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Foreclosure in 07052 : Real Estate Advice

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  • Home Buying21
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Activity 2
Sat Jul 20, 2013
Andre Thompson answered:
You really should talk to a real estate attorney. Most realtors are not lawyers and cannot answer this question because we cannot and should not give legal advice. With that said, you should seek the counsel of a qualified real estate attorney. ... more
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Tue May 12, 2009
Karen Barrett answered:
Yes, you can give the property back to the bank. You can do a Deed in Lieu of Foreclosure. This action alone will save the bank money and time. When anyone leaves their home you should take pictures of the property, exterior & interior. If there is what the bank would consider willful destruction of the property, these actions are not dischargeable in Bankruptcy and the bank could and may come after the client for damages. Many properties that are in distress, are being photographed for the banks, Real Estate Agents are hired by a 2nd party to inspect the properties for the bank to make sure their Asset is being taken care of. Photos, can provide proof that you left the home in good condition. Vacant properties sometimes attract crime. Mr. Blaison's suggestion to try and sell the property (short sale) is best. This accomplishes 2 things, you save your credit on a foreclosure or bankruptcy, and the home usually will sell for a bit more than what a foreclosure sale would bring. Values in your neighborhood will be affected, but not as drastic as a foreclosure sale (usually). Thus, trying to retain higher values in your community for your friends and neighbors. ... more
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