Forclosure information

Some foreclosed homes are being left trashed by former owners.

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Government borrows 50 cents for every dollar it spends

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tax receipts down

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Federal Government running our companies

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Rosy assumptions about the future, whats the real story?

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Foreclosures SURGE during recovery

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We will be surrendering our home in our Chapter 7 bankruptcy due to my husband being unemployed, and we can not afford the house any longer. Our lawyer briefly explained the foreclosure prcoess to us, but my question is, do we have to go to court for the foreclosure as well? Or is everything taken care of through the bankruptcy?

The chapter 7 and the foreclosure are two different things, even though they will interact and over lap with each other because of the bankruptcy. The foreclosure will run it’s course as well as your bankruptcy. Most of the things you want to accomplish will take place during your bankruptcy.

There are two type foreclosure procedures used in the United States

#1 Non-judicial Foreclosure- Your lender would file a “Notice of Foreclosure/Default with the county in which the property is located and the foreclosure will take place. You will be sent a copy of this notice as well as a copy will be placed on the property being foreclosed on. Once you have received this notice you then have 90 days in which to bring your foreclosure current. You current lender might entertain the idea of refinancing your mortgage during this stage.

Failure on your part to take any action to cure your foreclosure the lender would now file with the county a “Notice of Sale” again you will be mailed a copy and copies will be placed on the foreclosed property. A sale or auction date would be established by this notice.

Failure to act on this “Notice of Sale” will cause the lender to complete the foreclosure sale. The opening bid price on the property will be the balance of the loan plus any fees incurred during the foreclosure process.

Under this foreclosure procedure the lender will not come after you for any deficiency judgment or other property not listed on your loan docs when you signed for your loan. So any property your purchased before or after would not be affected.

This foreclosure procedure is used by the majority of lenders in the United States.

#2 Judicial foreclosure- Under this procedure the lender would partition a court to issue a foreclosure notice. You would be summon to appear in court to protect yourself from your property being foreclosed on. Under this procedure the lender could seek a judgment through the court for a deficiency judgment. Under this procedure you normally would have a right to redeem your property. This right of redemption could be anywhere from 30 days to 1 year depending on the state in which you reside.

Most lenders do not use this procedure of going through the court system. Going through the court system is long and time consuming, plus the right of redemption would keep them from selling the property until after all the legal action is complete

When you signed your loan docs the collateral for the loan you were getting was outlined. So if you own another home or house and it was not listed on your loan docs as collateral then the lender will not come after that property.

I hope this has been of some use to you, good luck.

“FIGHT ON”

My husband recently past and I am unable to keep our family home. I was wondering what happens to the extra money left in my escrow account after foreclosure and after all my taxes and insurance have been paid? Any help will be appreciated.

thank you
My escrow account has $2,690 in it as of today. I have always had extra money in that account. All of my taxes and insurance have already been paid as well. This is just a surplus amount. Thanks

There is no "extra" money in a foreclosure because you are behind in payments.

It will be applied to all the other expenses…you signed a paper at closing saying the bank has the right to keep any money left over if you default and owe on your mortgage after your taxes and insurance are paid.

In fact, your escrow is probably in the negative since you haven’t been paying on your mortgage.

My boyfriend is looking for a cheap house in Pennsylvania. He is considering foreclosure houses. This would be his first time living on his own. Neither of us have any idea on this subject. So if he decides to buy a foreclosure house. How would he go about paying for it? Do you pay instantly or monthly? If you do pay instantly, besides utilities and taxes are there any other expenses? Any information would be helpful at this point. Thanks a lot!

Hi frosty052489,

Here are few things you need to know about bank owned homes.

~Banks are overwhelmed right now dealing with their foreclosures; therefore, response time is very slow. Close of escrow can take be up to 60-120 days.

~They usually sell their home at rock bottom price. The negotiation for much lower price is slim. In your case, go ahead and give it a shot. What banks care about is their bottom line.

