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Foreclosure in 85032 : Real Estate Advice

  • All46
  • Local Info0
  • Home Buying22
  • Home Selling8
  • Market Conditions2

Activity 5
Fri Jan 7, 2011
Alex Inskeep P.C. answered:
Hi "J,"

I'm sorry to hear about your current predicament, however you are not alone. There are thousands of people like you struggling. You are at a cross roads where you are going to have to make some tough decisions soon. Here is what I would do:

1) Contact a HUD approved counselor for your area (link below). They will give you the skinny on whether you might qualify for new loan modification or if a short sale or foreclosure is the option for you. They can work directly with the lender for you on a loan modification and their services are free of charge since they are nonprofits.
2. Contact an accountant or CPA to learn about any tax implications if you go the short sale/foreclosure route.
3. Contact an attorney for legal advice to find out if there will be any deficiencies owed on the property if you go the short sale/foreclosure route.

If you end up having to do a short sale contract a Realtor that is experienced in handling these because not all Realtors are. And remember there are lots of people here that can help ease your anxiety by answering most of your questions. We're here to help :)
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Thu Jan 6, 2011
James Wehner answered:
The group here is correct in their advice and options. Although I'd like to add a little more.

Just because your agent is out of town, does that mean he is unavailable to conduct any business? Call you agent and discuss your situation, maybe they can line up a colleague to assist you while they are out of town with viewing the home and anything your agent can't handle remotely.

I've sold dozens of homes while I was out of town and with today's technology, there's no reason any agent can't make it happen for you.

One step at a time, call your agent, have them talk with the listing agent to see what's going on, if there are no offers already submitted to the lender arrange to view the home(sometimes agents leave the listing active while they have already submitted an offer). If you like the home after viewing it, submit an offer and see what happens.

Other than that, you may just be worrying about something you have no control over.

Best of luck!
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Thu Apr 8, 2010
Michael Pittman answered:
Dear Home Buyer,
NO CLUE REPORT has to do with with the insurance claims historty report. In this market where 63% is bank owned homes, all of this properties will not have a CLUE REPORT. Thank you for your question.

And If you have any quesetions about real estate please text me at 602-491-6221 for an immediate response 24/7
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Thu Mar 4, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
If a lender forecloses on the HELOC they will take title subject of all leins prior to them in the chain of title. You would loose your interest and they would have to payoff the other liens if they liquidate the property. If the heloc is foreclosuing there must be equity in the property to the point they feel they can mitigate their loss.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee
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Thu Apr 30, 2009
Deborah answered:
I am a buyer seeking a good deal on a home to buy from seller in AZ. Can you give me info. on your home and pics, balance owing, pool??? Sq. footage, address, etc. I may be interested in it.

Is it an assumable loan and how much equity is in your home? What is your current rate and any other info. you can pass on. I am not a Realtor, just a buyer looking for the right deal and home.

Thank you.

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