Related articles from Yahoo AnswersOpen Question: I heard that some banks offer no closing or 0% down pymt if you purchase one of their foreclosure. Is it true?
If true.. Which bank?
Open Question: How can i get a foreclosure listing?
Can i get it from a bank locally or is it on-line only? How much would it cost me?
Open Question: Economy, What now, do we do?
Foreclosures are way up. Those that need a home do not have money to pay for them. What do the mortage companies and banks that now own them do with them. The people that do have most of the money, What are you going to do with it now that you have it. The elected politicians think they have the answers. The workers have no money now and the experts say it will get worse. With all the knowledge learned it still appears that no one knows anything. Why? We the people are waiting. How long does it take?
Resolved Question: Care to edit this from those goons at Yahoo.com?
"Rampant foreclosures in some cities are forcing banks to radically cut listing prices."
This one's pretty easy.
Open Question: Is Chase/Wamu bank participating in the foreclosure prevention plan.?
Will they modify the terms of mortgages for people at risk of forclosure?
Open Question: How to buy foreclosure properties?
Can I walk into a bank and tell them I am ready to buy- make me a deal or do I have to go to an auction via listings or get an agent? I would like something in NJ although aren't the real bargains in Detroit and Ohio and places like that?
Open Question: my house is going for foreclosure what will happen to me?
i would like to know if i would get in trouble or do i have to pay some money after the bank reposes my house
Open Question: My rental condo is in FORECLOSURE... the bank offers me cash!??!?
hey everyone... Just got home from a 2 week vacation... I have been renting a 3 bedroom 3 bath condo in Orange County California for about 2 years now. Yesterday morning someone brought over a paper informing me that the condo went under foreclosure and I have 60 days to move... This is the first I have heard of this... you can not see the door numbers clearly on the door so maybe they have posted some papers on someone else's door and it never found the correct location, or maybe the wind, who knows.... in any case here is what happened... after finding out our home will soon be taken out from under us and checking the mailbox after our 2 week vacation and finding more info about the foreclosure im pretty sure its solid. I tried to contact the land lord MANY TIMES with no results... I have paid my $2,300 rent at the 1st of this month and the check was cashed on the 2nd... im pretty much thinking that im 100% screwed...
the letters say that the condo was purchased by another Bank and not a private party or individual...
this morning I get a call from the guy in charge of the newly acquired real estate who is in direct contact with the bank... He tells me that the bank is willing to offer me a set amount of cash to help me move.... i tell the guy that i am just a renter and i dont own the property and he tells me that, "If you were the owner the bank would not offer you this, they would just kick you out"... so he asked me if i was interested in the offer and I told him that ,"I already paid rent, why not?!" so he told me that he would talk with the bank and get back to me soon....
not long after that they guy calls me back and tells me that the bank is willing to offer me $3,000 to move out within 30 days... I told him that $3,000 will barely cover moving expenses and not even cover security deposit on a new place and first and lasts months... I countered for $4,000 if they really wanted to help...
my paper says i have 60 days.... bank is offering me cash for keys within 30 days... i think they are willing to pay the $3,000 to get me out sooner so i dont destroy the property... is this common for the bank to offer money? if so, dont mean to sound greedy but how much might i be able to ask for... this whole move is going to cost more then i can imagine...
plus giving into account that I have been renting a 3 bedroom 3 bath condo in Orange County California for about 2 years now. I was doing Home Loans before the market went under and now I own a semi successful web design company. I pretty much only make enough for rent between my girl friend and I and since the market crash I now have bad credit from my previous High Cost of living expenses and my GF's credit isn't too hot as well. I have ALWAYS paid my rent in time but getting in contact with the "land lord" has been impossible... they are my only hope for a positive review on my excellent rental history for when I move into a new place. Now with having BAD CRDT and NO RENTAL HISTORY and also to make things worse... NO SECURITY DEPOSIT.... i dont really know what I am to do... thanks in advance for the advice.
Open Question: HOW to apply for a mortgage?
We are looking at foreclosures... HOW do we even apply for a "pre-qualify?" We want different options, not just one.
for example we don't JUST want to go to the bank. We tried to do it before, we went somewhere where they ran a check and it was perfect, BUT the lady gave us these "options" that were confusing, like we would be splitting the loan with a "first time" home buyers, I didn't really feel like it was helpful, and I can't seem to find anything online that is really helping me find out HOW and WHERE to go for this.
The other thing is that we would like to have a mortgage where we could take out a couple extra thousand to fix up the home...is there some GOV. loan we could get for this?
We have the 5,000 and we are not going to buy for at least 3 more months, but we just want to make sure we KNOW what we are getting our selves into.
YES we know the market is at a slump, but we want to buy vrs. rent, and we have friends who are contractors so the fixing up wouldn't be that big of a deal, also we know what to expect from a foreclosure (for the most part) but as we live in South cali it's our ONLY option at the moment besides Mobile homes and condos which won't offer us any money when we wanted to move.
The homes we are looking at are VERY small, so another thing we were curious about is if they would even bring anything in in the long run??
HELP!!!
Open Question: Thinking of starting a foreclosure cleanup business, any advice from bank reps/mortage brokers?
I know this is a new niche business, and it would have to work with mortgage brokers or banks. Does anyone have experience in this field, or better yet, is anyone here a mortgage/banking rep who deals with these foreclosure cleanup businesses? If so, how do you find then and what do you look for? I have been in the construction/rehab business for 25 years and think it would be a good idea, at least for now. Thanks in advance.
Resolved Question: I'm buying a foreclosure house..?
can I put a time limit on the closing date? My problem is that the bank who owns the property is dragging their feet about getting the closing documents done. We have extended the closing date three (3) times now, to equal more than a month overdue from the original closing date.
I'm afraid that if we dont keep giving them the time they 'need' we will lose the deal. I heard that if they dont finish everything by the set date that they will be able to put the house back on the market. Is this true?
And if this is true, can I force them to pay money for lagging so much?
I'm thinking we could tell them, "If the house isn't sold to us by X day, you will have to pay us $500 dollars". Basically because they've already wasted over a month of our time by dragging their feet on this deal.
Open Question: How long does it take to foreclose?
I was divorced last year and as part of my child support my ex was supposed to be making the house payment. He hasn't been and all the correspondence from mortgage company goes to him. I called them to try to work it out but since his name is the only name they deal with they would not give me any information. Yesterday, a man came to the door looking for my ex saying that he was there to do a bank inspection. My name was not on the paperwork, so he would not give me any info. Should I expect an eviction notice? Is the house being foreclosed right now? Should I get myself and my kids out of there asap? If this is a foreclosure inspection, what can I take out of the house after the inspection? Sorry, lots of questions, but the divorce atty left me with no extra $ for this! Thanks!
My ex refuses to discuss this with me.
Resolved Question: Regarding an REO foreclosure, websites usually list a REO "sale price", is this the price to own the house?
For example, if you consult any foreclosure website looking for REO properties, they usually mention that the sale price is for example $20,000. So does this $20,000 represent the final price that i should pay to the bank to own the house? or is the $20,000 a part of a bigger sum that I have to pay to the bank??? I am a bit confused on this, thank you for your help.
Resolved Question: Loan Modification Services?
If you are in foreclosure and risk losing your home to the bank but want to keep your home, Would you use one of those loan modification services to help you?
Open Question: US Bank (Bancorp) foreclosure process?
I am wanting to know; after how many months can a person default on a mortgage loan with US bank before US Bank starts their foreclosing process? If you reply, can you please reply with how you know this source of information? Thanks!
Resolved Question: Can you name me an example of deregulation that caused the economic crisis?
I can name the millions of loans made by Fannie and Freddy and the forcing of banks by law to make the loans.
And 1 million homes in foreclosure equals about 200 Trillion in unpaid debts to the banks all over the world.
And that Barney Frank Chuck Schumer and Chris Dodd blocked any attempts to regulate Fannie and Freddy by the Bush Admin or anyone else.