~Banks do not conduct any repairs; therefore, get it inspected so there will be no surprises. Make your offer contingent on the inspection.

~Find a real estate professional that has experience in dealing with banks. Also look for someone that has an ABR (Accredited Buyer’s Representative) designation. Go to http://www.rebac.org to find one in your area.

There are many more details. Your real estate professional can guide you through the process.

I’m looking to buy a foreclosure, since real estate is expensive here, I can’t afford a nice home in a decent area. A foreclosure would be perfect, however I don’t know how to find one and once I do, I don’t know what to do after that. Does anybody know how the process works?

Find a Realtor who knows how to sell HUD houses. Do not call the listing company – their contract with HUD does not allow them to represent the buyer. They are required to do the best they can for the seller (HUD).

On most houses, there is a live person on the other side, evaluating your offer. At this time of year, on bank owned and VA owned houses, if no offers come in high enough to please them, they’ll wait until the market picks up a bit – or the buyers are done with the visiting relatives, and come back out to place higher offers.

On HUD houses, there is only a computer on the other side. It goes simply by the numbers, and there are deals to be had. Best weeks are holiday weeks with bad weather that keeps the other buyers cozy at home, enjoying the egg nog… while you’re out stealing a deal!!!

The high cost of living and lower home values have many people feeling nervous.

Thursday, home ownership came to an end for 15 Johnson County people. The foreclosed homes were auctioned off from the steps of the courthouse.

KMBC’s Peggy Breit reported that the crowd at the auction consisted of bank representatives, attorneys and buyers watching home prices.

Dave Solenberger has been attending foreclosure auctions for the past five years.

“There are many more now than there used to be. People just can’t sell their houses on their own, even when they become distressed,” Solenberger said.

“We have seen a drastic increase in the number of petitions and summons and foreclosures on the courthouse steps in the last two or three years,” said Capt. Mike Marshall with the Johnson County Sheriff’s Department. “We certainly sympathize with them, but we do have a responsibility to enforce the law and we do that with as much empathy as we can.”

In April 2004, 69 properties were sold on the courthouse steps, with bids totaling more than $9 million.

In April 2008, the number or properties sold ballooned to 171, with bids totaling nearly $20 million.

Buying a property on the courthouse steps requires cash or a cashier’s check for the full amount of the sale.

Thursday, all 15 home sales went back to the banks that held the original loans.

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http://www.yourforeclosurequestions.com Can Bankruptcy Stop Foreclosure? Watch the answer and visit us to get free foreclosure information, step-by-step guides and videos to learn how to avoid foreclosure.

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Hi, my husband had credit card debts and a home in his name before we were married. After getting married, the house went into foreclosure, and his credit card bills went to a collection agency. In addition, he has had judgements filed against him for debts incurred before we were married. However these judgements were filed after we got married. We live in CA, a community property state. Am I going to be responsible for any of these debts or judgements if we divorce? Please help!
Hi, thanks for the answers and the link. They were helpful.

If you were on the house loan or the credit cards then your credit will be harmed. However if the loans were in his name only then you are completely safe. The credit agencies don’t care if your married or just friends they only care about who was liable and who didn’t pay. You can read more about this here: http://moneybasic.blogspot.com/2010/02/credit-report-for-married-couples.html

Why is government trying to bail out fannie & freddie & the greedy home owners who are facing foreclosure? I lived & owned my home for past 10 years without greed & safe while all my acquaintances refinanced to do their 50k renovation, purchase a luxury cars & buy their 2nd & 3rd homes who are also facing foreclosures right now. Screw them. They are the ones who got into the mess in the first place. Let them dig themselves out of it.

Because Bush is such a "compassionate conservative" he can’t stand to see people strugling, so he is willing to make the entire country responsible for the debts incurred by the multi-millionaires who run those organizations. We shoud all share the pain. It’s socialism in reverse!
That’s Bush!