Foreclosure Strategy Unleashed

I’m browsing real estate sales in my area and in the same neighborhood you might see widely different prices on homes sold recently.

I’m guessing that the really low prices are foreclosures and the not so low prices are typical home sales. Is this the case? If so, this gives some hope to those trying to sell their home for a more reasonable price.

If not, then I’m trying to figure out what can cause such a drastic disparity. For example, two virtually identical homes in the same neighborhood sold within days of each other: one at $125k and one at $175k.

That is a very large price disparity if the homes were virtually identical.
Typically a foreclosed home by its nature is a victim of deferred maintenance and even willful damage by the owner.
You might speak to a Realtor who specializes in foreclosures to get some comps on these houses and to understand what causes the large price gap.
But don’t get your hopes up too high, if homes are selling for less in a neighborhood, buyers will not be willing to offer the higher price point. The comps tell the story.

I am living in a condo and the owner appears to be going into foreclosure. I have a 60 day notice to quit and I am scared! I am new to Southern California with kids and I am looking for another place with no luck. Can someone please tell me what my rights are as a tenant.
Thank you guys. This is really helpful.

If you’re month to month or if you have a lease, you’re protected under the Tenants of Foreclosure Act of 2009 that President Obama signed into law last July. This federal statute, which overrides state laws, says that a tenant of a property in foreclosure does not have to move out until 90 days after the property is bought at foreclosure auction or sold on the open market. You must, however, still abide by the terms of your rental agreement or lease (you must pay your rent, you can’t be doing any illegal activity, etc.). But, the landlord or the bank can’t force you out for no reason.

Also, California rental laws state that the person who buys the property must honor your current lease until it expires if

a) The buyer is not an individual (they’re a company or an investment group, and

b) The buyer does not intend on occupying the property him or herself.

However, the Tenants of Foreclosure Act supersedes this state law.

Foreclosure Bailout Loans

Many homeowners are facing foreclosure in today’s market because of the current economic climate, rising interest rates and ARM mortgages, and other unfortunate circumstances. With job loss and unemployment at an all time high it is no wonder many people are scrambling to stay in their homes. If you are facing foreclosure there are ways to stay in your home but no matter what option you choose the path is not easy. A foreclosure bail out mortgage can allow you to stay in your home but comes with its own risks just like defaulting.

The terms of a foreclosure bail out mortgage are harsh compared to the terms of a traditional loan. Like a hard money loan or bad credit loan they come with very high interest rates, 12 to 18 percent or more compared to 5 or 6 percent for traditional mortgages for people with good credit. Foreclosure bailout loans are balloon type loans that homeowners can use to pay off the delinquent balance on their mortgage including penalties, late fees, and accrued interest. Along with high interest rates these types of loans often require the purchase of points just to get the rate to a manageable level.

If you are facing foreclosure, a foreclosure bailout loan may allow you to stay in your home but it should not be entered into lightly. There are other options available, such as loan and mortgage modifications or even hard money loans that may carry better terms. If you are considering a foreclosure bailout loan you should be familiar with what you need to have to qualify so you do not waste your time pursuing a loan that you will not be able to get. You have to have sufficient equity in your home to qualify. Most lenders who will fund foreclosure bailouts, hard money loans, or bad credit loans will only give you 65 to 70 percent of your home’s value, sometimes even less.

Lenders who fund foreclosure bailout loans do not usually consider a house at its full market value either because they must plan to sell the house below value in a hurry if the borrower defaults. Their estimated value is more likely near 80% of the market value further reducing the amount they will lend. While in many cases a foreclosure bailout loan is better than loosing your home, it is still something to be carefully considered. The terms of these types of loans are harsh and they should only be used as a last resort when getting the bailout is better than allowing the bank to foreclose on the home.

yanni raz
http://www.articlesbase.com/mortgage-articles/foreclosure-bailout-loans-710104.html

You need to have a clear idea of where you are in foreclosure in order to understand how you can stop foreclosure. All foreclosure procedures are different because all banks are different and all states have different laws that govern the foreclosure process. So where are you and how do you get to where you want to be?

