Upcoming Foreclosures

Who is the best real estate agent in Toronto,Ontario for finding Power of sale,Foreclosures and Bank Sales.?

How do I buy foreclosed home/short sale/bank owned.? I am having a really hard time buying a house. After a few weeks of trying by myself to buy a home. I have come to realize that I REALLY need an agent. I have a month to buy a home and have come across the "short sale" which can take up to 3 months. I have been approved for 200k. I want a townhouse and it seems like all the homes I can afford are way out of town. At the same time I see hundreds of homes in short sale and foreclosures. Here are my questions hopefully you can help me out. 1) If I make an offer 5k-10k higher than asking price on short sale, will the accept faster or will it still take the same amount of time? 2) If I go with bank owned/REO should I have a realtor and also what is the wait time on the approval. 3) What is the best way in going about buying a home in foreclosure/bank owned/short sale?

What to do? Deed in Lieu/Foreclosure/Short Sale Bank of America Okay so I am with Bank of America (banking, mortgage) I bought the home in Georgia 4 years ago, and I was relocated 2 years ago. The house has still not sold. I live in Chicago now, but the house payments are killing me. I want to make sure to keep in the good graces of my other creditors. I called BoA and they informed me that if I try to short sell they will sue me for the remaining balance. They also told me that it would be rare that they would permit for a deed in lieu. So right now I am considering allowing it to go into foreclosure and take the massive ding to my credit. (bye bye 830) I understand the effects and the time this will be on my credit, and I know it will be an uphill battle to get my credit score and report in good order. However; my fear is being sued for a deficiency judgment against me. I owe 112k on the house, and tmv on the home is only 109k at best simply because there are 6 foreclosures in my neighborhood. Would they really sue me and garnish my wages? Would it be wise for me to swap banks as soon as possible with what money I have currently? Any help is advice is greatly appreciated.

Purchase note from bank before foreclosure sale? I am interested in a property that is in the foreclosure process and scheduled to be auctioned next month. The bank that holds the first mortgage would consider selling the note to me. There also is a second mortgage. If I were to purchase the note from the first mortgage holder how would I guarantee that I would receive the property in the auction? My understanding is that if someone bids $1 higher than I set the opening bid then the property would go to them. If I set the opening bid higher than the loan value to insure that I win would I be liable for the additional balance to the 2nd leinholder? The second is for a considerable amount and it wouldn't make sense to buy it out, not even if I got it for .10 on the dollar.

Where can I buy cheap bank foreclosure land for cheap? Or where can I find Canadian listings of foreclosures? Any certain website with foreclosure listings or cheap land for sale?

Bank foreclosure question? So there is this bank foreclosure for sale 900k (the bank will NOT entertain anything else) but they are offering 250K in incentives... Such as a 45K buyer credit and 205k in upgrades (TBD by buyer) I was talking with the listing agent and they were even considering taking 100k of that 205k and putting it into an "escrow" account... Where each month a certain about would be taken out and applied to the buyers monthly mortgage payment until it was gone (or until the homeowners moved then the rest would be given back to the bank) Does the bank get some kind of tax write off? or are they doing this to make the property look more attractive

Would a bank chose foreclosure over a short sale? We have had an offer in on a short sale for 4 months. According to the purchase and sales agreement, the bank has until March 28th to accept our offer. We are the third buyers that have made an offer on this short sale. The first two offers by the first two buyers were accepted, but the buyers walked because it was taking so long. We made the same offer. The house is scheduled to go into foreclosure on April 7th. Why would this be happening? If the bank accepted two previous offers for the same price, why is it taking SO long to accept ours? Is it easier for them to just foreclose? I'm getting nervous, as it's March 26th! Any advice would be appreciated!

Does the foreclosure of a california home equal a sale? Recently, I've seen way that sales number for homes in california almost double compared to a year ago. I saw a blurb that bank foreclosures on a home show up as a home sale in california. I'm thinking this may possible explain the much higher rate of sales and dramatically lower prices. Anyone know if a bank foreclosure would show up as a home sale in california?

bank brought my home@sheriff sale 4 less, home had a tax lien a year later bank sold home 4 more is lien paid? I had a personal tax lien placed on my home which I recently lost in foreclosure, the bank brought back my home for less than I owed at sheriff sale. A year later the bank sold the home for 10K more than what I owed. Do I still owe on the home as well as the personally tax lien?

What happens during a Foreclosure sale? Who can tell me what will happen in a foreclosure situation like below? What happens if I let my house go back to the bank, and the foreclosure sale doesn't bring what is owed on the house? Am I liable for anything else? I'm in danger of going into foreclosure due to a high house payment. I filed Chapter 7 almost 4 years ago and re-affirmed my house. If a foreclosure sale doesn't get what is still owed, will I have to pay anything else??

Have been asking Chase Bank for short sale since Jan 14. If not 4closure is imminent, should we pay prop tax? Husband lost his job in Dec. Just had a baby in Dec. Prop is investment property in FL with tenants who if approved want the short sale. Property tax .... to pay or not to pay in light of short sale or foreclosure? Also .. Any advice on how to get Chase to lean toward short sale?

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.

Realtytrac categorizes homes into 4 types (Pre-Foreclosure, Auction, Bank-owned, Homes for Sale). What's the..? difference between Bank-Owned and Homes for Sale? I see some of these "Bank-Owned" homes dating back to August 2008. Have they really been in inventory for that long and why would banks leave them there?

Does a listing agent have to present all offers to the bank in a short sale? We are trying to purchase a home that is in "short sale," and foreclosure proceedings have already begun. The home is listed at $285K; our initial offer was for $244K. The sellers countered at $285K and did not consult the bank prior to giving their counter offer. We submitted two more offers - $249K and $260K - and never got any response from the listing agent, who now will not even return phone calls from our agent. In a short sale situation, doesn't the listing agent have to consult the bank when they accept/reject any offer? What options do we have in this situation?

What is a short sale? I am house hunting and came across a few short sales for some of the houses that I am interested in. Does anyone know what is short sale? Plus, which house is better to purchase from? short sale, bank owned, or foreclosure? Thank you for your time in answering my question. Have a great day!

