We are at our wit's end. The sellers lender will not send in a payoff and the closing has been pushed back two months now. We really want this house but feel like we can not keep waiting, it's crazy making. Do we have any rights here?
131195
The fact that the seller has not been able to obtain the pay off information from their lender does not make it necessary for you to agree to postpone the closing date. This is never a condition of sale. If you are utilizing the services of a real estate professional, he/she should have explained the full contract to you. As a matter of fact, there is a form that your agent should have sent to the seller's agent where the seller removes all contingencies.
159885
We bought a foreclosed home last year.  We found it listed in the MLS, right along with all of the other houses in the neighborhood.  Our Realtor showed it to us.  We made an offer and had an answer the same day.  It took six weeks to get a closing on a cash deal.  There was some extra paperwork, mostly releasing the bank from any liability for things not working.\n\nThe house had been vacant for 2 years, and had not been well maintained prior to that.  Once we had the power turned on we found that the furnace, fridge, and hot water heater did not work.  We fixed the hot water heater for $20 in parts and the furnace for an $85 service call.  We did have to buy a new fridge.  We have replaced all of the floor coverings, some drywall, gutted the kitchen & bathroom, made some repairs to the roof.  We are still messing with the plumbing.  We are very close to being done with the renovations (finally), and it is starting to feel like home.\n\nOn the up side of all of this, we got our house for less than half of its market value.  By doing the work ourselves we saved a ton of $$$ on the rehab.  I would go this route again.\n\nMy advice to you would be to locate a Realtor in your area.  There are some that specialize in this type of listing.
480816
I'm sure your Purchase Agreement stipulates that the Seller must be able to present clear title in order for closing to actually occur.\n\nIt doesn't look to me like that is going to happen.  I would guess that the seller owes more money on the house than you are paying, and he can't come up with the cash needed.\n\nFrom experience, if this has been going on for more than a month, you are probably not going to get the house.  \n\nRead your P.A. and see if you have recourse in court, or if you are just entitled to your earnest money deposit back.  But keep in mind, if the seller can't come up with money now, suing him probably wouldn't create more money for him.\n\nTalk to your agent, or an attorney and if your contract allows it, run away.\n\nBTW, you wouldn't happen to be in the metro Detroit area would you?
476079
if they wont work out a forebearance agreement,then contact a bankruptcy lawyer, call HUD now!!!! you nedd to prepare to move in case.....good luck
166102
I bought a foreclosed home last year.  We found it in the MLS, just like the other homes.  Our Realtor showed it to us.  There was a bunch of extra paperwork.  The home had been vacant for 2 years, and was not well maintained prior to that.  It took 6 weeks from the bank accepting our offer to get a closing on a cash deal.  When we got the power turned on the fridge, furnace, and hot water heater did not work.  We are still renovating, but it will be nice one day.  My best advice to you is to locate a Realtor.  Happy house hunting!
179005
You should have something in writing that offered you to cure the foreclosure with a lump sum payment.  Did you get a receipt for the funds you paid?  OR Do you have the cancelled check you provided to cure the default?  \n\nContact your lender to determine the current status of the property and your ownership rights.  Typically the lender will only accept the funds required to cure the default and any other lesser amount if often unaccepted.  I hope you have had your payment accepted and thus have be successful in maintaining your ownership rights.\nGood Luck
27781
Talk to a lawyer about filing a bankruptcy to stop the foreclosure. That will likely only be a temporary fix, but after that you should probably consider selling unless you expect future income to cover the payments. Good luck.
394387
The time is now! I started on October 4th hopping by December 4th When my lease is up i was already out. Well Today is November 20th and I still haven't found my home, the good thing is my loan is already approved, the only thing missing is the house and the long wait between negotiations  and appressal. \n\nMy advise is, get pre-approved or approved FIRST, then start house hunting. The most important thing is to get approved for the best loan before the hunt, which is the easiest part. \n\nMy third application took 30-minutes over the phone with my bank and within 4-business days I was sort of pre-approved.  My original loan amount was for $300,000 which got decline by the underwritter, so I had to talk to him and settle for a $260,000 loan., But a week later, it was finally approved.   \n\n\nSince my original loan amount was decline, I had to look for homes withing that price range in another part of the state. Where I currently live, Homes start at $300,000 and they tend to be small, and needing a lot of work.\n\nMy bank  was my third and last lender, after trying with Credit Suisse which gave me 100% financing at 5.375% then change the terms to 7. 850% for 3-years fixed and 27-years variable without notifying me. \n\nThe second attend was with Quicken Loans, which was a complete waste of time. BTW, if you valued your sanity, AVOID Quicken Loans!\n\nA fixed interest mortgage is the best to go, you don't want to go for one of those "Interest Only" you hear so much about. Thouse will lead you to a foreclosure within 3-year.\n\nFor a 100% financing loan your mortage payments will start the first day of the month 2-months later, mine is set for February 1st. 2007. The monthly payments will  include Principal, Interest, Taxes and Insurance.
