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Real Estate Foreclosures Questions and Answers |
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Question: Can I sue a mortgage company for illegal foreclosure? If so How?
I was not informed of the possibility of a sale until 12/5/07 and then only by email, which gave me only three-business days notice I did not know what to do, To make it worse she left the office early that Friday at 1:30 and they could not be reached over the weekend per their email. Every phone call I made from 12/5/07 on was delayed by the office telling me to hold on as they ?must contact the lender and get back to me? they even stopped returning my calls on the day of the sale. While on the phone waiting to hear from the lender; he is auctioning off my home. Currently 150k in equity I was only behind 9k. I believe they did this to lead me on until the sale was over.
I was told there were no other bidders and my lender bought my house for himself. Now my lender wants to rent my house
help.I was delinquent on my second mortgage and I do not dispute any fault on my part for being in this position I was lied to by the lender. Help
as I stated I was current on the first. they didnt send proper notice. Every phone call I made from 12/5/07 on was delayed by the office telling me to hold on as they ?must contact the lender and get back to me? they even stopped returning my calls on the day of the sale. I believe that they did this to lead me on until the sale was over. On the day of the sale I had a friend contact the lender as she was ignoring my calls and she claimed to my friend that she had never made any offers to me and had informed me of the pending sale when I gave her the $1000.00 on 11/14/07, that lying (^&%$#@!). I also asked for 2 extra days and payment would have been in full.
Im not asking for pitty just understanding.
The bank told me as long kept my first mortgage current we would be able to do a forbearance agreement without notice they sold.Answer: there is nothing you can do. you were behind on the loan ...
there is nothing you can do. you were behind on the loan and everything they did was legal. you had to have known you were going to lose the house, regardless of when you got a notice. I mean, you knew you were behind by $9,000--what did you think they were going to do?Answer: As you were in default, and a final judgment was already ...
As you were in default, and a final judgment was already entered any misconduct by the lender did not cause you loss. You are wasting your effort.Answer: Sorry, you can't sue them, because you can't ...
Sorry, you can't sue them, because you can't collect.
It wasn't an illegal foreclosure, and I'll tell you why.
Obviously, you have been ignoring their MANY MONTHS of phone calls, e-mails, messges, certified letters, notices from the Sheriff, etc.
Obviously, you haven't been sending them money on EITHER the first or second mortgage.
Exactly what did you think would happen if you just stopped paying the mortgage? That you would be allowed to stay there as long as you wanted?
Did you move out and not inform the mortgage company of where you receive mail? It is NOT their job to track you down...it is YOUR job to keep them informed of all of your current contact information.
Sorry, you aren't going to convince anyone here that you didn't know until 3 weeks ago that it was the FIRST time you knew the foreclosure was a possibility.
You now know that ignoring the mortgage company will cost you the home.
Better start packing unless you have $10K in the bank.Answer: This is too rich. You were behind $9,000, and it's the ...
This is too rich. You were behind $9,000, and it's the lender's fault that you were forclosed upon ? Please. You're not telling us the truth here. A foreclosure is a legal action, and you are notified via mail and process that an action is about to commence.
Further, notices of such pending action are required to be published in a newspaper in the area in which the foreclosure is to occur. Did you live under a rock for the last several months prior to this occurrence ?
There is no such thing as a 'foreclosure without notice'.Answer: Sue? For what? This would only be illegal if you were ...
Sue? For what? This would only be illegal if you were paying your mortgage. But, you, yourself, say that you were behind 9k. Obviously not paying.
What did you expect them to do?Answer: I wish I could not paymortgage payment and still expect ...
I wish I could not paymortgage payment and still expect to live inhome. How great would that be.
Next time, pay your bills.Answer: Well if you knew you were missing payments then you knew ...
Well if you knew you were missing payments then you knew this was possible. They do not have to send you any notices, that is a courtesy they do to "remind" people to pay. When you signed your original documents at closing they basically said if you pay you stay. Well if you don't you go. If you want to read over your original mortgage again do so, but you will see it clearly states if you fail to pay you are out. Sorry for your loss, but you have NO legal recourse. You defaulted on the loan so they have the right to repossess. If you had 150k in equity you should have refied or sold.Question: What is causing so many foreclosures in todays real estate industry?
