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Foreclosure in 80918 : Real Estate Advice

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  • Home Buying6
  • Home Selling5
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Activity 14
Fri Jun 24, 2011
Chuck Wartman answered:
The thing that pops out at me first is that you said you got an FHA loan. If the home was an FHA insured home then they will ONLY pay 1% towards buyers closing costs. I dont know your sales price but see if that fits.Other than that, there are many things that could have caused this. Tooo many to go over here. Short sales are difficult and congrats to actually getting to closing though.( I am curious if the math works to the 1%)

Chuck Wartman
231-5525

ChuckWartman@gmail.com
... more
0 votes 7 answers Share Flag
Mon May 2, 2011
Anna M Brocco answered:
In order to best protect yourself and any other assets you have, do consult with an attorney before making any decisions...if hardship can be proven to the lender, a short sale may be an option over foreclosure, however if worried about your credit, it will be affected....again, consult with an attorney. ... more
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Tue Jan 29, 2013
Francis J. Paulick answered:
Are you going to bid at the Wed auctions at the courthouse or online? If you bid at the courthouse, you have to bid higher then the banks offer which you should know.
0 votes 9 answers Share Flag
Thu Apr 7, 2011
Anna M Brocco answered:
Generally HOA fees are billed separately--check your homeowner documents for an accurate answer...
0 votes 10 answers Share Flag
Thu Dec 2, 2010
Myra Gouger answered:
There is nothing you can do except to ask to be placed in back-up position. If the bank accepted the other offer, the bank wants to move on. You should as well and find another property. ... more
0 votes 2 answers Share Flag
Sun May 1, 2011
Joanna Morris answered:
Cherina,

I am sorry to hear about this. Take your lease and go see an attorney. One who specializes in Real Estate. If you need one call a couple of local Realtors and ask for references. ... more
0 votes 8 answers Share Flag
Tue Oct 4, 2011
Lillian Lively answered:
You can short sell your current home. The short sale will negatively impact your credit and will likely make purchasing a new home, after the short sale, something that you wouldn9;t be able to do for a few years. Plan on renting until the credit getts cleaned up.
Sorry to say, but you do need to know it.
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0 votes 11 answers Share Flag
Sun Jan 20, 2013
Kelly Young answered:
Hi, tax lien property sales are done by county. You can search individual counties and here is the link for El Paso County (Colorado Springs area). If you need more information please let me know.

Good luck.

Kelly

719-226-0126
Red Rock Realty
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0 votes 5 answers Share Flag
Tue Mar 30, 2010
Kathy Torline answered:
Send me your contact info by email; always looking for resources for my clients. Kathy Torline Ktorline@msn.com
0 votes 2 answers Share Flag
Thu Jul 26, 2012
Debra Lynn Schirmer answered:
Are you loosing your home? What happens is first the bank will notify you that you are in default of making your payments. Then I believe they notifiy that you are in foreclosure (3 months behind), after that the property goes to the sheriffs sale at which it is sold (usually the banks buy the property for what is owed on it but a person could bid higher and then be the owner), after the sheriffs sale depending on your state, in Michigan the person has 6 months to redeem the property (meaning they can pay all the fees, catch up on payments) or if it is on more than 3 acres you would have a year to redeem it. During this redemption period if you move out of the house, the bank will find it abandonded and move forward with trying to get it listed sooner, if you have it listed you can actually live in the house, keep up the utilities and not pay a house payment for the 6 to 12 months. Does this answer your question? ... more
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Wed Sep 30, 2009
Jim Sharp answered:
I'm out here! I've specialized in performing assets, but I've been around enough non performing assets to give it a go.
0 votes 1 answer Share Flag
Wed Dec 2, 2009
Mark & Shari Wallick answered:
Laurie, Send me your contact info and i'd be happy to set you up on a search that will provide you with the bank owned and foreclosed properties listed for sale. When we talk i can also show you how to find foreclosed and properties in pre-foreclosure situations. email me at mark@markandshari.com

Mark
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0 votes 11 answers Share Flag
Wed Apr 16, 2008
Mark & Shari Wallick answered:
Kathy. A short sale is a very difficult process. I would recommend that you contact an attorney at law to get legal counsel regarding the process. If you have additional questions you can contact via email at mark@markandshari.com ... more
0 votes 5 answers Share Flag
Fri Mar 25, 2011
Ute Ferdig answered:
Hi Kathy. Sorry you are finding yourself in a short sale situation. The first thing you have to do is contact your lender and find out what their short sale requirements are. Each lender requires different documentation, but all of them require a hardship letter in which you explain your situation. Many lenders have a short sale package that contains everything that they'll require. Some lenders will not provide you with the short sale package unless there's already an offer on the house. While I am not saying that you can't legally conduct your own short sale negotiations, I would highly recommend that you don't attempt it. I have nothing to gain from telling you this as I am not even in Colorado. I have negotiated short sales for clients and I know that they are very time consuming and frustrating and there's a lot to know over and above what's normally involved in real estate transactions. I could not even begin to describe all the possible pitfalls. Short sales take a long time and if you are facing the possibility of foreclosure, time is not on your side. There's no time to try to do it yourself and then find out that you couldn't do it while the foreclosure clock keeps ticking. I would highly recommend that that you hire a real estate agent with short sale negotiation experience. Unless you don't care whether the home goes into foreclosure, you really don't want to learn how to do a short sale as you go. As far as I am concerned, there's just too much at stake. Good luck. ... more
0 votes 13 answers Share Flag
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