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Real Estate Foreclosures Questions and Answers |
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Question: I have a question about foreclosure!!?
the bank foreclosed on our apartment on the 21st of december-we just found out today-our lease does not end till april 2008-we found out our condos were foreclosed by the HOA-the lady was nice to inform us-the owner split- well I was wondering when will we be getting our eviction notice? and how long will we have till we have to evacuate the property-someone told me 3 days-whats the process-im worried considering we have children-this whole situation is a mess!!Answer: You need to talk to HOA, whoever that is, and get the ...
You need to talk to HOA, whoever that is, and get the information from them. They may not be evicting you at all - if the tenants or owners are making payments, it doesn't make sense to kick them out and stop that cash flow. However, the law doesn't always make sense, so you need to get the info from the source.
If you have a condo association, now is the time for the leaders of that group to get busy and get moving on this. If you don't have one, the owners or renters should choose someone to act for them to get info, and dig until you're satisfied you've got the right information. Then you can act as a group, and hopefully have more power to convince HOA to not evict everyone.Answer: You have until the building is sold to a new owner to leave, ...
You have until the building is sold to a new owner to leave, UNLESS he is willing to renegotiate the lease. The lease contract with the former owner is worthless since he is gone, unless there is a provision that protects you in the event of sale, foreclosure, or any other change of ownership.
Odds are that the new owner will likely look to do renovations, in which case you might get asked to move quickly (so be preparing now) BUT I wouldnt panic until the foreclosure happens, the building is sold and you've had a chance to meet with the new owner or his management company.
An informal tenants coalition might also be a good idea if appropriate to do some collective bargaining and negotiation, and to ensure a consistent story is being told to everyone.
But I agree, it is a mess.
Good LuckAnswer: In most states, it is going to take AT LEAST 30 days to ...
In most states, it is going to take AT LEAST 30 days to evict and that requires a court order that will take some time. If you have a lease until April, 2008, the odds are that the new owners of the apartment will honor it. They likely won't want to have an empty building, especially in today's market.
It would be smart for you to continue to pay rent. If the previous landlord is "gone," ....
1. Mail your rent check - as normal - only send it registered, return receipt requested. (Remember that your lease agreement is still with the landlord - NOT anyone else - until you receive formal notification from the court).
2. If your rent check is returned, take it to your local "clerk of the court" and explain the situation. You'll likely be instructed to deposit the rent into an escrow account to be held pending the outcome of the foreclosure.
3. DO NOT move out. Remember you still have a lease and, at least at this point, you have only one person's word that the building is being foreclosed. That's not enough to break your lease.
Hope this helps! Good luck!Answer: It depends on state law. I know in Florida the lease stays ...
It depends on state law. I know in Florida the lease stays with the property. If ownership transfers to anyone including the bank the lease is still valid. Other states may cancel the lease if there is a change in ownership, but, there should be notice periods prior to asking you to leave. The fact is if the bank has the right to cancel your lease they probably did not send you notice on time because of the holidays. To be on the safe side make some phone calls and send some faxes requesting instructions on where to pay the rent. Late rent is the perfect excuse to evict you in spite of your rights to the contrary.Answer: First, stop paying rent! There is no more landlord so ...
First, stop paying rent! There is no more landlord so don't mail him any money.
Next, the bank who foreclosed has probably already assigned this property to a Realtor who will be selling it for them. They will contact you and offer you money to help you relocate (I'm surprised they haven't already. I usually do this a day or two after the bank repo's the house.)
Depending on what state you live in you probably do have at least 30 days but I wouldn't wait to be evicted. Start looking for a new place asap and be accommodating to the new owner. They'll be reasonable if you're easy to deal with. If they have to pay an attorney to evict you they won't be offering you any money to relocate, so be agreeable.
Good luck!Question: ? about Deed in Lieu of Foreclosure?
General question- how does this work if you have a home equity loan as well as a mortgage?
yes, I have the original mortgage and a home equity loan on the same property.
