Resources for Real Estate In Foreclosure

Recent Real Estate In Foreclosure News

07/04/2009

Real Estate In Foreclosure Answers

Open Question: Renting without a lease agreement and landlord is heading for foreclosure. How can I get my deposit back?

My lease agreement ran out a year ago. After the twelfth month, I continued to pay my rent as per the guidance of the real estate agent that found this house for me. As I have been hoping to purchase a home in the near future, I didn't mind having a month-to-month agreement, but I am still probably 9 months out. I have just began receiving letters stating "It's not too late to save your home" as well as attorney letters from the home owners association. I provided the landlord with first month plus one month security deposit when I moved in back in July of 2007. Is there anything I can do in an attempt to get my security deposit back? Do I have any recourse? Does anyone have a website that can assist me with this situation? Any advice is welcome. Thank you in advance for your help. Sarasota, Florida Renter more

Open Question: What are the best bargain investments right now?

I like the DIA (ETF for the Dow Jones), I like UNG (ETF for Natural Gas), I like real estate in Detroit because prices are very low and foreclosures abound. Regarding Education I like degrees in medical billing because they take only 1 year to get and they are in demand. I like to invest in small businesses like gas stores and one dollar stores because everybody uses them. I don't like single stocks because of lack of diversification. I don't like forex market because I am not a trader. I don't like options because they are too risky and complex. I don't like silver and gold because the price is too high. Do you know better investments? 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

Open Question: I entered into a contract with a Real Estate Broker in April of 2007.?

According to the contract, he would pay the monthly mortgage & sell the property by end of August 2007. He said he already had a buyer & that he had a tenant who was going to move into the property & pay monthly rent. The Section 8 tenant moved in June 2007 & he was collecting rent monthly. When I hadn't heard form in by August's end, I made attempts to contact him which were futile. I was in Florida at the time. By year end, I returned to Illinois & chased him down only to hear that the buyer had backed out of the deal & he supposedly was trying to find another. I also found out he was not paying the mortgage regularly or on time, consequently accrueing late fees. And me being bombarded with daily messages from the lender, for non payment because my name is still on the mortgage. Unfortunately at the onset of all this, I signed a quit claim deed to the buyer(the one who backed out) only becuase I believed the was a done deal. So now I need to know what are my rights? If she backed out of the deal is this QCD null & void & can I sue The Broker for not honoring the contract? He has had numerous excuses for the last2 yrs. I now believe his intention was to collect montly rent for as long as possible while only paying the mortgage sporadically. The lender is pretty close to starting foreclosure but has not yet. All this is affecting my Credit rating as well as causing me extreme anxiety. WHAT CAN I DO? Any good advise will be appreciated.I truely appreciate the advise I've received thus far but no one has told me what happens to the Quit Claim Deed if the buyer who signed it with me backs out. Does she own the property even though she changed her mind & backed out of the deal? Is there anyone with any real estate knowledge who can answer this question? more

Open Question: What is the "FIRE YOUR BOSS! $20-$60K a month!" about?

I have seen these everywhere. most of the time these things are a gimmick on late night TV infomercials, but this one has billboards on the freeway, radio advertisements on prime time and more. Also, from my experience these entail doing something with real estate, (tax leans, foreclosures, etc.) It is a big yellow sign with black text. I just wondered what this usually entails. please, I don't need smart A** comments or people smirking. I just want to know what this is about without the sales pitch from the company. 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: I want to move to Ft. Myers from upstate NY and attend Edison College! Any Nursing Students out their?

