I am aware of a well known attorney! Diane Drain 602-246-7106 web site dianedrain.com.
You may want to check with legal zoom.com too!
I am familiar with short sales and have a team to sell the home. I would suggest selling as a short sale! this would get you back on track with your credit in a couple years rather than a foreclosure on your credit.
Feel free to contact me for any questions!
Yes... with the amount of time it takes to get an answer from banks, I know of several buyers who have submitted multiple offers and then canceled the ones that they didn't get an answer from or later decided they didn't want. In any case, be prepared to wait for at least 30-60 days for an answer from any short sale that you submit an offer to... my best advice is to seek the counsel of a good buyer's agent and have them guide you through the process.... more
The answer is that it will depend on many factors. To be 100% sure your best bet will be to consult a real estate attorney. Even on the cases where the loan is supposed to be protected by the anti-deficiency law I have seen lenders go after the owners and their assests/wages, at the end the lender might (or might not) loose the battle, but it will still create a lot of headaches and expenses to the seller. Be well informed before making a drastic decision.
If you finally decide that you are not going to keep the property, then try to do a short sale - which at the end will be a settlement with the lender(s). You might need to start doing it after you are at least 30 days behind on your payments, but it will be a less hurtful alternative to foreclosure.
Carlos J Ramirez, PC, ABR, CNE
Associate Broker, HomeSmart -
Any agent will be able to assist you. There are many agents, inlcuding me, who specialize on foreclosed homes.
Carlos J Ramirez, PC, ABR, CNE
Associate Broker, HomeSmart -
Just be careful, if you have a lease you want to get some legal advise. You are still bound by a contract to pay him rent. Just because he filed BK doesn't mean the home is being foreclosed on, but chances are if he has been past due as long as you say, it could be. I would talk to a attorney and get a real estate agent looking for a new home for you. As agents we can check the tax records to see if the house is scheduled for auction. Send me the address and I can look into it for you.... more
Local County recorders office or a title company could find that information for you.
I have the following Designations:
-- Certified International Property Specialist (CIPS)
-- Accredited Buyer Representative (ABR)
-- The e-PRO certification is NAR's online training program to certify real estate professionals as Internet Professionals(e-PRO)
-- Transnational Referral Certification (TRC)
-- At Home With Diversity (AHWD)
Benny Paul CIPS, ABR®, e-PRO®, AHWD, TRC, MS
Realty One Group, Inc
Cell (702) 374-3210
Fax (702) 947-5755
Email : firstname.lastname@example.org
Website : www.BennyPaul.com... more
You have to work with an experienced short sale realtor in your area. You can avoid foreclosure with successful short sale. Let me know if you need any referral for a good agent who knows about short sale in your area.
Certified Short Sale Specialist
That's a question that you should really ask your Buyer's Agent Realtor. The best answer I could give you, without knowing anything else about the situation, the repairs or the property would be, "It depends."
Good luck to you!
Buyer's Broker... more
I know that I have clients that are first time buyers that are looking for homes that they don't have to do a ton of work to. They look through the listings and pick out the ones that say "Turn Key" or "Freshly Painted" ... things like that that let them know that they aren't wasting their time looking at trashed out houses.... more
when the first foreclose and sell it auction, whatever left money goes to the second and so on, but if there's nothing after satisfying the first then the second will not get anything and you are not responsible to pay them back as long as it used for purchasing your house. If they call again then tell them that its non-recourse loan and not responsible after my house foreclosed and tell them also that they have to talk to your attorney next time. We(realtors) are not attorney so you can consult with an attorney for any other solutions...good luck!... more
Read your lease agreement to find this information. Usually, if you do not pay your rent, you are in violation of your contractual obligation. You are advised to seek the advice of a real estate attorney.
Buyer's Agent Realtor
Even with a foreclosure on your credit report, you will be able to buy a house in the future. Right now, it looks like you would have to wait 4-5 years before you be eligible. But it's all subject to change!
Can we help you with any other questions?
We need to talk...
Ph (480) 220-7491
Fax (866) 711-8573
Keller Williams - Scottsdale, AZ
2008-2009 Master of Real Estate award recipient
ABR, GRI, ePro, CNE, MRE, AHWD... more
It really does differ from state to state and even depends on the type of foreclosure in some states. You will want to talk to an attorney or a good real estate agent in your locale to get an answer to your question.
Cameron Piper... more
Here are some answers that I hope you find useful, I specialize in Bank Owned Properties and have dealt with many different banks all over the Valley:
1.) Typically, yes-there are many factors that go into what the bank lists the property for, an experienced REO agent can guide you in the right direction. All bank operate differently, some things you may want to examine for starters are: days on market (typically the longer a home has been listed, the more flexible the bank is on price), what other REOs are selling for, how many offers have been presented previously, etc.
2.) I have not heard of a bank accepting an offer in that manner, they usually want to get the property off their books so financing the property wouldn't accomplish that.
3.) Most likely the comps in the area will be the biggest factor.
It sounds like you want to pay cash but with interest rates being at a historical low, it would be an excellent time to put 20% down on several REOs, giving you some leverage.
Check out my blog for some additional useful tips: