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Foreclosure in 23238 : Real Estate Advice

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  • Local Info1
  • Home Buying7
  • Home Selling1
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Activity 3
Wed Mar 30, 2011
Mike Ryan, Jr answered:

Greetings and sorry to hear about your situation. The bit of good news is that you are not alone and have nothing to be ashamed of. "There but for the grace of God go I...and a bunch of other home owners". Okay. First, call your lender and talk to them. The percentage of folks who don't even call their lender facing forecloure is staggering (something like 75%). They really don't want your home and might be willing to work with you. Second, if you can find it, pull out your Deed of Trust from when you bought your home. That should name a substitue trustee who might be sending you love letters. Call them. Lastly consider either a short sale or, if you have any equity, finding a buyer who will loan you money for your home in exchange for some of the equity. There are people out there who will work with you who are not loan sharks but you need to have some equity in the property (if you bought in 2005 or later you might not have any). With a short sale you need to be in a position of "hardship". If you have money or can pay your mortgage, the bank will most likely not work with you. Lastly, is this your principal residence or an investment property? That can make a big difference whether the lener will work with you AND if you will have to pay income taxes on any amount forgiven by the bank. By the way, if you are looking for the published ad, look in Style Magazine too. They arguably have more posting than the Richmond TD. Let me know if I can be of service and wishing you and your family the best.
Associate Broker
RE/MAX Commonwealth
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Mon Feb 16, 2009
Vicky Chrisner answered:
Nicole, it also depends on if you are talking about a foreclosure auction or a public auction after the bank already owns the properties. Perhaps my blogs on auctions will help you?
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Sun Feb 15, 2009
Diane Wheatley answered:
The estimated bid amount is the opening bid to be declared at the foreclosure sale. this estimate is subject to change upward or downward when the auction actually gets underway. Call the trustee the morning of the sale to acquire the most recent bid amount of record and your safe to say it will be offered at that price at the sale. The final price will be determined once all the bidding has been closed.

The bid amount is determined by the trustee for the beneficiary and includes the principle balance of the outstanding loan, all unpaid past due mortgage payments, property taxes due, trustee fees, foreclosure attorney's fees and accumulated late fees all subject to any senior liens on title. It is not based on market value, only the amount of the debt accrued.

Diane Wheatley, Broker
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