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Foreclosure in Mesa : Real Estate Advice

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  • Home Buying157
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Activity 45
Thu Aug 6, 2015
Jim Schermetzler answered:
Patience is very important in the real estate game. Although property values plummeted when the market fell apart in the late 2000's, we have seen a continual rise in property values the past several years. Although you may not fully recover quickly, over time the market will bounce back and you may see the home value turn around. ... more
0 votes 33 answers Share Flag
Fri Feb 6, 2015
Edward Maddox answered:
Sun Dec 1, 2013
Jillian Dobson answered:
0 votes 15 answers Share Flag
Fri Nov 29, 2013
Raymond Whitby answered:
If you do, it will not be enforceable unless it's with the foreclosing entity or authority of the property being rented. Foreclosed homes are not rented out by the foreclosing bank(s), as they will be evaluated and sold. Apartments get rented all the time or (sub lets) and if it is not authorized by the landlord in the original rent or lease agreement, then it is also unenforceable. Take care in what you get into and get it in writing! Best Wishes ... more
0 votes 3 answers Share Flag
Fri Nov 29, 2013
Raymond Whitby answered:
The banks typically try not to incur losses regarding the debt owed, but I've seen them go the other way and it leaves "logical" minds wondering Huh? I know some big banks now that are shuffling and not foreclosing on assets in such a way, it makes David Copperfield look like amateur hour... It's all about the money and what they will push, pull, or stall will benefit them best. The obvious confusing tactics are only confusing to people on the outside looking in not knowing the secret agenda's those banks are working on to continue to manipulate prices and everything thing they can to control inventory of foreclosed homes hitting the market. These are the "real magicians".... ... more
0 votes 8 answers Share Flag
Thu Apr 4, 2013
Ray Teerlink answered:
There is a law enacted that will protect you from this exact scenario. It is called the "Protecting Tenants at Foreclosure Act of 2009".

It says that you cannot be forced to move out of your home on a moment's notice but must be allowed a minimum of 90 days. Under certain circumstances if the lease is longer, your lease must be honored or (here's where it gets good) THEY HAVE TO BUY YOU OUT OF YOUR LEASE! Give me a call or shoot me an email and I'll fill you in and send you a link to where you want to go.

Ray Teerlink
480-382-1199
www.phoenixhomesbyray.com
... more
0 votes 4 answers Share Flag
Sun Mar 24, 2013
Hope Salas answered:
Here's an excellent referral for you to get all of your tax related questions answered.
Karen F. Corona, CPA
12826 S. 38th Place
Phoenix, AZ 85044-3867

PH: (480) 893-0191
FAX (480) 893-1830

Good luck with this. Call me if I can be of further assitance.
Sincerely,
... more
0 votes 4 answers Share Flag
Sun Jul 15, 2012
Joyce Mitchell answered:
This question was posted in 2009. Thus, my answer is general to the topic.
Real estate values got in serious trouble in June 2008, my opinion.
Value is controlled by supply and demand. The job market caused many people
to fall behind on their mortgage payments. By 2009 banks were considering
short sales - the bank takes a loss on the property compared to the balance owing
on the mortgage. When we buy something, there is not a guarantee that the item
will be worth more when we decide to sell it - cars are a good example.
When we signed the note, we made a pledge to accept the debt. If at all possible,
use the property for a rental investment, and in the future the value should/may
increase. Property values are higher now, 2012, than they were in 2009. Each
community, however, is individual. Back to supply and demand: In a condo
community, if there are many condos for sale or vacant, the price/value is not
increasing. Then, decide to sell at today's value, take the loss and move on.
Or continue living there, or find a reliable tenant. Responsibility, work-ethic,
kindness to others - still and always are important values. Have faith. Joyce
... more
0 votes 11 answers Share Flag
Mon Oct 3, 2011
Lucinda Tkach answered:
You may have to go into real estate offices and contact the person that is selling lender owned homes directly. Some of them hire there own clean out companies. You need to create a person to person relationship and it will grow from there. Many of the asset mangers hire national companies that hire local contractors to clean out the homes.


Lucinda
Windermere
... more
0 votes 2 answers Share Flag
Mon Aug 22, 2011
Matt Dunshie answered:
you may want to keep the credit lines you have now open for history purposes. I would suggest working with a mortgage broker that offers some advice and services on repairing some of the damage. Then work on your down payment. you can get an FHA loan for 3.5% down, but you will pay PMI and FHA keeps raising its fees. if you have to wait for 2-3 years before buying you should be able to save towards a conventional loan 10-20% down. I also have banks and lenders that will lend based on the person and assets. So the credit score may not be that big of a deal. you can pull your credit for free every year to monitor it ... more
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Tue May 10, 2011
Scott Godzyk answered:
0 votes 1 answer Share Flag
Thu May 5, 2011
Karla Dent answered:
Perhaps you should call a Real Estate Attorney. Ask if they consult for the 1st visit for free. It seems this is more complicated than what any of us can answer in a 'simple format' without creating more of a legal web.

