Posts tagged foreclose

I think my condo association is going bankrupt! What do I do? Do i foreclose?

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Question : I think my condo association is going bankrupt! What do I do? Do i foreclose?
My condo association is very close to bankruptcy. I don’t know what to do! If our association does go bankrupt, all of our vendors will drop us. We will not have an attorney, management company, water, electricity, trash pick and so much more. What do you do if the city deems our property “condemned”? I will have to move. Do you know if it’s better to still pay my mortgage even if I’m not living in the condo? Should I do a foreclosure? I really need advice. If anyone could help, I would truly appreciate it. I live in Washington DC.
property management washington dc

Best answer:

Answer by wizjp
A bankruptcy does not mean it will go away; it may just get time to reorg and start over.

I’d take my ccr’s to a lawyer for review. You aren’t living there, but youi’ll have to move if it’s condemmed? Keep paying the mortgage. Your note probably has a condo rider attached that the lawyer can review with you

Can’t sell condo…..need ideas don’t want to have to foreclose, but we are running out of options.?

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Question : Can’t sell condo…..need ideas don’t want to have to foreclose, but we are running out of options.?
My wife purchased the condo before we met. We just had a baby and now we have two kids and two adults in a two bed room condo. But my step daughter has to have her own room it was part of the custody agreement. It’s been for sale now for over a yr and we’ve had no offers and only 4 people look at it. We owe $ 74K and we have it up for sale for $ 74K. There was a bank owned condo in our complex that just sold for $ 37K. It was for sale for $ 49K for 6 month and only sold after being drop to $ 39K. There are two other condos for sale right now one is high at $ 78K and one is lower at $ 69K. We’ve done everything the realtors has suggested as far as paint, updates, and staging. The condo is only 6yrs old and we have run out of ideas and options. We don’t want to rent because first off we couldn’t buy anything else. If we didn’t have any renters we couldn’t afford 2 payments. Also rent in the area is lower than what are mortgage is monthly. We are willing to take a little lose but not 30K.
condo staging

Best answer:

Answer by bobby d
well …. until the prices move back up so you can sell, I’d rent the condo out at the monthly mortgage due (or higher) and rent a three bedroom apartment until you can sell or save enough to buy another. Maybe sell the condo on a lease/purchase agreement.

Find the best lawyer in Boston foreclose

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In some cases, stop your bank to make monthly payments for a period of time until you get back on their feet at this point, you agree to resume making monthly mortgage payments. This is called forbearance, and loan modification, your bank will pay the capability in the future and know where you have the money to do it.
These predators will come to your house pretending to be your friend and to make promises on how to solve your problems. In fact, many of them are only interested in stealing your hard-earned capital, money or even your house itself. Of course not all of these people are bad actors, some of them are investors real estate professionals who are interested to be too honest to you. However, the best advice is for you to follow: Do not sign anything until it can be discovered by a lawyer you trust
Many fraudsters by the official does not sound right has been verified, but the titles they give themselves, like. “Prevention Specialist foreclosure” or “foreclosure prevention consultants” or “maintaining the professional origin. These songs are red flags and you should do is hang up the phone or the door they opened it immediately. They give you false hopes, and say you all want to hear what you. Be very anyone can help it claims concerned. Tell them, will you check their background and credentials and that should be enough for the fear. For crooks very smart, you have the three most important techniques they use to try to know to take advantage of you.
Foreclosure fraud is often used a technique known as skimming equity. Here is approaching a person who claims to be a buyer and promise to help your foreclosure crisis by you, your mortgage and give you a cash sum if the property is sold. “buyer” probably recommend that you go the deed to them and cut all communications with your bank.
is typically the fraud by the buyer will be played to you lease home in third and collection of lease payments for a few months. In the meantime, they will not all of your mortgage and your lender will allow, to exclude the property. signing deed to someone else, to relieve you of your
obligation on the loan. You should know exactly what you agree, because when the signed documents, even if the terms were not properly explained, and even if you do not agree , you are responsible for these conditions in the funding of the loan. Again, an experienced attorney that you trust to review the transaction before signing anything. If you are under pressure or forced in any way close to an agreement on your house, call a lawyer or the Office of the Attorney General to report.
Our team of experienced lawyers and support staff of hundreds of people in Massachusetts have helped their houses save from foreclosure each year. If you, a family member or a loved people facing foreclosure, behind on mortgage payments or have received demand letters from a lawyer, time is of the essence, and it is important to act quickly to preserve and protect your home against foreclosure.
Foreclosures occur because unexpected events that occur suddenly and leave people with a sense of powerlessness, such as a death in the family, expensive divorce, job loss or pay cut or a mountain of medical bills is. Sometimes there is a variable mortgage (ARM) that Your monthly mortgage payment to skyrocket or omission or loan modification caused to your bank failed. Maybe it’s contact for you at your bank and get a clear answer from one of the employees of your bank revolving door that never seem to be there if you are thinking hard. Or worse, you still get the networking your bank to voice mail and left frustrated, alone and in limbo during this difficult time.
you can keep your house and live on and To do this, you have to either catch up on mortgage payments you are behind, or the Bank to “change” you ready to make monthly payments more manageable for you. A Chapter 13 bankruptcy is a solution for many people who have regular income and need more time to catch up mortgage payments she missed. In some cases, when you can have a second mortgage or loan, we ask the bankruptcy court of this loan to get rid together to significantly reduce the amount you owe on your bank account. file a petition in bankruptcy, before a foreclosure auction is a very powerful tool to stop dead in their tracks your bank to your home away

