Banks Foreclosures News and More

Banks Foreclosures News

07/04/2009

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Open Question: foreclosures and banks?

does anyone know if banks pay property taxes to towns as local residents do, or do they hold out until the sale of the property to pay the back taxes ? more

Open Question: What could the FED of done to help the 2008 credit crunch?

I dont know what " credit crunch" specifically means but I understand the question refers to when the banks were stung by mortgage foreclosures, tightened lending standards, which reduced credit available to consumers and businesses. As a result, the U.S. economy teetered on the brink of a downturn. What should the fed of done? more

Open Question: Why is the bank not foreclosing on my property?

I had a job transfer in a different city and left my home 2.5 years ago. It has been on the market for that long except for a small period when I rented it trying to save it. I have finally stopped paying about 16 months ago, I have had one good offer for a short sale in Oct 08 and the bank did not look at it until May of 09, and which point the buyer withdrew the offer. The bank is not even calling me and when I called and asked why is it not foreclosing they said it can take a long time. Anyone has any idea on what I can do to get the foreclosure pushed through? I am trying to move on. more

Open Question: Why does everyone blame bush?

I hate how after Clinton messed up Bush got tagged with it. I'll give Clinton credit, he did get he economy strong but that's it. It was his idea that everyone in America should own a home (even the poor)which is why we are where we are today. If banks wouldn't have lowned money to people who they know couldn't pay it back we wouldn't have this housing crisis. I hate how Bush is at falt for the foreclosure failures when the whole idea was Clinton's to begin with more

Open Question: Foreclosure---PLEASE HELP!!!!?

Me and family need some advice bad.....we have been part of this economy thing we bought a house 1yr 1/2 ago and then my wife lost her job and we fell behind and have been there ever since the bank gave us a loan modification but her father got really ill and had to help her family so we missed 1 payment and now were are in foreclosure.....this is our first home and we just want to try and save it...!! we have been trying to catch up on everything but now we have to get an attorney and can afford one right now......does anyone know what we can do ??? PLEASE HELP........................th bad thing is that me,my wife and my kids just dont want to be kicked out and dont know whats going to happen next...!!No selling weed!! and we could afford you %^&%^%*& !!! but my wife lost her job!! And no i wasnt just 1 payment i tried to make it short.......if you read it says we got a loan modification!!! if you know anything about houses or owning a home!!!! but to all others thank you for your advice and prayers.! we have tried everything from HUD to calling the lending a million times recording all conversations and we have the house for sale now!! Also my wife has a new job now so we back but ......!!! more

Open Question: getting my lender to cooperate with Obama's "Home Affordable Modification" plan?

We can't afford to pay our mortgage, along with so many other Americans, and our home is now worth about $60-70K less than we owe, so we can't sell or refi. We contacted our lender back in March '09, and they told us that before they'd consider working with us, we had to be late with a payment...so we didn't pay on time for April, then called them again and they took our income statements, a letter that we wrote indicating what happened to create the situation that we're in, along with our estimated monthly expenses. They told us to expect something in the mail in 30-60 days...it has been more like 80 days now, and no word from the mortgage company. We did not pay June's payment, nor can we make July's payment. In the mean time, we've been weighing our options, considering foreclosure, short sale, bankruptcy, etc...and in our research, we've come across Obama's Making Home Affordable Plan, in which if a loan is owned by Fannie Mae or Freddie Mac (ours is owned by Fannie Mae), then the lender must cooperate with us to make our payments affordable, because the lender was given government funds for the loan. (correct me if I'm wrong with any of this)... Here are the requirements: • Lenders will be required to reduce borrowers’ monthly payments to a maximum of 38% of their gross monthly income. The government has allocated funds which will then be used to bring the mortgage payments down to a maximum of 31% of gross monthly income. • While the formula for reducing borrowers’ payments will vary significantly, the four elements in the equation are; cutting interest rates to a floor of 2%, maturity extensions out to 40 years, forbearance of missed payments and penalties to the back end of the mortgage, and principle reductions to 90% of appraised value of the home. • Financial institutions will receive $1,000 per modification plus $1,000 per year for up to three years providing the borrower keeps up with the modified payments. For paying on time, borrowers will be paid $1,000 per year for up to five years. • Modifications and refi’s will still require that the homeowner is experiencing some sort of hardship. Only owner occupied, primary residences with a maximum loan value of $729,750 are eligible to participate in the program. • Programs will be implemented first at Fannie Mae and Freddie Mac. While participation in the program by financial institutions is optional, any institutions that have accepted bail-out funds will be required to participate in the programs follows their set guidelines. • Both programs will require documentation that the homeowner will be able to consistently make payments. The programs do require hardship, just not too much of it. As far as I can tell, we should be able to qualify on all parameters, but our lender will not take calls about this, beecause they're so backlogged. My concern is that we're required to be current on our payments, but unless they do something to help us, we cannot stay current, and if we do manage to borrow or scrape together the money somehow in order to keep current, we've heard that the bank is less likely to make us a priority since they're still getting their money. What's the best thing to do that this point?Dawn...thanks so much for trying to dash my hopes of avoiding a foreclosure, but Obama's plan is not gone...it's very much around: http://www.makinghomeaffordable.gov/Landlord: the reason we can't pay for june or July is because my hubby lost his high-paying job in March of '08. I was a stay-at-home-mom at the time, 8 months pregnant with our 2nd baby. Since then, I got a PT job while grandma babysits, and my hubby's new job pays much much less than the one he lost...so we've been using up our savings to pay our mortgage and to live on, but we're out of money now...and we know that we can get it down to an affordable level within the parameters of the Making Home Affordable plan. Regardless, my question is mostly concerning the fact that if we keep current, the bank won't talk to us, but if we fall behind, we may not be eligible for the plan. Since we can't force the bank to talk to us, and we can't make the government force them to talk to us, what do we do now? more

Open Question: Personal Loan needed in like two weeks help. I also have bad credit?

I am about to lose my house and need a loan of 3700 dollars to get it out of foreclosure. Bank won't help cause I have bad credit and already have a loan with them. It is hard to move because I have pets and refuse to get rid of them. What the fuck should I do? more

Resolved Question: Anybody around who realizes what an evil force the Repugs are?

Wasn't it the Repugs that blackmailed Clinton into signing the Gramm bill to deregulate the investmentment banks and bring us to this crime of the century - economic meltdown. Jobs, foreclosures and all the rest. more

Resolved Question: Why did the U.S. banks give out so many loans to people that they knew would not be able to make the payments?

Which eventually lead to the current real estate crash and many people losing their homes to the banks in foreclosures. The banks had to have known that what they were doing would lead to disaster in the long-run. more

Voting Question: I'm buying a foreclosed home...I need advice?

I'm buying a foreclosure and the attorney called me to tell me there was a little problem with the title. The foreclosure process began before the bank actually owned the property. I don't know that much about it, but I guess they have to file with the count clerk and this didnt happen before the foreclosure process. The title ins. company that works with my attorney says it was done wrong and will not insure the title. The title company that works with the bank that owns the home says yes everything was done correctly and they will insure the title. What do I do? Do I back out, or go with it? Apparently I could have problems selling the home, when I decide to do so? more

Open Question: HOA Dues After Foreclosure?

I want to know what my obligations are on the HOA dues once foreclosure has occurred. Up to what point am I responsible for? I filed bankruptcy in 11/08 and was discharged in 3/09. The condo was exempt, but the bank did foreclose and took over the deed in 2/09. Do I stop making payments once the bank takes over the deed? Or do I have to pay until the property is sold? I am getting conflicting advice and now the HOA has taken me to court. I received a warrant in debt for dues from them for dues from 11/08 - 4/09...of which I have already paid up til 1/30/09. Do I owe one more months worth (to foreclosure date) or do I owe what they are charging me for? The bank sold the property on 5/20/09. more

Resolved Question: 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! more

Voting Question: Tax for Foreclosure or Shortsales for house bought in 2008?

