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95206 : Real Estate Advice

  • All42
  • Local Info1
  • Home Buying24
  • Home Selling1
  • Market Conditions8

Activity 37
Thu Jun 11, 2015
Ritadawn answered:
A lot of the fees are fairly fixed...like escrow fee at title company. So that doesn't matter if it is a $60,000 loan or $600,000 loan.....it makes the lender look bad, when a lot of the fees are semi-fixed and looks like high cost to the borrower.

http://titlecompanies.net/
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1 vote 4 answers Share Flag
Thu Jun 20, 2013
Raymond Croteau answered:
It's imperative to hold the banks accountable for the malfeasance they have committed. They are not honoring the settlement plan put in place and are rewarding bank employees for denying modifications. Many banks are using stall tactics to push foreclosure while home owners believe they are getting a modification. If you are serious about saving your asset, your home, and getting yourself a deduction in principle balance to 95% of current fair market value on your home, a 2-2.5% fixed rate loan, dismissal of all arrears and removal of any late payments that are damaging your credit score then you need litigation and legal representation.

If you would like assistance in this matter then you can call 213-201-6385 and I can offer more assistance as well as a free consultation to assess your case and show you how many infractions were made on your loan by your lender.

ray@lenderlawlitigation.com
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0 votes 8 answers Share Flag
Tue Mar 12, 2013
Romel Ambarchyan answered:
Romel Ambarchyan, Real Estate Lawyer/Broker, Glendale, CA

Real Estate litigation against lenders are at a all time high. Most cases involve lawsuits based on fraud, breach of contract, etc. However, as facts make cases, the success of your case would depend on your individual set of facts. You should consult an attorney for further advice.

Romel Ambarchyan (818)230-3220
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0 votes 5 answers Share Flag
Wed Feb 6, 2013
Suzanne MacDowell answered:
Chris - this is a legal question. You should consult with a bankruptcy attorney to make sure you are doing the right thing.
0 votes 1 answer Share Flag
Tue Feb 5, 2013
Chris answered:
Rocky:

The asset im talking about is her life insurance which i believe was acquired before we got married. Do you know if i have to add this. Im guessing not since it was before we got married. Thanks ... more
0 votes 3 answers Share Flag
Fri Jan 4, 2013
Cindy Mello answered:
Depends on who you ask I guess. Attorneys and Loan Mod specialist will tell you no. Unless you have a limited supply of funds to fight the lender's legal team to save your house, which is probably under water and end result would be a foreclosure anyway, then I would avoid. ... more
1 vote 4 answers Share Flag
Fri Jan 4, 2013
Cindy Mello answered:
LItigation is expensive and time consuming. Do you think your attorney can fight the banks huge legal team? Do you have the money to pay for that? I know it sounds romantic to go after the lender to keep your house, but not practical. I would advise you to contact a local real estate agent to assist with a short sale and at least stop the foreclosure and keep you in your house while you determine your next step.

Warmest Regards,
Cindy Mello
The Mello Group
209-451-5446
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0 votes 3 answers Share Flag
Tue Oct 9, 2012
Carolyn Mccann answered:
A foreclosure is a result of non-payment of your mortgage payments. Relative to tax liability, suggest you contract your tax or legal advisor for advice. You might want to consider selling your home by SHORT SALE....again speak with your tax or legal advisor for directions. ... more
0 votes 4 answers Share Flag
Thu Sep 27, 2012
John Arendsen answered:
If it were me I'd find out if the PM is the licensee and file a complaint. If she's not find out who her broker is and tell them that you intend to file a complaint if your deposit is not refunded. But I certainly wouldn't go to the expense of hiring an attorney for a matter that will cost you several times more than your deposit. ... more
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Fri Aug 12, 2011
Steven Ford answered:
Just read Ron's answer...it can't be stated better. One other thing though.....it might have been waiting on you. If it is listed at 140...try a lower number and salt in some closing costs...say 3%. Who knows...after nine months they just might bite, or at least give you a reasonable counter.

You have some safety nets...hopefully your first one is your Realtor, second will be the appraiser, the the home inspector...and even your closing attorney/title conpany.

If you've been diligent in your search and this is the one...go for it.

Best of Luck
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0 votes 7 answers Share Flag
Mon Jun 6, 2011
The Medford Team answered:
Short answer: Absolutely

Long Answer: It may cost you more than it’s worth. As mentioned below, you need to factor in the following:

• Selling costs, commissions, etc.
• Taxes on the proceeds, it any (at the short-term rate)
• Any prepayment penalty on your loan.
• Current market trends.

.

.
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0 votes 9 answers Share Flag
Wed May 11, 2011
Christopher Lefebvre answered:
I think this is a question best suited for your attorney. What is he or she saying to you?

