If you did not put your name on the loan and did not sign the mortgage note, then there should be no way a lender could come after you personally. The home has already been taken back by the lender according to your post. This is as far of a recourse as they would be allowed to go.
Sagamore Home Mortgage
If your home is being sold by Fannie Mae, the HomePath Renovation Loan could be a solution. Otherwise, FHA's 203-k loan could help. Both allow for monies to be held in escrow to complete the work.... more
You should have a real estate agent. You don't deal directly with the bank.
What happens is this: The bank puts the property on the market. It lists it with a real estate agent. Although you could deal directly with the listing agent, you'd be far better off to have your own agent representing you.
In either case, you'll be going through an agent, not dealing directly with a bank.
Hope that helps.... more
It sounds like your lender purchased the property @ foreclosure to protect their own financial interests. In states with the right of redemption (Kentucky appears to have a redemption period albeit restrictive) often the bank will be the sole bidder @ foreclosure auctions.... more
Mark if you look the commisssion dropped also. On distressed properties in my area the max used to be 5% and on target properties (time on market, condition, area) it went up to a max of 8%. I don't think that I am going to be writing offers on any 5000.00 properties soon. A whopping 150.00 that I have to split with my broker does not pay for the time and energy.... more
Normally there is a state statute that states what the minimum percentage the bank can purchase the house back at if no bidders or low bidders, in most areas it is 80% of what the former owner owed. If they take it back, and then place it on the open market they use the price they sell it for less the cost of teh foreclosure, less the cost of selling it, less what the owner owed including fees and any costs of cleaning, repairs and monthly maintenance to arrive if their is a defieiciency or not.
If the bank takes it for the 80% and then sells teh loan to thw PMI company or the government or another bank, the defiency is based on the total owed plus fees and costs less what the got for it. Some states allow for you to write to your bank and get a detailed list of this.
If you are the one who was foreclosed, you mjay want to seek tha advice of an attorney if they are coming after a deficiency, at least use the first free meeting to get a direction. good luck in working things out... more
If you're already operating a service business--a lawn service business in your case--you're already 80% of the way there.
For information on cleaning and janitorial businesses, including niche businesses, go to http://www.bscai.org.
For marketing, you'll really use many of the same marketing techniques you're already doing. They should be directed to the listing agents, not to the banks. And, again, http://www.bscai.org has some good resources.
The numbers that are sometimes quoted--the "up to $2,500 per property"--are generally quite optimistic. A real estate agent with an REO listing (on which he or she probably will receive a reduced commission for more than the average amount of work) isn't likely to spend a whole lot of money on a property trash out.
For more information specifically on starting a trash-out business, see http://bit.ly/Cleanout1... more
Yes, usually you can on your local clerk of courts office online, just go to google and type in Lakewood, CA clerk of courts website, or your county with clerk of courts. You may have to hunt around a little to find the correct documents, but I believe that is on public records... more
It would appear there are two people working the case. Is the property listed with the same realtor? Is your offer have credits that may affect the price? If would the same realtor I would counter the offer attaching the new listing and call the listing agent to find out whats up. If you have a cash offer I would go off the new listing price and make your offer. Again confirm with listing agent.
Hopefully you are working with a buyers agent!... more
In most cases the bank will state what goof faith estimate they want to even look at your offer. Most banks require a minimum of $1000 in my area. I don't know why you paid for an appraisal before you knew the bank would even accept your offer. You could very easily not get your offer accepted by the bank if another bid comes in at the same time. Your Realtor is correct about the appraisal fee. The seller doesn't get any money out of it if you walk away from the contract.
Hope this helps
The point of a Chapter 13 is that you are on a payment plan to repay all your debt. No one files bankruptcy who has excellent credit and the entire point of bankruptcy is to be provided a "fresh start".
Did you file pro se or did you use an attorney? A good bankruptcy attorney should have reviewed ALL your debts and assets and advised you as to the pros and cons of Chapter 13 vs Chapter 7. Even Chapter 7 does not eliminate all debt.
I see that you are in Kentucky. I recommend if you haven't already, to visit the site I've linked below which is to the National Consumer Bankruptcy Attorney's (NACBA) website. All members are advocates for you. There is a great deal of information provided there as well as a list of attorneys in your area who are bankruptcy practitioners.
There is no formula for an offering price on a foreclosure home. You have done your homework--finding out the previous sale price and the balance left on the loan. That info, and the knowledge that it will take at least $30,000 to get it in shape, is the best basis for an offer. Just working the numbers, it looks like the asking price is in line with what the property will be worth when the work is completed. Here is the wild card--not everyone can get the money, in today's restricted lending scene, to buy the home and do the required work. That should limit the number of people interested, but just in the last 10 days, the real estate market seems to be waking from a nap, largely because of the low interest rates. Good luck on your planned purchase.
Century 21 Partners
You can obtain this information from the Bank that had your loan. You may also obtain this information from the Sheriff's Office who conducted the sale.
Century 21 Calabrese Realty
973-280-5987 Cell.... more
Which is foreclosing - the first or second mortgage? They have priority and it matters a great deal.
I am not an attorney, just a realtor, but since no one else has answered... If the first mortgage holder is foreclosing then I understand that the first mortgage folder will receive the funds from the sale of the home. Any remaining funds will go toward the second mortgage.
Whereas, if the second mortgage is foreclosing, they will have to buy-out the first mortage before they can foreclose.... more
You may want to consult with an attorney to determine if a Chapter 7 BK is best for you. As to rentals you may want to try your local craigslist as Trulia does not have a rental forum here. Good luck.... more