I bought a house in April 2008 as a principal resident and now I'm not capable of paying loan. What is the best way to do between: 1. Stop paying and let the bank Foreclosure (I'm not sure if I have to pay for tax up to 35%, or if it's under the exception of cancellation of debt as qualified principal residence) 2. Shortsales (as I understand, there's no tax) 3. Selling at a loss or gain Or is there any other better way? Thank you for your help. more

Resolved Question: What does it mean if the bank reduces the price of a foreclosure even after they already have 4 contracts ?

According to my real estate agent I signed one of four contracts the bank currently has for a foreclosed home. After a month of waiting, I'm hearing that the bank is sitting on the contracts (no decision been made yet) but has actually reduced the price by approx. $15,000! What is the meaning of this? more

Resolved Question: how late do you have to be on payments before the bank starts the foreclosure procedure and making part pymt?

and making partial payments help to show that we are trying more

Resolved Question: Am I responsible to pay my mortgage balance if the property is foreclosed?

I lost my job last year and could not afford to pay my mortgage. The property was foreclosed on by the bank in July of 2008. Just today I received a letter in the mail from the USDA Rural Development Centralized Servicing Center saying that I am responsible to pay them over $65,000, which was the balance on the property at the time of the foreclosure. Who should I contact to resolve this besides the USDA? more

Resolved Question: Do you know all this about Michael Jackson?

Jackson Lived Like King but Died Awash in Debt AP, Jun 26, 2009 5:00 am PDT Michael Jackson the singer was also Michael Jackson the billion-dollar business. Yet after selling more than 61 million albums in the U.S. and having a decade-long attraction open at Disney theme parks, the "King of Pop" died Thursday at age 50 reportedly awash in about $400 million in debt, on the cusp of a final comeback after well over a decade of scandal. The moonwalking pop star drove the growth of music videos, vaulting cable channel MTV into the popular mainstream after its launch in 1981. His 1982 hit "Thriller," still the second best-selling U.S. album of all time, spawned a John Landis-directed music video that MTV played every hour on the hour. "The ratings were three or four times what they were normally every time the video came on," said Judy McGrath, the chairman and CEO of Viacom Inc.'s MTV Networks. "He was inextricably tied to the so-called MTV generation." Five years later, "Bad" sold 22 million copies. In 1991, he signed a $65 million recording deal with Sony. Jackson was so popular that The Walt Disney Co. hitched its wagon to his star in 1986, opening a 3-D movie at its parks called "Captain EO," executive produced by George Lucas and directed by Francis Ford Coppola. The last attraction in Paris closed 12 years later. One of Jackson's shrewdest deals at the height of his fame in 1985 was the $47.5 million acquisition of ATV Music, which owned the copyright to songs written by the Beatles' John Lennon and Paul McCartney. The catalog provided Jackson a steady stream of income and the ability to afford a lavish lifestyle. He bought the sprawling Neverland ranch in 1988 for $14.6 million, a fantasy-like 2,500-acre property nestled in the hills of Santa Barbara County's wine country. But the bombshell hit in 1993 when he was accused of molesting a 13-year-old boy. "That kind of represents the beginning of the walk down a tragic path, financially, emotionally, spiritually, psychologically, legally," said Michael Levine, his publicist at the time. He settled with the boy's family, but other accounts of his alleged pedophilia began to emerge. When he ran into further financial problems, he agreed to a deal with Sony in 1995 to merge ATV with Sony's library of songs and sold Sony music publishing rights for $95 million. Then in 2001, he used his half of the ATV assets as collateral to secure $200 million in loans from Bank of America. As his financial problems continued, Jackson began to borrow large sums of money, according to a 2002 lawsuit by Union Finance & Investment Corp. that sought $12 million in unpaid fees and expenses. In 2003, Jackson was arrested on charges that he molested another 13-year-old boy. The 2005 trial, which ultimately ended in an acquittal, brought to light more details of Jackson's strained finances. One forensic accountant testified that the singer had an "ongoing cash crisis" and was spending $20 million to $30 million more per year than he earned. In March of last year, the singer faced foreclosure on Neverland. He also repeatedly failed to make mortgage payments on a house in Los Angeles that had been used for years by his family. In addition, Jackson was forced to defend himself against a slew of lawsuits in recent years, including a $7 million claim from Sheik Abdulla bin Hamad Al Khalifa, the second son of the king of Bahrain. Memorabilia auctions were frequently announced but became the subject of legal wrangling and were often canceled. Time and again, however, Jackson found a way to wring cash out of high-value assets, borrowing tens of millions at a time or leaning on wealthy friends for advice, if not for money. Al Khalifa, 33, took Jackson under his wing after his acquittal, moving him to the small Gulf estate and showering him with money. In his lawsuit, Al Khalifa claimed he gave Jackson millions of dollars to help shore up his finances, cut an album, write an autobiography and subsidize his lifestyle — including more than $300,000 for a "motivational guru." The lawsuit was settled last year for an undisclosed amount. Neither the album nor book was ever produced. Another wealthy benefactor came to Jackson's aid last year as he faced the prospect of losing Neverland in a public auction. Billionaire Thomas Barrack, chairman and CEO of Los Angeles-based real estate investment firm Colony Capital LLC, agreed to bail out the singer and set up a joint venture with Jackson that took ownership of the vast estate. Barrack was unavailable for comment Thursday, but referred to the singer in a statement as a "gentle, talented and compassionate man." A final piece of the financial jigsaw puzzle fell into place in March, when billionaire Philip Anschutz' concert promotion company AEG Live announced it would promote 50 shows in London's O2 arena. Tickets sold out, and the first show of the "This is It" tour was s more