We are truly sorry you have suffered the loss of your husband,employment and now your home.
... more
0 votes 7 answers Share Flag
Wed Apr 13, 2011
Dp2 answered:
You might want to contact an attorney--especially if you want/need to get your security deposit (if any) back.
0 votes 3 answers Share Flag
Wed Mar 30, 2011
Patrick Beringer answered:
Many loan mods end up being temporary fixes and a lot of these homeowners end up facing foreclosure. The silver lining to your bad situation is that your lender appears to be proactive in approving a short sale for you. That's half the battle. Typically you'll again be able to qualify for a conventional mortgage 2 years after the short sale. I think your credit at that time will need to be at least 640, given current standards. ... more
0 votes 13 answers Share Flag
Thu Dec 30, 2010
John Sacktig answered:
Hi Lucy, you have a lease that states you will pay the landlord for the rent. Period.

Just becasue the home is in foreclosure does not mean that you get a free ride. What do you know about what the landlord paying, or maybe trying to stop the foreclosure.. It is not your business.
Your business is to pay your rent on the agreement you signed.

As noted below, Kelly Crum (Some Realtor in your area) has no right to tell you to pay anyone else other than the landlord. If I were Kelly Crum, I would delete this post before a copy of it goes to the landlord and gets her into hot water.

If you stop paying your landlord and he/she evicts you from the property.. I hope Kelly Crum of West USA Realty is prepared to let you move into her home.
... more
1 vote 9 answers Share Flag
Wed Dec 29, 2010
Alo webb answered:
Even though the property is in foreclosure, the courts will require you to maintain current rental payments. You can review the rights of tenants living in foreclosure homes by clicking the link here, http://www.worldclassmemberservices.com/TenantRightsInForeclosure.html

To help you better understand the foreclosure process you can click the link and select your state, http://www.worldclassmemberservices.com/ForeclosureLaws.html

You should continue to monitor the foreclosure process because you must also cease rental payments once the property has sold at the auction and forward all future payments to the new owner. If you fail to monitor the sale information it is possible you may make a payment to your landlord after he has lost ownership of the property. To determine the sale information you can continue to monitor the foreclosure data by visiting the court daily or register your home in a foreclosure monitoring system here, http://www.worldclassmemberservices.com/foreclosureprotection.html
... more
0 votes 6 answers Share Flag
Wed Dec 29, 2010
James Wehner answered:
Yes, you still have to pay rent to the landlord as long as you are living there even though the previous lease agreement has expired. Since the lease was not renewed, you are still obligated to abide by the terms of the previous lease with the exception that it is a month to month term. I would imagine that sometime in the near future you are going to have to move and find another place to rent.

Once the trustee sale takes place, you will have an opportunity to stay for up to 90 days, however, either a 3rd party purchaser at the trustee sale or the seller's lender will be taking ownership. At that time you may be given notice to vacate and offered 'cash for keys'. Please check with a real estate attorney on your rights in this situation.

As I've stated before, on May 20, 2009, President Obama signed the "Protecting Tenants at Foreclosure Act of 2009." This legislation provided that leases would survive a foreclosure -- meaning the tenant could stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days' notice before having to move out (this notice period is longer than any state's non-foreclosure notice period, a real boon to tenants).

An exception was carved out for the buyer who intends to live on the property -- this buyer may terminate a lease with 90 days' notice. Importantly, the law provides that any state legislation that is more generous to tenants will not be preempted by the federal law. These protections apply to Section 8 tenants, too.

I'm not an attorney and this is by no means legal advice, just providing some insight. It's best to have the tenants seek the advice of legal counsel.

If you need assistance in locating a different place to lease, you can view available rental homes directly from my website here: http://www.jameswehner.com

Best of luck!
... more
0 votes 5 answers Share Flag
Fri Dec 3, 2010
Lebau answered:
thanks ron you really brought a tear to our eye
0 votes 11 answers Share Flag
Thu Dec 2, 2010
D Steves answered:
We did receive a cancellation of debt last year for our Tax return. Does that matter at all? If it was a conventional loan that was used to pull the equity would that make a difference, if it wasnt revolving line of credit? ... more
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Fri Oct 22, 2010
Jason Whaley answered:
I am in no way giving you legal advice, but if no one is picking up the phone including your Landlord, I would wait until someone comes knocking on your door. At this point, I would guess your Landlords has moved on and is running from anything pertaining to your property. ... more
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