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Foreclosure in Rock County : Real Estate Advice

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Activity 8
Mon May 18, 2015
Karen Peyton answered:
Three ways out of ownership are to: short sale the house, ask the bank to accept a Deed In Lieu of Foreclosure, or allow the house to be foreclosed.

Generally speaking, mortgage payments which are less than 30 days late are not reported "late" on your credit report although you will pay a late fee. A payment is 30 days late when two payments become due (e.g. payment due in January - not made until February which then means payment for February is also due.)

Depending upon how late your tenants are paying rent, you might want to consider some very strongly worded letters to them or even consider eviction according to the laws of your state. This "may" cause them to accept their responsibility in a timely manner and prevent you distress.

Another alternative to the "late" payment cycle is to get one month ahead. Despite this sounding ridiculous given your situation, you might want to take an interest free cash advance from one of your credit cards. Doing so may breathe "life" into your financial dilemna and prevent further destruction of your credit.

Of course you should first consult an attorney in all matters BEFORE making a decision.

Good luck!
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Tue May 13, 2014
John O Dillivan Jr asked:
Fri Nov 8, 2013
Kvkelly answered:
Is this the brown brick home with the new gourmet kitchen and hardwood floors? I am Kelly and my email address is kvkelly@hotmail.com Thank you!
0 votes 4 answers Share Flag
Mon Nov 4, 2013
Vickie Lockhart answered:
Hi, There is 1 home that is active at 536 S Blackhawk in Janesville listed for $100,000. The kitchen does not appear to be updated but in good condition. I would be happy to send you the MLS sheet with photos so you can take a look at. Please email me at vlockhart@c21affiliated.com. Thanks, Vickie ... more
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Fri Jun 15, 2012
Ron Thomas answered:
Hypothetically, if you were still there on Monday,
I wonder how long it would take them to evict you?
Hypothetically, of course.
0 votes 1 answer Share Flag
Sun Nov 13, 2011
Jeff Smith answered:
Heather -
You have some great answers already, but I will throw in my two cents. If you feel you have to buy a foreclosure, work with a good buyer's agent and don't expect to get it for pennies on the dollar. That shouldn't deter you from still working on getting a good price, particularly if there are not a lot of other interested buyers. When making an offer, keep in mind the lender/bank's first counter offer is usually full price or close to it, particularly with FDMC, that cuts you out of one more counter, so plan on you final price based on that. I always recommend and inspection and a home warranty, even if you have to pay for it yourself. This can save a lot of headache down the road. If you find problems with the home, even though it is an "as is" sale, the Seller may consider a credit back to you if it is not something they already had identified as an issue or if it is a big ticket item or a safety issue. If you have a full blown written inspection, this becomes a problem for the listing agent (at least in CA it does) as they are ethically bound to provide you with that report, so this will be a problem for the next buyer and maybe you can convince them they should address it now rather than later with another buyer at a lower price!
Overall, be fierce and try to be as nonemotional about it as you can, because if you don't the bank will!
Good Luck,
Jeff
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Sun Jun 5, 2011
Deb Dewitt answered:
In southern WI, as probably most counties in the state, there is a county website. www.rock.co.wi.us is for rock county in southern WI. If you look in that website, you can locate the tax bill and that will name the bank or the third party that could be covering the bank bills/tax. It is very difficult to contact a bank directly for a sale. Sometimes that is possible with a local bank, but most all bank foreclosures are handled by realtors or in a few cases, auction companies.
It is sometimes not as easy to get a deal as everyone thinks. The first month a foreclosed property is listed or if a price change has just occurred, you will find that the bank (represented by a thrid party, called asset mngmt) will not negotiate much. They will do regular price reductions until it is sold, but once it gets to a certain low price, you can actually have multiple offers, some even going above list price. Because there are so many different scenarios on the secondary market (where foreclosures arise), it is sometimes difficult to predict what can happen.
I have worked many of these transactions and would be happen to assist you as needed. Call/text/email:
Deb DeWitt@C21affiliated.com; 608-201-1795.
Thanks and have a great day!
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