Guys my girlfriend and her partner are 8 months in arreras and the bank wants to foreclose their home. What steps do banks have to go through to do this before its too late. As im assisting her with the arrears but i need to two weeks and i dont think the bank will wait. Anybody have any idea?
120432
To be honest, she's fortunate they have given her this long.  My bank would have already foreclosed, sold, and filed it away.  I want to help you out of the predicament, so here's what you need to do:\n\nFirst, ensure that your friend goes to her bank ASAP.  She needs to ensure they know that she is ready and willing to work with them on bringing the arrears up to date.  She should ask specifically if they are willing to stop foreclosure if she gives a concrete plan.  If so, then she needs to outline to the bank exactly how she plans on bringing it up-to-date, with specific payment dates and a specific completion date.  She should review this with you and any other people who are helping her out, to ensure that it is realistic.  This shows the bank that she's serious about resolving the situation.\n\nOnce the bank has outlined this, you and your friend have to ensure that timeline is met.  Even being one day off can upset a banker that was previously willing to work with you.  \n\nForeclosure is an expensive process, but it is worthwhile for the bank because the value of the home usually greatly exceeds the value of the loan.  After the mortgage loan is paid off, the remainder of the funds are applied to legal costs, which can be quite substantial.  Your friend will likely have to pay for any legal fees that have been incurred... but the cost of that is far outweighed by the value of keeping her house!  \n\nGood luck!
621383
Do they need to be replaced soon or can it wait?  Why not start saving money every month in a money market account to pay for some or all of it without having to borrow.  Once you start borrowing against the house, it may never stop.  Plus, if you only have very little equity, you'll be upside down on your loan.  Then what happens if you have to sell?  Since you are a homeowner, it is imperative to have an emergency fund, usually 3-6 months expenses.\n\nYou can either save money and pay yourself or borrow money and pay a creditor.
150958
I am a mortgage specialist.  The short answer is that you can not stop the foreclosure unless you can qualify to buy the property.  How long have you been paying rent there??  Do you have cancelled checks/money orders showing the rent payments??  If you contact me at wwi_2@yahoo.com I will walk\nyou through the possibilities.  We may able to put you in an\nownership position.
650671
She should speak with the current mortgage lender regarding a "Short Sale".  This type of transaction is used when the house sells for less than the mortgage owed.  Yes, the difference must be paid back.  A payment schedule is created by the bank.  It is a better option than bankruptcy - but will still effect her credit score (or anyone else's score that is on the loan).  However, most people who have a short sale are still able to buy another home (while bankruptcy could proclude one from doing that)
62636
Yes they can start calling you the first day it is late. No they can not take your house. You have to be 90+ late for foreclosure proceedings to start. Also most lenders allow a minimum of 10 days after the due date before they can charge you late fees. However like I said they can begin calling you the first day it is late.
394565
I'm sorry Love, but it sounds like your missing something!?! You refied. with another bank! They called for the pay off and wrote the bank of your previous loan the whole amount to give them the holding on your home? Now, the previous bank says that you did not pay the correct amount and are foreclosing on you? \nIf you only owed 4 thousand something, on the home and refied. with another bank, they should have called to get the correct amount, then pay off the loan from bank 1 to give holding to bank 2! Bank 1 refused the money because, Why? Bank 2 is, What?\nIf you refied, and only got a 2nd on the house you would still owe money to bank 1 and now owe money to bank 2! So I'm a bit confused about what really happened!\nYou really need to get an attorney, weather it be to file bankruptcy or just sue someone! This is a bit complicated even for someone who deals with this on a daily bases.\nI know that you don't want to spend the money on an attorney but beleive me when I tell you that if you don't do this you could very well lose everything and still have to pay everyone back what they say you owe them! Don't wait and don't delay! Do it as soon as you can! They can help stop anything that may be in action right now and atleast give you enough time to figure out what you want to do! You may even have money coming to you because of what bank 1 did and what bank 2 didn't do!\n\nGood Luck Little One!\n\nBlessed Be
361340
People need to qualify their real estate questions with information about the State and County they are talking about. Get ready to go to court. It is no big deal. The Sheriff will throw them out after you win the case unless they show up and fight. Depending on what City you live in, that could take from 30 days to 9 months. See an attorney or turn the whole thing over to a professional property manager. People shouldn't do these things on their own. What you will end up losing on your own is far worse than what you would pay a professional.
386219
If your realtor is confident that it will go through and they do this all the time, then you probably don't have anything to worry about.  However, here in Colorado, I've found that the banks usually won't take a short sale when the sellers are caught up in payments.  Then again, our foreclosure rate here in Weld County is 700% higher than the national average.
