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Foreclosure in Virginia Beach County : Real Estate Advice

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  • Local Info0
  • Home Buying6
  • Home Selling1
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Activity 20
Thu Sep 8, 2016
Amberle Farthing answered:
Good morning!

For that information you would ask a local Realtor or Real Estate Investor who are the ones who have easy access to that information. I happen to be both if you need any help!

My email is AmberleFarthing@kw.com and my phone number is 7033719574 give me a call or shoot me a text and i'll get right on it! I also have access to owner information so we can get in contact with them even if they don't live at the premises.

Have a great day!
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0 votes 1 answer Share Flag
Fri May 29, 2015
Christopher Fritts answered:
You really should be seeking the advice of your divorce attorney. He/she should be able to give you safe, sound advice. Good Luck!
0 votes 1 answer Share Flag
Sat Mar 21, 2015
Ava Buttler answered:
Don’t jeopardize your financial future

In conclusion, what occurs if I discontinue paying my ownership? Your credit score will be seriously damaged, affecting your financial future.

Timeshare resorts are like casinos: The house never loses, and they will certainly not allow you to stop doing your annual payments. The only possible way to get rid of your timeshare is by cancelling your contract. There is good information about it: http://www.timesharescam.com/
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0 votes 4 answers Share Flag
Wed Jun 18, 2014
Alex Caver answered:
If you would like for me to look this information up for you I would be able to. As stated below I would need the address and that should be enough info for me to get the info you may need. Just contact me and we can go from there. ... more
2 votes 3 answers Share Flag
Thu May 9, 2013
April Ford answered:
ELAINE, We can lend you the money you need to catch up the mortgage at a low interest rate. Please pray about it and if you feel so led, let me know if you want to proceed. Thanks.
0 votes 12 answers Share Flag
Tue Sep 4, 2012
Isaac answered:
Sun Feb 26, 2012
Judi Rutland answered:
Banks march to their own tune and while your "why" question is valid many variables are at work. If the bank has an asset on their books and it has not been put on the market (1) they do not yet own it (2) no REO agent has been selected to list it (3) it may need some work to get it ready to market (4) broker price opinions are incomplete or inconsistent (5) their internal forecast numbers to sell and timing to sell have yet to be determined (5) the asset may not be as desirable to sell as others they may have on the books and (6) who really knows " why?"

Banks are not required to be transparent with the consumer when it comes to selling their Assests.
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0 votes 8 answers Share Flag
Mon Nov 21, 2011
Kevin Monette answered:
Pete,
Checking in to see how today went?
0 votes 7 answers Share Flag
Mon Nov 21, 2011
Joe McAvoy answered:
Hi Pete,

As mentioned in responses below, get an attorney to work on your behalf. Banks speak the language of money and security against financial risk. The banks usually just want their money, a good explanation of why you're behind on payments, and a promise to make timely payments moving forward. The bank may allow you to re-instate the loan by paying back payments, late penalties and interest, and pre-foreclosure expenses. This way you can keep your house--if that's what you want.

Also, banks will usually respond favorably to requests to put a hold on the foreclosure if you initiate a short-sale process with the bank's loss-mitigation department. Among other things, this will require the home listed for sale on the Multiple Listing Service (MLS).

Bankruptcy may be another alternative for you to consider, which is often more favorable than a foreclosure and potential judgement on your credit profile.

Call an attorney to review your options and call me if he recommends a short sale. I have plenty experience getting short-sale homes sold with minimal hassle to you while you find a new place to live.

Feel free to call me any time with real estate questions or service requests. My mobile number is 757-268-5123. You may also click on the link below to review my profile and professional services.

All the best, Joe McAvoy
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0 votes 7 answers Share Flag
Tue Jul 5, 2011
Glass answered:
Thanks for the helpful responses. Kenny, I am talking about a court house steps auction. Do you have more information about those?
Thanks again!
0 votes 3 answers Share Flag
Thu May 5, 2011
Shawn Blount answered:
There are several reasons why a foreclosure may appear one moment and be gone the next. It also depends on what entity currently owns the home. The best way to know for sure is to either provide the address, MLS number or case number. We can look it up and provide you a more specific answer. ... more
0 votes 6 answers Share Flag
Fri Apr 1, 2011
Ck1jaj answered:
Unfortunately, landlords often try to scheme their way out of this by continuing to collect money from their occupant while the property is in foreclosure. The best way to know for sure is to contact the attorney's office handling the foreclosure/eviction of the property. If they say it's still in foreclosure, then it is. Also, ask the attorney's office if they are offering a cash for keys program. Many of the banks now offer cash for keys meaning, if you agree to be moved out by a certain date and leave the home in a 'broom-swept' condition, you can gain upwards of $3,000 for moving assistance. Make sure you let the attorney's office know that you are the occupant of the home. The cash can ONLY be given to whomever is occupying the home, no matter if you're a tenant or not. You live there, so you would receive it. ... more
0 votes 10 answers Share Flag
Fri Apr 1, 2011
Ck1jaj answered:
The bank can only ask for what is owed on the home including attorney's fees and costs. For example, if you owe $7400 on your mortgage to get it back up to date and the current attorney's fees are $700 they can only ask that you pay the total amount of $8100 ... more
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Tue Apr 27, 2010
Nelene Gibbs answered:
If you are in a time crunch to buy don't got the REO route. Some banks are quick to respond, others seem to take forever. I have worked both sides of these deals and with all of the red tape involved with getting the approval, and the number of properties that the banks are currently handling, nothing seems to happen quickly. You have a better chance of a quick turn if it is a local bank.
Best of luck to you,