Resolved Question: can a person sell their house to another person for less than owed to a bank?

a house we want is in pre foreclosure and the person that owns it said that she doesnt care how much they get. she told me to call the bank and offer half. the bank has not foreclosed on it yet. she is going to file bankruptcy she said. the bank said to call her and make offer. does this mean she can for example sell the house for 35,000 and she owes bank 90,000. house in sad shape. she knows she would be responsible for balance. Can you buy it like that? please help. more

Voting Question: Tried a loan modification with IndyMac bank no feedback ,2months behind on mortage ,?

Talked to a lawyer and got the same response fee would be the same as the house mortgage to hire a lawyer,and refinancing wouldnt happen until a full yr. Need Advice, house to be going into foreclosure ~Stressed~ more

Resolved Question: Foreclosure but working the bank.?

My parents are in the 28 day waiting period with their foreclosure. But they are trying to work with the mortgage company to lower their payments and still survive. Can anyone tell me of the chance of the mortgage company being willing work with them. I know this is vague but I just want some basic information or at least somewhere to look for more. Thanks! more

Resolved Question: Does anyone know what tenant rights are in California?

We are renting a house from some people who are in foreclosure but they are not communicating with us, to let us know anything and I fear that we may have bank people at our door anytime. What are our rights in this situation. We have lost our jobs and can't afford to pay and really need to know our rights and the procedure that they must go thru to remove us more

Resolved Question: Do I need the inspector to come back?

Last time, when the inspector do the inspection, the water was not on. Now, anything is OK, But my agent(she is a inspector also) said, she can help me to check the water tank, if no problem, doesn't need the inspector come back. Because the house is foreclosure, the bank won't do anything. so do I need the inspector back or just listen to her? more

Resolved Question: Do I need my home inspector back?