My mom is a realtor in the Bay area and she hasn't been selling houses lately and now it is causing us to move to a smaller house. We used to be very rich and had a 4,500 sq foot home but now we live in a really small home because of nobody buying any houses...What is causing all these foreclosures and why isn't anybody buying homes lately?
does the war and president bush have anything to do with this?
and when are things going to get better? next year?Answer: sub prime loans
sub prime loansAnswer: your mom should be able to answer that since she is a ...
your mom should be able to answer that since she is a realtorAnswer: loans to people that could afford them
loans to people that could afford themAnswer: when interest rates are low a lot of people buy. rates are ...
when interest rates are low a lot of people buy. rates are getting higher and mortgages costs are going up.Answer: Idiots buying houses they couldn't afford with no money ...
Idiots buying houses they couldn't afford with no money down and mortgages with very low starting interest rates that have now skyrocketed.Answer: and gas prices...gotta have gas to go to work.
and gas prices...gotta have gas to go to work.Answer: A lot of it has to do with variable rate mortgages. People ...
A lot of it has to do with variable rate mortgages. People bought houses they normally couldn't afford, but bought them with very low interest rates. But, since they were variable rate, they went up, and now people can't afford the payments.
I'm getting into real estate now. But, instead of just being an agent, I'm looking to work all sides of the market. Since there are a lot of foreclosures, look at short sales. Or wholesaling, or investing (buy low now, sell high later!)Answer: people buying things that they can ill afford. tb
people buying things that they can ill afford. tbAnswer: People signed short term adjustable rate mortgages with low ...
People signed short term adjustable rate mortgages with low payments for the first couple of years with the understanding they should improve their credit and refinance into a better rate fixed loan. A lot of people didn't do that. The payments start rising very quickly along with the interest rate. That screws up the credit even worse so they get stuck with that loan. Can't pay the high payments and pretty soon, the bank takes the house back. Very sad, but most knew it was going to happen if they didn't refinance in time.
Now a lot of people of nervous about the housing market scare. The market in some areas is getting flooded with foreclosures decreasing house values. Supply and demand.Answer: Some say it is an impending recession, but the fact is, in ...
Some say it is an impending recession, but the fact is, inview, that the housing market had a very good ride for a while, and that as everything, the market has cooled down.
In the past year, it seems a number of people used their home equity as a way to finance debt (namely borrowed against their properties to pay credit card bills) and so now the economy has a huge number of delinquent bills that are not going to be paid any time soon unfortunately.
Hope this helps and that your new place, although smaller, may be nice enough to keep you positive for 2008.Answer: Why would anyone (without 7 children, need that big of a ...
Why would anyone (without 7 children, need that big of a house?!)Answer: Much of the problem is caused by defaults on loans that ...
Much of the problem is caused by defaults on loans that should never have been issued in the first place.
In some areas, high unemployment has also contributed to the problems.Answer: The reason for all of the foreclosures is that people took ...
The reason for all of the foreclosures is that people took out mortgages that sounded good at the time - 3% - 5% interest, but that were not locked in at that rate or that had penalties for locking in. Now the rate is 7% - 9% and there mortgage payments have doubled and tripled.
No one wants to buy a new house if they can't sale there old house. Or if they can't aford to pay for the house they are currently living in.Answer: Mortgage companies were getting "creative" with ...
Mortgage companies were getting "creative" with their financing and were getting people approved for loans that had a adjustable rate that at the time made it affordable but then when the rate adjusted they ended up with a payment that they couldn't afford. So many are defaulting on their loans and going into foreclosure. Obviously that is only one reason for the sorry shape of our Real Estate market. Another would be the rising price of Gas and the war in Iraq. People aren't spending as much money and with the stock market bouncing up and down its safer to wait for a better time to buy. Things will turn around but for now we are on the downside of the hill.Answer: There are a number of reasons, but this is the one I hear ...
There are a number of reasons, but this is the one I hear about the most often:
People with suspect credit were buying houses they normally couldn't afford because they got a low 'adjustable' mortgage rate for 2-3 years. After the 2-3 years, the interest rate would go up, making the home no longer affordable.
These people could not refinance because all of the lenders that would give them money 2-3 years ago all went out of business because they lent money to people with suspect credit that could not pay them back.
