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Foreclosure in North Carolina : Real Estate Advice

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  • Local Info33
  • Home Buying251
  • Home Selling49
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Activity 284
Fri Jun 15, 2012
Lisa Wozniakowski answered:
Are you interested in working for a trash out company, or do you need one to do work for?
It might sound silly, but I would go to www.hudhomestore.com. These are government owned foreclosures. Search for the area you are interested in, and look at the specific details of some of the homes. It will post contact information on property management. Call these people! They probably did the trash out or hired the people who did the trash out for that specific home.

Good Luck!
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Tue Dec 13, 2011
Ron Thomas answered:
He can bully and bluster, but he cannot sell a house that he does not own!
You can tell him that.

He cannot force you to do a Shortsale, assuming that you have an acceptable HARDSHIP, that is your decision.

The Lender can begin foreclosure procedures, but it is lengthy and costly for them

At this point, you have basically two choices:
You can work out a payment plan, (eg. adding $200 to each payment until you are current),
or,
you can ignore him and not accept his phone calls.

Good luck and may God bless
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Wed Nov 30, 2011
Anna M Brocco answered:
Tue Nov 15, 2011
Wendy Landry asked:
Wed Nov 2, 2011
Jill Ford answered:
hi Terry,
Your question doesn't indicate which property you are referring to. There is no link to "this property" so it is hard to answer the question. Please send a link to me at jillford@kw.com and I will do my best to explain the price disparity. (it could be value added, or that the buyer at $28900 bought it in foreclosure or from an otherwise motivated seller, or from a family member--not arm's length, or it might be someone just trying to buy low and sell high with no justification. Without seeing the property, it is hard to judge.)
thanks,
Jill Ford
Keller Williams Pinehurst
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Mon Oct 17, 2011
Daniel Fisher answered:
Hi, C.
The earlier post http://www.trulia.com/voices/Property_QandA/DOES_THIS_PROPERTY_HAVE_YR_ROUND_WATER_PICTURE-328048-p_1-recent?answerId=1214589&thisanswer=1#left_content had links to all 3+ bedroom waterfront homes under $500,000. Only the first 5 were in Mecklenburg.

The link below is for all homes under $800,000. http://tempo.carolinamls.com/DotNet/Pub/EmailView.aspx?r=805785532&s=CML&t=CML

And these would be the good deals on Lake Wylie waterfront today. A couple are under contingent or conditional contract and a couple are in Meck Co. http://tempo.carolinamls.com/DotNet/Pub/EmailView.aspx?r=1847775033&s=CML&t=CML
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Fri Oct 14, 2011
Tim Moore answered:
I guess you could list it without a clear title, but it can't close. Banks are often pretty conservative and so they are just waiting until they are absolutely sure it is ready and able to sell. Since it is not their own money they will wait or maybe they know there are problems that need to be resolved first. ... more
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Thu Feb 2, 2012
Venita Peyton answered:
No. You'll have to purchase and close at the current taxable amount. You can appeal only after taking ownership. This is typical with some foreclosures. You may want your Buyer Agent to help you with what past decisions in that neighborhood. ... more
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Thu Sep 29, 2011
My NC Homes Team answered:
Natarsha,

Sorry to hear of your problems. The Cash for Keys is typically paid to the owner of the property in order to aoid the formal foreclosure process.

It's possible that if the owner has a mortgage on the property , then thier bank will settle with the HOA.

The best advice I can offer you is to contact your local SS office and speak with someone there and ask for some help. Next I'd contact the Durham County Legal Aid office (252) 438-1284 they are located in the 200 block of W. Main St. downtown and speak to someone there.

I hope things work out for you and that you're able to stay in the property.
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Mon Oct 3, 2011
Steven Pahl answered:
Foreclosures should be looked at as "buyer beware". They are generally sold "as is" with no seller disclosure since the bank/lender has never lived in the home, so you need to have a thorough home inspection of all systems to determine the condition and weigh this into the price. Lenders are getting better at determining "market value" and generally price the home at or just slightly below this price, often creating a bidding war which drives up the final price. There are very good deals to be found, but don't think you will be able to get 20 - 30% or more off the initial asking price unless the home has been on the market for many months. Additionally, if a house is priced considerably below the selling price of comparable homes in the same area, the repair costs will likely eat up any initial savings unless you are a jack-of-all trades do-it-yourself type of person. Good luck with your purchase! ... more
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Wed Sep 21, 2011
Alex Pereira and Secure Realty answered:
no, a 401 account is a protected account. the bank cant touch it.
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Wed Sep 21, 2011
Geo asked:
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Mon Dec 26, 2011
Mike Malina answered:
If there is a mortgage on the property with a deed of trust that has not been paid, then the foreclosure proceedings can be initiated.
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Tue Aug 23, 2011
Shanna Rogers answered:
Hi Mike,

Contact a local Realtor about doing a Short Sale. Most lenders will postpone the Trustee Sale/Auction if you get a realistic offer submitted to them for their approval. Since your sale date if fast approaching, you should contact a Realtor as soon as possible (today).

Good luck.

Shanna Rogers
SR Realty
www.RealtyBySR.com
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Mon Oct 7, 2013
Ron Thomas answered:
I would investigate further before painting myself into a corner:

Find a good Title Company and ask them to run a report:
They want your buisness and may do this for you.
The Pre-Lim title report should should you, and you out of hot water. ... more
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Thu Aug 18, 2011
mare asked:
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Wed Aug 17, 2011
dave answered:
This is a question you need to ask an attorney...As A Realtor I cannot give you legal advice. However; I think you are asking is that if the bank forecloses or short sales on your primary home can they take your other home to help pay off the difference? if that is the question I am still going to advise you seek the advice of an attorney but tell you from my experience with other transactions I have not seen it done.

Now by no means is that mean it cannot to will not. I do not practice law and thus do not know what the legal ramifications are.....
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Thu Jul 28, 2011
Shane Milne answered:
It's the date that the home was legally taken out of your name - you should contact the county recorder/assessor to determine when the sheriff's deed or trustee sale was held. If the foreclosure was indeed in October then you should contact the creditor for the trade line and ask them to report it correctly - the foreclosing happening in 10/2008 instead of 12/2008. It should be updated within 30 days, often sooner. I am helping someone who had a Wells Fargo foreclosure remarks incorrectly reported and it took them a couple weeks to make the change & report it to the credit bureaus. You could also try disputing it through the credit bureaus themselves but I find that contacting the creditor first is often quickest.

You'll want to make sure it's reported correctly because if it isn't then your loan will have to be "manually underwritten" and tougher guidelines will apply (which you may still be able to meet), however if it's reported correctly, and your credit is checked in November of 2011*, then odds are you will get an "automated underwriting approval" and it'll make your refinance process easier.

* The reason to check it in November of 2011 is because the automated underwriting systems can't tell if a foreclosure happened on October 2nd or October 30th, it'll just think it happened sometime in October, and will get a "Refer" for your application being within 3 years of the foreclosure month. I've done several trial & errors with those dates.
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Tue Jul 19, 2011
Scott Russo answered:
Hello -

It's my understanding that the foreclosure status does not affect your lease terms. You may want to call a lender to discuss the details as to how this may work.

good luck -
Scott
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