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Foreclosure in New Mexico : Real Estate Advice

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  • Home Buying23
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Activity 43
Sun Feb 24, 2013
Chuck Riley asked:
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This question was asked from this property: http://www.trulia.com/property/3096178877-625-Callejon-Rd-Taos-NM-87571
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Mon Feb 18, 2013
Tina Lam answered:
Unfortunately, you don't have many rights now that your landlord has lost his rights to the property. You can get in touch with the lender/owner right away and work out a new lease arrangement. If you don't have their contact info, you may just have to wait until they contact you, but you run the risk of being evicted. ... more
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Fri Dec 28, 2012
Alain Picard answered:
If you are talking about these sites that claim to have auction or bank owned properties at great prices but you need to sign up for some kind of membership before they will reveal the address to you then in my opinion you are wasting your time with them. The best thing for you to do is talk with a local real estate agent and let them know what you are looking for and they will be able to show you bank owned properties and so on and should be able to find you a great deal without any cost to you. ... more
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Fri Feb 1, 2013
Leigh-Jo Anzures answered:
Hello,

This response is not legal advice. I do recommend that you contact an attorney regarding specific options regarding this matter. In some cases, if you have an existing rental agreement, you might be able to remain in the home through the term of the agreement. Again, this is something you would need an attorney to review because, the wording of the contract may or may not address this type of situation.

I've worked on some foreclosures where the bank allowed the tenants to remain in the home on a month-to-month basis. These options can vary by bank, but I've seen it done. Nonetheless, I would be prepared to leave the home in the event you receive a knock on the door and given a limited amount of time to move out.

How much time do you have left on your contract?

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
... more
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Tue Mar 20, 2012
David Stafford answered:
Go to www.bernco.gov and look up public records. First go to tax assessor and look up by address to get legal description, then go to records lookup and punch in legal. Look for a lis pendens notice, which is first step (notice of default). ... more
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Fri Feb 10, 2012
Carolyn Spence answered:
This was sold last year, and I don't think it has been put back on the market again. So sorry abut that! Carolyn
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Tue Aug 18, 2015
Roland Vinyard answered:
Generally, you can't, especially with the multi-state big banks. When they are ready to sell, they use brokers and do not deal directly with the public. There may be exceptions, but they are mostly with the small, more local banks. ... more
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Tue Apr 24, 2012
David Cooper answered:
If your looking for a fixer, the Government Foreclosure List is offering the best deals. If you want a clean house, I like Bank REO list - priced to sell about 10% below short sales.


If you have been watching the price action on any homes below $299,000, you will be looking at higher prices in the coming weeks. Another words, IT'S TIME to BUY!


DAVID COOPER Investor with a Buyers Agent License at Since 1917 Realty 702-499-7037
... more
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Thu Feb 2, 2012
Sandra Page answered:
Tax information on that property shows that Fannie Mae owns that property. Don't know if that informtion is current, but that is what the tax id number shows.

Is this something you would like to see?

Sandra Wright Page
Keller Williams in Espanola
505-690-8373
... more
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Mon Dec 5, 2011
Shawn Ryan Rosa answered:
Days on market is not an indication that a home may be auctioned (perhaps you're referring to foreclosure). The two have nothing to do with each other.
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Sat Mar 3, 2012
Keith and Gina MacRae answered:
go to our Facebook fan page Cecilia where you can view a whole bunch of foreclosures, HUD homes and bank owned properties. The address is http://Facebook.com/NewMexicoHomes. Enjoy!


Keith and Gina MacRae
Coldwell Banker Legacy Realtors
(505) 250-5779 or (505) 379-3225
... more
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Thu Aug 11, 2011
Eddy W Gibson answered:
You would not be hurting yourself, as the note holder does not get emotional in these transactions. As a realtor that has listed and closed many distressed properties over the years, I dont believe you will get a response within 14 days. The process is slow due to the bureaucracy within the banks.

Eddy W Gibson
State Broker , Connect Realty
egibson@usa.net
RuidosoProperties.Com
575-808-1074
... more
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Fri Feb 18, 2011
Phil Rotondo answered:
Once a filer has an ITIN, her or she may apply for a home loan through one of several lenders who offer such services.

It’s not quite as simple as applying for a loan with a Social Security number, however. Traditionally, mortgage lenders use the Social Security number to check the FICO credit score on a borrower. An ITIN borrower is not likely to have a credit report at all. Most people who are here illegally work with cash, and are unlikely to have any previous transactions that will have resulted in a credit report for them.

Without a credit report, the process of approving a loan becomes much more cumbersome, time consuming and expensive. Borrowers must provide proof of income as well as proof that they have some sort of history of regularly paying bills. Because of the time involved in handling this extra documentation, loan approval may take several times longer than with traditional mortgages. In addition, the interest rate on the loan will certainly be higher than for other mortgages in order to account for the additional risk taken on by the lender.

This product is a relatively new one and so far, only three or four national lenders are offering them. Those lenders currently include Washington Mutual, Citibank, and American Home Mortgage. Others may follow, depending on how the process seems to work for those already trying it. Those lenders will have to decide if the additional business is worth the substantial extra work involved in granting the loans, particularly since more applications will be denied with these loans than with traditional mortgages.
... more
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Sun Dec 12, 2010
Dawn Barrier answered:
Wed Feb 22, 2012
Anna M Brocco answered:
Consider consulting with an attorney who specializes in real estate--he/she can best advise as to the addendum and possible options you may have--what is your agent advising...
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Sat Oct 30, 2010
Arthur Miller answered:
I recommend that you contact a Real Estate Lawyer. Our office uses and recommends Sylvan Segal at 888-8888.
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Sun Oct 31, 2010
Don Tepper answered:
A real estate lawyer should be able to help. Or check with a title company with an in-house lawyer.

Hope that helps.
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Sat Oct 16, 2010
Ruth and Perry Mistry answered:
http://www.tax-lien-certificates.com/tax_lien_certificates_california_ca.html

Good luck.
Perry
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Sat Aug 28, 2010
Bill Eckler answered:
Donna,

Welcome to Trulia.....it would be beneficial to review the trulia guidelines for acceptable use of the site. Self promotion is frowned upon.....
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Sat Aug 28, 2010
Donna Chorey asked:
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