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Foreclosure in McKinney : Real Estate Advice

  • All313
  • Local Info33
  • Home Buying108
  • Home Selling13
  • Market Conditions6

Activity 9
Sun Oct 14, 2012
Linda Lorenzo answered:
If you have a reasonable explanation for the broken lease you should write it up in a letter to the prospective landlord. Frankly that is not good as the new landlord is going to think you might do it again. Also for renting they will want proof of employment and some good credit. You might be better trying for an apartment - rental homes in McKinney are pretty pricey. Good luck I hope it turns out well for you. ... more
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Tue Jul 3, 2012
Terry Bell answered:
First of all, ask your agent where is the preliminary Title Report so you know exactly what the amount of the lien is ? If the seller and the seller's agent and the Title Co. have no response, you are entitled to drop out of escrow and have your deposit returned. You need to know how much money is involved, because if it is a large sum, then it's not going to be easily resolved and you might as well move on while they fight over the mistake. ... more
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Sun May 29, 2011
Brian Flock answered:
Wow. This is kind of unique that you would get to see the bank's valuation from the seller.

Yes, if their BPO is anything close to the appraised value, you will have an issue getting financing. But the short sale bank is also likely to lower the price based on your lender's appraisal.

Things should work out.
... more
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Sun Mar 27, 2011
Scott Butcher answered:
First off, I'm sorry to hear about your situation. You'll eventually get back on your feet and I hope that you do soon.

I'm sure others might have other opinions, but you don't truly have to move out until you are asked to leave by the new owner of your home after 4/5/11. It could be the shortly thereafter, 1 month, 6 months or longer. It just depends on how quick the new owner (a Bank or Fannie Mae or RMBS owner) gets around to filing the correct documents to remove you from the premesis.

There are some instances down here in Austin where people have been living in the former home for 6 months 'rent free', 12 months, or longer as Fannie Mae is still very backed up in processing all their foreclosures.

That said, it's still best to have a backup plan ready to go at a moments notice if need be.
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Wed Sep 29, 2010
Nanci Zimmerman answered:
You should consult a real estate attorney. Contact your local lawyer referral service (agency) to request a free consultation with an attorney.

Best of luck,

0 votes 5 answers Share Flag
Tue Sep 28, 2010
Patrick Jackson answered:
Hi Carol,

Your HOA and the appraisal district are separate inteties from your mortgage company and they can both file liens on your property and affect your credit rating. However, it sounds like you are approaching the point of foreclosure with the lender. If you are not already represented by a broker, I would like to talk to you about selling your property. If you don't have equity in your property, then I would like to refer you to a Short Sale specialist who can negotiate with your lender and sell your property without the level of damage to your credit that foreclosure will cause.

Patrick Jackson
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Thu May 12, 2011
Grace Hanamoto answered:
Hello Cannon and sorry to hear of your dilemma.

Although you did not retrieve them, the certified letters WERE notice to you of the funds due. Under most state laws, a recipient is deemed to have received the letter when it is deposited into the US Mail. Often lawyers will send notices to homeowners via both certified mail as well as regular US mail, but I see that this was not the case this time.

My suggestion is to pay off everything you owe to them right now. Otherwise, under most state laws, the amount due is subject to late charges AND interest penalties that will continue to accrue until the balance is paid in full. Unfortunately, the law office handling the collection has already charged your account for the fees, so the only way to resolve this is directly with the law offices.

First get the law offices out of the way, and then consider a small claims action against the homeowners association for their collection practices and policy. You would not need legal representation in order to appear before a small claims judge, but you should resolve this situation first before it gets any greater. In the meantime, I would strongly suggest that when presented with a return receipt to retrieve registered or certiifed mail, you take a few minutes to have these redelivered to you or pick them up at the office.

Good luck!!

Grace Morioka, SRES, e-Pro, CID Consultant and Specialist
Area Pro Realty
San Jose, CA
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Sun Jan 1, 2012
Wayne Warshawsky answered:
If you are already involved in a short sale than the HOA will have to be paid by the mortgage company or the buyers at closing. I would worry more about the mortgage company that the HOA. Be sure you have a Realtor experienced with negotiating short sales helping you in the process. ... more
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