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Foreclosure in 06120 : Real Estate Advice

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  • Home Buying1
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Activity 3
Sun Jan 11, 2009
Mott Marvin Kornicki answered:
"This property is a Lis Pendens. This is the initial document filed by an attorney or trustee on behalf of the foreclosing lender that starts the foreclosure process. This 0 square foot property has 0 bedroom(s) and 0 bath(s). The estimated loan balance is $195000. To access more extensive information..."

It looks like Realty Trac got hold of some information from the recordersoffice- it could be some sort of lien, any kind...

ANY information found on-line really needs to be verified; I have made mistakes myself when describing property, used the wrong picture, or even worse used someone elses picture that was later transfered to a very inappropriate image...

I think the information gets downloaded to Trulia automatically- I can understand your frustration.
... more
0 votes 9 answers Share Flag
Sat Aug 23, 2008
Maria Morton answered:
Go to a local real estate office. Ask for the broker in charge. Ask for an agent who specializes in foreclosure and/or short sales.
0 votes 3 answers Share Flag
Tue May 20, 2008
Jessica Beganski answered:
Maria,
It sounds like you want to and need to sell and therefore, a short sale may be your only option if the property is worth less than what you owe.

Was the bank even willing to do a short sale? And to answer your question about your credit - it depends. Your situation is a little more complicated because if you sold the rental for $190,000, you would be able to pay off your 1st mortgage but also have the HELOC on your primary residence.

I strongly urge you to contact a Realtor who can guide you to a person who is a short sale specialist. There are several things you would need to do and between your Realtor and the short sale specialist, they can best guide you.

I understand you don't want to deal with the property any more but perhaps using a Realtor or property management company in the short term would be able to ease the financial burdens you're facing by getting the other unit rented ASAP. You can still work to get it sold but in the meanwhile, you have tenants.
... more
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