Ok, they are not through the same company. One is a small home equity loan that I continue to make the payments on, but the original mortage is falling behind due to family circumstances. I am trying to research different ideas to get out of the situation- the house was way over apprasied when I refinanced a couple of years back and also when I obtained the home equity loan and while it may still be "worth" the appraised value, it will never sell for that much in this market.Answer: You then have 2 mortgages on the same home. Both are on ...
You then have 2 mortgages on the same home. Both are on title.Answer: For you to do a Deed in Lieu of there can't be any other ...
For you to do a Deed in Lieu of there can't be any other encumbrances on the property, such as home equity loans, any type of 2nd, tax liens, etc. The title has to be clean or they won't touch it. To see if you have any legal loopholes check with an attorney in your state.
Good luck.
Don
Would you like information about foreclosures, short sales and real estate? Go to http://profitinforeclosures.com to pickup your FR.EE report.Answer: When you have 2 different mortgages, you probably can not do ...
When you have 2 different mortgages, you probably can not do a Deed in Lieu of Foreclosure, because each mortgage forbids you from transferring title during the terms of the loans, under penalty of mortgage principal acceleration. You are responsible for the payment of both mortgages and the promissory notes associated therewith.
If both mortgages are with the same lender and if foreclosure is imminent, you contact the appropriate department of the lender (probably the legal department), and ask them if they will take your Deed in Lieu of Foreclosure for a FULL release of BOTH mortgages AND cancellation of both promissory notes. That is, in exchange for your Deed for your property to the lender, the lender will decline foreclosure proceedings, and will give you 2 mortgage releases and 2 canceled notes (one for the primary mortgage loan and one for the equity mortgage loan). You should be represented by an attorney if you do this procedure.Question: Does foreclosure mean they can take other properties from you??
My mother-in-law owns 2 houses in southern Florida?the main one she lives in and the investment one she bought several towns over 2 years ago. The second one that she owns and had been renting out is now empty and she can no longer afford the payments. She has been to see her mortgage bank and they told her that it is only after she is 60 days late on payments they have to ?do something about the situation.?
We have been talking and talking for days now and she has decided that the only viable road left open to her is a Foreclosure. She has asked me for information about it and I do not know about Foreclosures.
Does anyone know if her main house ? the one she lives in and maintains a Homestead exemption on ? can be taken from her if she Forecloses on the second one? Does anyone have any real information about this?
Please do NOT respond with advice, about loans, business opportunities, money-making schemes, etc. I really just need Foreclosure information. Thanks very much.Answer: Our lawyer toldfriend that in California the lenders ...
Our lawyer toldfriend that in California the lenders cannot attack your first home residence if they foreclose on your second house. He was talking about two houses in California
I have no ideas about FloridaAnswer: To be sure, you'd need to check with a Florida real ...
To be sure, you'd need to check with a Florida real estate atty. But I can tell you in general that when the bank forecloses on a mortgage it is usually just on one property. You'd have to know what the mortgage in question covers, whether it only coers the investment property or is a "blanket mortgage" which also covers the house she lives in. If the mortgage she defaults on is only against the investment property the bank's remedies are usually limited to the investment property in foreclosure. However, please know that if they sell the investment house for less than is owed on it and take a deficiency judgment against your m-in-law that judgment could also attach to any other real property she owns, so in that case it could affect her ownership of her other house, too, indirectly.
In some states banks will allow you to do a "deed in lieu of foreclosure", where you give the property back to the bank via a deed instead of making them foreclose against you. That could be beneficial for her and avoid a deficiency judgment. She also should be trying to investigate selling the property because foreclosure will damage her credit even more than a couple of late payments.
Good luck.Answer: The lender can only foreclose on the house that they have a ...
