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Old 04-21-2012, 05:57 PM
 
Location: Albuquerque
5,549 posts, read 13,858,072 times
Reputation: 2669

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Quote:
Originally Posted by Debsi View Post
You are not nice.
Most people use the word jerk.

Don't you hate it that there are so many ways to speak of a random
female in a derogotory way, but so few ways to diss a guy?

In most ways, the English language is the best one for insults.
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Old 04-22-2012, 09:37 AM
 
Location: Richardson, TX
10,180 posts, read 16,748,016 times
Reputation: 24820
Quote:
Originally Posted by mortimer View Post
Most people use the word jerk.

Don't you hate it that there are so many ways to speak of a random
female in a derogotory way, but so few ways to diss a guy?

In most ways, the English language is the best one for insults.
LOL. You're a funny jerk.
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Old 05-02-2012, 04:48 AM
 
13 posts, read 37,261 times
Reputation: 11
Short-sale means the owner of the property hasn't been committing to his/her mortgage payments and they are virtually in default. The owing amount in mortgage is converted to steep discounts by the bank known as short-sale. It's known as an escape from foreclosure for the owner of the property where they will have to work with the bank/lender in order to sell that property! To buy a short-sale property, you will need an approval letter from the bank/lender, but that can take you up to 30 days or 60 days or 90 days for an approval in order to close that short-sale property! The banks/lenders don't approve all short-sale properties so be aware of that. Most times you can get excellent steeped discounted deals and sometimes you can come across deals that aren't steeply discounted due to the high amount of mortgage owing!!
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Old 05-02-2012, 04:53 AM
 
13 posts, read 37,261 times
Reputation: 11
What that "3 days to quit your property means" is that your property is going into foreclosure! The bank/lender are re-possessing your home!
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Old 11-10-2013, 08:46 AM
 
1 posts, read 6,929 times
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If you purchase a house from pre foreclosure or a foreclosure is the sale final, or does the previous owner have any recourse on the house to come back and get the house back. In other words if you buy under these circumstances is the house yours.
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Old 11-10-2013, 09:56 AM
 
Location: Martinsville, NJ
6,159 posts, read 10,905,048 times
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Quote:
Originally Posted by SadieMiller View Post
If you purchase a house from pre foreclosure or a foreclosure is the sale final, or does the previous owner have any recourse on the house to come back and get the house back. In other words if you buy under these circumstances is the house yours.
I don't know where you are, nor do I claim to know all the rules in every state or locality. The following is my opinion based on my understanding of the process as it is handled in general throughout the US. As always, be sure to confirm with local experts.

If you buy a house that is in "pre-foreclosure," the owner will have signed off on the sale. In that case, the owner would not have any legal recourse to take the house back from you, presuming it is a valid contract. Of course, the buyer will need to be sure they get clean title. The contract and the title search are critical here.

If you buy a house at the foreclosure auction, the owner usually has some period of time after the auction to "redeem" the property; that is, to pay the outstanding mortgage amount and keep their property. Usually, an auction buyer will not make final payment until after the redemption period has expired, and any payment made by the auction buyer will be refunded. Buying at foreclosure auction is always subject to other liens that may encumber the property, so be sure to do a title search.

Buying a house on which a lender has already foreclosed, and of which that lender is now the owner, is usually cleaner, from a legal perspective. The lender has followed the rules and completed the process, making them the legal owner of the property, usually clearing the title as well. Any previous owners should have no claim on the property.

There are some people who claim that there are ways to "get back" a house that has been foreclosed for nonpayment of the mortgage debt, even a year or more after the fact. I have not actually seen any cases where this happened, nor has anyone satisfactorily explained it to me. I point it out as a caution.

Last edited by Bill Keegan; 11-10-2013 at 09:59 AM.. Reason: Added first paragraph disclaimer.
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Old 02-19-2014, 09:05 AM
 
249 posts, read 152,017 times
Reputation: 653
Pre-foreclosure ONLY means that a lis pendens has been filed by the lender. The timeline after this varies wildly by state. Additionally, the lender may withdraw it because it has expired or they've decided to pursue foreclosure later. This has happened to us in New York. PLEASE don't show up at someone's house in NY if it shows on Zillow as being in pre-foreclosure... it will be YEARS before an auction date.

Our history, in case it helps anyone else with timelines and possibilities:

June 2010 - husband's income drops by a third due to commission structure changes. Then the local economy tanks, resulting in fewer sales to make commission on, and his pay is more like half of what it was. And about a quarter of what it normally is at that time of year. The first mortgage payment is missed. BOA (Bank of America) says they'll just add it to the end.

2010 - economy never picks back up. We get behind and try to set up a payment plan... they don't. They don't say yes or no. In the fall, they say to stop making any payments (we sent what we could and they kept sending them back) and they'll get us signed up for a "partial claim" to pay off up to a year of hardship payments... and will set us up with a new monthly payment - far lower by reducing interest - through HAMP.

May 2011 - the claim goes through and mortgage is made current. BOA says to wait on making payments because they haven't changed the modification terms. They'll let us know next month.

June 2011 - husband and a handful of co-workers are laid off. We call BOA and they offer to waive mortgage payments for 3 months... they still haven't changed the loan. They stress to not make any payments until the new loan agreement has been sent.

September 2011 - We call because it's when we SHOULD know what our new payment will be so the trial payments can start. I find work as an office manager, making $10/hr. but with lots of overtime. They say there are papers missing and I send it all over again. They say not to send any payments until the modification is complete. NOTE: Because it was in the process of modification, they refused even FULL payments. Paying, they said, made us ineligible for the modification.

2011-2012 - They send us forms, every 2-3 months, of exactly the same HAMP refi paperwork. 27 pages each time. They keep saying they didn't receive it. We do certified mail, return receipt. We fax. We go to the local BOA branch and have the branch manager fax from her machine. We have her scan and email it to them. We send certified/RR AGAIN... over and over. 13 times, with confirmation of transmission/receipt every.single.time. We keep getting statements that we're behind by x-amount, every month. They return any payments we send and we end up locked out of the online option/account. They won't restore it until the mod. goes through.

November 2012 - The company I work for closes.

January 2013 - we are served with an intent to foreclose... a lis pendens. Husband FINALLY finds a new job... LESS than unemployment but still, a job. Facing a deficiency judgement in what we think is the near future, we decide to file bankruptcy.

Feb. 2013 - we get our tax refund, which will pay for a cheap car with no loan and for the bankruptcy.

March 2013 - Bankruptcy is filed. A stay is put on the lis pendens.

April 2013 - Husband is promoted and begins making even more than he made at his previous job. A good income - it's too late though, being thoroughly underwater on the mortgage to the tune of tens of thousands to make it current.

June 2013 - Bankruptcy goes through and is complete. We no longer owe for the mortgage but since, in NY State, the deed/title is separate from the loan, we still legally own the house.

September 2013 - We receive notification that Ocwen is our new loan servicer... a week later, I receive notification that BOA has been paid for the defaulted loan by FHA and that they no longer have an interest (financial) in the property. Somewhere around this time, they withdraw the lis pendens. The mortgage is now held by Ocwen, even though they say that all they are is the mortgage servicer. I also receive a separate - the first - statement from Ocwen, detailing the loan amount (full loan amount plus months in default and servicing fees) and asking for the original mortgage payment. We cannot risk speaking to them on the phone because it's possible to verbally re-affirm the mortgage (which was cleared in the bankruptcy) that way, by accident. I know we don't have to pay them anything and that they may not even attempt to collect the old debt. We send them written notice that they may contact us in writing only.

_____________________

Fast forward to now. The default process has completely reset. Ocwen considers the mortgage payment only late. They have not even filed a lis pendens yet. They may not collect the debt from us. They will not allow a short sale or take a deed-in-lieu. For what reasons, I have no idea. In NY, the lender has to pay all property taxes and the homeowner (remember that the lien and deed are separate) pays only for homeowner's insurance and upkeep. I suspect that BOA may have performed a sleight of hand, selling them a discounted mortgage without them knowing that we were in the process of having it discharged.

When Ocwen finally files a lis pendens -and they are legally required to notify us that they intend to 90 days before they do, which has not been done - it will be at least 3 years, at the soonest, before we have to leave. Likely longer. Much longer. NY is backlogged to such an extent that, at the current rate of processing, it will be 27 years before all the current foreclosures on file go through. Lenders now have to prove their right to foreclose at the time of petitioning. And many of them can't because ownership of the loans were digitally transferred so many times that the original paperwork is gone. I suspect this is the primary reason for it taking so long.

I refuse to feel guilty anymore. BOA both refused payment and refused to modify... and strung us along, defaulting more and more each month, until they said that modifications were closed. With no determination because "we haven't received all the paperwork." I'm just DONE. We felt terrible right up until about the 4th time they said they didn't receive the modification paperwork... when we went to their loan mod EVENT, locally, and their own rep personally took every.single.one of those 27 pages PLUS bill and income and identification verification, handed us a confirmation and copies, signed his name to it, and then BOA's rep said there were pages missing and we'd have to do it AGAIN. And we did- over and over with the same result. I'm done feeling guilty about this. They won't TAKE the house via short sale or D-I-L and we're not leaving this house before it's sold and has a new owner - IF it ever gets auctioned - to rot in a good neighborhood. And it would fall apart, even without vandalism, because we're constantly fixing things for basic living still. A neighbor, who also happens to be the town clerk, also seems to be at the start of this process. She and her family moved out in October and into her parents' home up the street. I think she was afraid she'd be evicted and wanted to avoid embarrassment. I tried to talk to her about it - to feel out the situation and get an opportunity to tell her that there's a LOT of time - but she has avoided everyone. Last week, a cleanup-repair truck was in the driveway... you could HEAR the water gushing from under the house. Burst pipes had FILLED the basement and the 200 year-old foundation was shifting. Now, it's too late for them to move back in. The house is destroyed. That's why people need to know that they should.not.leave. That $150K house is now worthless.

I've been reading this forum last night and this morning and I get the sense that many of you consider the foreclosure mess to be almost entirely made of abuses. And it is... primarily on the part of the lenders. They bet that loans would default by insuring them and then created conditions that ensured payout. Several times over. Our loan has been paid out to the original lender twice already and the only reason it isn't three times is because of filing bankruptcy. They wanted this.

Last edited by LieslMet; 02-19-2014 at 09:17 AM..
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Old 02-19-2014, 09:42 AM
 
249 posts, read 152,017 times
Reputation: 653
Yes - that means that we haven't paid a mortgage payment in almost 4 years. This does not mean we didn't send them payment... it means they refused payment. I stressed about this and the possible impacts on our living situation for more than 3 years, resulting in a near complete mental breakdown. I was dealing with multiple layoffs, paying bills (we were current on or had paid off every debt except the mortgage until we filed Chapter 7), wondering where we'd live, ranging from being packed and ready to move to having to pull out things because foreclosure wasn't happening but life still went on and seasons changed, wondering where our children would go to school and would we have to move them mid-year, wondering if the car driving slowly by would stop and put up an auction sign and embarrass us (rightfully?) or cause our children to be heckled on the bus from gossip, etc. Should we re-paint that room, put up a fence, replace that toilet... how long were we going to be there? And on TOP of that, I had the guilt of my own conscience, fighting with the fact that while we could have done NOTHING more to save our home, we were still living there at no cost. ARE still living here for the cost of homeowner's insurance, which is an annual pittance.

From my shoulders down, my body is covered with scars from the stress hives that plagued me constantly. No prescription or natural oil or cream worked. My arms and legs are covered with them and even in summer, I wear clothing that covers them. Long skirts, pants, dresses and light sweaters in the summer. A lightweight, long dress to the pool or beach, until just before I go into the water. And then people stare like my scar-covered body in the water will infect them.

Indeed, I am DONE with feeling guilt. Please do not make assumptions about homeowners in foreclosure.

Last edited by LieslMet; 02-19-2014 at 09:56 AM..
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Old 02-21-2014, 06:52 AM
YAZ
 
Location: Phoenix,AZ
7,069 posts, read 11,452,291 times
Reputation: 6287
And don't forget that WE pay the PMI, which lets the lender off the hook.
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Old 02-21-2014, 06:59 AM
 
Location: Madison, AL
3,287 posts, read 4,740,514 times
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Quote:
Originally Posted by Bill Keegan View Post

There are some people who claim that there are ways to "get back" a house that has been foreclosed for nonpayment of the mortgage debt, even a year or more after the fact. I have not actually seen any cases where this happened, nor has anyone satisfactorily explained it to me. I point it out as a caution.
In AL, the previous owner has a one year right of redemption period...so yes, that is possible here within that year period. It depends on state law, every state has different redemption periods established.

Only case where that is not possible here is if the previous owner did deed in lieu of foreclosure, or the owner had to be evicted from the property by the bank, that terminates their redemption rights.

The title is not "clear" until that redemption period has elapsed...here, there is really no way to know who all has redemptive rights....as anyone who can claim a lien has those rights, and the owner can actually transfer their redemptive rights to others. Anything that sells over the foreclosed bid price has to be indemnified for this reason while still in the redemption period.

I've sold a bunch of foreclosures, and yet to have one come up for redemption.
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