Upcoming Foreclosures

real estate bank owned foreclosure question? When you see a bank owned foreclosure that is listed for 20 thousand dollars, will it be just a matter of contacting the bank and offering 20 thousand dallors or will the amount grow higher if more people are interested? I heard that the bank will counter offer you and it will be even higher so just wondering how it works?

Why are banks buying their own foreclosures at real estate auctions? I've been to a few New York Real Estate auctions at courthouses recently and often the banks are buying the properties back, They either have a specified bid they come in with or will outbid the public. I don't understand. Don't these banks want these properties off the books?

Real estate question, What was your experience in buying a bank owned foreclosure? How much was it listed at? How much did you get it at? Was the house in decent shape or needed lots of repairs? How long did the whole process take? Just researching. Also Im more interested about the less than 30 thousand dallor stories then higher ones.

How does an average person with no real estate background go about buying foreclosure's and bank owned homes?

How do I find a list of bank owned foreclosures in my area? We are looking to buy a house and have the benefit of being able to pay cash. I feel that I would be able to leverage this the most by buying a foreclosed property off a bank at a discount. Unfortunately this real estate market has made many lose their homes, we were fortunate enough not to be in the real estate market and want to take advantage of the opportunity. I am in Connecticut.

If you as a real estate developer has obtained a driveway easement but you then found out that the bank owned? the property in which the easement of the driveway is over. Then you find out that the bank that owns the property in which the driveway is over and they are having a public foreclosure on the property. Should I be concerned about this? If so, what steps can I take to protect me as the developer?

Are bank owned houses REO's and short sales asking prices negotiable? I wanted to know if bank foreclosures REO's and short sale home asking prices are negotiable? Do banks ever accept a lower offering price for property? Since REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction.

Where can I find foreclosure,auction and bank owned listings? Where can I find foreclosure,auction and bank owned listings without paying a fee to a website? Most real estate agents will not help you find these either. I've been told by real estate agents in my area they do not deal with them. There's no need for a loan we are paying cash.

I want a US Bank owned house that's not listed, how do I contact US bank directly? I cannot get in touch with US Bank's real estate owned department. I cannot contact a realtor because this house has been taken off MLS. It's not sold, so I'm not sure how to go about getting this house. It went to foreclosure auction, and I was there to bid on it, but it was taken off the auction block just before it was to be auctioned. Now the foreclosure auction people can't tell me how to find it either. Any help is so appreciated!

foreclosures, auctions, bank owned...im confused? allright, i was on Yahoo! Real Estate and they have all these auctioned homes and my question was, if i am the winning bidder, do i have to have the cash ready right then and there? or can there be a loan? im in GA is it true that there is no redemption period in GA? what do i need to look out for? whats the catch i guess...thanks for your help

What does it take to be a Transaction Coordinator for a Real Estate Office? I have worked in the Banking industry for years (Retail Banking, Foreclosure, Bankruptcy, Home Loans and now Leadership training of Bank Managers) and would like to get into my own buisness as a Transaction Coordinator. I was going to get my notary and take a Real Estate class but I am not sure if that is needed. I heard that someone HAS to train you for the postion. Any classes?

What companies accept Broker Price Opinions (BPO) from Realtors? * Preferably companies that accept BPO submissions via the internet. * I am a licensed and active Realtor servicing the Atlantic City Metro Area. REO.. Bank owned.. Foreclosures.. Real Estate

What happens after an unsuccessful auction on R.E.O. real estATE owned property?>>>>>>>? I work for a title company and just got transferred to the reo dept. Ok, so first the bank files a foreclosure complaint. Then a sherriffs sale (foreclosure) occurs. 2 questions. What happens if no one bids at the sherriffs sale? Does the bank still own the property? And are they required to release their mortgage? 2nd question. What happens if a "John Doe" wins the auction. Does the bank get this money and thereby release their interst by satisfying the mortgage?

Real estate: How come I see soo many REO homes on bargain network for under $30 000? Can you really get a house that is a bank owned foreclosure for less then 30 000 even if its worth maybe 100 000. How are the prices determined. I see a lot of houses which banks owned selling for 30,000 that are supposely listed above 100,000. Just confusing when I hear banks wants the highest possible price.

what does this mean in real estate ad? Expt-disclos/disclaim what does this mean, it is in one of the listings of a house I like, it is a bank owned foreclosure property.

Where do you find legit information on buying foreclosed real estate and attending real estate auctions? I live in CA and have taken two college level Real Estate classes and a few seminars, but no one seems to have any information that is actually available to the public on how to buy foreclosures, where to get the lists from for free and where to find the auctions. My college instructors advised to just buy a house via the "normal" route and avoid many of the problems people have with such properties, and the seminar instructors just seemed to want to sell their own mailing lists which just listed banks that didn't have any information you couldn't find on Google. I've sent a few letters to Fannie Mae and have only received their "new home buyers' guide - which is very informative - but not helpful. I'd like to invest in foreclosures and possibly "flip" a property and I know it isn't easy and it is a true risk of $$, but it seems like those in the know are keeping quiet about their resources - if this is public information, where do you find it without taking a get-rich quick seminar?

Tampa FL Foreclosures at Courthouse $100 Bank bids ? This is specific to Tampa FL- courthouse home auction- why do banks have to bid on props they already have foreclosed on? Several banks bid $100 and some higher. I thought the title to the property was being auctioned by the bank, so why would they bid to buy back what they already own ? Why do they have to bid against others since one would assume they took back the property in foreclosure. Any info from county courthouse clerks, real estate attorneys, investors would be helpful to clarify the legal process and why banks bid.

where would you invest 200K right now ? Lets just say you had 200k in cash...where would you invest it right now ? I am thinking real estate..foreclosures and bank owned...

Home Foreclosure Question for Real Estate Lawyers? If I own two houses and have to default on my loan and foreclose on one of them, does that affect my other house? Could they take it? Would I owe the bank money, or would they just take the house I defaulted on? The reason I ask is that we want to sell one of our homes, but the real estate agent said even if we sold at market value we'd have to PAY $8,000 to sell it. I've paid my mortgage on time EVERY month for three years, have remodeled the house, installed a solar power system... But what if the sh*&t hits the fan and we can't pay our mortgage a year from now??? Can I just move into my other home (a run down trailer on a 10 acres) or would my one foreclosure affect the other? This is a separate mortgage with a different bank. Thanks!!!

Can someone recommend a good buyer's agent in Chicago? I am looking to buy a property in Chicago, and I would like to get an opinion from the public...referrals are good but can be biased, and I really need an agent who understands foreclosures, bank owned properties, distressed real estate, and is a good hard negotiator. Thanks much!

REO Condo Offer 10-15% below asking? Condo is a foreclosure bank REO (Real Estate Owned) and has an offer price of $58k. I'm also looking at a townhouse that is asking $80k. (Both of these are in Iowa.) Anyways, I'm in no hurry need to buy a place unless I can get it at an extreme value. However, both places are being sold way below their assessed value. With that being said what do you think a reasonable offer to make on a REO would be? I'm thinking about offering 10%-15% below asking price. Again, if I don't get the property then I'm out nothing. Thoughts?

how do I beat the real estate investors with cash? My fiance and I are trying to buy a house in a suburb of Detroit, MI. There are a lot of houses in our price range, mostly foreclosures and bank-owned homes but some privately owned as well, that we would love to buy and fix up slowly. We want to actually live in a house, not do a crappy remodel and sell it again. The problem is, every time we find a house that we both like, that we can afford, and is in a good location, our offer is always beat out by an investor who pays for the house in cash. We are approved for financing, but we don't have $50,000 in cash. We've been trying to offset this fact by offering over asking price but it still doesn't work and we end up holding our breaths for a week only to find out we have been declined again. What can we do to win over these guys? Any advice in appreciated. Thank you.

Real Estate? what the meaning of this Reo Properties Bank owned Foreclosures Corporate Owned Properties Governments owned properties HUD dose it mean when ppl can't make the payments ? or they are selling for les ? ( i see some are high ) ? got any advic for first time home buyer ? * SERIOUS PPL REPLY * Thank You

Questions on foreclosure properties.? Please bear in mind that i live in the state of Connecticut. 1. Does the downpayment price represent 10% of the total asking price? 2. Is the total asking price the appraised value of the property, or is it the balance on what is owed to the bank? 3. How do you find where the foreclosures are at? Through the bank? real estate office? newspaper? 4. If i buy a foreclosed property, what should I be looking out for? i.e. Are liens attatched to the title? Can i find out the condition of the home before bidding on a foreclosed property? 5. If i buy a property via foreclosure, can the person that owned the home still redeem the property after i buy it? 6. How do I go about doing preforeclosures?

How would I find out what banks owns a particular property? I was looking around for a house when I came across a bank-owned foreclosure being sold by a local real estate company. I want to know what bank owns the property because there's a chance the bank will be asking less than the real estate company.

Is it an investor's market in Northern Californian real estate? Here's the deal folks- I live near a nice neighborhood in Sacramento where house foreclosures are rampant (surprise!). Houses that cost $500-600k in 2004 are now bank owned selling for $250k. I have a good amount of cash saved up. I am thinking of buying a few of these rock bottom priced houses. My goal is to rent them out for a year or so, or whenever the market rises. After that, I want to sell the house for a nice profit. Is this a good time to invest? Can we reasonably expect the market to rise? Is this a cyclical trend I can rely on? I don't think these houses can drop any lower. Friends tell me that this is a goldmine. However, I am cautious because this seems like it could be too good to be true. I know it's impossible to predict the housing market's future but I wanted to hear some opinions from you guys. I have no background in real estate, so excuse my ignorance. Thanks in advance.