The lender can only foreclose on the house that they have a mortgage against. They cannot take any other property in the process, however, if they cannot get the full amount of their loan back through the foreclosure process, they can place a lien against your mother-in-law for any amount that they cannot get back (plus penalties and interest). If they do, that lien will encumber her current home.Answer: Actually yes...it can be. Once the bank on the 2nd home ...
Actually yes...it can be. Once the bank on the 2nd home receives a summary judgement on her, they could attach it to her first home. They likely would not do this unless she has a lot of equity. This is not a common practice...but it is possible.
In all fairness...foreclosure is actually an illegal act though. Think about this...if you own a house and rented it to me and I didn't pay you...what would you do? You would evict me right? Well...if the bank actually owned that house...wouldn't they just evict you? The fact is...they can't because they don't actually own the house...which is why they have to obtain a summary judgement. If you happen to go through foreclosure and the property goes to sale...guess who will buy it at the sale? THE BANK...and they'll likely get it somewhere around 2/3rds the value assessed by the county.
I work with people on this all the time. Plus, there has been recent legal stituations that have come up that question the validity of the entire foreclosure process. Recently in Ohio...over 25 foreclosures were thrown out of court by a judge and the debts were discharged. Look into this and educate yourself. I just happen to know a lot because I've worked in the mortgage industry for over 18yrs and was a VP at JPMorgan, in the mortgage company, at one point.Answer: Hello Every body,
I live in the US and I really ...
Hello Every body,
I live in the US and I really have never seen goodness shown to me this much inlife as I am a struggling mum with three kids and I have been going through really rough times inlife andname is Helen Peters and in all this hard times, a worse incident occurred inlife as I lostjob which wasonly means of survival and things became really bad as I had bills to pay andlast son suffered a knee injury incurred when he fell from a tree house and the doctors informed me that he needed a surgical operation for his knee so he could walk again and at this point, life was useless to me as I have no family and no one to run to and each night, I will sit down and cry till the break of dun until one day, I read an advert on yahoo answers of man that stated that he could help people inshoes with loans and indesperate situation, I had no choice but I had to try and so shocking and surprising, it was like an impossibility becoming a reality, I got a loan of $60,000 USD even withbad credit within 48 hours andsons surgery was done and thank GOD it was successful and now, I am okay and living in comfort withkids and I said toself, I have never ever seen this kind of wonder inlife and I decided I will tell it to the whole wild world and I need every one to thank GOD for Mr Patrick Harvey, the man GOD used to rescue me andfamily even when all hope had been lost and gone and I will say to every one, no matter how dark and sinful the world is today, there are still GOD fearing and reliable people on earth and if you are informer situation or require a loan legitimately, I will advice you contact this loan lender and you can reach him via patrickharvey12@yahoo.com and I want you all to pray for this man for me.Question: Who do you send your rent to if your house is going to be in foreclosure?
Our lanlord has defaulted on their mortgage and was served a summons. It has not yet gone into foreclosure but is in the process. Who do we send our rent to?? We have not gotten a straight answer from anyone. We have a lease agreement until Aug 2008. We are 4 young adults who have never been in this situation before. Any advise. We don't really have money to get an attorney. Do we start a third party bank account at the bank that the morgage is thru? When do we stop paying the Lanlord? Please Help!Answer: You stop paying your landlord when you move out. The bank ...
You stop paying your landlord when you move out. The bank will not become your landlord. You pay rent to the landlord as long as he owns the property, your contract is with them.
You should receive a 30 day notice of when the bank will be taking it over. Your lease until Aug is void.Answer: You continue to pay the landlord until ownership has passed ...
You continue to pay the landlord until ownership has passed to the lender. Whether the landlord uses your rent to pay the mortgage or not is irrelevant to you. Your contract is with the current owner, and you should continue to honor it until informed otherwise by any new owner(s).Answer: I'd be looking for another place to rent. When the ...