+bank foreclosure in florida? how can I find mobile homes for sale by bank in florida, I need to get the list.

My house is in the end stage of Foreclosure , the bank wants me to do a short sale . I heard something? 3000 Obama offered for people to move . The bank is being very vague on this Money . Does anyone know anything about this , or have any advice on what I should do . I have about 1000 bucks in bank . Furniture and stuff about 6000 Dollars and I am 21000 dollars in Credit card dept . Also I can't get a Job and have no one to move in with when I lose my home

Where to get free listing for foreclosure homes? I don't want free trial web site because they still ask for credit card information. I want totally free listing for home that are -foreclosure -short sales -bank owned I am especially interesting in California Bay Areas (San Francisco, Oakalnd, Emeryville, etc) Thanks very much for any one who can help on this!

I seen some foreclosures selling online for about 30 000 or so, so if you have 30 000 do you just buy it ? Just wondering if the houses in foreclosure that are bank own really sale for 30 000 if its listed at that or does it go into some sort of bidding or something? Always wondered if you had that amount its listed at if you get it or if there is behind the scene bid wars and such which makes the price climb higher.

Is it common for most people to not know the differences between Foreclosures, Short Sales, Preforeclosures,? Is it common for most people to not know the differences between Foreclosures, Short Sales, Preforeclosures, and Bank REO properties? Is this something that needs some additional clarification for the general public?

Short sale vs Foreclosure, what is better for the bank!!!? O,.K. I have presented an offer to a bank regarding an unapproved short sale. They have not responded to me (it has been 8 months). They have no other offers. Why would they rather go to foreclosure than doing a short sale? I am offering 95% of the property appraised value in a FHA loan. I just want to understand why would they rather go to foreclosure (it is the only thing I can think, since they have a great opportunity with my offer) than getting the short sale done. Thank you

With the largest banks calling for a 90 no sale on foreclosures will this cause a plummit in interest rates ? Will this also cause a hardship on Realtors incomes as their will be no sales ? What else can they medal in to screw up? This was on the news a few days ago.I believe now that is only for those that are not in default,still in their homes, who can show hardship their by getting the bank to lower the interest rates for these people onlyso they can stay in their homes.The stimulus thus far has been vague at best on exact information.

foreclosed and bank short sales. Where do I get the info? I would like to know where to get information regarding available property from foreclosures as well as bank, and HUD. Everywhere I look, someone wants me to sign up for the service. thanks

Why would a bank move forward with foreclosure on a short sale with a viable offer? I recently put an offer on a short sale, for the same amount the owner purchased the home for in 2003. He may have second liens that I am unaware of, but this much I know. The bank got my offer scanned in and was in the process of assigning a negotiator. Why at this point in a short sale (which I understand banks started doing as a better alternative to foreclosure) with a viable offer on the table, would the bank move forward with a foreclosure instead of accepting the offer? As I understand it, foreclosures, outside of the money lost on the property are timely and expensive in themselves. The bank actually has to "go to court" and so on. So it doesn't make sense to me, but perhaps there is an industry benefit? This is so frustrating, I appreciate your feedback.

How much should my offer to the bank be for on a potential pre-foreclosure short sale? I am working with a customer that has $161k mortgage that is about to go into foreclosure. However after getting a couple of Broker Priced Opinions on the property it only appraises at $129k because of several other foreclosures in the neighborhood. What would be a reasonable short sale offer to the bank given these circumstances. I would usually offer no more than 75% of BPO - repairs, but I want to know what have others experienced that have been in this same type of situation where the BPO is much less than what is mortgaged and what was the bank willing to work with you on a short sale...

in foreclosure sales after the bank sells the house does the new owner for problems with the home ? sue the previous owner who the mortgage company foreclosed upon

Understanding foreclosures and banks? We scheduled to look at a bank owned property tomorrow at 5pm. The realtor working with the bank told my realtor they were looking to "get rid of it" and wanted a quick sale. The bank put it up for auction, but had no bids. They have owned the property since June 2007. Mysteriously there is another couple looking at that same house tomorrow and asked if we could view the house at 5:30 instead. Is this the banks way of making it seem that someone else wants it so we'll offer more money, or are they being honest? Please HELP!!

Any real estate gurus familiar with foreclosures that can explain this situation to me? I recently acquired a lease on a home that is foreclosed on or in preforeclosure status. My landlord is a corporation in S. Cal that buys foreclosures/short sales from banks. My lease agreement has a supplement that states: Tenant understands that the home is in foreclosure and the landlord is attempting to purchase from bank. Landlord has an agreement with the owner to purchase as a lease with option to buy subject to bank apprval. Tenant has first right of refusal to purchase from landlord as a lease with option to buy upon landlord buy. 5% down for term of 12 months for option to buy. We just moved in last month, this corporation has not received an answer from the bank yet. The owner actually came buy last weekend, not realizing there were tenants in his home. He said it was a short sale and he's still the owner. He is now authorizing his agent to show the property to prospective buyers before we've been given the right to make an offer to the landlord. What are my rights?

Anybody have a deficiency judgment against them after a Bank Foreclosure? We tried to Short Sale our home, twice, and both times the Bank denied it. They say our home is worth more than we got the offers for. Looks like Foreclosure is our only option.. Bank Of America.. grrr.. Anyone have a judgment against them after they got foreclosed on??? What happened? Oh yeah, I am in Florida :(

Can a foreclosure home be used as a comp for a VA appraiser? We had a VA appraiser appraise the house we are buying. One of the comps he used was a forclosure bank sale home which drove the appraisal price down. Can they use a forclosure home as one of the comps. This drove the price down about $18,000 from the agreed upon price and $30,000 difference from there appraisal done in August.

