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Foreclosure in 21279 : Real Estate Advice

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Activity 18
Mon Nov 26, 2012
Marlene Paisley answered:
Either contact the bank's listing agent and see if they'll hire you to clean their listings or call the banks REO/Foreclosure Dept. It's unlikely the bankers will give you the contract; since they most likely hire 3rd party companies or don't wanna spend money on upkeep at all. Many agents who list foreclosures handle maintenance and upkeep costs. Hope this helps. ... more
0 votes 1 answer Share Flag
Fri Jun 15, 2012
Randy Pomfrey answered:
email me at pomfrey@yahoo.com with the areas your looking in and I'll email you back a list :)
0 votes 5 answers Share Flag
Wed Jul 30, 2014
Scott Godzyk answered:
You should contact the listing agents of bank owned homes in your area. Some agents manage the preservation tasks for the banks. other banks use national companies whoch you can sign up for, but you will need to be insured and they often offer less money for the work as they take a piece. ... more
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Sun Sep 11, 2011
Maureen Francis & Dmitry Koublitsky answered:
It's not only your credit that should concern you. I don't know the laws of Maryland, but in many states the banks can pursue the home seller for a deficiency after a foreclosures. They could do that for many years after you have actually turned back the home.

Consult with a local attorney, Realtor and your tax professional. There are ramifications of each that can impact you for a long time going forward. I, for one, would not want to be hounded by debt collectors for years to come.

That said, your issue with a short sale is that you might not have a hardship -- and you will need one to get a short sale granted.

Is renting it out an option?
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0 votes 7 answers Share Flag
Sat Jul 5, 2014
Spirit Messingham answered:
Great question, talk with a local lender. Most of the time, it is free to do, and they can answer all your questions right over the phone. If you do not qualify now, a good lender will help you work on your credit, debt to income ratios and etc, so that you may be able to in the future.
They can provide to you a GFE (good faith estimate) and a loan calculator, so you can figure out how much a house costing X will cost you every month, before you even start looking. That is my advice to all home buyers, get pre-approved before you even begin to look. Best of luck to you.
Spirit Messingham
Tierra Antigua Realty
Tucson, AZ
... more
0 votes 11 answers Share Flag
Tue Jan 29, 2013
Norton01 answered:
On May 26, 2010, I contacted the Franklin Law Group and spoke to Tre Radcliff regarding the possibility of obtaining loan modifications from my first and second mortgage holders, Wells Fargo and PNC Bank. I explained very clearly to him that I lost my job, my husband left me, stole all my funds, and that I had no viable source of income and could not produce proof of any income whatsoever. He referred me to his "underwriting" department, who determined that the Banks holding my first and second mortgages were deemed to be cooperative, and that I had a very good chance of receiving an approval of a reduced payment in both principal and interest. The Mortgages on my home total $550,000 at 10% interest and the house is now valued at approximately $240,000 in a much lower interest rate environment.

Tre required I immediately send them $1,950 by wire transfer that same day (essentially the last cash I had to my name) to start the process, which I did, as well as send all my financial statements for the past 6 months and all other tax return information required. All my documentation was in the mail the next morning.

Thereafter, I called on several occasions to track the progress of the application and no one returned my phone calls for two months. My case file was then transferred from the initial person (I believe her name was Erica) to Kelly Pinada. Kelly requested the same financial information to be sent to her all over again, because she said it was now stale, which I did that very same day.

Several more months went by, with many unreturned phone calls and emails to Kelly Pinada and Erica, who was now her supervisor. Then one day, I received in the mail an unsigned, unauthorized by me, Request of Loan Modification submitted by the Franklin Law Group to both the first and second mortgage holders, with financial statements attached, stating I had $6,000 per month in income. The banks naturally requested proof of income to proceed with the process. I told both banks I had no such income, and never represented to the Franklin Law Group any such fact. I told them I had never even seen these applications, no less signed off on them, and could not produce the required proof of income. Needless to say, both banks subsequently denied my loan modification request.

Thereafter, Kelly never returned my calls or emails, which were becoming increasingly agitated. The file was then referred to Eddie Gomez to try to resolve my complaints, which were mounting at this time. I never actually spoke to Eddie, although I left at least 20 messages for him. When I finally got Kelly on the phone again, she said the matter was out of her hands, since she put the file on Eddie's desk. I have called Eddie, as recently as yesterday, confirmed with a receptionist that he still worked there, left another message, which of course was not returned.

I am now defaulting on both my mortgages, and will probably ultimately go into foreclosure unless I can accomplish a short sale. I continued to pay these excessively high mortgages from May through October in hopes of keeping my credit rating intact until I could modify the loans. I borrowed money from friends and family. I no longer have any resources left, and have spent thousands of dollars unnecessarily on these mortgages, in addition to the $1,950 fee to the Franklin Law Group.

The Franklin Law Group is a fraudulent operation and should immediately refund the money I paid them to initiate a process they knew from the start would be unsuccessful.

Although, in my first conversation with Tre Radcliff, I made it perfectly clear I could not produce any form of proof of income, he still encouraged me to continue to make my mortgage payments while pursuing the loan modification applications. He requested I immediately wire transfer The Franklin Law Group $1,950 to get started. He was so optimistic about my chances of success, and I believed him.

