Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Foreclosure in 97267 : Real Estate Advice

  • All6
  • Local Info1
  • Home Buying0
  • Home Selling2
  • Market Conditions0

Activity 42
Fri Aug 20, 2010
Z28camaro answered:
11695 sw nicoli place 97224 is it true that it is in foreclosure and the min. bid is $174K thanks?
0 votes 1 answer Share Flag
Thu Jun 24, 2010
Garett Chadney answered:
Currently, there are 13,100 active listings in the metro area. Of those, 1,939 are considered a Short Sale. That makes 14.8% of all active listings are short sales.

I have a Short Sale & Foreclosure Resource (SFR) certification from the National Association of REALTORS and would be happy to help you if you are looking to buy a short sale home or need to sell one on a short. Please let me know if I can be of assistance!

Garett Chadney, Principal Broker, SFR
RE/MAX Equity Group
(503) 970-0858
... more
0 votes 9 answers Share Flag
Wed May 13, 2015
Melissa Loughridge Savenko answered:
Dear Trying to Purchase:

I feel your pain. Dealing with large banks to purchase REO property can b VERY frustrating. Here is the reality - large institutions have specific procedures. There may be levels of internal review. You are not dealing with an individual seller represented by a listing agent. Oftentimes the listing agent for the REO will have - or be able to share - limited information.

I'd suggest you ask your agent to contact the listing agent and ask for general guidance on Citibank's procedures. As a general rule, how long does it take Cities to respond? Is this specific asset manager usually pretty quick to respond?

Dealing with the REO process can be very frustrating, but also incredibly lucrative - these are often GREAT deals
So try to be patient and not put out at the one-sidedness of the negotiations. Good luck!
... more
0 votes 4 answers Share Flag
Wed Apr 28, 2010
Monamarie McCreary, SFR answered:
Hi Angel,
Do you have any interest in living in Salem? I've got a listing there that's a 1382sf home on it's own tax lot with a mother-in-law cottage adjacent to it. Here's a link to some pictures and info:

http://www.zillow.com/homedetails/1005-16th-St-NE-Salem-OR-97301/53047592_zpid/

Give me a call if you have any questions.

Monamarie McCreary
Real Estate and Mortgage Broker
503-348-3025
... more
0 votes 8 answers Share Flag
Fri Oct 28, 2016
Scott Godzyk answered:
The bank will pay you a specific amount of cash (from $500 to $2000) for you to move say within 30 days. you must leave it clean and free of trash and belongings. You volunteer to movge out rather than face eviction and get paid moving assistance money to assist you in moving and getting a new place. I hope this helps ... more
0 votes 6 answers Share Flag
Tue Jan 26, 2010
The Monson Corcoran Group answered:
Hello Aaron,

Our team has extensive experience representing buyers purchasing bank owned and short sale real estate throughout the Portland metro area, including the area you're interested in specifically.

We have set up 2 sites to assist home buyers searching for REOs and/or Pre-foreclosures.
http://www.portlandareahomeinfo.com http://www.portlandarearealestateguide.com

The Monson Corcoroan Group, Inc
Office: 503-775-4699 Ext 156
Cell: 503-267-9221 or 503-729-4321

John L. Scott Real Estate
... more
0 votes 2 answers Share Flag
Sat Mar 3, 2012
Charita King - Short Sale Specialist answered:
it may not be possible to negotiate the cash for keys especially that you already moved out. Cash for keys normally offered to you when you refuse to move out.
0 votes 16 answers Share Flag
Mon Dec 21, 2009
Craig Loughridge answered:
Wed Oct 7, 2009
Steve Roesch answered:
Hi Fhoots, sorry to sound ignorant, but what is FC?
0 votes 2 answers Share Flag
Mon Sep 28, 2009
Carla Muss-Jacobs, Principal Broker/Owner ~ Exclusive Buyers Agent ~ ABR, CEBA answered:
Why don't you contact them directly . . . and ask??



Carla Muss-Jacobs, Broker/Owner
EBA Portland, LLC
Exclusive Buyers' Agent
Assisting Buyers in Metro Portland since 1999
http://www.EBAPortland.com
... more
0 votes 1 answer Share Flag
Wed Jun 23, 2010
HLR answered:
To start with, once the lender files and you receive the attention to foreclose, you have the 4 monthis until the auction to find some where to live. Short sale with an agent can get you will get you out of the requirement to pay it, the first anyway. The second, I think you better look at bankrupcty, with no income, you need to clear all your debts. So find an lawyer or a non profit to help you with all you need to do. But you have until the full foreclosure is completed, at least 4 months after the notice of default, you can stay in the home, and leave the property, just before the sale at the court house happens. ... more
0 votes 6 answers Share Flag
Thu Dec 18, 2008
Andrew answered:
Even if they can evict you they may not if your home has lost value. If the company that holds your second mortgage were to evict you, they would have to satisfy the lien from the first mortgage before they would get any money from the sale of your house.