But if you can name the deregulation that shows I'm wrong I'll admit it.
Open Question: Can't afford the investment property - what are their options?
I have relatives that purchased an investment condo in California for $300,000 which is now worth approximately $145,000. Unfortunately, they took out an Option ARM loan, which means their payment will go up in a few years. In fact, it goes up to an unaffordable level of payment. They've tried renting it out, but the price of rent will only make an insignificant dent to the mortgage payment (and I'm not counting Homeowners Association and Property Tax)
Their top goal is to be keep/stay in their original home. It doesn't matter what happens to the investment property (short sell or foreclosure.) And obviously, unless they win the lottery, they don't have the extra $155,000 lying around to pay off the loan. (Who does?)
I'm not a bankruptcy lawyer, so I would like to know to exactly what options are available to them? What are the key questions that needs to be asked to the bankruptcy lawyer?
PS. This is a non-recourse state, and they have not refinanced. Plus, I frankly believe that the banks were stupid to loan out money to these people. Banks didn't do their own homework.
More info: The lender will not modify the loan unless they miss payments. They're barely making it right now, and I know they can't in the future based off the loan terms. Foreclosure is possible, but what does a foreclosure do to their primary home? Finally, what exactly is a deed in lieu? Details, please!
Open Question: Foreclosure question?
If i foreclose on my home, will i need to pay back the money that the government gave me for being a first time home owner?
i recieved 10k and US Bank doesnt feel like abiding by the "Homeowner Protection Act 2008"
i think the 10k was from a program called:
"First time homeowner's Grant"
Open Question: Is it legal for banks not to give buyers bid amounts?
I live in the state of Virginia and I am trying to buy a foreclosure the bank came back with they wanted "highest and best" offers. My realtor pulled the comps for the area for the last 90 days and I have submitted another offer for the property based on this offer. My question is it legal for the bank not to tell prospective buyers what the counter offer is? Or is it common practice for buyers just to blindly pay more.
Ok I understand its not a counter offer however how can I find out if not relaying the highest bid information to prospective buyers is legal or not. Basically I need to ease my spouses mind by showing him in black and white that this practice is legal.
I also do know about the apprasial process I will be using a VA home loan. But my husband being a panicky and conspriatorist type doesnt think the bank should be allowed to do this and believes I shouldn't have business dealings with them.
Resolved Question: How much down can you ask a bank to go on the price of a home?
Say the home is a foreclosure or a pre forclosure. Say it is 120k. Would asking 20k lower be out of the question. And that's saying the home doesn't need massive work like a new septic system or something like that.
Am I being a little unclear? This is a hypothetical question as me being the buyer. It is not my home that is for sale.
Basically I am trying to see if anyone out there has experienced a scenario were maybe they (or some other buyer) offered much less then what the asking price is and what happened in the end.
Resolved Question: I need some quick info on foreclosure please!?
OK, so for the past 3 months or so, I have been planning to rent my friend's house. The story was that she's been wanting to move out for a long time so we would be doing her a favor by renting it. She was giving us a low rent compared to what we would pay in that area, so it seemed like win win. We were just going to take over and pay the amount of her mortgage.
She just told me today that she is thinking about letting the house go to foreclosure, but we can still rent it until we get settled in the area. She said, "You guys can have it for at least 2 months, and if it goes into foreclosure you may even have extra time." Now about the 2 months, that's what we had agreed on initially, like 2 or 3 months, because that's all we would need to get settled in to the city and find another place.
This is the first she has mentioned of foreclosure, so I'm just wondering, what the heck is going on? She mentioned something about keeping the house until the bank notifies her or something.
What could possibly happen to us? I was counting on having a little while to find a new place before we moved out. Is foreclosure like eviction? Will someone come, knock on the door, and say, "Get out!" I have 2 kids and I can't let that happen to me.
This is cut and pasted from her e-mail to me.
