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Real Estate Foreclosures Questions and Answers |
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Question: CA Condo Foreclosure help please!?
i have until 4/3/08 to pay past dues on my mortgage. can someone tell me what will happen after 4/3/08 if I don't pay? "In the event that payment is not received on or before 04/03/08, [the bank] has the right to accelerate the due date of the note which will lead to the initiation of foreclosure and may lead to public sale of the secured property."
what events will happen after 4/3/08??
Also, what about Association dues? what will happen with that? Thanks!
i just opened a letter right now from them that said if we dont pay hoa amt in full they will take us to court. should I pay them even though so since it's gonna be foreclosed?Answer: What was unclear about that letter? They will take the ...
What was unclear about that letter? They will take the house. You're not going to have to pay HOA dues if you don't live there anymore but this will destroy your credit for about 7 years.Answer: Right now, you only owe your current payment and what's ...
Right now, you only owe your current payment and what's past due - presumably, a few payments' worth. If you do not pay tomorrow, you will owe your entire balance immediately - not just those few payments. You will be expected to pay the ENTIRE rest of the mortgage. Immediately.
If you do not, they can foreclose on you and sell your condo/auction off your condo. They may choose to give you a "last chance" offer or something, but don't count on it. If they do not try to wrangle with your further, they will evict you - it will be their condo, and you will still owe them the money that you borrowed to buy it. They may auction it off or sell it (don't count on that happening quickly, either), and it will most likely go for much less than you owe on it. However much they get, you will still owe them the difference - even after someone else is living in it. You may also be responsible for other fees and collection costs.
As for Association dues: you legally owe those, and you can be sued for them (plus interest and legal/court/collection/attorney fees), but they can't take your house over them. The Association might be able to "evict" you (yes, they can!), forcing you to sell and leave, even if you get your mortgage payments current.
Your bigger problem is the mortgage. If you can't come up with the money tomorrow, look for help. Start with the bank that holds the mortgage.
And it will ruin your credit for about 10 years. Longer, really, because in ten years this debt will cease to show on your record, but you will have very little credit built up in the meantime.Answer: After 04/03/08, the lender will file papers in court to ...
After 04/03/08, the lender will file papers in court to start the foreclosure proceedings. You will receive a Notice of Foreclosure with a date that the condo will be sold. You must be out before or on that date. If you are not, the lender can get you for trespassing. Also the balance of the loan, plus foreclosure costs, and any association dues are added together and that is what is owed to the lender. The lender will try to get back as much as possible with the sale of the condo but will actually be taking a loss in this market. You are legally responsible for all the debt and it will be recorded on your credit report. You will not be able to purchase a house until debt is cleared. HOA can also put a lien against property as well.Question: Do you know anyone facing foreclosure?
Answer: No. Everyone I know would try! They wouldn't be lazy and ...
No. Everyone I know would try! They wouldn't be lazy and just let it go then trash it. They would try to short sale at least!
But I don't know anyone in the position of Foreclosure.
EDIT: I did not say everyone was lazy! So before you start putting stuff inmouth. I was stating SOME people can be lazy. So please watch your words.Answer: I see it all the time, im in cleveland... it was hard ...
i see it all the time, im in cleveland... it was hard hit...Answer: I am a Realtor in Northeastern Ohio. I sadly see lots of ...
I am a Realtor in Northeastern Ohio. I sadly see lots of foreclosures. They are NOT usually because of laziness as previously posted. They are because of job loss, health concerns, reverse mortgages and shady banks and appraisers preying on those in desperation. For instance, a good friend of mine is very ill with MS. Her husband lost his job 3 years ago at age 50. They have 2 children. He is working 2 full time jobs now. She is working part time against doc's orders. It doesn't equal what he was making. On top of that, there is now no health care. They used all of their retirement savings in order to pay doctor bills, mortgage payments, etc. His car is 10 years old and hers is 9. After all of this struggling, they will probably lose their home.
I see this day in and day out. Sad, sad, sad!
Edit***Why in the world would this be given thumbs' down?
It is this hard hearted nature that makes me feel even worse for families like this. They have never asked for welfare or assistance of any kind. Just hard working folks hit by hard times. Shame on you "thumbs downers"!Answer: Yes...Why?
Yes...Why?Question: Can I get financed for a new home if my current one is going to foreclosure?
Actually I am asking this for a not so computer literate friend who I feel is getting the run around.