In Texas, can I file an option-to-purchase in real estate records? I have a residential property under contract. The seller bought the property at foreclosure. There is a dispute as to whether the bank owned (or still owns) the property or if the HOA was successful in foreclosing on the bank...after the bank foreclosed. Short story is that title is clouded and the title company cannot issue a title policy. With the backlog of residential foreclosures, etc., it could be months before the bank gets around to addressing this. I would like to have a right of first refusal to purchase at the price in our contract (with the seller -- if he does eventually end up with the property). If the seller agrees to sign an option agreement, can I file the option agreement in the real property records so the bank, the HOA and any future 'offerors' will be aware of my interest in purchasing the property?

Is this illegal? What could happen? Real estate law? My friend got a divorce and couldn't pay his mortgage on his house and it went into foreclosure and the bank owns it now. Now I think that it is on the fast track (?) short sell and it appears that they have buyers but it will take a couple of months for them to finalize everything. In the meantime, my friend let me stay there for free just as long as I pay the utlities. How legal is this? What could happen to me if the bank finds out that I am living there?

Foreclosures --- where to find before they foreclose? In looking in real estate listings, I keep seeing bank-owned foreclosures....houses that have already been foreclosed on. I'd like to know where to find houses that are in the preliminary stages of foreclosure, where I can make a deal with the owner that I can get the house at a good deal for me and him, it would help him avoid having a foreclosure on his record -- a win-win situation for both of us..... But I don't know where to find them. Yeah, I know what a short sale is, I mean like for instance, say a guy is upside down (just example numbers here) say he owes $175,000 on a house that's worth only 125, he's three months behind -- (1500/month) I come in and give the bank the 4500 to get caught up and take over the payments -- and he can walk away no blemish on his credit. Short sale would mean bank would have to agree to take 125 for the house, I'm not suggesting that. Could this even work? Would I want to do this? I'd be assuming a mortgage of 175 on a house that's only worth 125? Well, I'd be hopefully looking to get back out of it in about 3-5 years, say I pay it down to balance of about 140-150K and hopefully the market turns around and in 3-5 years maybe it is again worth 160-180K and I can sell it for a small profit....or if the market stays bad I can stay in a keep paying it down, eventually I'll break even or come out ahead. If I pay off the whole mortgage, and it's still only worth 125K, then I'm still ahead of what the original buyer would have paid over the life of the whole mortgage. But I don't see the market staying down forever. I guess I'm wondering if there is a market out there to reach out to people who may be in this situation. But I guess the problem would be qualifying for a 175K mortgage on an asset that would only be worth the 125K. Maybe I would have to collateralize the additional 50K of debt with my own assets? Not really ideal, I guess.

We live in hot Texas and want to move to Colorado. We don't have much money. Is Realty Trac reputable ? We are interested in buying foreclosures, bank-owned, or any other cheap way to buy a house in Colorado. It seems like real estate is so expensive up there. My husband works for a home improvement corporation but doesn't make much money. My salary is $9.50 per hour. We have no children. Maybe someone with real estate expertise can help us to buy or get a little bit of land in Colorado preferably around Colorado Springs or around the Western slope area.

Need advice on suing a real estate attorney? To make a long (LONG) story very short: We entered into a rent to own program through a real estate attorney. We put down a considerable down payment (10k) to keep our monthly rental payments low, were promised in the contract that that money would go toward the down payment when we purchased the house. We were also given $7,000 off the price of the house for repairs we made before we moved in. Through the course of living here, we found out the attorney did not own the house, there was an actual owner.. and they were refusing to sell (even though they entered into a contract). They took their situation to a lawyer and got out of their end.. leaving us up in the air. The contract we signed had a time stipulation and that ran out.. meaning we were out our down payment, they refused to return it. Right before the contract ran out, the house went to foreclosure. It is now owned by the bank and there's a strong possibility we'll be forced out. From what I understand, since the lawyer/company never owned the house, they never had the right to claim they could sell it to us. We even secured financing for the house and the actual seller refused to sell through him. We went to a very good real estate/contract attorney and told him the situation, showed him the contracts, and asked what we could do. After a few days of research he said there is a "reasonable chance" we can win, but his fees in total will cost $2,500-$3,500. He wants to take this guy to the cleaners. Wants to sue for not only our down payment, but damages as well. He knows our financial situation, and even stated that considering that, he understands that choosing him may not be a good option for us at the moment. Does $2,500-$3,500 sound too expensive, or too cheap? I've considered shopping for a lesser priced attorney, but the situation is so complicated i'm concerned that finding someone cheaper would lessen our chances of winning. I would dive in if I knew we had a 100% chance of winning, but you never know. I've also looked for a contingency lawyer but all the ones in our area seem to only take on personal injury cases. Honestly, what would you do? What does "reasonable chance of winning" really mean in lamens terms? I understand he can't give us a "I know you'll win!" answer because that would be irresponsible.. but I feel like I need a little more assurance before diving in and possibly losing $3,500 on top of what we've already lost. I am confident we will win the case, I just don't want to end up paying 30k in lawyer fees, after being nickled and dimes, and the chance that IF we win, the defendant will just appeal again and again, for a 10k(ish) lawsuit. Would that even happen? Edited to add: Yes I realize we were stupid by entering into this contract in the first place. We were desperate.. and got screwed because of it. That's not what I want to hear. I know we were stupid. I just want to know if we can get our money back, and how much it will cost us to do so.

advice on real estate problem, no disclosure statement!? this is our situation. my husband and i owned a small house. we wanted to upgrade to something a little bigger, so we found a beautiful bank-owned foreclosure that we could afford. with the interest rates low, we got an interest only loan until our other house had sold. a year later now, our other house still hasn't sold, and we are still paying the bank interest only. We have had problem after problem with our new house. leaks in the slab, mold issues, roof leaks, (it was a brand now house -- foreclosed on by the builder.) our neighbor brought to our attention today that she knew a lot of OTHER problems wrong with our house, but the bank threatened to sue her if she told anything that she knew and caused them to lose a sale. they entire back porch roofing was molded and falling out -- to fix it, they just covered it with vinyl siding. we never knew this at the time of sale. there is a roof leak that we weren't aware of and now it is starting to mold. our neighbor told us they tried fixing this leak 3 times and the mold still returned. now, the bank never told us any of these issues, of course. and of course, they weren't required to sign a disclosure statement. we want to start a family, and this is the worst place to raise a child -- in an mold-infested home. we are just looking for advice. can the bank just cover up problems like this, i.e. paint over mold instead of encapsulating it? do we even have a case to get out of this contract? We did have a home inspection, and it passed. the inspector would have had to tear our siding and sheetrock to find these very serious problems, so we aren't blaming this on him. and, please don't be rude and say that we shouldn't have bought another home, blah blah. We may be grateful now that we a problem-free home to move back in to. thank you for you time to those who read and respond. we dont want money out of the deal and we arent asking for the interested we've payed in return. we just want to call it truce and get out. however, we know the bank will say "oh, but you bought it as-is...blah blah blah." they knew about some serious problems and didn't tell us.

Buying foreclosed home- question for Real estate professionals? So we are buying our first home which is a bank owned foreclosure and I need help...I would like to know how I could eliminate some of the stresses? I know its a tough market now, but we've been in the escrow for 2 months. We signed our final pile of docs two weeks ago and seller who is the bank has yet to sign off on their end. The title company can't move on without their signatures and we can't move on with anything. We can't get planning on moving out of this place, planning on remodeling, etc. Its been so stressful and finally when I got relieved when the docs were signed and I was patient for a week but don't understand why its taking 2 weeks to sign the docs. The seller's agent says she did everything on her part and pretty much said to our agent 'don't call me everyday. I did everything I could'. We are kept in the dark. We are at the point where we are ready to back out. I've been loosing sleep over this 'not knowing'. We are considering signing a notice to perform form but our agent told us that this could sometimes push them to get things done but other times it can backfire too. Please help!

I have a tricky real estate question? I am new to real estate investing. I am looking to rent to an upscale tenant or do a possible lease option. The house across the street from me was being rented by a couple but they moved out and the house has sat ever since. I heard through other neighbors about a possible foreclosure, so through a little research I found the name and phone number of the original owner. They said that they owned the house but signed it over to their youngest son. He died back in 2006. So somewhere between then and now it got signed to the oldest brother. He found the couple to rent the house from him. When they moved out, I guess he couldn't afford the payments and now has basically walked away from the mortgage and is letting the house foreclose. The parents of the two sons gave me this information but pretty much told me not to contact them again as this is a sore subject for them and brings up bad memories of their son. I could not get the oldest son's contact information. Not that I'm trying to take advantage of someone's hard times, but I know the house would make a great deal if i could get it at the right price. I know he paid $108k (minus what he has already paid into the mortgage) for the house several years ago and it is worth at least $160k in the condition it is in. I could do a quick face lift and get the value up to $190k like the comps in the area. My question is where do I go from here?..do I try to somehow find the oldest son or do I try to get in touch with the bank and see if I can work with them?..Do I run a title search and get the information of all parties involved?...All of your help will be greatly appreciated. Thank you. The tax assessor's office gave me the name and address of the son who owns the house. The mailing address is the address of the property I am talking about. So the only real information I have is the name. I searched the white pages and his number is not listed.

