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Foreclosure in 85256 : Real Estate Advice

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Activity 29
Fri Jan 4, 2013
Bill Parker, CPA* answered:
Hi Diana:

The pat answer you are going to get is that you need to consult a bankruptcy attorney and for that I would recommend Brian Utsey at 480-538-5024 or

As to the possiblility of refinancing an underwater mortgage, have you looked into the HARP 2.0 program for Fannie and Freddie loans, or the FHA Streamline program for FHA loans? In most circumstances none of these requires an appraisal and can significantly lower your monthly payments. I would be glad to answer your questions in this arena.

Bill Parker, Loan Officer
AZ Lic# 09011570
NMLS #223607
CPA--Licensed, no longer practicing

GenCor Mortgage Inc.
15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
(O) 480-525-8496, EXT 743; (M) 602-565-3646; (F) 480-436-5226

MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.

If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter
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0 votes 9 answers Share Flag
Tue Dec 4, 2012
Andy Griffin answered:
When you say they haven't signed the HUD, do you mean they haven't approved it? NY is an attorney state so may be different there, but when a lender "funds" your transaction it doesn't mean your done yet. Title still has to record the transaction for you to be legal owner of record. Your funding lender may have to take funds back and reissue depending on their requirements. REO sellers operate within their own rules and its often times very frustrating. ... more
0 votes 5 answers Share Flag
Sat May 31, 2014
Maria Cipollone answered:
A cosigner guarantees the lender that if the primary borrower does not make payments, the cosigner will assume the loan obligations and make payments on it.
Did you fill out an application for that Association? Did you ever live in that communnity?

If they do not have any information on you, you still have a chance to denied payments.

Good Luck,

Maria Cipollone
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0 votes 5 answers Share Flag
Sat Oct 27, 2012
Donald Keys answered:
Currently there is 1 ACTIVE home for sale in DC Ranch listed a Lender Owned / REO which is a bank owned foreclosure:

221 E DESERT ARROYOS ST Scottsdale, AZ 85255 $655,000

4773570 Residential Single Family - Detached Active
Beds/Baths: 5 / 3.5
Bedrooms Plus: 8
Approx SqFt: 3,654 / County Assessor
Price/SqFt: $179.25
Year Built: 2005
Pool: Private
Encoded Features: 53.5FRDXPO2G
Exterior Stories: 2
# of Interior Levels: 2
Dwelling Type: Single Family - Detached
Approx Lot SqFt: 8,726 / County Assessor
Apx Lot Size Range: 7,501 - 10,000
Subdivision: DC Ranch Parcel 1.18 MCR 657-20
Tax Municipality: Scottsdale
Marketing Name:
Planned Cmty Name:
Builder Name: Engle Homes
Hun Block: 17000 N
Map Code/Grid: K38
Bldg Number:
Ele Sch Dist: 048 - Scottsdale Unified District
Elementary School: Copper Ridge
Jr. High School: Copper Ridge High School Dist #: 048 - Scottsdale Unified District
High School: Chaparral High
Cross Streets: Bell and 94th Street Directions: From Bell and 94th Street go North on 94th to Palo Brea turn West to 92nd Place - Thru Gated Entrance(see gate code Below) Desert Arroyos is the first left turn home is on the South side.

You can view a "LIVE LIST" of ALL Scottsdale Foreclosed Homes For Sale using the link below:

They are located on the right hand side of the website and you can flip through the pages, the DC Ranch home is $655,000
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0 votes 12 answers Share Flag
Wed Jan 18, 2012
I can set you up with a personal portal through the mls and you could search there without any 'trial' membership :) ......the question is one for realty trac themselves do they have a contact us area?
Again , most happy to assist as a buyers agent should that help in your search. Warm regards, Cristine
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0 votes 5 answers Share Flag
Wed Nov 2, 2011
Howard Rudin answered:
There are a number of public auctions to look into REDC has one every so often here in Phoenix, Fannie Mae and Freddie Mac also have some once in a while. These auctions are usually advertised on TV and in the newspapers. You can search Google for them. Individual home foreclosure auctions are held daily at a variety of law firms and on the court house steps. If you know the property address you can usually find out from the tax assessor's site at when the property will be auctioned. Those auctions properties are sold as-is with no warranties. So buyer beware.