How do we find out if we have a faulty lease due to foreclosure? We entered a lease for a rental home. Upon signing the lease and paying the deposit and first months' rent, we went to have the utilites turned on. The cable is a community wide cable run through a homeowners association. The cable company said the account was frozed so we called the homeowners association who informed us the home was in foreclosure and scheduled for bank sale later that month. So we did some digging and found that it was indeed in foreclosure and scheduled for a bank sale but the bank sale was cancelled by the bank. So we called the property management of the house and the owner who said "oh, yea we are in foreclosure but are doing a loan modification. They also said they would come current on their homeowners dues so the cable could be turned on." We are really nervous now, we don't know if we can get out of our lease, we don't understand who actually even owns the home since it appears from the court documents that there was a final judgement of foreclosure but no bank sale. Any advice would be appreciated. Does our landlord own the home or the bank? What are our rights? Can he rent the house to us without cable hookup due to his non-payment of the homeowners association dues?

Why is Bank of America so difficult to deal with when it comes to modifications, short sales, and foreclosure? Last October, I began the process of attempting to get a loan modification from my mortgage holder, Bank of America. I was told on more than one occasion that I qualified for a modification, only to later be declined for one reason or another. I hired a company to work with the bank on my behalf to try to get a modification done. They were forced to jump through hoops, with no results. (Good thing I didnt have to pay unless they got the modification.) Then, in the end of January 2010, I lost my job and made the decision to list my house as a short sale at the end of February. The paperwork was submitted to the bank by my agent and soon an offer was made and subitted as well. I was told the trustee sale was on hold, due to the short sale. Then, 3 days before the scheduled trustee sale date, Bank of America canceled the short sale and never notified me or my agent. It wasnt until the middle of April that my agent was notified that the property was foreclosed on 3 weeks prior. Oddly enough, the same week I was told this, I received a letter from Bank of America stating that I didnt qualify for a loan modification and they recommended I do a short sale. I made several calls to Bank of America, FHA, and HUD to try and get the foreclosure reversed so the short sale can proceed. But I had not luck. After accepting the fact that I lost my house to a foreclosure, I asked the bank about the cash for keys program. I was told that I didnt qualify because I am the owner. I called HUD, the new owners of the property, and was told that I do qualify and that it should be offered. I contacted Bank of America again, but got the same answer from them. HUD is now looking into it for me. Do I have any rights? What else can I do? Why is Bank of America like that?

Is it normal for a bank to foreclose after a 30 day late? Our home was foreclosed on after a 30 day late in the state of Missouri. Is this common practice or is it because we had $220,000.00 equity in home? This loan was only active for 5 months. We did not receive anything stating we were in arrears from the bank until the day after the foreclosure sale and that was just a form letter from the bank asking to make up a missed payment or they would send it to the collections department. Doesn't this normally occur before it goes into foreclosure?

How long does it typically take for the bank to approve/reject offer on a foreclosure? The realtor said "rather quickly." I'd like to know in terms of days/weeks what quickly means. Talking about an actual foreclosure, not short sale. In addition, do banks ever counter, or is it always just accept or reject?

dead deal? this is a bank approved short sale? So here's our short sale story. We placed on offer on a short sale the beginning of this month, and a week later we were countered on the sales price...which we accepted. Escrow was opened the next day. Our appraisal came in $2000 below our purchase price, that went back to the bank and they agreed to lower it by $2000. Now we are all cleared for loan docs and we were told yesterday there is a $21,000 property tax lien on the property! Obviously we are not paying for it.....now it has to go back to the bank to get renegotiated to see if they will pay for the tax lien. Our agent was told by the other agent she doubts the bank will pay for the lien.....the other agent is thinking the bank will re-list it at a higher price. My questions are: 1. our appraisal came in at $308,000...can they sell it for more? 2. Will anyone buy it at a higher price or does the bank want the home to go into foreclosure then sell it that way? 3. Do you think there's a possibility of the bank sucking it up and pay the lien? we have loan docs and we truly love the house and the area it is in. I'm tired of looking at houses, we were having no luck with bank owned properties (always getting out bid or no counter since we are doing FHA) and now it seems we can't even buy a short sale. we are in southern california and it's not an attorney state. we have a RE agent and escrow handling the deal. our agent has been hounding them for an answer and she told us our next step would be to contact a RE attorney since that contingency was not in the contract.

Short Sale: What percent of appraised value will bank accept? Hi. I'm thinking of making an offer on a home listed at $240K that will be a short-sale. Realtor says bank appraised at $252K, and would likely accept at 80% of value. The house will be sold at sheriff sale in 50 days and also needs some foundation work. Wouldn't the bank go below 80% since it is so close to the foreclosure date? Original mortgage (according to realtor) was $320K still being owed?!? If the bank has to sink another $167K to buy at sherifff's sale, the bank would be on the hook for $487K, and if it COULD end up selling at appraised $252K, the bank's loss would be $235K. Is something wrong with my logic, or wouldn't it make sense for the bank to agree to short sale now at 60% or 70% of appraised value to avoid having to go REO? Thanks in advance for advice- Tim More detail: **Bank has not taken ownership yet. **My $487K number is the original $320K mortgage owed + extra $167K bank will pay at sheriff sale to take ownership **Realtor likely told existing motgage owed by current owner **How much of difference on short sale can bank recoup via insurenace on loan?

My house went to foreclosure and then to sale. I have now been contacted by the bank that purchased the house? The bank that purchased the house has sent me a letter saying I have to vacate the property in 6 days. Is there anything I can do to get more time to vacate or save the house or is it to late for everything? Need some advice badly. Any advice would be a big help. By the way I am in Arizona. PLEASE HELP !!!

foreclosure vs. short sale for a buyer.. What is the differences between the two for a buyer.? I am in the market for a new home and I see the many bank owned and short sale properties. What is the difference to me as a buyer. What would the benefits of buying one vs. the other., which one of these can I get a better deal on? Any other tips or things to what out for?

After a short sale or foreclosure it is a legal way to clean your credit ? I'm in the process of short sale with one offer in escrow, but suddenly the bank which is bank of america, did foreclosure on the property, I want to be ready for everything that will happen to protect my damaged credit .Bank of America says that they will return the property to finish the short sale but I doubt it. and my real estate agent tells me don't worry. and I really don't know what to think.