It ended up having a snowball effect on the market.
Your Mom should be able to give you more details and more reasons if she is a real estate agent.Answer: The forclosures are caused by banks who were lending to ...
The forclosures are caused by banks who were lending to anyone over the past few years. They were lending to people with poor credit and not verifying income and instead doing stated income loans (loans where people say they are making so much but do not have to provide proof). They were giving out ARM loans, which is an adjustable rate. So say someone got a loan for $300,000 with a rate of 6.75% and their payment was $2200 per month. Then when their loan rate adjusted they were given an interest rate of for example, 8.9% which caused their payment ot go up to $3400 a month or they had to refinance, but they can't refinance because there credit is bad and can not prove their income so they are stuck and cant afford to make the payment and it usually ends in foreclsoure.
Not many people are buying homes, because there are so many home son the market and they want to get a good deal so they are waiting for a while till housing prices drop more. In addition, economically times are tough for the middle class people who just don't have the extra money for investments. And with stricter lending policies, people can no longer get approved for additonal mortgage loans that they may have been able to get in previous years.Answer: Do 2 "Mortgage-Scam" ... giving loans 2 easy ; not ...
Do 2 "Mortgage-Scam" ... giving loans 2 easy ; not stable income 4 some ppl.; Rushing into buying when u do not have a back-up plan; adjustable-rates; Baloon-mortgages; loosing jobs; divorce; deth of a partner; sikness;....2 "MANY"... 2 enumerate......Answer: A lot of people were qualifying for loans they couldn't ...
A lot of people were qualifying for loans they couldn't afford by getting artificially low introductory interest rates. When the interest rates increased to the scheduled percentage...What do you know? The people still couldn't afford the house. This has caused fewer people who can afford or have the credit to buy houses; which makes houses sell more slowly. This makes prices go down and the people living in those houses can't afford to take the loss by selling their homes. Now, they can't buy a new house either. Sorry about the hard times. Hope at least it's a learning experience for you.Answer: I am a Realtor as well as your mom. I live in the Miami ...
I am a Realtor as well as your mom. I live in the Miami area and this is the city that is number one in a bad market.
Down here there is way to much inventory, builders built faster than people bought. Prices increased to levels that are out of reality, especially on the beach. In addition banks loaned money to unqualified buyers. Investors purchased with not enough money to carry the properties, which has caused so many foreclosures. That is some of the problems. We should see a recovery by 2009.Answer: Some people make their living by providing mortgages to ...
Some people make their living by providing mortgages to borrowers. Mortgages can be sold to other banks, and they found a way to group many bad mortgages together to make them look attractive to international investors.
Initially, it was very profitable but as it turned out, so many people were not able to keep up with the balloon payments and defaulted on their loans. It became a world problem.
Too many people have to leave the homes that they cannot afford. Many more homes are available on the market, and so the prices of homes are now falling. People who own homes don't want to sell at these lower prices.
The mortgage market needs regulation.Answer: It is not just subprime loans... this is a media lie...it is ...
It is not just subprime loans... this is a media lie...it is also those with high ficos and income that have lost the income or never had it and used programs geared to the self employed and investors. These programs were interest only or 2- 5 year fixed. Now that it is time for the rate to adjust the borrower's financial and credit situation has changed and they can't afford the home anymore. Therefore, sellers are not placing homes on the market due to a lack of buyers.Answer: hmmm
1) builders build faster than population grows
2) ...
hmmm
1) builders build faster than population grows
2) Prices reflect new construction is luxury, "step-up" houses rather than starter homes
3) people no longer have access to easy credit due to overextension in the credit markets/general wall street tomfoolery
4) transportation costs (aka gasoline) doubled in past 3 years from ~1.60/g to ~3.20/g
5) other commodities such as copper, wheat, soybeans and corn have more than doubled in that period of time, pushing up the price of the basics
6) collapsing dollar has made imported prodcuts more expensive
7) recent runup in housing value reflected speculation oin a commodity rather than fundamentals (i.e, you need a place to live so you buy a house)
8) mortgages taken out in past 5 years have been heavily weighted toward adjustable rates, currently LIBOR is on the way up as global inflation picks up, all those Adjustables are based off the LIBOR rate.