325784
You should contact the lender (the holder of the mortgage) for help.  They can advise.  They are the REAL owner of that house.\n\nYou have no reason to want to enter the house, so don't.  Force a sale of the house or have your ex-bf refinance and buy you out.
397812
Daizy, \nIt looks to me that what you're saying is this...\n... you refinanced your house and had been given a good faith estimate that at first looked ok to you.  Around closing time, the payment was much higher than you expected.  Probably the interest rate was higher than what the loan officer first calculated.  To get the payment to a point that would "satisfy" you at the closing table, the loan officer reduced the escrow account significantly - resulting in your current shortage.\n\nIf that's it, the words you're looking for are "PREDATORY LENDING".  Contact your state's agency that regulates lenders.  If you're in Texas, call 1-877-276-5550 to file a complaint.  The FBI is also getting after these people.  Call their local office. \n\nI'm proud of you for trying to find the solution to this problem.  Don't give up.\n\nRichard
227873
Hi tater_bug0629,\n\nMy advice without the hype of foreclosure websites, check out your local sundays paper and find real estate companies advertising "bank owned" properties. Usually these are the guys who have access to the bank owned properties in your area and are eager to email their listings to you free of charge.\n\nCheck out my site: www.CurbSideInfo.com\nUnder Michigan Foreclosure.\n\n\nGood luck to your future endeavors!\n\n\nSuccess To All,\n\nJohn Lopez\nrealestatemichigan@yahoo.com\n313-258-1001\nwww.MichiganInvestorNetwork.com\n\n\n.
1592
I really need more info, but a good Realtor will do a comparative market analysis (average price per square foot of similar homes sold in the same area over the last few months and shave a few thousand dollars off and may ask for an "as is" addendum to accompany any offers. Has the foreclosure been published yet? You will have at least 90 days (and probably 120) to close the house from the start of foreclosure. Unfortunately, you haven't much time to negotiate. How "hot" is your market? You migh want to see if your Realtor will take a 5% listing, keeping 2% and offering 3% on the MLS. Hope this helps
432316
Call your bank now and see what your options with them are. A short sale on your credit report is not 1/2 as bad as a foreclosure.\n\nA neighbor of mine was going into foreclosure. They got the bank to accept a short sale instead. The agent listed the property well below market and ended up having a bidding war with 4 different buyers. They ended up $40,000 short of the fair market value but it actually paid off the note in full (no short sale), got them out without a foreclosure on the credit report and sold the property in 5 days versus 30-60 for a traditional sale.\n\nAs for the value falling... Do you owe more than the property is worth now? If not, there should be options for you.\n\nBest of luck!\n\nKevin 866-562-6838 x 106\nkruorock@firstratelending.com
189541
WHAT IN THE NAME OF ALL THAT IS HOLY DID DIANAPEBBLE JUST SAY TO YOU?????????  REALLY...SHE SHOULD NOT BE ANSWERING QUESTIONS LIKE THESE.  SHE HAS NOT A CLUE.\n\nFirst of all, if the bank will not allow you on the mortgage, then you need to either deal with it and have just your dad purchase the property, or go to another company.  If you would like, you could contact me at timothy.kazee@americanhm .com and we can talk about that.\n\nIf your dad is the only one that is going on the mortgage though, you can still be on title.  Just tell the closing agent that you would like your name on title as well.  Also, your dad could put you into a land contract.  This is a great options because after living in the property for 12 months (sometimes 6 months) you will be able to refinance it, rather than doing an actual purchase on the home.  Refi's are a bit easier to do for those with bad credit.\n\nThese are just a couple ideas.  If you would like more, feel free to contact me.  Thanks!
361869
first i would get preapproved for the amount of the loan you can get.  foreclosed homes are homes that are repoed from a bank, so the bank is selling it to get their money back,   check with the bank that is selling the property and see what their rules are.
382821
You have to do a thorough market analysis, title check and inspection if possible and of course have cash. Many foreclosed homes are in such disrepair that they will not qualify for bank financing and also after the auction you must have the balance paid in 30 days. Another setback is that you will be bidding against others which will drive the price up. You definitely need to check into these things before you decide to purchase.
339309
I'm not an expert,but the buyers had the option to have an expert appraisal done on the home before the final sale, I'd say they are out of luck, don't go spending your hard earned money on a lawyer, ask your R.E. agent, he/she should be able to answer that question, or better still ask your Bank Mtg Mgr they see all kinds of stuff.