I wish you luck.
0 votes 1 answer Share Flag
Thu Mar 17, 2011
John Arendsen answered:
It would help to know who your lender is. This is not a standard operating procedure for most reasonable and ethical lenders.
0 votes 11 answers Share Flag
Sat Feb 12, 2011
Helpfordad answered:
My father owns a home, however, has made an agreement years ago that my brother take the house over.
My brother has been delinquent with making payments for over two months now. The bank has been calling and sending collection letters to the home. My father never formally transferred ownership of the home to my brother, therefore, his name is still on the deed. I'm sure this has affected my fathers credit. Should the house go into foreclosure, will the bank try to seize my father's
personal assets such as bank accounts and retirement investments?
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0 votes 10 answers Share Flag
Thu Dec 9, 2010
Bishop asked:
we have already gone to an attorney and we do not have that kind of money for litigation. we are taking hisadvice and filing for bankruptcy and doing deed in leiu of foreclosure. But what…
0 votes 0 Answers Share Flag
Sat Oct 2, 2010
Scott Sorgent answered:
Hello Bubblez,
I'm a Professional Real Estate Investor who is looking for a motivated seller like yourself who needs help. I'm working with a new real estate company who is educating me and guiding me to help sellers like yourself find buyers. It looks like those missed payments are far from being paid off and it would be difficult to get some type of modification at this point in time. May I ask how much equity you have in your home? What's the address? I may be able to negotiate with your bank for a discount and sell the home or do a lease/rent to option with a cash buyer who can start making the payments and save your credit. You'll get some cash out of this immediately upon close. I need to know if your property is the right one I may be interested in. I need to do a flip deal in the next 21 days working with a real estate company who is financing my deals, so a traditional bank is an option for financing on the buyers side, but it's not necessary since I have a new non-traditional bank who is better at doing the deals much faster. If there are any real estate agents/brokers/assistants reading this, maybe impressed at what I have to say, and you want to work with me on my team to do lots of short sales and you have the ability to be creative and do non-traditional real estate deals. Just let me know. My cell phone is (209) 482-6580. I'm eager to work with you.

Sincerely,
Scott Sorgent
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0 votes 6 answers Share Flag
Wed Aug 4, 2010
Kristina Johnson answered:
Hi Wayne,
Any real estate professional should be able to provide comps for you from January of 08...however, should not and cannot give a true value with only your zip code. I would be more than happy to help you and provide you with comps for your home with a little more information from you about your home. i.e. size, condition, age, amenities and a few other specifics.
Please feel free to contact me, Kristina@imloans.com if you still need comps.
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0 votes 2 answers Share Flag
Sat Jul 3, 2010
Wayne answered:
Check out the UP program for unemployed. There are numerous criteria:
This program will be available on or before July 1, 2010 to eligible unemployed homeowners through participating HAMP servicers. Visit www.MakingHomeAffordable.com/contact_servicer.html to find out if your servicer is a program participant and when they will make up available to homeowners.

61. How do I know if I’m eligible for UP?
Participating servicers are required to offer an UP forbearance plan to you if you meet the minimum eligibility criteria:


•The mortgage loan is secured by a one- to four-unit property, one unit of which is your principal residence.
•The mortgage loan is a first lien mortgage loan originated on or before January 1, 2009.
•Have an unpaid principal balance of the mortgage loan that is equal to or less than:
â—¦1 Unit: $729,750
â—¦2 Units: $934,200
â—¦3 Units: $1,129,250
â—¦4 Units: $1,403,400
•The current unpaid principal balance of the mortgage loan is equal to or less than $729,750.
•The mortgage loan is delinquent, or default is reasonably foreseeable.
•The mortgage loan has not been previously modified under HAMP, and you have not previously received an UP forbearance period.

In order to be eligible, you must also:
•Request that your servicer consider you for UP before three full mortgage payments are due and unpaid. Visit www.MakingHomeAffordable.com/contact_servicer.html to find out if your servicer is a program participant.
•Be unemployed when you request consideration for UP, and be able to document that you will receive unemployment benefits in the month of the forbearance period effective date.
•Your servicer may require that you have been on unemployment benefits for up to three months before your forbearance period can begin.
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0 votes 4 answers Share Flag
Sat Jul 3, 2010
Bob Movin-On answered:
As of last week walk aways are open for any type of liens, judgments, bank attachments, wage garnishments and worst of all, you will not be eligible for any type of mortgage, refi, or home equity loan for 7 solid years.
So that means yes they will come after your rental.
Your credit cards will be affected in that your credit score will be reduced by anywhere from 200 to 300 points I think the higher for walk aways and that will allow the credit card companies to adjust your rates upward. The new law just limits by how much and you will need to be notified prior to the increase. Do not be surprised if they lower your limits as well.

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 or deed-in-lieu-of expert
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