Further, The Franklin Law Group should reimburse me the useless mortgage payments I made for the past 6 months, totaling $15,631.14 ($2,605.19 per month x 6). Had I known at the start that there was no hope to receive consideration for a mortgage modification without proof of income, I would have stopped making the mortgage payments in May, and immediately listed the house for a short sale. I am now in exactly the same position I was in May, but having thrown away $17,581.14. I will now have to default on my mortgages, ruin my credit in the process, and still have to list the house for a short sale, which could take many months.
... more
0 votes 11 answers Share Flag
Wed Jul 28, 2010
Katina Wright answered:
WOW...if I ever really sincerely heard a statement that demands legal attention THIS IS IT! Contact legal aide in your city for sliding fee legal assistance.

It sounds like the second mortgage company has just secured itself as a lien against you as an individual vs. the house! And with the mighty pen created a world of hurt. An attorney can answer whether or not there was legal right to withhold your insurance payment (doesn't sond right to me-I'm no lawyer).

You signed a default judgement with no legal representation, has this judgement been recorded and does this judgement against you mean you are no longer responsible for monthly payments to the second lien holder? (Questions for the lawyer)

If you are wording this correctly then the judgement will create a lien, against You, no longer against the House...just you. Had you not signed off on it they would have had to have a day in court. Sounds very wicked.

The second mortgage has now created a long-term relationship you and everything you own. You need an attorney!

Good Luck!
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0 votes 4 answers Share Flag
Sat Oct 31, 2009
Tina Beasley answered:
Shirley,

Any agent can help you aquire a property. However, the lender you use must be involved in that program to make you the loan for that certain program. Give me a call and we can talk about this further. I had a couple of lenders that contacted me about that program, but it was some time ago and there was a limited amount of money available. That money may not be available any more. We would just have to find out.

I will be more than happy to help you.

Tina Beasley
Associate Broker
Real Estate Professionals, Inc.
443-243-1832 Cell
410-918-9740 Office
... more
0 votes 2 answers Share Flag
Fri Oct 9, 2009
Ania Miller answered:
Ladyt;
Having an Agent to represent you is important. Feel free to email me with your criteria and let's see what we can do.
Ania
AniaMiller@kw.com
0 votes 2 answers Share Flag
Mon Aug 10, 2009
Sabrina asked:
looking for people 62 years and older that might be interested in reverse mortgages
0 votes 0 Answers Share Flag
Thu Jul 2, 2009
Alan K answered:
Yes, what you describe is a binding contract. Do you have a copy that includes the sellers' signatures? Only one offer should have been accepted and sent to the bank. A second offer is not considered unless the first one is declined. These sellers may have committed to sell their home to two different buyers. There is a lot of confusion out there. For over 50 years, the real estate business has run by certain rules. But we've never seen a market like this. It seems that with short sales, all the established practices went out the window.

I suggest that you consider yourself an educated buyer (educated the HARD way!), and move on. Good luck.

Alan
(443) 789-6712
... more
0 votes 3 answers Share Flag
Tue Aug 11, 2009
Brian McLane answered:
Wed Jul 1, 2009
. answered:
A Lis Pendens means that there is a suit pending against the title of the property. It basically tells you that there is some sort of issue with the title, (lien delinquency, etc.). If you were to buy a home that is Lis Pendens, you would be purchasing subject to the outcome of the suit, and you would be responsible for the judgement.

Lenders typically will not lend money on properties that are Lis Pendens, and title companies cannot insure clean title. If you are trying to contact someone, contact their realtor (if it's listed for sale) or the homeowner directly.
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Sat Nov 15, 2008
Ray Day answered:
The answer is actually somewhat scary. They are not really equipped with the infrastructure to handle short sales. Now with the loan modification cases added to their melting pot, it is going to get worse. One major lender has put out that they will be doing a loan mod offer to 500,000 homeowners, and the 600 people they will be hiring and training are supposed to handle that workload. 834 individual loans per person to deal with, and no across the board general software that can do each one.

So now throw your short sale and all of the foreclosures into the mix along with many other factors, and you have a long sale. I hope your buyer and seller can hold out. Unfortunately the quickest I have ever saw was 60 days, and that was some good prep prior to starting with the lender. Maybe they are going a little quicker today, haven't done one in 2 years.
If your seller would like to stay in the house, I suggest looking at a loan mod solution, at least as an option in case the short sale falls through. Loan mods can be done anytime for anyone even after a foreclosure sale.
For more info check out our blog. Also you may want to direct some of your clients you cannot help to a Loan Mod. There is a commission for that too.
Hope this helps answer the question.

http://www.modifymyhousepayment.com/blog
... more
0 votes 8 answers Share Flag
Tue Aug 26, 2008
Ted Stewart answered:
He should immediately call and consult with a real estate attorney. This is a legal question and legal advice is needed.

Ted Stewart, CRS, e-PRO
Yerman Witman Gaines & Conklin Realty ... more
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Fri Jun 19, 2009
Don Tepper answered:
For a free listing of tax foreclosures, contact your city or county government. In many jurisdictions, all tax foreclosure listings are publicly advertised--usually in the major newspaper--along with information on how to purchase or bid on them. But initially contact your city or county government. ... more
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Thu Jun 5, 2008
Lewis Poretz - MARYLAND 203K Renovation Loans answered:
Think long and hard if you are purchasing a home for the first time about the amount of time, effort and dollars it takes to repair a house.... talk with friends that have attempted this before... ... more
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Sun Oct 21, 2007
David & Lisa Webber answered:
The homes in Cherry Hill have sold anywhere from $35,000 (for a shell) $42,900 (foreclosure) to $73,000 for an end unit with new windows and doors and an updated kitchen. If you'd like a complete market analysis of the area, just e-mail or give us a call. ... more
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