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33141 : Real Estate Advice

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  • Local Info7
  • Home Buying85
  • Home Selling7
  • Market Conditions1

Activity 119
Sun May 31, 2009
Goat answered:
Expect property and every other kind of tax to go thru the roof.

Make certain that you reduce your offer price substantially so as to account for excessive taxation.

You are a cash cow for the government. Nothing more. Look how cruel governments are to the homeless. This is because the homeless are no longer cash cows to be milked. ... more
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Sat May 30, 2009
Jerel Washington answered:
Everything Don says is TRUE!!!! Good work Don.

Banks will only work with you when you are behind it seems. Therefore, advertise on all the free sites i.e. Craigslist, BackPages, Yahoo, and get your tenant situation ASAP... At the same time call your bank and ask for a the Loan Modification Division.

This may come as a surprise to you but the Customer Service, REO/Foreclosure, Loan Modification and the Legal Departments don't talk to each other!!! So you have to make sure YOU keep them all in line and communicate with each of them.

Call Loan Mod Group, get the Mediation Packet, Answer their questions, then within 30 Days you should be on your way. Typically you will get your loan mod papers within 5-7 Days, Fill them out, Make a copy for your records, then return them immediately. Send a Letter to each of the other departments listed above with your loan number, and the date you sent the Loan Mod Docs to the Loan Mod Department, then they should begin talking but don't hold your breath...

I hope this points you in the right direction...

Jerel Washington
Keller Williams Realty - Princeton
100 Canal Pointe Blvd, Ste #120
Princeton, NJ 08540
609-987-8889 x234
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Tue May 26, 2009
Bob Galivan answered:
Orlando:
You've been posting quite a few questions about your situation and the building. You should really speak with a Realtor or a foreclosure prevention attorney to explore your options. It's going to server you far better than this forum. ... more
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Sun May 24, 2009
. answered:
You should check out the terms of your loan modification but I can't imagine if you get a renter that the lender will even notice. All the lender wants to be assured of is that they will get paid per your new /mod agreement.



Mike
Broker Associate
South Florida
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Sun May 24, 2009
. answered:
Don't beat yourself up too badly. You probably bought when things were going through the roof and you wanted to make your offer look strong with that $68k downpayment. That was the thing to do during that time.
Sound like you need to get together a little money and find an attorney. Find a job and get this behind you.


Mike
Broker Associate
South Florida
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Sat May 23, 2009
Get-smart answered:
Maybe you should contact an investor in the area that might be willing to work some type of deal out with you. Plus we have a list of investors in Miami that are looking for deals even if your house is over priced. ... more
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Fri May 15, 2009
Mark LeMenager answered:
Given the situation you describe, it is highly unlikely that you will find a tenant. Sorry, but that's the way it is.
0 votes 3 answers Share Flag
Mon May 11, 2009
Mott Marvin Kornicki answered:
It appears that offering the Deed In Lieu is your last option. The lender will ask for the same, if not more documentation from you- before they agree to do it. As a last resort- DIL is the option. ... more
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Sun May 10, 2009
Luna asked:
money if i ever get savings again? I don't care about my credit score since i am not interested in buying property.
0 votes 0 Answers Share Flag
Sat May 9, 2009
Rodney Forbes answered:
Rob,
I'm sorry for your situation. Many people are in the same boat as you. A law was passed last year to help people in your situation. If the property goes to foreclosure the bank cannot come after you for a judgement. The property itself is security for the loan. (in a few cases where mortgage fraud is involved the lender can sue)
I can recommend a very inexpensive legal service called Pre-Paid Legal. They can discuss your situation and offer legal advice for $35.00.

Call me if you are interested or I can answer any questions.

Rodney Forbes
Realtor/Broker
Forbes Realty of South Florida
561-283-6497
... more
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Thu May 7, 2009
jmonville answered:
Lenders can also come after someone who forecloses. You could also be responsible for the deficiency in a short sale or foreclosure and DIL

You could also be accountable for taxes in both Short Sale and Foreclosure. You would have to consult with a CPA.

WSJ is not trying to scare someone away. You should have your eyes wide open and know ALL possibilities that can happen. A great attorney and CPA will be the best to consult with.

I lower the price every 10-30 days on my listings until I secure an offer.
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Wed May 6, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
I am not sure where you are in the foreclosure process but if you are in the stage prior to the complaint being filed by the lender you can delay the foreclosue by responding to the complaint and go to the court hearing. Of course if you hire a attorney at this state they can delay foreclosure action further. The other thing is try to work out a modification with the lender to reduce your payments.

To get the banks attention, I would suggest, doing some research on which lenders have exposure with in that complex. If you can get the banks attention on the exposure they have within the complex, they may deal with you. But if your banks expsoure is not large you may not have room to work a deal.


Good Luck!

Keith Manson
First Weber
Certified Distress Property Expert
Greenfield,Wisconsin
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Tue May 5, 2009
RN answered:
Rob,
My understanding --not my professional opinion---is that the lender cannot garnish your wages--only the federal government can do that when you do not pay your income taxes.