Im currently a student at Fulton Montgomery Community College in Johnstown N.Y. Ive taken Basic Math, English 1, Sociology, Intro Biology in the fall 08 semester. And Spring and Summer Ive taken Intro Algebra, General Psychology, English 2, Gym, and Chemistry. I applied for the Nursing Program for fall 09 and wasnt accepted. Should I stay in NY and reapply next year after Ive got my A&P's done? The thing is my hubby and I want to rent out our house (due to real estate market, its hard to sell) and move to cape coral, ft myers area and buy a foreclosure. But Edison College requires different pre reqs and co reqs so alot of my credits will transfer but will be no good for my nursing degree. Do you think its worth it? We really want to be out of N.Y. Any suggestions would be greatly appreciated. Also Ive got 6k in student loans right now and Im trying to find a way around the out of state tuition... hoping buying a house will make me a resident. more

Resolved Question: Where can one get housing assistance?

A friend of mine presently lives in Conn. and is being evicted from her home due to foreclosure. She is a Real Estate Agent and presently due to family situations has no money to her name. She had to pay off credit cards in order to get her daughter a loan for college. (She recently graduated from High School.) She would like to stay in Conn. for the summer for her daughter's sake. She has no money and has been living day to day. She has no family to stay with. Where can she get some type of reasonable living condition that will be paid for by the government until she gets some money from her job or a new job. Any suggestions at all. She has been very courageous in making sure her daughter graduated from high school and would be able to attend a very good college with loans and grants. She has spent all her money on lawyers to delay the eviction till her daughter graduated.Thanks. more

Resolved Question: Can I get a mortgage since my wife bankrupt?

My wife bought a condo that was later worth pennies with the real estate market going down. My wife has recently foreclosed and filed bankruptcy on the condo so the lender could not go after her for interest, attorney fees. I was NOT on the mortgage or deed. I have money saved to buy a new house, however wonder if my wife's foreclosure will affect me. I did not bankrupt with her, and I have good credit. My wife will not be on the mortgage. When my wife first bought the condo we were alread married and her lender did NOT inquire about me at all such as social security number, income, etc since I was not to be on the mortgage. Therefore I expect the same with her since she will NOT be on the mortgage --- Does anyone know if my wife's foreclosure will affect me buying a new house since it has only been about 6 months since I lived there?I mean we DO NOT live in a community property state- IL. ThanksWe do live in a community property state. Thanks. 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: foreclosure reaal estate investments?

real estate foreclosusre investment, where to invest 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: Any real estate agents or lawyers that can help! Or anyone for that matter! The house I'm renting is being...?

Foreclosed on! I was renting with the option to buy after 6 months! I'm ready to buy and now I understand the house is in foreclosure and it will be auctioned on July 29th! The owner wants to just sell it to us but his ex-wife (who is the co-owner) won't sell! She just wants to let the house go into foreclosure! I've begged and pleaded with her and she won't sign the papers! What can the owner of the house do to get her to sign or how can he sell it without her signature? I live in Raleigh, NC!. We love "our" house and want to stay in in...WHAT CAN WE DO? What can he do? He knows already he won't make any money but he doesn't care...he just wants to sell it to us but his ex-wife is being a complete....Winch about the whole situation! Is there anyway we can buy from him without dealing with her before the AUCTION DATE! 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: 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: How to prepare for a short sale of investment property?

We had a condo for rent, but the rental market has sunk to the point where it is a losing investment. We have listed the property for sale, but in a few months will not be able to carry the mortgage of the investment property. If the property does not sell before then, we may need to do a short sale (if the bank agrees) or worse, deal with foreclosure. To plan for a possible worst case scenario, should I consult with the bank now or wait? Should I meet with my CPA now? Is there value in meeting with a real estate attorney, too? Obviously money is tight, but I want to be prepared. more

Resolved Question: Finding Who Owns A Foreclosure?

I put in an offer $6,000 over an asking price on a house with 10 acres. The real estate company returned my good faith deposit and told me they had seven other offers that were being returned. The bank pulled the property and will prob put it back on the market at a higher asking price. Are there any websites I can go to in order to find what bank owns the property? more

Resolved Question: whats going on with real estate these days?

Here is what is going on, me and my gf are looking to buy a home. We are first time home buyers and are looking to buy a house or condo. We have placed bids on about 8 places so far. We started out bidding under the asking price and soon learned that would not be even considered. So we keeped over bidding more and more. Our price rang is $80k and under. The last place we looked at was a condo listed at $59,900 so we bid $74,000 asking for nothing back. So we bid $14k over asking. It was a foreclosure as is everything else we are looking at. We are not even bothering with short sales as we hear it will take forever and chances are very low you will get it. We are getting very discouraged and seems we will never get anything. We are looking in Bonita Springs and Naples, Florida. If anyone has any info that may help it would be great. Thanks! more

Resolved Question: Selling Real Estate you do not own...?

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

Resolved Question: What happens to the HELOC in 100% financed real estate during foreclosure?

I've tried selling property at deeply discounted prices but this still doesn't address the HELOC portion which was used for the initial purchase. more

Open Question: What do you think the odds are of getting this home?

We placed an offer yesterday on a home that we love. The home is a foreclosure and has been in foreclosure for about a year. The thing is that the home does need some work but to us it is well worth it. There were some people that were trying to buy the home and they were in contingency based on their loaner wanted the bank (the seller) to make repairs before they would give the loan. I have talked to some people and asked what the chances were of that happing and they said the chances were very slim and some people said the bank would not fix anything for them. They were suppose to be in contingency until Friday but I spoke with the real estate agents today and they said that the contingency was about to be over today because the potential buyers were asking for their ernest money back. What do you think the odds are of us getting this house now? Our offer is very good and very little under their asking price. From this info doesnt it seem like those people are out of the running? more

Voting Question: Real Estate help please?

I want to find a house that is in foreclosure, and then I want to rent to own. I want to come up with a very small down payment, and pay rent that would apply towards the note. I don't know if the same thing can be done with an REO. Can "renting to own" be done with an REO or foreclosure? If so, what are my first steps? more

Resolved Question: where would you invest 200K right now ?

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

Resolved Question: If an attorney lies, claiming to your bank that they are foreclosing on you & they're not, what crime is that?

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

Resolved Question: Anyone who has real estate knowledge or worked reception for a realty office...HELP!!?

I am interviewing for a receptionist position at a Real Estate office. I REALLY REALLY want the job! I am in the last 4 candidates out of over 30...so I am really close. I have a second interview tomorrow and I want to show that I am ready for the job and can handle the tasks involved. They gave me a list of the jobs the position includes, but since I have never worked in a realty office, I am not exactly sure what all of them are. If anyone can clarify some of these for me, perhaps some of you have had this position or one similar to it, that would be AWESOME! Also, if you have any extra advice or tips, I would certainly appreciate it. 10 points to best answer! * Weekly Foreclosure Letters *Check Sheriff Sales *Prepare Short Sale packages *Vacant Home Letter *Maintain Boards, Packets, Spreadsheets I don't know if it matters, but this office specializes in avoiding foreclosure, and making "short sales"... more

Voting Question: How can we find out what is owed on a home in foreclosure?

We are very interested in buying a home that has been foreclosed on. We told the real estate agent yesterday that we want to put in an offer but we have yet to hear back from him today. The location means a lot to us because it is next door to my in-laws but we don't want to over pay for the home. What is the best way of going about finding out exactly what is owed on the house? We do not have a real estate agent and this is are first home.Also, we are really wanting to make sure that we pay just the right amount because we are going to have to do a lot of work to this house and replace a lot of appliances. When the people moved out they took the kitchen sink, one of the toilets, light fixtures, almost all of the doors etc. more

Resolved Question: How can I get my hands on Foreclosed NYC properties?

I feel like now is the time to capitalize on the real estate market being down. Are there websites that keep track of foreclosures? What is the process of securing foreclosed property? NYC preferred more

Resolved Question: low ball appraisal on refinance in stable real estate market?