9) no shame in bankruptcy or bad credit. 30 years ago it would have been anathema but now its no big deal, or so many think
In other words, people are broke and they cant afford what they have never mind buy something biggerAnswer: The high rate of forclosures is due to several different ...
The high rate of forclosures is due to several different things happening all at once. Here are just a few:
1. Mortgage lenders created new ways of lending to those people who would not have (and probably should not have) been able to qualify for a typical home loan. These "special program" loans had much higher interest rates than normal.
2. People wanted to own a bigger, better, more expensive house than they could afford, and so they opted for ARM's or Adjustable rate mortgages, that started at very low interest rates. This meant that people paid lower monthly payments initially, hoping that as the rate increased over time, so would their income, and their ability to repay it (a very bad idea, since noone can predict the future)
3. The economy changed, rates went up faster and higher than people expected, and then so of course did their payments (which of course were more than they could afford, that's why they were using an ARM)
4. Very large financial institutions bought up these funny-money mortgages (see item 1) hoping to cash in on their higher interest returns.
When things turned worse economically, and interest rates went up, all of these thing came back to haunt us and the market collapsed. That's the root reason of why your mom isn't selling houses as fast as she used to.
The good news is, these thing always have a way of turning around to the positive again. Just be patient. Things will get better for you and your mom in time.Answer: People bought homes they couldn't afford and now they ...
People bought homes they couldn't afford and now they are being thrown out of them.
Be glad you still have a place to live. It could be much worse.Answer: da market
da marketAnswer: When the housing market was good (when you were rich from ...
When the housing market was good (when you were rich from your mom selling homes) buyers were buying homes with adjustable low interest rates. Now these adjustable rates are adjusting and resetting higher than what they were. This is causing their interest rates to rise and that causes mortgage payments to rise. Know mortgage payments are rising and people can't afford them thus causing foreclosures.
People today are still buying homes but with so much inventory and a wide verity of homes to choose from not all homes are getting bought. In today's market even though possible it is difficult to obtain a 100% loan for a home. Back when your mom was selling alot of homes a 100% loan was very easy to obtain just by stating what your income is and stating what your assets are. All you need was a good credit history.Answer: People can't afford to buy. It's only going to get ...
People can't afford to buy. It's only going to get worse if we continue on this corporate road we've been on. The middle class is being squeezed out. If it keeps up, there will only be the rich and the poor.
Too many people are hung up on things. The important things are food, shelter, clothing, transportation, utilities, and misc. household items. All the extras are just things we want, not things we need. We just get in over our heads over things, pure and simple.Answer: Okay. I am going to keep this short, but this being a ...
Okay. I am going to keep this short, but this being a complex issue, it won't be a short answer.
Toward the end of the 90s, the economy was starting to stall. The South East Asian Financial Crisis was just fixing itself and the Congress just finished giving $1 Trillion in bailouts to various Hedge Funds and Investment Banks. As we headed 2000, the economy was in a known gray area, and when we had the Internet Bubble popping AND the 9/11 attacks, our economy was heading into a nose dive and fast. So Al Greenspan, the then Fed Chairman, incrementally started lowering the Federal Funds rate until it hit a historic, all-time low of 1%. This naturally made home mortgage rates the lowest in history, hovering around 4.5% (insane to say the least). So, what we saw was a massive push on the part of speculators hedging the housing bubble to pop and then we had house-flippers (a major culprit) increasing their involvement. So, when you have a house-flipper buying a house, and then a few weeks later selling it for a profit, this sends a signal to the market that there is a huge demand for homes, when in fact there is NOT. The monthly MBA (mortgage brokerage applications) report coming out shows only numbers of people, NOT their intensions. So, this sends a signal to the home builders that X amount of people are looking for homes, when in reality its not that many since some of them only want to actually LIVE in the house. So we have tons of homes being built, with not an actual number of people looking to live in them.
Then we have the simple economics of the massively low Fed Fund rate. Simple economics states that if risk is not properly priced into a security or into the market, the investor and the consumer will not act responsibly. With these historic low figures, people got into home loans they never should have been in because of the teaser rates that attracted them. Now, these people are largely to blame and more importantly, they failed to take into consideration the actual impact the teaser rate reseting would have on their monthly payments. Most of them assumed they would likely resell it for a profit, which never happened since the housing bubble popped.
