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Lemay : Real Estate Advice

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Activity 20
Thu Apr 28, 2016
Trakie8606 asked:
Mon Sep 14, 2015
Robert Creely answered:
MLS can only be accessed in MS by a licensed Realtor in good standing. Try
0 votes 5 answers Share Flag
Thu Jul 26, 2012
Dale Weir answered:
Missouri is a marital rights state. That means that if you buy a property and you are single and then later get married, your new spouse automatically has half ownership. while your lender may push you to add the new spouse onto the title and the loan, you don't have to and your spouse, unless they are on the loan is not responsible for it.

At the point that you sell the property, the title company will either need your spouse to sign a marital waiver stating that they have no financial interest in the property or they will need to sign all the papers to transfer the property (which sometimes can be cheaper, since it's one less document that you are paying an attorney to draw up and a title company to file and the county courthouse to record).

If you list the home for sale, and you are married, legally both of you would need to sign any contract listing the property, sign any documents negotiating or accepting any contract offers as well.
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Sat Feb 25, 2012
Dale Weir answered:
OK, first, the bank may not agree to just foreclose on you. Second, legally, the bank has to follow certain steps in order to foreclose, or it's not legal.

For your reference, a short sale of your home remains on your credit rating for 3 years. A foreclosure remains on your credit rating for 5-7 years. A deed in lieu of foreclosure (which is sounds like you really want to do) is also 5-7 years.

In order to "give the home back to the bank", you need to contact the lien holder (bank that holds the mortgage) and talk to them. Tell them you would like to give them the deed to the home in lieu of foreclosure. They will most likely ask for your financial data and your reason why you want to walk away from the home. If they determine that you are capable of paying the mortgage and just don't want to, they can come after you legally for the money that is owed.

I would HIGHLY recommend that you sit down with a HUD counselor and talk to them before you do anything. Call 877-422-9040 for FREE counseling before you do anything. They can do it in person, or over the phone. Taking the time to talk to the counselors can prevent a lot of grief for you later on.
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Sat Oct 15, 2011
David and Avarelle Silver-Westrick answered:
It depends on the state you are in. In California, Short Sales got some added legal protection this year. If the lender agrees to the short sale, they cannot pursue you for a deficiency. Recent research indicates that short sales with our deficiencies hurt your credit the least. ... more
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Mon Oct 3, 2011
Dale Weir answered:
OK, NO ONE on this forum can answer that for you. Even if we were working directly with you we couldn't answer that question for you. Each bank is different, each bank has their own criteria for when they will do what, each processor at each bank has their own timelines and work schedules. They take a lot of criteria into account including how far behind you are, how many payments have been missed or late, etc. You need to call your bank and talk to them directly. Ask for the loss mitigation dept. Not calling them and guessing or taking someone's advice who really doesn't know is a BAD idea. ... more
0 votes 1 answer Share Flag
Mon Oct 3, 2011
Judi Monday, CRS answered:
Most lenders will work with you if they see you trying to work with them. In the current market, the last thing they want to deal with is yet another foreclosure. I recommend that you give you lender a call and let them know what your plan is for the September payment and for staying current going forward. ... more
1 vote 2 answers Share Flag
Sat Jun 12, 2010
Lisa Dickerson answered:
If you have not resolved this issue, give me a call or send an email and I will use my resources to direct you to the right people to help you.
0 votes 2 answers Share Flag
Tue Dec 8, 2009
Rick Wiedenhoeft answered:

The bank cannot foreclose on you unless you are in default. To be there, you need to be 91 days late on your payment. You will not be foreclosed. HOWEVER, the fact that you are paying so late is getting you a big fat ding on your credit score EVERY month because you are more than 30 days late. I suggest you borrow 1 payment from a relative or some gooood friend you have and then STAY CURRENT! Eat out less every month, don't buy those new clothes, whatever it takes to stay current. Your credit score is more valuable to you than you know and it costs you money, literally, to have a bad score. Good luck, and call me if you decide to sell it. ... more
1 vote 2 answers Share Flag
Sat Oct 24, 2009
Debbie DiFonzo answered:
As Michelle mentioned, your Realtor should have the basic information regarding the company for you.

A few things to keep in mind - it's not uncommon for warranty paperwork to take 7 to 10 working days to reach you. Also, if you need to make a claim before receiving your packet, you must still call the 800 number before making any repairs. Again, your agent should have that number for you.

Congratulation on the purchase of your home!