Real Estate Investing Help.? I would really like to get into real estate investing, but do not have the funding available to me. I am not new to real estate and have worked with pre-foreclosures before. I used to find them, work out deals (sometimes short-sales) with the banks and then submit them to a network of buyers that I am affiliated with. What I want to do now, however, is invest in real estate for myself rather than collecting small finders fees after doing all the work. I am an expert at finding nice properties for pennies on the dollar, but am unable to purchase these properties myself because of a lack of funds. This would not be as big of a problem if it weren't for my own poor credit score. Which makes it impossible for me to secure a loan using traditional techniques. So what would be required is either a true "equity based" loan or "no doc" loan; or a private investor. Does anyone know how I can get money to make these investments, i.e. private loans, hard money, etc. and more specifically how to get in touch with them? Thank you in advance.

2 Questions re REOs / Bank-Owned props (thank you)? Thanks in advance for your help on the following 2 questions that are plaguing me: How SOON (and how OFTEN) after banks reaquire a property from the auction (assuming they bid & win) do banks assign their properties to their preferred real estate agents for sale? I ask these 2 questions because I'd like to be able to purchase a REO direct from the lender before it goes to an agent because the agents (no fault of theirs--it's just business) will usually mark it back up again and it's no longer really treated as a foreclosure and unaware buyers will end up paying "comp" values. As a future investor, I'd like to save any unncessary markup and commissions by getting it direct from the lender. Is there a usual "window of time" after the auction but before they assign the property to an agent that I should act? What's your experience? Thank you for your advice and help! thanks Ron. much appreciated!

where do i find free foreclosure listing? I don't want to have to join anything.? i want to find foreclosure and real estate owned by banks in Oroville, California, but i don't want to have to join any sites. i don't want to have to join these 7 day free trial, post your credit card number so you can forget and let us charge you an arm and a leg, websites.

Bank Owned Property- Counter offer? Hi, I am interested in buying foreclosure. The asking price is $109,000 and I offered the bank $101,000 and they came back with a verbal counter offer of $105,000 and I accepted it. It has been almost a week and I have not heard from my real estate agent. She told me if someone else makes an offer it will be back up offer and they need approve mine first. I love this house so much and I don't want to loose it. Should I offer them the $109,000 or Should I wait until they approve the $105,000? Thanks!

Would 20% below asking price be reasonable on bank owned foreclosed home? I am interested in purchasing a foreclosed home the bank owns. The asking price 107,900. Would 20% below asking price be considered unreasonable in west tennessee? That would make my offer a little over 86,000. Do you think they would even consider that? I know nothing about purchasing a home or real estate, and this would be my first home. Of course, I want to get as cheap as possible, but I don't want them to not take my offer seriously. There's many homes up for sale in this area that's cheaper, other foreclosed homes, and plus knew homes being built, Asking prices range from 80000 to 130000. It's been listed for a while. I know nothing about this, so I was just needing a little head ups. I will be working with a realtor but I want the realtor to also know that I know somewhat of what i'm doing. I've already been approved for my loan and paperwork is being drawn up, I heard this helps when making offers? Is foreclosure the way to go? Does it take a lot longer and is it pricier I meant to mention the house is listed through a real estate company, don't know if this matters.

Do you have to be a real estate agent in order to get access too R.E.O. listings from banks? Apparently it is a very hard task to get these listings.. On top of that I read in a community article that you could get banks to pay out a commission for selling the homes. Is this true? Or would the commission need to be added to the total property price? Nothing to do with questions: I'm not a real estate agent or anything obviously, but I am looking into different ways to make money on my own. Although chances of me actually going through with any of this are slim, I am a college student and I figure if I research different fields while I'm still young I will eventually start to learn how to create a business successfully. The reason I am looking for these types of oppurtunities is because of the increasing foreclosures due to our economic situation, and because I didn't hop on the idea of purchasing stocks

real estate plus probate plus deed question? I was interested in a foreclosed on home. The home was to be auctioned on March 8th and the house was removed from the auction schedule on March 2nd. I paid a lawyer to research the title and he found out this information. The parents owned the house and paid the mortgage. Their will gave the house to multiple beneficiaries. Then the mother died. The father then supposedly, told to me by the probate office, that he left the house to a sole beneficiary. Then the man died in Oct. 2008. The person who was his executor was also the sole beneficiary of the house. This person was foreclosed on in Nov. 2009 as were all the heirs to the house when the parents will was intact. In Feb. 2010, the executor put the house in their name. The lawyer says this deed is no good because there were multiple heirs. The father did not have a will naming the sole beneficiary he had no will. This person avoided the foreclosure some how. Maybe they got financing but the lawyer says, no one would loan them money because a loan would require a title search and a search would make it known that their are multiple heirs to the house, not the sole person who put it in their name in early Feb. 2010. The lawyer will to find out why the auction was pulled. This lone person may have come to some terms to correct the foreclosure and begin making payments. The lawyer said, yes, this could be what happened but the deed in that person's name is still not legal and is worthless as the house is owned by multiple parties. The others ran for the hills when the foreclosure papers were served and very few was able to be served though their addresses were located. So, maybe this person has slipped through the crack and got around the foreclosure by making payment arrangements with the bank who foreclosed, and since they are getting their money, the really care less that the person possesses a non valid title. 1. If they move out of state in the future and want to sell the house, they won't be able to because the deed is not valid. Right? 2. Who should be informed about this invalid deed? I'll still accept comments and ideas on this. But, I just called the probate office. The deed will stay as is, even if invalid, until an individual petitions the court to challenge the validity of the deed. This leaves me out, I think. It also likely leaves out the other beneficiaries of the house because they surely want no part of the foreclosure and their share of the debt. I wanted to buy the house at the foreclosure auction and it looks like fraud has been used to avoid the foreclosure. My title search lawyer said there was no will leaving the house to a sole child. The will for both parents left the house to multiple persons. And the will showing the father leaving the house to a sole person never existed. what do you mean by: T/E wros Father's interest passes to his heir 's/executor again subject to the mortgage. my lawyer said the father could not give the house to his sole daughter because he had no will. However, there is a will in the probate office saying Dad left the house to sole daughter the current occupant. any way to get this house back on the foreclosure docket? the lawyer said the father's will is phony, that is why Wells Fargo foreclosed on about 6 people, they all own the house and the will of her father's is a fraud, and she could not have put the house in her name (but she did) because she is not the only person to inherit the house. Probate told me an invalid deed stays invalid (as in it seems no one cares) until someone challenges it's validity.

Need Real Estate Atty Advice? In Short, my aunt owns a home that a Foreclosure was filed on. she also filed afterwards. This was in 2008. Here it is 2010. We found out that the bank "bailed out" and never went thru with the sheriff sale. So it is still in her name. The bank apparently didn't want to take more of a loss than it's worth. I just want to see if my thoughts are correct...... 1) she can do a short sale. 2) she could rent it. 3) can she quit claim it to someone else? 4) an atty could negotiate having the bank release the mortgage lien so that it could be sold, since apparently they weren't interested in the property enough to stick around and see it to sheriff sale and get whatever they could out of it??? Real Estate Atty's please assist........tx. it's supposed to say that she filed bankruptcy afterwards.

what does a judgement in district court mean? we recently had a foreclosure happen on a business real estate we owned. the bank has issued a judgment in district court. i just spoke with my banker, she told me to look it up. does it mean they can attach to our bank accounts? we are going to file bankruptcy as soon as we can afford to. does anyone know what this really means as far as the immediate action the bank can take against us. thanks

Real estate question? Transfer of deed after foreclosure.? This is a bit complicated. I hope someone can sort it out. I was the renter. The house foreclosed. There was a trustee sale and the deed to the house went back to the bank. Financial instiution in this case. In my research I found the following. The owner of the financial instituion is the sister of the debtor. Sister A bought the house and put it in sister B's name. Sister A was making the payments not sister B. So when it was sold back. Sister B's credit took a hit. Not sister B. The new owner is sister A. Because she owns the loan company that made the original debt. Is this even legal? I was renting from Sister B. My deposit was never returned to me. I'm trying to get the owner served for court. If I can't find her I will have a family member served. See my dillema? Yes you can serve family members. It is called substitution of service. Sister A is the single owner of the company. Any holdings belong to her.

ATTN REALTORS...I'm looking at foreclosures. What's the difference? I went out house hunting w/ an agent. She finally showed me a "bank owned" property. The owner had it for sale it didn't move now the bank is selling it. Is this a true foreclosure? Is foreclosure when the bank takes it back to sell or is foreclosure when the bank can't sell it either? It's very confusing and the real estate agents act like they don't know too much about the process either...I think it's kind of shady..what do you all think? Thanks...so if it's bank owned it already went through forclosure? I went in the house it's empty..it looks like they punched holes in the wall on purpuse.

need real estate advice? My husband was lay ed off about 2 yrs ago in central Texas. We owned a home there but could no longer afford the mortgage. Since then, we have gone through 2 Realtors and 3 buyers for the home. The bank has taken so long to do the paper work and get back to the Realtors that all 3 buyers had pulled out of the deal. I had 3 opportunities to sale my home and the bank took months on months each time to seal the deal. Now I'm sure that the house will go into foreclosure since we cant seem to keep an interested buyer long enough to seal the deal. Is this just something out of my hands? What do I need to do? I need some serious legal advise because I am exhausted! We live in Utah and the home is in Texas. I'm sure I could rent the house out if the loan was modified but the bank wants nothing to do with that unless we were living in it. Wouldn't it make sense to except any possible way to pay for the home? Why don't they care? Its Bank of America too; not some little company thats rolling over in trouble. What can I do? I've tried everything:( Thank you so much for your advise in advance.

