... I wish the banks were not so militant in their approach but it's just the way they operate. Hang in there and know that you do have options. I recommend finding an agent in your area with a "CDPE' designation....you could do so by going to CDPE.com and get educated by a few ..... Don't speak with just one as there are various degrees of experience. Good luck... more
Bank owned properties are sometimes not released to the market for months, for a variety of reasons. What you could do is find the property on Trulia and set up an alert that will let you know as soon as it is listed for sale.
Contrary to Diane's opinion (We all know what those are like)...you are NOT eligible for ANY refinance considering you've let your loan go into default. You also aren't eligible for any short sale considering you aren't underwater (Per your statement). While i'm sure Diane will say something to the contrary, remember...she's a real estate agent so, I guess to her point, if it's a choice of getting incorrect opinions from her or speaking with an attorney, i'd go to an attorney...or save your money and contact your lender about your options.
Based on what you wrote, sell it, or bring it current and rent it out to cover your payments or, offer the lender(s) a deed in lieu (Which is doubtful with two liens).
You may also be subject to a strategic default designation. You might NEED an attorney for that considering Ohio is a recourse state.
The only "Get out of Jail Free" card you may have is if you are military. I'd read the Service Members Civil Relief Act to gain better understanding.
Again, go ahead and waste thousands to hire an attorney to do what you can do for free, or contact your lender and ask them what options are available. Contact a real estate agent to sell your property while you still have equity.... more