Debbie DiFonzo
United Country VIP Realty
Lebanon MO
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0 votes 2 answers Share Flag
Tue Sep 29, 2009
Vernaza answered:
It take a little while to a bank to process a foreclousure, depends of how many are in your area. Some times you need to receive three notificatios, before the sheriff arrives, those notificatios are 4 month apart each other.
Also during this time you can retent your home try to do a modification, the foreclousure precess will slow down, when you take action. try to sale your home, or try to negociate a short refinaciation. There are plenty of thing that you could do. but do not wiat for the sheriff. Take action.
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Sun Aug 9, 2009
Lisa McKnight answered:
The best thing to do is to check with a Realtor in your area. They are trained specifically in Real Estate in your State. Be sure to give specifics when you contact them. Are you selling it the house or condo, divorcing, relocating, etc. Let me know if you hear of anyone buying or selling in St. Louis, MO. (314) 223-4687. ... more
0 votes 4 answers Share Flag
Tue Jun 2, 2009
Trisha Lee answered:
Valentina -
I agree with all Rachel said and would like to make one other comment. When you talk with everyone, ask for their email address and send a short email after your conversation recapping what you and they said. This creates a paper trail. Rachel is right that many lenders don't want to talk with you until you fall behind but you want to be able to prove you wanted to be pro-active rather than re-active to your financial situation.

In many areas, especially California, where there are so many defaults on loans, short sales and foreclosures, lenders are being swamped with situations where things are dire or desperate aos you getting ready to miss a payment is really not that high on their priority list (although it should be).

Good luck and try to get legal advice to guide you as to the repurcussions that could occur in the future.
Trisha Lee REMAX Boone Realty, Columbia, MO
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Tue Jun 2, 2009
blaison samuel answered:
What do you mean by "he wants to sell his 25% of the house". If I understood then you have only one house and you all are in the title - right? If there's only one house then he cannot sell the house without your signature also in the selling documents. And on top of that, you have lien also on that house, so without your signature and removing of the lien, there's no way, he can sell the property.

So, just walking away, will not solve your problem. Talk to your attorney on your next step for collecting the child support and selling your house and when you can buy your another house. Don't just walk away!! Try to solve it!! Good luck!
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Fri May 9, 2008
Emily Kibler answered:
Different leanders have different rules. A "general" guideline is three months. There may be an alternative to with your lender and try to work something else out. Some lenders are trying hard to work out alternatives which may range from renegotiating your loan to a possible "short" sale. Foreclosure is the worst possible solution for you because a foreclosure does the most damage to your credit and takes the longest recovery time. A real estate professional can help advise you on the short sale process and provide you with more detailed information. ... more
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Mon May 5, 2008
Trisha Lee answered:
Randy & Dale gave you ecellent information below. I strongly urge you (as they did) to make sure the individual offering this option is a reputable party. If you do not understand the paperwork, find someone (who knows what they're doing) to explain it to you. These are the kinds of things that a lawyer would be good for but your previous postings indicate you don't have the money for this option. Contact a bank if you are going through a mortgage company. There are lots of loopholes in these kinds of things but it could be to your advantage rather than going through foreclosure but you have to make sure it settles your debt.
Trisha Lee REMAX Boone Realty, Columbia, MO
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Sun May 4, 2008
Dale Weir answered:
You need to talk to someone who can help you negotiate with your bank right away. If you don't you stand to lose even more. Call me or email me directly and I'll put you in touch with one of the Realtors I know who specialize in helping people in your situation. ... more
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Wed Jan 2, 2008
Randy Robinson answered:

I would echo everything that Dale had to say on this subject. Assessed value has virtually nothing to do with actual value. The value of a property is determined by what it would draw on the open market. Keep in mind, pricing a property is an Art not a Science. Depending on the type of property and your proposed use for it this property may be priced high or low.

One of the most important indicators when purchasing commercial property is the Market Capitalization (or market cap) Rate. This is a ratio that is used to estimate the value of income producing properties. By dividing the Net Operating Income (NOI) of the property by the selling price, you derive the Market Capitalization Rate. So what is a good Cap Rate? Well that all depends on your investment portfolio, how you plan to finance the purchase (leverage), and your risk threshold. This is again where Dale's advice of seeking out a professional comes in handy. Keep in mind that cap rate is one of many factors that you can look at in purchasing commercial space. My advice would be to find a professional who understands this arena, how to run the numbers, and most importantly has strong negotiating skills. That will ensure that you get the best possible deal.
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