Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Linda asks…

What are my options to finance a foreclosure when the home will not appraise for the value they are asking?

They are only asking $40,000. The house sits on 4.6 acres so can you finance the land and just have the house as a bonus. What are some finance options I could try?

Your Questions About Foreclosures

The Expert answers:

Not going to happen. Any appraisal of a property includes improvements along with land values. The ENTIRE property is not appraising at the asking price. That means that the land ALONE is not worth the asking price.

Your Questions About Foreclosures

Sharon asks…

foreclosure what options do we have?

we signed a years lease last sept. and just found out the house was in foreclosure and was sold in auction yesterday. Do we have any rights or did we get screwed again? What do we do ?

Your Questions About Foreclosures

The Expert answers:

That depends a bit on the terms of your lease and your local laws…

But in most cases properties with leases are sold at auction subject to the terms of the lease. Read your lease carefully for the terms under which the landlord can break the lease.

If your lease is a one year lease subject to termination at the option of either party, then the new owner will be subject to the same terms. He can either keep you there until the lease runs out under the terms of the lease or break the lease as spelled out in the lease. Most investment buyers keep the renters in the property. Most owner occupant buyers break the lease in 60 to 90 days.

Your Questions About Foreclosures

Chris asks…

What are my daughter’s options upon receiving a foreclosure notice on her home?

My daughter is currently going through a divorce and does not live in the home, although her soon to be ex husband does. Both their names are on the mortgage, and she just received papers that there is an impending foreclosure on the home. Can she put the house up for sale, and, or do what they call, a “fast sale” in order to get out from under this? He doesn’t currently work, and does not seem to care either way what happens.

Your Questions About Foreclosures

The Expert answers:

She can try to talk the ex into a short sale but that’s best handled by a real estate agent and a lawyer both. She might as well call the attorney right away. If the bank takes the house she may be responsible for any deficiency depending on the laws in her state.

Your Questions About Foreclosures

Joseph asks…

(I am tenant) House in foreclosure – move or stay?

Hello,

I am renting a room in a house in California. My current lease expires on the 24th of this month.

Early in July, a Notice of Trustee’s Sale was posted on the front door of our house, saying that the house is behind payment in the amount of $634,850.07 and that a public auction sale was to be held on July 13th.

We contacted the landlord who claimed that he had taken care of the problem and that everything is fine.

Then on July 13th, one of us went to the auction place and learned that the sale had been postponed to September 14, “at the Beneficiary’s request”.

As my current lease expires on the 24th of this month, the landlord asked me if I am willing to sign another lease contract with him. I do love the house very much and want to stay here. The landlord also said that if anything happens to the house, we would be given 3 months’ notice in advance. However, I am a student and I need to continuously stay in a place between August 08 and (at least) May 09. The said period is the school year. I would not want to be in a situation where I am forced to move out during the school year as I would not be having the time for that. Plus, housing options would be much more limited then, as opposed to now. Hence, I’d prefer to either move out now, or not to move at all for the next 10 months or so.

Which brings the questions:

1) Given that the landlord had managed to have the sale postponed (from July 13 to September 14), does this mean that the landlord is indeed making a sincere effort to save his house?

2) Given that he owes $634,850.07, is he ever going to be able to save the house at all? He claimed that it was a strategy they use to “get better rates from the bank”.

Of course, the landlord himself always says that everything is fine. But I want to hear from you who either might have expertise on issues like this, or who has had the misfortune of having to go through this as a tenant. Do you think that my landlord is making a sincere effort to save the house? If he is, then I will sign another 10-month lease with him. Or do you think I should just move out now.

Thanks
I just saw this from a blog and the person seems to know what s/he is saying:
(http://tenantsforeclosure.blogspot.com/2009/05/foreclosure-procedure-in-california.html)

“I have a year’s lease. Can the lender evict me if it hasn’t expired?

In most cases, no. Under federal law tenants may remain in their homes until their leases expire, or for 90 days, whichever is later. The exception is that if your home is sold to an owner-occupier, your lease may be voided. However, you are still entitled to 90-days’ notice to vacate.”

So, I guess what this means that if I sign another 10 (or 12) month lease with the current landlord, I get to stay until the end of my lease, even if the lender eventually takes possession of the house? But, in this scenario, would I be able to get my deposit back from the landlord?

Your Questions About Foreclosures

The Expert answers:

I think the risk of signing another lease and then the house finally being sold at auction are higher than him being able to save the house.

If you do not want to be bothered with moving about 6mos from now, I would find a new place.

Of course he is going to say things are OK. He wants you to sign a new lease and stay in there, and keep paying him rent. Rent that he is probably not using to get caught up on his payments. Now, what he does with the rent money is of no concern to you, as you do not have dominion over whether he follows through on his financial obligations.

I would say the chances of him not being able to pull of a 3 pointer with 10 seconds to go in the game are quite high.

Your Questions About Foreclosures

Mark asks…

My house has been for sale for close to two years.What are my options for walking away?

I dont even live there any longer. I live with my boyfriend and will most likely be there for a long while, possibly marrying in the future.I dont have renters and am paying for the entire mortgage every month. I make about $100,000 per year, will I even be able to do a voluntary foreclosure? Or what other options are there? I know it will negatively effect my credit, but at this point I dont care.

Your Questions About Foreclosures

The Expert answers:

Just remember that any time you apply for a job in the future they’re likely to pull your credit history and something like a foreclosure will cost you the job.

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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