When did you get the foreclosure notice from your bank? Take a look at these documents and see when they are dated. That will tell you when your foreclosure procedure began. My foreclosure notice came from my bank’s attorneys.

When did you get the foreclosure documents from the courts? Shortly after the bank sends you the foreclosure notice, they will file papers with the court. You will get copies of these that tell you exactly when your foreclosure was filed with the court. These documents are vital and the dates on them are very important. Every state has a different foreclosure timeline and that is what determines how long you have to save your home. As soon as your bank’s lawyers file papers with the court, the clock is ticking and you have a very limited timeframe in which to stop foreclosure on your home. In order to know exactly where you are at in your foreclosure procedure, you need to have these documents and you need to know exactly what date they were filed.

What is your state’s foreclosure timeline? Find out how long the timeframe is from when your bank’s attorneys file the foreclosure paperwork until the sale date of your home. Like I said, every state is different so you have to understand what the foreclosure procedure is for your state. It could be anywhere from a couple of months to up to a year. It all just depends on the state. Do whatever you need to do to find this information.

So now you know all of this and you know where you are at in your state’s foreclosure timeline. How do you get to where you want to be? As with most things in life, it is always good to have a plan. Even if it is a very brief plan. Part of that plan definitely needs to include talking to your bank. You will not stop foreclosure unless you talk to them. Create your own “getting out of foreclosure” timeline. Every foreclosure procedure can be stopped, you just have to know how you are going to do it.

Jill Borash
http://www.articlesbase.com/real-estate-articles/where-are-you-in-your-foreclosure-procedure-724159.html

I am interested in a foreclosure auction in 2 weeks. The occupant was served papers late last year.
Come to find out through searching GIS on our county website, she bought the house for $1.00 on 2-4-2010 so the title is in her name now and not the name of her deceased father, who died about 13 months ago. I asked her to let me see inside and she politely said she was "working (trying) to keep the house". How does this $1.00 sale figure into the possibilities with the auction set for March 8th?
With a foreclosure the owner (her) or the occupant (her) were the only ones who could show me the house.
the taxes are current, her 2009 taxes were paid on 12-31-09. The debt owed on the house is $38,653.00.
I got a look inside when she came to the door. It is nice in there, at least if she does not trash it out of anger from being foreclosed on and me having to evict her legally. I’m the only one who would have to evict her, through a lawyer of course. The house is valued at 65,000 and her father-she still owe $38,000. That is the amount the bank is seeking as the debt, $38,000 on a home appraised at 65,000. Good deal but I don’t want any enemies. It would not be my fault if she got foreclosed on. But, as the lawyer said, most people do not buy foreclosures until they are vacant, because the new owner has to evict. I’ve got another question on vandalism insurance if you want to check it out.
ADDING RESULTS and closing this question. I spoke with the lawyer that bids on behalf of banks, etc. on 80% of the auctions in the county. He said there has to be a cutoff point of some kind. Once the foreclosure process has reached a certain point, all events after that are void. One of these voided events is the deed she put in her name on 2-4-2010. The auction of the house will proceed and the high bidder will get the deed from the court. They will then have to evict the lady at a legal fee of $500 if she does not go quietly. This lawyer said he has seen ticked off evictees and they vandalize the place before the long eviction can take place. Some early answers to my 3-4 questions related to this matter were good answers. However, since deed she has is void, then I’ll accept the answer closest to the result of the legal inquiry. This lawyer will do a title search and actually tell me how much the bank wants from the auction. The debt owed is $38,654 and the market value is $65,200

Title would not transfer if there was an outstanding lien. She is just being stupid.

The auction will continue, it will not be effected at all.

