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Foreclosure in Minneapolis : Real Estate Advice

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  • Local Info42
  • Home Buying267
  • Home Selling50
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Activity 56
Wed Feb 8, 2017
Nik Gamble asked:
Tue Feb 7, 2017
Travis asked:
Tue Oct 11, 2016
Checkkeshaout asked:
I'm in the process of bbuying a bank owned property. We had a closing date of Aug. 29th which has come and gone - the title company is working on getting the deed signed so that the…
0 votes 0 Answers Share Flag
Thu Aug 11, 2016
Krystal asked:
I am wondering if anyone has or knows anyone that has been in my situation. I am trying to sale my home which will now be a short sale, I'm so upside and don't have the money to…
0 votes 0 Answers Share Flag
Sun Jul 24, 2016
Leon Murrell asked:
Would I need to be only a lot or need to have a business license as well??
0 votes 0 Answers Share Flag
Thu Dec 31, 2015
Elizabeth Sibet answered:
Hi Abi,

This is because of Trulia's choice (similar to almost all non-MLS listing sites) to provide more market data to it's consumers, whether useful or not, is up to us!

Trulia will list homes as 'pre-foreclosures' or 'foreclosed' long before they are available for sale by the lender who has most often been the winning bidder at the Sheriff's Sale, because this information is public and they are compiling it for us. This information is used by Trulia to drum up interest in homes like the one you have posted the address to, as a foreclosed home, but the lender has yet to determine or process if/when the property will be brought to market to recoup any losses.

It is true that anyone may bid on a mortgage at a Sheriff's Sale, but at least around here it is uncommon for anyone beside the lending institution to bid on these properties, mainly due to redemption risk.

Larger lenders may have contracts with specific liquidators also referred to as asset managers to bring these homes to market via auction website.
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0 votes 3 answers Share Flag
Mon Dec 7, 2015
Josh Lund answered:
Hello Psminer59,
Good Morning.
The info will be registered with your county records dept. Are you in the market to purchase a home? If so, I would love to see if we can help you out. We can do loans down to 600 Credit Score. We also don't need 3 trade lines like many banks require. I would like to see if I can help you out with a home mortgage. I will try and make this a very easy process. Please let me know how to help out.
Thanks much.
Josh Lund
MN District Branch Manager
NMLS # 387408
Gold Star Financial Group
Mobile: 612.802.3265
Office: 952.884.5442
eFax: 877.666.0007
jlund@goldstarfinancial.com
... more
0 votes 2 answers Share Flag
Thu Aug 13, 2015
Josh Lund answered:
Hello Stacey Slaughter,
Good afternoon.

Are you wanting info on a Minnesota or Florida property? I am licensed in both states, or am I too late? Are you still in the market to buy a home? If so, I would love to see if we can help you out. We work with 1st time home buyers all the time. Do you have a realtor yet? If not we have preferred ones we can get you in contact with. I would like to see if I can help you out with a home mortgage. I will try and make this a very easy process. Please let me know how to help out.
Thanks much.
Josh Lund
MN District Branch Manager
NMLS # 387408
Gold Star Financial Group
Mobile: 612.802.3265
Office: 952.884.5442
eFax: 877.666.0007
jlund@goldstarfinancial.com
... more
0 votes 2 answers Share Flag
Mon Jul 13, 2015
Josh Lund answered:
Hello Hoppe1d.
Good afternoon.
Are you in the market to buy a home? Still looking in the Warehouse District? If so, I would love to see if we can help you out. My office is in the heart of North Loop, next to twins Stadium. Do you have a realtor yet? If not we have preferred ones we can get you in contact with. I would like to see if I can help you out with a home mortgage. I will try and make this a very easy process. Please let me know how to help out.
Thanks much.
Josh Lund
MN District Branch Manager
NMLS # 387408
Gold Star Financial Group
Mobile: 612.802.3265
Office: 952.884.5442
eFax: 877.666.0007
jlund@goldstarfinancial.com
... more
0 votes 1 answer Share Flag
Tue Jun 23, 2015
Josh Lund answered:
Hello Gm1649lk,

Good morning.

If you are in need of a real estate agent we have some who are preferred agents on our team. We could show you properties in MN. Also I can answer any mortgage questions you might have. We are glad to help. Hopefully we can make this a very easy process for you.

Please reach out to me at:

Josh Lund
MN District Branch Manager
NMLS # 387408
Gold Star Financial Group
Mobile: 612.802.3265
Office: 952.884.5442
eFax: 877.666.0007
Apply now at: www.joshlundmortgage.com
jlund@goldstarfinancial.com
“Like” my professional page on facebook at www.facebook.com/JoshLundMortgage
... more
0 votes 2 answers Share Flag
Tue Jun 17, 2014
Countrygirl13.bs answered:
Fl. I forclsed on dome property. This person actualy toik 9 mo. NoOT EVEN GOING TO TALK ABOUT MNEY. IF THR ARE BELONGINS LEFT MINE OR THETRS
0 votes 15 answers Share Flag
Mon Feb 10, 2014
Susan Hofflander answered:
Oh, dear, tinamuddy! I'm sure this is very upsetting for you. I'm not sure why there was a difference between a deed in lieu and a foreclosure because of not having a title. Deed in lieu is essentially the same as a foreclosure, except the owner/mortgagor is prompting the foreclosure to take place faster than a normal foreclosure.