Nelene Gibbs, Realtor, e-Pro
Real Estate Investment Advisors
mail to: nelene@nelenegibbs.com
Direct: 757 67-3232
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0 votes 3 answers Share Flag
Tue Sep 29, 2009
Betty Stern, CRS, GRI answered:
Terry,
I wonder if you understand the terms of a reverse mortgage. Thirty percent of the value of the appraisal done at the time that loan was put in place was kept in reserve, and the loan plus cost of the financing came from the balance of the equity. Each month your mother received a check, and that is where the $82,000 accrued. This loan only applies to the owner over 62. My condolence on the loss of your mother as well as
your financial dilemma. First you can never set value by a city assement, but only the current appraisal of
value at time of sale or refinance. Since the original appraisal was done months ago during a market that is still declining your need to put the property on the market ASAP, with an experienced agent who can work with you, and try to get the lender to give us time to sell the property. I am sure you don't want to hear that the value has dropped between 15% to almost 30% depending on location. But the fact of the matter is that is has. Your income minus your monthly debts, would be the net a Lender would consider. Do you have any savings to pay off debts, that are bringing down your scores? Have you worked with a reputable Lender who might have found some inacurate information on your credit reports. And actually you are not refinancing the Reverse Mortgage, but are looking for new financing, since you are the new buyers of the property, and if you need to sell then, an appraisal done by the new Buyers. It's a lot to take in, but if you call me perhaps we can sit and talk this out. Whatever you choose, I wish you and your brother the best.
Betty Stern,GRI,CRS
Associate Broker - 757-474-0040
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0 votes 8 answers Share Flag
Sun Aug 2, 2009
James Ryan answered:
Hi Stuck, just a quick couple of things, FIrst, a quick correction with all due respect to Frank, and although a cash transaction would be the easiest, there are still 203-K loans available as well as construction loans out there to help you finance this transaction. As far as the offering price, my first response is try as low as you dare to go to start, they can always counter you upward. I have seen 550K homes sold on the courthouse steps with all appliances and doors for as low as 207K. You just never know. I do notice the market is seemingly heating up though, and multiple offers seem to be finally thawing out the market. Obviously, a home that needs this much work probably will not have as many people willing to take on the added responsiblities and costs. I hope this information proves helpful, and you get your dream home! Jim ... more
0 votes 7 answers Share Flag
Sun Mar 1, 2009
Cindy Jones answered:
If I am reading your question correctly you want to buy a foreclosure and walk away from your current home?

This is called considered "buy and bail" by mortgage companies. You must be able to qualify for a new loan showing that you can support two mortgages without any rental income from your current home. If you can not you will not be approved for the loan on the foreclosure. If you have 20G in equity why not attempt to sell first? You may be able to work with a limited service brokerage and at least break even on the sale of your home, keeping your credit intact so that you can move to a less expensive property.

As other agents have said your credit will be ruined for 7 years, the mortgage company could make an attempt to attach a lien to your new home (though doubtful) and certainly you should consult an attorney to see what other issues might arise.

If I have misunderstood your question I would be glad to revise my answer in the future.
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2 votes 3 answers Share Flag
Sat Jan 10, 2009
Douglas Ford answered:
Hi Jeff,
Some states dont charge "mouthy fees" or taxes. Try florida.
0 votes 4 answers Share Flag
Sat Dec 27, 2008
Manu Kapoor answered:
In auction buys, investors hv to really do back end job. Ie...lien search, violations, etc. Things like these. Bur remember & have patience to wait for thee good deal u worked upon. As auction buys r final & mostly get about 30 days to close deals. ... more
0 votes 13 answers Share Flag
Thu Oct 4, 2007
J R answered:
Your primary house is NOT AN INVESTMENT, it's SHELTER. You are supposed to have RETIREMENT SAVINGS outside of your home.
~~~~~~~~~~~~~~~~~
A lean-to is a "shelter". Even people who have retirement savings utilize the equity they have in a home for retirement. My parents bought a house in Huntington for 48,000 in 1968. Is it permissible that they sold it for almost a million PRE bubble, around 1999? And used the proceeds in their retirement. My grandparents, who were around during the depression had nothing BUT their homes as retirement income. Get a grip, life is not fair, if you can't afford a home either get a different job or look for a home you can afford, Mr. Bubble. ... more
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