Real Estate Appraiser - Verify Repairs? This is not a new construction nor a FHA-insured loan. I am trying to purchase a foreclosure in Florida and my bank required repairs made that were noted on a home inspection report. I had 5 licensed contractors come in and do the required repairs (electrical, AC, windows and doors, etc.) ... all minor, maintenance, per the contractors (none noted that any impaired the safety, sanitation or structural soundness of the dwelling). I even had an architect look for structural integrity issues for my own peace of mind (architect opinion allowed under Florida Law). I had each licensed contractor sign the home inspection report next to each repair that applied to them and I have their itemized bills / invoices which state repairs made per inspection report or inspector. Last week the appraiser came out to the property without anyone's knowledge; and therefore, did not go over the inspection report. He said he would only look at what he noted on his original appraisal (items which were not required to be repaired by the bank). The bank order the appraiser again to came back to the house and again specifically order the re-inspection according to the home inspection report. Now another week has gone by. Time is of the essence and I am paying 100.00 per day to the seller for this delay up until the day of closing because I have asked for 3 extensions, so far it has cost me 700.00 for this delay and will cost me another 1,400.00. I also had to sign an extension including that my 2,000 earnest money is now be non-refundable. If do not close in 1 week, I will lose the house and the money I have paid for the repairs (all contractors came in less than 24-hours notice and finished in 4 days). How is the appraiser to verify that the repairs have been done? He will do a walk-through I assume. Some things are visual, but others are not. Can he use my copy of the home inspection report signed off by the contractors and their itemized invoices? Crazy, I know. But the banks are making it extremely had to purchase a REO / Foreclosure. I know you are saying, just get another house. I really want this house, I am getting it for a great price and it is a great investment. I looked at 22 other houses and this one is in great condition for a foreclosure. I agreed to do the repairs because I would have done them anyway. Besides I was 6 weeks into the deal when the bank made the demand for the repairs. This appraiser took 3 weeks to come out and do the first initial appraisal. Thanks for your time in answering my question!! Thanks kemperk. I do have a buyer's broker and he is working hard to fight these people, especially the appraiser. And I do now have an attorney to file suit if I do not close. This is in part "the principal" ... big banks beating up the hard working little girl or guy. I am not the only one this is happening to.

We are being kicked out from our apartment? How does foreclosure work? Less than a week ago a guy from real estate came to our apartment and told us we had to move out in 3 weeks. We have been making the payments to the landlord but obviously the landlord didnt make the payments to the bank. The guy from real estate says the apartment is now owned by the bank and we have to move out in 3 weeks. He is also offering to pay $1000 for us to move out. How does that work? Shouldn't we have more time to move out? What can I do to find out?

My rental condo is in FORECLOSURE... the bank offers me cash!??!? hey everyone... Just got home from a 2 week vacation... I have been renting a 3 bedroom 3 bath condo in Orange County California for about 2 years now. Yesterday morning someone brought over a paper informing me that the condo went under foreclosure and I have 60 days to move... This is the first I have heard of this... you can not see the door numbers clearly on the door so maybe they have posted some papers on someone else's door and it never found the correct location, or maybe the wind, who knows.... in any case here is what happened... after finding out our home will soon be taken out from under us and checking the mailbox after our 2 week vacation and finding more info about the foreclosure im pretty sure its solid. I tried to contact the land lord MANY TIMES with no results... I have paid my $2,300 rent at the 1st of this month and the check was cashed on the 2nd... im pretty much thinking that im 100% screwed... the letters say that the condo was purchased by another Bank and not a private party or individual... this morning I get a call from the guy in charge of the newly acquired real estate who is in direct contact with the bank... He tells me that the bank is willing to offer me a set amount of cash to help me move.... i tell the guy that i am just a renter and i dont own the property and he tells me that, "If you were the owner the bank would not offer you this, they would just kick you out"... so he asked me if i was interested in the offer and I told him that ,"I already paid rent, why not?!" so he told me that he would talk with the bank and get back to me soon.... not long after that they guy calls me back and tells me that the bank is willing to offer me $3,000 to move out within 30 days... I told him that $3,000 will barely cover moving expenses and not even cover security deposit on a new place and first and lasts months... I countered for $4,000 if they really wanted to help... my paper says i have 60 days.... bank is offering me cash for keys within 30 days... i think they are willing to pay the $3,000 to get me out sooner so i dont destroy the property... is this common for the bank to offer money? if so, dont mean to sound greedy but how much might i be able to ask for... this whole move is going to cost more then i can imagine... plus giving into account that I have been renting a 3 bedroom 3 bath condo in Orange County California for about 2 years now. I was doing Home Loans before the market went under and now I own a semi successful web design company. I pretty much only make enough for rent between my girl friend and I and since the market crash I now have bad credit from my previous High Cost of living expenses and my GF's credit isn't too hot as well. I have ALWAYS paid my rent in time but getting in contact with the "land lord" has been impossible... they are my only hope for a positive review on my excellent rental history for when I move into a new place. Now with having BAD CRDT and NO RENTAL HISTORY and also to make things worse... NO SECURITY DEPOSIT.... i dont really know what I am to do... thanks in advance for the advice.

Selling Real Estate you do not own...? There is a realtor selling a condo for a bank, but the bank does not own this since it was recently sold at foreclosure to another party. Is there any legal risk to the realtor? How about to the bank?

Real Estate Question, 10 pts!? Repo, Foreclosure, Short Sales, Home Owner sell, Company sell, Bank Own. Which of the above offer the best deal (lower the most from the listed price) which one will not lower or even go higher)?

A foreclosed home that's for sale is offering 3.5% of sale price to go toward ONLY Whirlpool brand appliances? I saw a real estate listing for a home that has gone into foreclosure and is bank-owned. The real estate listing says that the bank is offering the home's buyer funds equal to 3.5% of the home's sale price to go towards either closing costs, Whirlpool brand appliances, or a mixture of closing costs and Whirlpool brand appliances. My question is: If I choose to use the funds for appliances, how would the bank force me to choose only the Whirlpool brand? And would I have a choice where to purchase the appliances, i.e., Sears, Home Depot, Lowe's, etc? And why would the bank only consider that specific brand of appliances?

Foreclosure? When looking for a house on the net, and a house has been forclosed and is real estate or bank owned, and the foreclosure price is listed, is that the price that the house will be resold for? Even if it is a $100,000 home and the foreclosure price is like 3 grand?

real estate advice, renting a pre foreclosed upon home? I need help... We are in the state of Florida and have been served with pre foreclosure papers as John and Jane Doe, tenants. Our landlord has given us a song and dance and has told us that he will hold us to the end of our lease, being July 1, and he feels there "should" be enough time. I have a high school Jr. and Sr. I would like to move out. What are my rights? We have been relocated due to a military move and really need to stay in the area. We have spoken with the bank as well as the attorney for the bank and were told that the landlord did not reply within the twenty days. They were up last month. The bank said they are simply waiting on a court date. I honestly can not live like this and find it hard to believe that the landlord has so many rights. I have always paid my rent, I just want out of this situation. I own a home in NC with tenants and could not imagine placing them in this situation.

If foreclosures just hit a record and the federal govt. owns to the two largest mortgage lenders..? If foreclosures just hit a record and the federal govt. owns to the two largest mortgage lenders, isn't the economic "recovery" in serious trouble??? I know Wall Street is making profits, but unemployment continues to rise as well as foreclosure numbers. http://money.cnn.com/2009/10/15/real_estate/foreclosure_crisis_deepens/?postversion=2009101507 NEW YORK (CNNMoney.com) -- Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday. "They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes. During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008. stephanie......."It's not in trouble because there was no economic recovery" Yes, indeed.

Real estate, investment, What to do with this market? I own a house which I bougth for $400,000.00 4 years ago, I fixed the house approx. $70,000.00 right now if I try to sell it I would get approx. $350,000.00 Now I have another house wich I bought 3 years ago for $545,000.00 and fixed it also I put approx. $40,000.00 and I'm renting that house, I put $120,000.00 down payment on this house plus the fixing = $160,000.00 and I want to sell it but I know I wont get more than $350,000.00 What should I do? some people tells me to buy another house and then foreclosure on those two old houses. good idea or bad? I'm putting out of my pocket $1,000.00 per month on the rental and I think I can afford the payments on both houses right now but I think I'm just waisting my money and the investment is going down and I feel like I wont get nothing if I keep going. Should I let go at least one house? Would the bank help me? if they can help, what can they do? Thank you.

Can anyone help with this real estate issue? I have somewhat of a problem...I have found a home that I would like to purchase...but the previous owners have filed bankruptcy on it....owing $240,000 I think they refinanced a few times.....anyway.....I spoke with the woman who owned it....she said the original mortgage lender was Wamu....but....we all know that Wamu was sold to Chase......... Well I tried to contact Chase and they weren't very helpful....told me to look at the properties that they had up for foreclosure........this home wasn't in there.......... So I contacted the realtor who had it on the market over the summer........she said that there are two banks fighting over 240,000 that is owed........and that they had changed the locks on the home..... This home is located in upstate NY and well....if someone doesn't move in it in a month or so.........it's not going to be worth anything because of water damage when it freezes.......... I wish I could just move in it.....put away the $1,500 a month for rent/mortgage and maybe then....I will be contacted by someone........or arrested........but.....there aren't any no trespassing signs........... What are my options? Thanks everyone!!! I have been in contact with the realtor and they are going to keep me posted...as for now...well...I'm going to put the money away each month as if I were paying the mortgage...roughly $1,500 and when the time comes...even if it takes a year...I will have enough for a down payment...and hopefully they have winterized it...because that would just be such a waste....thanks again all!!!! So many great answers!!! Thank you all!!!!

