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Foreclosure in 40208 : Real Estate Advice

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  • Local Info1
  • Home Buying0
  • Home Selling1
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Activity 21
Sun Sep 1, 2013
Gordon Goldsmith answered:
If you did not put your name on the loan and did not sign the mortgage note, then there should be no way a lender could come after you personally. The home has already been taken back by the lender according to your post. This is as far of a recourse as they would be allowed to go.

Gordon Goldsmith
Sagamore Home Mortgage
Louisville, KY
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Fri Feb 8, 2013
Mark Atteberry answered:
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Sat Sep 1, 2012
David Pauley answered:
If your home is being sold by Fannie Mae, the HomePath Renovation Loan could be a solution. Otherwise, FHA's 203-k loan could help. Both allow for monies to be held in escrow to complete the work. ... more
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Mon Jan 2, 2012
Don Tepper answered:
You should have a real estate agent. You don't deal directly with the bank.

What happens is this: The bank puts the property on the market. It lists it with a real estate agent. Although you could deal directly with the listing agent, you'd be far better off to have your own agent representing you.

In either case, you'll be going through an agent, not dealing directly with a bank.

Hope that helps.
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Sun Sep 1, 2013
Michael Emery answered:
It sounds like your lender purchased the property @ foreclosure to protect their own financial interests. In states with the right of redemption (Kentucky appears to have a redemption period albeit restrictive) often the bank will be the sole bidder @ foreclosure auctions. ... more
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Sat Jun 20, 2015
James Gordon ABR SFR SRS answered:
Mark if you look the commisssion dropped also. On distressed properties in my area the max used to be 5% and on target properties (time on market, condition, area) it went up to a max of 8%. I don't think that I am going to be writing offers on any 5000.00 properties soon. A whopping 150.00 that I have to split with my broker does not pay for the time and energy. ... more
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Thu Oct 24, 2013
Steve Dobbs answered:
There is no deficiency if the auction nets more than required. The funds in excess should be sent to the homeowner. I can't say that this would happen very often.
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Fri Oct 15, 2010
Scott Godzyk answered:
Normally there is a state statute that states what the minimum percentage the bank can purchase the house back at if no bidders or low bidders, in most areas it is 80% of what the former owner owed. If they take it back, and then place it on the open market they use the price they sell it for less the cost of teh foreclosure, less the cost of selling it, less what the owner owed including fees and any costs of cleaning, repairs and monthly maintenance to arrive if their is a defieiciency or not.

If the bank takes it for the 80% and then sells teh loan to thw PMI company or the government or another bank, the defiency is based on the total owed plus fees and costs less what the got for it. Some states allow for you to write to your bank and get a detailed list of this.

If you are the one who was foreclosed, you mjay want to seek tha advice of an attorney if they are coming after a deficiency, at least use the first free meeting to get a direction. good luck in working things out
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Tue Mar 23, 2010
Gerard Dunn answered:
This sounds like fraud.

Everyone including the Real Estate Broker can go to jail.

It is thinking like this that caused the crisis we are in.

Avoid this at all costs. It is against the law. ... more
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Fri Sep 17, 2010
Don Tepper answered:
If you're already operating a service business--a lawn service business in your case--you're already 80% of the way there.

For information on cleaning and janitorial businesses, including niche businesses, go to

For marketing, you'll really use many of the same marketing techniques you're already doing. They should be directed to the listing agents, not to the banks. And, again, has some good resources.

The numbers that are sometimes quoted--the "up to $2,500 per property"--are generally quite optimistic. A real estate agent with an REO listing (on which he or she probably will receive a reduced commission for more than the average amount of work) isn't likely to spend a whole lot of money on a property trash out.

For more information specifically on starting a trash-out business, see
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Sun Jan 10, 2010
Anna M Brocco answered:
For an accurate answer contact your tax consultant as he/she knows your finances best--if you paid the interest, yes, you should be able to claim it.

0 votes 9 answers Share Flag
Tue Jan 19, 2010
Debbie Simms answered:
Try looking on line for housing counseling agencies in this area. is a good place to start.
0 votes 4 answers Share Flag
Thu Apr 23, 2009
Mike Linkenauger answered:
Yes, usually you can on your local clerk of courts office online, just go to google and type in Lakewood, CA clerk of courts website, or your county with clerk of courts. You may have to hunt around a little to find the correct documents, but I believe that is on public records ... more
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Sat Feb 19, 2011
Keith Manson- Metro Milwaukee Wisconsin answered:
It would appear there are two people working the case. Is the property listed with the same realtor? Is your offer have credits that may affect the price? If would the same realtor I would counter the offer attaching the new listing and call the listing agent to find out whats up. If you have a cash offer I would go off the new listing price and make your offer. Again confirm with listing agent.

Hopefully you are working with a buyers agent!
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Sun Sep 1, 2013
Bill Eckler answered:
Both you and your agent are correct. Your appraisal initiative is a gesture of serious interest however the bank is interested in holding an amount of money that will cause you second thoughts prior to walking away from the deal.

$500 is a small amount for a "good faith" deposit. As the buyer of a "foreclosure" part of the game is to make your offer appear better than others and portray yourself as a serious contender. We're not sure a $500 deposit will get the attention you require let alone decrease it to $200.

Listen to your agent...........
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Fri Jan 1, 2010
MAP1922 answered:
The point of a Chapter 13 is that you are on a payment plan to repay all your debt. No one files bankruptcy who has excellent credit and the entire point of bankruptcy is to be provided a "fresh start".
Did you file pro se or did you use an attorney? A good bankruptcy attorney should have reviewed ALL your debts and assets and advised you as to the pros and cons of Chapter 13 vs Chapter 7. Even Chapter 7 does not eliminate all debt.
I see that you are in Kentucky. I recommend if you haven't already, to visit the site I've linked below which is to the National Consumer Bankruptcy Attorney's (NACBA) website. All members are advocates for you. There is a great deal of information provided there as well as a list of attorneys in your area who are bankruptcy practitioners.
Best wishes,
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Tue Feb 3, 2009
John Burns answered:
There is no formula for an offering price on a foreclosure home. You have done your homework--finding out the previous sale price and the balance left on the loan. That info, and the knowledge that it will take at least $30,000 to get it in shape, is the best basis for an offer. Just working the numbers, it looks like the asking price is in line with what the property will be worth when the work is completed. Here is the wild card--not everyone can get the money, in today's restricted lending scene, to buy the home and do the required work. That should limit the number of people interested, but just in the last 10 days, the real estate market seems to be waking from a nap, largely because of the low interest rates. Good luck on your planned purchase.
John Burns
Century 21 Partners
Owensboro, KY
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Sun Sep 30, 2012
Donovan Stewart answered:
You can obtain this information from the Bank that had your loan. You may also obtain this information from the Sheriff's Office who conducted the sale.

Donovan Stewart
Broker/Sales Person
Century 21 Calabrese Realty
201-945-1070 Office
973-280-5987 Cell.
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Thu Jul 31, 2008
Bill Dunn answered:
Which is foreclosing - the first or second mortgage? They have priority and it matters a great deal.

I am not an attorney, just a realtor, but since no one else has answered... If the first mortgage holder is foreclosing then I understand that the first mortgage folder will receive the funds from the sale of the home. Any remaining funds will go toward the second mortgage.

Whereas, if the second mortgage is foreclosing, they will have to buy-out the first mortage before they can foreclose.
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Thu Apr 17, 2008
Pam Winterbauer answered:

You may want to consult with an attorney to determine if a Chapter 7 BK is best for you. As to rentals you may want to try your local craigslist as Trulia does not have a rental forum here. Good luck. ... more
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