How long it will take for a bank to order a foreclosure, I'm behind two months. I have a contract for sale. I was suppose to sell the property like a month a go, but the client I had didn't work. I have a new contract but I'm wandering if this situation is going to afect the closing. Should I be worried? should I make the payments since I'm expecting to close in about two to three weeks? I appreciate any help.

We are heading towards FORECLOSURE, Bank of America told us that October 29th our house would be For Sale.? Does our house being for sale mean THE SHERIFF SALE and how long do we have before our family will have to move out? :(

does the bank give you a loan for the sale of the house or can you get a loan for how much the house is worth? I am looking to buy a house that is on foreclosure but it needs some work. Can the bank give you a loan on the value of the house or just the selling price. I am willing to take a month or month and a half to get things fixed in it for what we like in the house. Or would I have to get a home equity loan seperate in order to do the remodeling?

When can a mortgage company get a deficiency judgment in FL? Our home is in foreclosure. The bank refused a short sale but did offer us a deed in lieu if we sign a $30,000 promissory note. I am so confused....I have contacted a lawyer, but they have not returned my phone calls after receiving my paperwork and the mortg co wants an answer today. Everyone told me not to sign it and just let the bank finish foreclosure, but I am afraid they will come after me for a deficiency. The lawyer said the chances were slim to none, but who do I believe?

how to negotiate with bank on a short sale property ? three month ago, I placed an offer on a bank own short sale property. now the appraisal came out with $45k lower than the purchase price. both agents, buyer & seller, don't want to reduce the price. They told me it is bank own & NO WAY to ask the price down. Besides that the agreement was made 4 month ago. The worse thing is I signed the "contingency waiver removal" already. I am stock now. I might end up not getting my $10K deposit back. Please advice how I should negotiate with the bank to reduce the price down. Is it possible to by pass those agents and talk to the bank directly??? Especially on the short sale?? By the way, whoever is looking or waiting on the short sales.... PLEASE don't waste your time......Just wait until the property become foreclosure. I am a victims on the short sale. Thank you for any inputs.

Is a short sale legit for a third party going to the bank with a house that is going into foreclosure? I was wondering if a 3rd party can really go to the bank with no credit check etc. and pay a low amount for cash on a property that is in or going into foreclosure. My landlord is letting the house go that route, and I wanted to know is it legal for a middle person to negotiate to get the house in a short sale and then sell it to me?

Short Sale Offer Approved by Bank, Property being foreclosed soon.? I'm currently under contract on a short sale property; the seller of the property has received approval from the 1st lien holder to complete sale, but the 2nd lien holder has not responded. The property is scheduled for auction (foreclosure) on 8/3/10 at 1st lien holder request. Is there any way to prevent this foreclosure from happening since the sale has been approved by the 1st lien holder? If the property is foreclosed can I still negotiate the sale directly with the bank?

Is it wrong for a realtor to sell a bank foreclosure without listing it on the mls? I have had my share of frustrations trying to buy a home. Almost everything is head to foreclosure or in ashort sale situtaion. Short sales are just a frustration and rarely work so I have just concentrated on foreclosures. Our town has 2 realtors who seem to list all the foreclosures. recently I had seen a home I loved in short sale. the house had 2 seconds so they needed to be cleared in foreclosure. I watched the house get foreclosed on the courthouse steps at 1pm. I write up an offer and found out which realtor got the listing. I called the realtor the next morning and the home was sold. It was never listed on the mls, and it was sold for 30k less then what i would have offered. Is this legal to not list on the mls even for 1 day? The bank losses 30k because the realtor is selling to his friends way under value? I even called the realtor thinking I would play the game and be added to the realtor list of buyer looking but I was denied, he only takes certain clients. This is the second home by this realtor he sold to a friend without taking other offers, both times I would have offered more and there was one my good friend wanted as well and was will to pay 70k more for and never got the oppurtunity to present an offer. Would it be wrong to contact the bank he represents and show them they are losing money by his listing methods? The realtor is a broker and owner of one of the biggest agencies in the state. The bank is national, but I do know a contact instate that deals with just the foreclosures in my state for this big bank.

VERBAL approval from 2nd Bank on short sale. NEED SOME ADVICE.? A week ago the sellers agent who is in constant contact with the 2nd bank of my short sale (already have written approval from first) told my agent that we got verbal approval. He was expecting written approval to be sent over the next day but as of today he is still waiting on that. What can I do or what can I tell my agent to do or tell the other agent to do to get this DONE. We are 4 months into this and I am going absolutely crazy waiting for this. How hard can it possibly be to write out an approval letter??! The loan is tiny this one is for around 50,000, the first was for 700,000 and they got it done, this second bank has nothing to gain by rejecting it because if it goes to foreclosure wont they get 0 anyways??!! Someone please tell me how the heck I can speed this up, Last week we were prospecting that we would close on the 14th!! All of the inspections and all that are done.

The bank does not want to negotiate a SHORT SALE! What should I do??? HELP!? My mom bought her town house approximately 7 years ago for 435,000 plus some 30,000 in improvements. With the depleting real estate industry in California the fair market value of the house is 189,000. She went to see her realtor to do a short sale, since the loan modification didn’t worked out (it only reduce the monthly payment for around $200). Everything was alright until the Credit Union calls the realtor and told her that they were not going to do any kind of negotiation. They also told the realtor that they do not have any foreclosures because they are very selective with their clients. The realtor told my mom that is the first time a bank calls her saying no to any king of negotiation. The realtor had sold over 10 houses in same neighborhood on Short Sales and all banks she’s been dealing, they have been open to negotiations. In addition, my mom is 60 right now and in the past year she’s been having some serious health problems (heart, cholesterol, etc.). And a lot of them are related with the stress of the mortgage payments. She has two jobs to support her self, which is not recommended due to her age and heath conditions. What my mom should do?? Please help! If you have some websites with laws or laws interpretation related with this will be helpful!! Thanks Note: She bought the townhouse as an investment. Seven years ago things were great in the area she’s living, so the plans were buy it, live it for a few years a sell it. With the supposedly gain, she was going to build her retire home in her home country and live from the pension she’s receiving. The 2007 Mortgage Forgiveness Debt Relief Act (Public Law 110-142, HR 3648), amended the tax laws to allow borrowers negotiating the loan on their primary residence to avoid having to declare this debt as income (limited to debts of $2 million or less.).

