Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Government Tax Foreclosure Properties All Locations : Nationwide Real Estate Advice

  • All692K
  • Local Info58K
  • Home Buying254K
  • Home Selling41K
  • Market Conditions26K

Activity 658
Showing results for Government Tax Foreclosure Properties [Clear search]
Dan Tabit, Real Estate Pro in Issaquah, WA
Thu Jun 25, 2015
Dan Tabit answered:
Possible... maybe but not with conventional financing. Generally after a foreclosure conventional financing is not available for 5 years. Lenders want you to get fully re-established and demonstrate a good history to avoid having the same thing happen again.
Possible options could be owner financing, hard money loans, lease options, just to name a few. In each of these situations you'll need a good explanation, large down payment and/or a willing and able seller.
... more
0 votes 18 answers Share Flag
Phil Rotondo, Real Estate Pro in Melbourne, FL
Tue Mar 13, 2012
Phil Rotondo answered:
You're right. Can't wait for them to bring back "interest only" and "No-doc" loans.
Those were great times, weren't they??
0 votes 13 answers Share Flag
Joe Cusumano, Real Estate Pro in Riverside, CA
Mon Aug 22, 2011
Joe Cusumano answered:
The short answer is that it is impossible to know what their logic is. It really depends on the investor who holds the loan. If they have pmi they are more opt. To foreclose if they need the cas asap. It depends on what they are trying to do. I tried making sence of it all so I would not go crazy. Our logic and their logic is not the same. ... more
0 votes 5 answers Share Flag
Jeanne (Geni…, Real Estate Pro in Virginia Beach, VA
Mon Dec 12, 2011
Jeanne (Genie) Barfield answered:
Contact this agent.
0 votes 17 answers Share Flag
Anthony Cava…, Real Estate Pro in Channahon, IL
Tue Sep 4, 2012
Anthony Cavalea answered:
1) Rental. Are you getting market value for the rental? Is an agent helping you with it? Would you like me to check rental prices of similar homes in your area? (Please call or email me)
2) The refinance option. If your house is worth about 260K, I think you'd need to put in money to get down to 80% of that in order to refinance since it is now deemed an income property (you would owe 208K). The Fannie/Freddie refinance option is probably no longer available to you.
3) Talk to your lender about getting a loan modification by lowering the interest rate. It may not be likely, but it doesn't hurt to ask.
4) A short sale might be a good option for you. You have a hardship (you found a new job and moved). However, they will look into your finances and typically, you won't be allowed to walk away with any cash. But a good short sale attorney can advise you better on this situation.
5) Talk to a foreclosure attorney and look into the possibility of a deed in lieu of foreclosure. You might be able to sign the property over and avoid a foreclosure in your credit history.

Anthony Cavalea
Able Realty
... more
0 votes 11 answers Share Flag
Derrek Patri…, Real Estate Pro in Greenwood Village, CO
Fri Apr 20, 2012
Derrek Patrick answered:
Short selling may be a better option for you. Contact me and we can discuss your situation.

Derrek S. Patrick
0 votes 42 answers Share Flag
My NC Homes…, Real Estate Pro in Chapel Hill, NC
Thu Aug 11, 2011
My NC Homes Team answered:
You need to speak to a real estate lawyer and/or your financial adviser to discuss long-term ramifications and to understand how short-sales work in Illinois.

If they suggest foreclosure consider turning over the deed in lieu of foreclosure.
If they suggest short sale as viable then make certain you have an attorney negotiate on your behalf with the lender to void any deficiency judgment.

For the record, you weren't sold a lemon; you bought a lemon, the difference is in realizing you failed to do proper diligence. If you had had the property properly inspected by qualified individuals before purchasing it you would have known about all the work it required and could have made an informed decision. Ultimately this is the buyers responsibility. If you were working with a Realtor as a first time buyer then they share some of this responsibility as they should have been there to help you avoid getting in over your head.

I'm sorry you find yourself in the position you have and hope things work out and you're able to put this experience behind you.
... more
0 votes 16 answers Share Flag
Frank,  in Madison, WI
Tue Mar 11, 2014
Frank answered:
Richard - IRS Tax Code which governs Tax-Exempt Mortgage Revenue Bonds (MRB), which was WHEDA's source of funds at that time, require that real estate financed with proceeds of a MRB must be owner occupied. Paragraph B.3. of the WHEDA Home Program Borrower's Affidavit that you signed when obtaining that loan states, in part, " . . . . I will not use the property as a recreational or vacation home, or rent the property to any other person (except for the non-owner occupied units of a two to four unit), or use more than 15% of the area of the residence in a trade or business."
In addition, item #2 in the WHEDA Home Program Mortgage Rider states, in summary, that the borrower agrees to occupy the property as their principal residence throughout the term of the loan. Failure to do so would constitute a non-monetary default on the loan and could result in the loan being called due and payable.
I'm sure WHEDA doesn't want to take possession of the property, especially a condo, in the current real estate market environment. On the other hand, they can't just ignore the Tax Code.
They might be willing to let you rent the property as long as you simultaneously have it actively listed for sale with a real estate company. I suggest that you call WHEDA at 1-800-562-5546 to discuss your options before getting into a situation that is unfavorable for you.
... more
0 votes 6 answers Share Flag
Gerard Carney, Real Estate Pro in Spring Hill, FL
Fri Feb 8, 2013
Gerard Carney answered:
Real Estate here in Florida is stabilizing!
0 votes 36 answers Share Flag
Laura Gianno…, Real Estate Pro in Manahawkin, NJ
Wed Aug 3, 2011
Laura Giannotta answered:
It depends on the bank. The short sale agent should get the mortgage authorization into the lender immediately, and start putting together the required paperwork.

