Foreclosure Strategy Unleashed

The house is not up for auction yet, however I found out that my husband had not been making payments, the house is entirely in my name. Is it best for someone to purchase it and rent it to me or refinance it in their name? how does this work?

Until the actual foreclosure sale, you still own the house. Someone could buy it and rent it to you or loan you the money to pay off the mortgage.

Hi,

I am in a potential foreclosure. I have not recieved any notice from my bank, but 2 guys showed up and started taking pics of my house, from the mortgage company. I checked my credit and it shows past due on 3 months and then for apr, may, and june it shows paid as agreed but it also says the mortgage account is closed.

Can anyone explain what is going on. I am in North Carolina

Yes, you will be in foreclosure soon. I don’t know why you are waiting for the notice. Banks are very behind because of the large volume of foreclosures right now. If you’re not making the payments, you’ll get a really big bill sometime soon…

I do not know why someone was taking pics of the house. When you default on your mortgage, it is public record. The document recorded is called a "Notice of Default" and anybody can have a copy of it.

Perhaps those men are waiting to buy your house from the bank? What makes you think they are from YOUR mortgage company? Oh, BTW, the name of your mortgage company is also public record.

If you want to keep the house you need to call your mortgage company and work something out with them. You can’t just ignore your payments and think nothing is going to happen.

I’m getting into the business of stopping foreclosures,and i was told that this type of business is less than attractive to real estate agents.My question is two part,why is that and what can i do to get them to actively sell my properties…Equity is not an issue,each property has an average of about 20 to 30 thousand,with all closing costs paid,walk through and all…

First off, are you licensed to "Stop foreclosures?" If so, how.

Realtors are worried about getting sued every day, and if someone is preying on people whose homes are going into foreclosure, the Realtor will usually get sued at some point, and that’s what we’re all afraid of.

How can you guarantee that there’s that much equity in these properties? Are you buying them from these people who are getting foreclosed? If so, how come they didn’t list it first to try to sell it? If they did, and it didn’t sell, maybe there is no equity there.

These are questions that not only do Realtors ask, but so does the general public.

I am going through a strict foreclosure, in CT. I have a lien from a second mortgage and that mortgager is still trying to collect on that debt, should I still be paying on that or will that lien be taken care of through the foreclosure. What are my rights if any in this matter?

When a house is foreclosed on & has 2 mortgages the first mortgager usually is the one who forecloses. The first mortgage holder will already have notified the 2nd that they are foreclosing- the 2nd mortgage holder has the option to pay off the first & then foreclose themselves (which isn’t going to happen 99% of the time) or to take whatever they can get when the house sells to new owner. If the house sells for more than the balance due to the first mortgage the 2nd gets whatever the overage is up to their loan amount. In these days of declining home values they may get nothing. Regardless though I would not pay the 2nd since it’s still going to reflect on your credit as a foreclosure what’s the use? The house is their only security so they will not sue you for the balance- although people may tell you this- it never happens! Good luck!

I’m not from Australia, but I would assume paying the amount due will stop this, you could also try to refinance with another lender, or prove hardship with your financial situation to get a second chance.

I have been in chpt. 13 for 2yrs, I added my house to Prevent Foreclosure, now I can’t make my payments, lost my job and want to convert over to chpt. 7 ,and just let the house go to forclosure.

Consult a Bankruptcy Attorney.

All the laws changed recently, and they vary with bankruptcy district.

Because ‘get rich quick’ sells more books than ‘work hard and pay your bills on time’.

There probably are just as many books that will instruct you on how to make a budget, how to save from your income, how to have an emergency fund and how to decide on how much to borrow as there are on making money on foreclosures. These actions are a part of general financial acumen and require learning a lot about the basics.

There are also shows and systems dedicated to getting your overall finances under control; there’s Suze Orman and Dave Ramsay (both of them pretty much preach the same message).

I don’t think the weighting is too much towards making money on foreclosures - there is a lot out there on how to position yourself so you don’t need to worry about foreclosure!

good luck!

The Obama administration’s $50 billion program to curb foreclosures isn’t working, and the White House knows it.

Administration officials blame the mortgage servicers charged with carrying out the mortgage modifications and refinancing under the federal program. Many of their Democratic allies on Capitol Hill back them up, but others are criticizing the White House for fumbling the execution. Whatever the reason, the program hasn’t stopped the rising tide of foreclosures: Experts predict that at least another 2 million homes will be lost this year, and the administration’s plan has so far reached only about 160,000 of the 3 million to 4 million homes it was supposed to protect over the next three years………

“Everybody understands that getting out of this broader crisis requires that we stabilize our housing market and stem the tide of foreclosures,” Senate Banking Chairman Chris Dodd (D-Conn.) said in a hearing Thursday. But in unusually harsh words for a Democrat, Dodd said that the Obama administration’s progress in stopping foreclosures has been “disgraceful” so far.

“It’s just hard to explain to the working families in America how it is we could move so fast with extraordinarily complicated deals with the huge financial institutions, and we are moving so incredibly slowly, mired in paperwork, in rules, in talking to banks back home,” said Sen. Jeff Merkley (D-Ore.).
http://www.politico.com/news/stories/0709/25095.html

when the sleazeball that is Dodd gets on your case…you are in deep

doodoo!!!

I am in a big dilemma.. I bought the house 2.5 years ago and about 8 mo my wife got a job at 95 miles away. I drove 30 miles same way. We tried to sell the house but had bo luck and I’will have to move closer to my wife’s job because of the kids. If I don’t sell the house I will stop making payments because we can’t afford 2 payments. The place where I move the market is even worst than where I am now and I tried to contact the bank to see if it’s possible to kind of do a mortgage transfer on another foreclosed house in the new place and they told me that it’s not possible. I don’t know what to do.. How to Avoid Foreclosure, but can’t avoid two house payment.Can you give me some advise, what should I do?

Even if the second property gets foreclosed, does not mean you will be out of debt. If the bank takes back that property, and say you owed $150,000 on it. If the bank can only sell it for $125,000, you will still owe that $25,000 plus any other fee’s the bank incurred.

I am a US citizen and my wife is a US legal resident. We would like to invite my in-laws to California from Iran for a short visit (they were here 4 years ago for a visit) My question is if I am sponsoring them to come here and I have 2 homes that have gone to foreclosures, would that affect the chances of them getting a tourist visa.

We make decent money ($70,000+). Does the State Dept who issues visas even care about my foreclosures?

Thanks for any help!

The main thing the State Department cares about is proof of an unrelinquished foreign residence. They want the warm fuzzy inside that you’re in-laws will go back to Iran after their visit.