Countrywide has been taken over by Bank of America which is probably adding to the slowness of any action. You need to keep in touch with your attorney, and make sure they are in contact with someone at Bank of America to see where you stand on this.
Regency Realty Services
There is hope. I work with a lot of short sales and one thing you have to remember is that you have more power than the lender wants you to think you do. If you can find a third party loss mitigater they can help you negotiate a soultion. Lenders are fools a lot of the time. There is no one who is responsible personally for any outcome. They try to fit you into a specific profile and when the numbers don't line up you are screwed (or so they tell you). If you want to deed in lieu then do it. How will you be any worse off if the lender says you can't because you are not current on the HOA fees. Are you kidding me? Guess what ... the lender will pay them when they own the property. Along with the taxes and the insurance. They will have to. After all of the taxpayers billions the lenders have received from the bailout they can afford it. If I can help in any way with your situation please feel free to contact me.... more
Each lender handles commision differnt. Lenders are starting to pay commision because they pay reasonable commisions on REO (Realestate owned) and they have discouraged agents from making offers on short sales because of the issues they run into. The best agents to be involved in these transactions are agents that know them and understand them.
With regards to the irs income taxes on the short fall; today people do not have to pay income taxes on that short fall because of the 2007 debt forgiven act which expires in 2010.
First Weber Group
Certified Distressed Property Expert
Greenfield, Wisconsin... more
This is a great human interest question that is most appropriate for today's times. Living in Florida and working in the real estate business has brought us face to face with the delema of elderly living on fixed incomes being forced to make decisions they never anticipated.
Many of these people are finding they no longer have the resources they once had and must make a drastic change. One sinerio we have witnessed is the drastic increase of 80 year olds that feel the necessity to go back to work to be able to survive. Many are faced with the decision of buying food, paying for housing, or purchasing medicine...............a very sad state of affairs... more
Are you shure you're looking to buy a condo for 20,000 or is it 200,000??
I don't think you can find one for 20,000 but no probleme for 200.000.
Let me know if i can help,
Realty Trac is not a listing site,nor are they authorized to list properties. They publish notices of defualt & foreclosure from the public records. This information is available for free. Most of these propertiesd have not even caome on the market yet. They are a for profit site,and they publish this inaccurate,incomplete and misleading information in the hope of getting people to register and pay for this public information. This house is still in the foreclosure stage and not yet available,to the best of my knowledge. when foreclosure is complete,it will most likely be listed at market value(yet to be determined) with an agent. if you are interested in purchasing a foreclosure,I suggest you contact a local agent who can find available properties on the MLS. If your agent is not being helpful,I suggest you contact another agent.... more
If he IS NOT on the loan his credit may not be effected HOWEVER concerned about any tax issues and etc.
Nothing you can do if house is going to foreclosure unless you speak direct with lender, request a extend the time, banks dont want the home... however if he is not on the loan he cant speak with lender.
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer... more
First and foremost, call the bank and speak to them. I am sure you have, but keep calling them and stay in touch and updated.
Secondly, as soon as you receive any paper work, you need to respond accordingly, often you are given 20 or 30 days to respond to the court and you cannot miss that date. It is at this point that you need to have an attorney write the response for you if at all financially feasible. Ask if they will give you a forebearance. They can't modify the loan, but a forebearance might allow you some time to get back on your feet, but they will expect the past due payments or something along those lines, when the forebearance period is over, say in 3 months.
There are different things that could delay the process and an attorney might be the best one to assist you. I know this might be hard with the current financial situation, but do try. Also, no matter what, if you have HOA or COA fees, make sure to stay current with them. There are other "techniques" that can be used to delay such as asking the lender to "produce the note" which could slow things down as it has likely been sold and they may have misplaced it. Or there could be errors in the foreclosure process which also might slow things down if a good attorney catches them.
I will say to be very very wary of people offering help for a fee. There are alot of scams out there and if you do seek the help of an attorney, make sure they are not part of a questionable business. Check how long they have been in business, how long they have been doing foreclosure work, if there are any complaints, etc. Money is precious right now and you need yours to protect your property so be diligent when selecting someone to help.
A licensed Realtor with MLS access could certainly provide you with that information. Otherwise you can do it on your own under the 'Find Homes' tab here on Trulia - mouse over 'Find Homes' the tab in green at the top of the page and click Miami Foreclosures (for example) although if they are in preliminary stages, they may not have a list price yet. Then to see sale price click 'Recently Sold Homes'.
Otherwise myself or any other Realtor on this site I'm sure would be happy to assist you!... more
In addition to locating an attorney I would also contact The Miami-Dade Mortgage Fraud Task Force .http://www.miamidade.gov/mayor/mortgage_fraud.asp. There you can fill out a complaint form. Please read below.
Mortgage Fraud Task Force
Fraud is one of the most prevalent forms of crime in todayâ€™s society. According the Federal Bureau of Investigations 2007 Mortgage Fraud Report, the state of Florida is among the top 10 mortgage fraud areas in the country. Miami-Dade County leads the state in fraud loans.
Mortgage Fraud is defined as a material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan. There are two types of Mortgage Fraud: fraud for property and fraud for profit. Fraud for property, also known as fraud for housing, usually involves the borrower as the perpetrator on a single loan. Fraud for profit involves industry professionals. There are generally multiple loan transactions with several financial institutions involved.
To combat this crime, the Office of the Mayor has formed a Mortgage Fraud Task Force. Its mission is to reduce mortgage fraud and prevent victimization of individuals and businesses. Through effective education, legislation, regulation, law enforcement and prosecution, the Mortgage Fraud Task Force will minimize your risk of becoming a victim.
The Task Force consists of an executive board made up of elected officials, government professionals, business leaders, law enforcement professionals and prosecutors. The board is responsible for policy, decision making, vision and direction.
Additionally, five committees will be responsible for executing the Task Forceâ€™s mission:
Law Enforcement Committee is responsible for the detection, investigation, apprehension and prosecution of the mortgage fraud subjects and enterprises.
Legislative Committee is responsible for enhancing current laws, and creating new laws and ordinances.
Regulatory Committee is responsible for enhancing and enforcing regulations of all parties involved in the mortgage transaction.
Business Partnership Committee is responsible for creating and transmitting effective business practices to enhance cooperation with law enforcement and between different professions involved in the mortgage transaction.
Education Committee is responsible for creating public awareness through printed literature, newspaper articles and television reports.
Mortgage Fraud Task Force Contacts
Glenn R. Theobald
Chairman, Mortgage Fraud Task Force
Luis Andre Gazitua
Senior Advisor, Office of the Mayor
Please don't hesitate to contact if you need additional help.
When it comes to choosing professionals to assist you with your real estate needs...Experience is Priceless! Andreâ€™ Shambley & Miamiâ€™s Best REALTORÂ®. Team, The Keyes Company, 305-788-6643. AndreShambley@Keyes.com,
Ready to refinance or looking for a better rate? For your complimentary rate quote visit Jacinta Shambley, APEX Lending, Inc. JShambley@APEXLending.com . http://www.JShambley.ApexLending.com... more