Some banks, Wells Fargo for one, have identified properties that are qualified for a "Fast Track" short sale. On a "fast Track" the appraisal is done immediately.

Laura Giannotta
... more
0 votes 20 answers Share Flag
Ron Thomas, Real Estate Pro in Fresno, CA
Thu Jul 7, 2011
Ron Thomas answered:
Forgive me for not understanding: Did "she" (I presume this is the Seller's Agent) re-send the paperwork or not? How do you know?

Where is your Agent in all this mess?
Have you contacted the Broker for the Seller's Agent? If you haven't, do so!

I wouldn't accuse anyone of deliberately screwing things up, (fancy legal term), but.....

I wish I had a dollar for every time I've heard that they "lost the paperwork" or "you didn't send the paperwork".
It makes you a little suspicious.

You can contact an Attorney, but I don't think it would accomplish anything.
If the Bank doesn't want to sell you the house......

Talk to her Broker, is all I can suggest.

Good luck and may God bless
... more
0 votes 7 answers Share Flag
Sara Mehrpou…, Real Estate Pro in Los Angeles, CA
Mon Mar 10, 2014
Sara Mehrpouyan answered:
It can be anything such as reduced hours at work/reduced income, double income turned into single income, illness, etc. The fact that potential rent will not cover the mortgage payment, taxes, and insurance. Who is your lender Blake?

Sara Mehrpouyan CDPE
Rodeo Realty
Direct: 818-903-2040
Dre license #01712757
... more
0 votes 39 answers Share Flag
Nicole Raffe…, Real Estate Pro in Greensboro, NC
Sat Jul 27, 2013
Nicole Rafferty answered:
Has your agent spoken to the bank to get the short sale process started? Have they given you a price to put it on the market at or are you just waiting for an offer? Short sales are not an easy process, and certainly not short. They do however effect your credit differently then foreclosures. You need to speak with your bank and with an attorney/financial planner to see what option is best for your family. If I can assist in any way let me know. Good luck!! ... more
0 votes 18 answers Share Flag
Tammy Sanders, Real Estate Pro in Wilmington, NC
Sat Jul 2, 2011
Tammy Sanders answered:
You should call an expert for advice! I have over 25 years experience, sales and rentals! It's Friday night! July 4th weekend. Think you can reach an agent, probably not but you can reach me!

Tammy Sanders
Coastal Realty & Mgmt. Co.
... more
0 votes 6 answers Share Flag
Laura Feghali, Real Estate Pro in Stamford, CT
Sun Jan 27, 2013
Laura Feghali answered:
Hi Lili,
Many banks got into trouble with the federal government for robo-signing properties for foreclosure. This means that they did not thoroughly research the properties before foreclosing on them and just signed off on the documentation.
There were numerous properties in question on this issue. Now the banks have them and are suppose to be trickling them onto the market so that they all don't go on the market all at once which would lower home values even further.
Hope this clarifies.

Laura Feghali
Prudential Connecticut Realty
... more
0 votes 16 answers Share Flag
Shanna Rogers, Real Estate Pro in Murrieta, CA
Mon Jun 27, 2011
Shanna Rogers answered:
Hi Sue,

Short Sales can be very time consuming. First the seller has to accept the offer and then it is forwarded to the lender(s)/investor(s) for approval. Once the offer is approved by the seller and the lender(s)/investor(s), you ususally have to add 30-45 days for escrow. However, I've had short sales approved in under 24 hours but I've also had short sales approved in 5 1/2 months. It all depends on the lender(s)/investor(s) and how many files the lender(s)/investor(s) negotiator is working on.

Shanna Rogers
SR Realty
... more
0 votes 15 answers Share Flag
Scott Godzyk, Real Estate Pro in Manchester, NH
Sat Nov 19, 2016
Scott Godzyk answered:
It depends if the house was sold at auction to someone or if the bank took the house back at foreclsoure auction. If an investor bought it, they may be stricter than the bank with filining eviction papers. If the bank bought it back, when they assign the home to a local agent to sell, they will usually knock at your door and offer you cash for keys to move in 30 days or less. They can offer from $500 to $4000 depending ion how quick you move and the value of your home. If they do not offer CFK than they have to gove a 30 day notice, then can filie for a writ of possession following your states eviction laws. Good luck with working things out. ... more
0 votes 14 answers Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Sat Jun 25, 2011
Anna M Brocco answered:
In order to best protect yourself consult with your attorney beforehand, and see exactly what options you may have; a short sale could be one of those options...
0 votes 10 answers Share Flag
Fred Glick, Real Estate Pro in Mountain View, CA
Tue Aug 18, 2015
Fred Glick answered:
Hi Cristina,

This will affect your credit for years to come if it goes into foreclosure.

Try to list the property and have it go through a short sale first. This way would be the less of two evils.

Good luck!

... more
0 votes 25 answers Share Flag
Mott Marvin…, Real Estate Pro in Sunny Isles Beach, FL
Sat Aug 27, 2016
Mott Marvin Kornicki answered:
My suggestion is that you or your agent contact the broker or office manager and try to get the real scoop on what is going on. Ghere is no excuse for not returning calls. Also, check the tax records for foreclosure activity. Often, especially with short-sales- agents list property without knowing all the facts. I don't see how and where the "scam" element is. Looks like just another useless listing in the system. ... more
0 votes 11 answers Share Flag
... 4 5 6 7 8 ...
Search Advice