Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Lizzie asks…

Foreclosure Questions?

Okay, so this is worst case scenario, but I have to know what the consequences are – if anyone knows :) - Your Questions About Foreclosures

I live in FL, we have a rental property, I may be out of work, in 2 days (yikes!) and we are going to do everything in our power to make things work and hopefully SELL the house for cheap and get out from under it, but in this market, it’s propably going to sit for a while. IF there comes a time that we are just unable to afford it and let it go into foreclosure, other than totally ruining our credit, what else can they do to us? Can they put a lien on our home we live in? What happens???

Your Questions About Foreclosures

The Expert answers:

As far as I know (and remember local laws very). First they have to sell the property, then they apply the money from the sale to your debt -in theory this pays of the mortgage and any money left over after paying all your debts (property tax, water, etc) is given to you.

If your house is not worth as much as the debt (which is realistically a very bad situation to be in) then they will sue you for the remainder.

Your Questions About Foreclosures

Richard asks…

Are there a number of folks foreclosing and getting into a new house? And what about the rest of us?

I have a good friend who’s currently in foreclosure proceedings for a townhome, but he just recently signed to get into another house. I’m not sure how he was able to do it since we’re both single and make about 45k / year. His new mortgage is slightly lower but he has two roommates who are paying $800 / month. What are the consequences of actions aside from these? And how will this action affect the rest of us? I live in California, was recently asked to relocate for my job to Texas and keep the same pay but passed because I couldn’t leave my family and friends. I currently rent an apartment but would like to invest in a home one day. I’m 31 and single, but I feel like my slim chances at ownership exist through marriage. I’d rather not rely on friends or roommates to help make a mortgage, and shouldn’t look to marriage as a means to an end either. Thanks for your time folks. Happy holidays.

Your Questions About Foreclosures

The Expert answers:

There are some individuals that are willing to take a risk, apparently you are not one of these individuals.

The contract you sign with the lender does not indicate you can not charge a person for renting one of your rooms, nor does it indicate what you may charge a person for renting one of your rooms. Your friend is taking a calculated risk that could be very prosprous for him or back fire on him. It looks as if it is working for him presently.

It would be the same as if a person purchased an apartment as an investment property. The idea is to get some others to assist or pay the mortgage for you.

Things are a bit cheaper in Texas than California as I reside in California and have a sister living in Dallas, She decided to rent there, and from what she has there at $450.00 per month would cost about $1,500 in California.

That is a decision you made because of your wanting to be with your family and friends. You have to make decisions that make you feel comfortable.

Marriage is a pact between two individuals that physically, financially and socially bind them together. So to have a marriage partner assist in the purchase of a home is very a good idea and not uncommon in todays society.

You have to remember that life is a challenge and how you handle the challenge as well as the risk you take.

Remember a formula I learned long ago

A risk+ a plan =Success

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

“FIGHT ON”

Your Questions About Foreclosures

Sandy asks…

foreclosure, bankruptcy?

please help me

looks like one house i own is to be on a foreclosure. should i let it be? what’s the consequence other than credit…? what type of bills am i looking at?

should i bankrupt? how do i do all these? this is a mess.

Your Questions About Foreclosures

The Expert answers:

Is this your only problem or do you huge credit card and or medical bills hanging over you. If this is all, you may be able to sell the house in a hurry at a reduced price. If you owe more than it is worth, you could sell it at a short sale which is better than a foreclosure. If you want to talk bankruptcy, get a consultation with a local attorney. It is not a do it yourself project. Talk to a local real estate broker about the problems with your home loan. Don’t stick your head in the sand.

Your Questions About Foreclosures

John asks…

California foreclosure help!?

I am currently behind about three months on my mortgage. I have already accepted the fact I can not afford my home any more. If I do not keep paying my house, how long will it be before I get the boot? Also I have a first and second, my second is a HELOC. What are the aftermath consequences to my credit and will they come after me for any fees or continue to harass me to pay the debt or will I just walk away free?

Your Questions About Foreclosures

The Expert answers:

I work for the bank, you never said if this was your 1st orginal loan on the house if it is you can walk away with the bank not coming after you. But if you have refin. Your credit will be shot and after the house goes to sheriff sale, you will be responsible for the balance. You should be getting a final demand letter no later than next month.

Your Questions About Foreclosures

Linda asks…

What will happen in the foreclosure? After?

I am not looking for a lecture here just want some information on what will happen when my home goes into foreclosure. Don’t judge me because you don’t know my full circumstances. First off, the bank (BoA) wont do a forbearance, modification or the like, so after 15 months of draining our lives monetarily, we are going to have no choice but to go into foreclosure. Our home is in Colorado, which is a non-judicial and judicial state. I want to know what will happen during and after the process. Can they sue us for what they will not recover? House is about 40,000 below what is owed. In the loan paperwork there is a a verse on Foreclosure. Can someone explain what it means in regards of recovering their money after they foreclose.

“If the Lender’s interest in the Security Instrument is held by the Secretary and the Secretary requires immediate payment in full under Paragraph 9, the Secretary may invoke the nonjudicial power of sale provided in the Single Family Act to commence foreclosure and to sell the property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Lender under this paragraph or applicable law.”

Basically, does this mean they cannot do a judicial foreclosure and not sue us for the difference? We can handle the 1099 that we would get as a consequence, just not having to come up with $40,000. Please help without being rude and if you must be rude, at least offer an educated solution. Thank you.
This isn’t the original loan we bought the house with, this is the refinanced loan. We don’t have a second on it though.

Your Questions About Foreclosures

The Expert answers:

“…may invoke…” means the bank can decide either way.

If this is your original loan and you did not take any cash out or put other liens on the property they are most likely going to go nonjudicial. The speed and ease is worth 40k to them.

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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