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Foreclosure in Chandler : Real Estate Advice

  • All379
  • Local Info17
  • Home Buying138
  • Home Selling14
  • Market Conditions14

Activity 26
LaLena Chris…, Real Estate Pro in Phoenix, AZ
Mon Mar 3, 2014
LaLena Christopherson answered:
Have you paid it off and are you looking for a lien release? If you provide a bit more information we may be able to help.
0 votes 4 answers Share Flag
Addie Huckab…,  in Coolidge, AZ
Fri Feb 14, 2014
Addie Huckabee answered:
Hi AnnMarie,

That home is currently under contract but there are other great homes in same area. If you are interested please feel free to contact me via email addieismyrealtor@gmail.com or phone 480-459-9201. Thanks! ... more
0 votes 1 answer Share Flag
Ron Thomas, Real Estate Pro in Fresno, CA
Mon Feb 25, 2013
Ron Thomas answered:
I have seen where the EQUITY lender pulled their LIEN before foreclosure,
then they went after the Homeowner for the full amount.
YES, they can do that.
If the LIEN was still part of the Foreclosure, then it should have been satisfied before the Closing.
You will find out when they contact you.
Maybe you should contact a Florida Attorney; it might be worth a few hundred dollars.
... more
0 votes 3 answers Share Flag
Tim Watson, Real Estate Pro in Lilburn, GA
Tue Jan 17, 2012
Tim Watson answered:
If the property is only worth 78k and you have already lost 2 rentals I would suggest you (and I assume your state would allow this) file for bankruptcy and in Georgia and other states you can have property appraised and if it only appraises for 78k or less they would drop the 2nd but you would be responsible for making the note for the next 5 years. I'm not telling you to file for bankruptcy but it's another choice you have in case other things don't work out. Remember your credit is already shot. ... more
0 votes 6 answers Share Flag
Terry Parrish, Real Estate Pro in Ahwatukee, AZ
Tue Jan 17, 2012
Terry Parrish answered:
Yes, Please contact a real estate attorney, the laws do differ from State to State. My understanding is that if the lien is not used to purchase the property, the Bank can come after you. I had a phone call recently from a friend of a client of ours - a judgement had been placed against them because they walked away from a home in AZ, with a second lien attached that was not used to purchase the home, the second lien holder went after them and through the court system, placed a judgement against them. I gave them the name of an attorney, the Attorney they contacted negotiated with the lien holder to accept less. It was not only a lien against the home that was foreclosed on, but a debt that followed them. It would absolutely benefit you to contact an attorney who specializes in distress property to gather facts and know your legal rights and options. ... more
0 votes 8 answers Share Flag
Ron Thomas, Real Estate Pro in Fresno, CA
Wed Nov 30, 2011
Ron Thomas answered:
According to the Tenant's Rights Act of 2009, if you have a lease, the new owners are required to honor that Lease.
If you are a Renter, you must be given a reasonable time to move, I believe it is 90 days, but you can Google it and see the details.
You certainly may negotiate with the new owners, they may be happy to have you. Talk to the Agent who knocks on your door.
At the worst, you will be offered some moving money and 30 days.

Good luck and may God bless
... more
0 votes 2 answers Share Flag
Jeffrey Masi…, Real Estate Pro in Scottsdale, AZ
Wed Sep 21, 2011
Jeffrey Masich answered:
Dear Always:

Not sure what your goal is to answer your question fully. Are you concerned about your bank or your renter? If you will be a few days late, call the bank and let them know as soon as possible.

By the way the Arizona Department of Housing has Federal Stimulus Funds to use to keep people in their homes and avoid forelcosure. To learn more: https://www.savemyhomeaz.gov/

For more information on a short sale of your home in Arizona and a copy of the State of Arizona Short Sale Advisory, which reviews short sales, loan modifications and other options: http://arizonahomesland.com/arizonashortsales.html

If you have other questions feel free to ask.

Jeff Masich
HomeSmart Realty
Arizona Homes and Land
... more
0 votes 9 answers Share Flag
Kruzen40, Home Owner in Carson City, NV
Fri Aug 12, 2011
Kruzen40 answered:
We just went through a B of A forecloser.I'm hoping to retire this year and use the retirement money to pay cash on a 40,50k home.Can B of A take this home from us?
0 votes 10 answers Share Flag
Ann Griffin, Real Estate Pro in Mesa, AZ
Tue Aug 9, 2011
Ann Griffin answered:
Hi Mary,

I suspect this home was a short sale; this is a common scenario where the banks and the buyer can't agree, and it is one of the reasons short sales often do not work, but check that out. If it has already been foreclosed, that supports my theory.
Another thing to check is how many different agents were involved in listing the home. This can be an alert to a difficult seller. HOWEVER if the seller is now the bank, those problems should have gone away.

In Arizona, the owner is not required to disclose if someone died there.

Best of luck.
... more
0 votes 5 answers Share Flag
Robert G Her…, Real Estate Pro in Phoenix, AZ
Mon Jun 6, 2011
Robert G Hertzog Jr answered:
Well, it sounds like you're getting close to closing this deal, which is a good thing! I go back to my previous comment... If you are purchasing a home and need a lender, use a MORTGAGE BANKER, not a mortgage broker or lender. Mortgage banks have everything "in-house", and can generally do the best job for you in terms of funding your loan on time. ... more
0 votes 25 answers Share Flag
Rick Leforce,  in Tempe, AZ
Thu Dec 16, 2010
Rick Leforce answered:
Hi Doug, I'll answer your question with a question. "How would you like to own a condo for less that what it would normally cost to build one, or for less than replacement cost!?"

