I would suggest contacting a lawyer. Let me know if you need a couple recommendations for attorneys I have worked with in the area. If you are looking on your own for an attorney make sure they are a real estate attorney who works with foreclosures.... more
Just thought you should know, "broom-swept condition" just means it has to be clean, not that you have to do any repairs to the property. You can probably get a dumpster from you city trash service (a small one) to do a "clean out" of any debris and garbage, for under $100. Then, give it a once over with broom and bucket, sponge, etc. That should be good enough to satisfy them for a "deed-in-lieu"...
It is common for you to have any debt forgiveness counted as taxable income, so that is what the W-9 is for. If you have tax losses for that year, though, you may be able to offset that... talk to your tax advisor about this. If you don't usually use one, it might be worth a few hundred bucks to use one this year, as this is kind of a special case, and may not be covered in the common "tax software" that is out there! Good advice can save you thousands, and you can't count on the IRS to tell you what you need to know!
As for your credit, the Deed in Lieu will show up as a "debt settled for less" than full amount owed... and there are worse things, so I wouldn't be too worried about that. I've heard that you can get a new loan within about 3 years of a bankruptcy, less if you can show a genuine hardship that caused it, like a medical problem, job loss, divorce, etc. The good news is that you can start rebuilding your credit immediately once the DIL goes through, so work with a good credit repair agency, or just do the things you need to do yourself. I've heard there is a "Credit Repair for Dummies" book out there that will walk you through it... one idea is to start a savings account at a local bank, put a few thousand into it, and then ask the bank for a "secured" credit card. Start using it for small expenses, like gasoline and groceries, and pay it off every month. After making regular payments (on time!) for six months, ask for a credit line increase, and just keep doing that. NEVER use more than about 1/3 to 1/5 of your credit limit, that will build your credit score the fastest.
Anyway, good luck with getting yourself re-established... bankruptcy and foreclosure are not the end, so don't get discouraged, it's supposed to be a new start, so stay positive, and work toward the day when you'll be able to buy another home! If I can help, give me a call!... more
Well having been through this myself recently in Bethany I would suggest you give me a call. Your not going to be able to solve this here online. A lawyer is not going to be able to do much. But with some luck you can pull this one together. Bless you folks. This is not fun!... more
what property are you talking about? an address will help. text me if you can 503-984-3485 and if the property is listed why not. if it's just something Trulia shows as "foreclosed" but not listed yet I can search for more details. thnx.... more
Not impossible to find a home to rent. Many people only have 1 or 2 homes that you are renting. So best to look on Craigslist or another site that has a lot of rentals and find someone who is willing to hear you out. Not everyone renting a home is a big business - find a local owner.... more
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. Good to see lending options coming back.... more
I had a client get $10,000 to move after they lived rent free for 2 years with an attorney going to court every few months to ask who had the promissory note? Tom Inglesby Broker, RE/MAX Equity Group... more
Linda HAFA shorts schange over time, the government may decide not to cover different things. At one time Iwas haveing problems getting the transfer fee paid a it was considered a tax and the government refused to pay a local tax.... more
What makes you think they have no clue on condition? It's a bank owned foreclosure and they are selling "AS IS." If it's priced to sell, with the conditions known and unknown it might be a great investment opporunity for some savvy, lucky buyer.
The inspector quoted prices on repairs?!? There's a few inspectors floating around Portland who are notorious for doing this and . . . killing deals. I've had the same deal killer inspector on two bank owned properties who not only quoted outlandish prices for repairs, but just coincidentally had a list of his buddies that could do the work. He handed the names and contacts of his buddies to my clients. I found it borderline, if not entirely, unethical. Let me guess, while Mr. Home Inspector was quoting prices out of one side of his face, he was probably telling you all about the guy he knows out of the other and giving you their contact numbers.
The best inspectors offer unbiased reporting on the condition of the property and they aren't out trying to sub-contract work for their buddies, IMHO.
The property is currently priced at 1999 level pricing. When I represent my clients and if a property has over $100,000 in repairs (and I'm taking the home inspector's "quote" with a grain of salt) . . . I notice the stuff that's wrong. How could I not?? I'm not blind. My buyers aren't blind either. $100,000 in repairs is a lot to NOT notice. So my clients and I have the dicussion PRIOR to writing up an offer on an AS IS property. If they don't have the funds or wherewithal to do the fxing, then we pass. End of story.... more
This got posted in the Portland, Oregon questions. Did you notice if they were on an "auction" site? Not know the standard of practice in any area outside my local market, perhaps this is a way of starting out?... more
There are no limitations on who can purchase a short sale. All the bank cares about is the color of your money. Though many real estate agents have gone through some course and claim to be short sale experts, Ive found that you are best served by paying a true expert who has done nothing but loss mitigation and short sale negotiating for private buyers and clients of real estate brokers.
As a former 30 year mortgage company owner, I recommend Metro Mortgage Consultings Bill Kimmer. Contact me if you want his information---I dont want his email or phone here to be spammed. I will not try to solicit your business, as I dont take personal interests in mind when making a recommendation.
There is a fee for this type of help but its worth its WELL worth it.... more