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Would YOU foreclose in this situation?

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Question : Would YOU foreclose in this situation?
We own a commercial building with a monthly bank mortgage. We have a high credit score. Two average incomes. No one will refinance–tried 6 banks. Current bank won’t lower interest rate enough to even begin to help us.

Facts:

1) We owe nearly $ 70,000 less than the building is worth according to the latest appraisal evaluation by our bank. But we have also put that same amount into the building the past two years when we could get no one to lease it, plus the taxes, plus insurance, plus repairs.

2) We now have a leasee, but his payment is less than we owe, plus we still have high taxes and insurance. i.e. we are still putting money into this building in the negative column.

3) We haven’t been able to sell it in spite of listing on a commercial website, using a Realtor, fliers around town, word of mouth. We even have it for sale at a price $ 15,000 less than appraised evaluation. No bites. Nothing.

4) We are in a financial squeeze–making it, but oh so barely. We feel drained. Sure, I could get another job, but why put more money into a building where it’s in the negative column and that column is increasing every single month?

i.e. putting more money 1) into a building that won’t sell, 2) on top of what we have already dished out, and 3) which will only increase the negative column…seems futile.

And what if our leasee calls quits? What if either of us get sick with big medical bills? We’d have to go bankrupt anyway if those occurred.

SHOULD WE GO INTO FORECLOSURE? SHOULD WE PUSH FOR A DEED IN LIEU? Either seems a better option than keeping it, and a better option than bankruptcy. Our house is fairly protected as is our car. Yes, I know about the credit score dump, but feel our current situation is pretty bad.
Yes, there is $ 70,000 in equity, except that we have spent that same amount to support an empty building for two years. So we now have no profit whatsoever. And there is NO commercial realtor in this area, nor are things selling well anyway. It’s been on a commercial website for many months with not one serious inquiry. I have run out of ideas. Have asked for money from friends, gone to 6 banks to refinance, etc etc.,
The answered Landlord has apparently misread my question. I don’t OWE the equity, I owe the amount left on the loan.
current commercial mortgage rates

Best answer:

Answer by Smiling
If you have $ 70000 in equity, where were you only selling it for $ 15000 below the appraisal?

Also was the realtor a commercial realtor familar with your area? If not, you need to find one. If they are, what is their take on the building not selling.

Going to Foreclose 2nd House, can I cancel the insurance policy?

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Question : Going to Foreclose 2nd House, can I cancel the insurance policy?
I’m 1 month behind my 2nd house payment, and can not afford to continue paying for it. Can I cancel my insurance policy for the house? Would the lender allow that?
I did not impound my tax & insurance, I pay those on my own. I can not afford to keep the house so either the bank take it back (I haven’t talk to the bank yet), foreclose (no payments will be make from now on), or short sell (does that mean I keep up the payment right?)
house insurance policy

Best answer:

Answer by go_lc_bears
If they are taking it back anyway, what can they do about it? I would worry though that it is still yours until the foreclosure is final, and if anything happens to it, you will owe a lot more money than what you’ll owe after they sell it.

can the bank go after our other assets if we foreclose our home. We refinance the home once.?

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Question : can the bank go after our other assets if we foreclose our home. We refinance the home once.?
We bought our house 3 years ago in California. We refinance the house to 30 yrs fix 2 years ago and now the house lost more than 40% in value. We are planning to foreclose the house. We are wonder if we do, can the bank take us to court and take away some of our other assets or our money from saving.
home refinance california

Best answer:

Answer by Steve D
The short answer is yes, they can. The longer answer is not whether they can do it legally, but will they do it. There is no way of knowing whether they will come after you for any difference owed.