Howard Rudin
John Hall & Associates
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0 votes 6 answers Share Flag
Tue Nov 1, 2011
all a quit claim is is the release of equity position in the property but does not absolve from note (financial) obligation from the lender
need to ask an attorney re: legalities
0 votes 1 answer Share Flag
Wed Feb 2, 2011
Anna M Brocco answered:
If you can't afford to make your mortgage payments, consider consulting with your attorney....
0 votes 6 answers Share Flag
Wed Jan 26, 2011
James Gordon ABR SFR SRS answered:
111842f the lease runs with the land not with the owner. Upon purchase the new owner and you are still held to the terms of the lease. That is why when someone purchases investment property they send the seller an estopel letter. This stops them from making a lease after the offer comes in at very favorable rates and terms to a tenant that the new owner would have to honor. ... more
0 votes 1 answer Share Flag
Thu Jul 21, 2011
Karen Levy answered:

Sounds like your HELOC is in a second position.

If you find out you are responsible it is possible they will settle for a lesser amount and provide terms.

If the HELOC and first lien is with B of A there may be a bit more flexability. At some point B of A may sell the debt to a collection agency.

Hope that answered your question.
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0 votes 12 answers Share Flag
Mon Dec 18, 2017
Kyle answered:
Sun Nov 7, 2010
Paul Slaybaugh answered:
I read through the answers to your initial question, and the responses were largely spot on. At this point, however, with the question shifting from a general one to one very specific to your unique circumstances, I strongly recommend you eschew the opinions of the Realtors, mortgage lenders, etc on this site for proper legal advice from a Real Estate attorney. We all have opinions, but they won't be rooted in a comprehensive understanding of case law. Good luck. ... more
0 votes 11 answers Share Flag
Thu Jan 18, 2018
Laura Myers PLLC GRI, CLHMS answered:
Stranger things can happen. A second is not in first position and there wouldn't be proceeds to pay off the first. I'll be interested to here more experienced replies here. The second is typically not larger than the first so to be able to pay it off doesn't seem likely.
Laura Myers
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0 votes 22 answers Share Flag
Mon Nov 8, 2010
Stephanie Weiss answered:

There would be many answers to this question and more than likely is a question for an attorney, not real estate professionals.
0 votes 9 answers Share Flag
Mon Jan 12, 2015
Robert G Hertzog Jr answered:
Wow, scary situation...

Have you called your agent (the seller)? Have you called the title company that handled this transaction? I would start with calling both of them. Title insurance is in place to keep this very thing from happening. ... more
0 votes 10 answers Share Flag
Wed Apr 28, 2010
Patrick Thies answered:
This property is most likely heading towards foreclosure but is not in nor has been foreclosed on at this time. Pre foreclosure or short sale and all the price reductions would indicate this.

At this point, you would be dealing with the current owner and then the owner will take any offers to the bank and ask the bank to approve the deal. Even if the seller accepts your $150,000 offer, the bank has final say.

Short sales can take 3 or more months to get approval.
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0 votes 5 answers Share Flag
Wed Oct 15, 2014
Your best bet is to speak to your BK attorney. However, this I know. You can opt to keep the house and out of BK. You will want to speak with the mortgage company beforehand and try to come to a loan modification agreement. Keep in mind that if you keep it, the 2nd, and 3rd will still come after you. By keeping the house you assume all the debt deeded to it. The only way to get rid of it all is to let the house go in the BK. ... more
0 votes 11 answers Share Flag
Sun Dec 13, 2009
Arliss, if you are trying to go direct, my personal opinion is that you will not have any luck. However, there are many agents that represent the banks out there and that have access to these types of properties. The same deal you will get with the bank is the same deal you will have with the REO Agent. I have a several agents that represent a large portfolio of bank owned properties. I would suggest contacting me for further discussion. Direct: 480.650.8602 ... more
0 votes 6 answers Share Flag
Mon Dec 29, 2014
Temporarily Off-line answered:
No, you must pay cash at the foreclosure sale. Also, there are new laws that prevent you from being evicted after foreclosure. You should be able to stay until your current lease expires. Check the link below. ... more
0 votes 10 answers Share Flag
Tue Aug 4, 2009
Bob McClure answered:
good morning alissa....the mortgage debt should be reaffirmed with the bk trustee...i assume dad's bk filing is a chapter-7.right?..that means he will acknowledge the mortgage as a debt and the home as an asset (if the value is upside down or not upside down, it still needs to be acknowledged as an asset) long as you maintain the payments, you're continue to stay in the home.....also, if the two of you quit claim deed to just you, that also has to be acknowledged to the bk trustee...his bk attorney can give you both the proper guidance on what proceedures to follow, and in what order...i hope that of luck to you both....bob mcclure- success mortgage partners- plymouth, michigan...... ... more
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