The eviction process is very expensive for lenders and in many cases (not all) it just doesn't make financial sense for a second lien mortgage holder to evict a borrower. They could lose more money with the eviction than they will lose if you just decide not to pay. "It might make more sense for them to sell the debt to a collection company.

Obviously this depends on your specific situation. Even if they don't evict you they can and will attempt to use other means to collect the money.

I am sorry to hear about the loss of income. Good Luck!
... more
0 votes 5 answers Share Flag
Sat May 30, 2009
Janeese Jackson answered:
Gail...wow! 2nd question today regarding landlord/tenant rights in a foreclosure situation. I would go to a tenant's right web page at http://oregoncat.org/community/alliance-of/tenants/C11/ or call the tenant's rights hotline at 503-288-1030 as they represent tenants but should be able to tell you. I would think as long as you are still the owner of the home and have a signed lease with your tenants that the lease should still be binding on both parties. Of course, enforcing that is whole other story....
Janeese Jackson, Principal Broker
Real Estate Resource
503-709-0802
... more
0 votes 3 answers Share Flag
Thu Dec 4, 2008
Dirk Knudsen answered:
Good question.

Here are some answers. But you need to be prepared for a move.

Most renters will lose their leases upon foreclosure. The rule in most states is that if the mortgage was recorded before the lease was signed, a foreclosure will wipe out the lease (this rule is known as “first in time, first in right”). Because most leases last no longer than a year, it's all too common for the mortgage to predate the lease and destroy it upon foreclosure.

That doesn't always mean the lease-holding tenants have to leave immediately -- but those who remain join the ranks of month-to–month renters, all of whom can be terminated with proper notice, usually 30 days. And the new owners tend to move quickly to terminate, giving as little notice as is legally possible (sometimes no more than three days).

Tenants who refuse to leave face an eviction lawsuit, for which they usually have no legal defense. The impact of an eviction on a tenant's ability to find future housing can be devastating. No law prevents a future landlord from automatically rejecting tenants with evictions on their record, even when those tenants were the innocent victims of a foreclosing bank.

There are some notable exceptions, however, to this grim scenario. Tenants who participate in the federally financed Section 8 program will see their leases survive, as will tenants in New Jersey, New Hampshire, the District of Columbia, and, as of the end of November 2007, Massachusetts. In these states, new owners cannot evict lease-holding tenants unless the tenants have failed to pay the rent or violated any other important lease term or law. Tenants in other states who live in cities with rent control “just cause” eviction protection may also be protected.

Does It Make Sense to Evict Tenants?

New owners evict existing tenants because they believe that vacant properties are easier to sell. Common sense suggests otherwise. In many situations a building full of stable, rent-paying tenants will be more valuable (and command a higher price) than an empty building. Emptied buildings are also prone to vandalism and other deterioration – after all, no one is on site to monitor their condition. When entire neighborhoods become a wasteland of empty foreclosed multifamily buildings, their value drops even further. It’s hard to understand why new owners choose to pay lawyers to start eviction procedures instead of paying a modest fee to a management company to collect rent and manage the property while they wait to sell.

"Cash for Keys"
To encourage tenants to leave quickly and save on the court costs associated with an eviction, banks offer tenants a cash payout in exchange for their rapid departure. Thinking that they have little choice, many tenants -- even Section 8, protected tenants -- take the deal. It doesn’t help them much as they join the swelling ranks of newly displaced tenants (and former homeowners) who are competing to find an affordable new rental.
What Can a Foreclosed-Upon Tenant Do?

Renters whose states follow the “first in time, first in right” rule, where a lease can be wiped out by a foreclosure if the mortgage was recorded before the lease, will not be able to convince a court to change that rule. But tenants who learn that their new landlord is a bank can at least lessen the financial consequences by suing the former owner. Here’s how it works.

After signing a lease, the landlord is legally bound to deliver the rental for the entire lease term. In legalese, this duty is known as the “covenant of quiet enjoyment.” A landlord who defaults on a mortgage, which sets in motion the loss of the lease, violates this covenant, and the tenant can sue for the damages it causes.

Small claims court is a perfect place to bring such a lawsuit. The tenant can sue for moving and apartment-searching costs, application fees, and the difference, if any, between the new rent for a comparable rental and the rent under the old lease. Though the former owner is probably not flush with money, these cases won’t demand very much, and the judgment and award will stay on the books for many years. A persistent tenant can probably collect what's owed eventually.


More info here:
http://www.nolo.com/article.cfm/objectId/B8CE60DC-0D00-4E6B-8DC71AF1165C89EA/104/138/139/ART/

Check your State Laws and do not panic until you are notified by a lender.

Best of luck too you Erica!