549105
Sorry to hear of your situation...maybe try a refinance to lower the payment? Try to sell it and pay that mortgage, maybe you can even turn a profit. You're going to lose it anyways so try to keep your name clear and maybe make money too.\n\nDon't just lay down man, FIGHT!\n\nYour tax...The tax is usually for the whole year and it depends on what their accounting dictates. Yes, you will be liable for the portion of property tax for the period you are on the title, the bank will owe the remainder if any. Many states send a bill in the sixth month of the year for the whole year so you may owe the previous six months plus the 3 more in foreclosure.\n\nGood luck, I wish you well\n\nMike
467016
If you are a buyer with that much cash upfront, you can pretty much call the shots as to when you want to close.  You talk about the developer, are you building new construction?  Check with them to see if they have a mortgage company you can work through.  Often times, they will give you free closing costs if you use their company.
206374
Yes, I am a mortgage broker also, you are not committed to him unless this is a purchase and you dont have much time left.
321175
Send a letter by certified mail to the seller, with a copy to the realtor.  Inform the seller that the contract was legally declared null and void 2 months ago and they are refusing to cooperate in returning your deposit.  Then say that if they do not cooperate within the next 10 days you will file a lawsuit and hold them responsible for all costs in connection with the suit.  If they still don't respond, file a lawsuit in small claims court.  Make sure you bring all of your paperwork with you, including the original contract, copies of all letters including the termination letter, a copy of the denial of your interest rate from the lender and a copy of the certified letter you're sending now.  As long as you've complied with all requirements of the contract you have an excellent case.
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.
291288
What I would do ? Search for some mortgage brokers web sites,  visit them, and contact those who looks the some agressive in their sales strategies. \n\nHope it helps,
320745
Contact your real estate broker, they're usually experienced with things like this.\n\nMy understanding is that usually there's a clause in the selling agreement that if the buying party can not full fill the payment required the transaction may be canceled.
90600
Ibid, you have no legal obligation.\n\nAnd, it sounds like you are asking for 'what's the right thing to do here?'...\n\nYou asked your roommate 3 months ago, and entered the apartment thinking that the whole time you'd be out come April.\n\nYou then, went out... spent time looking for another place to live... did the footwork... AND NOW she tells you.  You were cool with her.  Oversight or not, you've made a commitment to move that is conflicting only because of her error.\n\nShe is being inconsiderate of you.  This is a pretty big goof on her end...\n\nAnther thing too... why May 23rd?  nobody has a lease that ends May 23rd...  Leases typically are end of month or mid month for renting convenience.\n\nIt sounds to me that your roommate is buying a preconstruction house or something and her move in/closing was delayed, and she's trying to defer the costs...\n\nYou've already found a place, you've been through the headaches of finding a place... Move.
290454
Its common for sellers to want to sell ASAP.  If they have their next place lined up they just want to move on.  You could ask them to pay you a little bit to do this if you wanted, or if you don't care when the closing is you could just move it up to be nice.\n\nAnyhow, as the prior poster said, you typically pay your mortgage for the next month and the fractional portion of the current month in advance.  So settle on the 1st and you come up with 2 months of mortgage payments at the closing table.  Settle on the last day of the month and you come up with one month and one day of mortgage payments.  However, settle on the 1st and your next payment isn't due for 2 months, settle on the 31st and its due in one month and one day, so this is extra $$ you need to come up with at the closing, but not really a permanent extra expense.  There could be other minor adjustments, but probably very little would be different, no real extra costs.\n\nNote also that the bank and title company have alot of work to do, so its very possible they won't be able to close in a moved up time period even if you want to. So make any contract change contingent upon the bank/ title company being ready in fewer days (or better yet, if you agree to this just verbally tell them you will try to close sooner, but do not ammend the contract with a new closing date).