Talk to your lawyer. I am of the understanding that A would have to be paid off to buy it. Are you willing to go that high? C is the one in a bad position as well as you if A is bringing the foreclosure.... more
Always pay your rent directly to the owner until officially notified to do otherwise. Until the house is actually foreclosed on, the current owner is still the legal owner and entitled to collect the rent. Once the bank takes ownership you will be notified, probabty by the court, and at that point the bank will tell you where to sened the rent payments.... more
It depends... The bank can withdraw it only to file it again if you are still in default. You should seek a local lawyers advice as your state law my be different. You may want to still file if you are still in default, good luck working things out... more
"Best" depends on your circumstances. There are 3 times you can buy a foreclosure in Colorado. You can buy a foreclosure i) prior to the foreclosure auction, usually as a short sale, ii) at the foreclosure auction, or iii) after the foreclosure auction. If you buy a short sale, the process can take several months. If you buy at auction, you will need cash at the auction. If you wait until after the auction, you will be most likely be dealing with a bank or an investor. Unless you are an experienced real estate investor, you should seriously consider working with a buyer's agent or an attorney to help you determine what is best for you and to help you through the process. Good luck!... more
You should speak with a Realtor that is experienced in short sales (SFR or CDPE certified) to discuss options.
Chuck Strauss, SFR, SRES
Your Castle Real Estate
You could certainly try if you have the cash, you will need to contact them and try and negotiate a price. you would then be responsible for the cost of foreclosure so seek the advice on an attorney on costs... more
Depends on where the house is located. In California, as the new owner, if the former owners or tenant is still in the property you'd have to file an Unlawful Detainer in a court of jurisdiction, wait thirty days and then have them removed from the property by the local sheriff. Most locales have laws that favor renters so I'd be surprised if you didn't as well. As a landlord I run into this all the time with tenants that don't pay - my only weapon is first to issue a 3-day pay or quit notice, and then an Unlawful Detainer. Once they get the latter they usually move. The only problem is it costs me $200 to file in Alameda county. If I have an RE attorney handle the eviction process the bill jumps to over $1,100.... more
The first thing you should do is contact the lender and tell them the situation. Also contact a trusted estate attorney ASAP - he is likely to have good advise. (I have a great estate attorney if you would like his name). Then get the house on the market ASAP. You probably can sell it before the bank forcloses.... more
I worked briefly for a loan mod company and fielded calls all day regarding customer's individual situations and the majority relied on word of mouth etc. to gather info about these issues. It is unfortunate that's the case cause there are so many resources on the web.... more
There are several "free" debt counseling services with certain counties, church organizations, non-profits, etc.
The internet is a start for education on this matter. Before you pay any money, do your research. Be cautious if any atty or organization asks for monies upfront.... more
There's no specific help for those homeowners that I'm aware of. The problem you describe is real--if the seller couldn't bring cash to the table in order to sell a home for less than he/she owed, then the seller most likely doesn't have the cash to repay the lender after the sale.
Another "catch" is that if there were such a program, then no lender would accept the short sale amount as "settlement in full." Image if there were a government program that provided, say, a 5-year no-interest loan to short sellers. First, that might encourage more short sales. But, more to the point, if the lenders knew that they could absolutely recover the deficiency (because there was a government program in place), then no lender would agree to settlement in full. It'd be a pass-through of funds from the government through the seller to the lender for all short sales.
Good question.... more
Check out this link http://juliereddingtonrealestate.com/property-search/denver-metro-foreclosures and see for yourself. You can search away .... see here how to do it http://juliereddingtonrealestate.com/blog/
If you send me your email, I will set you up on a FREE search... more
My understanding is that if an investor or other non-owner occupant is purchasing the home the Foreclosure Act Contract must be used. Either way the Short Sale Addendum must be submitted as well.
Your Castle Real Estate