Yes, Shel-lee - you are right. If the seller has enough equity to cover the closing costs, transfer taxes, late fees, penalties, attorney's fees and sales commission, and it's all paid in time, then there should be no problem.... more
like the other agent stated, it is hard to offer a viable solution without knowing all the details. I guess the crux of this is "What is your real question?" If you are seeking to delay, without working with the bank, it will be very difficult to do. There are things you can do to convince the bank to give you more time however but if the foreclosure process is at the end stage, and you have a short lead time, you may be in for a rough ride.
I spent all of 2009 assisting people who were underwater or were about to enter the foreclosure process. I can bring you a buyer for your home but at this point it will depend on what happens tomorrow at the auction. In fact I can sell your house in 14 days if you can get the bank to allow you time to close. Most likely though, you want to keep your home or buy some time to figure out how to come up with the deficiency money.
If this is a courthouse-steps auction, you have a right to attend and you should. I can attend for you if you are in San Francisco but what you really want to know is who is present at the auction. I 've literally been to hundreds of these auctions and Iâ€™d say a handful of them had more than 6 people present. I can guarantee you that the banks representative will be there to make sure they get what they want for the home. There are few people that attend these auctions because trustee sales/auctions can be tricky and require a percentage of cash to purchase. This severely limits the competition. Most likely investors that invest in these types of foreclosures have been watching your home for some time and have been waiting for an opportunity to purchase at a low cost. The bank is there to make sure that the investor doesnâ€™t completely lowball and offer something the bank is not willing to swallow
What almost always happens at these auctions is that nobody is there but the bank and they almost always take the property back and sell it through their own foreclosure channelsâ€¦You can try and negotiate with the bank tonight to sell the home at an agreed upon rate or you can negotiate with a third party to come up with the deficiency money (hard money loan or private loan backed by the security of the note).
Bottom Lineâ€¦if the auction is tomorrow and hasnâ€™t been postponedâ€¦you may be screwed . The battle may be lost but you can win the warâ€¦. I can help by offering more information or work with you to try and rescue your position or point you to somebody who canâ€¦.
Iâ€™m updating my website, but you can email me at email@example.com if you want more informationâ€¦..I donâ€™t have all the answersâ€¦but I often tell it with no filter.
Seriously in either caseâ€¦best of luckâ€¦you're in a difficult situation.... more
That is sort of what happens with a foreclosure. The alternative for the homeowner is a deed in lieu of foreclosure where the bank, if they accept that proposal, will take the keys and the title to the house and avoid conducting the foreclosure action. The reason for that might be because going through the foreclosure will require additional costs (court, holding, loss of income, interest, penalties, etc.). As for the selling back to the bank, if at the public auction (foreclosure) no one bids on the house, the banks sole bide is the amount owed to them by you -- the borrower.... more
This is a sub-industry in the real estate arena brought on by the dramatic changes in either the real estate market or the stifled economy as a whole, however, typically such metamorphosis in legitimate businesses are preceded by a few shady one.
Early on there were numerous confidence schemes, e.g., a straw buyer, selling the house to another buyer and having that buyer sell it back in the future, promising fixing the loan via other creative activities and charging hefty fees with no assurances of performance, etc... It isn't long before the regulators start hearing about the abuses and then come up with new rules and regulations. Does that sound about right?
Now to the question at hand, "...How do they charge for their services..." They, in this case, refers to the modification companies. I have not been witness to this (yet), but I have had several clients go through the routine with some of the modification companies, and what they're forced to do is charge only after they've completed WORK, e.g., compiled the paperwork, submitted the file for review, logged so many hours of follow up, etc., and they are supposed to "bill" for the same with some form of accounting/documentation.... more
The foreclosure process followed by any bank depends on the state's foreclosure laws. Depending on where you are located, find the stat's foreclosure laws and that should help you with the process. For more info about Wells Fargo floreclosure process, check out: http://ForeclosureIQ.com... more
I agree with Bob. A non-profit agency, such as HUD, is your best bet. The role of anyone assisting in a loan modification is essentially keeping the lines of communication between the servicer and the borrower open and making sure that all requested documents have been submitted.
Whether or not a modification is approved completely depends on the investor guidelines for the loan. Those may change from time to time, but they are what they are. A lot of these loan modification companies make promises they can not keep. They have no control over investor guidelines. The outcome of the request will be based solely on the guidelines. If the borrower does not qualify for a loan mod., there is nothing a loan modification company can do to get it for them.
Why would a borrower pay a loan modification company to do something they can do themselves. Better yet, something they can get done for free at their local HUD office.
There are two circumstances when a homeowner should run from a loan modification company or individual:
1) if they promise results. No one can make that promise. Again, it is all about the investor guidelines.
2) if they charge an up-front fee. Odds are that they are going to "take the money and run."
I am amazed, shocked, and horrified by the number of people in the world looking for ways to steal from a distressed homeowner. They are capitalizing on fear and there is no punishment harsh enough for them.... more
You're absolutely right that the major stumbling block is lack of ability to qualify for loan modification.
I am a real estate attorney who has taken on the defense for some foreclsoure cases. My first contacts with borrowers in mortgage trouble around late 2007. I've litigated cases where the property has been sold at trustee's sales. While you may have some leverage in litigating this type of dispute with lenders, but it's EXTREMELY difficult to get a loan modification once you've lost title because of issues invovling securtization where the investors themselves won't budge.
