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Foreclosure in Nassau County : Real Estate Advice

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  • Local Info9
  • Home Buying81
  • Home Selling8
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Activity 82
Mon Jan 7, 2013
Roschproperties answered:
Take a look at www.reoprep.com and look up the stats by zip code. You should see all the ratios.
0 votes 2 answers Share Flag
Mon Nov 12, 2012
Martin Macisso answered:
You may have some federal grants to help you, I would research those options.

Your coop should have I place a master insurance policy, speak to them first but before walking away you should look into a short sale or deed in lieu to settle the mortgage debt....you can't walk away from that. ... more
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Tue Oct 9, 2012
Thomas Brady answered:
Hi Abdus, there are currently only two foreclosures listed on the MLS in East Meadow. Please feel free to contact me if you would like the list.
Thank you
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
... more
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Wed Aug 8, 2012
Trevor Curran answered:
It sounds like homeownership just isn't for you at this time. Times are difficult for everyone but making a honest assessment of one's situation and course of action is tough to do because we all want to hope for the best.

Here's what I recommend to do:

1. Hire a good, tough Attorney. PAY the Attorney the retainer fee. Attorneys don't give advice for free; they certainly don't begin representation without a retainer fee.

2. Get your home listed for sale with an experienced local Realtor. Short sale is probably your only option but you won't know if your Lender will accept it without a real deal on the table. That means a Buyer with a signed contract and your complete financial package ready to present to your Lender for the short sale approval process.

3. Prepare NOW to move out.

Sorry for being so blunt, but you don't have much else in the way of options.

Good luck to you.
Trevor Curran
NMLS #40140
... more
0 votes 7 answers Share Flag
Mon Jun 18, 2012
Anna M Brocco answered:
Do you mean loss mitigation...if not, it could mean they have begun foreclosing; you can check with your local county clerk to see if any notices were filed. For any necessary legal advice do consult with an attorney who specializes in real estate.... ... more
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Wed Jun 13, 2012
Anna M Brocco answered:
MLS currently shows none available. Since most foreclosures do end up being listed by a broker, consider working with an agent of your own; also check www.mlsli.com for available properties. If purchasing with a mortgage, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. ... more
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Wed May 30, 2012
Janet Nation, CBR answered:
The Long Island Housing Partnership had such a program two years ago, I don't know if it still exists. The problem was competing with cash investors or those with a hefty down payments. Lender are certainly not eager to sit around waiting for some bureaucratic program. ... more
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Sun Jan 8, 2012
Anna M Brocco answered:
Since short sales and bank owned properties end up being listed by a broker, consider working with an agent of your own. Keep in mind that not all foreclosures are such great bargains, therefore during your search don't overlook some traditional sales, as some may be better buys. If you are interested in the Great Neck area, MLS is currently showing two short sales as available, one listed at $399,000, the other at $499,000. Also check out www.mlsli.com and if you need additional assistance feel free to contact me directly. ... more
0 votes 4 answers Share Flag
Thu Oct 20, 2011
Allen Bauman answered:
You should discuss this first with the president of the HOA to see if there actually is a problem. If there is and you can't resolve it on your own then you need to consult with a real estate attorney. Realtors are prohibited from giving legal advice. ... more
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Sun Oct 16, 2011
Alain Picard answered:
Most of the time it is the banks who take care of getting the property cleaned before listing it with a real estate firm. You could try to contact some banks and ask them about it.
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Sat Oct 15, 2011
Anna M Brocco answered:
You will need to a business license, have a tax id number, bonded, insured, possibly speak to an attorney regarding legal structure your business, etc.
0 votes 1 answer Share Flag
Wed Aug 10, 2011
Jerry Cibulski answered:
The bank would prefer a short sale. This is an agreed upon price between the home owner and the bank on a sales price of the home that is usually less than the mortgage. The owner is still responsible for the difference.
As a foreclosure the bank has moved past a short sale and has taken ownership. The house is usually presented with no utilities and the bank is responsible for maintaining the property. The bank has a higher loss in this transaction
... more
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Sun Jul 31, 2011
Martina Ryan answered:
A Short Sale is an alternative to foreclosure proceedings and undoubtedly the lesser of two evils. You are basically selling the property at a loss under an agreement with the lender. Typically there is some debt forgiveness involved and at the end of the sale you get to move on with your life without the impending doom of foreclosure or a bankruptcy blight on your credit that could follow you around for 7-10 years. ... more
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Fri Jul 29, 2011
Gerard Carney answered:
You don't, the house would not close if the bank is calling in on the equity to cover some of the debt. Foreclosure of this home means walk away and if you really want this home wait until it is either auctioned or put back on the market by the bank! The "Ahem" Seller right now no longer has primary interest or control of this property, request any earnest monies returned since this home is not able to be sold and to not feel they can keep the money because that would then constitute a fraud ... more
1 vote 5 answers Share Flag
Thu Jun 23, 2011
Donna M. White answered:
If you are talking about buying at auction, all foreclosure sales in NY have to be advertised once a week for 4 weeks prior to the sale date, unless they have already been advertised and the sale postponed, in which case the attorney for the bank must re-advertise the sale once in the 30 days prior to the second sale date. These advertisements are placed in common newspapers for the area such as Newsday for Long Island or Queens, or other local publications, so all you need to do is look in the local papers in the classified sections for "Notices of Sale". However, if you are buying at auction, be aware that you are buying the property "blind" and as is...tenant occupied, without heat, damaged, whatever, and you have no way of knowing condition since you do not get an opportunity to enter the premises for inspections prior to taking possession. You need 10 percent of the purchase price in cash at the auction and you must also have the ability to close the sale within 30 days of the auction date. The closing date can be extended by the bank but normally won't be extended more than 30 days after the initial date, if that. Also be aware that the selling price may not be a bargain at this point! This is the bank's opportunity to recoup all sums due them...principal, interest, insurance costs, attorney, filing and service fees, maintenance, etc, so it may turn out the the auction price is more than the house is worth! ... more
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Mon May 16, 2011
David Burnham answered:
While all offers are suppose to be submitted to the seller, it is possible that the bank has said not to bother submitting any incomplete offers. Most banks don't want to deal with an offer until everything is in order.