"We are going to let the house forclose, but it doesn't mean u can't stay here. Our plan was to stay here till the bank tells us to get out. Instead, I will let u stay there to rent until someone notifys us. This will give u time to get on your feet in CA. But the forcloser thing we are still thinking about.But for sure u guys can stay there, for at least 2 months until things r figured out, it might buy u more time if that happens. I hope it all make sense."
Resolved Question: After complete foreclosure,Bank owned What are the Tax consequences or are they forgiven ?
Resolved Question: What qualifications should I request to lease a home to tenants with bad credit scores?
I have a home for lease and some prospective tenants have bad credit score due to foreclosure on their home. They have stable jobs and claim they can afford the rent. In addition to 1 month deposit, would most landlords require additional deposits or would they ask to look at their bank account balance... What would the usual requirements be for a tenant to qualify if they have bad credit?
Voting Question: Seller can not produce title problem?
Bought mobile home in Delaware for cash. Told title would be in office next day for pickup. Apparently this was a bank foreclosure mobile and they were missing a signature on title to clear it. Every week being told just waiting forsigned title back with little to no more info. Been 4 weeks now and all I have is a formal receipt and bill of sale. The rep for seller not returning calls. Still no title. I am trying to find out my legal stand if any. Thanks
Resolved Question: I co-signed on my mom's mortgage to help her get a loan, and the house went into foreclosure (see details)...?
I co-signed on my mom's mortgage to help her get a loan. I was naive going into this -- completely new to the process, and believed it when I was told by the broker that I could be taken off the loan at any time (I'm filing a complaint with the Attorney General for that).
Well... mom couldn't afford to pay back the loan, the foreclosure process has begun, and now she's talking about filing for Chapter 7 bankruptcy.
By her filing for chapter 7, I would be the only person left standing to pay for a house that I don't even live in.
I've already spoken with two attorneys -- one said they'd try to get my name off the loan and I never heard back. The other said I should sue her to force a short sale, and said the bank probably won't go after me for the difference.
I'm really getting the shaft on a deal that was supposed to help my credit. What can I do to come out of this as squeaky clean as possible, without regard to mom?
NOTE: I apologize to those of you who like to be the one to provide the moral or lesson to each story, but I'm ok in that department. I already know the moral of the story.
BTW: I live in Illinois.
Resolved Question: Real Estate Foreclosures?? Help?!?
Is there a website where I can find Bank/Real Estate Foreclosures in Detroit, MI?? I've been to a few websites, but you have to sign up for a trial, and I don't want to do that. Is there any website I don't have to sign up for a trial? Can someone please help me! It's very urgent.
-Thank You
Voting Question: Home foreclosure and the law?
We filed for bankruptcy last year and let the house go with it. We had the 6 month period to reclaim it, yadda yadda... which ended Dec 4. We started moving out of the house in August and shortly after, I guess the bank sent someone out to determine that we weren't residing there, the bank had someone literally break the doors down and installed new locks so we can't get in. We still have stuff in the house that we'd like to get back and have never received any notification in writing that the bank had repossessed the property. We still haven't. We called the bank and someone was supposed to call us back about getting in there to get our stuff, but of course they haven't called back and probably won't. The city still holds us with legal ownership, we still get tax bills from the city in our name. My question is, could we get into any trouble, technically, if we broke into our own house to get our things?
but they didn't give us 6 months. they changed the locks before the 6 months. that's my question... and we weren't in foreclosure before the bankruptcy.
Resolved Question: He's calling me stupid for doing this?
Where I live it's in a newer area developed in 2001 and it's a lot of foreclosures. Well I've been snatching them up at auctions for great prices and i'm renting them out. I live in the San Francisco bay area and home prices are really falling. I'm 25 and I own 5 homes right now and i'm looking for one more. All of the homes I own are 3-4 bed rooms and are really nice. I'm also able to rent them out pretty cheap since my mortgage payments isn't that high. When the banks start giving out loans again and the housing market come back that's when i'm going to sell them and make a really big profit. My friend calls me stupid and tells me that I need to stop and he's also mad that I bought a house for my best friend and his boyfriend. Am I being stupid or does it sound like he's trying to hold me back?
