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Foreclosure in Tempe : Real Estate Advice

  • All197
  • Local Info20
  • Home Buying50
  • Home Selling6
  • Market Conditions11

Activity 18
Tue Nov 28, 2017
Stanton Lewis answered:
In 2007 I lost my job and got behind on my mortgage payments with Countrywide (I had a 80/20) loan after they went down they sold my loan to BofA. The 20% loan was for 60,000 but be clear that Real Time Resolution is a collection agency they purchased my 2nd mortgage from BofA during the housing market crisis for pennies on the dollar. My home was only worth 120,000 at that time. I bought it originally for 316,000 so it went down quite a bit. However, I applied for the Making Home Affordable program and they reduced my principle balance and mortgage payments. I make all of my payments on time and then finally get on my feet.Real Time Resolutions laid dormant and then springs up 10 years later stating I owe them 122,000 dollars I have to pay it or they will foreclose. They sent me a letter in which they generously offered me a 1% deduction off of 122,000 or I can pay them 6,000 and the would allow me to make payments for a year and the whole process starts over. They are not offering forbearance, modifications, or any interest in me staying my home. They are not a real mortgage company but are acting like it. ... more
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Sat Mar 11, 2017
Karen Peyton answered:
No one here is going to know the answer. You'll have to figure out the name of the company based upon the information you should already have...perhaps from/in your original loan documents.
If you can't see an attorney for guidance.
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0 votes 1 answer Share Flag
Mon Jul 20, 2015
Dara999 answered:
Did you have a promissory note for the second mort.? There is a state limit on how long RTR can collect on a promissory Florida it is five years. The lien may remain, but they cannot sue you. someone correct me if I am incorrect. ... more
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Thu Sep 5, 2013
Jean-Leon Magnotto answered:
I agreed with Cara, speak to an attorney, and possibly a profession negotiator ( they may have contacts to help escalate this.) Good luck !
0 votes 2 answers Share Flag
Fri Mar 29, 2013
Jeffrey Masich answered:
Dear Julie:

Real person here :-)

For lender owned homes for sale in the Phoenix metro area:,12

Call me with any questions.

Jeffrey Masich, Realtor, GRI, MBA
Arizona homes and land for purchase or sale
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Wed May 23, 2012
Bill Parker, CPA* answered:
We also have a new program we are calling the "Credit Repair Program"--designed for those who have experienced an ISOLATED ding to their credit. Can do 6 months after Chapter 13 or 7 are discharged; no seasoning for Short Sale, Foreclosure or Deed in Lieu as long as all other installment credit is paid as agreed. Will do purchase or rate and term refinances to 70% Loan-to-Value (LTV) and to 60% cash out. Condos not allowed. Etc.--please contact me directly, if interested.

Take care.

Bill Parker
Legacy Group Lending, Inc.
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1 vote 7 answers Share Flag
Tue Aug 16, 2011
Loren Hoboy answered:
Learn about your Arizona Tenant Rights.

If you have a valid written lease and can prove you paid the owner of record on the date he owned it you have a good claim to occupancy. The five day notice to vacate must be followed by a court order. If your leases expires in only 4 days I don't' see how the legal system could move that quickly. As far as the A/C repair goes I don't think you should expect any solution before you leave. This is one you may just have to chalk up to experience and add it to your war stories.

Best to try and work it out with the new owner-he doesn't want to pay the legal bill anymore than you do. If not you could call a real estate attorney and get some advice.
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Sun Aug 14, 2011
Don Tepper answered:
Short sale or foreclosure? The two are different.

If it was a short sale, you should have moved prior to closing. That should have been in the sales contract.

If it was a foreclosure, you should move immediately upon foreclosure. You can't camp out in someone else's home.

