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Foreclosure in Wareham : Real Estate Advice

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  • Local Info1
  • Home Buying17
  • Home Selling1
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Activity 6
Wed Apr 18, 2012
Philzao answered:
Well Linda, I am not a self serving broker. I am a senior and looking to buy a home in Wareham b/c family is close by. I can tell you this much. The town board of Assessors are a bunch of lying thieves.

On the town web site, they board claims to assess properties at " fair market value". Such crap. Properties are now assessed at what they *might* have sold for in 2005..... 7 years ago.

Plan on paying the crooks about a third of your monthly costs in taxes. The town spends all their money buying conservation land and then assesses the locals for it. The town is so broke that they are now telling parents that they are going to limit school bus services and they are trying for force through new Title 5 Septic systems that cost 20 - 40K on the population. Not a good place unless you have compelling reasons to want to be there.
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Wed Sep 7, 2011
Jobass24us answered:
Im not an attorney but Im in this situation right now. I spoke with an attorney and yes in this state the 2nd lender can come after you for the amount owed. However, that is if you have assets they can attach. if you have no liquid assets or investments ( 401k's are exempt they can ask you to borrow against it to pay but you are not obligated and they cannot pursue your 401k.) The only way to get out of this, if they decide to pursue you and attach wages, is to declare bankrupcy. That may be a course you may not want to take but you may have to, to prevent them from going after your wages and at this point with the foreclosure your credit is shot so why not protect yourself witht he bankrupcy. I would never agree to carry the 2nd loan after my home is foreclosed. It does not make financial sence. ... more
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Thu May 19, 2011
Beverly Goranson answered:
Sounds like you could be right. If the proerty is going into foreclosure there will be notices posted in the local paper. Does your real estate agent know? If you are currently a tenant at will you could be asked to vacate with 30 days it might be a good idea to do a little research to see if yu are going to have to move! ... more
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Wed Apr 13, 2011
Joe Arnao answered:
As stated by others, yes. Make sure you do your due dilligence before going firm with the P&S. Many bank owned deals end up with problems if they buyer is not careful. Investigate it as much as possible, both structurally and legally.
That said, many bank owned deals offer a great opportunity too.
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Mon Dec 20, 2010
Joe Arnao answered:
Stephen is right, Try a short sale and try to avoid some of the long term damage a foreclosure can have on your credit. There are investors that many of us Realtors know, that may be interested in your property as well as the general buying public. Talk to a couple agents and see if a short sale is right for you. ... more
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Mon Jul 13, 2009
Lori Lincoln answered:
Hi Kay,

Your credit will be dramatically affected if you get to foreclosure. The foreclosure will stay on your credit report for at least 10 years. With a short sale, the credit report on your mortgage will show deliquent, but will eventually age as time passes. Once the home is sold on short sale, the credit report will indicate paid in full.
Eventually in a few years, if you pay all of your other bills on time, your credit will start repairing itself just by aging itself.
Your other optioin is to negotiate a loan modification. I've seen this done on owner occupied homes, second homes AND investment properties. Call or email me and I will be happy to guide you through.
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