Sheepy!: his credit is messed up so he can't.
I live in Pittsburg, CA by old town. Alot of new stuff is being built etc. I'm not to far from Oakland heehee ;)
all of the homes was built in 2001. a few years ago these homes went for $500,000 to $600,000 and I got them in the price range of $225,000 - $310,000. My father helped me out with getting 2 homes. All of the homes have insurance on them and i've hired a lawyer to deal with any legal work.
Resolved Question: Real Estate Investing Help.?
I would really like to get into real estate investing, but do not have the funding available to me.
I am not new to real estate and have worked with pre-foreclosures before. I used to find them, work out deals (sometimes short-sales) with the banks and then submit them to a network of buyers that I am affiliated with.
What I want to do now, however, is invest in real estate for myself rather than collecting small finders fees after doing all the work. I am an expert at finding nice properties for pennies on the dollar, but am unable to purchase these properties myself because of a lack of funds.
This would not be as big of a problem if it weren't for my own poor credit score. Which makes it impossible for me to secure a loan using traditional techniques. So what would be required is either a true "equity based" loan or "no doc" loan; or a private investor.
Does anyone know how I can get money to make these investments, i.e. private loans, hard money, etc. and more specifically how to get in touch with them?
Thank you in advance.
Voting Question: What happens to 2nd mortgage in foreclosure in ky?
Hello,
I think I am close to the bank foreclosing on my home. After trying to hang on to my home for my son and myself, I just don't think I can any longer. I have legal fees through the roof from fighting ex since divorce for my son and anything ex can come up with to take me to court for, and lack of sufficient child support (since 2002) Ex now has a DVO charge and is up for wanton endangerment. I know the fees are only going to climb higher and higher. After thousands of dollars in attorney fees, I have fallen several months behind and can't make the repayment plan the mortgage companies came up with. ( $400 monthly more than my normal pymt) I have 2 mortgages on my home. In a foreclosure procedure, does anyone know what happens to the 2nd lienholder and the first if it doesn't auction off for enough to satisfy the liens? I have been told that the 2nd is wiped out, and others tell me that the 2nd will come after me for the amount I owe them? I don't have the funds to pay the difference to either. I am very worried about this. Also, I filed for bankruptcy Mar. 2008, but wanted to try and keep my home then. The bankruptcy was discharged in June 2008. At this point I am just hoping to find affordable housing for my son and I to live.
Any advice would be so appreciated.
Thank you
The first mortgage is the one that is going to foreclosure. Sorry for not making that clear. I guess, I just want to know what happens after that. Do I have to appear in court or pay anything to either lien holder? Thanks
Resolved Question: Home Renovation Loan?
We are planning to buy a foreclosure and want to renovate it. The cost of house is between 300-310K and the cost of renovation will be around 30K. We are first time home buyers but we are going to put 20% down payment. We will still be having some money for the repairs and renovation. I am not sure it will be good to use our savings for this purpose. Can we add renovation cost in the mortgage and save with lower mortgage interest as compared to separate loan from the bank? What is the best possible way to finance this renovation project?
Thanks a lot!!!
Open Question: Termite damage/home purchase?
Hello.
I'm going to have this answered soon enough. But the suspense is killing us! :)
My husband and I put in an offer on a home, and the bank accepted our offer. The inspection went fairly well and the only issues were the hot water heater most likely needed replaced and the sink had a leak.
Well, we had the termite inspection done and the report says the little buggers have caused 6000 dollars worth of damage. That is the total price that it will cost to tent the house, and replace the bad boards etc.
We're very upset. We've been hunting for a house for 6 months now and the market is very cut throat right now. So we've never had an offer accepted.
We are military and the VA will not allow us to purchase and fix this ourselves.
Can someone tell me if its likely that the bank will pay for this damage? The home is bank owned and was a foreclosure, so they are losing money the longer this house sits. We are almost halfway through escrow already, had 2 inspections done. Now we're just waiting on them to say if they'll fix it or not. They already threw 3000 into the contract for a fridge and a dishwasher...because the VA will also not allow us to purchase with no appliances.
