Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Maria asks…

Foreclosure Options in Texas?

I am currently in CA taking care of my recently deceased grandfathers home while it sells, I am the only member of my family on the west coast. I have been trying to sell my condo in TX since April 2010 with no success. I am behind on the payments with no steady work where I live.

I recieved a notice of impending foreclosure and tried to refinance the loan but it was rejected. What are my options? What is the best way for me to resolve this situation as quickly and cleanly as possible? I dont have the money to repay the balance so what do I do?

I am very confused and a little scared…can I wind up in jail or sued over this? What do I need to ask my lender for? All of your input is very appreciated! Thanks guys!

Your Questions About Foreclosures

The Expert answers:

Continue to market your condo for sale. Are you working with an agent? If so, has he or she told you why it might not be selling? It might be priced to high. Continue to drop the price until you get a contract that you can submit to the bank for short sale approval (I’m assuming you owe more than it’s worth).

You won’t be going to jail (at least not over this). Can you be sued? It’s possible, but probably unlikely if the debt is not canceled.

Another thing you can do is ask your agent if he or she knows any investor or find one that works with investors. There are plenty of investors out there looking for deals and properties to buy and hold to rent out or re-sell.

If non of that works, your last option might be a deed-in-lieu of foreclosure. You are basically giving the condo back to the lender and saves them going through the foreclosure process. That is always the last resort for a lender and should be for the borrower.

Let me know if you need further help. Good luck!

Your Questions About Foreclosures

Mandy asks…

In the State of texas, when you are served with foreclosure papers, is that all she wrote?

Or do you have a chance to pay the overdue balance, or if you want to keep your house do they make you pay the entire amount of the loan due to the lender in full?

Your Questions About Foreclosures

The Expert answers:

I think that’s all she wrote in any state. By the time you get to that point, it’s because you haven’t made any reasonable attempts to settle your debt. You should never let it go that far.

Your Questions About Foreclosures

Betty asks…

What happens to a tenant’s lease after a bank foreclosure & public auction (commercial real estate in Texas)?

Landlord allowed bank to foreclose on the building we were tenants in. The building went to auction, but there were no bidders. The bank became the owners. As tenants, what happens to our lease? What are our rights/options? It’s commercial real estate in Texas. Thanks so much for any help.
So are tenants month-to-month? Are the leases void? What if the bank doesn’t offer a new, reasonable lease? Thanks.

Your Questions About Foreclosures

The Expert answers:

If the bank now owns the property, they will speak with each tenant and new leases will be offered. They know what you are paying and the terms (unless verbal) so they will base the new leases on that. Your options are to work with the bank or new owner or leave the property. Usually, it is a slow process so think clearly and make sure you understand the bank terms or if they sell it (more than likely)you will end up negotiating with the new owner.

Your Questions About Foreclosures

Donna asks…

I need someone’s help with a foreclosure question in Texas?

Due to my loss of employment several of months ago, my home is going into foreclosure. I thought of filing bankruptcy, and have even paid the lawyer his fees, but since I cannot find a job after looking daily, I am being told the Bankruptcy court will not allow me to file, neither will I get my money back. We are talking a lot of money here that was paid. My home goes up for sale at the courthouse on September 1st. How long do I have to remain in my home while I find something I can afford??

Your Questions About Foreclosures

The Expert answers:

You signed a contract with a lawyer and paid him. It is his money. Period. Bankrupcy court will not stop you from filing. Period. The moment the house is sold in forclosure, you are out. Period

Your Questions About Foreclosures

Daniel asks…

foreclosure in California file taxes in Texas?

I have a house in California, we owe $625 it’s worth now maybe $500. We had to relocate to texas for a job. Now our renters have moved out, we want to do a short sale or a foreclosure. Becase we are filing our taxes in texas what will this mean? Do you pay taxes on the “imaginary” income? Does the bank have any rights to our current home in texas? Our loan is with indymac…..

Your Questions About Foreclosures

The Expert answers:

You could see if you qualify for a government loan modification to try and keep the house. There are like 3 or 4 different programs. You can learn more at http://www.besthelpfinancial.com/loans.html

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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