What to do about this mess? What to do? First off this story is so long, ill cut it down but ask questions if you need to. I am not about to be foreclosed on. I am current on everything , me and wife have a great credit score, never late. When I got married both of us wanted to move out of Michigan but stuck around because of my parents. 10 years later, my mother passed a few weeks ago and dad about 1 ½ years ago. Dad was not stupid about money. Will be acted on in a few weeks and I stand to inherit a small, barely 6 digit amount. Well, you guessed it, nothing holding us back Except the bath I would take EVEN if I could sell my house. I have NO PLANS on spending %60 of my inheritance paying off my upside down mortgage. Short sell is so far upside down the mortgage company would NEVER go for it. And no houses are selling anyways. I could be wrong but I think my next door neighbors are going to walk away from that house and my neighborhood has a few bank foreclosures up for sale already. What to do? What not to do, if I walk, I will have a tidy sum in my bank account—should I not bother depositing my inheritance—can the mortgage company come after me? Note: I will be posting a second question later concerning my inheritance and some property. Renting out not even on table i think, i will not be around to take care of property.Have other homes in area for rent--not moving.

In a short sale (mortgage), why does it take 60 days or more for the bank to make a decision? We have been waiting for over 30 days for an answer on a short sale property offer we made on a house that the current owner will abandon as part of filing Chapter 11bankrutpcy. The bank (Homecomings Financial) has been totally unresponsive whenever our Realtor makes contact with them--their consistent reply is: "we don't know when it will be approved, it can take 30-60 days and sometimes 90". The basic question is: what are they doing? The only explanation is that our file is sitting somewhere on someone's desk waiting to be worked. It baffles me that in light of the escalation of defaults and foreclosures in the market that lenders are caught unprepared to quickly evaluate short sale offers that, relative to entering foreclosure or repossession and resale (REO) of the home, could save them tens if not hundreds of thousands of dollars. We are about to give up as we won't be able to sell our home quickly enough before the fall slow down if we don't get a decision soon.

you give a bank your taxes information, bank info, and check stubs for a short sale can they use it aganist u? My Real Estate agent wants to short sale the house it is due to foreclose in a month and we have a cash offer, but the short sale process is asking for tax info, bank infor and check stubs I am worried they will use it against me. Should I not worry and just do it since it is better then foreclosure.

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?

Can banks make money on a foreclosure if it's more than what is owed? I bought a foreclosure and I found a copy of the sherrif's sale (the bank bought it back at the sale), the bank sold me the property for more than 100k than they paid at the sale. Is that legal?

shorts sales "why does bank let them go to foreclosure?"? why do bank just let homes go to foreclosure than do a short sale? They'll end up selling that same home for the same price when it goes to Bank Owned. What's the advantage for the bank to let the home go to foreclosure than do a short sale?

When an ad for a home says "bank owned", does that mean its a "short sale" or "foreclosure"? What is the difference between the two? 10 points best answer. Thank you! :)

After foreclosure, what can bank (lender) legally collect if amount of sale is less than amount owed? In CA..? Yes----these are very hard times---and it was heartbreaking to lose our "Home" Now---the market is upside down and the bank foreclosed on our home---but if that was not bad enough, they now are seeking the variance between what they sold it for---and what we owe. Can they do this in CA? What are our options? We "want" to do the right thing---but our credit is shot---and we are Broke !!!

bankruptcy was filed and foreclosure stalled.The bnk filed motion for relief from automatic stay.What is this? My (now) x husband moved out of our home and filed chapt.7 delaying sheriffs sale and foreclosure.The bank filed a relief from automatic stay.My x and his attny declined to respond w/in 15 days and told me not to be concerned. Myself and my 2 young boys are residing in home and I'm having difficulty securing a residence (w/o his help). How much time might I have? Can the bank seize our belongings?

after foreclosure, can your mortgage company make you pay what they lose in a foreclosure sale? I have a first and second mortgage (to avoid PMI) and I am wondering if, after foreclosure, if we are going to be liable finacially for the banks loss, or the difference between our loan balance and what they get in the foreclosure sale? I know that our credit score will be affected, but I am wondering if that is the only repercussion? I also know the laws are different in states I am in Nevada anyone that knows the nevada foreclosure law specifically would be great. I am also wondering once we move out, assuming we do so before notice to evict what role will we, as the homeowners, need to play in the foreclosure process? I have heard that you must fill out a 1099 form for taxes? saying the difference between the amount owed and what the bank gets is roughly 30,000 what would that mean we pay at tax time?

What if my bank misses the foreclosure sale date? It's been over 2 months and the Maricopa county records have not updated. I'm wondering if the bank missed the trustee sale and, if so, what happens next. Did I win a free house?

I have a lien on a house and the bank that has the note bought it in a foreclosure sale, what happens to lien? House went to foreclosure. I have a lien. The bank who holds the mortgage note bought it in a judicial sale. What happens to my lien?

2 houses in two different states, one will be short sale or foreclosure..will the bank go after my other house? I have two houses, in two different states, one will be on short sale or foreclose, im still working with the bank, will the bank go after the house that i live in now that's not going to be short sale or foreclose?...

is there any law that states a bank cant short sale a property to a family member? A friend's home is in jeopardy of foreclosure and he is trying to divorce his wife who lives in the home. Their daughter wants to purchase the home through short sale but Bank of America told her it cant be short sale to a family member. Is that just a company policy or a law and is there a way around it?

can a bank take ownership of property before a auction or foreclosure sale of property? if the owner is deceased but has will giving to son and son is on title of bank mortage

What happens to my interest in my home in a foreclosure sale? if my home is sold as a foreclosure and there is a profit from the sale....does the bank owe me that money?

What are the pros and cons of buying a foreclosed/short-sale/bank owned house? My wife and I are looking to buy our first home, and one of the houses we're most interested in happens to be a foreclosure. Before we get into anything too deep, I'd like to learn more about what this means, as a buyer, from someone with more experience. Any help would be very much appreciated! Thanks!