The foreclosure epidemic acknowledges no social or financial boundaries. But who is helping out the homeowners before the foreclosure? Who is educating the public on what choices may be available to them? Who is guiding homeowners who are in distress with who they should call? Do homeowners know how to try to save their homes or even where to begin? Moreover, are people who are facing foreclosure depending on the same mortgage company that is foreclosing on their home to also to educate and prepare them on the process?

Unlike mortgage lenders and debt servicing companies, real estate professionals and bankruptcy attorneys, most homeowners know very little about the foreclosure process. Most people have never been through a foreclosure and will hopefully not ever have to go through it. The foreclosure process is not simple and it’s not clear cut. At this point in your life, it might be almost inconceivable for you to even think about what to do next, much less about catching up with the past mortgage payments. But the thing is, the more you know, the better prepared you will be and the more chances you have of stopping, or at the very least delaying, the foreclosure process.

Facing foreclosure is undeniably a stressful situation and you are dealing with difficult financial and emotional issues. Everyone deals with people. You might not be able do this on your own. You need other people to help you. Before you pick up your phone to make any phone call take a deep breath. It is also extremely important that you are honest with yourself and that you are honest with the people and companies who may be able to help you. Do not lie not even a little bit. People can not help you if they do not know the whole story. You will only hurt yourself and your family even more if you are not honest with those who are trying to help you.

Remember you are not your mortgage payment. Facing foreclosure does not make you a bad person. You may be scared, embarrassed or both and these feelings are normal and totally apprehensible. This is not going to be an easy task to overcome. You are going to have to fight and fight hard if you are going to have a chance in keeping your home. It is time to swallow your pride and ask for help. Face your fears whatever they are, if you want to stay in your home then this is a fight worth fighting. If your lender has declared war on you and your family then you need a battle plan to fight back.

Terry Wygal
http://www.articlesbase.com/real-estate-articles/your-war-against-foreclosure-know-your-battle-plan-to-fight-back-722344.html

I recently bought a foreclosure home, but it have this nasty pet odor smell. I will redo everything inside-new floor, new paint…but I need to know what is the best way to remove and sanitize the pet odor?

Pour undiluted Lemon Scented Pine Sol into a spritzer bottle and spray everything with this.

Allow to dry.

Small warning: the scent of the Lemon Pine Sol will be extremely strong for a while…but the pet smell will be gone once the Pine Sol scent dissipates — not covered up, but gone.

You might have to repeat a couple of times, but this works.

Make sure you use the Lemon Scented Pine Sol, not the regular scent. Regular Scented Pine Sol might work, but I haven’t tried it so I can’t guarantee it. I CAN guarantee the Lemon-Scented.

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Foreclosure Defense — Strategic Bankruptcy Options

·        Strategic Comment: There are two ways for you stop foreclosure, sale and eviction dead in its tracks. One is to file bankruptcy under Chapter 13 which is an opportunity for debtors to reorganize their payments to creditors.

