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Foreclosure in Tucson : Real Estate Advice

  • All808
  • Local Info68
  • Home Buying297
  • Home Selling52
  • Market Conditions39

Activity 49
Mon Mar 6, 2017
Patrick Dennis Crawford asked:
Fri Dec 16, 2016
Greg Madden answered:
Foreclosure was listed at $29k originally, and was reduced $1k per month to $26k. Property had significant issues. Bid $10k, as-is, no conditions except a structural inspection. Bank countered with $26k. Did a detailed inspection, documented condition, and submitted to bank countering with $10k again. Bank accepted offer. Closed a week later. So it can be done, just do your due diligence. ... more
4 votes 18 answers Share Flag
Thu Aug 25, 2016
June Buerkle answered:
Do you have a real estate agent? If so you need to slap him for letting you get into all kinds of stupid on this.

If you had a standard sales contingency clause, you would have at least known how negative you are on the first house plus you would never have been paying 2 mortgages.

As it is, you have 2 basic options.

1) Become a landlord, rent the old place and use your $50K in saving to pay the difference between your monthly mortgage payment and the monthly rent you receive. (This way you hold onto the house until it is no longer upside down.)

2) You sell the old house and fast, like this month. Drop it to $250 or $240 and get it gone. Use your $50K to close the gap and then take out a personal loan to pay the difference. This will coat you, but not $2,300 per month.
... more
1 vote 1 answer Share Flag
Mon Aug 15, 2016
Maricris A answered:
Hello,

This data is gathered by a third-party data collector and only updates on Trulia when discrepancies are identified from your county at the next data collection cycle. Unfortunately, we are unable to expedite this process.

Regards,

Maricris
Consumer Care Advocate
... more
0 votes 1 answer Share Flag
Tue Apr 5, 2016
Karen Peyton answered:
Yes, you have to pay rent. Who owns the property has no bearing on your lease agreement.

Maybe it's time to buy? If so, contact an agent in Tucson to begin the process.

Good luck! ... more
0 votes 1 answer Share Flag
Mon Feb 1, 2016
Sally Grenier answered:
First and foremost, you want to have a REALTOR working for you as a Buyer's Agent. He/she can ensure you get the proper title insurance, inspections, etc. In addition, he/she can do a market analysis on the property so you can see what other similar properties have sold for. The bank or lender likely has it listed with a Realtor, and will want to get fair market value for the property. If there are multiple offers, you'll want to make sure you're making a strong offer (not just on price but on all of the terms of the contract.). ... more
0 votes 4 answers Share Flag
Mon Feb 1, 2016
Sally Grenier answered:
Bank owned properties are difficult if they aren't listed with an agent yet. Banks and lenders have a backlog of properties and it takes time to get them listed for sale with a local Realtor. You can't just call the bank and make an offer. However, you should contact a local Realtor who can set up a search in the MLS, so when it does hit the market, you'll be ready. ... more
0 votes 1 answer Share Flag
Tue Jan 21, 2014
answered:
While the "seller" may not assist you with the closing costs, you may be able to have the lender cover some of the costs. You might want to see if that is an option.

This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply.
http://www.GoodMortgageInTucson.com
Minette Goldsmith, your Tucson Mortgage Loan Officer-Fairway Independent Mortgage Corp. 5401 N. Oracle Road Tucson AZ 85704
520 975-3909
L.O. NMLS# 261487 AZ L.O. License #0912618, FIMC # 2289, AZ BK #0904162 Equal Housing Lender
... more
0 votes 10 answers Share Flag
Tue Nov 26, 2013
answered:
Hi Esperanza, I am a lender and the realtors answers below are good. There are lots of programs out there so you have many options. Besides the no down payment USDA and VA loans, in Pima County, there are a few down payment assistance programs that can really minimize how much you put down. You can go to http://www.goodmortgageintucson.com/in-pima-county-homebuyers-may-get-a-grant-for-down-payment/ for more information on the grant program. I would be happy to help you see what is best for you.

This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply.
http://www.GoodMortgageInTucson.com
Minette Goldsmith, your Tucson Mortgage Loan Officer-Fairway Independent Mortgage Corp.
5401 N. Oracle Road Tucson AZ 85704
520 975-3909
L.O. NMLS# 261487 AZ L.O. License #0912618, FIMC # 2289, AZ BK #0904162 Equal Housing Lender
... more
0 votes 14 answers Share Flag
Mon Nov 25, 2013
Annette Lawrence answered:
AZ Home Owner,
Your 401K, and the amount it contains will be available for the bank, and others, to observe.
-
The banks sees AZ Home Onwer has 111 miillion in that 401K and AZ Home Owner wants the bank to write off..kiss goodbye, the $210,000 balance on your mortgage.
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Be very aware...BANK OF AMERICA is not the one who is agreeing the terms...it is the INVESTOR whom BANK OF AMERICAN tricked into buying this mortgage note. It is that investor you are asking to take the $210,000 hit. (MORAL: the BANKS NEVER LOSE.) While you have 111 million in your 401K. What you risk is the investor refusing the short sale, applying an addendum, appending a promisory note (clearly you can afford to pay) or at the very least stick you with a $69,000 unearned income tax bill for 2014 if you started the process incorrectly.
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Every short sale is different. Short sales are the "Wild, Wild, West of Real Estate, where there exists an illusion of rules but anything can and does happen."
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Make sure the professionals you hire have earned their spurs.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
Move to the Front of the Line
(http://FirstLookHomes.us)
... more
0 votes 17 answers Share Flag
Sun Sep 1, 2013
Kat Tyree answered:
Cheryl,