Last time, when the inspector do the inspection, the water was not on. Now, anything is OK, But my agent(she is a inspector also) said, she can help me to check the water tank, if no problem, don't need the inspector come back. Because the house is foreclosure, the bank won't do anything. so do I need the inspector back or just listen to her? more

Resolved Question: Home Foreclosure and Deficit Collection?

If a person has their home forclosed on and the bank then auctions off the property and recovers $70k less than what is owed, do they usually go after the person for the decifit if that person has a good job with a steady income? What if the person moved across the country? How difficult is it for the bank to recover the money? Would they try to garnish that person's wages and how hard would it be for the bank to do that? more

Resolved Question: How likely is a bank to accept a lower cash offer on a foreclosure?

Sorry if this has been asked before... To be specific, the house is listed as $119. We originally placed an offer -through a financed loan- of $140 and someone else made a cash offer but we don't know how much. There were 6 offers made -over asking price- all together. The bank sent the offers back asking for "highest and best." We then submitted an offer of $150. The real-estate agent working on this house can't legally tell us how much the new cash offer is -or if they even offered higher at all.- But he did say he was "comfortable" with our offer...which to us means our offer has to be higher than the cash offer. We just don't know how much higher. I'm freaking out. How likely is it that the bank will take a higher financed offer over a lower cash offer on a foreclosure? Is there some kind of rule-of-thumb for this: like, the financed offer would have to be at least $__ amount higher than the cash offer?Well, the price is incredibly low for what it is. It has 1.31 acres, over 2,000sqft, pool, completely fenced in, great layout, and it's in good condition. It does need some work, but nothing major. We've looked at houses in the same area that looked like crap compared to this one and they were $175 or higher. Even our real-estate agent -who is a family member- said that she is shocked at how low the price is for how great the house is. We haven't had it appraised yet, but the good thing about that is, even if we offer $150 and the house only appraises for $140, they have to let us have it for $140. more

Resolved Question: What happens if I'm trying to buy a pre-foreclosure home and....?

What happens if I'm trying to buy a pre-foreclosure home and I've already gotten homeowner acceptance of my offer but the bank counters and I actually go down? I'm comfortable where I'm at with my offer but I definitely think that I could have gotten it for less. Can I do that, and, if so, does it have to go back to the homeowner for acceptance again?? Also, can other people come in and offer on the house and the homeowners accept even though the they've already accepted our offer? Is it technically pending or what?Forgot to mention, the house has been on the market for quite a while and, according to the list agent, has had a previous offerer fall through at loan approval. The amount accepted by homeowner and bank at that point was incredibly close (only a few grand) to our current offer and to boot all of this was more than 2 months ago. We of course, didn't find that out from the list agent or our realtor until after the homeowners accepted our final offer. Also, the only reason it hasn't gone into full foreclosure is because we put the offer in and the bank is holding back. I'm of the opinion that the bank can either accept what we want to pay or let it go to the courthouse steps and get pennies on the dollar, it won't really hurt my feelings either way. Given the situation, am I wrong to think that I (as the potential buyer) am holding more than average power to name my price? more

Resolved Question: can a foreclosure on one condo that has a homeequity loan affect another condo that is ownd paid for from bank?

loan affect another condo that is paid for either by bank or hoa? more

Resolved Question: What would happen if I rented out a house I don't own?

What would happen to me if I rented out a house that's vacant because of foreclosure but I don't own the home? Say I do a month to month lease and the people renting from me know in advance they could be kicked at any point once the bank takes over the house or the house goes up for auction. Would I get in any legal trouble for renting it out? Or would the people renting just get evicted by the bank or Realtor? more

Voting Question: what do you think wilk happen and how long before I know something?

