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Foreclosure in Litchfield Park : Real Estate Advice

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  • Local Info5
  • Home Buying15
  • Home Selling1
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Activity 6
Sat Jan 25, 2014
Jim Mitchell answered:
Hello Shwright9. Please re-post or re-send the link to the property that you are inquiring about and I'll be glad to help!

Thanks!

Jim Mitchell
Realty ONE Group
Jim@TheAZRealtor.com
PH: 480.231.6769
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Thu Dec 12, 2013
Jennifur & Brent Newell answered:
I personally have never listed any REO/Bank owned properties, but the ones I have had clients bid or place offers on seem to bi-pass the listing agent and go directly to an online submittal application. Even if they do not go through an online system, I've always received varification that our offer was received. It's the listing agents responsibility to send all offers in to the bank/asset manager for review. ... more
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Thu Sep 9, 2010
Pam asked:
him he will only have 5 days to vacate. He is alos past due on his mobile home loan payments. Is this true, he will only have 5 days? Also, is there a way for him to convey this mobile home…
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Sun May 23, 2010
Don Tepper answered:
I'm not a lawyer, so this isn't legal advice. For that, you (or your son) need a lawyer. However . . .

Dan's advice is good. Best thing to do is for your son to pay.


It's likely that what the park manager actually said--not what your son heard, but what the park manager actually said--is that he'd file a "5 day notice to pay or quit." That gives your son 5 days to pay or leave. Consult with a lawyer on the difference.

You ask if he can convey the home back to the lender? What do you mean "back"? It wasn't the lender's to begin with. And the lender doesn't want it back. Maybe the lender will accept it, and it's certainly worth a try. But your odds are slim.

So: Your son should see a lawyer.
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Tue Apr 27, 2010
Bren Johnson answered:
If the other borrower is not on title you could go to his or her bank and pay loan in full. But you will need his account number to do so. I have seen it done only once but I would not recommend paying it off if you are not the only one on title.Feel free to call me if you would like


Thank you
Brwyn 480-251-9130
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Mon Dec 1, 2008
Steve Belt answered:
As well as a real estate attorney, you had better consult a tax adviser. A short sale on an investment property could expose you to a significant tax bill. This is why many investor properties end up in foreclosure...the investor can't afford the tax burden of the short sale. ... more
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