If i have two properties and short sale/foreclose one property, will the other property be affected? I have two homes in California. I live in one and the other one is a rental property. If i short sale/foreclosure, will the bank be going after the other home?

If your home goes into foreclosure and the bank buys it back at the sheriff's sale does the former "owner" s still owe the property taxes on the home?

Without buying subscription to anything, how do I find out which homes are bank sales in the area I'm looking? Like, Bank-owned foreclosures.

how do you negoitiate a short sale with a bank on a pre foreclosure property?

Why would a bank take 7 months to approve a short sale on a home in foreclosure ?

Can a lender agreeing to short sale keep you out of foreclosure? My coworker is in short sale with his lender. I am familiar with the Mortgage Debt Relief Act of 2007, but I don't know if he is in short sale trying to sell the property, if the bank can foreclosure in the process. He is about 2 months behind on the notes. He has about 20 more days before he'll be 3 months. Does the fact that he is in short sale agreement with the lender keep him from foreclosing? I told him it is better if he can get the short sale to occur rather than foreclosing.

My bank denied a short sale. If I foreclose how will it effect my business? After foreclosure can I still open my business. I'm starting a Property Management company. Will I still get insurance? Can I still rent an office?

Is it possible to still stay in your home after the foreclosure sale date? Facing a foreclosure with a sale date of Oct. 7th in CA. Do we have to legally be out of our home on this date or can we try and work something out yet with the bank and / or new buyer in terms of renting? Appreciate anyones expertise and guidance in this area.

What are the goods and bads of buying a foreclosed, bank owned, or short-sale house? My wife and I are looking to buy our first home, and one of the houses we're most interested in happens to be a foreclosure. Before we get into anything too deep, I'd like to learn more about what this means, as a buyer, from someone with more experience. Any help would be very much appreciated! Thanks!

I m in foreclosure April 10 is the sale date at the foreclosure sale auction how can I stop is.? Without filing bankcu... My mortgage is 4000 a month. Is it possible to save the house and lower my payments. The bank said they gave and alotment of foreclosures to a law firm . They will not give me that information.

Bank Owned Home sale / Higher offer? I am looking into buying a bank owned foreclosure which is being sold by a realtor. I called on the listing and the realtor said the house has already had an accepted offer and that they would call me back if it doesn't sell. I asked if I can put in a higher offer and they said no, because the bank is not accepting higher bids. Does this sound right? I figured the bank would want more money and I should have the right to put in another offer before the home closes.

What to do when foreclosure is pending ? Bank no go for deed in lieu of f/c ok with short sale but no buyers. we have even hired a lawyer to try to get the deed in lieu of foreclosure, ABN ambro will not agree to it...We are making 3 rent payments due to job transfer and want to know how bad a foreclosure looks on credit report. It is not in my name, just husbands. My credit is poor too, but amy ideas how long to recover from a foreclosure? Thanks Why wouldn't you take a Chapter 7 bankruptcy if foreclosure is so much worse on credit report? Anybody got some advice?

surplus money after foreclosure sale? After the bank sale the properity can you get a refund of the surplus money in the state of Maryland?

my house was in foreclosure with a sale date of oct 6,08 and I was working with the bank until the end of sept? the girl at the bank said she could suspend the sale and a few days later I get a notice that the house went to sale on the original date. I keep getting the run around from the bank and the girl that was suppose to suspend the sale will not contact me. They say I have no recourse to work out a modification with them. I would have to get a loan and buy the house back. at the sale the house didn't sell the bank got it back. My credit is shot and I don't know if I have any options. any advice would be appreciated

Can the bank still file foreclosure, even after bankruptcy was filed? I am interested in buying a foreclosure at a trustee sale....However, when doing the title work, this individual filed for bankruptcy alittle over a year ago....I was just wondering if this is possible? Can a bank file for foreclosure, even after the individual filed for bankruptcy? I am in Texas....Thanks Apparently this person didn't keep up his repayment plan, because tommorrow this property goes up for auction at a trustee sale...

What is better, a foreclosure or short sale? Will they really make a difference on a persons credit? Would it be easier to call the bank and tell them to take back the house before you ever fall behind on a mortgage? I have a friend who lost his job and doesn't know what he's going to do, no one wants to buy his house more than what he owes and he wants to get out of it. And if he goes through with a short sale or foreclosure, is he better off just declaring BK as well since it takes many years to recover from that anyways?

How do I go about buying a foreclosure properties from a sheriff sales or the bank or mortgage companies or le

Short Sale offers, how much should I list my house for? My house has been for sale for a year now and I can no longer afford to make payments. I want to try to do a short sale before I consider foreclosure, but the bank will give me no suggstions as to how much an acceptable lowball offer would be. I owe 165,000 on the house and want to get out of there asap!!! I was thinking 139,999, what do you think would be the lowest the bank would take?

How can I find out what the BANK really owes on a house? I am house shopping and I would like to know what exactly amount does the bank owe on a house which is bank owned? Why do people do SHORT SALES? What are foreclosures?

What % of Foreclosures sell at Trustee Sales? My house is set to sell at a Trustee Sale on July 2nd in Nevada . I notice as I look at Foreclosure sites that some homes are Bank owned & some are listed with Realtors. Do houses generally sell at Trustee Sales?? Does anyoneknow how long I have to vacate after a trustee sale in Nevada? Any insight on this would be great!

can an owner deal with the bank on a short sale if he has a buyer, with an offer in writing? if foreclosure happens and property has a 1st and a equity line of credit from same bank that was done at the purchase date is it true that the 1st gets paid and the equity line goes away

Does Anyone Know About The Process After Your House Has Been Seized By The Bank? I am looking for a name of a book that explains how to make money on renovating a bank seized house for new sale? It is some type of secret book that this guy releases every couple of years because he doen't want every one making the money he does on these houses. But it explains step by step what you need to do to get a house ready for sale after the foreclosure. I don't even know what this process would be called????