Regarding the eviction process, you have to check with your sheriff's department.
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Sun Aug 14, 2011
Scott Godzyk answered:
No you are not responsible of you are the tenant. The only way you would be required to remove it is if you sign a cash for keys agreement that states all debris will be removed, then they might hold you to it,. ... more
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Sat Jul 30, 2011
Carlos Ramirez answered:

What is the landlord telling you? If the sale indeed happened you don't need to keep paying rent to your old landlord. In that case you should be hearing soon from the new owner, who may just ask you to leave or may be willling to keep renting the property to you.

Your best bet is to talk with a lawyer, and if I were you I would start looking at other properties and start getting read to move.
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Sat Jul 30, 2011
Robert Kroon answered:
The “Protecting Tenants at Foreclosure Act”, a Federal Law, ensures tenants receive proper notice of rental home foreclosure and protects them from abrupt or improper removal from the home.

Under this Act - Public Law No: 111-22 (S. 896E) (Enacted: May 20,2009) – a new property owner cannot evict a month-to-month tenant for 90 days. When there is a lease in effect the new owner cannot evict until the tenant’s lease ends. With one exception, when the new property owner is going to use the rental property as his or her primary residence, in this case the new owner must give the tenant 90 days notice. A copy of the full Public Law 111-22 ( all 73 pages ) can be seen here........ .......

If you have further questions, you should consult a Real Estate attorney. Also, as previously mentioned, if a bank or Fannie Mae, for exmple, acquire the home, they may offer you CASH for KEYS. Ask about it.
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Sat Jul 30, 2011
Bob Dickinson answered:
Wed Oct 27, 2010
Ramune Jones answered:
Based on the acceleration clause, once you miss a payment, lenders can demand the payment of the note in full. The contents of your mortgage note will specify your agreement, read it! It usually states that if you fail to pay the monthly dues, under the terms of the note, the lender has the right to call the loan (accelerate the note) and start foreclosure. At this stage the lender will demand and you will owe the full balance. They will not accept partial payments and you legally will owe the full balance plus interest fees, late charges, legal fees all at once and you will have to pay a hefty sum to reinstate the loan. You should have contacted an attorney by now as you might be in a pre-foreclosure process. Evidently the individual on the phone representing the lender misled you therefore legal help is imperative.

Ramune Jones
Yaffe International Realty
Aventura, Florida
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Thu Aug 12, 2010
Kent Gagon answered:
Keith you are not alone remember that there are millions of American just like you many of which I talk to daily.

If you can afford to rent it do that, the rental market will continue to be good for several years as more people need places to live as they get foreclosed on. As for advising on the other methods, all I can say is talk to qualified tax and legal advisors regarding these tough choices. Well Fargo is one of the easier banks to deal with on a short sale, though we are now doing all of ours via attorney assister which do have up front retainer fees to the attorney, however, we feel the cost to our clients is beneficial since we cannot give you that legal advice that they can.
Good luck with your choice let me know if I can help in anyway.
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Mon Aug 2, 2010
Christine Holwell answered:
Hi Angelina -

good question & so glad you asked. Many first time home buyers try to jump right in without doing some homework. Your first step should be to speak to a loan officer that you feel comfortable with. I would recommend a mortgage company that can look at many different banks - not just one so that you can get the best loan program & rate. Your real estate agent should be able to recommend someone that they know and trust. Once you are pre-qualified you will want to make sure you work with a licensed real estate agent (buyer broker) who is on your side looking out for your best interest. Again make sure you work with someone you feel comfortable with and that you feel will listen to your needs. There are so many great little homes out there -- I have found quite a few for my buyers this year.

Also check out this article: 10 worst first home buyer mistakes. It will give you some useful insights.

If I can be of any other assistance please let me know!
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Mon Jan 25, 2010
James Moyer answered:

Were you able to purchase the foreclosure you were looking to buy? If not and you still want to buy a home just give us a call.
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Mon Jan 25, 2010
Jim Mccallum Marjane McCallum answered:
Have you checked out Pueblo, Colorado? We have many at and well below that price, and a decent rental market. Fort Carson is growing monthly, and it's only 35 miles north. Give me a call, and I'll email you a bunch! You'd much rather be here in August, Mate! ... more
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