I'd be looking for another place to rent. When the mortgage provider gains control of the house, they are only interested in reclaiming their money, which means selling the property. Your original lease was with the previous owner. Now that he has been replaced as landlord, I'm not sure whether it will still apply. This must have happened to others on plenty of occasions. Speak to a solicitor/lawyer to see where you stand.Answer: Call Cark Howard. He will know
http://clarkhoward.com/
Call Cark Howard. He will know
http://clarkhoward.com/Answer: Well, once the house is forclosed, you won't be paying ...
Well, once the house is forclosed, you won't be paying rent to anyone at that house because you will be out. You pay your landlord for now, then you move when the house is taken over by the bank.Answer: I would hold the money until there is evidence that the ...
I would hold the money until there is evidence that the landlord has fixed the situation. If he/she is in default, then it sounds like it's disputable whether or not they still own the house. To be sure, you can probably check with county records and see which banks are holding any part of the deed. That bank will be able to tell you whether ot not the landlord is in good standing on payments and such.
You might also be able to check about elidgability to purchase the home through the bank itself. Check with tham and a realtor about the foreclosure process.
On foreclosures, it generally takes banks forever to make any progress in kicking people out. I have heard stories of people living in foreclosures for months before being formally evicted.Answer: You need to keep paying your current landlord until you get ...
You need to keep paying your current landlord until you get written notification from the lender that they have taken over ownership of the property.
Do not pay by cash .... check or money order only.
You really have nothing to be concerned with unless you get notification from the lender and, if the owner has just now been served a summons to initiate the foreclosure, you probably have 4-6 months before you'll hear anything.
IF it goes into an actual foreclosure SALE, you may well be getting notifcation that you need to vacate the premises within a certain period of time. Really, though, you are months away from that happening.
At this point, there is NOTHING you need or can do but there is also nothing to be concerned about right now.
Hope this helps!!Answer: you need to contact the mortgage company if you know who it ...
you need to contact the mortgage company if you know who it is, if not the landlord.
find out when you have to be out, if you put down a deposit and it's equal to one full months rent then your last month you would not pay rent. (this is very common).
if you did not pay deposit then ask them if you can go ahead and move, or stay till the end, but if you stay you need to know who gets the rent it does not always go to landlordQuestion: Foreclosure?
My hoise in Dallas is paid for I am looking at another house in east texas which was on teh market a long time now the house is in foreclosure would the price be any different now?Answer: Depends on the seller/bank. Some banks will still ask for ...
Depends on the seller/bank. Some banks will still ask for market value regards of foreclosure. Some will sell the note for only what is back owed. It all depends on many other variables as well.
Best thing to do is simply call the # on the sign.Answer: There are so many variables to your question that it is ...
There are so many variables to your question that it is really impossible to answer.
Here is the way to find out though!
1. Decide what you would be willing to pay, in total, for the property.
2. Have funds available to make IMMEDIATE payment (don't plan to mortgage the foreclosure property - use a Home Equity Line of Credit to have funds available from your own home if you don't have the other cash available). Remember that a CASH offer is going to have a LOT more weight than a non-cash offer! (Once you OWN the new property, you can borrow against it either to pay off your own home mortgage OR to gain cash in order to purchase a third property!)
3. Contact the property owner and make your CASH offer. If they say that they can't because they owe more than that on the house, ask if they would be willing to work with you to contact the bank and make a "short sale" offer.
4. If the property owner refuses to work with you .. do your research and determine who the mortgage holder is. Contact them DIRECTLY and make an offer to purchase the home once they take ownership. (This is likely not going to be necessary if your cash offer made in step #3 is reasonable - especially in today's market).
Don't believe the "no cash down" infomercials you see out there. Lenders are rarely going to do a new loan for you on a short sale ... there are too many others out there with cash ready to purchase properties at low ball prices.
Hope this helps and GOOD LUCK!!!Answer: Most likely yes, since we are in a declining market prices ...
Most likely yes, since we are in a declining market prices are down, and in most cases since its a foreclosure it might be lower. Remember with foreclosure, those properties are sold as is, they usually dont fix any damage. |
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