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Foreclosure in Mesa : Real Estate Advice

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  • Local Info38
  • Home Buying153
  • Home Selling19
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Activity 38
Fri Nov 29, 2013
Jeff and Kaye Piggot answered:
I can't think of any legitimate reason they would do that. So, I am also anxious to hear if anyone has some insight that I am not aware of.
0 votes 8 answers Share Flag
Thu Apr 4, 2013
Jennie Miller, Pllc answered:
That is terrible to hear that your family might have to move. While you might have suspicions about the property manager taking the owner's money, that is something the owner (if there is an issue) would have to pursue. As long as you have paid your rent on time and cared for the home, you have fulfilled your obligation to the lease. While you may have tried to contact the owner via mail, sometimes the tax records don't get updated when landlords move or change their mailing address. Based on what you have shared, it doesn't sound like you have a complaint that the Department of Real Estate would entertain. You aren't able to get your security deposit back until the lease is up, you have given notice to the property manager based on the lease terms, your are current with your rent and/or late fees, you have moved out of the home, you have returned all keys and possession of the home back to the property manager, and the home is in the same or better condition than when you moved in. There may be other terms on the lease that you may have to comply with, but this is this a rough list. Protect yourself and make sure that you are following the terms of your lease to a 'T'. Property Managers are obligated to keep security deposits in a seperate trust account that is seperate from the operating account of the company so your security deposit is not comingled with with company's operating funds and expenses. This was a great question and please let me know if I can help in any other way. ... more
0 votes 4 answers Share Flag
Mon Aug 22, 2011
Karen Parsons Fiddler answered:
Hi,

Yes... the school of thought is to get a couple of new cards and keep the balances under 50%. Also use them..and make timely payments.

As far as the time frames......I would find a good local lender, I could give you some if you like...and then make a plan. It will happen faster than you think.

Karen
... more
0 votes 7 answers Share Flag
Tue May 10, 2011
Scott Godzyk answered:
0 votes 1 answer Share Flag
Thu May 5, 2011
Stew Keene answered:
O2, Wow.... and I mean really... WOW!

I am sorry to hear about your troubles but it's a very common tale.

As realtors, we're not licensed Attorneys. What you need really is legal advice and unfortunately we're not able to advise you in these manners without exposing us to all kinds of liability. Even thought I may have the answer you need.

So the best sound advice I can provide you at this time is to speak to real estate attorney and have this discussion with them.

I have a great one in Mesa that can help you should you desire that info.

Send me a message asking for it though as I don't provide that in a public forum such as Trulia.

All The Best,

Stew Keene
... more
0 votes 7 answers Share Flag
Wed Apr 13, 2011
Michael Emery answered:
You can legally leave when your lease has expired or the property is sold at auction.

Until then, the landlord is still the property owner and can go after you for any balance of the lease - even if he hasn't been paying his mortgage.

Arizona has no right of redemption, so if your landlord is facing foreclosure, the day the property is auctioned off is the day he will no longer be the rightful owner.
... more
0 votes 3 answers Share Flag
Sun Dec 1, 2013
John Homan answered:
It all depends on what type of financing you have in place. If it is an FHA financing, it could be as low as 3% down. On traditional conventional financing, it would be 20% down. You should pre qualify through a local lender to tell you what are the options in financing. ... more
0 votes 15 answers Share Flag
Wed Dec 29, 2010
Anna M Brocco answered:
Since you don't have a lease, why not consider finding a new home now....
0 votes 4 answers Share Flag
Thu Dec 30, 2010
Carlos Ramirez answered:
Even if the property is in foreclosure you need to keep paying rent. You are under contract with the current owner of that property. If there is a breach of contract then things might change. You should go over the "Landords and Tenants Act" for more details or consult with an attorney if you believe there has been a breach.

Carlos J. Ramirez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart -
http://www.SmartAZRealty.com
... more
0 votes 10 answers Share Flag
Wed Dec 29, 2010
Donna Johnson answered:
I see this as a 3 part approach.
1) If you qualify, like the home and want to purchase make an offer to the owner through a realtor or other legal real estate entity.
2) Check to see if lease is transferable to new ownership. Chances are you may that you have renters rights to the term of your lease.
3) Wait and buy it from the mortgage holder. You may be able to pick it up from the bank for the loan amount or value of the home whichever is best. Banks who have the home returned to them tend to allow renters to stay in the home until the lease is expired or until they have a closing. A little investigative work can be done by calling the bank to see what their policy is (if the owner is willing to tell you who their lein holder is.

