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Foreclosure in Mercer County : Real Estate Advice

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  • Local Info0
  • Home Buying8
  • Home Selling1
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Activity 34
Sat Jul 1, 2017
Yonette Fraser asked:
Sat Jul 1, 2017
Tooshort412 asked:
Tue May 3, 2016
June Buerkle answered:
What are you asking?

Who are you trying to foreclose on?

If the bank is foreclosing on you, they don't need your husband's permission to foreclose.
0 votes 1 answer Share Flag
Tue Mar 8, 2016
Eugenie Sanchez asked:
Fri Mar 4, 2016
Jsflast asked:
Thu Sep 17, 2015
Amelia Robinette answered:
This is a question for your loan officer. check w/him or her about the lenders requirements and limitations.
0 votes 1 answer Share Flag
Thu Sep 10, 2015
thinz answered:
It will be difficult to have a deed in lieu approved if you have surplus funds in an amount enough to buy a 2nd home. The bank is going to want more skin in the game for you to be release from your obligation. So, don't expect them to roll over...Banks don't approve DILs when there are junior liens that exist, but since you have a junior with the same lender that could be worked out - just not a guarantee they will approve. You may want to think about paying off the junior lien to have a better chance of getting the primary mortgage approved for a DIL...but they will not allow a DIL while paying off the 2nd on terms...must be removed completely or some other terms worked out.
Most times when you are approved for a DIL you are forgiven of the remaining deficiency amount but you will be 1099d...it is a gov't requirement. Now, you should speak to your cpa about IRS form 982 which needs to be filed to get a waiver for the taxes due on the forgiven amount...your cpa will evaluate your specific case and be able to determine if you qualify for the tax waiver.
You should speak with a foreclosure or bankruptcy attorney about the wage or pension garnish concerns...I hope things work out for you. Tom Hinz www.shortsaletosell.com
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1 vote 2 answers Share Flag
Sat Jan 31, 2015
Alan May answered:
Barbara - we are not the people to be asking.

You need a financial advisor. Do you have a family member, or friend, who can help you navigate this situation? Don't go it alone, there's too much at risk. It's possible that you've broken the terms of your reverse mortgage.

It's also possible that there are merely scare tactics and they want to renegotiate your reverse mortgage, and feel that if they scare you upfront, you'll be more accepting of whatever paperwork they put in front of you.

You may also want to contact a real estate attorney to assist you. Asking a bunch of people you don't know, online, is a mistake.

Good luck.
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0 votes 5 answers Share Flag
Fri Nov 7, 2014
Dan Tabit answered:
Candice,
These homes listed as "pre-foreclosure" are generally not on the market and are not for sale. Realist sells subscriptions, not homes. A pre-foreclosure can be someone who is just 30 days or more behind on their mortgage. Most of these get resolved without foreclosure.
If you are looking for a good deal on your next home, consider all that are on the market. Some bank owned homes may be fine, others are terrible. Some private party homes may be great deals just waiting to be discovered.
Get a great local agent, tell them what you want to find, get pre-approved through a strong local lender and start comparing what's out there. Best of luck.
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0 votes 1 answer Share Flag
Tue Sep 16, 2014
Ronald Shaffery answered:
You can give it a try. Please note that a lot of people file for bancruptcy before the actual auction.
0 votes 2 answers Share Flag
Sun Oct 6, 2013
Marsha Bowen Washington answered:
If you didn't file bankruptcy before the sheriff sale, it is too late if the 10 day redemption period has started to stop the sale. You should also check to see if a third party or your mortgage servicer took the house back so you can determine how much time you have before you need to move out.

Good luck to you!
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0 votes 4 answers Share Flag
Tue Jun 4, 2013
Kathleentrulia answered:
Hi Bethp1

Its an important question.You should get answer from any reliable reverse mortgage company. I have a reverse mortgage which name is reverse mortgage lenders direct. They are very helpful. You can get right answer from their by search

http://www.reversemortgagelendersdirect.com/new-jersey-reverse-mortgage/
http://www.reversemortgagelendersdirect.com/no-fee-reverse-mortgage/
http://www.reversemortgagelendersdirect.com/reverse-mortgages-vs-annuities/
http://www.reversemortgagelendersdirect.com/misconceptions-reverse-mortgages/
http://www.reversemortgagelendersdirect.com/reverse-mortgages-who-owns-the-home/
http://www.reversemortgagelendersdirect.com/is-a-reverse-mortgage-a-good-idea/
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2 votes 3 answers Share Flag
Tue Apr 2, 2013
Shalu Thaman answered:
Concur with Deborah.

Also, mold & pest infestations can be a latent factor that could show up in an inspection but maybe not as the entire extent of the issue

Often homes that go into foreclosure or have to be abandoned by their owners, face the neglect that a shortfall of money brings.

A home that has been regularly maintained, repaired etc, vs one where issues have continued to slide can become 2 very different 'bargain's to be had.

Shalu Thaman - Realtor,ePRO
Keller Williams Princeton Real Estate
Cell # 609.577.5861
Fax # 609.613.5907
http://PrincetonHomeNj.com
http://www.linkedin.com/in/shaluthaman
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0 votes 9 answers Share Flag
Sat Feb 9, 2013
Joan Congilose answered:
First of all you can not do a short sale on a rental or investment property , it has to be your primary residence & you have to be able to prove financial hardship. Before you consider that route, you might want to call your homeowners insurance company & tell them that a water problem caused mold in your basement. If it is from a leak, you may be covered. If it is not covered get a few other estimates to correct the problem. If you can't afford to do the work you might want to consider selling the house as is & offer a credit for the estimated repair at closing. Always discuss your options with your realtor & attorney before making a decision. ... more
0 votes 6 answers Share Flag
Sat Sep 15, 2012
Suzanne MacDowell answered:
To find out if the home is in foreclosure check your county clerk for a foreclosure filing. In order to foreclose the bank has to file legal documents called a "Notice of Lis Pendens" followed by an actual 'Complaint for Foreclosure". Those documents are filed with the County Clerk's office. You may be able to find them online.

If the home IS in the pre-foreclosure stage, and you have a valid lease and are in compliance with your lease, then you don't have to worry about anything just yet. Even if the bank were to take back the home, in New Jersey, they have to honor your lease as a new owner. It is very possible the owner is trying to work out a mortgage modification with the bank and could even manage to retain ownership if they can accomplish this goal.

I have attached a link to the NJ State Department of Community Affairs information for tenants whose landlords are facing foreclosure. I know it's scary but it's not as bad as all that, you have rights, as does your landlord, and the bank has to honor those rights.
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