What documents am I looking for in a Title search? I am told I should do a title search at the county office for every likely property I think I want to start negotiations on. I have one in pre foreclosure, and another that is bank owned. What documents should I be looking for? Is there are easier way such as an online search? Will the real estate broker do this for me? It's not that I don't want to learn how to do it, it's just that I would be nervous I might miss something important.

will bank come after my retirement funds in foreclosure? good morning.. I am 62 years old, my 401 has apx $190,000, and i own a small piece of real estate (land)valued at $20,000. . I am upside down on my current morgage the loan is $235,000 10/20 arm. I am paying interest only monthly payments of apx $1,300 PI. the home value now is apx $132,000. my question if I walk away from this house (foreclosure) will the bank come after my money in my retirement account/land to recover the difference from what they receive from the forclosure sale? thank you

have assets / will bank come after in forclosure / california? good morning.. I am 62 years old, my 401 has apx $190,000, and i own a small piece of real estate (land)valued at $20,000. .I am upside down on my current morgage the loan is $235,000 10/20 arm. I am paying interest only monthly payments of apx $1,300 PI. the home value now is apx $132,000. my question if I walk away from this house (foreclosure) will the bank come after my money in my retirement account/land to recover the difference from what they receive from the forclosure sale? thank you

Where can I get a list of foreclosures in Souther California? I'm looking to relocate to Southern California and I'd like to buy a foreclosed or bank owned house. I've been in contact with a few real estate agents, yet, one only showed me houses in a place too far away from where I want to live and the other one said that foreclosed homes were just a "hook" or a "trap" from banks, which only made me mistrust him even more. I understand that real estate agents don't get a lot out of selling a home that's foreclosed or bank owned. So I'm wondering, is there a way I can get a list of foreclosed or bank owned houses? Should I contact a bank and ask them for a list? Thank you for your help!

If an attorney lies, claiming to your bank that they are foreclosing on you & they're not, what crime is that? In this situation, the attorney was hired by a Homeowner's Association (HOA) to collect on a debt for property upgrades the homeowner clearly did not need (and has proof). The evil one is the HOA President -- a Realtor -- who sold the homeowner their property and collected a commission, and who now hopes to put them into foreclosure and secure a commission on that sale too. This question does not ask what wrong the Realtor is doing though. It asks what the Realtor's attorney (acting under powers from the HOA) is doing wrong when they write a letter to the homeowner's mortgage bank to notify them that the attorney is foreclosing on the property -- and the attorney is ONLY BLUFFING. This strikes me as Deceptive Trade Practices or possibly Fraud or Malpractice. As Officers of the Court, Attorneys are held to a higher standard of ethical behavior than the average layman or non-attorney. There would be action possible to bring the attorney before a review board of the State Bar for blatantly LYING in the conduct of their business. And the State Bar could impose sanctions such as fines, reprimand, censure, or in extreme cases, taking away the attorney's license although this infraction would probably not qualify for a penalty that stiff. And these would be ethical issues before the State Bar. But what, if anything, on a CRIMINAL level would the attorney be guilty of? Threatening to have someone thrown out of their home is one of the most harrowing experiences one can go through, so there should definitely be cause to sue for something like harassment and/or mental anguish, particularly when the attorney was bluffing and the entire debt was based on fraud by the Realtor to effect property upgrades that would help her sell more properties in the HOA on a quicker basis in a down market. The Realtor is in desperate need of money and is late in paying her own mortgage so she is engaging in desperate real estate practices to exploit others with her realtor's license. The attorney sent this foreclosure notice to the bank almost 1 month ago but has yet to file a lien on the property (County records are being monitored daily and new liens are reported within 24 hours). And versus sending a notice directly to the homeowner, the attorney only copied the homeowner on the letter the attorney sent to the bank. Therefore, the attorney may never have even sent the letter to the bank so as to avoid accountability while scaring the homeowner, contributing further to their deception and manipulation. But might there be some other foreclosure procedure that the attorney is pursuing BEYOND the filing of a lien on the homeowner's property which the homeowner cannot see at this time? Could the attorney argue that they ARE foreclosing on the homeowner, even without filing a lien on the property as of yet?

Real estate case law needed , please help!? I will try to make this as brief and clear as possible. In August of 2005, my wife and I went to a mobile home dealer and looked at a mobile home. I will refer to it as mobile home A. The cost of the home was $69K. We filled out a credit application and signed a contract to buy mobile home A. The sales contract specified we were buying mobile home A for $69K. We got approved for a loan in the amount of $84K. I put a down payment on mobile home A, BUT on the reciept it did not show what the reciept was for, it just stated "for down payment". The mortgage company said we had to borrow the whole $84K or be switched into another home [or so we were told by the salesguy]. I told them I did not want to take on an $84K mortgage and wanted my money back. The dealership said we could have mobile home B [a smaller version of A] for $49K and it would only require us to borrow $10K for land. [did i mention we were first time homebuyers?} SO, the sales guy told me he had re-submitted a credit app with mobile home B on it [without my signature] and got us approved for that house and we needed to go find a $10K piece of land. Again no contract to buy home B, nor my signature on anything to do with B. SO, I went and found an acre of land for $10K to be rolled into the mortgage for a total of $59K. THEN on December 2nd of 2005, the supposed owner of the dealership came to the landsite and told us he had spoken with the city and the mortgage company and due to the size of the home [24x48] the bank would not finance it and the city wouldn't allow a "small" doublewide due to zoning [which was bull]. The "owner" of the dealership said we had to switch into a larger home. The owner of the delaer said he had just gotten in a 2006 Fleetwood 28x60 that the bank would finance and the city would go for AND he would let us have it for $49K even though it listed for $55K. Fleetwood will be referred to as home C. SO, we were in a corner,for reasons that will take too long we took the house. AGAIN we [my wife and I] NEVER signed a new credit ap,nor was one submitted, nor did we sign a sales contract on home C [the one they delivered]. At closing, I noticed that the mortgage was made out on HOME A's price, and had HOME B's VIN , so told them I wouldn't sign until my lawyer came to help us. The closing agent said she had called the bank and the bank told her to "white-out" HOME B's VIN and put in HOME C. On several pages, the mortgage is made partially on HOME A,B and a partial VIN on HOME C. The closer said if we didn't sign it, we would lose our downpayment, our credit would be ruined and the bank would immidiately call in the loan and they denied us having our attorney present and the dealer picked the closing place and picked the home insurance [which he was the agent]. BIG PROBLEM- in 3 years this house has NEVER had a title issued [per state records], NEVER had a lien on it [per state records and the bank is wanting to take possession of the house [foreclose] b\c [as i have told them repeatedly] they don't know where to appy payments as there are 3 homes on the mortgage.I talked the bank into a short sale - PROBLEM title insurance could NOT be written b\c of the scew up-s on the mortgage. I had to give the VIN to our home to the bank, and the buyer [who backed out] and they foreclosed on the correct house BUT- the state says there has never been a lien on this house. I even took the VIN to my bank, and they say it shows up with no liens. I hired an attorney. The land desciption is correct. The bank said in court they were going to give us the house [C] if we moved it BUT that they "foreclosed" on the RIGHT home, so they aren't going to do anything now. My lawyer has gotten a continuance, but is stumped. If there never was a proper lien,nor title, nor sales contract and the mortgage was OBVIOUSLY tampered with [changed] at closing- does the foreclosure over rule the fact that the bank NEVER had a proper lien ? EVEN they admitted it. OR does the foreclosure over ride it , even though the house coulldn't be [and can't b\c of the screw ups on the mortgage] sold? It all boils down to we got approved for home A, the mortgage states we own home B [in places] with home A's price, and it partially has Home C's vin, but NEVER was a lien, nor title put on home C. Anyone with case law or statutes? Please help. Also, Fleetwood voided the warranty on the house 3months after we took delivery b\c they showed the house was still in inventory, AND the house was manufactured 2months AFTER the date on the reciept for the downpayment. The dealer went out of business the first time we tried to sue, also. Plese don't send in derrogatory comments. This shouldn't happen to anyone. Thank you. I did take everything to the state attorney general's office-- he said he knew the owner personally and he "would never have commited such a crime" <--Atty Gen.'s words in writing. Just need to know if the mortgage is valid without a proper lien on the home and b\c the mortgage was altered. Thanks

Home sales are actually up? Does that home sales are actually up, make you feel the "depression" isn't real? According to the national Realtor association home sales are up 17.4% in the last two months. --quote-- November home sales leap - NEW YORK (CNNMoney.com) -- After surging 10% in October, sales of existing homes jumped again in November, growing 7.4% compared with October to an annualized rate of 6.54 million units, according to the National Association of Realtors. "This clearly is a rush of first-time buyers not wanting to miss out on the tax credit," said NAR's chief economist, Lawrence Yun. November was originally going to be the last month in which sales to first-time homebuyers would qualify for a federal tax credit of up to $8,000. However, that deadline was extended through June. In addition, the tax credit was expanded to cover people who already own a home. They can qualify for a $6,500 tax credit if purchase a new house before the end of June. That should encourage "trade-up" buyers. The strength of sales in November surprised the industry. A panel of experts compiled by Briefing.com had forecast month-over-month sales growth of just 2.5% to 6.25 million from 6.1 million a month earlier. The sales total was also a huge improvement over a year ago. Sales rose 45.7% over the paltry annualized rate of 4.49 million units during November 2008. The contribution made by first-time buyers is evident in a separate survey NAR conducted of its members. They estimate that 51% of sales in November were by newcomers to the market, up a point from 50% in October. Normally, first timers account for about 40% of sales. Also propelling sales higher were rock-bottom interest rates. The average for a 30-year, fixed-rate loan during the month was just 4.88%, down from 4.95% in October and 6.09% a year ago. With rates that much lower, homebuyers can save more than $150 a month on a $200,000 mortgage. The industry expects home sales to slacken December, partially because of the tax credit's originally scheduled demise. That caused some buyers to push up their closing, stealing sales from December. However, sales will not fall off a cliff, though, according to Walter Molony, a NAR spokesman. "The psychology seems to be turning around," he said. "Potential buyers, who had been staying on the fence, now believe we're at or near the market bottom." One X-factor, however, is the vast numbers of homes that may come to market over the next few months. There is a large "shadow inventory" -- homes owned by banks and mortgage companies -- that have not yet been put up for sale. It could be as many as 1.7 million units, according to First American CoreLogic. In addition, another spate of foreclosures could be hitting the market as a number of option-ARM mortgages are set to default. All that may drive prices down, according to Shari Olefson, author of "Foreclosure Nation: Mortgaging the American Dream." And the impact of these renewed price declines could again alter the market psychology. "People think that prices have bottomed," she said. "I don't think they have. People will see price declines and that will discourage them from buying." Mike Larson, a real estate analyst with Weiss Research has preached all through the bust that price declines are what will "fix" the housing crisis. "We needed to see prices fall to make ownership competitive with renting again, and to restore the normal relationship of house prices to income," he said. "That has now happened and you're seeing buyers come out of the woodwork as a result." Still, they will have to come out in large numbers to offset the inventory overhang in some of the worst markets, according to Olefson. In the Florida condo market, for example, there is a 35-to-40 month supply of units at the current rates of sale, she said. Prices still almost certainly have further to fall --quote-- source: http://money.cnn.com/2009/12/22/real_estate/november_existing_home_sales/index.htm