We are located in Greenville, SC. Prices here are stable. We bought our home about 9 months ago. It is designed by Don Gardner, has 3 bed, 2 bath...2400 square feet with a half finished full walkout basement. The house was new when purchased and was on the market for 10 months and builder was eager to get rid of it. We purchased it for 250K and the list price was 280k. Builder and agent claim we basically paid for the costs on the house...may not be entirely true but it is probably close. Anyways, when house was appraised for purchase the appraiser used the house next door for one of the comps...similar house but finished basement sold for 290+. So we tried to refinance with our mortgage company and the appraisal came back at 200K. Same exact appraiser. The comps she used were of homes a few streets from us. They were the same size but 8-10 years old and without basements. Without a doubt not very comparable to the new home we purchased 9 months ago. Seems kind of screwy to us and it looks like we are out 500 bucks. We tried to send in other comps to argue the appraisal and they were rejected. We feel like they are doing this to keep us at the higher rate? Any thoughts? What is funny is that she has the same statement in both of our appraisals "home prices in this area stable" and yet now she says our home is worth 25 percent less. BTW there are no foreclosures in our area. The builder just sold like 5 new houses in the neighborhood and is building some basement houses so we are thinking of trying a local mortgage lender....smart move? more

Resolved Question: What is a very good bargain investment?

I want to invest money and I am looking for bargains out there. I think that natural gas is very low at $4, so I want to invest in it. I also like real estate in Detroit, because there are so many foreclosures there. I am not planning to invest in degrees because I want to be a self employed investor, and I educate myself reading and learning books. I don't like to pick single stocks because they are too risky, I prefer index funds. more

Resolved Question: My mom's house is on the market to sell. If I wanted to buy it from her, is there any way...?

Is there any way to cut out the real estate agent that she has is listed through at the moment? If so, would that save me a lot of money in closing costs? She would sell it to me for $50,000 and would keep her from going into foreclosure. more

Resolved Question: This seems weird to me...?

Okay why are some properties selling for $3,000? And it's a legit real estate company..Century 21. Is it a foreclosure? And the building is nice. I'm talking doorman, pool, gym, the whole nine yeards? What is going on here? Please help lol. more

Resolved Question: any suggestion for foreclosure homes findings?

we are looking to buy home in NY and the prices are still crazy here. Anybody has any suggestions for homes that are short sale or foreclosure in NY area, and Long island. Any idea about real estate agents in NY that do this kind of sales? more

Resolved Question: As a homebuyer of a foreclosure, will I have to pay the realtor's commission?

The addendum I received about making an offer on a foreclosure states, "Buyer agrees to pay all allowable closing costs on behalf of the seller and buyer." I expected to pay all the closing costs except the commission because it was not my choice to list the house with a real estate company. I am working with a realtor now. Will I have to pay him commission if I buy the house? more

Voting Question: what does it mean in real estate lease or option?

Im looking to buy into foreclosure default or any of those. looking for info so i don't get screwed on a deal. thank you more

Resolved Question: Pay real estate taxes during foreclosure?

My bank is in the process of taking back my home--meaning they are foreclosing on it. I understand that at this juncture I do not have to pay property taxes as the tax follows the residence--not me. So----will I get arrested / jailed or anything like that if I don't pay taxes when a house is in foreclosure? more

Resolved Question: Real Estate taxes---pay during foreclosure?

Resolved Question: What should I offer on a 800 sq. ft. ranch home, on .11 acre that needs very little repairs?

I live in a midwest city, so house prices are pretty low. Also the foreclosure bust did not really hit our area. But here are the facts: The previous owner bought the house in 2005 for $93,700. Its in very good/safe/clean condition...but they didn't do anything to it as far as improvements. They just live in it and still do live in it. It was originally listed for 125k; dropped to 114k; and is now listed at 109k. Its above what other similar house in the same section of the city are going for- but its also in cleaner/safer/better shape. Its been on the mart for over 250 days. My real estate agent said on the size of the house...and since its in the city not country...its wasn't worth the 93,700k the owner paid for it. I don't know if I agree...I guess I'd be willing to spend 95-100k...I think its worth probably 95k just because its in such good shape. But its small and only 2 bedroom, and the basement is full, but not finished. We'd probably finish the basement and make a small patio out back. I like the section of the city its in...what should I pay? And how do I convince the seller? I feel like they are being unrealistic and trying to make lots of money off of it, that isn't there. more

