There is no money as the foreclosing entity does a "Credit Bid" meaning, no actual cash bid is being done by the foreclosing entity. That is, there is no money unless there is a 3rd party bidder. If the lender forecloses and no one else bids, the property, not the money, goes back to the lender free of any encumbrances BEHIND their lien. If a 3rd party bidder is the winning bidder, the money goes to the lender that foreclosed and THEN to any other junior lien holders and finally, if anything is left over after that, the money goes to the person that was foreclosed on.... more
You no longer own it but, are still responsible for the liability. There is no incentive for the senior lien holder to do anything as they are getting paid by the purchaser at foreclosure sale on the junior lien. They are entitled (Purchaser) to do this as a protective advance to the senior lien holder.
I'm not sure what an attorney is going to do for you considering it doesn't sound like anything is wrong. You lost it and someone came and bought it and is paying on your mortgage. Maybe the'll improve your credit with their payments? (Joking).
If they stop paying, the senior will foreclose and wipe them out. Yeah, it sucks for you to have this go on for so long but, that's a risk you take when you lose a home in foreclosure.... more
Andy, browse under the agent directory and find yourself a local Realtor to work with. That is what trulia is ultimately all about. Find a well reviewed Realtor you are comfortable working with and have them be you one point of contact for everything real estate related. Realtors adhere to a strict code of ethics which offers you consumer protection as well as piece of mind. Good luck!... more
Are you a buyer or a seller? Most agents that "specialize" in foreclosures do so from the seller's standpoint. As a buyer, the agent you target should be one that knows the entire local real estate market. Not just the distressed sector.
Additionally, buyers should have their own professional representation. If you use the listing agent you essentially elect to use the agent that all ready has a relationship with the seller. This may not afford you the type of representation you require....especially if you are seeking value.
There's been many that have responded with various points for you. The point I will make is that the person that is loosing their home needs to take a serious look at why they got into that position. More likely than not, it's not a situation that will improve. The faster that person contacts their bank to work it out, the more options they will have, versus waiting.
If one is not currently delinquent on their home and has made the past six months of mortgage payments on time, there's the Home Affordable Refinance Program, intended for homeowners that owe more than the value of their home.
If the interest rate is high and they need a lower payment, it's best to consult with a mortgage consultant to see what's available.
If that person needs help, I can be reached at 925-349-2179.
Hi Mary! I agree with the other comments here, the $65k price is either inaccurate or misleading. I just ran a quick search in that same zipcode for 2-4 unit buildings and there are 5 listings ranging from list prices of $524,900 - $1,300,000 with a median price of $549,000. Hope this information is helpful! Email me if you're interested in further detail.
Either one will be able to help you. The best thing to do is ask the agent/broker on their experience with foreclosures. If they don't have experience working with foreclosures it would be more beneficial for you to find an agent/broker who does have that experience. There is a lot to look out for when purchasing a foreclosure and that agent needs to be able to know how to look for that and have the right contacts to help you when even doing your inspections prior to purchasing.... more
If you post the link to the property you are referring to, we will be able to answer your question. Or you can post the address and a Realtor can look it up for you.
If you are looking for a place to buy in SF, I have a great Realtor that I work with. I work in the Sacramento area but I referred a client to her and she found a great home for my clients (they bought a house earlier this year). If you like, I can forward her contact information to you.... more
The best I can tell this home is not for sale. Trulia has a strange way of listing foreclosures that is somewhat confusing. I recently wrote a blog about finding foreclosures on Trulia. I'll put a link to it in the web reference below. That should answer all of your questions.
Foreclosures are rather few in far between in SF and when they do come on I've found that investors purchase them right away. There are short sales that come up from time to time so you may have an opportunity in that area.
If you have any other questions feel free to contact me.
Please know that you are on a site where real estate professionals answer your questions versus the site itself. That said, it is unclear what exactly you are looking for and with whom.
Perhaps start with asking your agent to educate you about foreclosures and the possible opportunities with them. Should you be looking for foreclosures in San Francisco, there are fewer now and they often do not represent the deal a buyer is looking for. Clarity on what you wish to achieve will go a long way.
Foreclosures generally show up alongside other listings on the MLS.
For additional information, please go to my website at www.sanfranciscoresidentialhomes.com or call me at 415-200-7202.... more