I have had better luck helping clients getting their loans modified (if they marginally qualify) before the property has been sold at the trustee's sale.... more
The information on many of the foreclosure resources available can be confusing, particularly as to the true status of the property, e.g., is it truly foreclosed and if so, who the ultimate "buyer" was at auction (if not the lender who filed the foreclosure). I would caution any buyer, especially those unfamiliar with this process, to do a thorough review of the facts prior to entertaining bidding on foreclosures. Recently another fellow who sought help here on Trulia shared a nightmare of a story how he wound up bidding on the wrong loan and instead of buying a "great deal" wound up with a (potential) major loss. As for what you can do -- go to the county recorder's office where they should be able to direct you to the actual filings for the foreclosures you may be interested in. That is what many savvy investors in this arena do. Oh, and remember to go see the house too.... more
The question about the types of correspondence that comes through the mail is interesting, but it may be a bit of a stretch for a Realtor to answer, particularly when you're asking about legality. Realtors, for the most part, are not attorneys, and, to boot, they're not experts on U.S. Postal regulations. Having said that, the question about practices in the marketing world, you would probably see these activities by an imaginative Realtor as mild compared to some of the more aggressive tactics used by major mailing houses, you know, those hocking magazines by telling you you've won a million dollars; or those that pose as U.S. Government mail to have the unsuspecting consumer open the piece, etc. Now here's a slogan that reminisces what the intent of our relationship ought to be, taken from another industry to promote their services... "...the best business calls are personal..." (AT&T). Probably not the answer you might have wanted, but in business you'll see all kinds of imaginative ways to reach out and touch someone, particularly when there is a blaring sign at the county courthouse saying, not in so many words, I NEED HELP, I'm about to lose my house!... more
The foreclosure is supposed to be stopped during the modification process; however, mistakes happen. Your
client would of received all the notices, and posting, and should of contacted the lender to advise them that
a modification was in progress. They could try contacting a attorney to see if something wasn't processed
correctly. I have heard of reversals, but rare.
e.mail: firstname.lastname@example.org... more
this where you start. Do you have a recent property tax bill that would have your most recent tax assessment? ? Or you can go to this website and look it up.
You also might want to talk to your insurance agent for your property. Check with him/her on how much your insurance is costing you.
Then talk to GMAC .Will you be able to make up the payments once your daughters disability comes in. You can call me
Thank you for your question about strategic default and negative equity. Strategic default is a viable option for anyone with no equity in their home because the housing crisis is forecast to continue for the next two years before we reach bottom, let alone return to previous levels.
The mindset you spoke of is exactly the mindset that we need to pull ourselves out of this crisis because these people should not have been granted the loans in the first place and doing artifical things to stay in homes that they were not qualified to get in the first place. They are cutting their losses and moving on. At this point the banks need to do the same thing.
Banks created the mortgage crisis by granting loans they knew were bad and are punishing us by holding on to the properties prolonging the recession so they do not have to write down huge losses.... more
my insurance agent and a contractor friend who builds single family homes in san francisco gave me similar answers. Somewhere between $350.00 / sq ft on low side upwards over $500.00+ / sq ft for higher end construction. It can go higher depending on permitting, type of material used etc. My contractor friend said he just built a $700.00 / sq ft new home (land cost was on top of this) in Buena Vista Terrace (above the Castro and Haight Ashbury. Used top end materials.... more
hahahaa...what a fun question. I m not sure what this has to do with real estate but I love it! Since I have dont' have a LOT of time, I'll give you a quick answer so I can finish the rest of my work.
Something I created ...GEE....I created this great toilet brush cleaner! The ones at the store dont hit the right spots under the rim but I found something else that's not made for toilet cleaning but works even better. Sorry to disgust you with toilet talk but you asked. lol
Good luck and please feel free to contact me if I can further assist you with any real estate needs. Thank you.
Have your grandmother quit claim deed over to you, you do not have to even call the mortagor, just keep on paying the loan yourself, the only difference would be that your grandmother would still be responsible for the loan, and if you fail to pay, it would affect your grandmother's credit.... more
Your TIC Agreement should spell out what happens in the case of a default on the part of a co-tenant, but what is written in the agreement and what actually happens can be very different. The process of pursuing legal action to get to a "forced-sale" situation can be time-consuming and costly, and you have the additional complication of the group loan when it comes to selling if you get that far.
Another component to your situation is whether or not the other unit can be sold for more than is owed, and what are the ramifications of selling with regards to the group loan.
I would consult with a Real Estate attorney - we can recommend a couple if you like - and then consult with a konwledgeable and experiences Real Estate Broker who knows about these kinds of properties and issues and make your decisions from there. Although being honest I'm not super-excited about getting into another messy situation, I have personal experience with a similar situation and can give you advice from the marketing perspective. We are currently checking out a new bank that has much better rates than currently available and that could help a lot.
Lance King/Owner-Managing Broker
DRE# 01384425... more
I am a journeyman plasterer. Interior/ exterior. This would be a natural combination to team up. Clean up is just part of it, most need to be patched, primed and painted. Sometimes replace fixtures and so on. Please call me at 503 429-4222 or on the cell 702 403-9059.