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Foreclosure in Saint Paul : Real Estate Advice

  • All186
  • Local Info28
  • Home Buying69
  • Home Selling9
  • Market Conditions5

Activity 19
Thu Oct 20, 2016
Alan May answered:
Usually, a lender won't begin foreclosure proceedings until you're a full 90 days past due. But that depends on the lender.

If your mortgage is behind... and you're making payments as you go... but you're still behind... even though you're making semi-regular payments, you could still be considered past due... and 90 comes up faster than you can imagine. ... more
0 votes 1 answer Share Flag
Sun May 22, 2016
Eastsideskur88 asked:
Long story short, I purchased my first home last fall with FHA backed loan. Place started falling to pieces shortly after. HVAC system, electrical issues, and HIDDEN mold/water damage undisclosed…
0 votes 0 Answers Share Flag
Wed Dec 16, 2015
Josh Lund answered:
hello Jwidy,
Good morning.
Sounds like you had a rough run there. We should talk about your situation. Are you still in the market to buy a new? 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
... more
0 votes 3 answers Share Flag
Mon May 19, 2014
Jeanne Karvelas answered:
I am going to be 3 months 2 weeks behind on my morg....I am signing a P&S this week.....will most banks hold off...its going to be a cash sale...
0 votes 17 answers Share Flag
Wed Mar 5, 2014
Call the Sherriff’s office and ask them for an accounting, if the deal has already closed. Unless the Sheriff has actually been paid the proceeds from the auction then the bank has not received anything yet. The buyer has a period of time to pony up.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
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Thu Dec 5, 2013
Cody Anderson answered:
Attorney question!! I hope for your sake the home doesn't get tied up on probate.

Sorry for your lose. Never easy to digest.

Merry Christmas
0 votes 7 answers Share Flag
Thu May 10, 2012
Steve Vennemann answered:
If you havent signed anything talk to the owner and tell him you want to move if that is what you want to do or tell them to give you a discount on your rent till the bank forecloses on the house. ... more
0 votes 7 answers Share Flag
Thu May 10, 2012
Steve Vennemann answered:
Once the bank takes possession they take over the fees the association will charge them..
0 votes 11 answers Share Flag
Thu May 10, 2012
Steve Vennemann answered:
You will be responsible for the second mortgage. Some times they wont come after you if they are with the same company.
0 votes 13 answers Share Flag
Tue Apr 24, 2012
Steve Vennemann answered:
Sounds like your realtor knows what they are talking about I would go with their advice. usually though if the home is not in your name you should be fine but pay down your credit cards it will raise your scores also ... more
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Tue Apr 24, 2012
Steve Vennemann answered:
I would get Realtor who can help you sell your home on a short sale you shouldnt need a lawyer. If you plan on filing a bk then you want a lawyer or if you have a 2nd mortgage you may want some advice of a good realtor. ... more
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Sun Dec 25, 2011
Steve Vennemann answered:
Contact a real Estate attorney would be the best thing to do. Other wise contact the attorney General.
0 votes 2 answers Share Flag
Fri Jan 14, 2011
Chris Block answered:
Should have been wiped out from foreclosure so something is up. This is a old post so probably already taken care of
0 votes 15 answers Share Flag
Sun Jul 18, 2010
Cameron Piper answered:

I would consider the central air unit a fixture to the home and therefore the property of the lien holder. I would strongly caution you to speak to an attorney if this is something that you might be considering. You could be opening yourself up to additional liability from the foreclosing lien holder.

Cameron Piper
... more
0 votes 9 answers Share Flag
Sat Jul 3, 2010
Adam Duckwall answered:
A foreclosure is the worst thing that can happen to your credit. Most likely a short sale will work out better for you, but you definately need to know all your options before you can make an informed decision...and yes, foreclosure and short sale are not your only options. For a very comprehensive list of options, check out this article:

You are going to want to talk to a team of people that can advise you on the best way to get yourself through this period and back on track. This team should probably include a Financial Advisor, Realtor (who has considerable knowledge in short sales), Bankruptcy Attorney, Tax Advisor, and a good Mortage Broker (if you plan on buying a home in the future.)
If you have this kind of team working on your behalf, you may be able to turn things around a lot faster than you expect. Much of this consultation will probably cost little or nothing. I wish you the best and feel free to contact me if you have any questions.
Adam Duckwall, Realtor at Edina Realty in St. Paul
... more
0 votes 16 answers Share Flag
Fri Jul 2, 2010
Susan Hofflander answered:
Sheila, I can recommend an EXCELLENT agent who handles short sales all day long. They can help you assess your situation and give you some direction on who to consult to get the right answers. Most importantly, AN ATTORNEY! Not all attorneys know about short sales and how they work, so it's important to consult with a law firm that specializes in such communication with lenders.

Good luck and contact me here if you'd like that agent's info.
... more
0 votes 8 answers Share Flag
Thu Jul 1, 2010
Bob Movin-On answered:
Many times if the short sale process is producing interest or you are in serious negotiations with the bank with regard to a short sale they will delay the sale date, but usually will not vacate the proceedings until the deal is done.
Have you exhausted all your options with regard to a modification with the bank because short sale may be a less intrusive credit event it is still a life changing one and you will have a difficult time for many years to come.

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.

Good Luck,
Bob Patrick
Buy a home after foreclosure, short sale, deed-in-lieu-of, or bankruptcy expert.
... more
0 votes 12 answers Share Flag
Wed Mar 17, 2010
James Gordon ABR SFR SRS answered:
Marie you made an offer to the lender on a property that was not listed on the MLS yet if I read correctly. The lender may have had this agent working with them on the property since the forclosure was filed as normally they ask the agent to do the "cash for keys" if nessasary. You sent them an offer as an unrepresented buyer and wanted to view the property. They contacted the agent that represents them to show you the property. You are not hiring this agent in fact as you have already made an offer is is to late to bring another agent into the picture and have them get paid out of the transaction. You could have a buyers agent to represent you but you may have to pay them yourself out of packet as they were not involved in your initial offer.

Sorry just have to throw this shot in but why didn't you use a buyers agent in the initial part of the transaction trying to save a little money (greedy)?
... more
0 votes 11 answers Share Flag
Mon Apr 20, 2009
Elizabeth Fuller answered:
These companies are probably swamped; pay attention to the form of communications they will accept. Pressure in any other medium may result in a "fall of position" in the stack of files awaiting decisions or action. It is a very frustratiing aspect of our current real estate transactions so far as foreclosure is concerned. This need for Satisfaction of Title, Quit Claims and other similar documents; it is just that right now the use of technology, email, and the volume of queries and paper work have changed the process. Not too many years ago most things were sent by overnight mail or FedEx or DHL. Today there is no DHL, many documents are sent and filed using email. Practice patience and be sure you have a place to stay while in a holding your breath mode. We all can recall horror stories, but I like to think we can focus on the positive and cultivate the possible. Liz, 612-986-4105. ... more
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