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Foreclosure in Salem : Real Estate Advice

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  • Local Info1
  • Home Buying32
  • Home Selling10
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Activity 11
Sat Oct 8, 2016
Jenawk asked:
In a multi bid situation on a Fannie Mae Homepath property, does the bank give preference to owner occupancy even after the first look period has ended? For reference, this is a cash deal…
0 votes 0 Answers Share Flag
Thu Feb 11, 2016
Chuck answered:
Can I sell my redemption rights on my foreclosed home to more than one company?
0 votes 5 answers Share Flag
Sun Dec 6, 2015
Josephine ("Jo") Cusi answered:
Hi, Jonathan!

I am sorry to hear about your housing challenges. I'd like to try and provide some guidance based on my experience as a housing counselor and as real estate broker. First of all, each state has their own protocol when it comes to foreclosure---judicial (court system) or non-judicial. I am in California which is a non-judicial state. Oregon from what I read has been traditionally a non-judicial state but there were changes over the past few years so it is best to confirm which process is being followed by your state.

When you stated that you have exhausted all your options, can I safely assume that you have been in communication with your lender? Unlike before, many lenders are now more proactive in reaching out to borrowers who have defaulted in their payments and offer solutions. They need to know that you intend to keep your home, if that is your wish. From there, they can look into home retention options and based on your particular circumstances, review your financials, etc. to help you sustain and keep your home. Options like repayment plan, forbearance, loan modification/Home Affordable Modification Program (HAMP), etc. may be available to you.

Furthermore, there a number of non-profit, HUD-approved counseling agencies that you can reach out to, if you have not already. Go to MakingHomeAffordable.gov to find one near your area. Once you find one to work with, go through their counseling to begin the process. They will be working with your lender and act as a conduit between you and your lender. You may prefer having someone be a connecting bridge as opposed to dealing with the lender directly. In many cases, these agencies have an assigned point of contact when dealing with big lenders to facilitate the communication process.

Please remember that there are no fees for any of these services. Your lender or the non-profit organization will not charge you so be wary of anyone trying to collect fees.

I hope this information helped. It is critical to reach out to someone because time is of essence. If you have any questions, feel free to email me at jo@stellarcalifornia.com or stellarcalifornia@gmail.com.

All the best,
Jo
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Tue Aug 18, 2015
Lynnkiaa answered:
This depends on the Bank you are working with. If you are with certain banks a short sale will prevent you from getting another loan with them for 5 years. It really hurts you just as much as a foreclosure. If you are really upside down you might also still owe the money even after the short sale. I would never advise someone to walk away from their mortgage, but I would consult an Attorney if you are thinking of doing so and find out exactly what the Bank is willing to forgive. http://ForeclosureIQ.com ... more
1 vote 17 answers Share Flag
Mon Sep 30, 2013
Francisco Garcia answered:
How the short sale process is done depends on loan type (FHA, USDA etc), the next one is if the seller is doing a HAFA or Traditional Short Sale, all this are questions that should be answered by selling agent without buyer asking for, it's so much work involved on the listing agent side that all this should be explain to buyers and allow them to make the right decision, short sales can take from few weeks to several months (specially those short sales with first and second mortgage), I always tell buyers if you don't have at least 45 days please don't write offers, Don't expect anything for at least 45 days, I have several short sales approved in 30 to 40 days but is not warranty that this will be true for the next file, buyer walking away before writing offers because of time issues is the most healthy situation for everyone, not many agents know the real process and finding those who have done many successful transactions can be find on equator.com (you can find them by zip code, city county or State) ... more
0 votes 13 answers Share Flag
Fri May 25, 2012
Angie3m answered:
There are lots of lists from banks, real estate agents and brokers and people who buy and sell homes. Lots of them are foreclosures. Get yourselves on the lists and Good luck!
0 votes 12 answers Share Flag
Fri May 25, 2012
Angie3m answered:
Nancy,
If you are in the Salem Oregon area and are looking for a Manufactured home? I do have someone whom is willing to give up their home if someone just takes over their mortgage payments. He just wants out.
Please contact me: Angela Blake at angie2m@yahoo.com. I will be more than happy to help you!
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0 votes 4 answers Share Flag
Fri Jul 8, 2011
Ronda Grefenson answered:
Yes,
Most cases the Bankruptcy has to be 2 years old.
However if it is over one year and less than two you would possiably have to get a letter from the Bankruptcy Court to allow you to enter into a new Mortgage. I would not get involved with a hard money lender. They will most likely charge very high interest rates and charge points. There are some wonderful programs out there, take your time, don't rush into anything. You just need to find a good seasoned lender that is qualified as far a qualified Real Estate Broker to give you guidance.
Ronda Grefenson
Winderemere Real Estate
Broker
Rondagref@windermere.com
... more
0 votes 9 answers Share Flag
Sat Apr 16, 2011
Cassandra Black, Consultant answered:
Hi Shannon, I hope your foreclosure clean-up business is going well... have you reached out to realtors and REO managers? Have you tried COLD CALLING ...? It's an old fashioned tactic that really works. Multi-million dollar companies are built by picking up the telephone! Here's an article written about it to get you thinking and dialing. Use these tips to grow your foreclosure cleaning business in Salem.

Good luck to you!

Cassandra Black, Consultant/Author, CEO, Foreclosure Cleanup, LLC
... more
0 votes 5 answers Share Flag
Tue Jul 14, 2009
HLR answered:
Do you mean the notice of default, that is not a full foreclosure, that's just the first step in the attention for the lender to foreclose. The owner stays on the deed until either the auction or the owner hands of the property, so the owner has to be working with the lender so it may never go on the market, if it's occupied, the owner plans on staying. ... more
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Wed Apr 15, 2009
Melina Tomson answered:
If there is a home that is offered for sale that you wish to purchase then the steps are essentially the same as purchasing a regular home. You need to be preapproved for a loan. FHA is 3.5% down payment so you don't have to a have a huge down payment.

The next step is to write your offer and have the seller of the home approve it. When a bankruptcy occurs all assets are "held" by the court while debts to the creditors are hammered out. The court typically has to approve the offer because they need to determine who is going to get what money from the sales proceeds. When the court approves the offer, then the home is "released" from the bankruptcy which allows the title of the property to be cleared of liens and the home sold.

If the court has already released the home from the bankruptcy, then there really isn't any different that happens in the transaction. If the home is still in the bankruptcy process then the transaction could take longer, and it is possible that the court won't release the home which means it can't be sold.

As for a foreclosure, that is straight forward in that the title has already been cleared by the bank, and the bank owns the property and is putting it up for sale.
... more
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