Here is his situation.
1. He is self employed and doe snot have a guaranteed income, last 2 years have been rough.
2. He has payment of $1700 a month with ridiculous interest rates on his current home.
3. He has something on his credit from a long time ago that says he didn't pay a bill, which he has done, but seems nobody is interested in helping getting this removed, was for something like $2000
4. He has now decided to let his home go into foreclosure as he can't make the payments for his home and live.
5. He is still 2 months away from actual foreclosure, just 1 back payment now.
So that is his situation the best I can describe it. He said the bank won't lower his interest rate on his mortgage and he can't refinance because of his line of work they won't let his as he is only showing like $20K of actual income. Then they give some line about no guaranteed income.
Help?
I should also add that he is currently trying to sell his home. So he has stopped payment and is hoping for a sale first, but if it does not sell then he will let it foreclose.Answer: No, he is documenting the fact that he is willing to screw ...
No, he is documenting the fact that he is willing to screw the bank for the money they gave him.
There is no way another bank is going to line up to bend over for him.
Seriously? Knowing that he is perfectly comfortable stealing would YOU loan him money?Answer: The dings on his credit from going 30, then 60, then 90 days ...
The dings on his credit from going 30, then 60, then 90 days late on his mortgage are probably enough to prevent him from getting a mortgage anytime soon.
Once he actually hits foreclosure it will be AT LEAST 3 years and more like 5-7 before he can get another mortgage and that one will have to be with 20% or more down. He will have to have verified income at that point too.
good luck!Question: where do I go to find tax foreclosure listings? what website and can u really make money this way?
????????????Answer: WHEN the property is bought at the right price AND when the ...
WHEN the property is bought at the right price AND when the property and your expenses are properly managed.
THEN when you get the right property THE BIGGEST challenge is getting the right tenant for the property AND PROPERLY managing the tenant AND property.
THEN you can earn very good money
You're going to discover every county in every state/province/territory operates and does things a little differently than the one next to it.
It requires LOTS of time and diligence.
This is what I learned: No one ever gives anyone anything for free. "There is no free lunch."
The best suggestions I can offer:
1] Go to your local library and check-out any of the real estate investment books. Read each book with this thought in the back of your mind:
the author did not write that book just for your state, county or city. The book was written for the largest number of people who would BUY THAT book.
Yes, there might be sections or a section pertaining to your state, but the book's overall message was for the broadest group of people.
2A] It doesn't make any difference whether you live in a large city or a village/borough, make the investment of time to go to the County Copuirt House or City Hall. Visit athe Recorder of Deeds Office/County Clerk's Office or whatever the office is referred to in Canada. The names are diffeent, but the Office's function is the same: to record ALL REAL property documents.
The ladies and gentlemen in the City Hall or Court House are there to help the folks who come there to do business and take care of various matters about that city or county.
2B] You'll need a specific, actual address - even if its your's or a friend or relative living in that same county or city. The property owner's name would be very helpful. Ask an emplyee in that office how to research a property. Write down and/or remember each of the steps you are shown.
3A] When you finish researching that property, go to the Sheriff's Office. Ask for the rules for Sheriff's sales and foreclosures.
3B] IF the notices for the Sheriff's Sales are posted, choose any one or two. If you have to ask for the list, do so. Then pick one or two.
3C] Go back to the Recorder of Deeds Office/County Clerk's Office. With what you were taught and learned, do the research for that property.
If you get stuck, ask for help.
4] If you are able to do this, attend AT LEAST 3 of those Sheriff's Sales. You aren't going to bid on any property. You aren't going to buy any property. You are there STRICTLY as an observer. You want to see how the process works.
Sheriff's Sales are only one very small aspect of the real estate business. There are many others.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that isreal last name!Question: Can I stop foreclosure on my house once it has started?
Answer: Yes you certainly can, but if you wait until the sale date ...
Yes you certainly can, but if you wait until the sale date is set, you might have to file chapter 13 bankruptcy to stop it. You will get a lot of answers here from sarcastic people saying "pay up your account". But I realize that you wouldn't be here asking this if you currently had the ability to get current on your mortgage payments. I feel bad for you and everyone else in your situation.
There are some things that you can do, and several options are available. You should check out this blog that was created by an expert in the field of foreclosure law to help consumers who are late on mortgage payments.......
http://how2avoidforeclosure.blogspot.com |
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