why is the obama administration considering setting up a national bank to hold bad debts while handing out..? why should obama even consider a plan that the federal government, which has already given over HUNDREDS OF BILLIONS of our dollars to banks with bad loans (and who now have their hands out for another TWO TRILLION) open a "national bank" to buy up such bad loans and then sell them in time to the public sector, without expecting that these private banks and bankers WORK to refinance the bad loans into good loans? you must ask yourself this: "what is the business of a bank?" and the answer is only this: the business of a bank is to make money. that is the ONLY business of a bank. and so, if the obama administration is considering using our tax dollars that are non existent anyway to establish a national bank that will buy up bad loans, how would that benefit you and i? why is no rule put upon the banks that want more and more and more of our money to bail them out of the financial crisis that they themselves put themselves into requiring that they, themselves, who are in the sole business of making money, to require that they restructure their own lousy loans so that such loans become profitable to them rather than putting their fat hands out to collect even more money from not only you and i, but from our progeny? why should we even consider allowing the federal government to set up and run a bank that will absorb bad loans? would it be profitable to we, the people? as far as i can see, practically anything that the federal government puts its inept nose into fails and/or makes our lives more complicated by more and more federal regulations, which in turn create jobs within the federal government itself, but do nothing to benefit the working man? will a national bank that buys up bad loans benefit the people of america? why would it? take a look at the article linked here: http://tpmcafe.talkingpointsmemo.com/2009/01/24/the_banks_have_stolen_enough_its_time_to_take_them/ and then, please give me your PERSONAL opinion, as a citizen of this country, as to why you would want the federal government to open up an institution whose sole purpose is to make money, i.e., a national bank? would you deposit your wages (if any) into such a federal national bank? why would you do that? what reward would you get for doing so? do you think that the interest that the federal government MIGHT pay you would be worth your deposits, just like the deposits that you make to the federal government out of your paycheck in the form of taxes that are supposed to pay for those things that you need which you cannot pay for yourself (such as war)? don't you think that rather than our federal government building up its "national bank" that the lenders that made bad loans out of their greed, so that they could continue paying themselves millions in salary and bonuses and perks and stock options while being seated each day in plush offices with views from huge windows that you'd just love to be able to have yourself from your house (condo), should have to put their loan officers to WORK at making those bad loans into profitable, good loans? it's so simple. we give $0.00 to the banks. they already took our money with no requirement that they account for how they spent it. so now they say it is not enough. okay, if it is not enough, why don't they figure out how they can make money off of their loans? if that is the business of a bank--making money--and it is, the only business at that, why don't they figure out yet more creative ways to shut down this foreclosure disaster and change it to profitable business for them? this is what they do with their bad mortgage loans: they rewrite them into fixed rate, (very) long term mortgages. they fix the rate of interest at only one point above the prime rate, as it is today. and then they stretch out the amortization schedule of repayment to 100 years or more than 100 years in order that the payments are profitable to them. and they charge "points" (a point is one percent of the face value of a loan) to refinance these bad loans, but they put these points into the loan itself. and of course, they charge their outrageous fees, but they put those fees into the loan also. in fact, they could structure the new mortgages so that their points and fees are what is paid first. if you own real estate, you should call up your real estate broker so that s/he will print out an amortization schedule for you so that you can see how much of what you pay per month goes towards interest on your principal balance. this way you will understand what i am proposing. ("amort" is a french word that means "to kill," to kill off the principal). okay, if you do not agree with the above work that the banks should do, which will keep their employees employed and paying taxes to the government (about $0.61 out of every dollar that they spend, all taxes over the year combined), then what do you propose that the banks do? do you propose that they had been omitted: ...), then what do you propose that the banks do? do you propose that they should go bankrupt? how and why? or, do you think that this new idea of forming a "national bank" that will be funded on OUR money will resolve the problems that the banks face? if such a national bank were established, would the banks still have their hands open to catch yet another two trillion of our dollars? what will they do with that money anyway? what will we, the people of our country, have to pay to fund the establishment of this national bank that obama has proposed? i like detailed answers with something that backs them up. even if i do not agree with you, i never give a thumbs down if you back up your argument, so feel free to exercise your constitutional right of free speech in your answer. and thank you. ha ha! the first person that attempted an "answer" gave a non answer--that's a first! the first person that answered was "reallypablo," who is a Top Contributor. read his "answer." you will laugh.

What's the best way of buying a REO property? I want to buy a bank-owned house in Miami so I've been looking in websites like realtor.com and ziprealty. I recently found a very attractive bank-owned property and since houses that go thru foreclosure sometimes are not in the best condition, I emailed a realtor asking for details. She is telling me that the house needs a lot of work, that has a weird layout, and that there are open permits; I called the county and the last statement is false (there are no open permits). Right now I'm confused: I don't know if she is being honest and telling me all she knows or if she is trying to convince me not to look at it because she is not getting a good commision. Are there agents that specialize in real estate owned (bank owned) properties?

How can you make sure you get a clean title from a house bought at an auction? I want to buy a place that is going to be sold next week. The house was foreclosed by a bank. Outside of the condition of the place, what is the worst that can happen? What does it mean if there were hidden liens on the property? How do I find out if the house title is clear? If the bank forecloses, and real estate is owned by lender, does that guarantee the title is clear? I know the bank that owns it, and it lists the "attourney" on the notice of foreclosure/public auction I have.

Option to Purchase on Foreclosure? Can an real estate investor put an option down on properties that are: 1.) In pre-foreclosure 2.) REO... Bank Owned 3.) Or properties listed with a Real Estate Agent I am doing research on the Option to Purchase(Not Lease Option), and just wanted to see what other investors had to say. Thanks

how does someone buy more than 1 home? i know there are foreclosures and tax sales and all but how does some buy so many properties? do they need to keep going to bank to get a loan? im asking because i would like to invest in real estate but dont understand the whole buying process. for example: how would i buy 3 homes if i already own a home? would i need a loan for each home?

REO foreclosure properties? Hi I'm looking for a new creative real estate investment strategy. I was thinking of trying REO or bank owned foreclosure properties. Can I get a good deal from these types of properties, say at least 20% off market value? If I pay the "repo amount" is that the only costs involved; will I own the property free and clear? Thanks

Foreclosure on Northern California - What if we do not take "Cash for Key" offer? My parent's house was foreclosed on. The auction came and went and no one bid on it, so it's still bank owned. I don't know if it's a bank rep or a real estate agent, but someone offered my parent a cash for key offer of $2500 to move by the 26th. My parents cannot move out by the 26th and asked to move out by the 1st. The person offered them $1000 to move out by the second. Although this may seem okay, my parents want to know eactly if they are forced to take a cash for keys offer at all. Thy want to know how much time they actually do they have to move. To my knowledge, they have until the house is sold by the real estate agent. But, is it possible for the bank to evict my parents still? My parents house in in Contra Costa County, in Northern California - Bay Area. Thank you for your help, -S Thank you for everyone's contribution. Please bear in mind that us siblings have done everything we can to try and find my parents a home before the foreclosure process has taken place. I use to be a real estate understudy but the laws have changed since, so I appreciate the new info. My parents stopped making payments when my mom had a cancer scare and was assaulted by gangs and my dad is 66, in and out of hospitals and about to retire. This is not your typical "irresponsible" home owner looking for an easy out. I'm sorry for those of you who automatically judge. Thanks everyone!

foreclosures offer $5,000 over mine will I be able to counter? let's see if I can make this more understandable.The property in question is a bank owned REO, located across the street from where I live prior owners best of friends but let it go. (they walked) I went as far as to buy in auction (they wanted to much) didn't sell. apx 2 month later the house went on the marhet as a bank owned foreclose priced at 60% under loan balance. ie $429,000 loan -- real estate listing price $259.000. ok here's the issue we put a offer in at $260.000 the day before it was listed in the MLS (no contingencies) basicaly we told the bank (in the offer) that we would pay almost all closing cost 20 day escrow. the next day the property is being shown by the listing office and I over heard them say that there is an offer in at "over list" and the buyer asked what would be a good offering price the listing agent said $265.000 maybe a good start. (please note I was in my yard and they where by there cars in the street so it was very easy for me to hear this and they had no way of knowing I had put an offer in the prior day..the agent knew that my offer was there they are not going to allow there potenticial buyer put in an offer knowing it is under what has already been submitted they want to make the sale so where is the ethics here. footnote to this: the listing office knows what the offers are and nobody is going to show a property and let there clinents put in an offer under what has been submitted they don't work for nothing. and they only way they get paid is by selling property not showing property. Do you think the bank will counter my offer along with his and ask for a "best and final" my agent said they will what is your opion thank you have a great holiday

Status on home is "cancelled"? My parents found a home that was a foreclosure, it was bank owned, the status was "active", so my parents saw the property, and liked it, and put in an offer for 2,000 over asking price, it was the first day on the market so, they were encouraged by the Realtor to ask over full asking price, so they did, that was last Thursday, and on Saturday, the house was taken off of realtor.com, and today, I saw the home on the real estate company, that the status was canceled, what does "canceled" mean?

