Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Linda asks…

I’m renting a house that has been in foreclosure since 2008. Do I have any legal options to sue for rent paid?

I signed a lease with option to buy in October 2007 in Florida. The housing market fell apart in 2007-2008 and the purchase price of this house was now $75,000 more than it would appraise for. The lease expired in 2008 and I continued to pay rent(without a lease), hoping the market would turn around so I could buy it. I starting getting foreclosure paperwork late 2009. I searched my county’s court records and found out that the house has been in foreclosure since March 2008 and is in the final stages of foreclosure. I know that as long as his name is on the title, then I owe rent and I have paid the rent. I also know that I have no hopes of ever getting my deposit back(from the original 2007 lease) because he doesn’t have the money. I’m planning on suing him for the deposit. Do I have any legal recourse for getting any of my rent returned? I have done my part in paying rent, doesn’t the owner have a legal responsibility to keep up with his payments? He has lied to me about the foreclosure since the first notice I received, telling me he has a loan modification in the works and there was nothing to worry about. According to his bank and the courts, it’s too late for that.

Your Questions About Foreclosures

The Expert answers:

So, according to you, you should have been able to live there for free since 2007? Are you serious? Of course you are not going to get your rent back OR your deposit. Better read that lease option you signed. When you cannot perform or choose not to perform on the option, you lose your deposit, rent credit etc.

You don’t get to live somewhere free.

If you want, talk to a real estate attorney since this is more convuluted due to the lease option, but I bet he will tell you, you are out of luck due to the fact you didn’t exercise the option when it became due.

Your Questions About Foreclosures

Susan asks…

House going into foreclosure – How long til we are evicted?

First off, this is my friends parents house, they want it to go into foreclosure, its their only option.

It says they cannot sell the house until 90 days after a missed payment.. so is 90 days when we wil be evicted, or will they not evict us until they sell the house?

Its going into foreclosure no matter that, we just want to know when we will be evicted.

We just want to get an idea of when we will be evicted, so we can have another house by then. Thanks!

Your Questions About Foreclosures

The Expert answers:

Each state has a different process. Therefore, the time it takes to be evicted depends on the state your property is located. In NY it can take a very long time. Maybe 18 months. In Texas, it can be much faster.

Your Questions About Foreclosures

Mark asks…

I live in New Mexico and my house is in foreclosure. Is a short sale a good option?

My house is currently in foreclosure. Ive talked to the lenders Countrywide and they suggested I do a short sale. They said to try to sell it at a price comparable to what other houses in the neighborhood sell for. They said if it doesnt sell for that then keep lowering the price. If that happens am I going to have to pay the remainder on it? Would it just be better to let it stay on foreclosure?

Your Questions About Foreclosures

The Expert answers:

A short sale is your best option at this point (short of getting the loan current). A short sale is also much less damaging to your credit than a full fledged foreclosure (or even a deed-in-lieu of foreclosure).

Make sure that the short sale paperwork says that you aren’t responsible for the difference. Many times a short sale means that the lender agrees that this reduced amount satisfies the mortgage completely. In a full foreclosure, you don’t necessarily get the same kind of protection and can owe the difference between what was owed (plus fees) and what the home sold for.

There is also an outside chance that you could get a 1099 (which is a tax form) that counts the difference between what you owed and what the house sold for as TAXABLE income to you. Find out if they do that…

Good luck!

Your Questions About Foreclosures

John asks…

Losing my house due to foreclosure what is my best option?

I tried to sell it but couldn’t. I got my advice on here that bankruptcy is better than foreclosure. Now my question is:

1. Knowing that I’m losing my house soon should I continue paying for it (we were 5 mos. behind and have been paying late fee), or should we save the money for a new place to rent.

2. What is my time frame on filing a bankruptcy? Should I do it now or wait until I get some sort of notice for the foreclosure?

Thanks

Your Questions About Foreclosures

The Expert answers:

The first thing is do you want to stay in your house?

If so than bankruptcy is not the answer the best thing to do is to try to get a loan modification done.

There are credit counselors that will help you to get a modification on your loan payment or interest rate. Depending on what you want done. A loan modification can take up to a month or three depending on your case but your allowed to stay in your home while the loan modification is being done and your house wont go into foreclosure.

If need more information on getting a loan modification done you can email me and i can refer you to a credit counselor who helped my grandparents keep there home.

Good luck

Your Questions About Foreclosures

Helen asks…

I lived at home with my parents and they left the home for foreclosure, what are my options?

My parents retired and left the house we lived in, I currently live in the house in California and it will soon go into foreclosure. I wasn’t paying rent, do I have any options as far as receiving relocation funds or anything from the bank?

Your Questions About Foreclosures

The Expert answers:

No, you are not receiving anything.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures