foreclosure: What is a Zombie Foreclosure? You Need to Know.
- 02/21/13 11:20 AM
Homeowners think that when they receive a notice of foreclosure from their bank, it’s time to move out. But sometimes banks unexpectedly dismiss the foreclosure, and the home’s title remains in the name of the owner who thought he or she had lost the property. Homeowners who aren’t aware of this practice can find themselves the holders of so-called “zombie titles.” A regular title becomes a zombie title when a homeowner finds himself or herself being mindlessly pursued by mortgage servicers, local governments and debt collectors for bills related to a home she thought she no longer owned. For a … (5 comments)
A foreclosure action will not necessarily remove you from any future liability for the amount owed and I would not recommend conceding to a foreclosure action if at all possible. It is highly unusual for an HOA to complete a foreclosure action to collect on past due fees when there is a first trust deed against the property. If the HOA forecloses then they become the owner of record subject to any senior liens due against the property. The HOA would be obligated to make your mortgage payment from that point forward. If your home is upside … (1 comments)
foreclosure: How to Deal with a Difficult Junior Loan in a Short Sale
- 11/12/11 06:46 PM
We all know that the passage of California’s SB458 on July 15th changed how we process short sales. It’s most important aspect is barring junior lenders from having recourse against the borrower/seller or asking them for a monetary contribution or promissory note. Although the decline of short sale approvals has not occurred as severely as expected, real estate agents have been struggling to get junior lenders to cooperate in needed negotiations to successfully complete the short sale transaction. Instead a number of “work-arounds” have been created to get the junior lender’s full participation in final negotiations. I define a “work-around” … (3 comments)
foreclosure: Bank of America Did it Again
- 09/11/11 06:51 PM
Well Bank of America did it again. They foreclosed on a home owned by a single mother of five children, one a newborn last Monday after we were told numerous times that her short sale was approved. This hard working mother of five commutes to work every day from Victorville to Manhattan Beach, a 103 mile one-way trip in order to keep a roof over her family’s head. With the job market in such a slump she cannot afford to risk her current employment and has been making this commute for nearly 4 years now. Until now. She attempted a … (4 comments)
I’m witness to some odd occurrences with several of my clients, especially those associated with Bank of America. Some clients were in foreclosure, but their trustee sales were cancelled and never rescheduled. Or, the client makes partial payments for a year, gets turned down for a loan modification, and then B of A starts foreclosure proceeds. Or, the client attempts a loan modification over and over with no approval but once they list their home as a short sale they receive paperwork for a trial loan modification. Or, the client has been discharged from bankruptcy with no attempt by … (7 comments)
foreclosure: If you are considering walking away from your mortgage, you must read this first!
- 09/04/11 06:25 PM
I’m not sure if you have heard about or experienced the “bank walk away”. If not, it’s coming to a neighborhood near you. A bank walk away is generally a property in one of the following situations: 1. The bank begins foreclosure, the occupants move out, and the bank figures out they don’t want the expense of foreclosing on the property for whatever reason, so it sits empty. The borrower assumes that the foreclosure took place and moves somewhere else not realizing they still own it as the title continues to show. 2. The bank begins foreclosure, the borrower files for … (1 comments)
foreclosure: What’s so Short about a Short Sale?
- 04/21/11 06:04 AM
I find many homeowners who are afraid to ask what a short sale is. They are afraid to ask because by now you would think that everyone would know what a short sale is. But until now, they never wanted or needed to know. Let’s try to bring them up to speed. It’s no surprise that the real estate market has hit an extraordinary low under the most extraordinary circumstances. We have never experienced anything like this before. We heard all the talk back in 2005 and 2006 of a real estate bubble. An overinflated real estate market that was … (1 comments)
foreclosure: Question? How long can a home remain in foreclosure?
- 08/21/10 01:17 PM
How long can a home remain in foreclosure? Is there a statute of limitations on the amount of time a lender has until they must refile a foreclosure action or can it go on indefinately? I have a colleague who has his home in foreclosure with Bank of America for four years now. I cannot locate the statute on this. Does anyone know the answer? Thank you in advance! Diane Wheatley, Broker
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foreclosure: Is it legal to flip short sales? See posted question.
- 07/11/10 08:06 AM
I recently found this post on the internet asking if flipping short sales is a good opportunity. After reading this it made me analyze the big picture here. _______________________________________________________________ If I can buy fully negotiated short sales directly from the agent/broker that represents the lender at 80% of BPO, is this a good flip opportunity? I have someone that can provide me properties consistently for 80% of BPO before they hit the MLS. I plan to wholesale it for 85% of BPO and list with the same agent that provided me with the deal so he can double end and make a … (4 comments)
foreclosure: Real Estate Professionals - Stand up and Look into the Mirror
- 05/23/10 07:40 PM
I certainly do not mean to offend my fellow Real Estate Professionals, but sometimes I can't help but wonder. Recently at a continuing education class, I met a colleague who is new to the business and is now trying to acquire some investment property with her husband. After a brief conversation we had with other licensees in the class, she pulled me aside to ask some questions. She told me about some concerns she had regarding her current transaction. It turns out that she had being trying to purchase property with the help of her broker. She sent out several … (3 comments)
I need some help with this one. I have a new client looking to short sale his home. I've dealt with many, many different banks and have some good contacts with most of them. However, U.S. Bank is one that I have not dealt with yet and cannot find a local colleague who has either. My client attempted a loan mod with U.S. Bank last spring 2009. Long story short, he was denied. U.S. Bank is holding the second trust deed on his home with a Bank of America first of $250,000 that he is current on and this … (3 comments)
foreclosure: Short Sale vs. Foreclosure
- 01/24/10 05:22 AM
Question: Should You Choose a Short Sale Over a Foreclosure? Sample Question: My husband and I have been making our mortgage payments every month even though our home is underwater. We owe a lot more than our home is worth. Now, my husband has lost his job. We're thinking about walking away from our home and letting it go to foreclosure, but my parents are telling us that we may qualify for a short sale. Which is better for us? A short sale or a foreclosure?" Answer: Whether you should do a short sale or let the home go to … (2 comments)
foreclosure: Fannie Mae Expedites REO Sales
- 01/09/10 06:14 AM
Offers may be accepted without notifying loan servicers By Inman News, Wednesday, January 6, 2010. Inman News with Commentary by Diane Wheatley, Broker My office recently went over Bank of America's head out of pure frustration and poor communication and called Fannie Mae direct to inquire about why B of A was telling us that our approval letter good until January 11, 2010 was no longer valid due to new Fannie Mae requirements. Low and behold, Fannie Mae got right on the file, contacted Bank of America to notify them that they would be postponing the trustee sale in … (2 comments)
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