How can I get a bridge loan for my 1st house that is under construction? I am buying my first house that was in foreclosure (owned by bank) b/c the builder went out of business. The house only needs about $10,000 in repairs b/c the builder had finished about 90% of the construction before going out of business. I was approved for a bridge loan (construction to mortgage) from a local mortgage broker (who was recommended by the real estate agent I am using). The plans were in the works until yesterday, when the broker notified me that the bank he was working with no longer offers this type of loan effective immediately. What are my other options?! I really really want this house and I'm not sure what my other options are. PLEASE HELP!!

bailout failed ... would this be a better deal? the bailout bill has failed. Let's assume that it will never pass and discuss how to proceed from here: Here's my idea ... add to it, pass it on, fix parts of it, or whatever you please: What the nation needs is for the banks and other lenders to come clean about how bad their situation is. Then we'll know which banks are strong and which aren't ... and we can take action to get away from the weak ones. So my proposal is that all banks and lenders be required to publicly disclose within five business days the entire set of loan loss reserve data about their firm at CURRENT valuations. This should include, for loans with real estate collateral, at minimum the following: amounts lent out divided by timeliness of payments [on time, 30 to 90 past due, over 90, in foreclosure] for each of those divisions, a subdivision into whether the collateral is thought to be worth more than the amount lent and those where the collateral is not worth more, together with a total estimate of the amount of such collateral shortfall. An estimate of the actual net costs beyond the loan losses of foreclosing, repairing, and selling the foreclosures, and a range of then number of foreclosures likely to occur. the total volume of other real estate owned [properties already foreclosed on], and the likely net losses that will occur in the disposal of them. A good faith estimate of what these figures will be if the value of real estate in the markets where their loans are falls back to the average 2001 level [this was 1/2 way up the runup in values from 1996 to 2006]. The idea is to be able to say with some accuracy whether bank A's lona loss reserves and capital are or are not sufficient to support the losses that already exist within their portfolio, AND if the real estate recession continues back to the 2001 level, whether the bank can survive or not. To do this, the government might declare a banking holiday and close all banks and financial markets. Banks and markets will be permitted to reopen 24 hours AFTER they publish the required data in the financial press and their local leading newspapers. If we did this, I predict that weak sister banks would not reopen at all -- they'd all run to the FDIC for protection. And then the banks that do reopen would probably be reasonably safe for us to do ordinary business with. Stuff like deposit our paychecks and business receipts. What do you think? I began working in banking in 1970. He saw his first real estate related banking bust in 1973 and earned MBA and CPA along the way during his career. I also worked for a while in mortgage banking and a number of other related industries.

What are renters rights? My neighboor is renting a property that is a foreclosure. The owner never said anything to them. A Real Estate agent came by and told them that they need to be out by the 22nd, and that the bank that now owns the home is willing to give them 2k if they go quietly without destroying the place. That is definitely not enough notice, and what are their rights? Can they haggle for more money? Maybe the bank thinks by offering them 2k, they will not have to proceed with an eviction?

Is the Community Reinvestment Act responsible for the govt bail out of the mortgage industry? ? The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation's banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups, intent, in some cases, on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being. The CRA's premise sounds unassailable: helping the poor buy and keep homes will stabilize and rebuild city neighborhoods. As enforced today, though, the law portends just the opposite, threatening to undermine the efforts of the upwardly mobile poor by saddling them with neighbors more than usually likely to depress property values by not maintaining their homes adequately or by losing them to foreclosure. The CRA's logic also helps to ensure that inner-city neighborhoods stay poor by discouraging the kinds of investment that might make them better off. The Act, which Jimmy Carter signed in 1977, grew out of the complaint that urban banks were "redlining" inner-city neighborhoods, refusing to lend to their residents while using their deposits to finance suburban expansion. CRA decreed that banks have "an affirmative obligation" to meet the credit needs of the communities in which they are chartered, and that federal banking regulators should assess how well they do that when considering their requests to merge or to open branches. Implicit in the bill's rationale was a belief that CRA was needed to counter racial discrimination in lending, an assumption that later seemed to gain support from a widely publicized 1990 Federal Reserve Bank of Boston finding that blacks and Hispanics suffered higher mortgage-denial rates than whites, even at similar income level. Basically this act gave people who could not afford loans a way to buy a home under the impression that home ownership will bring people out of poverty. See the story at: http://www.city-journal.org/html/10_1_the_trillion_dollar.html

Should we feel sorry for this family because of "their" bad choices? The American Dream turns into a debtor's nightmare A sad, but common, tale starts with alleged predatory lending, intensifies with impossibly high payments and usually ends in foreclosure. By Jennifer Delson and and Christopher Goffard, Los Angeles Times Staff Writers October 8, 2007 Soledad Aviles dreamed for years of owning a home, with a plot of land where he could grow corn and chiles as he did in his native Mexico. So he felt blessed last year when he learned he could buy a three-bedroom, single-story stucco house on West La Verne Avenue in Santa Ana. Referred to a local loan broker by a trusted friend, he borrowed the entire purchase price of $615,000 from Washington Mutual at a high interest rate typical of sub-prime loans. The monthly payment, as he says he understood it, would be $3,600 -- steep for a glass cutter who made $9 an hour -- but Aviles counted on his wife and three of his six daughters, who also worked low-paying jobs, to contribute. "We took out our pencils, figured out our take-home pay and figured out that if we all pitched in, it would work," said Aviles, 54, a stoop-shouldered, soft-spoken man with a sixth-grade education from Mexico. Relying on the broker's word, he signed loan documents written in English, a language he neither speaks nor reads, Aviles said. He was shocked to learn afterward that the monthly payment would not be $3,600, but $4,800 -- a price that forced him to rent out bedrooms, the garage and an enclosed porch while he and his wife slept on the couch. He fed his family with food from friends and corn he grew. Aviles says he was not aware that the February 2006 loan application he signed dramatically exaggerated his family's income. The application lists him as the owner of a landscaping business with a $7,400 monthly income. His 27-year-old daughter Marlene, who earns $9 an hour in a noodle factory, appears as the owner of a housecleaning company who makes $5,700 a month. The application lists their yearly income as $157,000, when, according to Aviles, it was really closer to $60,000. Now, five months behind on his payments, Aviles is scrambling to sell the house before the bank forecloses. Desperately ill from kidney disease and unable to work for the last year, he sits dejectedly at the dining room table, wondering when the bank will kick him out. Aviles' situation is hardly unique. Add his name to the ever-expanding list of casualties in the nationwide sub-prime mortgage debacle, his experience echoing that of thousands who bought homes in recent years only to find themselves in a sagging market saddled with payments they cannot make. But amid the storm of foreclosures, his story illustrates the special vulnerabilities of first-generation immigrants in places like predominantly Latino Santa Ana, where city leaders have identified about 800 sub-prime borrowers facing the potential loss of their homes. "We think this is just the tip of the iceberg, in terms of the breadth and depth," said Steve Harding, Santa Ana's deputy city manager. Apart from the language barrier, he said, many first-generation immigrants might have been especially vulnerable to sub-prime lending because they avoided checking accounts and credit cards, which prevented them from qualifying for regular loans. The city has teamed with the Fair Housing Council of Orange County to offer free foreclosure prevention workshops, hoping to teach people to avoid predatory lenders and find help as they face the loss of their homes. The Fair Housing Council said the number of people seeking help over mortgage woes, many of them Latinos living in Anaheim and Santa Ana, has soared. The group typically receives 15 to 20 complaints annually, but in September of this year the group received more than 20. The state Department of Real Estate, nonprofits and the Mexican consulate also have reported a rise in mortgage complaints, many of them from homeowners saying they signed documents they didn't understand. Across the state, many cases are landing in court. Kerstin Arusha, a directing attorney at the nonprofit Law Foundation of Silicon Valley, said that Spanish speakers, along with the elderly, "seem to be hardest hit by both sub-prime lending and predatory lending. There are many borrowers out there that were misled about the terms of the loan." The Law Foundation is suing a broker, real estate agent and lender in federal court on behalf of nine Santa Clara County families, many of whom speak only Spanish, contending they were lured into mortgages they didn't understand. The lawsuit alleges that the broker inflated incomes on loan applications, misrepresented the terms of the loans and stuck clients with higher payments than they had been promised. The victims "thought they saw the promise of the American Dream, and instead they ended up with a nightmare," Arusha said. "I think they were seen as easy targets for predatory lenders who could sell them a bill of goods without giving them disclosures in a language they understand." The Law Foundation is handling 10 other cases involving predatory lending, half of them for Latino clients, Arusha said. But in Orange County, the district attorney's office has not reported an increase in prosecutions for fraudulent lending. Elizabeth Henderson, a prosecutor in the county's fraud unit, said many such crimes go unreported in immigrant communities because of a distrust of law enforcement and confusion over what had occurred. "They're not really sure what they were promised, so they don't know if they were cheated," she said. Sitting in his Santa Ana home, waiting for the bank to kick him out or for his kidney to kill him, Aviles did not hesitate to characterize what had happened to him: "They used me, nothing more." He was led astray, he said, by a man he had considered a dear friend, Carlos Lares. They used to work in a factory together. He said Lares showed him about a dozen homes, including the one he bought, and offered to arrange a mortgage. State records show Lares lacks the real estate license required to show homes. In an interview with The Times, Lares denied showing homes and said he merely took Aviles to the office where he works, Century 21 South Coast. He declined to comment further. His business card lists him as a "team service associate." Part of me does feel bad for him, but he was stupid to think he could even make payments o $3600 a month, when he and his wife only make $9.00 an hour. WE should not have to bail him out or bail out others like them. This article is the start of letting the taxpayer bail these people out of their situations. Screw the people who made educated choices. """Jesus, Mary and Joseph.....a $600K house? $9/hr income. You must be kidding me. What was this man thinking in ANY language??? """" LOL that is the going rate in this part of the country. What is sad....... the majority of Santa Ana is a dump...... it is an illegals haven...... It is little TJ