I don't believe they can take your car either--the note is for the property, and certainly they can take that.
But to confirm this, as Grace suggested, contact a real estate attorney.
... more
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Tue May 5, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
The money you put down on your condo and the foreclosure are two separate events. The downpayment you made was for the purchase of the property and a business decission made at that time. Now the foreclosure is being completed wipes out all equity. If it has not been foreclosed yet contact your lender to see what you can do to modify the loan or do a short payoff (if value is less than mortgage).

The good thing is that the 2007 debt forgiven act is still available so you do not have to worry about federal taxes on any short fall between value and mortgage. It is best to talk to a tax advisor to get the full picture on the tax impact. More than likely you may still have state tax implications.



Good Luck!



Keith Manson
First Weber Group
Certified Distress Property Expert
Greenfield, Wisconsin
... more
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Mon May 4, 2009
blaison samuel answered:
Rob,

I can see that you are asking the same question again and again with different wordings in Trulia and all the agents are giving suggestions. I think you need to talk to an attorney for any legal advice. Realtors are not attorneys and cannot give any legal advice. So, talk to an attorney rather than waisting your time in Trulia for legal questions, Take action NOW before its too late...Good luck! ... more
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Mon May 4, 2009
Irina LaMar answered:
Dear Rob:

I would not recommend bankruptcy as long as there are other solutions available. There are a lot of people who cannot afford to pay thier mortgage on primary residence, and they decide on a short sale (it would affect the credit less dramatically, and the credit will recover faster). Loan modification could possibly be another solution, but as you say you are going in foreclosure it might be too late.

Hire an agent experienced in short sales. Success rate of short sales is pretty high right now, if everything is done right and you get an offer to submit with your short sale package within a short period of time, you can avoid foreclosure. In the meantime, you can google "short sale" and see what other sellers say about them.

Do not get discouraged. All the best!
... more
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Sun May 3, 2009
Steven Seidman answered:
You can do jiggle mail but the bank can come after you on the default. If you wish to do a short sale you need to work with a Realtor who is familiar with the process to help lower your stress level. The property needs to be priced right and you must get it to market ASAP. If you need to speak to shortsale specialist please contact me via e-mail and can provide a contact information ... more
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Sat May 2, 2009
Catherine Kim Owens answered:
there are PLENTY of condos in that price range. I even saw some bank-owned, in older buildings, on the beach...the inventory is high, you need a professional realtor, to steer you to the right community, for lifestyle purposes. Where do you work? There are some great deals w bay & intracoastal views, across fr the beach. Also, North Beach is a great neighborhood for single people.

If you want to generically search, you can go to our www.hammerandhammerrealtygroup.com. Or, I'd be happy to customize a search for you. I'm a mortgage broker. There are some unique criteria for "declining markets" and condos. I can pre-qualify you to give you a negotiate fr strengh position.

Let me know how I can help: email: cjkowens@aol.com, or you can call/text me at: 954-536-0648.
... more
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Sat May 2, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
The situation you are in is difficult and hard to deal with. However a Deed in Lieu is the last option a bank wants to accept. The reason that they banks accepted a Deed in Lieu in the past was to say time in the foreclosure process so they could start marketing the property sooner. Right now the bank is in no hurry with taking more reos! They want you to try to sell the property or do try to modifiy your loan to get it resolved. All you can do is call the lender tell them the situation, try to get another job and then try to modify you loan or sell your property.

Facts about a Deed in lieu: There can not be other outstanding liens. The condo dues need to be current, taxes need to be reasonably current, property needs to vacant and broom swept condition and for credit score purposes and the ability to purchase another home it is treated the same as a foreclosure. The hit on your credit score will be 200-300 points and you will not be able to purchase another property for 5 years.

They can not go after your car. However, depending on your type mortgage and lender they can sue for a deficiency ( the difference between your mortgage and value of property when it sells). It is best to contact your lender to understand what they will be doing.


Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield, Wisconsin
... more
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Thu Apr 30, 2009
Grace Morioka answered:
Hello again R, and thanks for your question.

Unfortunately, the situation you face in Miami Beach is certainly not unique. We have entire condo communities here in California where similar foreclosure and short-sale problems threaten the entire building.

First, let me clarify that once a unit forecloses, the bank/lender who takes over ownership will pay the monthly assessments of the homeowners association. In some cases, the lender may be forced under state laws to pay assessments for a portion (from 6 months to 9 months) of the delinquency of the previous owner as well. In a short sale, the association is best served by protecting the dues owed through liens and court actions that will provide payment on the assessments at close of escrow.

For those still living in the community, it is likely that available amenities such as janitorial, pool services, clubhouses, etc., will be scaled back or eliminated. In the future, the losses sustained by the Association will result in higher assessments for everyone including the lenders who own the foreclosed properties and the new owners of short-saled homes.

It will take time to correct the financial problems created by the loss of homeowners at your building, but it can be done. Wtih 200 condominium units available, a turn-around in financial standing is far easier to accomplish than it would be in a much smaller homeowners association.

I wish you good luck and if you have any other questions, please feel free to write.

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
co-Author, "Homeowners Associations: A Guide to Leadership"
... more
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