Facing Foreclosure
Results 11-20 from 410 articles
Short Sale vs Foreclosure
Asked by C.B. from Providence
on July 7, 2009
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I recently requested a short sale to the bank tgaty loan has defaulted. The idea was to attempt to not have a foreclosure on my credit. I just got a form saying that i...
Answers
- Hi C., I am a Realtor in Maine, if you are successful in getting a shortsale offer, yes you are responsible for the difference. If you can not pay it (and usually peop...
- C., I work as a real estate paralegal... and NO you do not have to pay the difference on a short sale. What happens is you place the house on the market and the bank ...
- HI C., Listen to Kelly!!! and here is a website to learn more of what you are about to do... good luck! http://homebuying.about.com/od/shortsale/Short_Sale.htm ...
My Landlord Is Facing Foreclosure
Asked by B.M. from Chicago
on February 25, 2008
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We're renters and our lease has expired. The landlord has told my husband that he hasn't paid rent for 2 months and may be facing foreclosure. I think we should move A...
Answers
- Although foreclosure can sometimes take a while when it does happen the bank or lender will vacate the house any way so you will be left homeless. I would definitely ...
- If your lease has expired, you are on a month to month lease. If the landlord is foreclosed upon, the new owner could keep you there (he may want the income) but he co...
- Yes, you should move. You don't want to be there when the property does foreclose. However, your landlord is not being truthful in some aspect. It takes about 12 ...
Removal of Liens on Foreclosure
Asked by C.D. from Sarasota
on May 13, 2010
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My husband owns a Marble Company and we also own a Condo that has gone into foreclosure and his clients have placed about 15 liens on this condo, we are now in the pro...
Answers
- You start with a lawyer. Seriously, with divorce proceedings, a condo in foreclosure, and business dealings mixed in with all that, you shouldn't do anything until you...
- Definitely speak to an attorney. Some liens need to be renewed every year to be valid some dont. You want to talk to an attorney pronto
- I cant tell you how but I can tell you that a mortgage broker could probably give you the best advice on something like that!
What Did You Do About Your Housing Situation After Foreclosure?
Asked by T. from Phoenix
on April 14, 2011
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We are coming up on our foreclosure date in 2 weeks after having been put off for 4 months. My husband and I are both unemployed and we have bad credit. It's pretty ob...
Answers
- Have you filed for bankruptcy? I don't know if it's different state to state, but in Texas you do not lose your home or vehicles when filing chapter 13. And fili...
- I moved out before the foreclosure date and i am renting. My ex sister in law also had the same issue and she is renting... If you knew foreclosure was coming were you...
- Ditto to what Krista said. Look for some low income housing. I would check with your local WIC office or welfare office to see if they can help you find housing. Th...
Foreclosure....short Sale
Asked by T.N. from Boston
on May 6, 2011
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Our town home has been on the market since January listed as a short sale. For those of you that don't know, when you try for a short sale you need to be behind on yo...
Answers
- Were you approved for the short-sale yet or not? We went through that whole process as well, and it is overwhelming, but it worked in our favor. We first got approve...
- Not me, but I'm sorry for what you are going through. Alot of people are losing out on real estate and their credit, too, has been demolished by this economy b/c of i...
- Please read this link: http://www.shortsales101.com/tax.htm Make sure you are working with a tax accountant who has experience with short sales. I hope you are wo...
Has Anyone Gone Through a Shortsale or Foreclosure?
Asked by J.K. from Seattle
on November 28, 2009
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I'm looking for advice and/or information on going thru a shortsale or foreclosure. My husband and I moved out of our condo a year ago and into a home. We both had g...
Answers
- Contact Consumer Credit Counselling in your area. Make an appoinment they maybe able to help you. They have helped people work with the banks and their mortgages. Its ...
- Go to your bank. My neighbor is a realtor and he told me there is so much information that people do not know about when it comes to foreclosure. I just can't rememb...
- I don't know if our sale would be called a short sale but we sold the house for less than we owed. We then had to pay our lender the difference at the time of closing...
Concerned About a Friend - Foreclosure
Asked by L.M. from New York
on July 2, 2011
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How does a foreclosure work?
I'm very concerned about my friend. I don't know all the details, but she told me about a month ago she was 3 months past due on her m...
Answers
- We are at the end of a short-sale thru our mtge co. We are actually closing on the 29th of this month w/our house. The bank should've been offered them loan modifi...
- She needs to be the one figuring this stuff out. JMO.
- I don't feel bad for people (as you described) like this. Sounds like they didn't care so why should you? With this mortgage crisis it's hard to say how long the b...
Our Landlord Is in foreclosure..need Advice!
Asked by T.J. from Seattle
on June 22, 2009
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So after our landlord first tried to sell our rental house, we received notice that he is in foreclosure! The house will be sold on 9/11/2009 if he does not "catch up"...
Answers
- Hello TJ, stay calm, contact your state office, ask for then research the landlord tenant act in your state. there should be laws on the books that protect landlord...
- I am somewhat new to this state, but my advice it to check the renter's hotline to see legally what can be done. You have rights too. My guess it is an office in Sea...
- You can get free 1/2 hour legal advice from Washington lawyers. Contact the Wa State Bar to find one close to you. They will tell you your options. You can also go to ...
House Foreclosure. !
Asked by J.R. from Detroit
on August 16, 2010
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Ok..we have heard nothing until now about our house and we are 4 months late as of Sept 1st. This was a rental property and they could not afford it anymore. We were ...
Answers
- Well I can't really give you facts, but I can share my experience. We were/are in a similar situation. We haven't made any payments since July of last year and we st...
- Find another Realtor - and possibly consider an Auction company. See if your bank would consider a short sale - and what their process is. Banks are not in the busines...
- Many years ago I worked in a foreclosure department. When they come to "secure" the home at the time of foreclosure, the locks will be changed immediately and dependi...
We've Been 1099 for a Foreclosure
Asked by K.G. from Fort Wayne
on January 23, 2012
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Ok who here has been foreclosed on for whatever reason. And then was 1099 for it (which I expected) but then the bank over inflated the value of the home against the p...
Answers
- My understanding is that if you are issued a 1099-C, the bank has, in fact, written off the debt. They cannot pursue you for the amount owed ("judgment of deficiency")...
- @Ashley- Obama didn't do the tax - it's from 2007 - BEFORE Obama took office. It's a Bush thing.... K. - are you talking about property tax appraisals or actual hom...
- I defer to Jo on this because she is very knowledgable about taxes, but I wonder if you could force the bank to amend that 1099 over the home value of the house. ...
