Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Mandy asks…

Tenants’ rights in foreclosure – Texas – does eviction go against tenant record if LANDLORD’s fault?

With the increase in foreclosures, more and more renters are being subjected to eviction proceedings even if they’ve kept up on their rent. The family of a student at my school just received a letter from the entity that took ownership of the property they’re renting — at the moment, it’s unclear to me whether they’re renting in a large building, a house, or what — and they’re trying to figure out whether to accept an offer that purports to give them $500 if they (a) accept the offer by March 16 [7 days from the date of the letter] (b) completely move out by March 23 and (c) leave the property clean, etc.

The scary part is that the agreement calls for them to sign a form saying something to the effect that it’s a voluntary eviction, and if they don’t take the offer, they’ll have eviction proceedings filed against them. Apart from concerns that the new owner might find an excuse to not fork over the money (think it’s a big bank, but I’ll check), there’s a concern that officially the “voluntary” thing could look bad to potential landlords when they try to rent elsewhere. I’ve checked all the usual web site on tenants’ rights in Texas (TYLA, various tenant organizations, and so forth), but they only address things like how much notice. Nothing spells out whether the eviction is identified as being “no fault,” as it were.
Thanks for the help so far. I got to look at the documents again today, and part of the problem was that the real estate company’s letter calls things by different names than the actual paperwork does. The letter mentions that the “Cash For Keys Agreement … allows for entry of a judgment of eviction,” but the form the agent actually enclosed is labeled “Voluntary Vacancy Agreement” and doesn’t mention eviction AT ALL. So in addition to passing on your advice, we’re telling her to get the agent to clarify *in writing* if the CFK document she mentions is actually the VV paper, and to fix the part about an eviction entry. My guess is that she either pasted material from a different form letter, or was trying to allow for the fact that eviction can still be pursued if tenants sign the agreement but then don’t hold up their end. So long as they don’t ask them to sign anything *different*, the official documents are totally eviction-free.

Your Questions About Foreclosures

The Expert answers:

The only time it would be recorded against the tenant is if they forced an eviction, if they refused to leave the property and it went to court.

You can not illegally live in someone elses property, without there being repercussions.

The offer for the cash is serious. Take it and leave as agreed or stay a couple more weeks, receive no money and have an eviction on your record.

Signing the “voluntary eviction” form will NOT be recorded on your credit report.

Your Questions About Foreclosures

Nancy asks…

Texas Foreclosure versus Deed in lieu of foreclosure?

I have moved out of a property and am facing foreclosure soon. Two contracts have fallen through after we moved out and we have been unable to keep up with 2 mortgage payments.

The mortgage company called me and offered me a deed in lieu of foreclosure. How will this look on my credit as opposed to a traditional foreclosure?

Your Questions About Foreclosures

The Expert answers:

Deed in lieu is marginally better for your credit and may be less of a financial drag as you won’t get hit for all the foreclosure costs. You do need to check with your 2nd mortgage holder; you will still be on the hook, and as you are doing a deed in lieu, there will be no surplus cash to put toward satisfying the 2nd

You might also want to see what the house is worth on the open market; if they are offering a DIL, they must feel they can turn it and get out clean. YOu might be better off selling straight up, contracts falling or not.

Your Questions About Foreclosures

Mark asks…

Can a loan be assumed on a pre-foreclosure property in texas?

a homeowner is in default and will be foreclosed soon. if the accrued interest and all other sums are paid before going into foreclosure, what are the steps to follow in order to assume (take over) payments. paperwork? contracts? any advise will be greatly appreciated.

Your Questions About Foreclosures

The Expert answers:

If you went into the bank and paid all the back payments, the seller could sign the deed right there in the bank and you would own the house. The loan would not be in your name but the bank might not care if you make the payments.
Getting the loan “assumed” will be almost impossible. The loan is owned by an investor and that investor will probably never approve an assumption. But if they decided to do it, you would fill out the same application as the current owner. In 30 days you would be approved. If it is an adjustable rate, the rate will increase upon assumption.

Your Questions About Foreclosures

Donna asks…

What happens on a home foreclosure in Texas? The auction sale date is 8/4/02.?

Auction date is tues 8/4. Do I have to be out of the house that day? Does the county lock up the house? How much time will I have to move?

Your Questions About Foreclosures

The Expert answers:

I would move out now!! Yes they do lock up the house and they even send a cop or sheriff to make sure you do move out.

Your Questions About Foreclosures

Sharon asks…

House in Texas going into foreclosure, can they go after 2nd home?

Have a house in Texas that we tried getting our lender to approve a short sale on to no avail. Will probably be going into foreclosure because they wont work with us.

Have a second house in Florida that is paid for, but we have a personal lien on. (NOT a mortgage company.) If the house is deeded to us in Fl, can the mortgage company in Texas go after that property?

Your Questions About Foreclosures

The Expert answers:

Yes once a judgment for the balance is done sure can

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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