It is nice to meet one of the many homeowners out there who have lost a home but want the very best for the property, and therefore, for the bank that loaned them the funds in the first place. Kudos to you! I realize I saw your question way to late to help, but I am hoping to meet more responsible owners like yourself.

Most banks employ a company to go out and take any personal property away that is left behind, and to check on the home periodically. They will take care of draining the pool for safety reasons, although it isn't good for the plaster to leave it empty. Due to our climate, the plants will unfortunately not make it unless there is a drip system in place that is on an automatic timer.

If you are in a position to buy again in the future, I would be honored to assist.

Kat Tyree, Associate Broker
Tierra Antigua
520-730-5540
TucsonKat@gmail.com
... more
0 votes 9 answers Share Flag
Fri Aug 17, 2012
Vivien L Biggs PLC answered:
Hello George,

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While they provide everyone with mortgage options, they also provide one extraordinary mortgage product! The mortgage is unique in that everyone that qualifies receives the same incredible terms, which makes homeownership affordable, and you do not need perfect credit.
• No Down Payment,
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If you would like to know more about this Program please contact me.

Have a GREAT afternoon!

Vivien L Biggs PLC
602-615-9137
Prudential Arizona Properties
Vivien.Biggs@RealEstateCore.net

Check MLS for homes on my website
http://www.realestatecore.com/
... more
1 vote 11 answers Share Flag
Mon Jul 30, 2012
mtennyson answered:
The bottom line answer to your question is ... maybe.

During the process of the short sale, you will need to provide financial information to the bank that is as in-depth (if not more so) than you would if you were applying for a loan to buy teh property in the first place.

Additionally, the bank will look at your letter of hardship. So, if you are currently unemployed, behind on your bills, and struggling to just keep the power and water on, then the bank would be much more likely to forgive the debt and move on. It would not be in their best interest to get a judgment against you (blood from a turnip).

If, however, you have the financial assets that they could possibly recapture their loss from, they would be much less likely to approve the forgiveness of the loss.

I have seen many different outcomes to short sales over the last few years. They include:
1. denial and eventual foreclosure
2. full approval and forgiveness of outstanding debt
3. partial approval where the seller and/or buyer contributes some money
4. approval, but requiring the seller to sign an unsecured note to pay off the outstanding balance

A lot would depend on the financial institution, if they have it insured (Fannie / Freddie), etc.

Because it's not a primary residence, B of AZ might very well be able to persue your personal assets to make up the deficient amount. I would speak to not just an attorney, but to a bankrupcy attorney because they would be more familiar with these situations and what your options are.
... more
1 vote 6 answers Share Flag
Mon Jul 30, 2012
Jamescaulkins answered:
Thank you both for the advice.

Tim - The link you sent seems to discuss residential homes. Does the Arizona's "anti-deficiency" statutes apply to land as well? Obviously it is not a primary residence. Thanks. ... more
0 votes 5 answers Share Flag
Fri Jun 29, 2012
Jerimiah Taylor answered:
Anyone that says Arizona is a non recourse state is doing a huge dis-service. If its a va loan it's recourse if it's USDA it's recourse if it was a cash out refi it';s recourse if it's outside of the acreage, size, or price limitations it's recourse.

Too many people blindly rely on the anti deficiency statutes. This is why we have a real estate attorney that we work closely with, AZ is a tricky state.
... more
0 votes 7 answers Share Flag
Fri Jun 29, 2012
Eddie Holmes answered:
The best way is to contact a Realtor. There is no obligation and the services are usually no charge because the Seller pays the fees. Please let me know if I can help.

520-661-5340
edholmes@live.com
... more
0 votes 11 answers Share Flag
Mon Jun 4, 2012
Jutta Lunario answered:
Before you foreclose which is costly I might be interested in buying your asset if it meets my criteria of product. Call me at 520-780-9339 I'd love to find out more about your property. ... more
0 votes 3 answers Share Flag
Tue May 29, 2012
Eddie Holmes answered:
Find a Real Estate Professional to help you. They understand the processes and legalities involved in working with Banks and their representatives. I have successfully negotiated and closed on several bank-owned properties and would be glad to sit down to discuss with you.

520-661-5340
edholmes@live.com
... more
0 votes 10 answers Share Flag
Sat May 26, 2012
Mary Ann Schmalzle answered:
Please be aware that you don't foreclose on your house, the Lender forecloses when you fail to make the payments. Yes, unless you have occupied your home for 3 years, you are liable for at least a portion, if not all of the $8000.00 tax credit you received. ... more
0 votes 11 answers Share Flag
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