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Foreclosure in Henrico County : Real Estate Advice

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  • Local Info1
  • Home Buying7
  • Home Selling2
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Activity 9
Fri Apr 29, 2016
June Buerkle answered:
It often looks funny on the property records when the bank forecloses on a property. The $220 was the bank write-off of the note on that property. (May include late charges or the prior owner could have refinanced and found himself upside down.)

Don't fret about past transactions, just look sat the current market to determine if the house is worth 189.
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Mon May 18, 2015
Sid and Jaclyn Group answered:
Hi there this is Sid (Rahul) from RE/MAX, Please let me know if you are still looking for more foreclosure properties or any other property for that matter, I would be happy to help.
please call me at 703-945-6060.
Thanks
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Mon May 18, 2015
Sid and Jaclyn Group answered:
Hi Tanya Banerjee, this is Rahul (Sid), Please let me know if you are still looking for more foreclosure properties or any other property for that matter, I would be happy to help.
please call me at 703-945-6060.
Thanks
... more
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Thu Jan 24, 2013
Roland Vinyard answered:
Maybe I don't have it straight, but it appears to me you did not actually buy the property but instead bought the second mortgage. You no doubt bought it at a discount and have offered it to the actual owner at the discounted price you bought it for. The owner does not want to deal with you, probably because they don't have any money. It appears to me that what will happen is that Chase will foreclose. To protect your investment, you had best be prepared to buy out Chase once they foreclose. Otherwise they can sell the place to someone else and you are out in the cold. But it gets complicated - will their buyer have a clean title? No doubt you will eventually need an attorney involved, for advice, if not action.

The owner should be paying you as well as Chase. You too can foreclose if you are not getting paid. This is something that, in your place, I would do right away.
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Wed Mar 30, 2011
Mike Ryan, Jr answered:
Marie,

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.

MikeRyanJr.com
Associate Broker
RE/MAX Commonwealth
804-359-4943
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Thu Oct 14, 2010
Bob Movin-On answered:
Foreclosure is time consuming and costly, if the people you gave the note to want to sign the deed over I would do it NOW.
And learn from your mistake do not ever offer owner financing, why do you think these people could not get a mortgage in the first place, because they are deadbeats. ... more
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Mon Jul 12, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
It depends on the bank and investor tied to the loan/property. When a short sale is being considered, the bank wants to ensure that it is a arms length transaction (no fraud). Once the propety has been foreclosed, the origninal owner is no longer involved in the transaction and deal is between the bank and the new buyer ( the mortgagor has no involvement in the deal).

The bank may have a issue about a relative purchasing the property but I do not think so. The bank will want to get most out of the property and is focused on that. The highest and cleanest offer usually wins.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://www.milwaukeebailout.com
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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
diane@moveupproperties.com
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