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Foreclosure in 55434 : Real Estate Advice

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Activity 35
Fri Feb 13, 2015
Mark Claessens e-Pro NHSS answered:
As an expert on this, Patrick, I am confused and this doesn't make sense. If there was a sheriff sale, and it really took place, your senior lien holder would now have a sheriff's certificate showing that they bought the house back, and they would have a price on there and they would also be able to tell you the redemption date. And that would be 182 days from the sale date.

For them to say "it went back to the bank" does not make any sense. So .....

Call your bank, ask for Loss Mitigation, tell THEM that you want to know the foreclosure status of your property/loan, and they will. That part will be simple. You may be transferred to the "recovery department" or "foreclosure department", or something liket that. But you will get your answer in a heart beat.

Mark
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0 votes 12 answers Share Flag
Thu Nov 28, 2013
Christopher Pagli answered:
I heard yesterday and thinks it's about time!

Chris
0 votes 14 answers Share Flag
Fri Jun 22, 2012
Joe Houghton answered:
Contact an agent such as myself who understands all of the inter workings of "distressed" properties (REO's Bank owned, Foreclosures and short sales) I list bank owned properties as well as short sales and represent buyers and investors on the purchase of short sale and foreclosure properties regularly. I cannot stress how important this is for buyers. It is also very important that the agent you work with knows how to properly value properties and knows how to analyze the condition and quality of homes both new and old. ... more
0 votes 2 answers Share Flag
Tue Jan 10, 2012
Ron Thomas answered:
You are between the Rock and a Hard Place:
They have changed the locks, but insist that you still own it.
You have to have insurance on it, but you don't have access.
You are not paying anything for it, but don't occupy it.
You are responsable for it, but....

By moving out, you might have lost the opportunity to get the Cash for Keys.
Your Credit is already ruined, the next few months aren't going to make much difference,
other than the clock has not started on your waiting period for another loan.
If you know how to contact the Bank, or their Kisting Agent; you should share these points.

Good luck and may God bless
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0 votes 9 answers Share Flag
Sat Jan 14, 2012
Pam Bava answered:
Not sure about Minn law but I have seen it done in Mich when there was a buyer for the property. All you have to do is ask them. You might have to sign some sort of release.
0 votes 22 answers Share Flag
Mon Mar 26, 2012
Joe Houghton answered:
I'm not sure the answer to your question, but want to be sure you know you have several options if you own the property free and clear. Contact me if you have any other questions.
0 votes 11 answers Share Flag
Thu Nov 3, 2011
Walter 'Skip' Kersten answered:
Hi Ruby,
For tax questions it is best to consult a tax professional. For general tax in formation concerning this, google the Mortgage Debt Relief Act. It is fairly easy to understand.
Good luck,
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0 votes 4 answers Share Flag
Tue Oct 25, 2011
Ron Thomas answered:
I wonder what Religions teach their devotees that they are allowed to do anything to someone if they are in, in their opinion, a "BAD PERSON".
That would mean that if someone cuts you off on the highway, you can pull your Glock 9 and blow him away.
Or if you know that the guy who cuts your hair is an ex-felon, you can knock him down and stomp on his fingers.
Gosh, that would mean that the guys who beat Rodney were justified!

The Banks are obvious the culprits here, they created the Housing Crisis by flagrantly making BAD LOANS to all these people. They made the value of these homes drop in half. They are responsible for your neighbor losing his job and not being able to make his House Payment! They forced these Variable Interest Rate loans on these unsuspecting people. The Banks created the unemployment problem across the Nation!

We are seeing a wave of Foreclosures and the only reason is that the house is UPSIDE/DOWN!

I never knew that the Banks could do so much!

And now, that some really educated guy in Arizona, says that it's alright to back-out on your committments, to lie about your reasons, and to blame your bad decisions on someone else; well that makes it Okay!

And I thought the "TWinkie Defense" was really out there!

But we have someone respected who says it's acceptable; well, that seals it.

Hey, did he say it acceptable to cheat YOU if I don't think YOU are a good person?
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0 votes 8 answers Share Flag
Wed Nov 14, 2012
Christine McDaniel answered:
It may vary from state to state. If the owner is losing the property you live in, you need to look for a new place to rent immediately. I would get something in writing stating that you are release from the contract. Once it is in foreclosure the owner is the bank. ... more
0 votes 5 answers Share Flag
Thu Jan 13, 2011
Steele V. Propp answered:
This is really a legal question and you should consult a local lawyer who specializes in foreclosures and knows HOA statute. It sounds like both you and the bank have done just about everything that they can.

This is a weird one. Normally the HOA is screaming for their money.

Steele V. Propp
Foreclosure Consultant
Schatz Real Estate Group
steelep@aol.com
... more
0 votes 11 answers Share Flag
Sun Oct 5, 2014
Dp2 answered:
You really should speak with a tax attorney or CPA on this; meanwhile, if you're thinking about letting the property go anyway, then you might want to consider selling with seller financing.

Please feel free to contact me.
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0 votes 11 answers Share Flag
Tue Sep 7, 2010
Scott Godzyk answered:
If the house was foreclosed on, he no longer owns it. Therefore he is not entitled to collect anymore rent. You should not pay them but should put the rent aside as you will be contacted shortly in most cases by an a property manager or real estate broker who has been assigned the listing.

