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Foreclosure in 20194 : Real Estate Advice

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  • Home Buying1
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Activity 3
Tue Sep 29, 2009
Cindy Jones answered:
It is going to depend on how they view the owners financial circumstances. Right now I have a 2nd with SunTrust at 94K and they want at least 10% of the amount owed either through the 1st trust or a note from the owner. So we are still negotating. Of course reminding them that 3K is better than zero which is what they get if Countrywide forecloses. Good luck! ... more
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Mon Jun 26, 2017
Cameron Piper answered:
Jeff,

1. It all depends on how it classified in the MLS. Trulia takes information from a number of different sources and so its information is only as good as the information given to the original source by the owner or the agent. Generally a resale is a property owned by an owner (in my opinion) and a foreclosure could be owned by a bank or by a homeowner but is involved at some stage of the foreclosure process.

2. The price listed generally reflects what a seller will accept for the property (for for-sale properties) there are some services that will list the price that the property was foreclosed at (bought at sherrif's auction for) this number really means very little.

3. When the bank or seller agrees to list the property for sale with a broker who is a member of the Multiple Listing Service.

Cameron Piper
... more
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Sat Nov 1, 2008
Keith Sorem answered:
Nancy
This answer may not make you happy, and I do not mean to offend you.

There are people who NEED help. Death of a spouse, cancer, medical issues, divorce, etc. These people are dealing with forces beyond their control,, and they need help with loan modifications, short sales, etc.

I see many posts like yours 'Our home's value has declined, we have a zero down loan, i want out". I do not know more than your post, so just based on that here is my two cents:

First, you made a promise to the people that loaned you the money to pay them back. Are you a person of your word? Are you a couple of integrity>? What would happen if you were the investor that bought the loan? What if your asset manager called you and and explained your story to them? How would you feel taking a 30% - 50% hit on the investment you made? What would you think of the people that signed loan docs. promising to pay you back?

Second, what options do you have?
Get a side job, earn enough income to meet your obligation.
Rent it out, then you go find a place to rent...yes, you'll be negative but that's the way it goes.
Get a room mate to help make up the difference.

You could try for a short sale, although I would not help you nor refer you to anyone.
That will ding your credit score 80 - 120 points.
Let it go into foreclosure - 150-200+ points
While you are at it, just declare bankruptcy, that's 7 years before you can get a loan on anything.

Nancy, I am sorry to so direct. There are people that are really in trouble. I encourage you to do the right thing. We need people to value honor, integrity, and their word.

I am a Rotarian. We have the Four Way Test that we apply to questions like yours:
Of the things we think, say, or do:
First - Is it the truth?
Second - is it fair to call concerned?
Three - Will it build goodwill and better friendships?
Fourth - Will it be beneficial to all concerned?

Good luck. One more question - what would you say if you kids asked you what you posted?
... more
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