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Foreclosure in Maine : Real Estate Advice

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  • Home Buying41
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Activity 72
Bob Movin-On,  in Hartford, CT
Fri Dec 18, 2009
Bob Movin-On answered:
You need to keep trying to get a modification these are extenuating circumstances and there are modifications that cover that, the state will usually assist as well. I have found that going directly to the lender for the modification not only gets better results, but delays the foreclosure process, KEEP TRYING. If by chance you can not get help many people are reporting that they are living in homes anywhere from 18 to 24 months after the auction, of course that is if the lender takes the property (they usually do). Most lenders will send a notice to vacate with a short period of time allotted for move out, and as stated previously some offer cash for keys so the place is not destroyed but that is done on a case by case basis. Lenders do not want to leave homes vacant so they usually are not in any big rush to evict anyone until they are ready to sell. Good Luck Bob ... more
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Andre,  in Paterson, NJ
Fri Dec 11, 2009
Andre answered:
google- asset management , you'll come across allot of contacts , also you can contact your local realtors . Easiest way is to prospect the realtors in your area that handle REO properties. Also go directly to the banks web sites , usually they will have some kind of link or info pertaining to property preservation . ... more
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Mh Solutions…,  in 04103
Thu Aug 20, 2009
Mh Solutions Inc answered:
Hi Dave,
REO properties have already been to auction. Once the bank forecloses on a property and has an auction then it becomes an REO (Real Estate Owned). Finding the auction date at this point therefore would require looking back in time. If you're interested in putting in an offer on it, then you'll want to find the REO broker that the bank plans to use. I'd go to the public records find out who the lender is, call them and ask. They may not give you any info if you're not authorized, but they may! Also, the lender's often advertise REO's on their websites before they hit the MLS. You may need to dig a little.

Good luck!
... more
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Dallas Texas, Real Estate Pro in Dallas, TN
Tue Jul 21, 2009
Dallas Texas answered:
Sure any seller can do anything the want till a sales contract is executed. Happens anytime you deal with bank there is drama not due to listing or buyers agent. We recommend to our clients keep moving on if situation happens like this.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
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Martin Macis…, Real Estate Pro in South Portland, ME
Mon Jul 6, 2009
Martin Macisso answered:
I hate to sound trite, but ALL foreclosure auctions are ending up as REO...where the bank is buying back and taking huge write downs. After the auction, the Foreclosing bank takes ownership immediately (if there are no bids which is the case 99.9% in the current market). The property is then assigned to a local Real Estate Broker who is in with Fannie Mae or Freddie Mac. My office specializes in listing these properties. I can provide you with some info or a list of Bank Owned Properties if you would like to call me at 207-400-4413.
You want to get these properties AFTER the auction for the BIG discount.

Martin Macisso
Regency Realty Group
762 Main Street
South Portland, ME 04106
207-400-4413
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Andrew Mooers, Real Estate Pro in Houlton, ME
Mon Mar 30, 2009
Andrew Mooers answered:
Whole homes to rent are not as common? Reason? You can buy a home for $30,000, $40,000 that you would want to live in and if that payment is under $300 a month, how would you justify spending $1000 in a rental. Single family homes do not make money for the owner and making money is what is the incentive for being a landlord. And most home owners need another home to live in so they need to sell" A " home to get to "B" home. Learn about living in Northern Maine at site below! Everything is cheaper, people are friendlier and fewer in number. Maine is the 4th lowest crime state. ... more
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Dallas Texas, Real Estate Pro in Dallas, TN
Sat Jan 10, 2009
Dallas Texas answered:
You need to establish a business plan. I speak with so many potential investors who have not thought about entire process of how own multi homes investments make serious money. I have worked with many who have huge profits others I inherited after they made serious mistakes who did not have plan of action. GREAT TIME to purchase. ... more
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Phil Adams, Real Estate Pro in Bangor, ME
Mon Nov 3, 2008
Phil Adams answered:
Please provide me with address
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Keith Sorem, Real Estate Pro in Glendale, CA
Wed Oct 22, 2008
Keith Sorem answered:
Mara
You have excellent answers here.

A couple of thoughts:
You have three options that I see from your post:
1. If you want to stay in the home, try to get the lender to re-negotiate the loan.
2. If you want to get out of the home, then try to negotiate a short sale.

these two options require the opposite approach. In both cases you need to explain to the lender how at one time you qualified for the mortgage and could make the payments, and how it is that now you are in trouble. You will also be asked to provide a financial statement of assets and liabilities.

To obtain the loan mod you'll need to prove that if they give you are lower mortgage payment that you can pay it.
To negotiate a short sale you want to prove that you are broke.

The lender would rather have you try options one or two FIRST.

From the lender's perspective they would rather NOT have to foreclose.

If you would like I would be happy to try to refer you to a Realtor that could provide you with advice on your options. Contact me via my Trulia profile.
... more
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Terry Reager,  in Portland, ME
Mon Aug 25, 2008
Terry Reager answered:
Hi Jim,
I'm sorry to hear about your challenges. Your best bet for determining where you are in the foreclosure process is to contact York County District Court. You'll want to ask (1) if a petition has been filed as a request to enter a judgment of foreclosure, and if there has been a request for judgment, (2) ask if the judgment has been entered. Once a judgment has been entered, you have a 90 day redemption period that begins with the date the judgment was entered. During this time period you can either renegotiate your mortgage with the lien holder, sell your house, or get moved. if you choose to sell your house, you should list with a Realtor who specializes in short sales, which is when a lender agrees to take less than the amount that is owed and you make no money on the transaction. This is always advisable as it will have less of an impact on your credit than a foreclosure. If you go this route, be sure to work with an agent who has actually listed and sold several short sales and knows the unique characteristics of this type of transaction. Also, if you have your home listed as a short sale, the lender will often delay the foreclosure in hopes of completing a short sale.

I have listed and sold several short sales and have found each one to be unique, depending on the lender. If I can be of further help, please feel free to contact me.

Regards & good luck,
Terry Reager
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Cathy Ford,  in
Sat Aug 23, 2008
Cathy Ford answered:
Well somtimes it can take up to a year the trustee of the bankrupcy has to abandon the property first if there is any equity in the home this could take a while. If there is no equity it will make a bid difference. ... more
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Don Tepper, Real Estate Pro in Burke, VA
Sun Dec 16, 2007
Don Tepper answered:
You can find the same information by going to your local county or city courthouse and going through the land records. You can find properties on which back taxes are owed, ones that have liens on them by the county or city, and so forth. The TV infomericals simply tell you how to track it down more easily. However, the great deals are few and far between. Yes, you can buy some property for as little as a few hundred or few thousand dollars, but the improvements are likely to be condemned, and the land itself may be land-locked, or in a flood plain, or in some other way undesirable. But, like I said, all that information is publicly available from your county or city.

If you want to get the "How to Make a Million in Your Sleep" kits inexpensively, go to Ebay. Lots of people sell the programs they bought there; I've gotten some good deals on them. You ought to be able to save 50%-80%, on average.

Having said that, the programs/kits generally are accurate as far as they go, but they usually don't give you enough information to complete the whole transaction. So, if you buy directly from the infomerical, make sure there's a real guarantee: Not: "Try this for 30 days and if you can document you've tried our system and it hasn't worked for you, return it for a refund." Instead: "No questions asked 30 days guaranteed refund."

Hope that helps answer your questions.
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