Some banks in some areas will retain you as a tenant. others may require you to move out. If that is teh case they may offer you and if tehy dont ask for a cash for keys also known as a relocation agreement. they will pay you 500 to 1500 dollars to move owthin 30 days and leave teh property free of all belongings and trash.

So if you are sure it was foreclosed on, stop paying the old owner, you may want to contact teh police if you think you were scammed.

good luck in working things out

http://www.trulia.com/blog/scott_godzyk/2010/05/free_cash_for_tenants

please read my blog for more infomration on cash for keys
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0 votes 10 answers Share Flag
Fri Oct 22, 2010
CCC answered:
Hi Isma, which one? There is no property on your question/comment.

Thanks.

Benito.
0 votes 4 answers Share Flag
Tue Jun 17, 2014
Jennifer Hennemuth answered:
Redemption period is 6 months from date of sheriff sale. If the mortgagor (homeowner) abandons the property the redemption period can be shortened to 5 weeks. If the mortgagor is still occupying the home after the redemption period expires they will likely be evicted. If personal property is found it is usually available for retrieval by the previous owner within 60 days of redemption expiration. Generally a letter or notice is posted on the property or sent by mail with contact info for retrieving personal property within the 60 day timeframe. Or you could try contacting the attorney for the bank if you have no other contact info. ... more
0 votes 15 answers Share Flag
Tue Jan 12, 2010
Dallas Texas answered:
Your agent should place an offer banks normally do not work direct with buyer.

Nor are they going to furnish you the documents to submit a sales offer, you agent has all those docu's represent you in best light for bank possibly accept your sales offer

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911

http://www.lynn911.com
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0 votes 10 answers Share Flag
Sat Jan 9, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
From what you indicated it would suggest that a short sale most likely will not be approved because of your other assets, salary and investments. The only hard ship seems to be the reduction in value.

I would recomend trying to get hold of the lender and see if you can modify the loan!

If the modification does not work check out what a sale would cost you. The loss might not be as big you may think. Which is going to be worse $2500 a month for who knows how many years or a loss of $10000 for an example. It will all depend on how long you can hold on and how it will take the values in your area to come back.

You got something that it is best to work out quickly to reduce your exposure.

Good Luck

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee
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0 votes 6 answers Share Flag
Fri Jan 15, 2010
CCC answered:
Thu Dec 17, 2009
Stacey Wyatt answered:
Dimkawedding,

Your situation is a common one in today's times and I have heard this question echoed many times recently. Unfortunately, you do not have a "Hardship" and you have "Assets" therefore you do not qualify for a Short Sale and that is why the Bank refuses to work with you... Wait a minute... Did I really say Unfortunately... Yes, the fact that you owe more than the house is worth sucks, the fact that your need more space and can't immediately achieve it sucks... but you should feel Fortunate that your are gainfully employed and have assets. Basically, the Banks are so bogged down with foreclosed inventory from distressed homeowners who have lost their jobs, suffered illness, etc. why would they want to listen to someone that is perfectly capable of living up to their obligation?

If you put 10% Down on your $300k home when you bought it... you would probably have to bring a check to closing for $30k if you got a $260k Offer... if you put 20% down when you bought it then you could probably break even... I can only assume you got 100% Financing or 95/5 Financing... either way, it sounds like you got the benefit of Home Ownership without having to put any skin in the game...

I can't imagine you would ever choose to let the house go into Foreclosure, just because... Your credit would take a 200 - 400 point hit and you wouldn't be able to buy a new home for at least 3 years from the Foreclosure... The Foreclosure would have to be disclosed on every Application for a 7 year period, probably causing you to pay a much higher Finance Rate... just doesn't make sense... I am working with very good people, who have lost a job or fallen on hard times... it is not pretty, so you should feel fortunate...

With that being said, I will offer a constructive solution:

You could Lease Option the property for a period of 2 to 4 years and give the market time to recover and gain back a little of what has been lost. You usually can get an upfront "Option Fee" of 3% of the Sales Price which (in my L/O Contract) is non-refundable if they don't close on the property down the road... If they do close, it gets applied to the Sales Price at closing. If you can rent it for near break even or a small loss... it would be a hell of a lot cheaper than writing a big check now... on top of that you still get the Interest Deduction, Expense Deductions and you can Depreciate the Property... all great benefits... this would allow you to buy the home that fits your current needs and move on with life.

You can always call an attorney, and for a "modest" fee, get some advice on what you can legally do to improve your situation... sounds almost as fun as a foreclosure!
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0 votes 4 answers Share Flag
Sun Oct 4, 2009
Craig Ballhagen answered:
Tue Sep 29, 2009
Jackie Funk answered:
You're correct, because of the legal mess and other reasons, some of the current owners are having to sell at huge losses. I have a few clients that looked at this development and have done all the legal work to weigh-in the risks. If you need more information please feel free to contact me.

The current association (owners) are a very tight group and are doing a great job at maintaining the building (phase 1) and I hope when all is said and done the bank will work with another developer who can complete the project - is a shame, the project was mis-managed and had the legal troubles that it does - because the building itself is done very nicely!
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0 votes 1 answer Share Flag
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