I think that it is good to compare a condo to single family home and I would consider some other areas as well depending on your price range and what kind of activities you like do (golf, hiking, mountain biking, horseback riding, tennis, etc.) If you know Chandler well enough, then you should know that it is now a fairly centralized located neighborhood with freeways all around it which is great for quick and convenient travel and making it easy for property managers to get to when managing the property.
... more
0 votes 10 answers Share Flag
Scott Clayton, Real Estate Pro in Tempe, AZ
Thu Nov 4, 2010
Scott Clayton answered:
0 votes 12 answers Share Flag
Dallas Texas, Real Estate Pro in Dallas, TN
Thu Oct 21, 2010
Dallas Texas answered:
Great question:

Value of home can be comp via a Realtor OR have an appraiser provide you data. Much goes into the comp's examples sq. ft., pool, room count, year built, neighborhood, location on street, updates, compared to homes sold in past 6 months similiar to yours.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
... more
0 votes 17 answers Share Flag
Dan McNulty, Real Estate Pro in North Port, FL
Tue Oct 5, 2010
Dan McNulty answered:
Give me a call and we can find the information for you. If you are looking to purchase the home we can work on that together at no coast to you.

Dan McNulty
480-352-3596
www.azrealtor4you.com
dan@azrealtor4you.com
Arizona Elite Properties
... more
0 votes 7 answers Share Flag
Richard Schu…, Real Estate Pro in Los Angeles, CA
Thu Sep 30, 2010
Richard Schulman answered:
In my experience, most banks are pricing foreclosures with little room to negotiate. If it's on the market for awhile, they will systematically start reducing the list price until they get offers. And are more likely to go this way about it, then just accept a lower offer from the start. They may have a little wiggle room (not much) for cash offers.

Again, it really depends on the bank and the property, but these are some generalizations we're seeing.

Richard Schulman
Keller Williams Realty
... more
0 votes 9 answers Share Flag
Sara Pichelm…, Real Estate Pro in Chandler, AZ
Thu Sep 30, 2010
Sara Pichelmann answered:
Hello 10sbum,

Before you can do a short sale you have to explore all your options. It would be best to sit down with a Realtor so they can help you. A short sale is the a last resort option before foreclosure.
If can no longer afford your home due to loss of income, you may very well be able to do a short sale.
... more
0 votes 12 answers Share Flag
Keith Manson-…,  in Milwaukee, WI
Mon Apr 5, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
It is investor specific. Some investors like HUD will bid total debt others will order broker opinion of values to determine the bid they will be up to. If the bank is trying to create interest in the bidding process they typically use to bid between 70-80% of value. It will also depend if there is mortgage insurance too. The private mortgage insurer has the right to purchase the property after foreclosure sale to mitigate their mortgage insurance claim.

So no answer that works for every case.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://www.milwaukeebailout.com
... more
0 votes 5 answers Share Flag
Dan McNulty, Real Estate Pro in North Port, FL
Mon Feb 22, 2010
Dan McNulty answered:
Daniel J. Mcnul...
Agent
Gilbert, AZ
..BEST ANSWER
Have you made contact with a lawyer or accountant on this matter yet? I've got contacts who will not charge you to talk about this matter.If you do a short sale you will be getting a 1099 from the bank at the end of the year which may or may not be taxed as income. The deficiency might be forgiven, or they might ask for a non-secured promisory note.

If you allow the bank to foreclose and you are not protected by the statute they might come after you for the deficiency.

I've helped others in situations like this prior, no situation is the same however but we may be able to help.

We are a property management company and manage hundreds of homes in the East Valley and may be able to help you if you contact us quickly.

Dan McNulty
480-352-3596
dan@azrealtor4you.com
www.azrealtor4you.com
Arizona Elite Properties
Elite Landlord
... more
0 votes 9 answers Share Flag
Mike Linkena…, Real Estate Pro in Jacksonville, FL
Sat Feb 13, 2010
Mike Linkenauger answered:
We have prepared a very good question and answer section on our main site that will answer all of these questions for you. The best place to also start is to find a Phoenix and Chandler AZ short sale Realtor: ... more
0 votes 11 answers Share Flag
Carlos Ramir…, Real Estate Pro in Mesa, AZ
Fri Nov 20, 2009
Carlos Ramirez answered:
Christine,

You and your agent should keep trying - although your chances are low, especially if you can not contribute with anything. That is a typical first response from the insurance company (PMI). Many will readily accept the 10%, or request that from the beginning. On many cases we have been able to negotiate less than that. The final settlement will depend on the negotiations, the bank and what your agent can get.

If you can not contribute anything, it will not make any difference to the PMI if you go into foreclosure or not. $40k is what they will have to pay. If you give them something, they might be more willing to approve it. At this point is all how well this can be negotiated.

Good luck!

Carlos J. Ramirez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart -
http://www.SmartAZRealty.com
... more
1 vote 3 answers Share Flag
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