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Foreclosure in Queens : Real Estate Advice

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Activity 66
Sat Mar 7, 2009
J Douglas Montgomery answered:
Stacey

If an investor purchases the property and wants you out the will most likely initially try to strong arm you. If you dont move out, the will have to go through the courts and evict you.

In all likelyhood the lending institution will take back the property. You should have contact information on the papers you were served with as a tenent in the house. Contact thier attorneys and ask...... Fannie and Freddie loans have provisions for owners and tenants to stay in the properties, but the guidelines are changing all the time. You can also attend the auction to see who purchases the property.

Best of luck

Douglas Montgomery, Broker
Home NY Corp.
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Wed Mar 4, 2009
J Douglas Montgomery answered:
Ronald

Tried reaching you via email. I can give you the information and update you on the status of the property if you touch base with me and give me the information.....

Douglas Montgomery
hudhome@pipeline.com
Douglas@homeNY.com
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Fri Dec 26, 2008
Craig answered:
Although I can’t answer questions on specific scenarios or markets (such as NY), I can offer several suggestions

1) Check websites of regional lenders with high loan volume or concentration in your state.
2) Use Trulia to identify the lowest priced listings in your area. If you live in a “sand state” (CA, FL, AZ, NV) this will likely be an REO.
3) Check “Homes for Sale” (or similar) on websites of large companies which are known to have large number of REO, such as Fannie Mae, Freddie Mac, Countrwyide, Ocwen, C-BASS, etc.
4) If you don’t find a property you’re interested in, identify which REO broker appear to have the most listings. If they’re good, they will typically represent other servicers too. Contact that office to find a buyer's agent who will help your search. It won’t cost anything

Here isa link for info on purchasing an REO from Fannie Mae:

\\http://reosearch.fanniemae.com/reosearch/

and another for Freddie Mac:

http://www.homesteps.com/

Keep in mind that REO managers usually deal exclusively through qualified REO brokers and aren’t able to answer inquiries from the general public (otherwise we’d be doing that all day!) In general you won’t get a better deal by going directly to the lender, assuming you can even figure out who it is. The listing agent will be paid either way and can help you navigate through maze and extra paperwork required. They will require some basic financial information from you to verify you’re qualified.

My personal opinion, having gone through three major real estate boom/bust cycles since the early 1980s, is we haven’t hit bottom yet. It may still be too early to buy if your primary motivation is a quick profit. But don’t let that stop you from getting into a home.

Good luck on your search!
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Thu Oct 30, 2008
Robbeaux answered:
Robert
Are you wondering if you might be a candidate for loan modification? Many homeowners - and by many, we mean thousands if not millions - are finding that a loan modification is the right solution for a failing mortgage. How do you know if you should pursue a loan modification?


Been trying to refinance but can't. Just about everyone that has an adjustable rate mortgage has attempted to refinance. The problem is that most are getting turned down. Ever since the housing market went into steep decline and lenders began collapsing, it has become seemingly impossible to get approved for a new loan using traditional means. However, many of those same homeowners have been able to get their loan modified in a workout agreement with their lender.

Got laid off from work or suffered some other hardship. Life happens and there's nothing you can do about it sometimes. Perhaps you got laid off from work. Maybe there was an illness in the family that required monetary support and kept you from working. Car accidents. Injuries. Unexpected events. Market affected your income. They're all legitimate reasons that can get you behind on a mortgage that you can otherwise afford. Hardships such as these are often accepted by lenders as justification for loan modification.

Home value has dropped. The market is in decline and home values are falling. In many cases, loan modification may not be an option when you get upside down on your home loan. A lot of people in this situation are better off with a short sale. Still, it is absolutely worth your time to at least explore the option with a loss mitigation specialist. At the very least, they can help you get approved for a short sale.

Simply can't keep up with the mortgage. In a tough market, many people have seen their income drop substantially through no fault of their own and can't afford the home they once easily made payments on. You may be able to get a loan modification that makes that home more affordable. If not, again, a short sale is an option as well.
Do you think you need a loan modification? Get in touch with a reputable loan modification specialist that can negotiate on your behalf. You have options, but they only exist if you pursue them. Don't waste any time getting help.
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Wed Apr 2, 2008
ALBERTO S. answered:
i have been a lic agent for 6 yrs and throughoout the 6 yrs i focused on pre foreclosures and my broker does the paper work in getting a pay off to clear the home owners debt.
alberto-9178260705 ... more
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Sun Mar 23, 2008
Rene answered:
I could find out right away whether this properties are listed whit a broker, @ preforeclose stage or on default once I have the correct address since this is my area of work. you may contact me at my cell 917-683-2927 renehdez74@yahoo.com ... more
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