Should I sell via short sale or let it go to foreclosure? 2nd home, no chance for tax relief on the short sale. $117,000 loss to the bank. If I do a short sale now I'll owe $25k in taxes this year. If I let it go to foreclosure I can put that off until next by the time everything is done. What would you do?

Why would a mortgage lender (bank) decide not to foreclose and charge-off a property instead? Have a friend who's home was due to be sheriff sold this week. She received foreclosure papers in April. Today she receives a call from the bank and they have now decided to not foreclose on the property and told her that they are going to charge it off. How does that get it out of her name, and why when loans are FDIC would it have not been in the better interest of the bank to sheriff sale the home than to charge it off. Will the charge-off of the home hurt my friend more than if it had foreclosed?

Foreclosures? How do the sell of these properties work? Ok. There's this house for sale. It's worth about $50,000 more than what they are asking. It is a foreclosure. I searched public records and it appears in the sales record that a bank aquired the property back in January and the price that is listed is about $20,000 less than the appraisal which is the same amount the first owner purchased the home for. Is that price that is listed where the bank took it back the amount owed on the mortgage and the amount they are wanting now? I made an offer on the house for about $10,000 over asking but that's still $15,000 less than what the bank got the property for. Did I offer too little? There are already multiple offers on the house. Did they price it so low just to get attention? But wouldn't people be more apt to offering $20,000 over asking just because they knew they'd still be getting the house at $30,000 below appraisal or something? I mean would someone offer that much more knowing the asking price was what it is? I figured someone would see this as an easy money making opportunity and blow my offer out of the water. It's not being sold by the bank though.. An actual realty company is handling it. Sorry.. these questions might sound dumb but it's the first offer I've ever made ... This would be my first house.

Question about time after a pending foreclosure that sold before the actual sale.? My house was in foreclosure and actually scheduled for a sheriffs sale.I was able to sell the property myself before the sale ate with the county. I id work this out with the bank and they withdrew the sherriff sale. My question is this.... Will that foreclosure appear on my credit report even though it never actually went through.I want to buy another home next year...

What are tax implications on Cancellat'n of Debt from foreclosure/short sale on non-recourse CA loan 1yr ago? This beautiful San Diego home was purchased for $471,000 in Jun06, lived in for less than two years, loans (negative amortization 1st: about $410,000; and conventional fully amortized 2nd: about $94,000) both in California. The seller's highest received offer is currently $360,000 (yes, a $111,000 (24%) drop in perceived value in just over a year). Sell is anticipating a large Cancellation of Debt income, as they owe so much more than they can conceivably get in a sale. Incidentally, Seller had an offer for $448,000 just 3 months ago and never reported it to the bank because they were looking to get out of the loan on their own (without short sale), and were not even considering walking away/foreclosure at that time. Where is this market going?

If I fall 3 months behind on my mortage and the bank starts foreclosure? Can I still try to sell my house or even ask for a short sale?

Short sale vs. mailing in the keys? Which is less damaging? Bank not very cooperative in short sale process. We have a conventional 30 year mortgage on a new home we bought 2 years ago, in California. We have to move, we have lost all our equity in the home,needless to say the house is no longer worth what we paid for it, and what we owe.There are a lot of foreclosures in our area. What will damage our credit the least? We do not want to go into foreclosure, we have purchased a house where we are moving too and want to deal with this in the best way we can. However, we don't want the bank stringing us along in short sale limbo, which is what I'm hearing more and more from people. Thanks in advance for your answers!

How can I delay foreclosure? I am getting an inheritance in a few months, but the bank already has a foreclosure sale date set......

how does foreclosures work and how long does it take how is the best way to prolong foreclosure? how does foreclosures work and how long does it take, how is the best way to prolong foreclosure if i fall behind on payments any tips and advice is welcome. someone told me that if i make one of of every three payments that could delay the foreclosure process for years is that true or false. also i have my home on the market will the bank let me slide on the payments until the house is sold i have a few hundred thousand dollar left over after the sale that i dont mind paying my past due payments its just right now i am unable to make them. any advice to have is great thank you the home is located in new york , i figured i would add that because im sure the laws change from state to state

Lowest amount the bank will take on a foreclosure? I read somewhere that the bank will take 80% of the amount owed on the house (sheriff sale) plus any other bills on a foreclosed home to sell it. Is this true? I can't find the original source, and my agent hadn't heard of this calculation...

How much loss a bank will be willing to take in short sale? Dear Friends I am planning to buy a home on short sale. I have done extensive reearch and have been working with an excellent real estate agent who is experienced with this kind of sale. The sellers owe 425K to the bank and the house has been on market for almost 2 years. This is highest priced house in the area and the owner had bought this house for about 450K about 2 years back when market was good. Now I have offered 350K and the owners have accepted it after some negotiation. The price of this is more than other houses in the area because of builder, location and the excellent view. Even though the sellers have agreed upon my offer, it is Lender who has to agree. I am now on waiting period, which I know will take long and am not in a rush. But anxious to know if Lender will be willing to take this loss of 75K. (Sellers Owe 425K and my offer is 350K). Want to know usually what is reasonable loss a bank will be willing to consider instead of foreclosure.

What is the average time for a short sale to be processed? I put an offer in on a house over three months ago that was approved for short sale and, from what I'm told is about to go into foreclosure. It has been over three months and I am still waiting for the sellers bank to approve the offer. Three months seems excessive to me to wait and not even have a purchase agreeent yet. Is this normal? I'm concerned there is something shady going on with the selling agent for this to be taking so long. Do I have any rights or am I just stuck waiting it out?

Made an offer on a house 6 mths ago and still have no answer from the selling bank. Should it take this long? We are preapproved on our loan from another bank. The house we are looking at was almost in foreclosure when we put our offer in. There are several other houses in the area going into foreclosure and many more for sale, so why would the bank take so long?

Should I begin talks with the bank? I live in Michigan, and cannot sell me home for the life of me. I leave for a new job out of state at the end of the month, and my realtor is discouraging me from starting a conversation with the bank about doing a deed-in-lieu of foreclosure. She's saying she will attempt a short sale. I'm wondering if it is time to start talks with the bank about either of these options. I can't sustain a double payment for more than a month, and all of the furniture will be out of the house before the end of this month. It will be harder to sell if it is empty, and I'd rather save one months mortgage payment for the moving costs. "Try financing the mortgage payments until the house is sold." Can anyone explain what this means?