Resolved Question: Why hasn't anyone pointed out that OPEC was a major factor int he world economic crisis?

http://www.wtrg.com/prices.htm I've done a lot of poking around and I can't find any real significant press coverage or stories that truly point the finger at the main reason for the demise of the real estate market and ultimately, the world economy. The recent elections here in the US showed that a main topic for both candidates was searching for alternative energies, but the bottom line is that the real estate market's failings were blamed on the current world economy, when the reality of the situation is that if the cost of petroleum products were at the root of the problem. The families that were doing fine at the time had to choose what to pay for when each week they were having to pay two or three times as much for a gallon of gas long before the real estate collapse. In the end, many with mortgages had to abandon their homes because of the jump in inflation of products and services coupled with the inability of their employers to increase their wages accordingly. When you ask what caused our current economic situation, everyone seems to say "Real Estate", when the reality of the situation was that the greed of OPEC is what drove up inflation in the first place. For real, are we supposed to just ignore that tens of thousands of mortages went into foreclosure at the same time the prices of gasoline hit record prices at the pumps? Was that just coincidence? Is the greed of OPEC bound for "footnote" status in the history books 10 years from now when children are reading about the economic disaster of 2008? Chime in , please....I want to thank everyone for the imput so far. But now that I have more to add to that question. (Thank you Stumpy, you made me think about this a little bit more) The US real estate market's demise is no doubt what has caused world-wide changes to the economy. But is that because on average, the US citizen normally pays less for gas anyway than other citizens of the world? When OPEC caused prices of fuel in the US to more than double, as with any economy it created a huge jump in inflation that employers couldn't keep up with. As with any economy, this created a chain of events that rippled through every aspect of our economy and finally causing many in the US to choose between paying their financial obligations to creditors, or spending the money on the very basics needs of the family, like food and clothing. Many US Citizens defaulted on credit cards they maxed out because their savings was depleted. And when there was nothing left to not pay, they had to foreclose on the home.Interesting point Akhi. Answer me this, just because it has happened before with previous industries, how is OPEC NOT a major factor? How does history repeating itself change a major factor behind the demise of the real estate market? And I just want to point out that we do NOT get the majority of our petroleum from OPEC (http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/company_level_imports/current/import.html). However, OPEC's sole purpose in life is to attempt to govern the price of petroleum out of greed with little regard to world economies. At what end, does our great capitalistic nation do the same? In what industry does the US attempt global monopolization? And lastly, how is NOT identifying OPEC as a major factor play into learning from the very history that you have stated we ignore?Stumpy, I agree that greed and lending practices played an important role in the real estate problems in the US. I also agree that saving for a rainy day is ALWAYS good practice. (My wife and I live well below our means and so we are less affected by this than many of our fellow neighbors.) But would the poor lending practices in the real estate market have been exposed if not for the sudden climb in the cost of petroleum? Foreclosures on homes is what sent the market spiraling down here. A lot of investment money was lost and you know the rest. But can something other than the cost of petroleum be blamed for the sudden rise in the cost of living, creating and environment where people who were paying their bills on time, were no longer able to make ends meet because everything accept their mortgage payment went up?So Akhi, if you are telling me that it's happened again... History has repeated itself in another energy crisis, how does that eliminate the major responsibility of OPEC in all of this? (http://news.yahoo.com/s/time/20090529/wl_time/08599190144600) I agree that GREED is the main REASON, but to what extent is the greed of OPEC less than that of the other companies and corporations involved? Real Estate lenders are the only other industry that could have a direct influence on the housing market, but their collapse didn't occur until after the sudden economic inflation. So, we once again go back to, "how was OPEC NOT a major factor in the world's economic crisis?" And for the record, I'm not whining, I'm just asking because it seems like every lending institution in the world is under scrutiny and being blamed for the real estate market collapse. It's human nature to blame someone for major disastors, I just want to know why less weight in responsibility has been placed on OPEC.THANKS AGAIN!!! I love the responses I'm getting to this folks. I've left the question open a little bit longer and hope that more people will weigh in on this. What I'd really like to see is if anyone has any links to any other websites that can rebut the information that I have here, more specifically... In the recent campaign for the new Presidency in the US, I (personally and just my opinion) think it's an odd coincidence that OPEC agreed to drastically cut back supplies in order to increase the price per barrel when the candidates both adamantly agreed that the US needs to invest in more national and alternative energy supplies. The OPEC Cartel now states that it needs to receive more than $140/barrel in order to compensate for the funds needed to pursue further deposits of oil. With world consumption down to a 5 year low, and more investments being made in aternative energies, why does OPEC need to look for more when there's an estimated 10 years in the current wells? Hmmm? more

