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Foreclosure in Roseville : Real Estate Advice

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  • Local Info5
  • Home Buying20
  • Home Selling2
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Activity 5
Mon Jul 23, 2012
Karen Paytas answered:
The sticker may be for an eviction or abandonment. The home is most likely going back to the bank and should come on the market sometime soon.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
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Thu Jan 5, 2012
Bob Movin-On answered:
Ouch, wish you had included house in bankruptcy. Here it is direct from the lending industry standards:

Ramifications of Foreclosure, Short Sale or Deed-in-lieu-of Foreclosure

Here are some of the ramifications of foreclosure, short sale or deed-in-lieu-of-foreclosure, there are many more like; insurance rates, your job (yes employers are checking credit records these days).

Your credit score will be reduced by 200-400 points, short sale and deed-in-lieu-of a little less 100-200 points.

All forms of foreclosure stay on your credit report for 10 years.

After you have gone through foreclosure, short sale or deed-in-lieu-of-foreclosure there will be what is known as the "waiting period", this period of time varies for each and can be reduced if you had some type of extenuating circumstances that caused the foreclosure:
Waiting Periods to Buy After Foreclosure – “YES” Short Sale and Deed-in-lieu-of are forms of foreclosure
• Buying after a Walk Away Foreclosure
The waiting period is 7 years
• Buying after a Foreclosure
The waiting period is 5 years with 20% deposit up to 7 years.
• Buying after a Foreclosure with Extenuating Circumstances
The waiting period is 3 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.
• Buying after a Short Sale
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Short Sale with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.

In addition to the waiting period and minimum down payment, you will be required to have a minimum FICO score and the home purchase must also be the principal place of residence, not a rental nor a vacation home.

Lastly, most loan applications will ask the dreaded question "Have you ever been foreclosed on?" this stays with you for life, many think that because it will not show up on the credit report after 10 years they can answer "no", well lying on a loan application is a felony that carries a major jail term, so be aware.


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Good Luck
Bob Patrick
Buy a home after foreclosure, short sale, deed-in-lieu-of or bankruptcy expert
Movin-On LLC
Helping families/people that have lost their homes get back into another in as little as 6 months
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Fri Jul 22, 2011
Michael Emery answered:
If you are a renter and legally occupying the property it's possible they will offer you cash for keys, but there's no guarantee. Personally I would be prepared to move whether or not they offer cash for keys because if they do offer it to you they want you out in a matter of weeks. Otherwise they won't pay you a dime and they might evict you. ... more
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Sun Aug 8, 2010
Monir Mamoun answered:
You probably have old dings on there.

You can remove them though you should get professional help. I'm not sure about "local" help since you'll probably get an overpriced consultant.

You can do it with some facilitated assistance through http://www.lexingtonlaw.com

They are pretty good and you if you can afford their service (up to around $79 per month) it actually does work. You can reach an actual human being at any time and they will help you through the process, especially with their valet service.

Meantime, pull a free credit report from http://www.annualcreditreport.com -- it is a US government mandated site run by the top 3 credit reporting agencies and you can get a free report once per year from each agency through that site. It also is a "soft" credit pull which does not harm your credit, unlike a hard inquiry.

Also sign up for www.truecredit.com, which is very good and will give you consolidated credit reports from all three agencies on a monthly basis for very little, something like $15 or less. I recommend working with a credit repair company like Lexington to iron out the details on improving credit though.

Bottom line: within 6 months, and with about $500 to $600 investment, you should be able to get your scores into the 700s. This will drop your interest rates on loans significantly. It is well worth it.
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Thu Jul 15, 2010
Debra B Albert PA answered:
It is a matter of public record. You can check with the clerk of court, or try the property appraiser office.

Both have it.

Good Luck!

Debbie Albert, PA
Coldwell Banker Residential ... more
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