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Foreclosure in Surprise : Real Estate Advice

  • All184
  • Local Info12
  • Home Buying73
  • Home Selling5
  • Market Conditions6

Activity 18
Tue Oct 17, 2017
richard foster asked:
I was just writing about this and my computer recycled so I will complete my Question. Initially my note in 2007 was financed with American Home Mortgage Company. Dautche Bank was the owner…
0 votes 0 Answers Share Flag
Mon Jun 23, 2014
James Wehner answered:
That depends on what phase of foreclosure the home is in. If it's already been foreclosed on and the bank owns it, you'll be provided with a clear title and title insurance. If the home is in pre-foreclosure, the liens will need to be satisfied prior to closing. You will also have clear title and title insurance for this type of sale. If you are purchasing the home from trustee sale, that's a different story. You will need to have a title company run a title search to check the liens against the property. Also, the owner may have IRS tax liens against them that could impact the sale. The lien that is foreclosing will still be responsible for any senior liens, i.e. tax liens, or higher position deed of trusts. ... more
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Mon Apr 8, 2013
Michael Horton answered:
It can change many times. I have one property where they have made 5 changes over the last year. It depends on the asset manager. FHA short sales are usally limited to 3. Some managers will not delay unless there is a contract under consideration so that could be no extensions. ... more
0 votes 5 answers Share Flag
Tue Mar 26, 2013
Jeffrey Masich answered:
Dear D:

Here are all lender owned properties for sale in the metro area. http://link.flexmls.com/ub1j02wnwdn,12 You can zoom in on the map for Desert Oasis or any other area on the map that you may be interested in.

Let me know if you have any questions.

Jeffrey Masich, Realtor, GRI, MBA
HomeSmart
Arizona homes and land for purchase or sale
http://JeffMasich.com
JeffMasich@ArizonaHomesLand.com
480-556-0940
... more
0 votes 9 answers Share Flag
Tue Sep 25, 2012
Maria Cipollone answered:
The impact that a short sale will have in your credit will depend on how the Lender or the financial institution that holds your mortgage now, is going to reported in your credit.
Normally short sales is reported as "settled" or "paid in full".
settled: means that you have an agreement to pay back only a portion of that total amount.
paid in full: means that you satisfied your debt.

Keep your mortgage payments in good standing, and
Make sure to keep record of that final letter that you agreed with your lender where they stipulated how they are going to reported your short sale to the different credit bureaus.

Best of Luck,

Maria E. Cipollone

www.Flahomespecialist.com
... more
0 votes 4 answers Share Flag
Mon Sep 24, 2012
Lauren Dee Tolmachoff answered:
The primary builder in the Cotton Gin community was Nicholas Homes. If you are looking for more
information please feel free to contact me at lauren@phoenixpropertygal.com or visit my website
phoenixpropertygal.com.
... more
0 votes 3 answers Share Flag
Mon Sep 24, 2012
Dru Oster answered:
If you would like to speak about your situation, please call 623-512-1248. I am Owner/Broker of Arizona West Realty in Surprise. Many things to consider and discuss.

Have a great day! ... more
0 votes 18 answers Share Flag
Sat Apr 30, 2011
James Wehner answered:
Please consult with a real estate attorney and CPA about your situation. You may have some legal and tax consequences depending on your course of action.

Here is a good document to reference regarding selling your home via short sale:

http://www.re.state.az.us/PublicInfo/Documents/Short_Sale_Seller_Advisory.pdf

Best of luck!

MARS Disclosure for General Commercial Communications:

IMPORTANT NOTICE: James Wehner or John Hall and Associates is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
... more
0 votes 11 answers Share Flag
Tue Apr 26, 2011
Mark Gable answered:
Pay the rent and here's why. You need to ask to renegotiate the lease. Hopefully the owner will try to short-sale the property and this means the house will need to be shown. . The landlord will give you a break if there's something in it for he/she.
Ask him/her if they have contacted anyone for help(like a realtor) You'd be surprised how many people have just quit making payments and never called for help.
... more
0 votes 8 answers Share Flag
Sat Jun 12, 2010
Manu Kapoor answered:
This is very common now days, but if u used a realtor he/she could had looked up & let you know.
Before taking a step do consult with a real estate attorney.
0 votes 5 answers Share Flag
Sun Jun 6, 2010
Manu Kapoor answered:
If your lease is still valid then u could negotiate cash-for-keys with the lender/buyer.
This is now new & is happening a lot now a days. Do be carefull when some one come
to your house to talk to you about moving out. Talk to the decision maker only &
do consult real estate attorney.
... more
0 votes 6 answers Share Flag
Tue Dec 1, 2009
Kanda Koehler answered:
The landlord is committing FRAUD by keeping your rent and not forwarding it over to the mortgage company. You should call the Arizona Attorney General's Office and file a complaint. Chances are that you will NOT get your deposits back unless you take action against this landlord quickly. ... more
0 votes 6 answers Share Flag
Tue Sep 29, 2009
Donald Coats Jr. answered:
My husband is a Real Estate Attorney/Agent. Please feel free to contact him for advice/assistance on this matter. He can be reached at: donniecoats@coatslaw.net, or by calling 480-612-5887. ... more
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Mon Jun 29, 2009
Jonathan Dalton answered:
Contrary to what you're seeing here, sellers don't have to occupy the home for a SPDS to be a requirement. There are a handful of questions any seller can answer such as tax liens, whether the house has been sold to someone else, etc.

Having said that, all the lender usually knows about a home is the previous owner didn't pay the mortgage. And the lender's almost certainly going to require that you waive the SPDS before it accepts a contract.

You'll likely never know the full history and condition of a foreclosed property. Checking with the neighbors might help but there's an excellent chance what the neighbors think they know may not be correct.
... more
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Sat Jun 6, 2009
David - Appraiser answered:
There was a similar question asked earlier. My answer then would be the same now.

"On May 20th of this year, the President signed the "Protecting Tenants at Foreclosure Act of 2009" which provides that leases would survive a foreclosure. Which means 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.

An exception was included for the buyer who intends to live on the property. The 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 also.

Change of ownership does not justify a termination of lease, the fact that the change occurred through foreclosure, will not justify a termination of the lease."

As for not paying rent - that's not a good idea. It can very well create problems for you down the road.
... more
0 votes 5 answers Share Flag
Wed Jan 21, 2009
Jonathan Dalton answered:
Trustee's sale on the home currently is scheduled for March 20. If no one purchases the home through the sale on the courthouse steps (and few do these days), the house will revert back to Wells Fargo, the lender.

Once it reverts back to the lender, it could be on the MLS and available as early as 30 days after the trustee's sale. Just depends how many files happen to be on the Wells Fargo folks' desks.
... more
0 votes 2 answers Share Flag
Thu Nov 20, 2008
Gilda Hayden answered:
Hi Karen, The Hope for Homeowners program is actually quite simple. If you give me your email, I'll send you exact detail on how it works.

Gilda
1 vote 1 answer Share Flag
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