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Foreclosure in Strafford County : Real Estate Advice

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Activity 7
Fri Sep 29, 2017
Tony.luciani answered:
(Continued)..... I bought my house in 2004ish for $189,900. Currently I believe it is worth about $120,000 to $130,000. I am in the middle of a very nasty divorce and she is trying to take me for everything I have and so much more. I work for the Federal Govt and possess a security clearance required to continue my employment. After the first temporary hearing of the divorce, the judge has ordered me to pay amounts and for things I would NEVER have the ability to pay. The only thing my lawyer and I can come up with is to do a DIL or Short Sale to get me out from under it. Although I don't think a Short Sale will be possible without doing a TON of work to it. Still won't be able to pay for everything but it will get me a lot closer.

Freaking Desperate!
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Wed Aug 27, 2014
Scott Moreau answered:
It's very difficult to gauge if an area has a drug "situation". However, the Dover Police Department is considered a superior municipality. Also, the crime rate/100k is far below the national average. There are a lot of college students currently housed in Dover, but all in all, it's become a safe haven. Somersworth and Rochester are a little more dicey, but you should feel pretty secure when situated in Dover.

Please don't hesitate to reach out with any other questions you have about the area or otherwise.

Scott Moreau
Red Post Realty
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Thu Nov 14, 2013
Mo Seiler answered:
That condo has sold. I would like to send you others in that same range and area. Please let me know.
Mo Seiler
Prudential Verani Realty
Portsmouth NH

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Sat Aug 3, 2013
ishamael answered:
Slowly converting from rental buildings to condo buildings as well.
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Tue Jun 16, 2009
Dane Hahn answered:
Hi Piper,

Your question, "I am leasing a house, and just found out it is going up for auction as of July 1,2009. Though my lease is not up until September 2009. I have a family of five and small animals, I am scared and don't know what to do..."

Your lease is with a landlord who cannot provide you the property after an auction. But it is not unusual that auctions are delayed and this may give you some solace. Auctions often are postponed--and when that happens the bank has to republish the legal ads to alert the public about the property, so there will be a 3-4 weeks of delay if the auction is postponed. And it could be postponed more than once.

What could cause a postponement? Today it is possible for a landlord or any borrower to "modify" a mortgage. There are multiple modification possibilities. And your landlord may be in the process of this--which will certainly postpone his auction for up to 6 months and then eliminate it all together if he can stay current with his loan. Let's look at modifications:

First, and most advantageous to the bank is offering the borrower a period of breathing room--really a delay in payments for up to 6 months. This just gives the borrower a time-out, interest does accrue while no payments are made, but the interest is added to the principle and the six missed payments are added to the end of the loan.

Second and more advantageous to the borrower is a true modification of the RATE which will change the payment. Many loans have adjusted from an artificial low rate to a high adjustable rate. In this scenerio the rate is returned to a lower fixed rate. So the payment goes down. This is never suggested by the bank, but can be negotiated usually by a bankruptcy lawyer instead of the borrower claiming bankruptcy.

Third and even more advantageous to a borrower would be a lowering of the AMOUNT (principle) owed. Again, not too common, but in a situation where a property has lost a ton of value, the bank may consider taking the property in a foreclosure auction, but realize they may not be able to sell it for the money owed--so it may be more advantageous to all parties to keep the loan in place and the owner in the property, but change the amount owed, which again changes the payment.

Of course some NH landlords have a few bucks under the mattress and sometimes either pay off the bank just before the auction or declare bankruptcy--either of which will stop an auction.

I'm sorry for your delema, I would suggest you call the landlord to learn whether he plans to access any of the above ideas--or maybe he has others of his own--and he should level with you regarding what is happening. I am assuming you like the house you are in, and might even have stayed there past September--but either way there are other places for rent. Just be sure you stop paying rent until you learn what is happening, and especially if you have a security deposit with the landlord.

Hope this helps,

Dane Hahn
NH Broker
Betty LaBranche Real Estate
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Wed Jan 7, 2009
Ken Lambert answered:
Hi Wendy- There's a company out there that may at least be able to answer a couple basic questions on this to see if you have any chance of being able to stay in your home. They do offer some specific types of services- though I don't know if its too late in your case. If you want to Private Message me, I will give you that website and company information. They do not do loan modifications, but they offer a unique legal service for situations like yours.
Thanks, and Good luck!

-Ken L.
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