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Foreclosure in 33309 : Real Estate Advice

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Activity 3
Thu Jun 18, 2009
Angela Schrager answered:
Mustafa: That's a question you really should run by your own Realtor and the title company that you have hired - there is usually an attorney that will help you with legal questions at the title company. However, the decision is ultimately yours. Is this a short sale? If you have waited this long, isn't it worth it to wait a little longer? Sometimes yes, sometimes no, it really is your call. However, most contracts stipulate a per diem fee but it doesn't come into play if the delay is due to reasons beyond your own control, as is the case in this situation.

I would find out the reason for the extension and try and get an idea of the new closing date.

Either way, I wish you the best of luck.

Best regards,

Angela
Villa G Realty, Inc.
Tel: 954-816-7996
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Fri May 22, 2009
Dawn Smith answered:
Has the title company sent a final hud, closing docs, and requested wiring instructions? That would let the bank know all is done and you are ready to close with no other extensions needed. They could also try the banks corporate office for some answers and make them aware of what is going on. As Joanna said, I am sure those you have working for you are doing all they can. So, these are just a few things I have had to do to put some fire under toes. These asset managers sometimes have hundreds of files each and are drowning, but thats no excuse for not returning calls in almost a month. ... more
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Sun Sep 14, 2008
Mott Marvin Kornicki answered:
Here is the definition of FORECLOSURE; [From Wikipedia ~ The Free Encyclopedia]

Foreclosure is the legal proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the owner the right of redemption if the borrower repays the debt. When this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can and do use foreclosure, such as for overdue taxes, unpaid contractors' bills or overdue HOA dues or assessments.

The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien".
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