Your Questions About Foreclosures |

Your Questions About Foreclosures

Your Questions About Foreclosures

Michael asks…

I went through bankruptcy, bank foreclosed then walked away, cancelled foreclosure sale. I am now responsible?

In Oct 2008, I started divorce process. December 2008, both parties and children moved. We both went into bankruptcy, the mortgage company started foreclosure proceedings. The divorce finalized 2009, bankruptcy final judgement 4/09, foreclosure final judgement signed by judge 1/10. I thought all was said and done. 3/11 I received a notice of violations from Environmental Protection Agency sttaing that I was responsible for said violations. I thought it simply was a mistake so I contacted the office & explained. He said there was a sticker on the home that stated to contact them about any property issues. They told him they were fired by Chase a year ago. He said that he would send the order to Chase. So at least we know that it has been a year since anything has been done on this home, just sitting there. A letter from chase came mid April, stating they have no active inerest in the property and not legally responsible for the matter. We were stunned, who now has the property. All signs pointed back to me, but no one could tell me how that comes to be, no one had a clue what to tell me only that my name was still listed on the home. I look back through the county records Under the closed mortgage foreclosure case, the last line in the dockets state that the lawyers office for the bank cancelled the foreclosure sale at the last minute. I called many departments throughout Chase, investment bank Deutsche Bank, lawyers office for the bank all telling me the same thing “Cant help you, loan charged off, case closed. Lawyers office said they were told by the bank to cancel the foreclosure sale and to close the file in 2/10, there was nothing they could tell me because they were told by the bank that there services were no longer needed. I said that someone has to be in charge of the title as I dont have a title in hand to this home. It gets worse, 6/22/11 I receive a notice of hearing commanding me to appear at an environmental enforcement hearing regarding the violations on the property, hearing to be held 7/12/11, So, now getting extremely frustated with doors closing in every direction. On 6/27/11, I finally got a hold of the Trustees with Deutsche Bank who told me that they dont know why it was charged off and where the property stands but they are the trustee even if it is charged off. I was told to speak with the VP of the Foreclosure Department Properties Trustee. I told him my situation, explained the environmental issues, that I needed to find out who holds the title and how I can get the title out of my name. He asked me to put everything together including the violations and fax it all to him to review, he will let me know what he can find out, I sent everything I had on this case to him same day. Never heard back from him. Well Hearing didnt go as I thought it would. I thought the court would understand this situation and go after the bank since it was their fault the foreclosure sale didnt happen, but was I wrong. He was sorry to tell me but I should have been keeping a closure eye of the foreclosure process and because the foreclosure sale was cancelled, a certificate of title was not done to someone else removing my name from the property and since my name is on the house as the owner, it is therefore my responsibility to fix all of the violations that have occured. He has given me 30 days to clean the property and said he would go to the maximum amount of leeway for the structural fixes since he understands all of this was out of my hands. The order however is a binding one, the house must be transferred into someone elses name by the 91st day or I will be responsible for all fees, fines and possible leins against all my real & personal property if not paid. He suggested I file to the court a Motion to reschedule a foreclosure sale or get the bank to accept a deed in leu of foreclosure. WOW!!! ALL this because I went through bankfruptcy!!! I saw a foreclosure/bankruptcy lawyer who said he had heard about this kind of possiblity but had never met anyone that it has happened to, he had no advise other that I cant sell the home unless I can get the bank fto accept less than what was owed. I cant do what the judge said I should do because the foreclosure was already final judgement, advised me to see a real estate attorney. I am stuck with this property. Yesterday, I went to the home to start the property clean up, OMG!!! I ended up having to call the police and report vandelism. ALL the electrical in the entire house and the outside electical panel wires, which by the way I had just had replaced 2 years prior to all this, was completely removed, the inside & outside air conditioners, which had just been replaced the year prior to me leaving the home, were gone. The house definately now worthless. The outside porches screens had been cut and the screen doors ripped apart. The one shed which had electrical to it had been partly remove. I am so upset, what to

Your Questions About Foreclosures

The Expert answers:

I see you have a couple of real helpful answers already (LOL). A judgment just gave the bank the right to foreclose not an order. Deed in lieu of foreclosure with an attorneys help sounds like it might be the best option. What was the home worth before the vandalism? If there is any value left in the property it is sell-able. You can try a local RE investment group to find someone who will buy the home and negotiate directly with your bank or you could have a real estate agent sell it for you. To find an investor search for the National Association of real estate investors. They will have links to local clubs. You can also call the people with the I buy houses signs that we see everywhere.

Your Questions About Foreclosures

Lizzie asks…

what are some good foreclsures list companies?

list of foreclosures that you suscribe to for monthly service

Your Questions About Foreclosures

The Expert answers:

monthly charge about two weeks old. Your best is to head down to county recorders office and start fishing for new flops to flip. You can try a Title Company for that service as well.

Your Questions About Foreclosures

Mandy asks…

United States of America v. Arizona, who will win?

We need Immigration Reform, not idiotic laws like SB1070 that does nothing for our border security.