Good Luck.
... more
0 votes 6 answers Share Flag
Thu Dec 2, 2010
Matt Puzz answered:
Home Equity Lines of Credit are like credit card debt and you can be pursued for the outstanding balance on that loan. But what you need to do is contact a good real estate attorney for the answer to your problem and I have a good one. Ask him if the HELOC as part of a purchase has an exemption from the collection after you foreclose. Call me and I will give you his number.

Matt Puzz
Licensed Loan Originator
Amerifirst Financial, Inc.
1910 S. Stapley Drive #209
Mesa, AZ 85204
Direct: 602-410-9333
Office: 480-682-6617
Fax: 480-344-3687
NMLS# 213777 AZ LO-0915068
Apply Online: www.mattpuzz.com
... more
0 votes 10 answers Share Flag
Fri Dec 3, 2010
Don Tepper answered:
No.

You need a home. You need a place to live.

Walk away and you'll smash your credit. You won't be able to buy another place for years.

Besides, you committed to paying your mortgage.

And at some point you won't be under water any more. You'll be paying down your mortgage and, very likely, values will rise. It may take 5 years or so, but in the interim you'll have a home, you'll have good credit, you won't be hounded by debt collectors or other, and you'll be doing the right thing.
... more
0 votes 11 answers Share Flag
Fri Oct 22, 2010
Temporarily Off-line answered:
It's not the property manager's responsibility to make sure the rent payments go towards the mortgage. They collect the rent on behalf of the owner. The owner is responsible for mortgage payments. You are likely still responsible for the rental payment regardless if the mortgage is paid or not, but confirm with a lawyer.

Also, are you going to keep asking this question until you get an answer you want to hear?
... more
0 votes 5 answers Share Flag
Mon Aug 9, 2010
Sandra Paulow answered:
Contact an Attorney ASAP. That is the best advice I can give you. Have the Attorney review the terms of your lease and advise you.

However if what you say is true and you are on a month to month lease, it seems that you should be able to give notice and move after the 30 days is up. I would suggest you contact the Property Manager's Broker about this as well. They may be able to help you.

I am sorry this is happening to you. It is not an uncommon occurance in today's market.
... more
0 votes 5 answers Share Flag
Fri Oct 22, 2010
Anna M Brocco answered:
For as long as the current owner owns the property, yes, you need to continue paying rent. Do you currently have a lease and if so what is it's duration--if on a month to month, consider looking for a new home especially is safety is a concern--for any rights you may have, consult with an attorney who specializes in real estate. ... more
0 votes 13 answers Share Flag
Thu May 13, 2010
Randy Hooker answered:
I am totally confused by your post/question, so I'll just start with this question >>> what makes you think that if you let your house go to trustee's sale (foreclosure), that you will be able to buy it yourself at the trustee's sale?

Also, if you're going to let your property go into foreclosure, why in hell would you feel compelled to publicly post a SPDS?

I mean no disrespect, but what the heck are you thinking???
... more
0 votes 4 answers Share Flag
Fri Feb 5, 2010
Ted Canto answered:
Hi Gary,

We are an authorized lender with the Your Way Home Arizona Program. You do need to take an 8 hour class and meet certain income requirements. You can visit http://www.yourwayhomeaz.com/ for more information. If you'd like to discuss the prequalification process, I would be happy to speak with you about it.

You can reach me at 480.650.8602

Ted Canto
www.tendayclose.com
... more
0 votes 9 answers Share Flag
Mon Oct 26, 2009
Temporarily Off-line answered:
Not uncommon. Sometimes can take weeks to get an answer, if they even bother to update everyone that submitted an offer. All your agent can do is to keep checking with the listing agent for an update. ... more
0 votes 7 answers Share Flag
Sun Oct 25, 2009
Scott Clayton answered:
You never should have dealt directly with the listing agent. Should have hired a buyer's agent to represent your interests only

Scott
AZ's REBATE Realtor
0 votes 11 answers Share Flag
Sun Oct 11, 2009
Jim Mitchell answered:
Hello Mjb.

They sure can. They have a lien on your house just like Countrywide/B of A does. If they aren't receiving a payment, they can start and complete foreclosure proceedings just like a 1st lien holder would. It's not entirely unusual, but normally you see the first lien holder foreclose before the 2nd.

You should have received a 'Notice of Foreclosure' from a local attorney sent by Compass at least 3 months ago. It typically comes 'certified mail'.

You should have been able to determine that this was going to happen as Compass likely would have called you several times a week or sent you some sort of letter in the mail telling you that it was going to happen eventually.

Unfortunately, I doubt there's much you can do other than call an attorney and seek some legal advice. They will come back and try to remove you from the home at some point in the near future.

Jim Mitchell
Century 21 All Star, REALTORS
... more
0 votes 5 answers Share Flag
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