Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Linda asks…

FORECLOSURE PRoCESS?

My aunt’s house is being foreclosed June 9, 2008. However, she found a buyer for her house. Will the foreclosure process be pushed back while her house is being bought? Or does she have to leave by June 9th?

Your Questions About Foreclosures

The Expert answers:

Say no

Your Questions About Foreclosures

Sandy asks…

Foreclosure process?

I stop paying my mortgage in June, and I have to intention of keeping my house, I was wondering if I am going to receive a letter from the attorney to evacuate my house? I live in florida and can’t find anything online that shows the foreclosure process, I would like to know if I am going to get notify or if someone going to come to my house for eviction from one day to another??
please help :-) - Your Questions About Foreclosures

Your Questions About Foreclosures

The Expert answers:

The lender’s going to file a public notice of default by which you will be notified, and all other parties who have a lien or deed of trust on the property. The lender will then take ownership of the property with the intent to sell to cover the remaining principal portion of the loan.

Your Questions About Foreclosures

Nancy asks…

Foreclosure Process?

I live in Florida and my primary residence in about to go to foreclosure. My wife is on the Deed, but not on the note. When I took the mortgage, she signed that she allow to take 2nd mortgage on our house, but never signed the mortgage. Will it affect her (credit or any other way)?

Your Questions About Foreclosures

The Expert answers:

Your wife is free and clear from the bank foreclosure if she is not on the promissory note (part of the mortgage). By being listed on the mortgage and not on the promissory note she is simply acknowledging the lender as the first lien holder that super-cedes her own interest in the property.

Your Questions About Foreclosures

Ken asks…

How long is the foreclosure process if I have already modified my mortgage once?

I modified my mortgage a few months ago and still struggling. I owe $315 and it’s worth about $200. So, after thinking about it I am considering just letting it go into foreclosure. Since I have already been thru this process with them and re-negotiated my mortgage, is the foreclosure process quicker? Will they start the forclosure process after I have missed only one payment? How long do I have to try and save money and find somewhere to live? Has anyone been thru this?

Your Questions About Foreclosures

The Expert answers:

Okay – real answer: You’ve modified your loan and that brought it to current. Now you start the process over before it goes to Foreclosure: 30, 60, 90, 120 150 days past due, pre-foreclosure, foreclosure and eviction. It’s all investor driven.

You can possibly expedite by vacating the property, calling the servicer to let them know that you’ve moved out and left the keys somewhere on the property. They’ll go in and change the locks.

My curiosity is: Why aren’t you listing the property for sale? Why not get rid of it the right way as opposed to letting the investor eat the entire loss? You should be able to list it for fair market value. If you can get an offer at fair market value you can present to your investor and request a Short Sale. This would show as a ‘settlement’ on your credit vs. A foreclosure. The negative impact wouldn’t be nearly as great.

Also consider that if you let the property go to foreclosure and say it auctions off in November, is sold back to the lender and not a 3rd party – in January you will get a 1099 and have to claim the investor/bank loss as your income and pay taxes on all of it? You’re saying your loan is $315K? Can you really afford to pay taxes on that amount of money? At least with a short sale you would only be paying taxes on the difference.

You really need to look at all your options and not just the ‘easy’ one. If you let the property go not only will you have to pay taxes on it, your credit will be impacted by 200-300 points, your car insurance is likely to go up, when your credit card companies pull your FICO your interest is likely to go up. If you ever lose your job and the next job you apply for pulls your credit – it will be there for all to see. If you need a new car, you won’t be eligible. You won’t be able to buy another house for a minimum of 2 years unless you can come up with 20%+ down.

Again – I suggest you review all your options and think long term. Do not just do what you think it easiest because the reality is – it’s not as easy as you think.

Your Questions About Foreclosures

Helen asks…

How long is the foreclosure process in California (Riverside County)?

A friend is three months behind on their mortage. They say they have still not received any certified letters or anything. If they decide to stay in the house, approximately how long would they have before the foreclosure and eviction? Again, this is Riverside County. (Please only answer if you have first hand knowlege of this process.)
Thanks!

Your Questions About Foreclosures

The Expert answers:

Depending on the lenders being on top of the matter. Since this is a domino effect the lenders plate is likely full. They can definately stay in that house 3 more months and maybe more. Since they haven’t recieved an official notice yet, I don’t think the process has even started.

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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