When To Foreclose With A Mortgage Calculator

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homeowners insurance calculator


One of the best places, you hope, to sink your capital for a good return is in real estate. However, when you provide the financing for someone to purchase their own home, your capital is tied to their ability to pay back the loan. If they start to miss payments, then you need to start considering your options. A mortgage calculator which specializes in foreclosure loss helps you to decide when the time is right for starting action against the homeowners. In theory, if you own the loan, you own the property if the mortgage you’re financing goes into default. However, this doesn’t mean that you will automatically see a profit – or even not suffer a loss – should you need to foreclose. There are a number of things to take into account which a foreclosure risk of loss mortgage calculator can call to your attention so that you don’t allow things to get out of hand. For example, the mortgage calculator may ask you to input the amount of interest you receive on the loan each month. Then it asks for how many months you received no interest leading up to the foreclosure. The longer you keep the non-paying owners there, the more this will amount to. You’ll start seeing just where your cash flow is going. The mortgage calculator may want to know the amount of the loan, and the value of the property (remember: this is the value now, not when the mortgage was taken out.) This should be in your favor unless the property has been allowed to fall into disrepair during the time the

When To Foreclose With A Mortgage Calculator

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homeowners insurance calculator


One of the best places, you hope, to sink your capital for a good return is in real estate. However, when you provide the financing for someone to purchase their own home, your capital is tied to their ability to pay back the loan. If they start to miss payments, then you need to start considering your options. A mortgage calculator which specializes in foreclosure loss helps you to decide when the time is right for starting action against the homeowners. In theory, if you own the loan, you own the property if the mortgage you’re financing goes into default. However, this doesn’t mean that you will automatically see a profit – or even not suffer a loss – should you need to foreclose. There are a number of things to take into account which a foreclosure risk of loss mortgage calculator can call to your attention so that you don’t allow things to get out of hand. For example, the mortgage calculator may ask you to input the amount of interest you receive on the loan each month. Then it asks for how many months you received no interest leading up to the foreclosure. The longer you keep the non-paying owners there, the more this will amount to. You’ll start seeing just where your cash flow is going. The mortgage calculator may want to know the amount of the loan, and the value of the property (remember: this is the value now, not when the mortgage was taken out.) This should be in your favor unless the property has been allowed to fall into disrepair during the time the

need price foreclose home 118 judy drive 29671 low income loan bad credit need down pay help?

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Question : need price foreclose home 118 judy drive 29671 low income loan bad credit need down pay help?
i have bad credit but i would like to purchase this home offered by hud i also need help with down payment and i need the price of the home. i work hard but struggle. i will make the payments i can get a cosigner but their credit is worse than mine.
low income home loans

Best answer:

Answer by ?
Could not find 118 Judy as a HUD house in South Carolina.

However, to buy a HUD house, you do have to secure a loan. Get with a loan officer who does HUD houses and get pre-approved. That might entail cleaning up your credit for a while first, so don’t worry about which houses are on the market right now. Get your loan together so when a good house hits the market, you can do something about it.

Houses foreclose affordable for sale in Seattle

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More

exclude houses for sale in Seattle and other areas in King County have become affordable to families earning the median family income of, 821 in the county.

By Seattle Times, buyers can earn the median income, as estimated by the Washington office of financial management in 2008, can afford to sell real estate buy exclude other residential properties in six areas of King County , the average price of 8450 to 0500th

During the boom in 2007 were only affordable houses in Auburn, while 6750 was the average price of homes in the area. In 2005, families earning the median income afford, at home in 14 King County neighborhoods, including Georgetown Deldridge Seattle shop.

Todd Sinai, an associate professor at the Wharton estate in Pennsylvania, said the price level of unaffordable home by 2006, to 2007, where they should be. It expects house prices become more affordable next year.

However, Sinai said the high unemployment and the economy are still struggling to accessibility factor unnecessary. He asked if there is a significant number of people, can now sell the affordable housing exclude and affordable housing in the light of job losses, wage cuts and lack of available credit.

Washington unemployment reached 9.1 percent in April, with more than 317 890 unemployed to seek employment.

Most communities in King County

are the home prices more affordable in the suburbs located south of Seattle. Auburn is the most affordable, with many houses set on 8450th The prices are almost 25 percent in Auburn fallen since 2007, based on records online brokerage perch.

in the southern part of King County rose, pushing prices further down in the districts of North Burien, West Kent-Des Moines, Enumclaw, Pacific, Algona and Twin Lakes.

perch broker Loren Ellingson said his investment home has to sell nearly all his capital because of low prices apartments lost by the banks offered and other foreclosure listings foreclosed .

Rasem Svrake and Haris are among the lucky couples who have been on time to join the housing market. They bought a three bedroom home before for 8000 in Des Moines, a purchase that they do not during the boom.

The Troncosos were able to buy a unit from a bank to sell homes excluded in Auburn, for 0000, significantly less than the original 0000 list price of the house.


Seattle homes for sale

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