So, why isn't there a deed?? I'm not sure that's even possible. Is it just that you don't have a copy of the deed?? There has to be a deed! Did you contact the county? I'm sure the lender established a deed.

Now, as for the HELOC, did you contact that lender about the deed in lieu or the foreclosure?? They would have had to foreclose on you as well. It's quite possible they may not even be aware of everything that's happened. A foreclosure sale is not like a short sale. Once the property has been foreclosed on, the BANK that forecloses OWNS the property and they have no obligation to your HELOC company. So, I suspect, unless there was a pre-determined deal between the HELOC lender and your primary lender, there was no communication (believe me, been doing this enough to know that nobody talks to anybody, even if it's the SAME bank!).

I am going to suggest you contact a good real estate attorney to get this all straightened out. OR, if you want to spend a good chunk of time on the phone, you can make some calls to get answers and THEN consult an attorney. In any event, this is not something that falls within the scope of what agents do.

But, good luck with everything!!!
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0 votes 1 answer Share Flag
Thu Dec 5, 2013
Cody Anderson answered:
1. 7 business days max

2. 10 day inspection period will start after the last party signs, dates the contract and all attached addenda.

3. The bank can run into title issue so they can not guarantee anything, but I've never had any snags.

4. Just make sure you do a final walk through the day of closing.
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0 votes 5 answers Share Flag
Thu Dec 5, 2013
Cody Anderson answered:
If you signed a document that said you will owner occupy with in 60 days and live there for 1 year...I think you also agreed to pay a $10,000 fine if you don't stick to your side of the deal. Check the documents you have signed!!

How did it go?

Was it a HUD home?

Merry Christmas!
... more
0 votes 14 answers Share Flag
Thu Nov 28, 2013
Debra (Debbie) Rose answered:
There is NO "move in the right direction", as these links and this "announcement" are OLD

Doesn't anyone bother to LOOK at the DATE the question was posted??

M A R C H 2012!!!!!!
0 votes 14 answers Share Flag
Wed Nov 27, 2013
Arne Johansson answered:
Wed Nov 27, 2013
Arne Johansson answered:
You need to call me because I know how to find the best deals in North. 612-423-0202
0 votes 5 answers Share Flag
Wed Nov 14, 2012
Mark Claessens, e-Pro, NHSS answered:
Once the bank has taken over the ownership, all contractual obligations with the previous homeowner cease. I have had a number of clients in your situation and in every case they were "trying to figure it out" and got the inevitable knock at the door from the local sheriff or deputy, who served them with a court order to evacuate. Once client got a 14 day notice. One got a 21 day notice. One was living "happily" in their 6000 square foot home....got the knock on the door at 6 p.m.....and they were told they had to be out by 6:00 p.m. the next day. The worst case was an older gentleman standing in my office crying (he must have been 70 years old) who was also eating dinner with his wife when the deputy knocked on his door in Anoka County and literally demanded that they leave right then and did not allow them to take any belongings. Just leave NOW. He promised them they could call "this number" and come and get all their things on the following Monday ( I beleive this happened on a Friday evening). When he came back on Monday morning, the garage door was open and everything they owned of value was gone, and all their clothes were piled in a huge pile in the corner of the garage and a buch of people had urinated all over them. Everything they had owned and lived for over 50+ years was gone. And after many weeks of phone calls and stress and tears, not one person could tell them where everything went. My suggestion: get the heck out of there and avoid the inevitable. You have no rights and noone will care about your situation. ... more
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Wed Nov 14, 2012
Jennifer Hennemuth answered:
In saying "it went back to the bank", it sounds as though the mortgage company did in fact purchase the home at the Sheriff sale. As noted below, the bank may postpone it, but if they already scheduled the sale, the only reason I can foresee the sale being postponed would be due to you being in a loan modification or short sale process that was not yet complete, or if you filed a bankruptcy thereby postponing the sale. If you are not currently in the process of a loan mod/short sale and have not recently filed a BK, then my assumption would be that the bank did in fact purchase it at Sheriff sale. The bank will not actually own the property or be in title in the State of MN for 6 months if it is a residential home that you currently occupy and is not agricultural. If the home is abandoned, the redemption period can be reduced to 5 weeks by the bank. At the expiration of the redemption, (i.e. end of 6 months from the Sheriff sale date) the bank will then own the home and be in title. You have the redemption period to redeem the home, i.e. pay the bank what you owe them which might include the option of selling the home if you can successfully sell AND close on the home receiving enough money to pay the bank what you owe them before the end of your redemption period. The best point of contact to confirm the status of the sale, as also mentioned below, will be the foreclosing attorney who handled the foreclosure sale for the bank. If you don't have documentation with such contact information, the county should be able to provide you with the attorney who handled the foreclosure if you cannot locate a record of your sale via the link offered in prior posts, assuming the property is in fact located in Hennepin county. You would need to contact the county where the property is located. Good luck! Let me know if I can be of further assistance to you. ... more
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