Dirk Knudsen
Re\Max Metro
#1 Rated Re\Max Team in Oregon
Hall of Fame
... more
0 votes 5 answers Share Flag
Thu Nov 27, 2008
The Stephen FitzMaurice Team answered:
You don't have to register. Find a Realtor that is already registered and up-to-date on all foreclosure opportunities, then you don't have to pay yourself. Foreclosures are public knowledge but certain websites like realty trac do a good job collaborating the information. HUD government sites have some foreclosures but really just a small selection. I have access to most of the foreclosures out there. You should know that in Oregon all foreclosures have to be paid for in cash, no financing.

Also, during this market season it is a good idea to consider short sales as an alternative to foreclosures.
... more
0 votes 3 answers Share Flag
Wed Nov 26, 2008
Susanne Novak answered:
Hi Billye, RealtyTrac is the nation’s largest database of pre-foreclosure, auction, bank-owned and for sale by owner properties.They are a data provider, not a real estate company.

I checked your County's Sheriff's website and could not find foreclosure listing posted there: http://www.mcso.us/public/index.htm

You may want to contact a local real estate agent and subscribe to his/her REO, short sale and HUD email service!

Regards,
Susanne Novak
---------------------------------------
Solutions for Real Estate
Tel: 614-975-9650
Fax: 614-364-7478
http://OhioPrettyHomes.com
ABR Accredited Buyer Representative
FIS Foreclosure Intervention Specialist
HUD Registered Bidding Agent
http://ColumbusOhioHUDHomes.com
... more
0 votes 1 answer Share Flag
Wed Nov 26, 2008
Ron Ares answered:
RealtyTrac is not a real estate agency. They are a website that scans county records for the purposes of reporting foreclosure activity.

Foreclosure information is public record, but you may need to contact each county separately to find the most recent updates. The counties in the Portland metro area do not offer up-to-the-minute data feeds that update RealtyTrac, or Trulia by extension. ... more
0 votes 3 answers Share Flag
Tue Apr 17, 2012
Janeese Jackson answered:
Anjie,
I know it sounds self-promotional, but it is definitely not always the case that you will get a better deal by NOT utilizing the services, expertise and motivation of a licensed real estate Broker! I would also have to disagree that you will always get a better deal in the pre-foreclosure process. I believe you are referring to a "short-sale"? (The seller or seller's real estate Broker negotiates with the existing lien-holder to "sell short" of what is currently owed against the property). It is many times an arduous & drawn-out process to negotiate a short sale. If you have plenty of time & patience it can often result in a great price. I'm definitely not trying to dissuade you from trying....it's only that "knowledge is power"!! If you would like to enlist the advice of a real estate attorney, you could try:
Dave Parks 503-227-1690 or Chuck Reynolds 503-222-3529. But, remember this advice is not free. Whereas your representation from a Realtor/licensed agent in the state of Oregon would be paid by the seller (unless otherwise negotiated).
Best Wishes,
Janeese Jackson, Principal Broker
503-709-0802
jj@janeesejackson.com
... more
0 votes 4 answers Share Flag
Thu Aug 6, 2009
Janeese Jackson answered:
Janis,
I have access to a list of foreclosure properties that I receive weekly and I would be happy to share those with you. I could also do a Realtor's Multiple Listing web site search for you looking for "foreclosures" or "short sales". I have not seen anything (legitimate) at the price point you've mentioned. I would, first & foremost, contact a loan officer and find out exactly how much you can afford (it's quick and confidential). I would be happy to recommend a list of reputable mortgage brokers or you can go to my web site at http:www.janeesejackson.com and in the left hand navigation bar you can click on "My Resource Guide" and find my favorite mortgage professionals on that list!!!
Janeese Jackson, Principal Broker
Real Estate Resource
503-709-0802
... more
0 votes 7 answers Share Flag
Thu Aug 28, 2008
Allison James Estates and Homes answered:
Hi Andrew - I've worked with clients from California many times and I understand that Real Estate attornies are frequently used in your State. Here in Oregon, though, using a Real Estate attorney is rare. I have listed & sold many bank owned homes in my 10 years working the Portland metro area, and also have access to Pre-forelcosure homes as well. I receive instant notices as soon as Notices of Default are sent out - yesterday I got about 30! I also belong to American Foreclosure Specialists and when clients contact them for counseling and AFS is unable to help them, they send them to me as a next option.

I would love to help with any Real Estate needs you have here in the Portland area. As an added note - I am also dual licensed as a loan officer so can help with your financing too!

Kelly Gebler
Real Estate Broker/Loan Officer
Commonwealth Real Estate & DeMark Financial Services
415 17th Street, Suites 5-7
located at the Historic Hackett House
Oregon City, OR 97045
PH: 503-516-1637
Email: LetUsGuideYouHome@comcast.net
... more
0 votes 5 answers Share Flag
1 2 3
Search Advice
Search

Followers

490