Thanks!
Yes SmartA$$. THat is what we planned to do. However, we were going to use that to replace the hot water heater also. So that would take up most of it :)
A big problem we have is we live in San Diego. People are paying as is, with cash and taking them in their current conditions. The VA will not allow us to do so, so I think that they may not pay for it because of the cash buyers in the market right now who would be willing to pay for it themselves. I'm just pretty bummed about the whole thing.
Thank you bunches everyone! :) You've been helpful. I will extend this question so I can tell you the outcome
Voting Question: What to do about this mess?
What to do?
First off this story is so long, ill cut it down but ask questions if you need to. I am not about to be foreclosed on. I am current on everything , me and wife have a great credit score, never late. When I got married both of us wanted to move out of Michigan but stuck around because of my parents. 10 years later, my mother passed a few weeks ago and dad about 1 ½ years ago. Dad was not stupid about money. Will be acted on in a few weeks and I stand to inherit a small, barely 6 digit amount.
Well, you guessed it, nothing holding us back Except the bath I would take EVEN if I could sell my house. I have NO PLANS on spending %60 of my inheritance paying off my upside down mortgage. Short sell is so far upside down the mortgage company would NEVER go for it. And no houses are selling anyways. I could be wrong but I think my next door neighbors are going to walk away from that house and my neighborhood has a few bank foreclosures up for sale already.
What to do? What not to do, if I walk, I will have a tidy sum in my bank account—should I not bother depositing my inheritance—can the mortgage company come after me?
Note: I will be posting a second question later concerning my inheritance and some property.
Renting out not even on table i think, i will not be around to take care of property.Have other homes in area for rent--not moving.
Resolved Question: The mortgage holder of this house is deceased, can the bank foreclose with quitclaim deed?
I live in Colorado and 2.5 years ago my grandmother bought a house and signed a quitclaim deed leaving it to me. When she died two years ago, we called the mortgage company and they told us we could keep making payments on the house. My husband recently lost his job and I had a baby, and because of this we've fallen behind on our payments and the lender is threatening foreclosure. But they keep sending letters and calling for my deceased grandmother. In Colo, with a quitclaim deed leaving the house to me, can they legally foreclose on the house or can we keep it even if payments are not made? I'm confused on "due on sale" clauses and liens and such issues. Please help me, especially if you're knowledgeable on these areas. Thanks!
Voting Question: How long does it take for them to come after getting a foreclosure notice?
We had them staple papers to the doors back in November sayin the house would go up for public auction on the 12th of November. We didn't even know what was going to happen because the bank that owned the house went bankrupt. But I guess they sold the house to another bank. So about 2 days ago we got served with papers by people. How long do we have to get out?
I dont know much. Im a curious parent's son. I just wanna make sure i have everything i need together because if they start throwing anything i need away when the day comes. Fistssss are flying
Resolved Question: Why is the banking industry stable but the average American losing his house?
Foreclosures are still on the rise but the banking industry has shown stability (according to the news). Shouldn't the banks be forced to work with the current home mortgage payees instead of creating another empty home and homeless family?
Foreclosures are 11% in Las Vegas and they are mostly average Americans.
I do not agree that banks were forced into giving out loans to people who could not afford it. BofA is known for their picky mortgage banking.
Resolved Question: Anyone have an experience w/ Bidwell auctions (mostly N. Ca)?
I just want to know what your experience was w/ the company. Of course I'll go to a viewing of a pre-foreclosure/bank owned property before bidding, but did u purchase a property in a similar fashion via an auction company? For the pre-foreclosures I know u can deal w/ the sellers directly minus a middle person if the seller is "motivated," and for the bank owned one can just submit their own bid minus another entity...so is there even an actual purpose for companies like that?
http://www.bidwellauction.com/
Resolved Question: What does foreclosure mean to me?