Resolved Question: If mortgagor won't accept returned deed nor pursued foreclosure, what would be your options as corp. owner?

Bought station 5 yrs ago. Have had many contract issues with my gas distributor where it has cost me many dollars to legally make them abide to the contract signed. Through no avail. Gas distributor is also mortgage holder on property they sold to me. I am out of money and have not paid mortgage since Oct. 2007 and property taxes about the same time...They started foreclosure proceedings in Nov 2008 at which time I hired an attorney who negotiated a deal to return the property and stop foreclosure in Feb 2009. It is my Corporation that owns this property. To date the mortgage holder has not accepted the deed and is not going forward with the foreclosure proceedings! I can't afford any more attorney fees for more proceedings and consultations. Because foreclosure was recorded, no real estate will market the property. In it's present situation it is un-rentable. Is there any way I can sign it over for the unpaid taxes, or do I just walk away by makeing my corporation insolvent ? more

Resolved Question: What are the consequences of "surrendering" our manufactured home back to the lender?

I sure hate to ask that question, but with job losses and a medical emergency we have to consider it...especially since there is another job out of state that is mine if we can move there. We bought this home 11 years ago when we got married. It is a 3/2 1400 square feet and is in good condition. We owe 49K still. It is in a park on rented land. We are not allowed to rent it out per the park rules, and Greentree (the lender) will not allow a short sale. We have had it for sale for as low as 33K, but cannot get a nibble. We have never missed a payment in those 11 years and have excellent credit. We can make our June payment, but after that we don't know how we can continue. With our specific details (mortgage on the home, but on rented land) what will the ramifications be if we move out of state and walk away from the mortgage? Is it a repossession or a foreclosure given our circumstances? (not really REAL ESTATE...sort of considered a vehicle). What happens to our credit, and for how long? Will wages be garnished? Serious responses only, please. more

Resolved Question: Questions about a house mortgage FHA 203K Loan?

My wife & I are trying to buy a foreclosure and want to fix it up. We both have bad credit, so we coudln't get a house on our own even though I make enough money to get the mortgage. I am fixing my credit, but it won't be fixed in time in the next 2 months to get a house. We found a co-signer, but the mortgage broker said we can't have that because our credit isn't high enough. So, my dad is taking out the mortgage and we are told we should get an FHA 203K loan and then he is going to do a quick deed right after, so I become the owner of the house. The mortgage broker said it is hard to get this type of loan these days and the real estate guy said it's not. I had some questions if anyone has personal knowledge or experience with this stuff. 1. Will I qualify for the tax credit because I am doing a quick deed after or not? 2. Someone said there is a limit of $35,000 for repairs on a home with an FHA 203K loan, so if I buy the house for $40,000 and my mortgage was for $70,000 do I have to spend every penny on repairs? If there is extra, can I keep it until something goes wrong like a basement leak or the furnace breaks? 3. I was also told that you have to get in writing from a licensed contractor for the repairs etc., but they have to be willing to be delayed in payment? How is this so because I thought after you get the mortgage, you get a check and you pay the contractor? 4. The taxes on this house are very high, and people said to appeal to the city, but I heard this usually doesn't mean they will lower the taxes. Why don't they make the property tax off the price you pay and what are the chances they will lower my taxes? Thank you to anyone who can help on this subject matter.Ok, maybe I am confused about the deed thing. The real estate agent said that if he signs the deed over to me, I will be the owner of the house, he would just be responsible for the mortgage. Obviously, I would pay the bank or pay him every month, but according to below, this can't happen? My real estate agent must be confused. more