How long would it take to evict former owner (but current occupant) of house acquired in short sale, in VA? A bank has approved our offer for a short sale of a home in pre-foreclosure. The current owner of the property has told us he will only move forward with settlement if he can have two months free rent back while he finds someplace to go. If it came down to it, and I accepted this offer, to what lengths could the current owner extend his stay beyond those two months--through filing bankruptcies, or other legal means that could prevent me from moving forward with an eviction? Clearly, I am not going to move forward unless I KNOW that I can control when he vacates the property. How long could he potentially "squat", once I settle on the house, before I could have him evicted? Again--for you legal experts out there--this is in the state of Virginia. Thanks!

After foreclosure sale? A friend of mine is in foreclosure. Their house goes to sheriff sale on July 10th. A realtor in the area has talked to them and talked them into doing something that I have never heard of. According to the realtor, the BANK is the corp. that buys the house at the sheriff's auction. (I always thought anyone could bid on the house at those). Apparently the bank will buy the house back at less than what you owe. So, in the bank's "books" the amount owed is now the lesser amount. The realtor also said that since our state has a 6 month redemption period, my friend will own her house during that time. The realtor said they should turn around and SELL their house...and anything made over the amount that the bank paid at the sale is my friend's money. Example: Suzy owes $100k on her home. The bank buys the home at sheriff sale for $50k. Suzy and realtor sell home for $70k. Suzy makes a 20k profit. Is this true???

Will bank take back property with deed in lieu of foreclosure? will this hurt my credit? I have 2 rental properties both of which are in danger of being forclosed. I have trid to sale and to rent to them to no avail. I have heard of deed in Lieu of foreclosure. How does this work? I do own one other property which has some equity. Will bank take deed in lieu of foreclosure and forgive any remainging debt or will they go after me for any shortage? Thanks for the responses so far. I have the properties on the market and have had no offers. Even willing to sell $20,000 below what I paid which will be a net lose of $40,000.00 There are a ton of similar properties on the market, very few are actually selling and more are coming on the market. I have run out of cash. This looks and feels like doom.

How badly does a short sale affect your credit? I am considering a short sale on my home in order to avoid foreclosure, but before I proceed, I would like to know how it will affect my credit. Will it be as bad as a foreclosure? How long will it be before a bank will consider loaning me the money to buy another home?

Short Sale Question in regards to heirs of estate? I am in the process of trying to short sale my parent's home. I have listed it with a realtor and now am required to give all of my personal information to the mortgage company as well as the realtor to negotiate the short sale. This house is also in probate. I have accepted an offer for the sale of the house however I am now required to give all of my personal information and financial information such as my SSN number, how much I make, what I owe, how much I have in my bank accounts, what liquid assets I have... My question is if I am only an heir and an executor and I will receive nothing from the estate, why am I required to give all of this information to the person handling the short sale? If so, am I responsible for taxes after the short sale has been approved? Will the credit profile for my parent's house get mixed up with mine? Why would a short sale be better than foreclosure since I am not the borrower and my parents are now deceased?

How do I find a list of bank owned homes for sale without paying membership fees who sell foreclosure info? Small family of 3 looking to purchase a house, townhome or condo in Orange County, CA. Good credit 730+, solid income $110/yr household, first time buyers: looking to purchase home between now and the next year or so. I hear banks are reducing costs on homes they own and want to get people like us into a loan we can afford. Where can I collect this information. How can we take advantage of the current housing market since we refrained from accepting a sub-prime loan we couldn't afford when everyone else was.

Can you do a short sale without the individual having a NOD in hand? Meaning...if they are in Pre-foreclosure--30-90 days in arrears, can you negotiate directly with the bank on the Short Sale, if the property owner can prove hardship prior to the NOD. Or not so much...Either direct purchase, or subject-to.

what happens when your home goes into foreclosure and the bank takes it back? buys it back at the sheriffs sale and you have a 6 month redemption period and you don't want the home and don't live in it.. If the home owner isn't living there do they did have to pay insurance on the home and utilities for the 6 months, or do you just walk away.

How do foreclosure sales work? I was wondering how foreclosure through a bank works? Such as, does a person default on thier loan and someone else takes over the remaining debt? so lets say theres 450,000 left on a 600,000 loan, I would be able to owe somewhere around 450,000 and the previous owner loses the 150,000 he invested?

To buy a home in Foreclosure do I have to pay cash to the broker or Bank? I found Foreclosed homes for sale in my town, Sweet Home, Oregon, for $8,000 to $40,000 owed to the bank. What other costs could be involved?

short sale vs foreclosure? I have a home that is in foreclosure. I am also working with the bank for them to approve a short sale that was offered. Problem is foreclosure proceedings have begun and credit has been affected already. I spoke with the bank & they said if the short sale is approved the foreclosure attorneys will be pulled off. Question is, if the short sale is approved, will the foreclosure event that had started be pulled off my credit. Will it state it was changed to a short sale, or will a foreclosure status remain on my report, even though it was pulled back?

How do you figure out how much money is owed on a foreclosure? I am looking into buying a home that is close to or going into foreclosure. "The bank will entertain a short sale." Is there a way to find out how much is owed on the house so I can make a make an educated offer.

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?

Where can you make more profits, with foreclosures or with short sales? And what does it take to get banks to release loans for pennies to the Dollar?

how does a short sale work? I am a homeowner in Nevada. We purchased our home 2 1/2 years ago and since then the market value for our house has dropped. So other that foreclosure our only option is short sale. My question is how does the process work? I have heard that the bank can take an excessive amount of time to approve one once an offer comes in; in the mean time are we as homeowner expected to continue making payments? I am just confused, I am thinking in order to even get an offer at all the offer after realtor fees will have to be enticing so how do you know what to ask for it in the MLS? If anyone can give me some answers that would be great!