Now, there are many investors who saw this coming. Mainly because the actually inflation being measured was purposefully not counting home prices, largely due to speculators. The reality is, inflation in home prices was hovering between 8-10%, which means we were set for a massive correction since there is no means of sustaining these prices.
The bulk of these foreclosures therefore are coming from people that should never have been in the market to begin with. This is just the foreclosure issue and not the credit issue, which is tied together.
This has nothing to do with the Democrats or Republicans, or the President. This is also an international issue, since the credit crisis that stemmed from these foreclosures had investors in Europe, the UK, Canada, and S.E. Asia.
Now we are seeing houses dropping in value, some as high as 30% in some areas. This is ABSOLUTELY going to continue until the beginning of '09. The inflationary pressure placed on this market has shot the prices up with no substantial foundation for so long that this correction (likely the worst in history, but definitely in the past 20 years) will follow the normal 18 month course that corrections of this magnitude warrants.
I hope this helped. Its a huge issue and if you have any further questions, I would love to explain it in greater detail for you, just send me a message with any specifics.Answer: Our economy is heading straight into a recession. With the ...
Our economy is heading straight into a recession. With the war onset, people are concerned with what is going to happen. Also, there is only one person supporting their families. NOt to mention the fact, that fuel prices are increasing, which is increasing the costs of many other things. But there is no cost of living raise(at least where I'm at). There has however been a 7% raise to lawmakers ofstate, who already make 6digit incomes already. I just dont understand it. But the housing market is going to continue to dive until there is more overall stability in the economy, and we quit pissing off other countries. Oh yeah, I forgot that our dollar is worthless these days, ( which may not directly be related to the housing market, bu is an indication of how crappy our economy is)Answer: I am a real estate agent and there is one word that is ...
I am a real estate agent and there is one word that is causing it.
APPRECIATION
The house values are not going up ie: appreciating
You can read about all the reasons causing it but to sum it all up in one word its lack of appreciation.
See...if there was APPRECIATION then values would go up
If there was Appreciation then people could refinance
If there was appreciation then people would have desire to buy something that is increasing in value not decreasing.
Once we see APPRECIATION all these problems will be solved. Markword, watch the news, check out the numbers and when houses start appreciating again the market will pick up again.Answer: Interest rates went up, and that made housing payments to go ...
Interest rates went up, and that made housing payments to go up. Some people couldn't afford to pay more, so they lost their houses.
It's not related to the war or Bush. The problem was caused by some people buying houses that they could barely afford, so that if the payment went up, they wouldn't be able to afford it. And the mortgage companies are also partly to blame, because they shouldn't have given people those loans in the first place if they weren't going to be able to repay them.Answer: Because of the easy qualify, no down payment loans, taken by ...
Because of the easy qualify, no down payment loans, taken by anxious people desperate to get in on a market that was spiraling higher and higher. Encouraged by sometimes predatory lenders and real estate agents.
It was often said that if one Realtor said no, another would find a way to say yes. Same with lenders.
Granted, sub prime mortgages are getting hit hard, but they are failing because so many were after the quick sale, the fast bonus and biggest paycheck, and the American dream. People were blind to the possibility of failure, because real estate was the "sure thing" and they couldn't possibly lose, and now lenders had more money to give, at higher interests rates and using interest only ARMs.
Many went in with good intentions, just not the best financial planning; often with a high debt to income ratio, thinking they could refinance, or flip and sell and come out ahead. And they did this with the blessing of the Realtor and the lender. All three are culpable.Answer: WELL PEOPLE NEED TO PROTECT THEMSELVES TODAY WITH A PLAN B ...
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How do I find a FREE list of foreclosed homes in my area? I see lots of "pay a monthly membership" sites, but is there one that lists them for free? Or auction?Answer: Contact your local real estate agent to email you a daily ...
Contact your local real estate agent to email you a daily list of foreclosures of the area you would buy into.Answer: http://www.realtytrac.com/
claims to have free listings of ...
http://www.realtytrac.com/
claims to have free listings of foreclosures.