Buying a foreclosure? I just put an offer on a Bank owned home in Mass. It's been two weeks now with no reply from the bank. The current homeowners have moved out, a Real Estate agent is listing the house and the price has been lowered twice in the past 2 months. Why does it take banks so long to respond to offers?

Is there any help available for victums of idenity theft that ca help the victums recover?

Housing bubble. Need advice.? I bought the house at 400 k in 2006. (Interests only to start) As of today the house is worth 245K. Let’s mathematically look at the next 10 years. With given history of crash in 80s, just to pick up the level that we paid “400K” will take at least another 6-10 years. With reality facing banks and the economy, even if economy will go up in a year or 2, banks won’t be in the rush to make same mistake of lending anytime soon. From 80’s it took them almost 20 years before lending was relaxed. So the stress the point… For the next 6-10+ years I won’t even reach the level I paid for the house. With given public information such as : And please don’t throw the stones at me. It’s just a thought. According to some public data we have “Over one million U.S. homeowners have already lost their homes due to foreclosures since the mortgage crisis began last summer (as of 2007). Another one million homeowners are 90 days past due on their mortgages (foreclosure notices usually go out after 90 days) and two million more are 30 days past due, so three million more households may face foreclosure in the months ahead. It is estimated that up to five million homeowners would lose their homes due to foreclosure over the next few years. “ Ok. So let’s try to break it down. Around 4-5 million home owners are lost/losing their houses – which simply points, that in the next 4-5 years they are out of market. (Short sale I believe give’s u 2-3 years before you can buy according to Fannie) So, in the next step we will need to replace 4-5 million homeowners by another 4-5 million home owners (who can get approved by the banks) just to clear the oversupply created by this crisis. Mean while we are continue to build houses and condos by thousands, while current prices are keeping falling – which translates in extending the recovery by few more extra years. Since houses right now are upside down on mortgages , and many of the houses lost their equity, just to level the price of the house to the current mortgage (owned) we will need another 4-6 years at least. And here comes the Question. Does it even make any common sense to continue to pay the mortgage on the house that at least worth 40-50% less than mortgage owned? Let’s say hypothetically, homeowner leaves the house and goes into foreclosure or short sale. There is a good chance that before real-estate market will level its self (6-10 years), there will be sufficient amount of time to rebuild the credit and save some money. We are losing today by the day and may be (while it does sound horrible) it’s time to cut the losses? Now, on the moral issue. I still can afford to pay for the house. And I do my part of the contract but the banks who gave mortgages away to people who could not afford fail to protect the investments. In other words they intentionally or unintentionally drove the market down. My credit score was lowered artificially in the last 2 month from 720+ to 601. I had a high limits credit cards and about 30% used. In the last month they cut my credit cards which now brought the ratio to almost 90% which drove my score down and put me out of reach to refinance or anything. And I don’t have a single late payment. To summarize the issue. If I will drop the payments down my credit score will go bad. But with given an idea that’s for next 6-10 years I will be able to restore the credit and even buy the same house at the lower price that I owe right now on the mortgage. Any thoughts on this? To make it clear, I am not really looking into short sale or foreclosure. I want to keep the house and i want bank negotiate with me. At the moment they don't want even talk to me since all payments are current. It seems it's ok for banks to cut their losses but when people trying to do it- it seems a bad thing. Since my credit fallen due to artificial lowering credit cards limit , it seems like they all creatively leaving people out of all the options. When I applied for credit I agree to the contract, but banks decide to change their part of the contract and that leaves me with limited options. If it’s fair for them than I would say cut my losses should be a fair game. Someone wrote"Now, more than ever, you have a patriotic duty to pay your mortgage." While patriotism sounds cool, if i lose my job anytime before the housing market will level off- it simply means that i will still lose all i have plus all the money that i could save. Not an easy decision.

investors private michigan real estate? I am a licensed Michigan realtor specializing in placing people with weak credit into bank owned foreclosure homes. These homes are usually purchased for 30 to 50 % less than market value, and the purchasers come to closing with at least 15% down and first year taxes and insurance. Looking for private funding of these purchases. doug mandeville 734 271 5770

Can foreclosure be the only option? I have a house in Stockton CA that I bought for 302,000 in 2004. I owe 340000 on this property including the equity line of credit. My wife lost her job and I go to school and am really hard on making the payments. 70-80% of my earnings are going into the mortgage payments. The real estate market in Stockton are not helping either. The value of my house keeping in mind the abundant foreclosed properties available in the neighborhood would be somewhere around 300000. I have interest only loans, so whatever payments i am making is just going down the drain with the principal remaining the same. The market does not show any signs of improving in the near future. Even a short sale does not seem possible with some bank owned properties in the neighborhood listed at 250000-275000. Is walking away from the house the only viable option for me? What would be the tax implications? If the Bank ends up selling the house for say 250000, will I be liable to pay taxes on $90000? Really confused!!

How late in the foreclosure process can a quitclaim deed be submitted? A friend mine made an investment with her mother on a piece of real estate a year ago, hoping to turn the property into a child care facility. Zoning issues came up, short story is that it couldn't happen and now (yesterday) the bank has issued a subpoena and begun the foreclosure process. My friend does not have her name on the mortgage, she simply shares the deed with her mother. I have been told that having done this, her credit will be be affected. To be safe though, she would like to submit a quitclaim deed and remove herself from the situation to safeguard her credit and hopefully be able to buy a place of her own. Is it too late to do this? Thanks in advance. All I know is that she didn't get on the mortgage (not sure of the timing). She didn't submit her social security number to any bank and no one ran her credit for anything in the process.

is now the time to buy? I own a few properties paid free and clear....and ive just been noticing a HUGE dramatic decrease in home prices where I live, Fresno, CA, central valley. Homes that were priced at 100K six years ago WERE selling for 220-280K 3 years ago, and now all of a sudden they're down to 120-130K Ive noticed this in my town along with a city thats an hour from the coast, everything is dropping big time, so is now the time to buy??? ALSO: I spoke with a gentlement who purchased a BANK OWNED home, it had already gone through foreclosure, didnt sale, and now it is listed. 3 years ago it was bought and foreclosed on at the price of 275K and he just purchased it from a realtor for 75K after making a lowball offer at 67K, and the listed price was 85.... Let me know what your professional input is. I have been active in real estate for quite a few years, although I am not a realtor and do not ever plan on being on. Thanks you

how does foreclosure work in the state of arkansas? I currently own a house that i don't live in. I can no longer afford to make the payments, and on top of that, i have a baby on the way. How long will it take for the bank to foreclose on a hous? What happens during the foreclosure? Will i still have to pay anything on the house if they foreclose on it? I don't think the house is honestly worth what i owe. Only after purchasing the house, did i find out the house had been in a fire and had extensive water damage. I don't have the money to do repairs and a real estate agent told me i would be LUCKY to get the amount that i owed on it, and that was 2 years ago! This was a first time home owners mortgage.

Foreclosure, 1099-A and Taxes??? House foreclosed in 2007. I had 2 loans on house, 1 for 320K and 1 for 80K, total = 400K. Bank owned house is now on the market through a real estate agency listed for sale at 248K. Second loan for 80K was sold to a collection agency and they sent me a letter stating I owe them 94K (80K + fees = 94K). I just received a 1099-A from the 1st loan. On the 1099-A is says, outstanding bal. = 319K and FMV for house = 404K. What does the market price of 248K and the FMV price of 404K have to do with each other? Which is the actual ‘selling’ price? Also, in 2006 there were renovations done that totaled about 60K, does this matter when calculating anything? I think I will have to pay taxes on a large amount of money, but not sure how to figure it out. Yes I know how much of a nightmare this is. This was all because a few people screwed me over. I know I need to contact a CPA and a BK lawyer. I was just wondering what I was looking at (financially) before I met with either lawyer. I can't do anything yet, as I don't know if I will receive any more documents in the mail regarding the house and whether or not the first loan will come after me for the 320K.

buying houses...i dont know where to start...HELP? My husband and I are buying our first house together. We were looking at houses that are owned by the bank or even forclosure homes, they are a little cheaper than some of the others. We seen the price for one at 75000...whats that price for ? Is it to get the house out of forclosure ? Or is that the actual price they want ? And we both fear buying a house because of how many houses that went into foreclosure because the house note payment went up higher we heard to avoid that we get the payments on a "fixed rate." Who would be better to go through, a lender, a real estate, reality trac I mean where do we start and how do we start ? Thanks for your help