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Foreclosure in Omaha : Real Estate Advice

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Activity 25
Tue Dec 20, 2016
Dusyin.ross asked:
My parents owned the home but we're letting the bank foreclosure on my childhood home because of bankruptcy . So I started to make the mortgage payments to try to get it put into my…
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Mon Aug 15, 2016
Maricris A answered:
Hello,

I apologize we have false foreclosure information listed on our home details page. This data is provided to us from Zillow foreclosures and we currently do not have the ability to edit or remove the information that they are sending us.

Please be advised that I have created a request regarding the removal of the erroneous foreclosure information for your home on Zillow.

Once the status is removed from Zillow, it will automatically update to Trulia after 24-48 hours.

Regards,

Maricris
Consumer Care Advocate
... more
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Thu Feb 4, 2016
MCM_STL answered:
If the bank already owns it, it's not a "pre" foreclosure. It has been foreclosed at that point. My experience in watching the foreclosure market has been that a property will be listed with an agent roughly 1-3 months after the bank assumes possession. The bank generally won't talk to buyers before it's listed.

You can look up whatever info is on your local tax records but the best info would come from a real estate agent who can look up any property history in the MLS. You might get lucky and find a seller's disclosure from any prior attempts to sell it. When we bought our foreclosed house, the prior occupant had tried to sell it earlier the same year so our agent could show us everything from that listing thanks to the MLS.

They also have access to way more detailed tax records than you do and their system is usually updated way faster than any end-user online portal your local DOR might provide.
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Mon Sep 2, 2013
Doug & Valerie Whitmore answered:
How did Omaha, get it's name? Named for the Omaha Native American tribe that resided here before Nebraska became a territory. The A&E program "Hell On Wheels" deals with this area and that time frame. ... more
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Fri Aug 9, 2013
Billie Atkinson answered:
This question is best answered by a real estate attorney in your area.
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Fri Aug 9, 2013
Paul Cummings answered:
It depends on how quickly the bank moves through the process. Most banks will have someone assigned to contact you in less than a week. Often in only a day or two. They have to evict you through the court. That timeline again depends on the court. But typically it's less than 4 weeks. Most banks will offer you some money to help you leave peacefully so make sure you respond to the rep who reaches out to you. ... more
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Sun Jun 9, 2013
Paul Steffes answered:
I personally watch the repo's as they go thru the auctions and go back to the lender. When the owners go thru bankruptcy, this most times delays the foreclosure process. And I have seen people move from their homes within a couple of months of not able to make the payments because the banks hound them so much and they get tired of it so they just move. Then the home sits empty till the sale and until listed on the MLS.
Normally it takes 8-9 payments of being missed until the sale date. From then I have seen them sit empty and not listed anywhere from a couple of days to almost 1 1/2 to 2 years for some reason. And have no idea what the long period of over a few months is for, or why they wait to get them listed and sold. But the ones filing bankruptcy I have seen a few years just sitting there empty and have see them vandalized many times. Sitting thru winters and water lines freezing up etc. Personally I have told some people to just stay in the home until you get a notice to leave, after the sale they send an agent to tell the people to leave. And usually offer a cash for keys option, where they tell you to leave in an allotted time for a certain dollar amt. if the home is left in good condition and broom swept. I have heard of people getting from a few hundred dollars to several thousand. What the difference in offers for dollar amts, I have never know either.
But I personally told a friend of a friend to hang out until they were told to leave , save what ever money they could because they would need it. She stayed for almost a year with no payments and got an offer of 2700.00 cash for keys option to be out in 2 weeks or less. If she didn't make the deadline the offer went down considerably.
I told another person the same, and she had filed bankruptcy and was going to move like 3 months after they quit making payments, it has been almost 1 1/ 2 years and haven't received a sale date for the home yet. And by the way her BK attorney told them they needed to move ASAP.
In my personal opinion, the home takes more abuse and deteriorates faster when they sit empty with no air flow and open for vandals, since they are more likely to be broken into while they are empty. And when lived in by the owner, you would hope they would still take pride in the home and take care of it.
Of course this does'nt answer the question of the lien release, you should ask your BK attorney this ?.
And from the sound of it you were moved from the home as well and now the lender takes on the responsibility of having to have the property cared for, Ex. lawn mowed , winterized, and checked on periodically , which is all extra expenses for the lender. where if you had stayed you would have taken the responsibility , hopefully.
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Wed Jan 16, 2013
shallow.bear answered:
this is the shallow.bear that just asked about the forcloser on the house im in but it is in colorado
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Mon Jun 6, 2011
Dean Uhing answered:
The tenants would have to make the contact because it is their rights that are being foreclosed on.
Your rights of defense regarding that propert are now ended due to the foreclosure.

Regarding the tenants rights, they may be subordinate to the lender's rights. And it also depends if the purchaser
of the property is intending to use the property as a residence or an investment. If an investor purchased the property, the tenants may want to contact that person and work on a new lease agreement.
These are indeed tough times in real estate that we are experience due to lending and legal proceedings.
Good luck.
Dean Uhing
Prudential Ambassador Real Estate
402-709-0727
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Sun Jun 5, 2011
Bill Eckler answered:
Ms P,

It's always good to hear back from people that appreciate the efforts of trulia and the Pros that donate time and energy to help and support others.

Bill
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Sat Jun 4, 2011
Paul Cummings answered:
That will vary by lender and your other circumstances. The common knowledge that it will exist on your credit report for seven years and banks will consider you after 3 years. I have to stress, everyone is unique and this is a broad answer. ... more
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Sat Jun 4, 2011
Paul Cummings answered:
The situation you describe is not the fraud we are referring to. An example of fraud would be the scenerio in which you quit making payments on your house in order to purposely force the bank to foreclose with the intention of having a family member buy it at a cheaper price, effectively reducing your mortgage and defrauding the bank. People are creative and there are hundreds of scams the banks have to protect themselves from. ... more
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Sat Jun 4, 2011
Don Tepper answered:
Sorry, but that happens all the time.

A witness means nothing. Do you have something in writing from the lender saying that a foreclosure would be delayed?

As a practical matter, two different branches of the lender handle loan modifications and foreclosures. The two often run parallel. That is, while the people there are working on the loan modification, other people in another department are working equally hard on a foreclosure. Whichever gets to the finish line first "wins." In this case, the foreclosure people got there before the loan modification people.

Is it legal? Probably. Depends in part on whether the process was under HAFA or HAMP--government programs designed to assist homeowners.

You can contact your state attorney general's office and try to get them involved.

Hope that helps.
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Sat Jun 4, 2011
Paul Cummings answered:
Many of the policies the banks have in place are to avoid fraud. This is another example of that.
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Wed May 11, 2011
Libby Headid answered:
Thu May 5, 2011
Brian Levitan answered:
I am a licensed loan officer in Illinois. Toni is correct. 640 is the minimum middle credit score of 3 bureaus needed to qualify for most lenders. There are some that can do as low as 580, however very few lenders do and the criteria makes it hard to get approved. The key to giving the agent your are working with a great pre-approval is to have your information run through desktop underwriting and have your loan officer actually review all of your documentation so that any surprises can be caught and dealt with upfront and not on the last day of mortgage contingency. ... more
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Sun Dec 5, 2010
Dan Cheuvront answered:
Jeanette,
I also didn't see that home listed on the MLS
I am a foreclosure listing agent and have a ton of great deals on the market with numerous other properties getting ready to be listed. I would love to assist you in getting a great deal on a home.
Contact me directly @
Dan Cheuvront (Deeb Realty)
402 850 9640
www.omahahomerealtor.com
... more
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