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Foreclosure in Portland : Real Estate Advice

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  • Home Buying361
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Activity 42
Tue Apr 16, 2013
Jake Heelan answered:
If you have a valid lease, the bank must respect that to the end of the lease. If you don't have a lease they have to give you 90 days.

After the foreclosure sale, you will be contacted by the broker assigned to market the property, the bank or both regarding your status. You need to have a copy of your lease available, and if you will begin paying your rent to the bank through their property management company.

Given that you have nearly a year left, the bank will be willing to negotiate with you a payment (Relocation Assistance or Cash for Keys). Even if it were only the 90 days, they would be willing to negotiate. Their desire is to get control of the property in as short a period of time (30 days) and in as good condition as possible, so the spread between your lease term and 30 days gives you a good deal of leverage.

I am reluctant to give more specific insight in such a public forum, but if you would like to contact me at homes@jakeheelan.com I would be happy to have a conversation with you about what to expect.
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Wed Mar 6, 2013
HLR answered:
Not sure what you won, if house was uninhabital, the builder should of paid off your Mortgage, or you should of with the money you received. County inspectors missed the problems too, so they too should be on the line for a problem, then of course the lender made a loan on this property with an appraisal that missed the problems, and the home inspector, if one was used, even on a new home there should be a home inspection. It's a matter of checks everything out.

You see the problems, now should you get a new mortgage, will the process allows after two years of a foreclosure with FHA, but you will have to wait it out as your credit was damaged with the foreclosure no matter the reason.

Best to you.

HLR
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Wed Jun 27, 2012
James Gordon ABR SFR SRS answered:
This always surprises me and I find new thing out all the time. There is an old fee in one of my local cities for .50 (50 cents). It came back from the lender as a nonallowable fee. Everybody spent more time on fixing the .50 on the HUD-1 than was worth it. ... more
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Sat Jun 16, 2012
Gary Conrad answered:
Sorry typo I meant "well over" $100K in repair, and this was after speaking to our inspector. this home should be listed in the $270000 range.
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Thu Apr 26, 2012
Jewel Stockli answered:
Nice to meet you Elisa,
All types of buyers can offer on short sales. Your lender looks at your credit and down payment to give you a loan. The seller's lender will look at the price and terms on your offer. Short selling owners quite often do not have the means to do repairs. If You are an FHA or conventional buyer, your lender will require the home be in finance-able condition. If you are a cash buyer you have a better chance at homes in dissrepair.
I do have a list of great mortgage brokers on my website.
Where do you look for properties? You can email me through my site, and look at everything listed, including short sales and foreclosures.
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Wed Jun 6, 2012
Marge Bare answered:
where are you seeing that? that would be helpful, but I can tell you that is probably exactly the reason, because there's no way homes will be selling for a $1. I can tell you figured that out, and you're correct. People need to be very cautious about claims made online, just as you suspected, because it can be misleading.
Best to you...
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Thu Mar 15, 2012
Christopher Johnson answered:
Tue Mar 13, 2012
Janeese Jackson answered:
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Wed Mar 6, 2013
Steve Roesch answered:
is your question, do you have rights? the bank will give you proper notice to move. If they are creative, they may offer you some money or assistance. If you refuse to move, you should find a good attorney. ... more
0 votes 9 answers Share Flag
Tue Nov 1, 2011
Donn Rasch answered:
One solution is to bring the first current, then you foreclose.

Best Regards,

Donn Rasch
RE/MAX equity group
9200 SE Sunnybrook Blvd., Ste 100
Clackamas, OR 97015
Cell: 503-658-5000
www.equitygroup.com/drasch
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Sun Jul 7, 2013
Anna M Brocco answered:
In order to best protect yourself, consult with your attorney before signing any documents....
0 votes 8 answers Share Flag
Sat Aug 13, 2011
Lana Lavenbarg answered:
That is a good question..it will depend on what your bank is willing to do - they are all different.
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Tue Apr 12, 2011
Rich Homer answered:
The bank is your best bet to discuss the situation. Do you have a lot of equity in the condo? Email us direct for more help ....contact@team1-realestate.com or call a local real estate attorney for a 30 min free consultation. ... more
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Sun Aug 14, 2011
Dave Griswold/ Lisa Payne-Griswold answered:
Hi Jr. The best thing you can do is call a Lawyer, if you don't have the money then look up the free legal advice dept in your town/county.

If you want to keep your home, you must educate yourself on foreclosure and the procedures. Look up on the web key words such as false foreclosure, foreclosure help in your state. See if any thing said in any court papers you can find on the web match your sisuation. This will help you when contacting free legal services in your area. or hiring an attorney.

All the Very Best

Dave & Lisa
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0 votes 31 answers Share Flag
Tue Mar 11, 2014
Alexander Phan answered:
Does your house still have enough equity in it for you to sell? Do you have the cash to make the payment? If not the quickest way to stop/delay the foreclosure is short sale.

Get your home on the market ASAP to secure a buyer and present it to the bank. You still have several options but need to act quickly.

Contact us for a no obligation consultation.

Alexander Phan
Principal Broker
Keller Williams Realty Professionals
Alex@PortlandShortSales.com
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0 votes 27 answers Share Flag
Wed Jan 5, 2011
Donn Rasch answered:
Not enough info here to make a sound financial decision. Why are you behind on these payments? Are you behind on your mortgage? Is one of the condos a rental? Are you in forclosure on either one? Do you have any savings? Do you have any retirement accounts you can raid? Do you have any other assetts you can sell? Are the condos on the market for sale? ... more
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Sun Nov 17, 2013
Monir Mamoun answered:
Debra please clarify. Did you sign this quit claim deed giving up control of the deed? Who took out the mortgage loan, and whose name was on the deed signed over to the bank?

If you are facing a legal emergency then you should hire a real estate attorney immediately to protect your interests. ... more
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Tue Aug 18, 2015
Desari Jabbar answered:
Speak to an agent in the Portland area. She will best be able to assist you with finding new construction foreclosures. An agent will have access the MLS system in your area and can set you up on an automated system. So when a property comes on market that meets your criteria you'll know immediately.

Best of luck to you!
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Sat Oct 16, 2010
John Walin answered:
short sale possibly, talk to a local agent and see if it makes sense. Good luck!
0 votes 7 answers Share Flag
Mon Oct 4, 2010
Garett Chadney answered:
If it's your house that is the subject of the short sale the answer is no. It must be an "arms length transaction" meaning that you cannot have a relationship with the buyer.

I specialize in short sales so if you are interested in speaking with me regarding your home, please contact me at your earliest convenience for a consultation on your options.

Garett Chadney, SFR
Principal Broker
RE/MAX Equity Group
(503) 495-3123 direct
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