Resolved Question: How do I stop a foreclosure on real estate?

Resolved Question: how to make an offer on foreclosed homes?

If a house is listed as owing $150k and is already on foreclosure, is that a starting bid or do you make an offer to pay off that amount? How do you know how much to offer on a foreclosed home? Or do you just make an offer of what you can afford and hope the bank accepts it? Do you also get to inspect the property first? Also, does anyone have a great suggestion for a real estate agent for the bay area who is good with foreclosed homes? Thank you! more

Resolved Question: Buying a home in 2009?

We put an offer on four properties in Riverside , Ca (Foreclosure) this 5/18/09 my questions is when will I hear a response from the bank . My real estate said in a week. or so.. Once the bank accepts the offer what is the next step.. and a proximately how long will it take for us to move in. Also since I will be a first time buyer... what should I look into a fixed rate, am trying to find out any information so that I would be losing my home later on in years. Would appreciate any advice. more

Resolved Question: Are people still making good money in Real Estate?

Are people still making decent money in real estate even with the exceeding numbers of foreclosures? What is the median range of salary for first year real estate agents? Also do you receive base salary as well as commission? more

Resolved Question: Can anyone help me - thought this was a buyer's market?

Me and my husband are approved for an FHA loan. We live in Florida. Just learning that FHA does not cover condos?? That rules out 50% of houses we can look at. The other 50% are short sales or pre-foreclosures - they seem really confusing. All the "for sale by owners" are still way too expensive. We've been looking for months. Does anyone have any suggestions, advice, words of encouragement. Thank you :) And we are working with a real estate agent who doesn't seem like much help. more

Resolved Question: 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.). more

Resolved Question: I have a research paper Due Friday...On the Current Housing Crisis!!!!!!!!!!!!!!! What do you Know About it?

What is the current Housing Crisis (Foreclosure Issue) Doing to our Community? What role do Real Estate Brokers play in the buying and selling Foreclosed properties? What can they Do to help the situation? more

Resolved Question: how to buy foreclosures homes?

I am looking for real estate bargains and consider buying foreclosed property. How to buy foreclosures homes? more

Voting Question: LAWYER HELP PLEASE FORECLOSURE LIEU NEED IT TO SIGN MONDAY?

Nts have not executed and hereby agree 1. Affiants are the owners of the real estate described as: And all work (BOLD TYPING) Lot (Same as page 1) 2. Any and all work, labor, materials and supplies which have been used, applied or furnished upon the said property at any time prior to this date have been fully paid for and discharged, and there is no said property for work or labor or materials thereon by anyone. the said property at any time prior to this date have been fully paid for and discharged, and there is no said property for work or labor or materials thereon by anyone. 3. There is no person, firm, corporation or governmental authority entitled to any claim against the said property. 4. There are no liens or encumbrances upon the real and/or personal property conveyed this date. 5. That no person, firm or corporation adversely claims the property and they are in exclusive possession thereof. 6. There are no matters pending against Affiants that could give rise to a lien that would attach to the property between the date of this affidavit and the recording of the deed executed by Affiants simultaneously herewith; and Afffiants have not executed and hereby agree not to execute any instrument that would adversely affect the title to the property. FUTHER AFFIANT SAYETH NAUGHT. more

Real Estate In Foreclosure Resources