My mother left me and my sister equal shares in a 700k beach house. I never lived there I live in a another state. the sister had me sign a home inprovement loan for 180k and needless to say not much home improving got done pretty much blew the money. She quit paying the loan and let the house go into foreclosure and had to sell (I never knew it was behind on payments till it was in forecloser). The first buyer I signed the paper work but the deal fell through. after it fell through I seen where there were many more debts attached to the sale that were hers so I demanded that i recieve atleast 25k in the deal (I thought that was not very much seeing how I lost half this house). I was told by her and the real eastate agent that I would get what I got and thats the way it was. I recieved a check for 14k and was told they used the contract from the first sale for the second sale and seen where my name had been signed by my loving sister (did'nt even sign my name right). I never cashed the check seeing as how I just assume let the bank have it as too take a insult like that for my half of the house, there was even mention of a lawsuit that was filed over the property with U.S. bank with me as a plantiff and we won I never knew anything about this lawsuit or how much was awarded. I give this mess to a attorney and he told me that the title co would be in touch with me. My freinds tell me that she took out the loan agaist it to get my half of the house along time ago they tell me thats the oldest trick in the book. She even included her credit card debt in the sale (thats why I got mad and would'nt sign the second sale). What going to happen here and how long is it going to take. I never knew the house was behind on payments or I would have paid them to keep this house (it was my orignal homeplace) but now its just too much to catch up on and sold on a very fraudulent sale on top of that. I afraid to let too much time pass before saying anything but then agian I dont wanna bug the attorney to death either. I know I keep asking this but I never had or known anybody thats had a house pretty much stole from them before. So Im real antsey about sitting and waiting to see whats going to happen with this Im afriad if I wait im gonna lose more (If thats possible) any advice opinions or war stories would be greatly appreciated. more

Voting Question: Filing for small claim lawsuit (Pls see below for detail)?

I submitted an offer for a foreclosure house on 5/21/09 and my offer was accepted on the 25th. I then submitted a $6000 deposit to the title company. But the problem is I found out my mortgage lender needs 45-60 days to process my loan due to heavy document load, which is a longer than the closing days in put on the offer application. I asked for extension, but got denied. So, I had no choice to submit an cancellation notice. On my offer application, I did put in 7 days for inspection contingency, and 7 days for loan contingency. My cancellation was submitted on day 12. The problem now is the seller is not returning my signed cancellation, nor the cancellation form from escrow. My agent had tried several times contacting the seller's agent on phone and email, but they deny to response. It has been two weeks already since I submitted the cancellation form. My question are: how long does it usually take for this kind of deposit refund? Should I file in small claim court? How much should I ask for? What is the process? Who am I sueing, the seller's agent,or the property owner (the bank)? Please kindly advice. Thanks.I am from Union City, CA, and the house is in Newark,CA FYI.Dear Roger, I was still under the 7 days loan contingency period when I submit the cancellation, why is this a violation? Supposed I have 7days for inspection, then another 7 days for loan. more

Resolved Question: What would a foreclosure do to my credit?

If i let the bank just foreclose on my house in lamens terms what would that due to my credit (divorce/ loss of pay at work) more

Resolved Question: How long does it take for a Bank Owned Property to be listed on HUD.gov?

I have found a house that has gone through the foreclosure process and is now bank owned or REO. Called the bank, which said it is an investment property. Got the contact information and was told the house is going to HUD. The house is not listed on HUD.gov. So, how long will it take for the house to be listed on HUD.gov? more

Resolved Question: owe 425K on home worth 325K Live on SS can I take $ out of 401k to buy new cheaper home.I am over 65 yrs?

If I purchase new one before foreclosure can bank put lien on new home or if I wait can they still do it more

Resolved Question: buying a foreclosure?

i am looking into buying a foreclosure within the next 4 months possibly.. i have decent credit just not a whole lot (im 20)...however, everything that i own is paid off so i have no debts. I am looking at houses under 100k because i only have $12500 in the bank... what is the likely hood that i could get financed?? also, what kind of things am i going to have to prove to get financed??? thanks!i make well over $2500 a month.. however i am a server and do not claim all of this... my pay stubs only show about 1500 per month... would bank statements be enough proof of income??also... what exactly is a pre foreclosure and can you bid on these or do you have to wait.... or what is the deal?/??? thanks more

Resolved Question: How can I stop a checking account garnishment when I have filed for bankruptcy?