I am needing to move out of state (MI) to pursue a job. The house I own currently is way under water (I owe much more that what I can sell it for). From what I understand about short-selling the house, the difference in the selling amount and amount owed will be considered taxable income, and I will need to pay taxes on that amount (adding salt to the wound). It seems to me, that if I am not concerned about my credit rating, and since I will effectively be handing the bank back their property anyways, foreclose may make more sense for me now.
How will foreclosure affect me? Can they put a lien on my savings account? On my wages? I may want to walk away from my house via foreclosure, but I am unsure of how this will practically affect my life.
Resolved Question: Chapter 13 Bankruptcy-homeowner?
If I include my house in Chapter 13 does it go into foreclosure or would it be bank owned? Is it the same thing? I was told with foreclosure you could be responsible for the difference of the amount of the loan & what it sold for, but with the house in bankruptcy you will not be responsible for the difference. It would be dismissed.
Resolved Question: Foreclosure our only option?
i own a 1 bedroom, 1 bath condo in SW FL. In 2005 it appraised for $183K and I paid $172K. My new husband and I are now ready to start a family but unable to in our tiny space. The units in this complex are now selling for around only $100K. (the unit directly below me is in foreclosure and the bank is selling it for $85K).
Is just walking away from it our only option? I morally don't feel right about doing this but we can't be here for another 5+ years to wait for the market to pick back up.
Anyone have advice besides renting it out? (we can not recoup enough rent $$ to pay the mtg).
Resolved Question: the apartment building that I live in is in foreclosure?
What can I do? My scumbag slumlord finally lost the property to the bank, I am just wondering what is going to happen when the bank takes over? We will still be living here but I am wondering if our lease will change if our rent will go up ect.
what usually happens in an apartment when a bank takes over?
Thanks in advance.
Resolved Question: Do i have a good chance at winning this case in small claims against my landlord?
I am renting a property and it went into default and now is owned by a bank. I was told by the bank that I would have to get my security deposit back from my previous landlord. I tried contacting him and he said he won't give me back my deposit and to stop contacting him. He even tried collecting rent from me when the property was no longer his. I know that once it goes into foreclosure our lease wipes out so i did not break the lease agreement. If i take him to small claims court what are my chances of getting my security deposit back plus the extra rent i paid and maybe moving costs? since i am being forced to move cause of him! I don't feel i did anything wrong but the previous landlord keeps saying that i broke the lease agreement but i paid until the bank took over the house! Any feedback would be great! Thanks!!!!
Voting Question: The house we are renting is in foreclosure.Does anyone know how long between court date and sale date in Fl?
We have been renting for 1 1/2 years.Just found out the landlord hasn't made a payment since Feb'08.Can't get anywhere with the bank holding the loan.If anyone has any answers,they would be greatly appreciated.
We have been renting for 1 1/2 years.Just found out the landlord hasn't made a payment since Feb'08.The court date is set for Jan'09.Can't get anywhere with the bank holding the loan.If anyone has any answers,they would be greatly appreciated.
Resolved Question: Do I have a high chance of winning this case in small claims court?
I am renting a property and it went into default and now is owned by a bank. I was told by the bank that I would have to get my security deposit back from my previous landlord. I tried contacting him and he said he won't give me back my deposit and to stop contacting him. He even tried collecting rent from me when the property was no longer his. I know that once it goes into foreclosure our lease wipes out so i did not break the lease agreement. If i take him to small claims court what are my chances of getting my security deposit back plus the extra rent i paid and maybe moving costs? since i am being forced to move cause of him! I don't feel i did anything wrong but the previous landlord keeps saying that i broke the lease agreement but i paid until the bank took over the house! Any feedback would be great! Thanks!!!!
Resolved Question: Will foreclosure affect my wife's credit rating?
Hi
My wife is slowly building her credit due to the fact that I included her in some of my credit cards and we also opened a bank account together.
I am contemplating the possibility of going into foreclosure. Will this affect her credit? Should I drop her from my credit cards and the bank account we share?
Thank you.
Resolved Question: If i co-signed for someone to buy a house, and he is late on payments, what will happen to my property?