• A stay goes into effect immediately upon filing with the Bankruptcy Court. Creditors who say or do anything in furtherance of collecting a debt are committing a federal automatic crime from the moment it is filed, whether they know about it or not.
• However, the payments include fees to the Court and Trustee which exceeds 10% of what you pay into the Court for the benefit of your creditors, so since you are strapped for cash it further impedes your ability to work out a realistic plan.
• Also for secured debts like mortgages, the lender can come into Bankruptcy court and ask the court to lift the automatic stay which in the past has been routinely granted and for the most part still is, UNLESS YOU DO SOMETHING ELSE. WHEN YOU FILE YOUR PETITION STATE THE MORTGAGE AND NOTE TO BE CONTINGENT LIABILITIES BASED UPON TILA VIOLATIONS. You will need a TILA audit before or immediately after filing to support your position. 
• YOU SHOULD ALSO NAME, AS THE CREDITOR, THE ORIGINAL LENDER, and state the amount of the loan as a contingent liability to them. The fact is, in most cases, you have not been presented with proof of transfer of anything, nor seen any assignment, or what rights or obligations were picked up in transactions after your closing by third parties who own the servicing rights, or the mortgage or the note. The Trustee or other party coming into court or posting notices of sale on your property probably is getting his/her marching orders from someone who either doesn’t have or can’t prove they know the amounts you paid, to whom or what is currently due. PLACE THE BURDEN WHERE IT BELONGS — ON THEM.
• Then you should state the present mortgage servicing entity to whom you are now sending your payments (this applies only where the loan has been sold which is true in 95% of the cases) as a contingent liability in an unknown or unliquidated amount. 
• Then you should add a creditor John Doe” as also an unknown unliquidated debt as the possible owner of a security under which he has ownership of the mortgage and note.
• Then you should file an adversary proceeding or action under TILA, RESPA, fraud etc. making all appropriate claims for rescission, refund of interest, points, loss of value in the property etc. 
•  If your case is handled in this way there is a higher probability that you will survive the motion for lifting of the stay as the movant will have to prove the chain of title and authority on the mortgage and note, thus giving rise the the issue of legal standing for them to standing in the courtroom at all.
• The second option, if you are faced with foreclosure, sale or eviction is just file the TILA action in Federal court and then go the State Court and ask the State Court to issue a stay because there is pending litigation in Federal Court. Usually State Court judges are more than happy to get the matter off their desks and thus grant your motion for stay, but they might not be under no obligation to do so.
• Remember that whether you go straight into Federal Civil Court or Federal bankruptcy Court, which is a different division, and you are NOT represented by counsel, the Judge must do the legal research himself to determine the merit of your claims.
• If you are represented by counsel you need to make damn sure he knows what he is doing. Most bankruptcy lawyers don’t know an adversary proceeding or TILA action from egg on the wall. They have no experience with it. Very few lawyers or judges know this area since it only became important in the last couple of years. 

Regis Sauger
http://www.articlesbase.com/mortgage-articles/foreclosure-defense-strategic-bankruptcy-options-715545.html

Do they just want what is owed on the mortgage? Or are they looking to make a profit?
Is it what is owed on the mortgage? Or are the interested in making a profit. I’m just wondering b.c. I’m thinking of buying a foreclosue.

The answer to your question depends on which stage the foreclosure is in.

#1 If the foreclosure is in the first few days, the bank will accept the back payments plus any late fees and re-instate the mortgage loan.

#2 If they are in the later stages of the foreclosure the bank will want you to bring the loan current to include all late fees and any foreclosure cost that will be added.

#3. If the properety goes to the bid or sale the lenders will take the highest bid offerred. The minimum bid is the mortgage, late fees and any foreclosure cost

If the bid exceeds the mortgage, late fees, and any foreclosure fees the excess goes to the person that had the loan or home owner.

#4 If no one is successful at the bid or the lender don’t get enough to cover the loan the lender then accepts the property as colleteral for the loan and the property becomes a REO (Real Estate Owned) for the lender.

At this point the bank or lender will turn the property over to a real estate broker to be placed on the, market for FMV (Fair Market Value) or the highest that can be gotten from a normal real estate sale.

I hope this has been of some use to you, good luck.

"FIGHT ON"

http://www.wlwt.com/news/22600154/detail.html
http://www.wlwt.com/slideshow/news/22602245/detail.html <— pics

What do you all think?

(The poll on the article is a good representation of how the community here in Clermont County feels.)

"Hoskins’ business in Amelia is scheduled to go up for auction on March 2, and he told Fuller he’s considering leveling that building, too."

HAHAHA!!! Talk about sticking to the man!
I disagree Free Man… The Mom isn’t that wrong… he will have to settle this somehow…. but I just thought it was awesome because the bank thought they could use this man’s equity like monopoly money… no respect. What did the lack of respect earn them? A ‘flat’ ….

Yeah! If the banks wants it, let ‘em have it, right? Classic!