I live in Michigan & recently went through a divorce, foreclosure, and was laid off at work. For the past year, I have been unemployed & then am currently temping. My ex-husband declared bankruptcy and basically, our second mortgage wasn't foreclosed on (it was a different bank than the first mortgage) and that entire balance is now my responsibility. It's over $35,000. I was served last summer and then in Feb 2009 my MI State Income Tax refund was garnished. Now, I received a writ of garnishment from the court and it was sent to me FROM my old credit union. THEY were served with papers on 6-18-09 and thankgod, the account was CLOSED so they could not pull money from the account. I am fearful that now, they will get to my CURRENT bank & possibly my staffing company where I work. I checked my current bank acct. and there is still a positive balance but what should I do? Close this account? NOTE: I secured a bankruptcy attorney and paid in full within the first week. I was given a first draft and returned that to them over 3 weeks ago. I am awaiting a SECOND draft. It has not yet been filed with the courts. Am I not protected yet? Any advice would be appreciated. Thanks in advance more

Resolved Question: How much does the foreclosure process cost the lender and/or bank?

Resolved Question: why do people think that Obama is so grate when he has done nothing for the people just big Banks & Corp.?

When he ran for office he was going to help all the people get back to work, stop the foreclosures but all he has done is help the big guys the opposite of what he said when he was running but no one says anything about it instead they make news out of him killing a flyWhat happened to helping the backbone of the county the small business no help for them at all don't get me wrong I do not think that every person should be getting money more

Voting Question: Real Estate Investing? How do I get financing?

I want to buy a foreclosure in this market. I have a little money saved up to put towards a down payment and other cost. However, I don't have the deep pockets to make a cash offer. How does someone usually go about getting financing for an investment property? Will a bank back someone so they can make a cash offer on an investment? Please I need some real meat and potatoes answers. I've read books on this subject but they don't help. Someone with experience help me out, and don't say find a rich relative or friend to be partners because I don't have any.I'm in Texas, DFW area. more

Resolved Question: 2nd mortgage taken out to buy my house, if i go in to forclosure can I be sued?

I bought a home with an 80/20 loan, I used a 2nd mortgage as a down payment. If I go into foreclosure can I be sued for the 2nd mortgage? I heard that since I took it out to buy the house I can not be sued for it by the bank. I live in California. Also what can I be sued for? more

Resolved Question: Any good websites or Contacts to ....?

Find about bank owned commercial properties like Hotel/Motel, Gas Stations, Strip Malls or Mix Used Buildings etc.... I am looking for REO or Foreclosures more

Voting Question: Anybody dealt with this?

I may lose my house for non payment. When I divorced my husband 9 years ago He put the deed in my name but was forced to keep the mortgage solely in his name. Because I could never refinance it remains that way. If we have a foreclosure. What happens? How does the bank deal with this knid of set up? Anybody ?This is in Pennsylvannia. more

Voting Question: If my house is foreclosed on, can the lender come after me for payment if they took the house?

I can not afford my mortgage and I am currently coming up on 60 days past due and the bank is threatening foreclosure. Can they come after me for payment if they take the house? more

Voting Question: How long for eviction?

In a bank foreclosure where the property is auctioned off on a certain date, what would be the time-frame in which the previous owners would have to vacate the premises? Thanks very much. more

Voting Question: Can I Buy a Home That Is Approching Foreclosure From a Family Member?

My parents moved from one home into a more expensive home a few years back. Since then my father has ran off leaving her with the burden of the new mortgage and the old mortgage of the home they moved out of but still own. She decided that there was no way she could pay for both homes and all the other things she needs when raising two children. My sister and I want to buy the first home but are afraid the bank won't let us because we all share the same last name? What can we do? more

Resolved Question: I am SO frustrated with this situation~ Am at my WITTS end!!!?