My wife and I co-signed for my brother in law to buy a house. This happened about 6 months ago. During the last two months he hasn't paid for his mortgage. I own a couple of properties. If my brother in-law doesn't pay next month, the current lender will consider a foreclosure on the house. Since my wife and I co-signed, can the bank also take my properties or will my brother in-law just lose his house or will the three of us have bad credit for 7 years? What most likely will happen?
Resolved Question: 30 year fixed rate mortgage but ins and taxes are killing me. Any advice?
In June 2006 I bought a house with an 80 / 20 loan. The 80 is @ 6.65 % and the 20 is at 8.1 %. Both rates are 30 year fixed. Also I gave $9K down including closing costs. My insurance and taxes are in escrow and included in my mortgage payment to Wells-Fargo. I live in Miami.
The price of the house was $229,500 but the value according to Zillow.com is $185,000 and sinking!. My initial mortgage payment was $1800 / month but has now ballooned to $2232 / month!
I purposely avoided an ARM because of the eventual increase but even a fixed rate still increases due to taxes and insurance!
Has anyone experienced this? How did you handle it? I can't refinance because I owe more than what the house is now worth. Plus it's not really the banks fault it's the county and states.
I can probably find an apt. as big as my house for $1000 less per month (probably with a view of the ocean).
I am seriously considering walking away. Does a foreclosure only damage your credit? Any advice or thoughts?
Last year the taxes & insurance were about $3700.
I can afford the payments, but I did not anticipate a $400 / month increase in less than 3 years. And it's been going up every year. I have no reason to believe that it's going to stop. Eventually I won't be able to afford it.
I'm wondering what's a common increase for my area and what I should have planned for?
Correction the taxes alone were $3055 for 2008.
Resolved Question: HOA Refusing to Release Lien?
My husband and I purchased a home in October of this year. It was a home that was foreclosed on by Countrywide in November of 2007, thus we bought it from the bank. In August of 2008, the HOA filed a lien against the property, at closing Countrywide paid the HOA their fees.
It is now the end of December and I have noticed that there has not been a release recorded. The title company spoke with the HOA attorney who said they would not file a release since it was a foreclosed property and the lien would have been wiped out by the foreclosure proceedings.
My question though is shouldn't they have to file a relase since the lien was filed 9 months after the foreclosure proceedings (so it couldn't have been 'wiped out' by them) and the fact that all of the back HOA fees were paid at closing by the bank.
Also, what can I do to clear my property of this lien if the HOA attorney still refuses?
Thanks!
Resolved Question: I own my home w/no mortgage payment, title is in my name, my fiance & I are moving in January question is?
my fiance has her own house titled in her own name with a 200k mortgage loan owned by the government and a home equity line of credit of 25k totaling 225k debt...The house value in today's market is probably 140-180K maybe. The mortgage is too high to just keep the house for rent because she'll probably end up paying for part of the mortgage and taxes paying @ least 5k a year for both. I don't think its worth the time and effort try and keep tenants in the house and to pay money up front to just get the money back @ tax season.
Selling the house is going to take years unless the bank agrees on a short sale and the bank agrees to take a loss on the mortgage, even so, you'll be paying a years worth of mortgage payments just to try to sell the house to save your credit before it goes into foreclosure anyways right? why lose 20k in money if the house goes into forclosure anyways???
I say...tell the bank your hardship, make no payments for 12 months and let it go into foreclosure, since were moving to a new house and the bank could possibly give you a few thousand dollars for keeping the house in good condition when you leave it. Your credit will go sour for a few years but why keep paying on something you never wanted in the first place?
I don't believe the bank will garnish her wages for the mortgage loan or the equity line of credit, they take back there asset, which is the home... what should we do?
Resolved Question: Why can't people save money? What can everyone do to change?
Living in the US, I continue to see problems with our country. We have national debt, state budge crisis, sub-prime mortgage foreclosures, banks falling, credit crunch, bankruptcy, ect.
What really suprises me is all the debt people have and many don't even have a decent retirement plan. Why is that? Upbringing? Lack of financial education? What can we do to change?
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