Also, a lot of agents doing foreclosures have many deals going on. It would not be the first time that they are not looking out for the best interest of their client. They may be more interested in getting the first person through the process, not so much worrying about. A higher offer.
... more
0 votes 6 answers Share Flag
Fri Apr 8, 2011
Hezrell Vasquez answered:
I would like to help you. Next time you're looking at the property that you were trying to find more information about, try on getting the address or mls number, after you provide me with either one, i could assist you with the property details and condition. if you get a chance to contact me, i could also provide you with properties that may be on your best interest.

Hezrell Vasquez
Feel free to contact me direct (646)944 5685
... more
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Tue Dec 7, 2010
Anna M Brocco answered:
Without much information---Review your lease agreement as the answer may be found in it--for any legal rights you may have, do consult with an attorney who specializes in real estate, see exactly what options you may have. ... more
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Thu Aug 19, 2010
Rich Homer answered:
T,

You must perform under the terms of your lease Agreement. I am sure the owner needs the rent revenue so they should be making you feel comfortable by communicating with you completely. If they are not, then I suspect your deposit may be at risk along with lock-out. Start by writing to the landlord about your concerns while performing under your Agreement with them. These things do take many months so don't rush into anything as long as you have good communication with the landlord. Keep copies of all letters to and from and at some point you may need to get out and secure all your possesions. The copies of the letters will be your defense on why you broke the lease in case it goes to small claims court. Sorry about the mess and wish you well. ... more
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Sat Jul 3, 2010
David Chiles answered:
Thank you for your question Cami. Renovating a home and selling it for a profit, also known as 'flipping,' is not happening as much in today's market because there has been little appreciation in the market.

The Foreclosure process starts when a homeowner cannot pay the mortgage and ends when the home is resold.

The three stages of Foreclosure are: Pre-Foreclosure, Auction, and REO/Bank Owned.

Pre-Foreclosure is the time period a homeowner has to repay the delinquent amount of the mortgage.

If a homeowner does not pay the mortgage the home is auctioned

If the bids do not meet the reserve the lien holder (bank) reclaims the property and it becomes a Bank Owned REO.
... more
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