This is a long story, but i will try to get to the point with only the key details... a bout 5 yrs ago, my ex husband and I sold a house to a man who buys houses out of foreclosure for $500 cash each...The deal was it was going back to the bank anyhow, so he gave us a little cash, and had us go to a bank and sign a "warrenty deed" basically signing over the house to him and he said he would have his financing within 30 days to pay off our loan... I figured he knew what he was doing and was kinda desperate to get out of it. So anyhow, 5 yrs has gone by, he has NEVER gotten his own financing ...the title is in his name, and the loan is in mine and my ex's. This awful man has been late on payments every month for the last 5 yrs, the house was set for foreclosure again tomorrow, but somehow he came up with the money 10,000 and now its cancelled. I was hoping that it would go back this time cause I dont' want to be tied to it anymore. I have heard this is a fraudulant practice, called equity mining. I have contacted the attorney general, my bank with the loan, the FTC, everybody I can think of, and unless I have tons of money to take him to court there is not a lot I can do.. I don't have 5,0000 sitting around for this,. There has to be something I can do. He cannot get away with ruining my credir further, using MY loan for HIS house..It doesnt make sense. I know it was a bad mistake I made, but this man that lied about the way he was buying the house shouldn't get away with this!!! what can I do? more

Resolved Question: Foreclosure Question?

We are interested in purchasing a home that is in the process of foreclosure. The people who were living in the house were actually purchasing it on a land contract and the builder is being foreclosed on. I believe it to still be in the early parts of foreclosure and our real estate agent is trying to find out if we can just assume the balance. She feels that this would be a benefit to the bank as it would save them the time and money involved with a foreclosure. My question is, would this be considered a short sale? Would this require the typical downpayment? Would we be responsible for the closing costs that would typically be paid by the seller? Our agent has the key to the home but is waiting for the ok from the bank before we actually tour it (we've just peeped in the windows) and doesnt want to be too pushy. Any thoughts? more

Resolved Question: Let home go into foreclosure?

Our condo complex might be condemned in Jan 2010 for code violations. This is after a two year "second chance" to fix code violations after getting the lien lifted from the bank. I'm not sure what the implications are for a condemned property. Is it better to let the home go into foreclosure? The value of the home is almost half of what we bought it at 3 years ago. So selling is out of the question. more

Resolved Question: I am interested in buying a foreclosure property in southern California?

I want to purchase a foreclosure property in California to live in. What should I do first, how do I begin the process? Do I contact banks, real estate agents or what? What are the common mistakes people make in dealing with foreclosure properties and what do I avoid? I am obviously a beginner at this and don't even know how to start the process, any help would be wonderful! I'm a Canadian citizen and I live in Canada, if that's necessary. more

Resolved Question: Long story but need some help?

We signed a 6 month lease with our landlord in March of 2008 paying $900 a month. We were never able to renew it with our landlords because they were always "busy" when I tried to schedule a meeting with them. In october of 2008 they said that they had "a stroke of good luck" and dropped our rent by $400. They took our deposit and put $500 toward the month of November and $400 toward the month of december and we continued to pay $500 a month until the end of May. We came home on May 24th to find an eviction notice on our door with a different address so we took it out to our landlord and they called us on the 25th and said it was for our address and that we had to be out by the 26th of May (2 days after the notice was on our door) When I finally got the truth out of my landlord I found out that the bank had foreclosed on the home (I have not gotten the exact date of the foreclosure yet) because they could not pay their mortgage any longer. When I spoke with the Bank's attorney she said that they had a hearing on the 19th of April that my landlord was informed about and that is when she was notified that we were to vacate the premises. My Landlord had neglected to share this bit of information with us until the day before we were to be out. We continued to pay them rent until we received the eviction notice (so we paid them for the month of May). Is their anyway that we could legally go about getting our money back or is this a lost case? Any answers would be helpful. more

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