This law was either brought up just to get more Republican votes or its just plain discrimination and ignorance. There is no need for this law, they have been using nothing but lies and twisted statistics to shove that bill through. Backers of the bill maintain that crime is a key reason for the necessity of the tough immigration law. Yet, a look at statistics from the U.S. Customs and Border Protection agency and the FBI indicate that both the number of illegal crosses and violent crime in general have actually decreased in the past several years.

According to FBI statistics, violent crimes reported in Arizona dropped by nearly 1,500 reported incidents between 2005 and 2008. Reported property crimes also fell, from about 287,000 reported incidents to 279,000 in the same period. These decreases are accentuated by the fact that Arizona’s population grew by 600,000 between 2005 and 2008.

Proponents of the bill overlook two salient points: Crime rates have already been falling in Arizona for years despite the presence of unauthorized immigrants, and a century’s worth of research has demonstrated that immigrants are less likely to commit crimes or be behind bars than the native-born.

And the truth is, illegals contribute significantly to the U.S. Economy. They claim that illegals cost more then they put in is totally false. Immigrants Pay More In Taxes Than They Use In Services Over Their Lifetimes: Depending on skills and level of education, each immigrant pays, on average, between $20,000 and $80,000 more in taxes than he or she consumes in public benefits.

They pay BILLIONS in taxes, and many don’t claim taxes. Those taxes help many things like Social Security, Medicare, local schools and even road maintenance.

Their hard work and determination helps U.S. companies and farms stay competitive in today’s fierce market. They work very hard and for low wages, and this help companies make record breaking profits, and that allows them to keep their prices low. U.S. farms will not operate without illegal immigrant workers, and that means more farms will shut down or move to Mexico where the workers are without immigration issues.

They pump BILLIONS into our economy as consumers. Illegals are just like you and I, they buy houses, cars, cloths, food, electronics, music and the list goes on and on. Hispanic illegals are part of the Hispanic Purchasing Power in America that’s expected to reach $1TRILLION by 2011.

Illegal Immigrants have been found to be a GOOD mortgage risk. Even with these bad times, they are able to find a way to pay their monthly payment, but at the same time we are adding more of these homes to the foreclosure list by deporting them.


Your Questions About Foreclosures

The Expert answers:

Well, we will have to wait and see wont we ,
meanwhile don’t unpack your bags illegal aliens.
Your rhetoric is simply that, its not supported by facts
Trust me no AZ court will side with the illegals .
Just like Gov. Brewer stood up to the La Raza
racist agenda so will the people of Arizona.
The co$t of illegal aliens… Far out ways any benefits
they could ever bring.
There will not be any amnesty don’t keep thinking that there will be .Obama doesn’t even have enough support from Democrats much less get amnesty passed .It will not happen as you seem to need to face facts..
Yes the real truth does hurt,doesn’t it ?

The lawsuit, filed in Arizona Federal Court, is likely to fan the flames of a political firestorm already surrounding the law. A large majority of Arizona’s population,70% passed and support the law.

I can post double your links, that say the illegal aliens cost more than they contribute.But why bother you don’t want an answer you want an echo of your own views.

Your Questions About Foreclosures

Daniel asks…

We are losing our beautiful home in foreclosure and all our wealth with it what help is there for us?

We are senior citizens, taxpayers all our lives,this is new for us to be penniless. We had sold two homes to buy this one not expecting the downturn in real estate which was our professions, new job opportunities seem few, we have applied to many, we can’t seem to find anything that doesn’t want a bilingual person, what help is there for us for a new start, we will be homeless, carless, penniless, no health or life insurance everything gone we never saw this coming, we are willing to do menial labor jobs but seem to be laughed at when we apply, Social Services won’t answer the phone, job retraining programs said they put us on a call back list no callback comes, our house wont’ sell, what is happening to our country?

Your Questions About Foreclosures

The Expert answers:

I am not sure I follow you.

What does the country have to do with it?

Apparently you are seniors who bought a new home with no means to pay for it. This was your choice, not the countries choice.

I am not sure why you would do that, or why you are blaming the country. But as seniors I am sure you have plenty of assets and if not you have your children to turn to.

You obviously receive social security and qualify for free health care. What more are you wanting? The tax payers to buy the house you could not afford in the first place?

Your Questions About Foreclosures

Sharon asks…

Question for real estate agents, regarding foreclosures?

what is the normal process from the time a property is foreclosed on, until it is put back on the market?
does the bank or mortgage company list it with a realtor?
does a realtor seek out foreclosed properties, to offer his/her services?

Your Questions About Foreclosures

The Expert answers:

Each lender has established procedures as to when the foreclosed property would be placed on the market for resale.

Lenders have made contracts with a local real estate firm to sell their lender owned REO properties. Once the bank has completed all the legal requirements to have the property transferred to their name or investor the lender then contact the real estate firm to sell the property or give an estimation of any damage or if there is some living there.

If the property is empty and have little to no damage the lender would normally give the final ok for the real estate firm to sell the property.

If there is damage or individuals living there this problem must be solved prior to the real estate firm selling the property. The lender would solve this problem, after which the lender would release the property to the real estate agency for sale.

The local real estate firm would determine which real estate agent would list a property or have developed an internal system as to how this lender own properties would be listed.

Lenders would not normally entertain the idea of dealing with one real estate agent. That is the reason for contracting with one real estate firm to list and sell their bank owned REO properties.

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


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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