Lots of properties may be listed in your local newspaper (or associated web site) as "court auctions" with fine-print descriptions.Answer: Your best approach is to talk with a local Realtor and ...
Your best approach is to talk with a local Realtor and explain that you are actively interested in buying a property or propeties. The Realtor will have access to everything you can find and more. Importantly, they will have a fresh list with the properties that are still on the market, through their Multiple Listing Service, and can also identify properties that havent been foreclosed yet, but on which the lender is willing to take a short payoff to avoid the foreclosure process. If you agree to work with that Realtor, they can actively work to find you the kind of properties that you want. That is how they get paid. You don't have to sign a contract or pay anything. If they want a Buyers Agency Contract, vote with your feet and walk away. They can work with you, without any cost to you, and would be happy to have you as a customer.Answer: If you are in CA email me and I will havebroker send you ...
If you are in CA email me and I will havebroker send you a list. It would not take him long to run it. Include your price range, there are tons of foreclosures.Answer: You want to go to your county's recorders office and go ...
You want to go to your county's recorders office and go through their book of dailies. This will show you all of the people that are either in foreclosure or going to go into foreclosure. Those websites you go to aren't very accurate. If you go to your recorder's office, you can get their names, phone numbers, loan amounts, loan numbers and lien holder. The best way to buy a foreclosure is straight from the owner. You can end up paying way less.Answer: You can call national banks and ask for their REO web sites. ...
You can call national banks and ask for their REO web sites. There's a small list of them located here on investingwithoutlosing.com, go to the search box and look for "REO".
The ones run BY banks are free because they want to get rid of it. All other sites like realytrac charge money. Also there's some real estate listings in the index pages of the book below.Question: Foreclosures?
How do you find them, how do you buy one and what do some of the terms mean? I was browsing around on yahoo realestate and noticed homes for sale with a loan balance of as low as $2k dollars. Does this mean all you have to pay is the remaining balance of $2000. I m confused please help.
I am also looking for sites that have free listings of foreclosures in cypress and buena park, california. Thank you for your help. :)Answer: I am not sure what you are looking at. Foreclosures do not ...
I am not sure what you are looking at. Foreclosures do not sell for 2k, they sell pretty close to the market rate. They are driving the market rate down, but they are still in it.
The foreclosers are in the MLS, listed as REO. Have your agent print you up a list.Answer: The city's Tax Assessment Office or Recorder of Deeds is ...
The city's Tax Assessment Office or Recorder of Deeds is a good place to start looking for foreclosure listings. How they work (in general) is the bank that holds the loan offers the home up for auction with the starting bid being the loan balance. You bid against other interested parties and the highest bidder wins. So it is very rare to see properties actually go for $2000. Read the auction listings very carefully before you bid; some require that you pay other debts like tax leins, water bills, etc on the property. In general, it's not that easy to get a really good deal on a foreclosure property because the banks will sell to third parties like real estate liquidators before they put the homes up for auction, and foreclosure properties often have lots of other fees and debts associated with them.Answer: Do a search here in YA, you will find tons of info on ...
Do a search here in YA, you will find tons of info on foreclosures.
No, you don't pay the remaining balance, the property will either be listed with a Realtor for sale or be auctioned off. Many novices believe that lenders sell their REO properties for a small fraction of fair market value to "clear the inventory" and that just isn't true. Lenders are in a position to obtain their price if the house is in fair to good condition. Houses you may see for bargain prices are either a teaser to get you to sign up for a service or are not something you would want to purchase.
Remember, there are experienced investors out there looking for bargains and if a house was a good deal at $2,000 - it would have been gone a long time ago.Answer: You won't be buying any of these properties for $2,000 ...
You won't be buying any of these properties for $2,000 or anywhere near that figure. What you are seeing isn't the remaining loan BALANCE. It's the amount that the owner is in arrears or deficiency.
Contrary to what the assorted infomercials advertise, these properties are sold somewhere near market value, although there are bargains to be had. However, the bargains are not THAT good.Question: I am looking into taking over payments on a house almost in foreclosure and want to know if it is a scam???
So me and my fiance are looking into this. It looks like this company asks you to pay $200 for a listing of houses. All the houses they have are almost in foreclosure, and what you do is take over payments for about 6 months, in the other person's name, and after 6 months you can re-finance and put it into your name.
Is this a scam? If it is, how?
I guess you just find the house, and make the first payment. They said there is no credit check because you aren't asking for a loan. You are just taking over payments.
I asked what about when you go to re-finance will they run a credit check and is there any chance they can decline you and after those 6 months of living there is there any way you can loose the house? They said no, and your credit doesn't matter because the payments you make for those 6 months pretty much show how you make your payments on time and everything.
They also said the title and deed gets put in your name right away.
Can anyone help me with this???
Thx!!Answer: talk this over with your real estate agent. write down you ...
talk this over with your real estate agent. write down you list of questions and concerns.Answer: Don't do it.
Don't do it.Answer: guess it is a rip off for the list as they can access ...
my guess it is a rip off for the list as they can access other homesAnswer: They are asking you to pay a fee for something you can do on ...
They are asking you to pay a fee for something you can do on your own. In the real world you can find a seller that is behind on their mortgage payments, you contact them or they contact you. The gist of it all is that they can't handle the payments. Let's say you come in and catch up the $4,000.00 that they are down in mortgage payments and you give them $2,000.00 to move, they give you a deed to their house and you own it. You continue making the payments to the former owners lender (they probably won't care, as long as the money comes in). Will they call the loan due? They could, why? They don't want the house. In the meantime, in a lien theory state, you own the home and re-finance when you feel it's right for you. It's called buying a property "subject to the existing mortgage." Do you see that by documenting your cancelled checks on someone elses mortgage, it could actually help you? When they deed the house to you, you own it. No one else can refinance something they don't own, but you can.Answer: It's a scam. You cannot just take over someone's ...
It's a scam. You cannot just take over someone's payments to buy their house. Why would you make payments in the current owner's name? They'll say, "Thanks for bringingmortgage current!" and kick you to the curb.
Even if they didn't, in six months you'd have to assume their mortgage and most loans are not assumable.
This is a total scam - run away fast!Answer: Something is definitely strange here. You mention that the ...
Something is definitely strange here. You mention that the deed gets put into your name immediately, but you pay the debt of the other person in their name. That's a big red flag right there.
All standard mortgages contain something called an alienation clause. Basically, it means that if the title to the property changes hands, then all remaining debt owed to the mortgage lender is due immediately.
Though some mortgages are assumable, you still have to apply to that lender as though you were taking out the loan originally, so they're yanking your chain on that.
Whether you are almost in foreclosure is between you, your lender and the credit bureau. Homes up for sheriff's sale are public record. Look there for free.
This is in all likelyhood a scam to get you to pay them 200 bucks.Answer: Sounds like a scam to me. First you're paying them to ...
Sounds like a scam to me. First you're paying them to give you a list you can probably get for free from those that are foreclosing. Then you are going to be responsible for payments that are NOT in your name. That does NOT guarantee you that someone will give you a loan at any time. And if they did, you have no guarantee of what rates you will pay or what closing costs. You are asking for trouble. The title and deed can NOT be put into your name because if money is owed on a house, the house and land are held as collateral and the note holder's name must be on the title because that gives them the right to take the title from you for not paying the note. You've said the note is in someone else's name and until the foreclosure they own the house. Their name cannot be removed from the title and yours put on it while you pay their loan. That just doesn't make sense to me.
Report these people to the better business bureau or anywhere else you can think of. If you don't believe me, get a second opinion from a unconnected realtor. Be prepared for him to laugh at you. Or call a local roving reporter and see if they will help you expose these people. . .Answer: There is a better way. Contact a real estate agent in the ...
There is a better way. Contact a real estate agent in the area that you want to live...find out which one handles the forclosures in that area. Get in touch with that agent. Tell them you are looking to take over a property that is about to go into forclosure. Find the property....make a deal to purchase the property from the owner that is behind on their mortgage....get the agent to contact the lender, and ask for a short sale price reduction from the mortgage. They will normally discount the mortgage owed around 20-25%. Why you ask? Well its simple really....They know they are going to get this property back...and will have legal fees, loss of time fees, advertising fees, agent commission cost fees, court cost....another words...they would like to avoid these fees and take their hit right up front. Try it! It works! I know, because I use it myself!! |
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Bank Foreclosure
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